MIRA INFORM REPORT
|
Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
TWENTY
TWO GEMS CO.,
LTD. |
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Registered Office : |
4th Floor, Building
C, Gemopolis Industrial Estate,
40/2 Soi Sukhapiban
2 [31], |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.09.2010 |
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Com. Reg. No.: |
0105553120313 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer and Exporter of Gemstones and Jewelry Products |
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No. of Employees : |
02 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
TWENTY TWO
GEMS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 4th FLOOR,
BUILDING C,
GEMOPOLIS
INDUSTRIAL ESTATE,
40/2
SOI SUKHAPIBAN 2 [31],
SUKHAPIBAN ROAD,
DOKMAI, PRAWET,
BANGKOK 10250
TELEPHONE : [66] 2727-0297,
2727-0521
FAX :
[66] 2727-0522
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553120313
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
MON-ANONG PONGKERATIKARN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : GEMSTONES AND
JEWELRY PRODUCTS
IMPORTER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on September 29,
2010 as a
private limited company under
the registered name
TWENTY TWO GEMS
CO., LTD., by
Thai groups, with the business
objective to import
and export gemstones
and jewelry products. It
currently employs 2
staff.
The
subject’s registered address
is 4th Flr.,
Building C, Gemopolis
Industrial Estate, 40/2
Soi Sukhapiban 2 [31],
Sukhapiban 2 Rd., Dokmai,
Prawet, Bangkok 10250,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mrs. Mon-anong Pongkeratikarn
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Mon-anong
Pongkeeratikarn is the
Managing Director.
She is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject
is engaged in
trading business, to
import and supply
various types of
gemstones, as well
as export Thai
jewelry products. Subject
has started its
operation at the
beginning of 2011.
PURCHASE
The
products are purchased
from suppliers and manufacturers both
domestic and overseas,
mainly India and
Hong Kong.
SALES [LOCAL]
Its products are
sold locally by
wholesale to manufacturer.
EXPORT
Thai jewelry products
are exported to
Hong Kong.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by cash or
on the credits
term of 30-60
days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
D/A or T/T
on negotiated terms.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 2
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in gems
and jewelry industrial
area.
COMMENT
The subject
was formed in September 2010 as
an importer and
exporter of gemstones
and jewelry products.
Subject reported zero
sales income for
the year 2010
due to its operations
has been started
in the beginning
of 2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Mon-anong Pongkeratikarn Nationality: Thai Address : 11
Soi Sutthiporn, Dindaeng,
Dindaeng, Bangkok |
6,000 |
60.00 |
|
Mr. Viwat Pongkeratikarn Nationality: Thai Address : 550/217
Asoke-Dindaeng Rd., Dindaeng, Bangkok |
2,000 |
20.00 |
|
Mr. Chatchanont Pongkeratikarn Nationality: Thai Address : 550/217
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
2,000 |
20.00 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Chuleeporn Moolsawad No.
10420
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 was :
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash and Cash Equivalent |
961,781.00 |
|
Other Current Assets |
3,771.36 |
|
|
|
|
Total Current Assets
|
965,552.36 |
|
Total Assets |
965,552.36 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
|
|
|
|
Accrued Expenses |
4,714.00 |
|
Other Current Liabilities |
300.00 |
|
|
|
|
Total Current Liabilities |
5,014.00 |
|
Total Liabilities |
5,014.00 |
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
|
|
|
|
Capital Paid |
1,000,000.00 |
|
Retained Earning- Unappropriated |
[39,461.64] |
|
Total Shareholders' Equity |
960,538.36 |
|
Total Liabilities & Shareholders' Equity |
965,552.36 |
PROFIT & LOSS ACCOUNT
|
Sale |
Sept. 29,
2010 – Dec. 31,
2010 |
|
|
|
|
Other Income |
2,238.36 |
|
Total Sales |
2,238.36 |
|
Expenses |
|
|
|
|
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Administrative Expenses |
41,700.00 |
|
Total Expenses |
41,700.00 |
|
|
|
|
Net Profit / [Loss] |
[39,461.64] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
192.57 |
|
QUICK RATIO |
TIMES |
191.82 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
- |
|
SELLING & ADMINISTRATION |
% |
- |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
|
NET PROFIT MARGIN |
% |
- |
|
RETURN ON EQUITY |
% |
(4.11) |
|
RETURN ON ASSET |
% |
(4.09) |
|
EARNING PER SHARE |
BAHT |
(3.95) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
23.83 |
|
Net Profit Margin |
- |
|
Industrial
Average |
(13.70) |
|
Return on Assets |
(4.09) |
Deteriorated |
Industrial
Average |
(12.36) |
|
Return on Equity |
(4.11) |
Deteriorated |
Industrial
Average |
(4.46) |
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is -4.09%, higher figure when
compared with those of its average competitors in the same industry, indicated
that business was an efficient profit in a dominant position within its
industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is -4.11%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
192.57 |
Impressive |
Industrial
Average |
34.64 |
|
Quick Ratio |
191.82 |
|
|
|
|
Cash Conversion Cycle |
- |
|
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|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 192.57 times in 2010, increase from 0 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 191.82 times in 2010,
increase from 0 times, although excluding inventory so the company still have
good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial Average |
1.62 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial Average |
2.37 |
|
Times Interest Earned |
- |
|
Industrial Average |
(73.53) |
Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors
and obligors have committed to the company versus what the shareholders have
committed. A lower the percentage means that the company is using less leverage
and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.01 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
261.32 |
|
Total Assets Turnover |
- |
|
Industrial Average |
1.85 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
20.64 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
24.00 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the untiring
and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.57 |
|
UK Pound |
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to
assess SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.