MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI GEM & DIAMOND LTD. |
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Registered Office : |
Room 2407, 24th Floor, Jewelry Trade Center, 919/309 Silom Road, Silom, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
0105535130426 [Former : 12592/2535] |
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Legal Form : |
Private Limited Company |
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line of business
: |
Gemstones and Diamonds Importer & Distributor |
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No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY NAME
THAI GEM & DIAMOND LTD.
SUMMARY
BUSINESS ADDRESS : ROOM 2407, 24th FLOOR,
JEWELRY TRADE CENTER,
919/309 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2238-1609,
2630-1031
FAX : [66] 2682-8954,
2630-1032
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1992
REGISTRATION NO. : 0105535130426 [Former : 12592/2535]
TAX ID NO. : 3011175729
CAPITAL REGISTERED : BHT.
11,000,000
CAPITAL PAID-UP : BHT.
11,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SHRIEYANS JITENDRA JHAVERI,
INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 4
LINES OF BUSINESS : GEMSTONES AND DIAMONDS IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September
18, 1992 as
a private limited
company under the
name style THAI
GEM & DIAMOND
LTD., by Thai
and Indian groups,
in order to distribute
gemstone and diamonds
to domestic jewelry
industry. It currently
employs 4 staff.
The subject’s registered
address is Room
2407, 24th Flr.,
Jewelry Trade Center, 919/309 Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shrieyans Jitendra
Jhaveri |
|
Indian |
48 |
|
Mrs. Rupal Shrieyans
Jhaveri |
|
Indian |
43 |
|
Mr. Shrienic Jitendra
Jhaveri |
|
Indian |
35 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Shrieyans Jitendra
Jhaveri is the
Managing Director.
He is Indian
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of fine gemstones
and diamonds for
jewelry industry.
PURCHASE
Most of the
products are imported
from India, Hong
Kong and Russia,
the remaining is
purchased from local
suppliers.
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers
and dealers.
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
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on
the credit terms
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Silom Branch:
Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
4 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is located
in a prime
commercial area.
COMMENT
Domestic slow consumption of jewelry
products have seen
during the last quarter of
2011 due to
massive floods in
the country and decline
purchasing power. This was resulted
in negative outcome
at the end of
year.
However, subject’s current business
outlook is considerably
fair.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 4,000,000 on
November 30, 1995
Bht. 11,000,000 on
October 17, 2000
The latest registered
capital was increased
to Bht. 11,000,000 divided into
110,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at April
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Shrienic Jitendra
Jhaveri Nationality: Indian Address : 87 Pan
Rd., Silom, Bangrak,
Bangkok 10500
|
41,800 |
38.00 |
|
Mr. Somkid Kamdee Nationality: Thai Address : 50/1
Krungkasem Rd., Klongmahanak,
Pomprab, Bangkok 10100 |
14,025 |
12.75 |
|
Ms. Somporn Langsanti Nationality: Thai Address : 1461 Asoke-Dindaeng Rd.,
Samsennai, Phyathai, Bangkok
10400 |
14,025 |
12.75 |
|
Ms. Pornthip Langsanti Nationality: Thai Address : 283 Asoke-Dindaeng Rd.,
Samsennai,
Huaykwang, Bangkok 10320 |
14,025 |
12.75 |
|
Mr. Pipat Srikham Nationality: Thai Address : 1461 Asoke-Dindaeng Rd.,
Samsennai,
Phyathai, Bangkok 10400 |
14,025 |
12.75 |
|
Mr. Shrieyans Jitendra
Jhaveri Nationality: Indian Address : 87 Pan
Rd., Silom, Bangrak,
Bangkok 10500 |
11,000 |
10.00 |
|
Mrs. Rupal Shrieyans
Jhaveri Nationality: Indian Address : 87 Pan
Rd., Silom, Bangrak,
Bangkok 10500 |
1,100 |
1.00 |
Total Shareholders : 7
Share Structure [as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
56,100 |
51.00 |
|
Foreign-Indian |
3 |
53,900 |
49.00 |
|
Total |
7 |
110,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Wasana Tanmongkol
No. 1888
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
232,138.94 |
409,943.33 |
|
Trade Accounts Receivable |
5,056,869.35 |
6,032,735.75 |
|
Inventories |
8,585,630.54 |
7,308,952.91 |
|
|
|
|
|
Total Current Assets
|
13,874,638.83 |
13,751,631.99 |
|
Fixed Assets |
47,893.76 |
60,509.26 |
|
Other Non-current Assets |
24,000.00 |
24,000.00 |
|
Total Assets |
13,946,532.59 |
13,836,141.25 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
4,302,873.90 |
2,310,738.00 |
|
Payable Loan from
Directors |
1,400,000.00 |
2,675,000.00 |
|
Other Current Liabilities |
112,055.45 |
112,786.30 |
|
|
|
|
|
Total Current Liabilities |
5,814,929.35 |
5,098,524.30 |
|
Total Liabilities |
5,814,929.35 |
5,098,524.30 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 110,000 shares |
11,000,000.00 |
11,000,000.00 |
|
|
|
|
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[2,868,396.76] |
[2,262,383.05] |
|
Total Shareholders' Equity |
8,131,603.24 |
8,737,616.95 |
|
Total Liabilities &
Shareholders' Equity |
13,946,532.59 |
13,836,141.25 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
12,133,134.86 |
15,083,879.88 |
|
Other Income |
394.88 |
171,338.48 |
|
Total Revenues |
12,133,529.74 |
15,255,218.36 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
10,994,863.95 |
13,675,738.95 |
|
Selling & Administrative Expenses |
1,495,356.49 |
1,461,523.61 |
|
Loss on Exchange Rate |
162,937.58 |
- |
|
Total Expenses |
12,653,158.02 |
15,137,262.56 |
|
Profit / [Loss] before Income
Tax |
[519,628.28] |
117,955.80 |
|
Income Tax |
[86,385.43] |
[112,511.40] |
|
Net Profit / [Loss] |
[606,013.71] |
5,444.40 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.39 |
2.70 |
|
QUICK RATIO |
TIMES |
0.91 |
1.26 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
253.33 |
249.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.87 |
1.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
285.02 |
195.07 |
|
INVENTORY TURNOVER |
TIMES |
1.28 |
1.87 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
152.13 |
145.98 |
|
RECEIVABLES TURNOVER |
TIMES |
2.40 |
2.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
142.84 |
61.67 |
|
CASH CONVERSION CYCLE |
DAYS |
294.30 |
279.38 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.62 |
90.66 |
|
SELLING & ADMINISTRATION |
% |
12.32 |
9.69 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
9.38 |
10.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(4.28) |
0.78 |
|
NET PROFIT MARGIN |
% |
(4.99) |
0.04 |
|
RETURN ON EQUITY |
% |
(7.45) |
0.06 |
|
RETURN ON ASSET |
% |
(4.35) |
0.04 |
|
EARNING PER SHARE |
BAHT |
(5.51) |
0.05 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.42 |
0.37 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.72 |
0.58 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(19.56) |
|
|
OPERATING PROFIT |
% |
(540.53) |
|
|
NET PROFIT |
% |
(11,230.95) |
|
|
FIXED ASSETS |
% |
(20.85) |
|
|
TOTAL ASSETS |
% |
0.80 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
9.38 |
Satisfactory |
Industrial Average |
9.66 |
|
Net Profit Margin |
(4.99) |
Deteriorated |
Industrial Average |
(0.20) |
|
Return on Assets |
(4.35) |
Deteriorated |
Industrial Average |
(0.27) |
|
Return on Equity |
(7.45) |
Deteriorated |
Industrial Average |
(0.72) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 9.38%. When
compared with the industry average, the ratio of the company was lower, indicated that company was originated from
the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -4.99%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is -4.35%.
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. When compared with the
industry average, it was lower, the company's figure is -7.45%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Stable
LIQUIDITY RATIO
|
Current Ratio |
2.39 |
Impressive |
Industrial Average |
1.72 |
|
Quick Ratio |
0.91 |
|
|
|
|
Cash Conversion Cycle |
294.30 |
|
|
|
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 2.39 times in 2011, decreased from 2.7 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 0.91 times in 2011,
decreased from 1.26 times, by excluding inventory, the company may have
problems meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 295 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.42 |
Impressive |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
0.72 |
Impressive |
Industrial Average |
1.67 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.63 |
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 0.42 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
253.33 |
Impressive |
Industrial Average |
10.73 |
|
Total Assets Turnover |
0.87 |
Acceptable |
Industrial Average |
1.47 |
|
Inventory Conversion Period |
285.02 |
|
|
|
|
Inventory Turnover |
1.28 |
Acceptable |
Industrial Average |
2.17 |
|
Receivables Conversion Period |
152.13 |
|
|
|
|
Receivables Turnover |
2.40 |
Acceptable |
Industrial Average |
3.31 |
|
Payables Conversion Period |
142.84 |
|
|
|
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.64 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.