MIRA
INFORM REPORT
|
Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUBY CENTER [ |
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Registered Office : |
8th Floor, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.05.1996 |
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Reg. No.: |
0105539052942 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
THE SUBJECT
IS ENGAGED IN
IMPORTING, DISTRIBUTING AND
RE-EXPORTING VARIOUS KINDS
OF GEMSTONES FOR
JEWELRY PRODUCTION INDUSTRY. |
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No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company Name
RUBY CENTER
[THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 8th
FLOOR, GEMS TOWER,
1249/65 CHAROENKRUNG
ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2267-1618-9
FAX : [66] 2266-5500
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0105539052942
TAX ID NO. : 3011718094
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI
: 66.75%
INDIAN
: 33.25%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. UMESH KUMAR
KHANDELWAL, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 6
LINES OF BUSINESS : GEMSTONES
IMPORTER, DISTRIBUTOR
AND RE-EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on May 7,
1996 as a
private limited company
under the originally
registered name “Groria Gems Co.,
Ltd.” by Thai and Indian
groups. On November 18, 1999, its registered name was
changed to RUBY CENTER [THAILAND] CO., LTD.
Its business objective
is to import and
distribute various kinds
of gemstones to
both domestic and
international markets. It
currently employs approximate
6 staff.
The subject’s registered
address is 8th Floor,
Gems Tower, 1249/65
Charoenkrung Rd., Suriyawongse
Rd., Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Mr. Umesh Kumar Khandelwal |
|
Indian |
38 |
|
Mrs. Yaowarat Apichatachutapan |
|
Thai |
55 |
|
Mr. Arnon Pattanapiraksa |
|
Thai |
34 |
|
Ms. Supamas Pattanapiraksa |
|
Thai |
30 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Umesh Kumar Khandelwal
is the Managing
Director.
He is Indian
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting
various kinds of
gemstones for jewelry
production industry.
PURCHASE
Most of the
products are imported
from India and
Pakistan, the remaining
is purchased from
local suppliers.
SALES
Most of the
products are sold
locally by wholesale
to jewelry manufacturers
and end-users, the
remaining is re-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
according to IRICO’S
DATABASE 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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
United Oversea Bank
[Thai] Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs 6 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is located
in prime commercial
area.
Branch office is
located at 25/4
Trok Krachang, Srichan Rd.,
T. Watmai, A. Muang, Chantaburi
22000.
COMMENT
The subject is
an importer, distributor
and exporter of
gemstones in which
demand of gemstones
from both local
and overseas has
increased subsequently. Its
operating performance in
2011 was satisfactory with an
increase in both
sales revenue and
net profit comparing
to the same
period of the
previous year’s level.
The business in
2012 is growing
moderately in line
with the improvement
and growth of jewelry
industry of both
local and overseas.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 2,000,000
divided into 20,000 shares of
Bht. 100 each with
fully paid.
On October 24,
1996, the capital
was increased to
Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at July
28, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Yaowarat Apichatachutapan Nationality: Thai Address : 30/3
Na Ranong Rd., Klongtoey,
Klongtoey, Bangkok |
15,000 |
37.50 |
|
Mr. Umesh Kumar Khandelwal Nationality: Indian Address : Jaipur [Raj], India
|
13,300 |
33.25 |
|
Ms. Supamas Pattanapiraksa Nationality: Thai Address : 30/3
Na Ranong Rd.,
Klongtoey,
Klongtoey, Bangkok |
4,500 |
11.25 |
|
Mr. Arnon Pattanapiraksa Nationality: Thai Address : 30/3
Na Ranong Rd.,
Klongtoey,
Klongtoey, Bangkok |
3,500 |
8.75 |
|
Ms. Supawan Pattanapiraksa Nationality: Thai Address : 30/3
Na Ranong Rd.,
Klongtoey,
Klongtoey, Bangkok |
3,500 |
8.75 |
|
Mr. Termsak Kamolbaan Nationality: Thai Address : 399/467
Vibhavadi-Rangsit Rd., Chompol,
Chatuchak, Bangkok |
150 |
=0.50 |
|
Mrs. Nongyao Phonkulwong Nationality: Thai Address : 8/4
Moo 7, T. Kombang,
A. Muang, Chantaburi |
50 |
|
Total Shareholders : 7
Share Structure [as
at July 28,
2006]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
26,700 |
66.75 |
|
Foreign - Indian |
1 |
13,300 |
33.25 |
|
Total |
7 |
40,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Saengchai Ularnpanichkul No.
4649
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
34,581.33 |
92,912.49 |
|
Trade Accounts & Other Receivable |
11,875,836.39 |
8,684,082.56 |
|
Short-term Loan |
3,400,000.00 |
3,500,000.00 |
|
Inventories |
3,683,813.30 |
2,914,834.50 |
|
Deferred Interest |
102,000.00 |
201,250.00 |
|
|
|
|
|
Total Current Assets
|
19,096,231.02 |
15,393,079.55 |
|
|
|
|
|
Fixed Assets |
924.91 |
20,355.31 |
|
Other Non-current Assets |
8,569.99 |
8,569.99 |
|
Total Assets |
19,105,725.92 |
15,422,004.85 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
2,321,657.22 |
202,983.94 |
|
Accrued Commission |
552,800.00 |
- |
|
Accrued Income Tax |
104,450.50 |
88,258.28 |
|
|
|
|
|
Total Current Liabilities |
2,978,907.72 |
291,242.22 |
|
Total Liabilities |
2,978,907.72 |
291,242.22 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning - Unappropriated |
12,126,818.20 |
11,130,762.63 |
|
Total Shareholders' Equity |
16,128,818.20 |
15,130,762.63 |
|
Total Liabilities & Shareholders' Equity |
19,105,725.92 |
15,422,004.85 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
39,258,679.27 |
22,717,462.59 |
|
Gain on Exchange Rate |
714,039.89 |
- |
|
Interest Income |
102,000.00 |
201,250.00 |
|
Other Income |
6,394.97 |
40,794.00 |
|
Total Revenues |
40,081,114.13 |
22,959,506.59 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
35,264,968.58 |
19,272,507.73 |
|
Selling Expenses |
2,075,385.44 |
1,477,185.64 |
|
Administrative Expenses |
1,572,754.04 |
1,977,943.23 |
|
Total Expenses |
38,913,108.06 |
22,727,636.60 |
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,168,006.07 |
231,869.99 |
|
Income Tax |
[171,950.50] |
[115,258.28] |
|
Net Profit / [Loss] |
996,055.57 |
116,611.71 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
6.41 |
52.85 |
|
QUICK RATIO |
TIMES |
5.14 |
42.15 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
42,445.95 |
1,116.05 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.05 |
1.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.13 |
55.20 |
|
INVENTORY TURNOVER |
TIMES |
9.57 |
6.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
110.41 |
139.53 |
|
RECEIVABLES TURNOVER |
TIMES |
3.31 |
2.62 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
24.03 |
3.84 |
|
CASH CONVERSION CYCLE |
DAYS |
124.51 |
190.89 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.83 |
84.84 |
|
SELLING & ADMINISTRATION |
% |
9.29 |
15.21 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
12.27 |
16.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.98 |
1.02 |
|
NET PROFIT MARGIN |
% |
2.54 |
0.51 |
|
RETURN ON EQUITY |
% |
6.18 |
0.77 |
|
RETURN ON ASSET |
% |
5.21 |
0.76 |
|
EARNING PER SHARE |
BAHT |
24.90 |
2.92 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.16 |
0.02 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.18 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
72.81 |
|
|
OPERATING PROFIT |
% |
403.73 |
|
|
NET PROFIT |
% |
754.16 |
|
|
FIXED ASSETS |
% |
(95.46) |
|
|
TOTAL ASSETS |
% |
23.89 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
12.27 |
Impressive |
Industrial Average |
9.66 |
|
Net Profit Margin |
2.54 |
Impressive |
Industrial Average |
(0.20) |
|
Return on Assets |
5.21 |
Impressive |
Industrial Average |
(0.27) |
|
Return on Equity |
6.18 |
Impressive |
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. Gross Profit Margin in 12.27%. When
compared with the industry average, the ratio of the company was higher. This indicated that company was more
profitable than the same industry.
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. Net Profit Margin ratio is 2.54%,
higher figure when compared with those of its average competitors in the same
industry. This indicated that business was an efficient operator in a dominant
position within its industry.
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
5.21%, 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 6.18%, 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 Uptrend
Return on Equity Stable
LIQUIDITY RATIO
|
Current Ratio |
6.41 |
Impressive |
Industrial Average |
1.72 |
|
Quick Ratio |
5.14 |
|
|
|
|
Cash Conversion Cycle |
124.51 |
|
|
|
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 6.41 times in 2011, decrease from 52.85 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 5.14 times in 2011,
decrease from 42.15 times, although excluding inventory so the company still
have good short-term financial strength.
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 125 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.16 |
Impressive |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
0.18 |
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 0.16 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 |
42,445.95 |
Impressive |
Industrial Average |
10.73 |
|
Total Assets Turnover |
2.05 |
Impressive |
Industrial Average |
1.47 |
|
Inventory Conversion Period |
38.13 |
|
|
|
|
Inventory Turnover |
9.57 |
Impressive |
Industrial Average |
2.17 |
|
Receivables Conversion Period |
110.41 |
|
|
|
|
Receivables Turnover |
3.31 |
Satisfactory |
Industrial Average |
3.31 |
|
Payables Conversion Period |
24.03 |
|
|
|
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.54.20 |
|
|
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
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.