MIRA
INFORM REPORT
|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
RCT GEMS
JEWELRY [THAI] CO.,
LTD. |
|
|
|
|
Registered Office : |
28th Floor,
Itf Silom Palace
Building, 160/697 Silom Road,
Suriyawongse, Bangrak,
Bangkok 10500, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
|
Com. Reg. No.: |
0105550103116 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Gemstones
and Jewelry Products, Importer, Distributor
and Exporter |
|
|
|
|
No. of Employees : |
5 Staff. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUMMARY
BUSINESS
ADDRESS : 28th FLOOR,
ITF SILOM PALACE
BUILDING,
160/697 SILOM
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2634-3164,
086 318-0133
FAX :
[66] 2634-2187
E-MAIL
ADDRESS : rctgems@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550103116
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. KANSIMA KAMSIRI,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES OF
BUSINESS : GEMSTONES AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 October 1,
2007 as a private
limited company under the
registered name RCT
GEMS JEWELRY [THAI] CO.,
LTD., by Thai groups, with the
objective to be
engaged in jewelry
trading business. It
currently employs 5
staff.
The
subject’s registered address
is 28th Flr.,
ITF Silom Palace
Building, 160/697 Silom
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Ms. Kansima Kamsiri
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Kansima Kamsiri is
the Managing Director.
She is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
gemstones, silver and
gold jewelry, as
well as exporting
of the local jewelry
products.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China and
India.
MAJOR SUPPLIERS
Canton
Ocean Co., Ltd. : Republic
of China
Amazing
Stone Co., Ltd. : Republic
of China
SALES [LOCAL]
The products are
sold locally by
wholesale to jewelry
manufacturers and end-users.
EXPORT
The local products
are exported to Hong Kong,
Republic of China, U.S.A.,
India and Middle
East Countries.
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The
subject is engaged in trading
business of diamonds
and gemstones, as well
as exporting of jewelry
products. Its serves
mainly to jewelry industry.
Diamond, gems and jewelry
consumption in 2012 is likely
increased from resume
consumption in U.S.A.
and Middle East countries.
Domestic consumption is
also rising steadily.
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 October 3,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Kansima Kamsiri Nationality: Thai Address : 38/262
Moo 9, Taweewattana, Bangkok |
5,000 |
50.00 |
|
Mr. Cherdchai Sawangtrakul Nationality: Thai Address :
257 Trokbanbu, Siriraj,
Bangkoknoi, Bangkok |
2,500 |
25.00 |
|
Mrs. Pranee Kamsiri Nationality: Thai Address : 93
Moo 4, T. Jaidee,
A. Khukhan, Srisaket |
500 |
5.00 |
|
Ms. Siriporn Kamsiri Nationality: Thai Address : 13/2
Moo 5, T. Phrakaew, A. Sangka,
Surin |
500 |
5.00 |
|
Mr. Teerawat Kamsiri Nationality: Thai Address : 93
Moo 4, T. Jaidee,
A. Khukhan, Srisaket |
500 |
5.00 |
|
Ms. Piyawan Boonrawd Nationality: Thai Address : 1056/69
Prannok Rd., Banchanglor,
Bangkoknoi, Bangkok |
500 |
5.00 |
|
Mr. Komsan Deewong Nationality: Thai Address : 96/1
Moo 6, Laksong,
Bangkae, Bangkok |
500 |
5.00 |
Total Shareholders : 7
Share Structure
[as at October
3, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO
Mr. Suwat Patcharavanich No.
6582
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
924,269.77 |
414,427.91 |
|
Trade Accounts Receivable |
- |
786,449.67 |
|
Inventories |
|
|
|
Short-term Loan from Related
Person |
|
|
|
Other Current Assets |
450,000.00 |
450,000.00 |
|
|
|
|
|
Total Current Assets
|
1,374,269.77 |
1,650,877.58 |
|
|
|
|
|
Fixed Assets |
13,543.58 |
17,405.63 |
|
Total Assets |
1,387,813.35 |
1,668,283.21 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
- |
565,558.07 |
|
Other Current Liabilities |
57,765.38 |
32,890.01 |
|
|
|
|
|
Total Current Liabilities |
57,765.38 |
598,448.08 |
|
Total Liabilities |
57,765.38 |
598,448.08 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earnings -
Unappropriated |
330,047.97 |
69,835.13 |
|
Total Shareholders' Equity |
1,330,047.97 |
1,069,835.13 |
|
Total Liabilities & Shareholders' Equity |
1,387,813.35 |
1,668,283.21 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
15,138,282.85 |
3,375,926.11 |
|
Total Revenues |
15,138,282.85 |
3,375,926.11 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
14,122,820.78 |
2,669,530.71 |
|
Administrative Expenses |
732,966.65 |
611,314.08 |
|
Total Expenses |
14,855,787.43 |
3,280,844.79 |
|
Profit / [Loss] before Income
Tax |
282,495.42 |
95,081.32 |
|
Income Tax |
[22,282.58] |
[3,311.67] |
|
|
|
|
|
Net Profit / [Loss] |
260,212.84 |
91,769.65 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
23.79 |
2.76 |
|
QUICK RATIO |
TIMES |
16.00 |
2.01 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,117.75 |
193.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
10.91 |
2.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
85.03 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
4.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
77.33 |
|
CASH CONVERSION CYCLE |
DAYS |
- |
7.70 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.29 |
79.08 |
|
SELLING & ADMINISTRATION |
% |
4.84 |
18.11 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
6.71 |
20.92 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.87 |
2.82 |
|
NET PROFIT MARGIN |
% |
1.72 |
2.72 |
|
RETURN ON EQUITY |
% |
19.56 |
8.58 |
|
RETURN ON ASSET |
% |
18.75 |
5.50 |
|
EARNING PER SHARE |
BAHT |
26.02 |
9.18 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.04 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.04 |
0.56 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
348.42 |
|
|
OPERATING PROFIT |
% |
197.11 |
|
|
NET PROFIT |
% |
183.55 |
|
|
FIXED ASSETS |
% |
(22.19) |
|
|
TOTAL ASSETS |
% |
(16.81) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.71 |
Deteriorated |
Industrial Average |
25.80 |
|
Net Profit Margin |
1.72 |
Impressive |
Industrial Average |
(40.29) |
|
Return on Assets |
18.75 |
Impressive |
Industrial Average |
(7.86) |
|
Return on Equity |
19.56 |
Impressive |
Industrial Average |
(8.60) |
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 6.71%. When
compared with the industry average, the ratio of the company was lower. This
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. Net Profit Margin ratio is 1.72%,
higher figure when compared with those
of its average competitors in the same industry, 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
18.75%, 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 19.56%, 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 |
23.79 |
Deteriorated |
Industrial Average |
56.30 |
|
Quick Ratio |
16.00 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 23.79 times in 2010, increase from 2.76 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 lower.
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 16 times in 2010,
increase from 2.01 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 |
0.04 |
Impressive |
Industrial Average |
0.97 |
|
Debt to Equity Ratio |
0.04 |
Impressive |
Industrial Average |
1.81 |
|
Times Interest Earned |
- |
|
Industrial Average |
(12.71) |
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 0.04 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 |
1,117.75 |
Deteriorated |
Industrial Average |
60,262.57 |
|
Total Assets Turnover |
10.91 |
Impressive |
Industrial Average |
1.38 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
8.21 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
16.03 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.