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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SUAY THAI THONG CO., LTD. |
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Registered Office : |
64/27 Soi Sukhapiban 31, Sukhapiban 2 Road, Dokmai, Pravet, Bangkok 10250 |
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Country : |
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Date of Incorporation : |
19.03.2010 |
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Com. Reg. No.: |
0105553039621 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Gold Jewelry Products |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
SUAY
THAI THONG CO.,
LTD.
BUSINESS
ADDRESS : 64/27
SOI SUKHAPIBAN 31,
SUKHAPIBAN 2 ROAD,
DOKMAI, PRAVET,
BANGKOK 10250, THAILAND
TELEPHONE : [66] 2727-0715
FAX : [66] 2727-0716
E-MAIL ADDRESS : stt_thai@live.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553039621
TAX
ID NO. : -
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT. 500,000
SHAREHOLDER’S PROPORTION : INDIAN : 100%
FISCAL YEAR CLOSING DATE : -
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NILESHKUMAR KARSHANJIAHAI
BAPADARA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : GOLD
JEWELRY PRODUCTS
MANUFACTURER AND
EXPORTER
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
The
subject was established
on March 19,
2010 as a
private limited company
under the name
style SUAY THAI THONG CO.,
LTD. by Indian
groups, with the
business objective to
manufacture various designs of
gold jewelry products
for exports. It
currently employs 6
staff.
The
subject’s registered address
is 64/27 Soi
Sukhapiban 31, Sukhapiban 2 Rd., Dokmai, Pravet,
Bangkok 10250, and
this is the
subject’s current operation
address.
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Name |
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Nationality |
Age |
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Mr. Nileshkumar
Karshanjiahai Bapadara |
[x] |
Indian |
35 |
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Mr. Vipulkumar Kanjibhai Vapoba |
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Indian |
38 |
Only the mentioned
director [x] can sign on behalf
of the subject
with company’s affixed.
Mr. Nileshkumar
Karshanjiahai Bapadara is
the Managing Director.
He is Indian
nationality with the
age of 35
years old.
Mr. Vipulkumar Kanjibhai Vapoba
is the Deputy
Managing Director.
He is Indian
nationality with the
age of 38
years old.
The subject is
engaged in manufacturing
and exporting various
designs of gold
jewelry products, such
as ring, earrings,
pendant, bracelet, necklace
and etc.
PURCHASE
Gold bullion is
imported from India
and Dubai, while
the related accessories
are purchased from local
suppliers.
EXPORT
100% of the
products is exported
to India and
Dubai.
The subject is
not found to have
any subsidiary or
affiliated company here
in Thailand.
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.
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.
Bangkok
Bank Public Co.,
Ltd.
The
subject employs 6
staff.
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
Subject
was established in
March 2010. It is
still in
early stage of operation.
Its first year operating
performance is likely
slow, while competition
remains strong. Without
financial information, any
business engagement is
not recommended.
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares of Bht. 100 each
with 25% paid-up.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 17, 2010]
at Bht. 500,000
of capitalization.
|
NAME |
HOLDING |
% |
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Mr. Nileshkumar
Karshanjiahai Bapadara Nationality: Indian Address : Flat No. 4,
Alshomsi Bldg., Gold Soung
Deira, United Arab
Emirates |
10,000 |
50.00 |
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Mr. Vipulkumar Kanjibhai Vapoba Nationality: Indian Address : Ranavav,
Vadiplot, Near Gayatri
Temple,
Porbandar, India |
9,999 |
50.00 |
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Mr. Wattachak Chuaphram Nationality: Thai Address : 54/42
Moo 3, Lampakkood,
Thanyaburi, Pathumthani |
1 |
- |
Total Shareholders : 3
Share Structure [as
at March 17,
2010]
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Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
1 |
1 |
- |
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Foreign - Indian |
2 |
19,999 |
100.00 |
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Total |
3 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
None
Since 2010, the
financial statement has
never been submitted
to the Commercial Registration Department
during investigation.
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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1 |
Rs.85.16 |
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Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.