MIRA INFORM REPORT
|
Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
NASH CREATIONS
CO., LTD. |
|
|
|
|
Registered Office : |
3531/222 Trok
Nokkhet, Chalaemnimit Road, Bangklo, Bangkorlaem, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
|
Com. Reg. No.: |
0105550111666 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER AND
DISTRIBUTOR OF FANCY DIAMONDS |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
NASH
CREATIONS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 3531/222 TROK
NOKKHET, CHALAEMNIMIT ROAD,
BANGKLO, BANGKORLAEM,
BANGKOK 10120
TELEPHONE : [66] 2688-5819
FAX : -
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550111666
TAX
ID NO. : 3032844109
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
61.00%
INDIAN : 39.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SHIRISH VANAYAK
UGALE, INDIAN
DIRECTOR
NO.
OF STAFF : -
LINES
OF BUSINESS : FANCY
DIAMONDS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : DECLINE
PRESENT
SITUATION : -
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on October 24,
2007 as a
private limited company under
the registered name
NASH CREATIONS CO.,
LTD. by Thai and
Indian groups. Its
business objective was
declared to the Commercial Registration
Department, in order
to import and
distribute fancy diamonds
for jewelry production.
The
subject’s registered address
is 3531/222 Trok
Nokkhet, Chalaemnimit Rd.,
Bangklo, Bangkorlaem, Bangkok
10120.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shirish Vanayak Ugale |
|
Indian |
38 |
|
Mr. Ravindra Agrawal |
|
Indian |
46 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
Note
We
had contacted Mr.
Shirish Vanayak Ugale, who is the
director of the subject. However,
he refused to
disclose any company’s
information.
COMMENT
The
subject was established
in 2007 to import and
distribute fancy diamond
for local jewelry production.
Its revenue was
very low in
the year 2011. However,
we were unable
to disclose more
information as mentioned
above. Any business
engagement is not
recommended.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 40,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 3, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Shirish Vanayak
Ugale Nationality: Indian Address : 314/2-3
Silom Rd., Silom,
Bangrak,
Bangkok |
7,800 |
19.50 |
|
Mr. Ravindra Agrawal Nationality: Indian Address : 62/3
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
7,800 |
19.50 |
|
Mr. Thawatchai Langsanti Nationality: Thai Address : 5/78
Moo 1, Kokfaed,
Nongjok, Bangkok |
5,200 |
13.00 |
|
Mr. Yuthana Thongchai Nationality: Thai Address : 10/192
Arjnarong Rd., Klongtoey,
Bangkok |
4,800 |
12.00 |
|
Mr. Rachane Aroonram Nationality: Thai Address : 32
Moo 1, Huayraja, Buriram |
4,800 |
12.00 |
|
Ms. Nongnid Puengsa-ard Nationality: Thai Address : 16
Moo 5, Nongree,
Muang, Chonburi |
4,800 |
12.00 |
|
Ms. Pornthip Chamangvipa Nationality: Thai Address : 115/3
Moo 11, Wangluek,
Samchuk, Suphanburi |
4,800 |
12.00 |
Total Shareholders : 7
Share Structure [as
at April 3,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
24,400 |
61.00 |
|
Foreign - Indian |
2 |
15,600 |
39.00 |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sirirat Adam No.
8820
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
62,582.43 |
138,199.04 |
|
Trade Accounts & Other Receivable |
963,160.77 |
936,313.73 |
|
Short-term Lending |
300,000.00 |
1,300,000.00 |
|
|
|
|
|
Total Current Assets
|
1,325,743.20 |
2,374,512.77 |
|
Total Assets |
1,325,743.20 |
2,374,512.77 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
9,798.00 |
16,988.00 |
|
Accrued Income Tax |
- |
1,935.19 |
|
|
|
|
|
Total Current Liabilities |
9,798.00 |
18,923.19 |
|
Total Liabilities |
9,798.00 |
18,923.19 |
|
|
|
|
|
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 |
[2,684,054.80] |
[1,644,410.42] |
|
Total Shareholders' Equity |
1,315,945.20 |
2,355,589.58 |
|
Total Liabilities & Shareholders' Equity |
1,325,743.20 |
2,374,512.77 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Operation Income |
- |
4,957,566.60 |
|
Other Income |
52,864.43 |
26,006.72 |
|
Total Revenues |
52,864.43 |
4,983,573.32 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
- |
3,966,761.58 |
|
Administrative Expenses |
1,092,508.81 |
917,041.90 |
|
Other Expenses |
- |
80,283.20 |
|
Total Expenses |
1,092,508.81 |
4,964,086.68 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
[1,039,644.38] |
19,486.64 |
|
Financial Costs |
- |
[7,012.87] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
[1,039,644.38] |
12,473.77 |
|
Income Tax |
- |
[1,935.19] |
|
Net Profit / [Loss] |
[1,039,644.38] |
10,538.58 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
135.31 |
125.48 |
|
QUICK RATIO |
TIMES |
135.31 |
125.48 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
2.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
68.94 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
5.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
1.56 |
|
CASH CONVERSION CYCLE |
DAYS |
- |
67.37 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
- |
80.01 |
|
SELLING & ADMINISTRATION |
% |
- |
18.50 |
|
INTEREST |
% |
- |
0.14 |
|
GROSS PROFIT MARGIN |
% |
- |
20.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
0.39 |
|
NET PROFIT MARGIN |
% |
- |
0.21 |
|
RETURN ON EQUITY |
% |
(79.00) |
0.45 |
|
RETURN ON ASSET |
% |
(78.42) |
0.44 |
|
EARNING PER SHARE |
BAHT |
(25.99) |
0.26 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.01 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
2.78 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(100.00) |
|
|
OPERATING PROFIT |
% |
(5,435.16) |
|
|
NET PROFIT |
% |
(9,965.13) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
(44.17) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
9.66 |
|
Net Profit Margin |
- |
|
Industrial
Average |
(0.20) |
|
Return on Assets |
(78.42) |
Deteriorated |
Industrial
Average |
(0.27) |
|
Return on Equity |
(79.00) |
Deteriorated |
Industrial
Average |
(0.72) |
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 -78.42%.
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 -79%.
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 |
135.31 |
Impressive |
Industrial Average |
1.72 |
|
Quick Ratio |
135.31 |
|
|
|
|
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 135.31 times in 2011, increased from 125.48 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 135.31 times in 2011,
increased from 125.48 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 Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.01 |
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 0.01 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
10.73 |
|
Total Assets Turnover |
- |
|
Industrial Average |
1.47 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
2.17 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.31 |
|
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.37 |
|
|
1 |
Rs.83.99 |
|
Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.