MIRA
INFORM REPORT
|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANEE DIAM CO., LTD. |
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Registered Office : |
Suite b, 22nd Floor, Bangkok Gems & Jewellery Building, 322/54 Surawong Road, Siphya 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 : |
24.03.2003 |
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Com. Reg. No.: |
0105546037112 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Distributor of Gems and Jewelry Products |
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No. of Employees : |
18 |
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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
MANEE
DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE
B, 22nd FLOOR,
BANGKOK GEMS &
JEWELLERY BUILDING,
322/54 SURAWONG
ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-8990-2,
087 502-8101
FAX : [66]
2631-8996
E-MAIL
ADDRESS : maneediam@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546037112
TAX
ID NO. : 3030856623
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
INDIAN :
49%
FISCAL
YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NILESH SAMBHUBHAI ITALIYA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 18
LINES
OF BUSINESS : GEMS
AND JEWELRY PRODUCTS
IMPORTER, EXPORTER
AND DISTRIBUTOR
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 March
24, 2003 as
a private limited
company under the
name style MANEE
DIAM CO., LTD.
by Indian and
Thai groups, in
order to import
and export of jewelry
products. It currently
employs 18 staff.
The subject’s registered address
was initially located
at 297 Surawong
Rd., Suriyawongse, Bangrak, Bangkok
10500.
In 2005, it was relocated to Suite
B, 22nd Floor, Bangkok
Gems & Jewellery Building, 322/54
Surawong Rd., Siphya, Bangrak, Bangkok 10500, and
this is the
company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nilesh Sambhubhai Italiya |
|
Indian |
37 |
|
Mrs. Shada Nilesh
Italiya |
|
Indian |
36 |
|
Mr. Amrishkumar Vinodrai
Patel |
|
Indian |
42 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nilesh Sambhubhai
Italiya is the
Managing Director.
He is Indian
nationality with the
age of 37 years
old
Mr. Amrishkumar Vinodrai
Patel is the
General Manager.
He is Indian
nationality with the
age of 42 years
old.
BUSINESS OPERATIONS
The subject is engaged in
importing, distributing and exporting
various kinds of
diamond, gemstone and
jewelry products.
PURCHASE
The products are
purchased from both
domestic and overseas
suppliers mainly in
India Hong Kong
and Belgium.
SALES
The products are
sold locally by
wholesale to traders
and manufacturers, as
well as exporting
to India, United
States of America,
Turkey, Vietnam, Hong
Kong, Republic of
China, Middle East
and EU countries.
MAJOR CUSTOMER
Nancy Diam Ltd. : Hong
Kong
RELATED AND
AFFILIATED COMPANY
Zaver Diam Co.,
Ltd.
Business Type :
Importer and distributor
of diamonds
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
Bangkok Bank Public
Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 18 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 had been enjoying an outstanding performance in
the previous years. It creates elegant diamond studded gold jewelry for both
domestic and overseas
markets. The jewelry
industry has been revised
upward in view of an
improving economic outlook. Subject
reported an excellent
business in 2011,
as well as
continue expanding steadily.
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 April 29,
2003
Bht. 10,000,000
on January 17,
2005
Bht. 15,000,000
on May 23,
2008
Bht. 40,000,000
on September 14,
2012
The latest registered capital was
increased to Bht. 40,000,000 divided
into 400,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at September 6,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nilesh Sambhubhai
Italiya Nationality: Indian Address : 40/46
Soi Sukhumvit 18,
Sukhumvit Rd., Klongtoey, Bangkok |
85,000 |
21.25 |
|
Mrs. Shada Nilesh
Italiya Nationality: Indian Address : 40/46
Soi Sukhumvit 18,
Sukhumvit Rd.,
Klongtoey, Bangkok |
60,000 |
15.00 |
|
Mr. Amrishkumar Vinodrai
Patel Nationality: Indian Address : 5/6
New Rd., Sathorn,
Yannawa, Bangkok |
51,000 |
12.75 |
|
Mr. Suparp Chansri Nationality: Thai Address : 41
Moo 14, Nongjork, Buengsamphan,
Petchaboon |
51,000 |
12.75 |
|
Ms. Jamriang Narkjai Nationality: Thai Address : 443
Moo 8, Laemrangking, Buengnarang,
Pichitr |
51,000 |
12.75 |
|
Mr. Charnnarong Poolsuk Nationality: Thai Address : 9
Moo 6, Saensuk,
Varinchamrab, Ubonratchathani |
51,000 |
12.75 |
|
Ms. Nujaree Chuenjai Nationality: Thai Address : 6
Moo 5, Suksamran,
Takfah,
Nakornsawan |
51,000 |
12.75 |
Total Shareholders : 7
Share Structure [as
at September 6,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
204,000 |
51.00 |
|
Foreign - Indian |
3 |
196,000 |
49.00 |
|
Total |
7 |
400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Wuthichai Kraianant
No. 7573
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
966,678.11 |
1,098,456.59 |
|
Trade Accounts & Notes
Receivable |
391,467,426.06 |
502,481,379.97 |
|
Inventories |
750,188,869.21 |
558,221,779.07 |
|
|
|
|
|
Total Current Assets
|
1,142,622,973.38 |
1,061,801,615.63 |
|
Fixed Assets |
8,607,484.48 |
9,158,504.98 |
|
Fixed Deposit pledged as a
Loan Guarantee |
15,324,000.72 |
15,235,516.91 |
|
Total Assets |
1,166,554,458.58 |
1,086,195,637.52 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short Term Loan from Financial
Institution |
100,245,066.75 |
60,029,288.68 |
|
Trade Accounts & Notes Payable |
764,185,216.47 |
729,453,452.30 |
|
Other Current Liabilities |
1,523,721.79 |
1,295,969.43 |
|
Total Current Liabilities |
865,954,005.01 |
790,778,710.41 |
|
|
|
|
|
Loan from Related
Person |
247,000,000.00 |
247,000,000.00 |
|
Total Liabilities |
1,112,954,005.01 |
1,037,778,710.41 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning |
38,600,453.57 |
33,416,927.11 |
|
Total Shareholders' Equity |
53,600,453.57 |
48,416,927.11 |
|
Total Liabilities & Shareholders' Equity |
1,166,554,458.58 |
1,086,195,637.52 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
1,435,686,177.45 |
1,255,348,632.05 |
|
Gain on Exchange
Rate |
- |
15,817,474.51 |
|
Other Income |
454,558.52 |
801,406.80 |
|
Total Revenues |
1,436,140,735.97 |
1,271,967,513.36 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,377,059,397.51 |
1,246,599,503.60 |
|
Selling Expenses |
3,828,242.14 |
2,566,651.33 |
|
Administrative Expenses |
11,673,968.67 |
10,593,423.37 |
|
Other Expenses - Loss on Exchange Rate |
30,546,223.42 |
- |
|
Total Expenses |
1,423,107,831.74 |
1,259,759,578.30 |
|
|
|
|
|
Profit before Financial
Cost & Income
Tax |
13,032,904.23 |
12,207,935.06 |
|
Financial Cost |
[4,747,655.98] |
[3,196,957.06] |
|
Profit before Income Tax |
8,285,248.25 |
9,010,978.00 |
|
Income Tax |
[3,101,721.79] |
[2,902,469.43] |
|
Net Profit / [Loss] |
5,183,526.46 |
6,108,508.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.32 |
1.34 |
|
QUICK RATIO |
TIMES |
0.45 |
0.64 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
166.80 |
137.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.23 |
1.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
198.84 |
163.45 |
|
INVENTORY TURNOVER |
TIMES |
1.84 |
2.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
99.52 |
146.10 |
|
RECEIVABLES TURNOVER |
TIMES |
3.67 |
2.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
202.55 |
213.58 |
|
CASH CONVERSION CYCLE |
DAYS |
95.81 |
95.96 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.92 |
99.30 |
|
SELLING & ADMINISTRATION |
% |
1.08 |
1.05 |
|
INTEREST |
% |
0.33 |
0.25 |
|
GROSS PROFIT MARGIN |
% |
4.12 |
2.02 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.91 |
0.97 |
|
NET PROFIT MARGIN |
% |
0.36 |
0.49 |
|
RETURN ON EQUITY |
% |
9.67 |
12.62 |
|
RETURN ON ASSET |
% |
0.44 |
0.56 |
|
EARNING PER SHARE |
BAHT |
34.56 |
40.72 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.95 |
0.96 |
|
DEBT TO EQUITY RATIO |
TIMES |
20.76 |
21.43 |
|
TIME INTEREST EARNED |
TIMES |
2.75 |
3.82 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.37 |
|
|
OPERATING PROFIT |
% |
6.76 |
|
|
NET PROFIT |
% |
(15.14) |
|
|
FIXED ASSETS |
% |
(6.02) |
|
|
TOTAL ASSETS |
% |
7.40 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.12 |
Deteriorated |
Industrial
Average |
9.66 |
|
Net Profit Margin |
0.36 |
Impressive |
Industrial
Average |
(0.20) |
|
Return on Assets |
0.44 |
Impressive |
Industrial
Average |
(0.27) |
|
Return on Equity |
9.67 |
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. The company's figure is 4.12%. 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 0.36%,
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 0.44%, 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 9.67%, 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 |
1.32 |
Satisfactory |
Industrial
Average |
1.72 |
|
Quick Ratio |
0.45 |
|
|
|
|
Cash Conversion Cycle |
95.81 |
|
|
|
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 1.32 times in 2011, decreased from 1.34 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 0.45 times in 2011,
decreased from 0.64 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 96 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.95 |
Acceptable |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
20.76 |
Risky |
Industrial
Average |
1.67 |
|
Times Interest Earned |
2.75 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.75 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.95 greater than 0.5, most of the
company's assets are financed through debt.
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 |
166.80 |
Impressive |
Industrial
Average |
10.73 |
|
Total Assets Turnover |
1.23 |
Satisfactory |
Industrial
Average |
1.47 |
|
Inventory Conversion Period |
198.84 |
|
|
|
|
Inventory Turnover |
1.84 |
Satisfactory |
Industrial
Average |
2.17 |
|
Receivables Conversion Period |
99.52 |
|
|
|
|
Receivables Turnover |
3.67 |
Impressive |
Industrial
Average |
3.31 |
|
Payables Conversion Period |
202.55 |
|
|
|
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
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
|
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.