MIRA INFORM REPORT
|
Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUPARTH
DIAMOND CO., LTD. |
|
|
|
|
Registered Office : |
Room 202, 2nd Floor, Kbs Building, 30, 32, 34, 36, 38 Mahaesak 3 Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
23.08.2002 |
|
|
|
|
Com. Reg. No.: |
0105545087621 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, distributor and exporter of diamond and jewelry products |
|
|
|
|
No. of Employees
: |
01 |
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 |
|
Status : |
Satisfactory |
|
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 – 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 |
SUPARTH DIAMOND CO., LTD.
BUSINESS
ADDRESS : ROOM
202, 2nd FLOOR,
KBS BUILDING,
30,
32, 34, 36, 38 MAHAESAK 3
ROAD,
SURIYAWONGSE,
BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2635-9080,
081 720-0521
FAX
: [66] 2635-9081
E-MAIL
ADDRESS : palchiragpal@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION
NO. : 0105545087621
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
INDIAN
: 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHIRAG PRAKASHCHANDRA SHAH,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 1
LINES
OF BUSINESS : DIAMOND AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
The
subject was established
on August 23, 2002
as a private
limited company under
the name style
SUPARTH DIAMOND CO.,
LTD., by Thai
and Indian groups, in order
to be engaged
in jewelry trading
business. It currently employs
1 staff.
The subject’s registered address was
initially located at 160/490-491 Silom
Rd., Surawongse, Bangrak, Bangkok
10500.
On
February 18, 2009, subject’s registered address was relocated to Room
202, 2nd Flr., KBS Building, 30, 32, 34, 36, 38
Mahaesak 3 Rd., Suriyawongse, Bangrak,
Bangkok 10500, and this
is the subject’s
current operation address.
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chirag Prakashchandra Shah |
|
Indian |
32 |
|
Mr. Rahul Ramesh Kumar
Shah |
|
Indian |
27 |
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
Mr. Chirag Prakashchandra Shah
is the Managing
Director.
He is Indian
nationality with the
age of 32
years old.
The subject is engaged
in importing and
distributing of diamonds
& precious stones,
as well as
exporting of local
diamonds, gemstones and jewelry
products.
PURCHASE
Jewelry products are
purchased from local
suppliers.
IMPORT
Diamonds
and precious stones
are imported from
India, Hong Kong and Belgium.
SALES [LOCAL]
Diamonds and gemstones
are sold locally
by wholesale to
traders and manufacturers.
EXPORT
Jewelry products, diamonds
& gemstones are exported
to Hong Kong, India,
U.S.A. and the countries
in Europe.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 1
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
COMMENT
Domestic jewelry business
outlook is underpinned
by strong sales
from promising market.
Its business remains
strong with increasing
demand from jewelry
industry.
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares of Bht.
100 each.
On
January 25, 2006,
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
February 25, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chirag Prakashchandra Shah Nationality: Indian Address : 160/316 Silom
Rd., Suriyawongse, Bangrak, Bangkok |
19,600 |
49.00 |
|
Ms. Kanokwan Kongpaisalthavorn Nationality: Thai Address : 61 Lamphu
Rd., Wadsamphrayakrai,
Phranakorn, Bangkok |
4,000 |
10.00 |
|
Ms. Rapeephan Kanakornwattana Nationality: Thai Address : 120/2 Charoenkrung Rd.,
Wadphrayakrai,
Bangkorlaem, Bangkok |
4,000 |
10.00 |
|
Ms. Boonyanuch Krasiri Nationality: Thai Address : 913 Charoenkrung, Bangklo,
Bangkorlaem, Bangkok |
4,000 |
10.00 |
|
Ms. Ajchara Sereewat Nationality: Thai Address : 150 Moo
4, Rajburana Rd.,
Bangmod,
Rajburana, Bangkok |
4,000 |
10.00 |
|
Ms. Prapisaphan Kruewal Nationality: Thai Address : 549/179 Charansanitwong Rd.,
Bangkhunsri,
Bangkoknoi, Bangkok |
4,000 |
10.00 |
|
Mr. Supakorn Nam-on Nationality: Thai Address : 28 Moo
7, Buengsamphan, Petchabun |
400 |
1.00 |
Total Shareholders : 7
Share Structure [as
at February 25,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
20,400 |
51.00 |
|
Foreign - Indian |
1 |
19,600 |
49.00 |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Surin Ruengpetch No.
3741
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents
|
1,784,289.02 |
859,038.43 |
|
Trade Accounts Receivable |
72,861,528.36 |
39,016,788.10 |
|
Inventories |
34,890,677.14 |
50,266,737.10 |
|
Total Current Assets
|
109,536,494.52 |
90,142,563.63 |
|
Deposit |
12,000.00 |
12,000.00 |
|
Total Assets |
109,548,494.52 |
90,154,563.63 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Account Payable |
158,625.09 |
81,186,377.31 |
|
Other Current Liabilities |
56,595.42 |
586,603.84 |
|
Total Current Liabilities |
215,220.51 |
81,772,981.15 |
|
Total Liabilities |
215,220.51 |
81,772,981.15 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par 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 |
5,293,233.97 |
4,381,582.48 |
|
Total Shareholders' Equity |
9,293,233.97 |
8,381,582.48 |
|
Total Liabilities & Shareholders' Equity |
109,548,494.52 |
90,154,563.63 |
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
119,487,055.47 |
94,603,246.79 |
|
Other Income |
- |
997,893.34 |
|
Total Revenues |
119,487,055.47 |
95,601,140.13 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
116,667,466.58 |
91,868,429.49 |
|
Selling &
Administrative Expenses |
1,761,341.98 |
1,995,556.88 |
|
Total Expenses |
118,428,808.56 |
93,863,986.37 |
|
Profit / [Loss] before Financial Cost & Income Tax |
1,058,246.91 |
1,737,153.76 |
|
Financial Cost |
- |
- |
|
Profit before Income Tax |
1,058,246.91 |
1,737,153.76 |
|
Income Tax |
[146,595.42] |
[318,391.66] |
|
Net Profit / [Loss] |
911,651.49 |
1,418,762.10 |
Note:
Please be informed
that the financial
statements as of
December 31, 2011 &
2010 were obtained
from the original copy
at the Commercial Registration
Department which we
found the mistake
in the Liabilities &
Shareholders’ Equity for
the year 2011.
We had therefore
contacted the company
for the clarification
but the company’s
officer informed us
that the company
hired the account
firm to proceed
the financial statements,
and Mr. Chirag
Prakashchandra Shah, the Managing
Director is in
abroad during investigation. As
a result, we
could not contact
him for clarification.
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.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.