MIRA INFORM REPORT
|
Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
GOOD LUCK
CREATION CO., LTD. |
|
|
|
|
Registered Office : |
6thA Floor,
The Executive House
Building, 410/21 Surawongse Road,
Siphaya, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Com. Reg. No.: |
0105541031183 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTING AND
DISTRIBUTING OF DIAMONDS
AND GEMSTONES FOR
JEWELRY PRODUCTION INDUSTRY,
AS WELL AS
DESIGNING AND EXPORTING
OF JEWELRY PRODUCTS
SUCH AS RING,
EARRINGS, NECKLACE, BRACELET,
PENDANT AND ETC. |
|
|
|
|
No. of Employees : |
3 |
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 : |
Small company |
|
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 |
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
GOOD
LUCK CREATION CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 6thA FLOOR,
THE EXECUTIVE HOUSE
BUILDING,
410/21 SURAWONGSE ROAD,
SIPHAYA,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2631-4934,
2233-4950
FAX :
[66] 2631-4935
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541031183
TAX
ID NO. : 3011931646
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KRISHAN KUMAR
DUSAD, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : DIAMONDS, 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 May 22,
1998 as a
private limited company under
the registered name
GOOD LUCK CREATION
CO., LTD., by Thai
and Indian groups,
with the objective
to engage in
international trading of
jewelry business. It
currently employs 3
staff.
The
subject’s registered address
is 6thA Floor,
The Executive House Building, 410/21
Surawongse Rd., Siphaya,
Bangrak, Bangkok 10500, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
Mr. Krishan Kumar Dusad
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Krishan Kumar Dusad
is the Managing
Director.
He is Indian
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject’s
core business is
engaged in importing
and distributing of
diamonds and gemstones
for jewelry production
industry, as well
as designing and
exporting of jewelry
products such as
ring, earrings, necklace,
bracelet, pendant and
etc.
The subject
hires local manufacturers
for the production
of export jewelry.
PURCHASE
Diamonds
and gemstones are
purchased from both
local and overseas
suppliers in India.
SALES
Diamonds and gemstones are
sold locally to jewelry
manufacturers, while jewelry products are
exported to India,
Hong Kong and
Japan.
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
according 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 area against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
3 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 jewelry
trading business. Its
operating performance in
2011 was satisfactory
with an increase
in both sales
revenue and net
profit comparing to
the previous year.
Generally, the subject
has a moderate
business performance and
growing consistently.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000
shares of Bht. 100
each with fully
paid.
The
capital was increased / decreased later
as the followings:
Bht. 4,000,000
on March 12,
2001
Bht. 11,000,000
on December 24,
2002
Bht. 5,000,000
on June 1,
2009
The
latest registered capital
was decreased to
Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Krishan Kumar Dusad Nationality: Indian Address : 410/21
Surawongse Rd., Siphaya,
Bangrak, Bangkok |
24,500 |
49.00 |
|
Mr. Thawatchai Langsanti Nationality: Thai Address : 5/78
Moo 2, Kokfaed,
Nongjok, Bangkok |
8,500 |
17.00 |
|
Mr. Teerayuth Krusor Nationality: Thai Address : 13/314
Moo 5, Klongkum,
Buengkum, Bangkok |
8,500 |
17.00 |
|
Mr. Banyad Pooyim Nationality: Thai Address : 407
Petchburi Rd., Thungphayathai,
Rajthewi, Bangkok |
8,500 |
17.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
25,500 |
51.00 |
|
Foreign - Indian |
1 |
24,500 |
49.00 |
|
Total |
4 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Wasana Tanmongkol No.
1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,924,310.65 |
1,040,432.97 |
|
Trade Accounts & Other Receivable |
8,639,494.29 |
8,118,400.44 |
|
Inventories |
7,108,091.05 |
6,025,350.33 |
|
|
|
|
|
Total Current Assets
|
17,671,895.99 |
15,184,183.74 |
|
|
|
|
|
Fixed Assets |
22,253.74 |
30,287.38 |
|
Total Assets |
17,694,149.73 |
15,214,471.12 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
557,741.29 |
370,905.67 |
|
Accrued Income Tax |
63,141.55 |
31,918.18 |
|
|
|
|
|
Total Current Liabilities |
620,882.84 |
402,823.85 |
|
|
|
|
|
Kasikornbank Public Co.,
Ltd. |
8,350,000.00 |
6,760,000.00 |
|
Total Liabilities |
8,970,882.84 |
7,162,823.85 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
3,723,266.89 |
3,051,647.27 |
|
Total Shareholders' Equity |
8,723,266.89 |
8,051,647.27 |
|
Total Liabilities & Shareholders' Equity |
17,694,149.73 |
15,214,471.12 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
19,488,094.66 |
19,817,657.73 |
|
Other Income |
379,347.74 |
- |
|
Total Revenues |
19,867,442.40 |
19,817,657.73 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
16,416,359.16 |
16,246,088.15 |
|
Selling Expenses |
984,835.87 |
635,050.69 |
|
Administrative Expenses |
1,129,642.59 |
1,554,671.08 |
|
Other Expenses |
- |
557,547.19 |
|
Total Expenses |
18,530,837.62 |
18,993,357.11 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
1,336,604.78 |
824,300.62 |
|
Financial Costs |
[571,843.61] |
[250,555.05] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
764,761.17 |
573,745.57 |
|
Income Tax |
[93,141.55] |
[71,918.18] |
|
Net Profit / [Loss] |
671,619.62 |
501,827.39 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
28.46 |
37.69 |
|
QUICK RATIO |
TIMES |
17.01 |
22.74 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
875.72 |
654.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.10 |
1.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
158.04 |
135.37 |
|
INVENTORY TURNOVER |
TIMES |
2.31 |
2.70 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
161.81 |
149.52 |
|
RECEIVABLES TURNOVER |
TIMES |
2.26 |
2.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
12.40 |
8.33 |
|
CASH CONVERSION CYCLE |
DAYS |
307.45 |
276.56 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.24 |
81.98 |
|
SELLING & ADMINISTRATION |
% |
10.85 |
11.05 |
|
INTEREST |
% |
2.93 |
1.26 |
|
GROSS PROFIT MARGIN |
% |
17.71 |
18.02 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.86 |
4.16 |
|
NET PROFIT MARGIN |
% |
3.45 |
2.53 |
|
RETURN ON EQUITY |
% |
7.70 |
6.23 |
|
RETURN ON ASSET |
% |
3.80 |
3.30 |
|
EARNING PER SHARE |
BAHT |
13.43 |
10.04 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.03 |
0.89 |
|
TIME INTEREST EARNED |
TIMES |
2.34 |
3.29 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(1.66) |
|
|
OPERATING PROFIT |
% |
62.15 |
|
|
NET PROFIT |
% |
33.83 |
|
|
FIXED ASSETS |
% |
(26.52) |
|
|
TOTAL ASSETS |
% |
16.30 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.71 |
Impressive |
Industrial
Average |
9.17 |
|
Net Profit Margin |
3.45 |
Impressive |
Industrial
Average |
(0.11) |
|
Return on Assets |
3.80 |
Impressive |
Industrial
Average |
(0.16) |
|
Return on Equity |
7.70 |
Impressive |
Industrial
Average |
(0.32) |
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. Gross Profit Margin is 17.71%. When compared with the industry
average, the ratio of the company was higher.
This indicated that company was more profitable than the same industry.
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
3.45%, 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
3.8%, 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 7.7%, 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 |
28.46 |
Impressive |
Industrial
Average |
2.38 |
|
Quick Ratio |
17.01 |
|
|
|
|
Cash Conversion Cycle |
307.45 |
|
|
|
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 28.46 times in 2011, decrease from 37.69 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 17.01 times in 2011,
decrease from 22.74 times, although excluding inventory so the company still
have good short-term financial strength.
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 308 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
1.03 |
Satisfactory |
Industrial
Average |
1.47 |
|
Times Interest Earned |
2.34 |
Impressive |
Industrial Average |
0.59 |
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 2.34 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 0.51 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 |
875.72 |
Impressive |
Industrial
Average |
6.08 |
|
Total Assets Turnover |
1.10 |
Satisfactory |
Industrial
Average |
1.23 |
|
Inventory Conversion Period |
158.04 |
|
|
|
|
Inventory Turnover |
2.31 |
Impressive |
Industrial
Average |
1.38 |
|
Receivables Conversion Period |
161.81 |
|
|
|
|
Receivables Turnover |
2.26 |
Acceptable |
Industrial
Average |
3.38 |
|
Payables Conversion Period |
12.40 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.95 |
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.