MIRA
INFORM REPORT
|
Report Date : |
22.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
RENA DIAM
CO., LTD. |
|
|
|
|
Registered Office : |
24th Floor, Itf-Silom Palace, 160/546 Silom Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.07.2010 |
|
|
|
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Com. Reg. No.: |
0105553086093 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer
and distributor diamonds and
gemstones |
|
|
|
|
No. of Employees : |
01 |
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 : |
Restart business activity |
|
Payment Behaviour : |
Unknown |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries, Thailand
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic crisis severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In 2009,
the economy contracted 2.3%. However, in 2010, Thailand's economy expanded
7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth
was interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Industry
recovered from the second quarter of 2012 onward with GDP growth at 5.5% in
2012. The government has approved flood mitigation projects worth $11.7
billion, which were started in 2012, to prevent similar economic damage, and an
additional $75 billion for infrastructure over the next seven years with a plan
to start in 2013
Source
: CIA
Company name
RENA
DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 24th FLOOR,
ITF-SILOM PALACE,
160/546 SILOM
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-8871,
081 612-7279, 081
672-7279
FAX :
[66] 2631-8871
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553086093
TAX
ID NO. : 3034036038
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SANDIP KISHORCHANDRA MEHTA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 1
LINES
OF BUSINESS : DIAMONDS AND
GEMSTONES
IMPORTER AND
DISTRIBUTOR
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 July 15, 2010 as
a private limited
company under the
registered name RENA
DIAM CO., LTD., by
Thai and Indian groups,
with the business
objective to import
and distribute various
types of diamonds
and gemstones for
jewelry business. It
currently employs 1
staff.
The
subject’s registered address
is 24th Floor,
ITF-Silom Palace, 160/546
Silom Rd., Suriyawongse, Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
Mr. Sandip Kishorchandra Mehta
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sandip Kishorchandra Mehta
is the Managing
Director.
He is Indian
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing various
types of diamonds
and gemstones for
jewelry production.
PURCHASE
Most
of the products
are imported from
India and Hong
Kong, the remaining
is purchased from local
suppliers.
SALES
100% of the
products is sold
locally by wholesale
to jewelry shops
and end-users.
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
1 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime commercial
area.
Note:
In
2012, the subject
stopped its business
operation temporarily, however
it has resumed
its activity in
2013.
COMMENT
The
subject has small
business engaging in importing and
distributing diamonds and
gemstones to local
jewelry business. Sales
were slow in
the previous year
due to it
had stopped the
business operation for a
while. However, subject
resumed its business
in the year
2013 which has
slowly grown.
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 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mahesh Damodar Nambia Nationality: Indian Address : 160/546
ITF-Silom Palace, Silom
Rd.,
Suriyawongse, Bangrak, Bangkok
|
19,000 |
47.50 |
|
Mrs. Pranee Songsiri Nationality: Thai Address : 263/4
Moo 1, Prachauthis
Rd., Thungkru,
Bangkok |
6,800 |
17.00 |
|
Mrs. Varaporn Chomemanee Nationality: Thai Address : 36/49
Moo 1, Prachauthis
Rd., Thungkru, Bangkok |
6,800 |
17.00 |
|
Ms. Pornthip Netrseengoen Nationality: Thai Address : 258/15
Moo 5, Prachauthis
Rd., Thungkru, Bangkok |
6,800 |
17.00 |
|
Mr. Sandip Kishorchandra Mehta Nationality: Indian Address : 160/546
ITF-Silom Palace, Silom
Rd.,
Suriyawongse, Bangrak, Bangkok
|
600 |
1.50 |
Total Shareholders : 5
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Shares |
% Shares |
|
|
|
|
|
|
Thai |
3 |
20,400 |
51.00 |
|
Foreign-Indian |
2 |
19,600 |
49.00 |
|
Total |
5 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Anchalee Khaola-or No.
10363
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
130,994.29 |
70,667.94 |
61,081.74 |
|
Inventories |
750,950.35 |
- |
3,748,067.72 |
|
Lending to Related
Person |
4,000,000.00 |
5,000,000.00 |
3,500,000.00 |
|
Other Current Assets
|
63,062.69 |
25,701.64 |
267,459.89 |
|
|
|
|
|
|
Total Current Assets
|
4,945,007.33 |
5,096,369.58 |
7,576,609.35 |
|
Equipment |
15,276.40 |
15,276.40 |
19,575.47 |
|
Total Assets |
4,960,283.73 |
5,111,645.98 |
7,596,184.82 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable |
1,289,902.04 |
1,438,951.69 |
3,788,068.46 |
|
Other Current Liabilities |
3,000.00 |
12,340.00 |
8,750.00 |
|
|
|
|
|
|
Total Current Liabilities |
1,292,902.04 |
1,451,291.69 |
3,796,818.46 |
|
Total Liabilities |
1,292,902.04 |
1,451,291.69 |
3,796,818.46 |
|
|
|
|
|
|
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 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
[332,618.31] |
[339,645.71] |
[200,633.64] |
|
Total Shareholders' Equity |
3,667,381.69 |
3,660,354.29 |
3,799,366.36 |
|
Total Liabilities &
Shareholders' Equity |
4,960,283.73 |
5,111,645.98 |
7,596,184.82 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
July 15, 2010 -
Dec. 31, 2010 |
|
|
|
|
|
|
Sales Income |
- |
4,492,889.00 |
- |
|
Other Income |
10,027.40 |
36,250.73 |
5,095.89 |
|
Total Revenues |
10,027.40 |
4,529,139.73 |
5,095.89 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
- |
4,427,598.46 |
- |
|
Selling &
Administrative Expenses |
3,000.00 |
202,870.11 |
205,729.53 |
|
Loss on Exchange
Rate |
- |
37,683.23 |
- |
|
Total Expenses |
3,000.00 |
4,668,151.80 |
205,729.53 |
|
|
|
|
|
|
Net Profit / [Loss] |
7,027.40 |
[139,012.07] |
[200,633.64] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.82 |
3.51 |
2.00 |
|
QUICK RATIO |
TIMES |
3.20 |
3.49 |
0.94 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
294.11 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
0.88 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
118.62 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
(118.62) |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
98.55 |
- |
|
SELLING & ADMINISTRATION |
% |
- |
4.52 |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
2.26 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
(3.09) |
- |
|
NET PROFIT MARGIN |
% |
- |
(3.09) |
- |
|
RETURN ON EQUITY |
% |
0.19 |
(3.80) |
(5.28) |
|
RETURN ON ASSET |
% |
0.14 |
(2.72) |
(2.64) |
|
EARNING PER SHARE |
BAHT |
0.18 |
(3.48) |
(5.02) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.26 |
0.28 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.35 |
0.40 |
1.00 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(100.00) |
- |
|
|
OPERATING PROFIT |
% |
(105.06) |
(30.71) |
|
|
NET PROFIT |
% |
105.06 |
30.71 |
|
|
FIXED ASSETS |
% |
- |
(21.96) |
|
|
TOTAL ASSETS |
% |
(2.96) |
(32.71) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -100%. Turnover has decreased from THB 4,492,889.00
in 2011 to THB 0.00 in 2012. While net profit has increased from THB
-139,012.07 in 2011 to THB 7,027.40 in 2012. And total assets has decreased
from THB 5,111,645.98 in 2011 to THB 4,960,283.73 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
1.88 |
|
Net Profit Margin |
- |
|
Industrial
Average |
0.04 |
|
Return on Assets |
0.14 |
Deteriorated |
Industrial
Average |
0.43 |
|
Return on Equity |
0.19 |
Deteriorated |
Industrial
Average |
1.93 |
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
0.14%.
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 0.19%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
3.82 |
Impressive |
Industrial
Average |
1.72 |
|
Quick Ratio |
3.20 |
|
|
|
|
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 3.82 times in 2012, increased from 3.51 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 3.2 times in 2012,
decreased from 3.49 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 :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.26 |
Impressive |
Industrial
Average |
0.76 |
|
Debt to Equity Ratio |
0.35 |
Impressive |
Industrial
Average |
3.41 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.28 |
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 0.26 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 Downtrend
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
2.53 |
|
Total Assets Turnover |
- |
|
Industrial
Average |
14.17 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
43.91 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
18.17 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.49 |
|
|
1 |
Rs.99.41 |
|
Euro |
1 |
Rs.84.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.