MIRA INFORM REPORT
|
Report Date : |
13.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIAM FANCY STONE CO., LTD. |
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Registered Office : |
330/15 SOI Sanchaomae Platapian, Surawongse Road, Siphaya, Bangrak, Bangkok 10500 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.10.2004 |
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Com. Reg. No.: |
0105547145580 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
SUBJECT IS
ENGAGED IN IMPORTING
AND DISTRIBUTING VARIOUS
KINDS OF GEMSTONES
FOR JEWELRY INDUSTRY. |
|
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No. of Employees : |
04 |
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 |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
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,
|
Source
: CIA |
Company name
SIAM FANCY STONE
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 330/15 SOI
SANCHAOMAE PLATAPIAN,
SURAWONGSE ROAD,
SIPHAYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-4420
FAX : [66] 2631-4421
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547145580
TAX ID NO. : 3031584075
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT. 2,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.00%
INDIAN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MANISH
BURAD, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 4
LINES OF BUSINESS : GEMSTONES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on October 27, 2004
as a private
limited company under
the registered name SIAM FANCY STONE
CO., LTD., by Thai and Indian
groups, with the business
objective to import and distribute various
kinds of gemstones. It currently
employs 4 staff.
The subject’s registered
address is 330/15
Soi Sanchaomae Platapian,
Surawongse Road, Siphaya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Manish Burad |
|
Indian |
42 |
AUTHORIZED PERSON
The above
director signs on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Manish Burad is the
Managing Director.
He is
Indian nationality with
the age of
42 years old.
BUSINESS OPERATIONS
The subject
is engaged in importing and
distributing various kinds
of gemstones for
jewelry industry.
IMPORT
100% of
the products is
imported from India.
SALES
100% of
the products is
sold locally by
wholesale to traders,
manufacturers 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
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs 4 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’s business
performance in 2013 was
satisfactory with an
increase in both
sales revenue and
net profit comparing
to the previous
year. With effective market expansion of its customer
base, it
anticipates a good
business in 2014
too.
FINANCIAL INFORMATION
The capital was registered at Bht. 2,000,000 divided
into 20,000 shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Manish Burad Nationality: Indian Address :
330/15 Soi Sanchaomae
Platapian, Surawongse Road,
Siphaya, Bangrak, Bangkok |
6,000 |
30.00 |
|
Mrs.
Leela Burad Nationality: Indian Address :
330/15 Soi Sanchaomae
Platapian, Surawongse Road,
Siphaya, Bangrak, Bangkok |
3,800 |
19.00 |
|
Mr. Supee Muanthom Nationality: Thai Address :
73/2 Sukhumvit Road,
Bangchak, Prakanong, Bangkok
|
2,200 |
11.00 |
|
Ms.
Saowaluck Benjarat Nationality: Thai Address :
73/2 Sukhumvit Road,
Bangchak, Prakanong, Bangkok |
2,000 |
10.00 |
|
Mr.
Prasit Tangjaisuk Nationality: Thai Address :
75/9 Sukhumvit Road,
Bangchak, Prakanong, Bangkok |
2,000 |
10.00 |
|
Mr.
Damrong Boonklao Nationality: Thai Address :
236 Moo 1,
Asia Highway, Buangam, Dej-udom, Ubon
Ratchathani |
2,000 |
10.00 |
|
Mr.
Prasertchai Muangseesuk Nationality: Thai Address :
86/130 Moo 2,
Sukhumvit Road, Samrongnua, Muang,
Samutprakarn |
2,000 |
10.00 |
Total Shareholders
: 7
Share Structure
[as at
April 30, 2014]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
10,200 |
51.00 |
|
Foreign -
Indian |
2 |
9,800 |
49.00 |
|
Total |
7 |
20,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Tatiya Jariyasuthamkul No. 7139
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
768,884.89 |
291,014.19 |
563,992.39 |
|
Trade Accounts
& Other Receivable
|
824,367.12 |
1,739,587.87 |
1,787,973.47 |
|
Inventories |
2,131,898.01 |
994,618.21 |
986,363.57 |
|
Other Current
Assets |
28,043.76 |
32,523.08 |
0.03 |
|
|
|
|
|
|
Total Current
Assets |
3,753,193.78 |
3,057,743.35 |
3,338,329.46 |
|
|
|
|
|
|
Long-term Loan
to Director |
300,000.00 |
750,000.00 |
550,000.00 |
|
Equipment |
514,813.51 |
670,060.35 |
35,912.73 |
|
Total Assets |
4,568,007.29 |
4,477,803.70 |
3,924,242.19 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts
& Other Payable |
377,032.00 |
581,729.20 |
601,995.00 |
|
Current Portion
of Financial Lease Contract
Liabilities |
160,286.38 |
141,433.06 |
- |
|
Accrued Income
Tax |
12,110.80 |
6,839.09 |
12,634.38 |
|
Other Current
Liabilities |
2,808.24 |
24,389.69 |
12,139.60 |
|
|
|
|
|
|
Total
Current Liabilities |
552,237.42 |
754,391.04 |
626,768.98 |
|
Financial
Lease Contract Liabilities, Net |
166,808.79 |
327,095.17 |
- |
|
Employee Benefits
Obligation |
- |
37,745.02 |
- |
|
Total Liabilities
|
719,046.21 |
1,119,231.23 |
626,768.98 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
issued and fully
paid
share capital 20,000
shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained
Earning Unappropriated |
1,848,961.08 |
1,358,572.47 |
1,297,473.21 |
|
Total
Shareholders' Equity |
3,848,961.08 |
3,358,572.47 |
3,297,473.21 |
|
Total
Liabilities & Shareholders' Equity |
4,568,007.29 |
4,477,803.70 |
3,924,242.19 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
3,920,600.09 |
3,462,638.55 |
4,180,227.07 |
|
Service Income |
242,335.00 |
128,349.40 |
- |
|
Gain on
Exchange Rate |
7,131.19 |
16,365.83 |
44,354.88 |
|
Other Income |
40,465.57 |
18,991.81 |
6,980.82 |
|
Total Revenues |
4,210,531.85 |
3,626,345.59 |
4,231,562.77 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold & Service |
2,320,999.25 |
1,998,700.94 |
2,796,062.76 |
|
Selling Expenses |
126.17 |
171.03 |
3,094.39 |
|
Administrative Expenses |
1,352,826.03 |
1,516,687.04 |
1,092,154.49 |
|
Total
Expenses |
3,673,951.45 |
3,515,559.01 |
3,891,311.64 |
|
|
|
|
|
|
Profit before
Financial Cost &
Income Tax |
536,580.40 |
110,786.58 |
340,251.13 |
|
Financial Cost |
[14,810.94] |
[23,997.75] |
- |
|
Profit before
Income Tax |
521,769.46 |
86,788.83 |
340,251.13 |
|
Income Tax |
[31,380.85] |
[25,689.57] |
[28,579.38] |
|
|
|
|
|
|
Net Profit / [Loss] |
490,388.61 |
61,099.26 |
311,671.75 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
6.80 |
4.05 |
5.33 |
|
QUICK RATIO |
TIMES |
2.89 |
2.69 |
3.75 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
8.09 |
5.36 |
116.40 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.91 |
0.80 |
1.07 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
335.26 |
181.64 |
128.76 |
|
INVENTORY
TURNOVER |
TIMES |
1.09 |
2.01 |
2.83 |
|
RECEIVABLES CONVERSION
PERIOD |
DAYS |
72.28 |
176.82 |
156.12 |
|
RECEIVABLES
TURNOVER |
TIMES |
5.05 |
2.06 |
2.34 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
59.29 |
106.23 |
78.58 |
|
CASH CONVERSION
CYCLE |
DAYS |
348.25 |
252.22 |
206.29 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
55.75 |
55.66 |
66.89 |
|
SELLING &
ADMINISTRATION |
% |
32.50 |
42.24 |
26.20 |
|
INTEREST |
% |
0.36 |
0.67 |
- |
|
GROSS PROFIT
MARGIN |
% |
45.39 |
45.33 |
34.34 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
12.89 |
3.09 |
8.14 |
|
NET PROFIT
MARGIN |
% |
11.78 |
1.70 |
7.46 |
|
RETURN ON
EQUITY |
% |
12.74 |
1.82 |
9.45 |
|
RETURN ON ASSET |
% |
10.74 |
1.36 |
7.94 |
|
EARNING PER
SHARE |
BAHT |
24.52 |
3.05 |
15.58 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.16 |
0.25 |
0.16 |
|
DEBT TO EQUITY
RATIO |
TIMES |
0.19 |
0.33 |
0.19 |
|
TIME INTEREST
EARNED |
TIMES |
36.23 |
4.62 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
15.93 |
(14.10) |
|
|
OPERATING
PROFIT |
% |
384.34 |
(67.44) |
|
|
NET PROFIT |
% |
702.61 |
(80.40) |
|
|
FIXED ASSETS |
% |
(23.17) |
1,765.80 |
|
|
TOTAL ASSETS |
% |
2.01 |
14.11 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales
growth is 15.93%. Turnover has increased from THB 3,590,987.95 in 2012 to THB
4,162,935.09 in 2013. While net profit has increased from THB 61,099.26 in 2012
to THB 490,388.61 in 2013. And total assets has increased from THB 4,477,803.70
in 2012 to THB 4,568,007.29 in 2013.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit
Margin |
45.39 |
Impressive |
Industrial
Average |
3.01 |
|
Net Profit
Margin |
11.78 |
Impressive |
Industrial
Average |
0.58 |
|
Return on
Assets |
10.74 |
Impressive |
Industrial
Average |
3.55 |
|
Return on
Equity |
12.74 |
Satisfactory |
Industrial
Average |
14.14 |
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 45.39%. When compared with the industry
average, the ratio of the company was higher, 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 11.78%, 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 10.74%, 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. When compared with the industry average, it
was lower, the company's figure is 12.74%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
6.80 |
Impressive |
Industrial
Average |
1.60 |
|
Quick Ratio |
2.89 |
|
|
|
|
Cash Conversion
Cycle |
348.25 |
|
|
|
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 6.8 times in 2013,
increase from 4.05 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 2.89 times in 2013, increase from 2.69
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 349 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.16 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity
Ratio |
0.19 |
Impressive |
Industrial
Average |
2.73 |
|
Times Interest
Earned |
36.23 |
Impressive |
Industrial
Average |
- |
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
36.23 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 0.16 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 Downtrend
Times Interest
Earned Stable
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets
Turnover |
8.09 |
Impressive |
Industrial
Average |
- |
|
Total Assets
Turnover |
0.91 |
Deteriorated |
Industrial
Average |
6.16 |
|
Inventory
Conversion Period |
335.26 |
|
|
|
|
Inventory
Turnover |
1.09 |
Deteriorated |
Industrial
Average |
12.03 |
|
Receivables
Conversion Period |
72.28 |
|
|
|
|
Receivables
Turnover |
5.05 |
Acceptable |
Industrial
Average |
8.23 |
|
Payables
Conversion Period |
59.29 |
|
|
|
The company's Account
Receivable Ratio is calculated as 5.05 and 2.06 in 2013 and 2012 respectively.
This ratio measures the efficiency of the company in managing its trade debtors
to generate revenue. A lower ratio may indicate over extension and collection
problems. Conversely, a higher ratio may indicate an overtly stringent policy.
In this case, the company's A/R ratio in 2013 increased from 2012. This would
suggest the company had good performance in the management of its debt
collections.
Inventory Turnover
in Days Ratio indicates the liquidity of inventory. It estimates the number of
days that it will take to sell the current inventory. Inventory is particularly
sensitive to change in business activities. The inventory turnover in days has
increased from 182 days at the end of 2012 to 335 days at the end of 2013. This
represents a negative trend. And Inventory turnover has decreased from 2.01
times in year 2012 to 1.09 times in year 2013.
The company's Total
Asset Turnover is calculated as 0.91 times and 0.8 times in 2013 and 2012
respectively. This ratio is determined by dividing total assets into total
sales turnover. The ratio measures the activity of the assets and the ability
of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same
industry for last 5 years
Fixed Assets
Turnover Stable
Total Assets
Turnover Downtrend
Inventory Turnover Downtrend
Receivables
Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.