MIRA INFORM REPORT
|
Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
DIAMILLENIUM CO., LTD. |
|
|
|
|
Registered Office : |
9th
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
25.01.2000 |
|
|
|
|
Com. Reg. No.: |
0105543008375 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor
and Exporter of Diamonds and Jewelry Products. |
|
|
|
|
No. of Employees : |
3 |
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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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
DIAMILLENIUM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 9th FLOOR,
GEMS TOWER,
1249/78-B,
SURIYAWONGSE, BANGRAK,
TELEPHONE : [66] 2631-7369,
2267-3855, 081 684-1766
FAX :
[66] 2267-3855
E-MAIL ADDRESS : diamillenium@hotmail.com
pinkeshvaraiya@yahoo.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543008375 [Former
: 141/2543]
TAX ID NO. : 3030042637
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. PINKESH
KUMAR ASHOK VARAIYA,
INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 3
LINES OF BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on January
25, 2000 as
a private limited
company under the
name style DIAMILLENIUM CO., LTD., by
Thai and Indian businessmen
to import and
distribute diamonds and
jewelry products to both
local and international customers. It currently
employs 3 staff.
The subject’s registered address was
initially at 322/29 E-1,
Surawongwatanakarn Building, Surawong Rd.,
Siphya, Bangrak, Bangkok
10500.
On April 2,
2004, it was
relocated to 9th Flr., Gems
Tower, 1249/78-B, Charoenkrung
Road, Suriyawongse, Bangrak,
Bangkok 10500, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pinkesh Kumar
Ashok Varaiya |
|
Indian |
36 |
AUTHORIZED PERSON
The above
director signs on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pinkesh
Kumar Ashok Varaiya is the
Managing Director.
He is
Indian nationality with
the age of
36 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and
re-exporting various kinds
of diamonds, gemstones and
jewelry products, as
well as exporting
of local products.
PURCHASE
Most of the
products are imported
from India, Republic
of China and
Hong Kong, the
remaining is purchased
from local suppliers.
SALES
Its products
are sold locally by
wholesale to traders.
EXPORT
The Thai jewelry products
are exported and
re-exported to Hong
Kong, Japan and
Singapore.
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 the
past two years.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to have
any subsidiary or affiliated
company here in
Thailand.
CREDIT
Sales are
by cash or
on the credits
term of 30-60
days.
Local bills
are paid on
the credits term
of 30-60 days.
Imports are
by T/T.
Exports are
against T/T.
BUSINESS TRANSACTION
The products
are sold by
cash and credit,
with the maximum credit given at
30-60 days. The subject is
not found to have problem on its account
receivable.
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’s sales
revenue in 2013
was strong. Subject
has expanded its
market subsequently, with more
orders from both local
and overseas customers.
Subject also maintains
its good business
this year.
FINANCIAL INFORMATION
The capital
was registered at Bht. 4,000,000 divided
into 40,000 shares of
Bht. 100 each.
On December 1,
2009, the capital
was increased 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, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pinkesh
Kumar Ashok Varaiya Nationality: Indian
Address :
322/29 E-1 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500 |
18,900 |
37.80 |
|
Ms. Saengdao
Phankrua Nationality: Thai
Address :
157/1 Moo 1, Namrad, Nongmuangkhai, Prae |
7,500 |
15.00 |
|
Ms. Saengduen
Uacharoen Nationality: Thai
Address :
187 Moo 6, Saroy, Wangchin,
Prae |
6,000 |
12.00 |
|
Mr. Manas
Oreepap Nationality: Thai
Address :
84 Krungkasem Rd.,
Klongmahanak, Pomprab, Bangkok
10100 |
6,000 |
12.00 |
|
Mrs. Suree
Boonmalert Nationality: Thai
Address :
429 Krungkasem Rd.,
Klongmahanak, Pomprab, Bangkok
10100 |
6,000 |
12.00 |
|
Ms. Shah Sonal
Ben Nationality: Indian Address :
322/29 E-1 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500 |
3,000 |
6.00 |
|
Mr. Himanshu
K. Meta Nationality: Indian Address :
322/29 E-1 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500 |
2,600 |
5.20 |
Total Shareholders
: 7
Share Structure
[as at
April 30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
25,500 |
51.00 |
|
Foreign - Indian |
3 |
24,500 |
49.00 |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Vasana
Tanmongkol No. 1888
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 |
157,916.22 |
100,874.92 |
233,185.32 |
|
Trade Accounts
Receivable |
35,611,416.11 |
27,146,208.22 |
21,526,295.41 |
|
Inventories |
24,865,488.02 |
20,815,347.90 |
17,232,578.29 |
|
Short-term Loan
to Person Related |
1,160,000.00 |
950,000.00 |
- |
|
Other Current
Assets |
24,159.44 |
978.08 |
8,445.13 |
|
|
|
|
|
|
Total Current
Assets |
61,818,979.79 |
49,013,409.12 |
39,000,504.15 |
|
|
|
|
|
|
Fixed Assets |
4,120.95 |
5,615.58 |
5,049.24 |
|
Other
Non-current Assets |
299,401.87 |
133,551.87 |
133,551.87 |
|
Total Assets |
62,122,502.61 |
49,152,576.57 |
39,139,105.26 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts
Payable |
61,315,979.61 |
45,821,582.39 |
33,969,611.48 |
|
Short-term Loan
from Person Related |
- |
- |
3,440,000.00 |
|
Accrued Income
Tax |
- |
261,892.06 |
280,738.88 |
|
Other Current
Liabilities |
29,055.42 |
196,988.45 |
85,395.34 |
|
|
|
|
|
|
Total Current Liabilities
|
61,345,035.03 |
46,280,462.90 |
37,775,745.70 |
|
Total Liabilities
|
61,345,035.03 |
46,280,462.90 |
37,775,745.70 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
issued and fully
paid
share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained
Earning Unappropriated [Deficit] |
[4,222,532.42] |
[2,127,886.33] |
[3,636,640.44] |
|
Total Shareholders' Equity |
777,467.58 |
2,872,113.67 |
1,363,359.56 |
|
Total Liabilities & Shareholders' Equity |
62,122,502.61 |
49,152,576.57 |
39,139,105.26 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
119,730,238.51 |
91,727,218.31 |
81,094,009.32 |
|
Other Income |
15,720.33 |
1,151,073.97 |
90.55 |
|
Total Revenues |
119,745,958.84 |
92,878,292.28 |
81,094,099.87 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
117,098,958.86 |
89,314,800.21 |
78,477,618.55 |
|
Selling Expenses |
44,578.87 |
28,690.00 |
48,647.70 |
|
Administrative Expenses |
1,930,693.61 |
1,423,852.55 |
1,517,279.76 |
|
Other Expenses |
2,684,065.88 |
- |
1,174,974.03 |
|
Total Expenses
|
121,758,297.22 |
90,767,342.76 |
81,218,520.04 |
|
|
|
|
|
|
Profit /
[Loss] before Financial Cost &
Income Tax |
[2,012,338.38] |
2,110,949.52 |
[124,420.17] |
|
Financial Costs |
[82,307.71] |
[142,503.35] |
[113,678.64] |
|
Profit /
[Loss] before Income Tax |
[2,094,646.09] |
1,968,446.17 |
[238,098.81] |
|
Income Tax |
- |
[459,692.06] |
[387,238.88] |
|
|
|
|
|
|
Net Profit / [Loss] |
[2,094,646.09] |
1,508,754.11 |
[625,337.69] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.01 |
1.06 |
1.03 |
|
QUICK RATIO |
TIMES |
0.58 |
0.59 |
0.58 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
29,054.04 |
16,334.42 |
16,060.64 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
1.93 |
1.87 |
2.07 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
77.51 |
85.07 |
80.15 |
|
INVENTORY
TURNOVER |
TIMES |
4.71 |
4.29 |
4.55 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
108.56 |
108.02 |
96.89 |
|
RECEIVABLES
TURNOVER |
TIMES |
3.36 |
3.38 |
3.77 |
|
PAYABLES CONVERSION
PERIOD |
DAYS |
191.12 |
187.26 |
157.99 |
|
CASH CONVERSION
CYCLE |
DAYS |
(5.05) |
5.83 |
19.04 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
97.80 |
97.37 |
96.77 |
|
SELLING &
ADMINISTRATION |
% |
1.65 |
1.58 |
1.93 |
|
INTEREST |
% |
0.07 |
0.16 |
0.14 |
|
GROSS PROFIT
MARGIN |
% |
2.21 |
3.88 |
3.23 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
(1.68) |
2.30 |
(0.15) |
|
NET PROFIT MARGIN |
% |
(1.75) |
1.64 |
(0.77) |
|
RETURN ON EQUITY |
% |
(269.42) |
52.53 |
(45.87) |
|
RETURN ON ASSET |
% |
(3.37) |
3.07 |
(1.60) |
|
EARNING PER SHARE |
BAHT |
(41.89) |
30.18 |
(12.51) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.99 |
0.94 |
0.97 |
|
DEBT TO EQUITY
RATIO |
TIMES |
78.90 |
16.11 |
27.71 |
|
TIME INTEREST
EARNED |
TIMES |
(24.45) |
14.81 |
(1.09) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
30.53 |
13.11 |
|
|
OPERATING PROFIT |
% |
(195.33) |
(1,796.63) |
|
|
NET PROFIT |
% |
(238.83) |
341.27 |
|
|
FIXED ASSETS |
% |
(26.62) |
11.22 |
|
|
TOTAL ASSETS |
% |
26.39 |
25.58 |
|
ANNUAL GROWTH: ACCEPTABLE
An annual sales
growth is 30.53%. Turnover has increased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
2.21 |
Acceptable |
Industrial
Average |
3.01 |
|
Net Profit Margin |
(1.75) |
Deteriorated |
Industrial
Average |
0.58 |
|
Return on Assets |
(3.37) |
Deteriorated |
Industrial
Average |
3.55 |
|
Return on Equity |
(269.42) |
Deteriorated |
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.
The company's figure is 2.21%. When compared with the industry average, the
ratio of the company was lower. This indicated that company may have 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 -1.75%. When compared with the
industry average, the ratio of the company was lower.
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 -3.37%.
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 -269.42%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.01 |
Acceptable |
Industrial
Average |
1.60 |
|
Quick Ratio |
0.58 |
|
|
|
|
Cash Conversion
Cycle |
(5.05) |
|
|
|
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 1.01 times in 2013,
increased from 1.06 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 0.58 times in 2013, decreased from 0.59 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 -6 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.99 |
Acceptable |
Industrial
Average |
0.73 |
|
Debt to Equity
Ratio |
78.90 |
Risky |
Industrial
Average |
2.73 |
|
Times Interest
Earned |
(24.45) |
Risky |
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 higher
the percentage means that the company is using less equity and has stronger
leverage position.
Times Interest
Earned measuring a company's ability to meet its debt obligations. Ratio is
-24.45 lower than 1, so the company is not generating enough cash from EBIT to
meet its interest obligations.
Debt Ratio shows
the proportion of a company's assets which are financed through debt. The
company's figure is 0.99 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 Downtrend
Times Interest
Earned Stable
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets
Turnover |
29,054.04 |
Impressive |
Industrial
Average |
- |
|
Total Assets
Turnover |
1.93 |
Deteriorated |
Industrial
Average |
6.16 |
|
Inventory
Conversion Period |
77.51 |
|
|
|
|
Inventory
Turnover |
4.71 |
Deteriorated |
Industrial
Average |
12.03 |
|
Receivables
Conversion Period |
108.56 |
|
|
|
|
Receivables
Turnover |
3.36 |
Deteriorated |
Industrial
Average |
8.23 |
|
Payables
Conversion Period |
191.12 |
|
|
|
The company's
Account Receivable Ratio is calculated as 3.36 and
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
decreased from 85 days at the end of 2012 to 78 days at the end of 2013. This
represents a positive trend. And Inventory turnover has increased from 4.29
times in year 2012 to 4.71 times in year 2013.
The company's Total
Asset Turnover is calculated as 1.93 times and 1.87 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.63.18 |
|
|
1 |
Rs.98.85 |
|
Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.