MIRA INFORM REPORT

 

 

Report Date :

16.06.2014

 

IDENTIFICATION DETAILS

 

Name :

ULTIMATE JEWELS CO., LTD.

 

 

Registered Office :

3rd  Floor,  79  Pan  Road,  Silom, Bangrak,  Bangkok  10500

 

 

Country :

Thailand

 

 

Date of Incorporation :

02.01.2014

 

 

Com. Reg. No.:

0105557000185

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Importer  and  Distributor of gemstones  and  jewelry  products

 

 

No of Employees :

1

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Business

 

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Thailand

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

THAILAND - ECONOMIC OVERVIEW

 

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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated

 

Source : CIA

 

 

COMPANY NAME

 

ULTIMATE  JEWELS  CO.,  LTD.

 

 

SUMMARY

 

BUSINESS  ADDRESS                          :           3rd  FLOOR,  79  PAN  ROAD,  SILOM,

                                                                        BANGRAK,  BANGKOK  10500,  THAILAND

TELEPHONE                                        :           [66]  2635-0449

FAX                                                      :           [66]  2635-0449

E-MAIL  ADDRESS                               :           -

REGISTRATION  ADDRESS                  :           SAME  AS  BUSINESS  ADDRESS

 

ESTABLISHED                        :           2014

REGISTRATION  NO.                           :           0105557000185

TAX  ID  NO.                                         :           3036250647

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             :           -            

LEGAL  STATUS                                  :           PRIVATE  LIMITED  COMPANY

EXECUTIVE                                         :           MR.  SAMIR  PRAGJIBHAI  PATEL,  INDIAN

                                                                        MANAGING  DIRECTOR           

 

NO.  OF  STAFF                                   :           1

LINES  OF  BUSINESS                         :           GEMSTONES  AND  JEWELRY  PRODUCTS

                                                                        IMPORTER  AND  DISTRIBUTOR

                                                                       

 

CORPORATE  PROFILE

 

OPERATING  TREND                            :           EARLY  STAGE                       

PRESENT  SITUATION             :           OPERATING  NORMALLY                     

REPUTATION                                       :           -

MANAGEMENT  STANDARD                 :           -                      

 

 

HISTORY

 

The  subject  was  established  on  January  2,  2014  as  a  private  limited  company  under  the  registered  name  ULTIMATE  JEWELS  CO.,  LTD., by  Thai  and  Indian  groups,     with  the  business  objective  to  import  and  distribute  various  kinds  of  gemstones  and  jewelry  products.  It  currently  employs  1  staff.  

 

The  subject’s  registered  address  is 3rd  Floor,  79  Pan  Road,  Silom,  Bangrak,  Bangkok  10500  and  this  is  the  subject’s  current  operation  address.  

 

 

THE  BOARD  OF  DIRECTOR

 

     Name

 

Nationality

Age

 

 

 

 

Mr. Samir  Pragjibhai  Patel

 

Indian

35

 

 

AUTHORIZED  PERSON

 

The  above  director    signs  on  behalf  of  the  subject  with  company’s  affixed.

 

 

MANAGEMENT

 

Mr. Samir  Pragjibhai  Patel   is  the  Managing  Director.

He  is  Indian  nationality  with  the  age  of  35 years  old.  

 

 

BUSINESS  OPERATIONS

 

The  subject  is  engaged  in  importing  and  distributing  various  kinds  of  gemstones  and  jewelry  products.

 

 

IMPORT

 

100%  of  the  products  is  imported  from  India.

 

 

SALES 

 

100%  of  the  products  is  sold  locally  by  wholesale  to  manufacturers  and  traders.

 

 

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.

Imports  are  by  T/T.

 

 

BANKING

 

The  banker’s  name  was  not  disclosed.

 

 

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.

 

 

FINANCIAL  INFORMATION

 

The  capital  was  registered at Bht.  2,000,000  divided  into 20,000  shares  of  Bht. 100  each  with  fully  paid.

 

On  February  4,  2014,  the  registered  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  February  4,  2014]

 

       NAME

HOLDING

%

 

 

 

Mr. Samir  Pragjibhai  Patel

Nationality:  Indian

Address     :  3rd  Floor,  79  Pan  Road,  Silom,  Bangrak,

                     Bangkok 

24,500

49.00

Mr. Withaya  Phabutr

Nationality:  Thai

Address     :  3rd  Floor,  79  Pan  Road,  Silom,  Bangrak,

                     Bangkok 

  8,500

17.00

Mr. Thanomsak  Tangwichaiworadit

Nationality:  Thai

Address     :  3rd  Floor,  79  Pan  Road,  Silom,  Bangrak,

                     Bangkok 

  8,500

17.00

Mrs. Saowanee  Rapeechotenithi

Nationality:  Thai

Address     :  3rd  Floor,  79  Pan  Road,  Silom,  Bangrak,

                     Bangkok   

  8,500

17.00

 

Total  Shareholders  :   4

 

 

Share  Structure  [as  at  February  4,  2014]

 

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

 

Note:

 

Due  to  the  subject   was  established  in  January 2014,  the  financial  information  is  not  yet  available.  The  subject  is still in  early  stage  of  operation,  therefore  any business engagement  is  recommended  to  be  on  secured  basis only. 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 59.47

UK Pound

1

Rs. 100.93

Euro

1

Rs. 80.71

 

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.