MIRA
INFORM REPORT
|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
S.S. DIAM CO., LTD. |
|
|
|
|
Registered Office : |
Room G, 16th Floor, Bangkok Gems & Jewellery Building, 322/33 Surawong Road, Siphya, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.05.2006 |
|
|
|
|
Com. Reg. No.: |
0105549063670 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER AND DISTRIBUTOR DIAMONDS AND
GEMSTONES |
|
|
|
|
No of Employees : |
2 |
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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
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|
|
|
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, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
S.S.
DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
G, 16th FLOOR, BANGKOK GEMS & JEWELLERY
BUILDING, 322/33
SURAWONG ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 086
306-993
FAX : [66] 2235-3868
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549063670
TAX
ID NO. : 3032217101
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. SHAILESH KUMAR
CHAMPAKLAL MODI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 2
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 May 24,
2006 as a
private limited company
under the name
style S.S. DIAM CO.,
LTD., by Thai and
Indian, with the
business objective to
import and distribute
diamonds and gemstones
for jewelry business.
It currently employs
2 staff.
The
subject’s registered address
was initially at
Unit E2, 11th Floor, Bangkok
Gems & Jewellery
Building, 322/16 Surawong
Rd., Siphya, Bangrak,
Bangkok 10500.
On
January 15, 2010,
its registered address
was relocated to
Room G, 16th Floor,
Bangkok Gems &
Jewellery Building, 322/33
Surawong Rd., Siphya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shailesh Kumar Champaklal
Modi |
|
Indian |
54 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Shailesh Kumar
Champaklal Modi is
the Managing Director.
He is Indian
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
diamonds and gemstones
for jewelry business.
IMPORT
100%
of the products
is imported from
India and Hong Kong.
SALES
The products are
sold locally by
wholesale to traders
and manufacturers.
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
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Surawong Branch
: 462-468 Surawong
Road, Siphaya, Bangrak,
Bangkok]
EMPLOYMENT
The
subject employs 2
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 considered
a small business,
importing and distributing diamonds and gemstones. The
products have been
sold to local
jewelry business. Subject
reported low sales
revenue in the
past year, white
current market remains
slow.
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.
Shailesh Kumar Champaklal
Modi Nationality: Indian Address : 322/33 Surawong
Rd., Siphya, Bangrak,
Bangkok |
19,000 |
47.50 |
|
Mr. Chairith Vasinsombat Nationality: Thai Address : 42/46 Moo
17, Salathammasop,
Taweewattana, Bangkok |
4,080 |
10.20 |
|
Ms. Rudee Chaloke Nationality: Thai Address : 99/6 Moo
3, Krasaeng, Samkok,
Pathumthani |
4,080 |
10.20 |
|
Ms. Mananchaya Pathisut Nationality: Thai Address : 86/115 Moo
9, Dokmai, Prawet,
Bangkok |
4,080 |
10.20 |
|
Ms. Savitree Mahamad Nationality: Thai Address : 43/1 Moo
4, Klongnueng, Klongluang,
Pathumthani |
4,080 |
10.20 |
|
Ms. Pia Nirongbutra Nationality: Thai Address : 1/5 Moo 10,
Dantako, Jombueng, Ratchburi |
4,080 |
10.20 |
|
Mr. Mohak Deepak Shah Nationality: Indian Address : 322/33 Surawong
Rd., Siphya, Bangrak,
Bangkok |
600 |
1.50 |
Total Shareholders : 7
Shareholders
Structure [as at
April 30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
20,400 |
51.00 |
|
Foreign - Indian |
2 |
19,600 |
49.00 |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suchart Srimanchantha No.
3549
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 |
137,876.02 |
298,283.46 |
30,777.35 |
|
Trade Accounts & Other Receivable |
31,961,613.59 |
28,887,640.96 |
18,056,980.89 |
|
Inventories |
22,673,284.90 |
26,389,194.75 |
31,254,618.17 |
|
Short-term Loan to Other
Company |
- |
- |
1,700,000.00 |
|
Other Current Assets
|
70,703.14 |
70,703.14 |
67,667.98 |
|
|
|
|
|
|
Total Current Assets
|
54,843,477.65 |
55,645,822.31 |
51,110,044.39 |
|
|
|
|
|
|
Fixed Assets |
1.00 |
1,420.04 |
20,081.16 |
|
Other Non current
Assets |
9,000.00 |
9,000.00 |
7,000.00 |
|
Total Assets |
54,852,478.65 |
55,656,242.35 |
51,137,125.55 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
21,346,569.85 |
32,397,076.26 |
33,950,811.47 |
|
Accrued Income Tax |
8,942.66 |
41,643.57 |
- |
|
Other Current Liabilities |
11,220.00 |
73,550.00 |
166,798.44 |
|
|
|
|
|
|
Total Current Liabilities |
21,366,732.51 |
32,512,269.83 |
34,117,609.91 |
|
|
|
|
|
|
Long-term Loan from Related Person
|
27,171,638.13 |
17,271,638.13 |
11,731,638.13 |
|
Total Liabilities |
48,538,370.64 |
49,783,907.96 |
45,849,248.04 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
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 |
2,314,108.01 |
1,872,334.39 |
1,287,877.51 |
|
Total Shareholders' Equity |
6,314,108.01 |
5,872,334.39 |
5,287,877.51 |
|
Total Liabilities &
Shareholders' Equity |
54,852,478.65 |
55,656,242.35 |
51,137,125.55 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
21,416,094.55 |
28,736,664.12 |
25,006,457.66 |
|
Other Income |
144,369.92 |
- |
1,030,510.59 |
|
Total Revenues |
21,560,464.47 |
28,736,664.12 |
26,036,968.25 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
20,040,057.45 |
25,639,907.02 |
23,990,303.45 |
|
Selling Expenses |
53,528.00 |
44,739.40 |
111,775.05 |
|
Administrative Expenses |
972,887.74 |
2,389,017.25 |
1,078,679.47 |
|
Total Expenses |
21,066,473.19 |
28,073,663.67 |
25,180,757.97 |
|
|
|
|
|
|
Profit before Income Tax |
493,991.28 |
663,000.45 |
856,210.28 |
|
Income Tax |
[52,217.66] |
[78,543.57] |
[106,039.54] |
|
Net Profit / [Loss] |
441,773.62 |
584,456.88 |
750,170.74 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.57 |
1.71 |
1.50 |
|
QUICK RATIO |
TIMES |
1.50 |
0.90 |
0.58 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
21,416,094.55 |
20,236.52 |
1,245.27 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.39 |
0.52 |
0.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
412.96 |
375.67 |
475.52 |
|
INVENTORY TURNOVER |
TIMES |
0.88 |
0.97 |
0.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
544.73 |
366.92 |
263.56 |
|
RECEIVABLES TURNOVER |
TIMES |
0.67 |
0.99 |
1.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
388.80 |
461.19 |
516.54 |
|
CASH CONVERSION CYCLE |
DAYS |
568.89 |
281.39 |
222.54 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.57 |
89.22 |
95.94 |
|
SELLING & ADMINISTRATION |
% |
4.79 |
8.47 |
4.76 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
7.10 |
10.78 |
8.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.31 |
2.31 |
3.42 |
|
NET PROFIT MARGIN |
% |
2.06 |
2.03 |
3.00 |
|
RETURN ON EQUITY |
% |
7.00 |
9.95 |
14.19 |
|
RETURN ON ASSET |
% |
0.81 |
1.05 |
1.47 |
|
EARNING PER SHARE |
BAHT |
11.04 |
14.61 |
18.75 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.89 |
0.90 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.69 |
8.48 |
8.67 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(25.47) |
14.92 |
|
|
OPERATING PROFIT |
% |
(25.49) |
(22.57) |
|
|
NET PROFIT |
% |
(24.41) |
(22.09) |
|
|
FIXED ASSETS |
% |
(99.93) |
(92.93) |
|
|
TOTAL ASSETS |
% |
(1.44) |
8.84 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -25.47%. Turnover has decreased from THB
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
7.10 |
Impressive |
Industrial Average |
0.61 |
|
Net Profit Margin |
2.06 |
Impressive |
Industrial Average |
0.03 |
|
Return on Assets |
0.81 |
Satisfactory |
Industrial Average |
0.89 |
|
Return on Equity |
7.00 |
Impressive |
Industrial Average |
4.08 |
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 7.1%. 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. The company’s figure is
2.06%, 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. When compared with the industry average, it
was lower, the company's figure is
0.81%.
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%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.57 |
Impressive |
Industrial Average |
1.32 |
|
Quick Ratio |
1.50 |
|
|
|
|
Cash Conversion Cycle |
568.89 |
|
|
|
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 2.57 times in 2012, increases from 1.71 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 1.5 times in 2012,
increased from 0.9 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 569 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial Average |
0.77 |
|
Debt to Equity Ratio |
7.69 |
Risky |
Industrial Average |
3.43 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.88 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 Stable
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
21,416,094.55 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.39 |
Deteriorated |
Industrial Average |
34.63 |
|
Inventory Conversion Period |
412.96 |
|
|
|
|
Inventory Turnover |
0.88 |
Deteriorated |
Industrial Average |
89.31 |
|
Receivables Conversion Period |
544.73 |
|
|
|
|
Receivables Turnover |
0.67 |
Deteriorated |
Industrial Average |
44.32 |
|
Payables Conversion Period |
388.80 |
|
|
|
The company's Account Receivable Ratio is calculated as 0.67 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 increased from 376 days at the
end of 2011 to 413 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 0.97 times in year 2011 to 0.88 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.39 times and 0.52
times in 2012 and 2011 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
2.22 |
25.00 |
55.50 |
|
ACTIVITY RATIO |
1.00 |
20.00 |
20.00 |
|
PROFITABILITY
RATIO |
3.67 |
25.00 |
91.75 |
|
LEVERAGE RATIO |
0.67 |
10.00 |
6.70 |
|
ANNUAL GROWTH |
- |
20.00 |
- |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
173.95 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.58 |
|
|
1 |
Rs. 98.66 |
|
Euro |
1 |
Rs. 79.81 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.