MIRA INFORM REPORT
|
Report No. : |
354591 |
|
Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
JEWELS BY PAYAL
CO., LTD. |
|
|
|
|
Registered Office : |
9A Floor, Gems Tower Building, 1249/107 Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
29.01.2004 |
|
|
|
|
Com. Reg. No.: |
0105547013292 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER AND DISTRIBUTOR OF DIAMONDS AND GEMSTONES. |
|
|
|
|
No. of Employees : |
1 |
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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. The economy experienced slow growth and declining exports in
2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, tourism decreased 6-7% but is beginning to recover. The
household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
Name
JEWELS BY PAYAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 9A
FLOOR, GEMS TOWER
BUILDING,
1249/107 CHAROENKRUNG
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2267-6119
FAX :
[66] 2267-6119
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547013292
TAX
ID NO. : 3031224971
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. ARPIT KUMAR
TAK, 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 January 29, 2004
as a private
limited company under
the registered name JEWELS BY
PAYAL CO., LTD., by
Thai and Indian groups, with
the business objective
to import and distribute various
kinds of diamonds and gemstones. It
currently employs 1 staff.
The subject’s registered address is 9A
Floor, Gems Tower Building, 1249/107 Charoenkrung Road, Suriyawongse, Bangrak,
Bangkok 10500, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Khilesk Tak |
|
Indian |
25 |
|
Mr. Arpit Kumar Tak |
|
Indian |
28 |
AUTHORIZED
PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Arpit Kumar Tak
is the Managing
Director.
He is Indian
nationality with the
age of 28 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
diamonds and gemstones.
PURCHASE
The products are
imported from India
and Republic of
China, as well
as purchased from
local suppliers.
SALES
100% of the
products is sold
locally to wholesalers,
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
according 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.
COMMENT
Unfavorable
market sentiment had
led to weak
demand of luxury
goods, and this
had caused to
slow sales of
jewelry in domestic
market.
FINANCIAL
INFORMATION
The
capital was registered at Bht.
2,000,000 divided into 20,000 shares of
Bht. 100 each with
fully paid.
On
April 24, 2007,
the registered capital
was increased to
Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Arpit Kumar Tak Nationality: Indian Address : 1249/107 Charoenkrung Road,
Suriyawongse, Bangrak, Bangkok
|
12,000 |
30.00 |
|
Mr. Khilesk Tak Nationality: Indian Address : 1249/107 Charoenkrung Road,
Suriyawongse, Bangrak,
Bangkok |
7,600 |
19.00 |
|
Mr. Prasert Khamsuk Nationality: Thai Address : 127/1
Chan Road, Wadprayakrai,
Bangkorlaem, Bangkok |
4,080 |
10.20 |
|
Mr. Nirand Suwanpiboon Nationality: Thai Address : 1411/80
Rimtangrodfai Road, Taladplu,
Thonburi, Bangkok |
4,080 |
10.20 |
|
Mr. Chakrapan Kannamart Nationality: Thai Address : 367
Therdthai Road, Bukkalo,
Thonburi,
Bangkok |
4,080 |
10.20 |
|
Ms. Kannika Klaikeaw Nationality: Thai Address : 26/57
Moo 1, Rama
2 Road, Samaedam,
Bangkhunthien, Bangkok |
4,080 |
10.20 |
|
Ms. Kanchana Chanklad Nationality: Thai Address : 2
Rama 2 Road,
Samaedam,
Bangkhunthien, Bangkok |
4,080 |
10.20 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
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 Srimanjantha No. 3549
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
434,379.30 |
200,087.43 |
56,230.76 |
|
Trade Accounts &
Other Receivable |
3,106,999.10 |
2,750,807.68 |
1,076,693.65 |
|
Inventories |
112,410.42 |
112,410.42 |
112,410.42 |
|
Other Current Assets
|
129,216.12 |
104,216.12 |
73,307.44 |
|
|
|
|
|
|
Total Current Assets
|
3,783,004.94 |
3,167,521.65 |
1,318,642.27 |
|
|
|
|
|
|
Long-term Loans to Related Person
|
1,000,000.00 |
1,200,000.00 |
2,700,000.00 |
|
Fixed Assets |
5,838.94 |
12,904.36 |
19,969.79 |
|
Total Assets |
4,788,843.88 |
4,300,426.01 |
4,038,612.06 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Accrued Income Tax |
15,307.28 |
- |
- |
|
Other Current Liabilities |
47,924.29 |
39,005.00 |
32,319.68 |
|
|
|
|
|
|
Total Current Liabilities |
63,231.57 |
39,005.00 |
32,319.68 |
|
Total Liabilities |
63,231.57 |
39,005.00 |
32,319.68 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued 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 |
725,612.31 |
341,421.01 |
6,292.38 |
|
Total Shareholders' Equity |
4,725,612.31 |
4,341,421.01 |
4,006,292.38 |
|
Total Liabilities & Shareholders' Equity |
4,788,843.88 |
4,380,426.01 |
4,038,612.06 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
8,728,367.23 |
4,390,032.39 |
1,427,592.59 |
|
Other Income |
36,852.06 |
287,978.05 |
67,500.00 |
|
Total Revenues |
8,765,219.29 |
4,678,010.44 |
1,495,092.59 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,425,442.65 |
3,496,713.31 |
1,082,766.40 |
|
Selling Expenses |
33,384.70 |
16,739.86 |
15,499.78 |
|
Administrative Expenses |
906,893.36 |
829,428.64 |
879,199.41 |
|
Total Expenses |
8,365,720.71 |
4,342,881.81 |
1,977,465.59 |
|
Profit / [Loss] before Income
Tax |
399,498.58 |
335,128.63 |
[482,373.00] |
|
Income Tax |
[15,307.20] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
384,191.30 |
335,128.63 |
[482,373.00] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
59.83 |
81.21 |
40.80 |
|
QUICK RATIO |
TIMES |
56.01 |
75.65 |
35.05 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,494.85 |
340.20 |
71.49 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.82 |
1.00 |
0.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
5.53 |
11.73 |
37.89 |
|
INVENTORY TURNOVER |
TIMES |
66.06 |
31.11 |
9.63 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
129.93 |
228.71 |
275.28 |
|
RECEIVABLES TURNOVER |
TIMES |
2.81 |
1.60 |
1.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
135.45 |
240.44 |
313.18 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.07 |
79.65 |
75.85 |
|
SELLING & ADMINISTRATION |
% |
10.77 |
19.27 |
62.67 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
15.35 |
26.91 |
28.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.58 |
7.63 |
(33.79) |
|
NET PROFIT MARGIN |
% |
4.40 |
7.63 |
(33.79) |
|
RETURN ON EQUITY |
% |
8.13 |
7.72 |
(12.04) |
|
RETURN ON ASSET |
% |
8.02 |
7.65 |
(11.94) |
|
EARNING PER SHARE |
BAHT |
9.60 |
8.38 |
(12.06) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.01 |
0.01 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
0.01 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
98.82 |
207.51 |
|
|
OPERATING PROFIT |
% |
19.21 |
(169.47) |
|
|
NET PROFIT |
% |
14.64 |
169.47 |
|
|
FIXED ASSETS |
% |
(54.75) |
(35.38) |
|
|
TOTAL ASSETS |
% |
9.32 |
8.46 |
|
ANNUAL
GROWTH : IMPRESSIVE
An annual sales growth is 98.82%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.35 |
Impressive |
Industrial
Average |
8.39 |
|
Net Profit Margin |
4.40 |
Impressive |
Industrial
Average |
0.15 |
|
Return on Assets |
8.02 |
Impressive |
Industrial Average |
0.90 |
|
Return on Equity |
8.13 |
Impressive |
Industrial
Average |
2.51 |
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 15.35%. 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 4.4%, 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 8.02%, 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. Return on Equity ratio is 8.13%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
59.83 |
Impressive |
Industrial
Average |
2.18 |
|
Quick Ratio |
56.01 |
|
|
|
|
Cash Conversion Cycle |
135.45 |
|
|
|
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 59.83 times in 2014, decreased from 81.21 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 56.01 times in 2014,
decreased from 75.65 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 136 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial
Average |
1.63 |
|
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 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 0.01 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 : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,494.85 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.82 |
Deteriorated |
Industrial
Average |
6.09 |
|
Inventory Conversion Period |
5.53 |
|
|
|
|
Inventory Turnover |
66.06 |
Impressive |
Industrial
Average |
9.22 |
|
Receivables Conversion Period |
129.93 |
|
|
|
|
Receivables Turnover |
2.81 |
Deteriorated |
Industrial
Average |
16.77 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 2.81 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 12 days at the
end of 2013 to 6 days at the end of 2014. This represents a positive trend. And
Inventory turnover has increased from 31.11 times in year 2013 to 66.06 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.82 times and 1
times in 2014 and 2013 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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
Thai Baht |
1 |
Rs.1.85 |
Note :
Above are approximate rates obtained from sources believed to be correct
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.