MIRA INFORM REPORT
|
Report No. : |
351225 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
DEEP IMPEX CO.,
LTD. |
|
|
|
|
Registered Office : |
Suite No. 110, 10th Floor,
Executive House, 410/110,
Surawongse Road, Siphya, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
2014 |
|
|
|
|
Year of Establishment : |
1999 |
|
|
|
|
Com. Reg. No.: |
0105542012891 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in importing,
distributing and exporting
various kinds of fine
cut diamonds, specialized
in rose cut, old cut [European cut], fancy shapes, fancy color diamonds, briolette
and brilliant diamonds,
as well as
gemstones. |
|
|
|
|
No. of Employee : |
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 : |
Small Company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 |
Company
name
DEEP
IMPEX CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE
NO. 110, 10th
FLOOR, EXECUTIVE HOUSE,
410/110 SURAWONGSE
ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-4663,
2267-4294, 081 441-1731,
081
447-4646
FAX :
[66] 2631-6639
E-MAIL
ADDRESS : deepimpex@hotmail.com
deepimpex@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542012891 [Former : 199/2542]
TAX
ID NO. : 3011991862
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP : BHT.
8,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SANDEIP JAIN, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : FINE
CUT DIAMONDS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 February 19,
1999 as a
private limited company
under the registered
name DEEP IMPEX
CO., LTD., by Thai
and Indian groups. It is engaged
in diamond trading
business. It currently
employs 2 staff.
The
subject’s registered address is
Suite No. 110, 10th Floor, Executive
House, 410/110 Surawongse Rd., Siphya, Bangrak, Bangkok 10500, and this
is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sandeip Jain |
|
Indian |
47 |
|
Mr. Ajmera Aashish |
|
Indian |
32 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sandeip Jain is
the Managing Director.
He is Indian
nationality with the
age of 47 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of fine
cut diamonds, specialized
in rose cut, old cut [European cut], fancy shapes, fancy color diamonds, briolette
and brilliant diamonds,
as well as
gemstones.
IMPORT
Most
of the products
are imported from
India and South
Africa.
SALES [LOCAL]
The imported products
are sold locally
by wholesale to
traders, manufacturers and
end-users.
EXPORT
The products are
also exported to
Hong Kong, United
States of America,
Japan, Taiwan, Korea,
Republic of China,
and the countries
in Europe.
MAJOR CUSTOMER
Deep Impex [HK]
Co., Ltd. : Hong Kong
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
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 was formed
in 1999 as
an importer, distributor
and exporter of
fine cut diamonds
and gemstones.
As a result
of the slow
recovery of domestic
economy and the
weakness of consumption
for the entire
year 2015, subject’s
business is expected
to grow slowly.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as followings:
Bht. 4,000,000
on December 19,
2001
Bht. 20,000,000
on August 19,
2003
On
April 7, 2006, the
capital was decreased
to Bht. 8,000,000 divided
into 80,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as
at February 11,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sandeip Jain Nationality: Indian Address : 410/110
Surawongse Rd., Suriyawongse,
Bangrak, Bangkok |
19,600 |
24.50 |
|
Mrs. Araya Mohammad Nationality: Thai Address : 128
Trok Rongpasee,
Charoenkrung 36 Rd.,
Bangrak, Bangkok |
10,200 |
12.75 |
|
Mrs. Kusuma Dawud Nationality: Thai Address : 128/2 Trok Rongpasee, Charoenkrung 36
Rd.,
Bangrak, Bangkok |
10,200 |
12.75 |
|
Mrs. Molrudee Wongsiri Nationality: Thai Address : 128
Trok Rongpasee,
Charoenkrung 36 Rd.,
Bangrak, Bangkok |
10,200 |
12.75 |
|
Mr. Kritsarayuth Wongsiri Nationality: Thai Address : 128
Trok Rongpasee,
Charoenkrung 36 Rd.,
Bangrak, Bangkok |
10,200 |
12.75 |
|
|
|
|
|
Mr. Ajmera Aashish Nationality: Indian Address : 410/110
Surawongse Rd., Suriyawongse,
Bangrak, Bangkok |
9,800 |
12.25 |
|
Mrs. Deepali Jain
Nationality: Indian Address : 410/110
Surawongse Rd., Suriyawongse,
Bangrak, Bangkok |
9,800 |
12.25 |
Total Shareholders : 7
Share Structure [as
at February 11,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
40,800 |
51.00 |
|
Foreign - Indian |
3 |
39,200 |
49.00 |
|
Total |
7 |
80,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Sukanya Tangwongcharoenlarp No.
6516
Financials
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
913,804.28 |
786,029.10 |
1,200,885.13 |
|
Trade Account & Other Receivable |
5,585,795.00 |
16,160,757.29 |
9,645,801.06 |
|
Inventories |
21,762,125.91 |
19,915,378.70 |
26,693,404.38 |
|
Other Current Assets |
23,306.17 |
1,656.83 |
3,995.19 |
|
Total Current Assets
|
28,285,031.36 |
36,863,821.92 |
37,544,085.76 |
|
Fixed Assets |
2,196,493.39 |
2,349,410.26 |
2,526,229.61 |
|
Total Assets |
30,481,524.75 |
39,213,232.18 |
40,070,315.37 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Account Payable |
3,200,565.62 |
10,612,493.98 |
31,064,848.33 |
|
Related Company Payable |
17,284,522.34 |
19,174,766.72 |
|
|
Accrued Income Tax |
88,181.19 |
104,519.77 |
146,141.85 |
|
Total Current Liabilities |
20,573,269.15 |
29,891,780.47 |
31,210,990.18 |
|
Total Liabilities |
20,573,269.15 |
29,891,780.47 |
31,210,990.18 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit |
1,908,255.60 |
1,321,451.71 |
859,325.19 |
|
Total Shareholders' Equity |
9,908,255.60 |
9,321,451.71 |
8,859,325.19 |
|
Total Liabilities &
Shareholders' Equity |
30,481,524.75 |
39,213,232.18 |
40,040,315.37 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
25,284,884.24 |
30,237,573.34 |
29,921,986.46 |
|
Other Income |
1,217,295.69 |
2,607,184.39 |
1,758,773.79 |
|
Total Revenues |
26,502,179.93 |
32,844,757.73 |
31,680,760.25 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished Goods and Work in Progress |
[1,846,747.21] |
6,778,025.68 |
- |
|
Purchase of Goods |
24,086,280.54 |
20,071,588.51 |
- |
|
Employees Expenses |
1,997,200.00 |
1,978,560.00 |
- |
|
Depreciation |
152,916.87 |
176,819.35 |
- |
|
Other Employee |
1,378,958.04 |
3,195,001.82 |
- |
|
Cost of Goods
Sold |
- |
- |
27,458,325.26 |
|
Selling and Administrative Expenses |
- |
- |
3,409,928.95 |
|
Total Expenses |
25,768,608.24 |
32,199,995.36 |
30,868,254.21 |
|
Profit / [Loss] before Financial Cost & Income Tax |
733,571.69 |
644,762.37 |
812,506.04 |
|
Financial Cost |
- |
[30,858.63] |
- |
|
Income Tax |
[146,767.80] |
[151,777.22] |
[208,859.50] |
|
Net Profit / [Loss] |
586,803.89 |
462,126.52 |
603,646.54 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
1.23 |
1.20 |
|
QUICK RATIO |
TIMES |
0.32 |
0.57 |
0.35 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.51 |
12.87 |
11.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.83 |
0.77 |
0.75 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
357.16 |
270.73 |
354.83 |
|
INVENTORY TURNOVER |
TIMES |
1.02 |
1.35 |
1.03 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
80.63 |
195.08 |
117.66 |
|
RECEIVABLES TURNOVER |
TIMES |
4.53 |
1.87 |
3.10 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
52.53 |
144.27 |
412.94 |
|
CASH CONVERSION CYCLE |
DAYS |
385.27 |
321.54 |
59.55 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.96 |
88.80 |
91.77 |
|
SELLING & ADMINISTRATION |
% |
13.96 |
17.69 |
11.40 |
|
INTEREST |
% |
- |
0.10 |
- |
|
GROSS PROFIT MARGIN |
% |
16.86 |
19.83 |
14.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.90 |
2.13 |
2.72 |
|
NET PROFIT MARGIN |
% |
2.32 |
1.53 |
2.02 |
|
RETURN ON EQUITY |
% |
5.92 |
4.96 |
6.81 |
|
RETURN ON ASSET |
% |
1.93 |
1.18 |
1.51 |
|
EARNING PER SHARE |
BAHT |
7.34 |
5.78 |
7.55 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.76 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.08 |
3.21 |
3.52 |
|
TIME INTEREST EARNED |
TIMES |
- |
20.89 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(16.38) |
1.05 |
|
|
OPERATING PROFIT |
% |
13.77 |
(20.65) |
|
|
NET PROFIT |
% |
26.98 |
(23.44) |
|
|
FIXED ASSETS |
% |
(6.51) |
(7.00) |
|
|
TOTAL ASSETS |
% |
(22.27) |
(2.14) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -16.38%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.86 |
Impressive |
Industrial Average |
16.41 |
|
Net Profit Margin |
2.32 |
Impressive |
Industrial Average |
1.41 |
|
Return on Assets |
1.93 |
Acceptable |
Industrial Average |
3.02 |
|
Return on Equity |
5.92 |
Acceptable |
Industrial Average |
8.20 |
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 16.86%. 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 2.32%,
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 1.93%.
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 5.92%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.37 |
Satisfactory |
Industrial Average |
1.66 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
385.27 |
|
|
|
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 1.37 times in 2014, increase from 1.23 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 0.32 times in 2014,
decrease from 0.57 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 386 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
2.08 |
Risky |
Industrial Average |
1.49 |
|
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 0.67 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.51 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.83 |
Deteriorated |
Industrial Average |
2.14 |
|
Inventory Conversion Period |
357.16 |
|
|
|
|
Inventory Turnover |
1.02 |
Deteriorated |
Industrial Average |
3.44 |
|
Receivables Conversion Period |
80.63 |
|
|
|
|
Receivables Turnover |
4.53 |
Impressive |
Industrial Average |
4.11 |
|
Payables Conversion Period |
52.53 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.53 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 271 days at the
end of 2013 to 357 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 1.35 times in year 2013 to 1.02 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.83 times and 0.77
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.55 |
|
UK Pound |
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
|
THB |
1 |
Rs. 1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
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.