MIRA INFORM REPORT
|
Report No. : |
339859 |
|
Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIF GEMS CO., LTD. |
|
|
|
|
Registered Office : |
4th-5th Floor, Phithan Phanich Building, 292 Suriwong Road, Sriphaya, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.02.1999 |
|
|
|
|
Com. Reg. No.: |
0105542008738 |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Subject is engaged
in importing, distributing and
re-exporting various kinds
of gemstones such
as spinel stone,
tsavorite stone, tanzanite
stone, sapphire and
ruby gemstones, loose
sapphire, sapphire stone
and etc., as
well as exporting
the local products. |
|
|
|
|
No. of Employee : |
9 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 |
B1 |
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’�tat, 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 and address
MIF GEMS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 4th-5th FLOOR,
PHITHAN PHANICH BUILDING,
292 SURIWONG ROAD,
SRIPHAYA, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-5581-3
FAX :
[66] 2631-5586
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542008738
TAX
ID NO. : 3011991718
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
90.00%
CHINESE :
10.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHATCHAI ARUNDAMRONGROJ, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : GEMSTONES
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on February 2, 1999
as a private
limited company under
the registered name
MIF GEMS CO.,
LTD., by Thai and
Chinese groups, with
the business objective
to import, distribute
and export various kinds
of gemstones for
jewelry industry. It
currently employs 9
staff.
The
subject’s registered address is 4th-5th Floor, Phithan
Phanich Building, 292
Suriwong Road, Siphaya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Pisamai Saetiew |
|
Thai |
49 |
|
Mr. Yip Shu Tak |
[x] |
Chinese |
75 |
|
Mr. Chatchai Arundamrongroj |
[x] |
Thai |
53 |
AUTHORIZED
PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chatchai Arundamrongroj is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing, distributing and
re-exporting various kinds
of gemstones such
as spinel stone,
tsavorite stone, tanzanite
stone, sapphire and
ruby gemstones, loose
sapphire, sapphire stone
and etc., as
well as exporting
the local products.
PURCHASE
Its products are
purchased from suppliers
both in domestic and
overseas mainly in
India.
SALES
Its products are
sold to traders,
manufacturers and end-users
both locally and
overseas in India,
Hong Kong and
U.S.A..
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 to 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
N/A
EMPLOYMENT
The
subject currently employs
9 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in prime commercial
area.
COMMENT
The subject’s operating
performance in 2014
was impressive with
an increase in
both sales revenue
and net profit
comparing to the
previous year. This
was mainly due
to an increase
in number of orders
from overseas market.
As an exporter, the
subject would have
an advantage from
a current devaluation
of Thai baht
against other currencies
which would be favourable
to the exporters.
Generally, the subject’s
business is promising and
growing considerably.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into 50,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Pisamai Saetiew Nationality: Thai Address : 527/210
Thanurat Road, Thungwatdon,
Sathorn, Bangkok |
22,500 |
45.00 |
|
Mr. Chatchai Arundamrongroj Nationality: Thai Address : 194
Nares Road, Siphaya,
Bangrak,
Bangkok |
20,500 |
41.00 |
|
Mr. Yip Shu Tak Nationality: Chinese Address : 527/210
Thanurat Road, Thungwatdon,
Sathorn, Bangkok |
5,000 |
10.00 |
|
Mrs. Kulaya Arundamrongroj Nationality: Thai Address : 194
Nares Road, Siphaya,
Bangrak,
Bangkok |
2,000 |
4.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
45,000 |
90.00 |
|
Foreign - Chinese |
1 |
5,000 |
10.00 |
|
Total |
4 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Monthon Vijitjaranrung No.
5727
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 |
1,150,760.52 |
1,461,668.65 |
1,430,140.68 |
|
Trade Accounts &
Other Receivable |
21,233,400.37 |
16,393,109.34 |
17,738,763.37 |
|
Inventories |
16,152,628.85 |
11,164,000.00 |
10,047,500.15 |
|
Short-term Loan to Related Person |
- |
300,000.00 |
- |
|
Other Current Assets
|
6,910,601.57 |
14,943.03 |
2,820,180.89 |
|
|
|
|
|
|
Total Current Assets
|
45,447,391.31 |
29,333,721.02 |
32,036,585.09 |
|
|
|
|
|
|
Fixed Assets |
1,640,113.92 |
1,207,350.45 |
1,160,110.73 |
|
Other Non-current Assets |
135,400.00 |
163,239.25 |
135,400.00 |
|
Total Assets |
47,222,905.23 |
30,704,310.72 |
33,332,095.82 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
22,716,452.19 |
16,724,656.19 |
18,231,385.73 |
|
Other Current Liabilities |
6,779,313.04 |
1,049,543.54 |
4,325,352.70 |
|
|
|
|
|
|
Total Current Liabilities |
29,495,765.23 |
17,774,199.73 |
22,556,738.43 |
|
Total Liabilities |
29,495,765.23 |
17,774,199.73 |
22,556,738.43 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued 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 |
12,727,140.00 |
7,930,110.99 |
5,775,357.39 |
|
Total Shareholders' Equity |
17,727,140.00 |
12,930,110.99 |
10,775,357.39 |
|
Total Liabilities &
Shareholders' Equity |
47,222,905.23 |
30,704,310.72 |
33,332,095.82 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
167,523,536.03 |
86,464,140.21 |
98,215,390.56 |
|
Other Income |
1,784,725.08 |
3,013,317.38 |
3,830,132.73 |
|
Total Revenues |
169,308,261.11 |
89,477,457.59 |
102,045,523.29 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
132,570,974.90 |
67,280,225.20 |
77,920,571.95 |
|
Selling Expenses |
13,812,520.91 |
4,559,097.95 |
3,629,841.14 |
|
Administrative Expenses |
16,921,204.63 |
14,944,501.55 |
18,473,292.59 |
|
Other Expenses |
- |
- |
5,257,099.85 |
|
Total Expenses |
163,304,700.44 |
86,783,824.70 |
105,280,805.53 |
|
Profit / [Loss] before Income
Tax |
6,003,560.67 |
2,693,632.89 |
[3,235,282.24] |
|
Income Tax |
[1,206,531.66] |
[538,879.29] |
[705,679.21] |
|
|
|
|
|
|
Net Profit / [Loss] |
4,797,029.01 |
2,154,753.60 |
[3,940,961.45] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.54 |
1.65 |
1.42 |
|
QUICK RATIO |
TIMES |
0.76 |
1.00 |
0.85 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
102.14 |
71.61 |
84.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.55 |
2.82 |
2.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
44.47 |
60.57 |
47.07 |
|
INVENTORY TURNOVER |
TIMES |
8.21 |
6.03 |
7.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.26 |
69.20 |
65.92 |
|
RECEIVABLES TURNOVER |
TIMES |
7.89 |
5.27 |
5.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
62.54 |
90.73 |
85.40 |
|
CASH CONVERSION CYCLE |
DAYS |
28.19 |
39.03 |
27.59 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.14 |
77.81 |
79.34 |
|
SELLING & ADMINISTRATION |
% |
18.35 |
22.56 |
22.50 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
21.93 |
25.67 |
24.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.58 |
3.12 |
(3.29) |
|
NET PROFIT MARGIN |
% |
2.86 |
2.49 |
(4.01) |
|
RETURN ON EQUITY |
% |
27.06 |
16.66 |
(36.57) |
|
RETURN ON ASSET |
% |
10.16 |
7.02 |
(11.82) |
|
EARNING PER SHARE |
BAHT |
95.94 |
43.10 |
(78.82) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.58 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.66 |
1.37 |
2.09 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
93.75 |
(11.96) |
|
|
OPERATING PROFIT |
% |
122.88 |
(183.26) |
|
|
NET PROFIT |
% |
122.63 |
154.68 |
|
|
FIXED ASSETS |
% |
35.84 |
4.07 |
|
|
TOTAL ASSETS |
% |
53.80 |
(7.88) |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is 93.75%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.93 |
Impressive |
Industrial
Average |
4.74 |
|
Net Profit Margin |
2.86 |
Acceptable |
Industrial
Average |
4.06 |
|
Return on Assets |
10.16 |
Impressive |
Industrial
Average |
4.95 |
|
Return on Equity |
27.06 |
Impressive |
Industrial
Average |
12.58 |
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 21.93%. 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 2.86%.
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. Return on Assets ratio is
10.16%, 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 27.06%, 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 |
1.54 |
Impressive |
Industrial
Average |
1.44 |
|
Quick Ratio |
0.76 |
|
|
|
|
Cash Conversion Cycle |
28.19 |
|
|
|
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 1.54 times in 2014, decrease from 1.65 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 0.76 times in 2014,
decrease from 1 time, 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 29 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Impressive |
Industrial
Average |
0.77 |
|
Debt to Equity Ratio |
1.66 |
Satisfactory |
Industrial
Average |
3.32 |
|
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 0.62 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
102.14 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.55 |
Impressive |
Industrial Average |
1.22 |
|
Inventory Conversion Period |
44.47 |
|
|
|
|
Inventory Turnover |
8.21 |
Impressive |
Industrial
Average |
3.23 |
|
Receivables Conversion Period |
46.26 |
|
|
|
|
Receivables Turnover |
7.89 |
Impressive |
Industrial
Average |
1.50 |
|
Payables Conversion Period |
62.54 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.89 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 61 days at the
end of 2013 to 44 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 6.03 times in year 2013 to 8.21 times
in year 2014.
The company's Total Asset Turnover is calculated as 3.55 times and 2.82
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.66.29 |
|
|
1 |
Rs.101.89 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.