MIRA
INFORM REPORT
|
Report Date : |
16th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
GEM
WALL COMPANY LIMITED |
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Registered Office : |
Unit
C, 32nd Floor,
Gems Tower, 1249/206 Charoenkrung Road,
Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
0105529003116 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importers
and exporters of diamonds and jewelry products |
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 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
NAME
GEM WALL COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : UNIT C,
32nd FLOOR, GEMS
TOWER,
1249/206 CHAROENKRUNG ROAD, SURIYAWONGSE, BANGRAK,
BANGKOK 10500
TELEPHONE : [66]
2235-8128, 2233-9623, 1684-8481
FAX :
[66] 2237-1914
E-MAIL ADDRESS : kapil@gemwall.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO.
: 0105529003116 [Former: 310/2529]
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP
: BHT. 15,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KAILAS CHAND AGAWAL, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on January 28,
1986 as a
private limited company under the name style GEM
WALL COMPANY LIMITED by
Thai and Indian groups,
in order to
distribute diamonds and
jewelry products to both
domestic and international markets. It currently
employs 9 staff.
The
subject’s registered address
is 1249/206 Gems
Tower, Charoenkrung Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Kailas Chand Agawal |
|
Indian |
53 |
|
Mr.
Kartik Samrat Agawal |
|
Indian |
28 |
|
Mr.
Dinesh Michael Agawal |
|
Indian |
27 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kailas
Chand Agawal
is the Managing Director.
He is
Indian nationality with
the age of
53 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing of diamonds and
precious stone as
well as exporting
of diamonds and
fine jewelry products.
PURCHASE
The products
are purchased from
suppliers both domestic
and overseas, mainly
in United States
of America, India,
Belgium and Israel.
SALES [LOCAL]
The products
are sold locally
to end-users.
EXPORT
Diamonds and
fine jewelry are
exported to Hong
Kong, India and
Belgium.
REVENUE
In 2005,
the subject’s revenue
was increased around
15 % from the
previous year.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
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 L/C at sight or
T/T.
Exports are
against L/C at
sight or T/T.
BANKING
Kasikornbank Public
Co., Ltd.
Siam City
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 9
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’s business as diamonds
and jewelry trader
is vibrant. Thai
jewelry products are
diversified in international markets with
design and prices
attractive.
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 follows :
Bht.
4,000,000 on November
1, 1991
Bht. 15,000,000 on May 26,
1992
The
latest registered capital
was increased to
Bht. 15,000,000 divided into 150,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE : [as at December 3,
1991]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kailas Chand Agawal Nationality: Indian Address :
14/2 Mahesak Rd.,
Suriyawongse, Bangrak, Bangkok |
50,000 |
33.33 |
|
Mr. Radah
Kission Agawal Nationality: Indian Address :
14/2 Mahesak Rd.,
Suriyawongse, Bangrak, Bangkok |
23,500 |
15.67 |
|
Ms. Somchit Promsupha Nationality: Thai Address :
12/21 Sukhumvit 48
Rd., Klongtoey, Prakanong, Bangkok |
15,375 |
10.25 |
|
Ms. Kanya
Veerakij Nationality: Thai Address :
556 South Sathorn
Rd., Yannawa, Bangkok |
15,375 |
10.25 |
|
Ms. Aree
Rithruamsap Nationality: Thai Address :
932/4 Theodthai Rd.,
Bukkalo, Thonburi, Bangkok |
15,375 |
10.25 |
|
Mrs. Thida Mata Nationality: Thai Address :
69 Prachathipok Rd.,
Somdejchaophraya, Klongsan, Bangkok |
15,375 |
10.25 |
|
Mrs. Areeya Muhammad Yeng Nationality: Thai Address :
230/1 Sathupradit Rd.,
Bangpongpang, Yannawa, Bangkok |
15,000 |
10.00 |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Suchart
Srimanchantha No.
3549
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in
hand & at
Bank |
3,517,765.68 |
395,811.22 |
|
Trade Accts.
Receivable |
23,125,699.42 |
14,381,312.97 |
|
Inventories |
16,357,616.74 |
274,774.86 |
|
Prepaid Value
Added Tax |
103,781.40 |
94,243.64 |
|
Total
Current Assets |
43,104,863.24 |
15,146,142.69 |
|
|
|
|
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Fixed
Assets |
1.00 |
1.00 |
|
Other
Assets |
831,000.00 |
807,120.00 |
|
Total
Assets |
43,935,864.24 |
15,953,263.69 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts.
Payable |
31,179,392.52 |
3,772,505.48 |
|
Accrued Expenses |
83,321.80 |
20,000.00 |
|
Total Current Liabilities |
31,262,714.32 |
3,792,505.48 |
|
Total
Liabilities |
31,262,714.32 |
3,792,505.48 |
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|
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Shareholders' Equity |
|
|
|
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 150,000
shares |
15,000,000.00 |
15,000,000.00 |
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning - Unappropriated |
[2,326,850.08] |
[2,839,241.79] |
|
Total Shareholders' Equity |
12,673,149.92 |
12,160,758.21 |
|
Total Liabilities &
Shareholders' Equity |
43,935,864.24 |
15,953,263.69 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
39,487,217.42 |
1,771,976.25 |
|
Other Income |
105,011.20 |
- |
|
Total
Revenues |
39,592,228.62 |
1,771,976.25 |
|
Expenses |
|
|
|
|
|
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Cost of
Goods Sold |
37,345,110.52 |
1,318,294.52 |
|
Selling &
Administrative Expenses |
1,634,129.59 |
662,728.19 |
|
Income Tax |
100,596.80 |
- |
|
Total Expenses
|
39,079,836.91 |
1,981,022.71 |
|
Net Profit / [Loss] |
512,391.71 |
[209,046.43] |
|
Retained
Earning [deficit],
beginning of year |
[2,839,241.79] |
[2,630,195.36] |
|
Retained
Earning [deficit], end of
year |
[2,326,850.08] |
[2,839,241.79] |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
2,128.43 |
|
|
Operating |
13.35 |
|
|
Net Profit |
345.11 |
|
|
Fixed Assets |
0.00 |
|
|
Total Assets |
175.40 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
94.58 |
74.40 |
|
Operating Profit
Margin |
5.42 |
25.60 |
|
S&A expenses |
4.14 |
37.40 |
|
Other Revenues |
0.27 |
0.00 |
|
Net Profit
Margin |
1.30 |
[11.80] |
|
Earning Per
Shares |
3.42 |
[1.39] |
|
No. of
Shares |
150,000 |
150,000 |
Net Sales was
increased by 2,128.43%,
Operating Profit was
increased by 13.35%,
Net Profit was
increased by 345.11%,
Fixed Assets was
increased by 0.00%,
Total Assets was
increased by 175.40%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
74.40% to 94.58%,
Operating Profit Margin
was decreased from
25.60% to 5.42%,
S & A
Expenses were decreased
from 37.40% to
4.14%, Other Revenues
was increased from
0.00% to 0.27%,
Net Profit Margin
was increased from
-11.80% to 1.30%.
Earning Per
Shares was increased
from -1.39 baht
per share to
3.42 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
1.38 |
3.99 |
|
Quick
- assets ratio |
0.85 |
3.90 |
Current Ratio
was decreased from
3.99 to 1.38,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
3.90 to 0.85,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
2.47 |
0.31 |
D/E Ratio was
increased from 0.31 to 2.47, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets
Turnover |
39,487,217.42 |
1,771,976.25 |
|
Total Assets
Turnover |
0.90 |
0.11 |
|
Return on
Assets |
1.17 |
[1.31] |
|
Return on
Equity |
4.04 |
[1.72] |
|
Day’s Payable |
304.74 |
1,044.50 |
|
Day’s Inventories |
159.87 |
76.08 |
|
Days’ Receivables |
213.76 |
2,962.33 |
Fixed Assets Turnover
was increased from
1,771,976.25 times to
39,487,217.42 times, Total
Assets Turnover was
increased from 0.11
times to 0.90
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from -1.31 to
1.17, Return on
Equity was increased
from -1.72 to
4.04, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
1,045 days to
305 days, while
Day’s Inventories was
increased from 77
days to 160
days, but Day’s
Receivables was decreased
from 2,963 days
to 214 days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |