MIRA
INFORM REPORT
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Report Date : |
10.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
GEMS PAVILION CREATION CO., LTD. |
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Registered Office : |
1st-4th Floor,
Zone B, 1039/3-6 Charoenkrung Road, Siphraya, Bangrak, Bangkok
10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0105544116180 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing and
servicing various kinds
of jewelry products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Regular |
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Litigation : |
Clear |
name
GEMS PAVILION CREATION CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1st-4th FLOOR,
ZONE B, 1039/3-6 CHAROENKRUNG
ROAD, SIPHRAYA, BANGRAK, BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2639-6535-8
FAX : [66] 2233-8339
E-MAIL ADDRESS : toppiya@gemspavilion.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0105544116180 [Former : KOR THOR. 02-0376-44]
CAPITAL
REGISTERED : BHT. 5,000,000
CAPITAL
PAID-UP : BHT. 5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PIYA AJCHARIYASRIPONG, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 80
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND
CONTRACTOR
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
December 3, 2001
as a private limited company under the name style
GEMS PAVILION CREATION
CO., LTD., by
Thai groups, with the
business objective to
manufacture and service
various kinds of jewelry
products to both domestic
and international markets.
It currently employs
approximately 80 staff.
The subject’s
registered address is
1039/3-6 Charoenkrung Rd.,
Siphraya, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr.
Piya Ajchariyasripong |
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Thai |
37 |
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Ms.
Pranisa Ajchariyasripong |
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Thai |
34 |
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Mr.
Vorawuth Ajchariyasripong |
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Thai |
30 |
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Mrs.
Janittha Teeravorachai |
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Thai |
39 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Piya Ajchariyasripong is
the Managing Director.
He is
Thai nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and servicing
various kinds of
jewelry products including
diamond jewelry, gold/pearl
jewelry, silver jewelry,
sapphire jewelry &
costume jewelry and
etc., according to
customer requirement.
PURCHASE
Most of
raw materials and
accessories are purchased
from local suppliers,
the remaining, mainly
diamond and gemstone
are imported from
India, and Africa.
EXPORT
70% of
the products is
exported to Hong
Kong, Japan, India,
Singapore, Malaysia, Europe
and Middle East
countries.
SALES [LOCAL]
30% of
the products is
sold and serviced
locally by wholesale
to traders.
MAJOR CUSTOMER
Gems Pavilion
Limited Partnership
: Thailand
RELATED AND
AFFILIATED COMPANY
Gems Pavilion
Limited Partnership
Business Type
: Distributor of
gold and jewelry
products.
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 or
T/T.
BANKING
Kasikornbank Public
Co., Ltd.
[Rajdamri Branch
: 47/27 Rajdamri
Rd., Lumpini, Pathumwan,
Bangkok]
EMPLOYMENT
The subject
employs approximately 80
office staff and
factory workers.
LOCATION DETAILS
The premise
is rented for
administrative office, and
factory in a 4
storey building of
2 row shop houses at
the heading address.
Premise is located
in a prime commercial area.
COMMENT
The subject
operates good business,
as well as
its sales were
moderate well and expanding.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 1,500,000 divided
into 15,000 shares of
Bht. 100 each.
July 24,
2003, the capital
was increased to
Bht. 5,000,000 divided into 50,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2006]
|
NAME |
HOLDING |
% |
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Mr.
Viroj Ajchariyasripong Nationality: Thai Address : 136/4 Charansanitwong Rd., Aroon Amarin, Bangkoknoi, Bangkok |
8,332 |
16.66 |
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Mr.
Piya Ajchariyasripong Nationality: Thai Address :
139-147 Amarin Rd.,
Namuang, Muang, Ratchburi |
8,332 |
16.66 |
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Mrs.
Valaisri Ajchariyasripong Nationality: Thai Address :
139/4 Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi, Bangkok |
8,332 |
16.66 |
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Mrs.
Janittha Teeravorachai Nationality: Thai Address :
90/7 Phaholyothin Rd.,
Samsennai, Phyathai,
Bangkok |
8,332 |
16.66 |
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Ms.
Pranisa Ajchariyasripong Nationality: Thai Address :
136/4 Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi, Bangkok |
8,332 |
16.66 |
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Mr.
Vorawuth Ajchariyasripong Nationality:
Thai Address :
136/4 Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi, Bangkok |
8,332 |
16.66 |
|
Mr.
Krisada Teeravorachai Nationality: Thai Address :
17/2 Phaholyothin Rd.,
Phaholyothin, Phyathai, Bangkok |
4 |
0.02 |
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Mrs.
Boonjira Ajchariyasripong Nationality: Thai Address :
136/4 Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi, Bangkok |
4 |
0.02 |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr.
Prachuab Ramruaytham
No. 3704
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2005 & 2004
were:
ASSETS
|
Current
Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
126,713.27 |
710,882.10 |
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Trade Accts.
Receivable-Foreign |
7,913,820.69 |
4,301,297.05 |
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Inventories |
4,440,492.87 |
5,224,109.22 |
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Value Added
Tax |
687,981.28 |
140,379.77 |
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Total Current
Assets |
13,169,008.11 |
10,376,668.14 |
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Fixed
Assets |
3,897,350.68 |
753,531.07 |
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Total Assets |
17,066,358.79 |
11,130,199.21 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Trade Accts.
Payable |
4,051,343.44 |
1,855,760.40 |
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Pre-receipt Deposit |
6,012,711.73 |
1,050,256.77 |
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Accrued Expenses |
193,654.75 |
769,236.26 |
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Total
Current Liabilities |
10,257,709.92 |
3,675,253.43 |
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Payable-Loan to
Director |
1,775,000.00 |
3,000,000.00 |
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Total Liabilities |
12,032,709.92 |
6,675,253.43 |
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Shareholders'
Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
33,648.87 |
[545,054.22] |
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Total
Shareholders' Equity |
5,033,648.87 |
4,454,945.78 |
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Total
Liabilities & Shareholders' Equity |
17,066,358.79 |
11,130,199.21 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales-Foreign |
34,713,797.12 |
16,128,254.15 |
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Sales-Local |
2,518,899.35 |
14,571.00 |
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Gain on
Exchange Rate |
148,044.38 |
16,170.40 |
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Less: Discount
|
[209,980.94] |
[28,387.25] |
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Total Revenues |
37,170,759.91 |
16,130,608.30 |
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Expenses |
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Cost of
Goods Sold |
31,798,186.42 |
11,996,017.63 |
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Selling &
Administrative Expenses |
4,687,657.82 |
3,947,882.79 |
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Total
Expenses |
36,485,844.24 |
15,943,900.42 |
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Profit
/ [Loss] Before Income
Tax |
684,915.67 |
186,707.77 |
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Income Tax |
[106,212.58] |
[28,006.18] |
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Net Profit / [Loss] |
578,703.09 |
158,701.70 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
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Sales |
130.65 |
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Operating |
59.05 |
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Net Profit |
264.65 |
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Fixed Assets |
417.21 |
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Total Assets |
53.33 |
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Profitability |
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Cost of
Goods Sold |
85.40 |
74.31 |
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Operating Profit
Margin |
1.84 |
1.16 |
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S&A expenses |
12.59 |
24.46 |
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Other Revenues |
[0.17] |
[0.08] |
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Net Profit
Margin |
1.55 |
0.98 |
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Earning Per
Shares |
11.57 |
3.17 |
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No. of
Shares |
50,000 |
50,000 |
Net Sales was increased by 130.65%, Operating Profit was increased by 59.05%, Net Profit was increased by 264.65%, Fixed Assets was increased by 417.21%, Total Assets was increased by 53.33%.
Compare each
cost with sales,
Cost of Goods
Sold was increased
from 74.31% to
85.40%, Operating Profit
Margin was increased
from 1.16% to
1.84%, S &
A Expenses were
decreased from 24.46%
to 12.59%, Other
Revenues was decreased
from -0.08% to
-0.17%, Net Profit
Margin was increased
from 0.98% to
1.55%.
Earning Per
Shares was increased
from 3.17 baht
per share to
11.57 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.28 |
2.82 |
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Quick
- assets ratio |
0.78 |
1.36 |
Current Ratio
was decreased from
2.82 to 1.28,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
1.36 to 0.78,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
2.39 |
1.50 |
D/E Ratio
was increased from
1.50 to 2.39,
show the company
had fund from
Loan more than
fund from Equity,
investment risked of
the company is
medium.
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
9.55 |
21.42 |
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Total Assets
Turnover |
2.18 |
1.45 |
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Return on
Assets |
3.39 |
1.43 |
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Return on
Equity |
11.50 |
3.56 |
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Day’s Payable |
39.17 |
41.39 |
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Day’s Inventories |
42.93 |
116.50 |
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Days’ Receivables |
76.52 |
95.92 |
Fixed Assets
Turnover was decreased
from 21.42 times
to 9.55 times,
Total Assets Turnover
was increased from
1.45 times to
2.18 times, show
the company could
use Assets so
efficiently, and Return
on Assets was
increased from 1.43
to 3.39, Return
on Equity was
increased from 3.56
to 11.50, capacity
to use Assets to make
profit was good.
Day’s Payable
was decreased from
42 days to
40 days, Day’s
Inventories was decreased
from 117 days
to 43 days, and Day’s
Receivables was decreased
from 96 days
to 77 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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