MIRA
INFORM REPORT
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Report Date : |
29th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SHREYA
GEMS SDN BHD |
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Registered Office : |
Suite 12b-23, Wisma Zelan, 1 Jalan Tasik Permaisuri 2, Bandar Tun Razak, 56000 Kuala Lumpur, Wilayahpersekutuan, Malaysia. |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
13.11.2002 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged
in Trading of Precious Stones & Semi Precious
Stones. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Satisfactory |
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO : 598743-W
COMPANY NAME : SHREYA GEMS SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 13/11/2002
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : SUITE 12B-23, WISMA ZELAN, 1 JALAN TASIK PERMAISURI 2,
BANDAR TUN RAZAK, 56000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
BUSINESS ADDRESS : 3B-7-1 TANJUNG PARK, PERSIARAN LENGKUAS SATU, OFF
ISLANDS PLAZA, 10470 PULAU PINANG, PULAU PINANG,
MALAYSIA.
TEL NO : 04 - 8900300
FAX NO : 04 - 8900300
CONTACT PERSON : NIRALI PURAV SHAH (EXECUTIVE DIRECTOR)
INDUSTRY CODE : 52392
PRINCIPAL ACTIVITY : DEALERS IN PRECIOUS STONES & SEMI PRECIOUS STONES
AUTHORISED CAPITAL : MYR500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000 OF MYR1.00 EACH.
ISSUED & PAID UP CAPITAL : MYR350,002.00 DIVIDED INTO
ORDINARY SHARE 2 CASH AND 350,000 OTHERWISE OF
MYR1.00 EACH.
SALES : MYR5,111,145 [2005]
NET WORTH : MYR324,455 [2005]
STAFF STRENGTH : 5 [2006]
BANKER (S) : BUMIPUTRA-COMMERCE BANK BHD
CREDIT RATING : C (please refer to appendix)
HISTORY / BACKGROUND
The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) dealers in precious stones & semi precious stones.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the Malaysia 1000 (M1000) publication, a directory jointly published by Companies Commission of Malaysia (The Registrar Office), Minister of Domestic Trade and Consumer Affairs and our publication arm, BASIS Publications House Sdn Bhd.
The major shareholder(s) of the SC are shown as follows :
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Name |
Address |
IC/PP/Loc No: |
Shareholding |
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AYOB BIN AZIZ + |
36 AU 5D/2B, OFF JALAN PERMATA 9, ULU KELANG, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
4534318 531102-02-5325 |
531102-02-5325 |
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MOHD FADZIL BIN AHMAD + |
23H TAMAN
SETIABUDI, TIKAM BATU, 08600 SUNGAI PETANI, KEDAH, MALAYSIA. |
5235003 570330-07-6257 |
1 |
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PURAZ
ASHOK SHAH + |
MIDLANDS CONDO,
UNIT 7, OFF ADVENTISTS HOSPITAL, PULAU TIKUS, 10300 GEORGETOWN, PULAU PINANG,
MALAYSIA. |
Z1620850 |
105,000 |
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350002 |
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : AYOB BIN AZIZ
Address : 36 AU 5D/2B, OFF JALAN PERMATA 9, ULU KELANG, 53300
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No : 4534318
New IC No : 531102-02-5325
Date of Birth : 02/11/1953
Nationality : MALAYSIAN MALAY
DIRECTOR 2
Name of Subject : MOHD FADZIL BIN AHMAD
Address : 23H TAMAN SETIABUDI, TIKAM BATU, 08600 SUNGAI PETANI,
KEDAH, MALAYSIA.
IC / PP No : 5235003
New IC No : 570330-07-6257
Date of Birth : 30/03/1957
Nationality : MALAYSIAN MALAY
DIRECTOR 3
Name of Subject : PURAZ ASHOK SHAH
Address : MIDLANDS CONDO, UNIT 7, OFF ADVENTISTS HOSPITAL, PULAU
TIKUS, 10300 GEORGETOWN, PULAU PINANG, MALAYSIA.
IC / PP No : Z1620850
Nationality : N/A
DIRECTOR 4
Name of Subject : NIRALI PURAV SHAH
Address : MIDLANDS CONDO, UNIT 7, OFF ADVENTISTS HOSPITAL, PULAU
TIKUS, 10300 GEORGETOWN, PULAU PINANG, MALAYSIA.
IC / PP No : F1720455
Nationality : N/A
AUDITOR
Auditor : S P TAN & SUNDAR
Auditors' Address : SUITE 12B-22, LEVEL 12B, WISMA ZELAN, NO.1 JALAN TASIK
PERMAISURI 2, BANDAR TUN RAZAK, CHERAS, 56000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
COMPANY SECRETARY
1) Company Secretary : SURDASS@VIPIN KUMAR
IC / PP No. : 4243746
New IC No. : 511114-10-5957
Address : 11 LORONG RAHIM KAJAI 8, TAMAN TUN DR ISMAIL, 60000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
2) Company Secretary : T RATNAJOTHY D/O THAMBIDURAI
IC / PP No. : 5479627
New IC No. : 580606-08-5146
Address : LOT 587/72, GREEN PARK, JALAN WATERFALL, 48000
RAWANG, SELANGOR, MALAYSIA.
CLIENTELE
Local : YES Percentage : 100%
Domestic Markets : MALAYSIA.
Overseas : NO Percentage : 0 %
Credit Term : AS AGREED.
Payment Mode : CASH , CHEQUES.
Type of Customer : END USERS , DEALERS .
OPERATIONS
Goods Traded : PRECIOUS STONES & SEMI PRECIOUS STONES
Competitor(s) : HABIB CORPORATION BHD
WOO HING BROTHERS (MALAYA) BHD
POH KONG JEWELLERS SDN BHD
PAJAK GADAI THYE FOH SDN BHD
CHOPARD (MALAYSIA) SDN BHD
Ownership of premises : LEASED/RENTED
Total
Number of Employees :
YEAR 2006 2005 2004
GROUP N/A N/A N/A
COMPANY 5 1 1
Branch : NO
BASIS COMMENTS
Established in 2002, the SC is principally engaged as a dealers in precious stones and semi precious stones. For the financial year ended 31 December 2005, turnover of the SC surged by 93.60% to RM5,111,145. The SC recorded a pre-tax profit of RM30,129 for the year. Return on shareholders' funds of the SC is relatively low, indicating that the SC did not generate an acceptable amount of profits based on its existing shareholders' funds. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. However the SC posted a low gearing ratio indicating the financial risk of the SC is low. In view of the above and based on our assessment we recommend credit be granted to the SC with guarantee.
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING
STANDARD.
PROFIT AND LOSS ACCOUNT
For The Year Ended 31-December-2005
2005 2004
MYR MYR
TURNOVER 5,111,145 2,640,019
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PROFIT/(LOSS)
FROM OPERATIONS 30,129 9,921
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED
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PROFIT/(LOSS)
BEFORE TAXATION 30,129 9,921
Taxation <8,363> 9,832
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PROFIT/(LOSS)
AFTER TAXATION 21,766 19,753
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PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 21,766 19,753
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PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 21,766 19,753
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As
previously reported <47,313> <67,066>
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As
restated <47,313> <67,066>
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PROFIT
AVAILABLE FOR APPROPRIATIONS <25,547> <47,313>
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RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD <25,547> <47,313>
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RETAINED
BY: The Company <25,547> <47,313>
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<25,547> <47,313>
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INTEREST
EXPENSE (as per notes to P&L)
Hire
purchase 780 -
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780 -
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BALANCE SHEET
As At 31-December-2005
2005 2004
MYR MYR
ASSETS EMPLOYED:
FIXED
ASSETS 71,708 4,590
LONG
TERM INVESTMENTS/OTHER ASSETS
Deferred
assets 8,547 10,939
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TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS 8,547 10,939
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TOTAL
LONG TERM ASSETS 80,255 15,529
CURRENT
ASSETS
Stocks 1,326,860 940,296
Trade
debtors 4,473,135 1,846,369
Other
debtors, deposits & prepayments 109,233 125,000
Items in transit between head office &
branches
Cash
& bank balances 33,044 64,736
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TOTAL
CURRENT ASSETS 5,942,272 2,976,401
CURRENT
LIABILITIES
Trade
creditors 4,410,709 2,309,560
Other
creditors & accruals 802,031 234,579
Hire
purchase & lease creditors 12,000 -
Amounts
owing to director 427,681 143,995
Provision
for taxation 3,651 1,107
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TOTAL
CURRENT LIABILITIES 5,656,072 2,689,241
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NET
CURRENT ASSETS/(LIABILITIES) 286,200 287,160
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TOTAL
NET ASSETS 366,455 302,689
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FINANCED
BY:
SHARE
CAPITAL
Ordinary
share capital 350,002 350,002
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TOTAL
SHARE CAPITAL 350,002 350,002
RESERVES
Retained profit/(Accumulated loss) carried
forward <25,547> <47,313>
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TOTAL RESERVES <25,547> <47,313>
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SHAREHOLDERS'
FUNDS/EQUITY 324,455 302,689
LONG
TERM & DEFERRED LIABILITIES & PROVISIONS
Hire
purchase creditors 42,000 -
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TOTAL LONG TERM & DEFERRED LIABILITIES
&
PROVISIONS 42,000 -
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366,455 302,689
=========== ===========
FINANCIAL RATIOS
As At 31-December-2005
2005 2004
MYR MYR
TYPES OF FUNDS
Cash 33,044 64,736
Net
Liquid Funds 33,044 64,736
Net
Liquid Assets <1,040,660> <653,136>
Net
Current Assets/(Liabilities) 286,200 287,160
Net
Tangible Assets 366,455 302,689
Net
Monetary Assets <1,082,660> <653,136>
BALANCE
SHEET ITEMS
Total
Borrowings 54,000 0
Total
Liabilities 5,698,072 2,689,241
Total
Assets 6,022,527 2,991,930
Net
Assets 366,455 302,689
Net
Assets Backing 324,455 302,689
Shareholders''
Funds 324,455 302,689
Total
Share Capital 350,002 350,002
Total
Reserves <25,547> <47,313>
LIQUIDITY
(Times)
Cash
Ratio 0.01 0.02
Liquid
Ratio 0.82 0.76
Current
Ratio 1.05 1.11
WORKING
CAPITAL CONTROL (Days)
Stock
Ratio 95 130
Debtors
Ratio 319 255
Creditors
Ratio 315 319
SOLVENCY
RATIOS (Times)
Gearing
Ratio 0.17 0
Liabilities
Ratio 17.56 8.88
Times
Interest Earned Ratio 39.63 0
PERFORMANCE
RATIO (%)
Operating
Profit Margin 0.59 0.38
Net
Profit Margin 0.43 0.75
Return
On Net Assets 8.43 3.28
Return
On Capital Employed 8.17 3.28
Return
On Shareholders'' Funds/Equity 6.71 6.53
Dividend
Pay Out Ratio (Times) 0 0
NOTES
TO ACCOUNTS
Contingent
Liabilities 0 0
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 |
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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 |
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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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