MIRA
INFORM REPORT
|
Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALMAS JEWEL CO., LTD. |
|
|
|
|
Registered Office : |
36
Soi Pramote, Mahaesak
Road, S Uriyawongse, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
0105543008855 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and
designing wide range
of fine jewelry
products according to
customer’s requirement. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
ALMAS JEWEL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 36
SOI PRAMOTE, MAHAESAK
ROAD,
S
URIYAWONGSE, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2635-6726
FAX : [66] 2635-6727
E-MAIL ADDRESS : almas@inet.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543008855 [Former : 143/2543]
CAPITAL
REGISTERED : BHT. 20,000,000
CAPITAL
PAID-UP : BHT. 20,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. MOHAMMED JAWED,
PAKISTANI
MANAGING DIRECTOR
NO. OF
STAFF : 120
LINES OF
BUSINESS : FINE
JEWELRY PRODUCTS
MANUFACTURER 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 January 26,
2000 as a private
limited company under the
name style ALMAS
JEWEL CO., LTD., by
Thai-Pakistani groups, to engage
in manufacturing service
wide range of jewelry
products. It currently
employs approximately 120
staff.
The subject’s registered address is
36 Soi Pramote, Mahaesak Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Mohammed Jawed
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Mohammed Jawed
is the Managing Director.
He is Pakistani
nationality with the
age of 40 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and designing wide range
of fine jewelry
products according to
customer’s requirement.
PURCHASE
Raw materials such
as diamond, gemstone,
and accessories are
purchased from suppliers
both in domestic
and overseas, mainly
in India, South
Africa, Hong Kong
and Japan.
EXPORT
100%
of the products is exported
to the countries in Europe
and U.S.A.
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
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, D/A or
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 120 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
Factory
is located at
63-65 Mahaesak Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
COMMENT
Thai
manufacturing of fine
jewelry still has
ample opportunities as
the products are
met with international quality and standard,
as well as
workmanship is also
widely accepted from
world market.
The
subject’s business performance
is considered moderately.
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 following:
Bht. 6,000,000 on June 30,
2000
Bht. 20,000,000
on March 5,
2002
The
latest registered capital
was increased to
Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 28, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Huda Jawed Nationality: Thai Address : 5
Moo 1, Kokcheenon, Panthong, Chonburi |
100,800 |
50.40 |
|
Mr.
Mohammed Jawed Nationality: Pakistani Address : 41/1
South Sathorn Rd.,
Yannawa, Bangkok |
98,000 |
49.00 |
|
Ms.
Amphanpa Yoonprayong Nationality: Thai Address : 5
Moo 1, Kokcheenon, Panthong, Chonburi |
400 |
0.20 |
|
Mrs.
Sivilai Srisathien Nationality: Thai Address : 5
Moo 1, Kokcheenon, Panthong, Chonburi |
200 |
0.10 |
|
Mr. Amares Pongsiriphat Nationality: Thai Address : 39
Moo 2, Kokcheenon, Panthong, Chonburi |
200 |
0.10 |
|
Ms.
Wanthana Ratanapornchai Nationality: Thai Address : 81
Charoenrath 13 Rd.,
Klongsan, Bangkok |
200 |
0.10 |
|
Ms. Kusuma Somwang Nationality: Thai Address : 341/34
Charansanitwong Rd., Bangkhunsri,
Bangkoknoi, Bangkok |
200 |
0.10 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Phubes Jatethitikul No. 5820
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
6,674,768.19 |
2,554,023.23 |
|
Trade Accts. Receivable |
61,492,303.66 |
56,070,729.88 |
|
Inventories [note 2] |
45,145,965.37 |
42,006,559.86 |
|
Other Current Assets
[note 3]
|
413,283.23 |
801,761.16 |
|
Total Current
Assets |
113,726,320.45 |
101,433,074.13 |
|
|
|
|
|
Fixed Assets [note 4] |
7,509,547.98 |
7,957,250.40 |
|
Other Assets |
658,225.15 |
6,290.00 |
|
Total Assets |
121,894,093.58 |
109,396,614.53 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
78,161,807.82 |
72,065,338.71 |
|
Loan from Related
Person |
443,285.23 |
1,510,205.23 |
|
Other Current Liabilities |
|
|
|
Accrued Income
Tax |
1,609,799.89 |
1,442,439.61 |
|
Other |
2,713,222.71 |
2,155,391.89 |
|
Total Current Liabilities
|
82,928,115.65 |
77,173,375.44 |
|
Total Liabilities |
82,928,115.65 |
77,173,375.44 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
18,965,977.93 |
12,223,239.09 |
|
Total
Shareholders' Equity |
38,965,977.93 |
32,223,239.09 |
|
Total
Liabilities & Shareholders' Equity |
121,894,093.58 |
109,396,614.53 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
249,773,382.02 |
194,561,057.50 |
|
Other Income |
269,038.20 |
1,768,273.54 |
|
Total Revenues
|
250,042,420.22 |
196,329,331.04 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
213,190,625.84 |
168,885,572.42 |
|
Selling & Administrative Expenses |
25,139,230.85 |
19,679,376.96 |
|
Loss on Exchange
Rate |
2,060,024.80 |
- |
|
Total Expenses |
240,389,881.49 |
188,564,949.38 |
|
Profit / [Loss] Before Income
Tax |
9,652,538.73 |
7,764,381.66 |
|
Income Tax |
[2,909,799.89] |
[2,342,439.61] |
|
Net Profit / [Loss] |
6,742,738.84 |
5,421,942.05 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
19,978.50 |
21,456.50 |
|
Cash at bank |
6,654,789.69 |
2,532,566.73 |
|
Total
|
6,674,768.19 |
2,554,023.23 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
37,762,615.79 |
35,751,172.57 |
|
Finished Good |
7,383,349.58 |
6,255,387.29 |
|
Total
|
45,145,965.37 |
42,006,559.86 |
NOTE 3
Other Current Assets
|
|
2005 |
2004 |
|
|
|
|
|
Revenue Department Receivable |
94,596.98 |
94,128.67 |
|
Other |
318,686.25 |
707,632.49 |
|
Total
|
413,283.23 |
801,761.16 |
NOTE 4
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building Improvement |
184,500.00 |
- |
|
Hand Tools |
8,025,161.89 |
6,177,672.34 |
|
Equipment |
4,555,020.00 |
4,555,020.00 |
|
Office Furniture &
Equipment |
2,952,314.92 |
2,637,260.48 |
|
Total |
15,716,996.81 |
13,369,952.82 |
|
Less: Depreciation |
[8,207,448.83] |
[5,412,702.42] |
|
Total
|
7,509,547.98 |
7,957,250.40 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
28.38 |
|
|
Operating Profit |
17.50 |
|
|
Net Profit |
24.36 |
|
|
Fixed Assets |
[5.63] |
|
|
Total Assets |
11.42 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.35 |
86.80 |
|
Operating Profit Margin |
4.69 |
3.99 |
|
S & A
Expenses |
10.06 |
10.11 |
|
Other Revenues |
0.11 |
0.91 |
|
Net Profit Margin |
2.70 |
2.79 |
|
Earning Per Shares |
33.71 |
27.11 |
|
No. of Shares |
200,000 |
200,000 |
Net Sales was
increased by 28.38%,
Operating Profit was
increased by 17.50%,
Net Profit was
increased by 24.36%,
Fixed Assets was
decreased by 5.63%,
Total Assets was
increased by 11.42%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 86.80%
to 85.35%, Operating
Profit Margin was
increased from 3.99%
to 4.69%, S
& A Expenses
was decreased from
10.11% to 10.06%,
Other Revenues was
decreased from 0.91%
to 0.11%, Net
Profit Margin was
decreased from 2.79%
to 2.70%.
Earning Per Shares
was increased from
27.11 baht per
share to 33.71
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.37 |
1.31 |
|
Quick-Assets Ratio |
0.82 |
0.76 |
Current Ratio was
increased from 1.31
to 1.37, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.76 to 0.82,
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 |
2.13 |
2.39 |
D/E Ratio was
decreased from 2.39
to 2.13, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the company is
medium.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
33.26 |
24.45 |
|
Total Assets Turnover |
2.05 |
1.78 |
|
Return on Assets |
5.53 |
4.96 |
|
Return on Equity |
17.30 |
16.83 |
|
Day's Payable |
112.66 |
133.34 |
|
Day’s Inventories |
65.07 |
77.73 |
|
Day’s Receivables |
88.63 |
103.75 |
Fixed Assets Turnover
was increased from
24.45 times to
33.26 times, Total
Assets Turnover was
increased from 1.78
times to 2.05
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
4.96 to 5.53,
Return on Equity
was increased from
16.83 to 17.30,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 134
days to 113
days, Day’s Inventories
was decreased from
78 days to
66 days, and
Day’s Receivables was
decreased from 104
days to 89
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)