MIRA
INFORM REPORT
|
Report Date : |
26.08.2008 |
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) : |
31.12.2007 |
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Date of Incorporation : |
28.01.1986 |
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Com. Reg. No.: |
0105529003116 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter 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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
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 : 6
LINES OF
BUSINESS : DIAMONDS AND JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
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 6 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 |
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|
|
|
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|
Mr. Kailas Chand Agawal |
|
Indian |
55 |
|
Mr. Kartik Samrat Agawal |
|
Indian |
30 |
|
Mr. Dinesh Michael Agawal |
|
Indian |
29 |
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
55 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,
India, Belgium and
Israel.
SALES [LOCAL]
The products are
sold locally to
end-users.
EXPORT
Diamonds, gemstone and
fine jewelry are exported to
Hong Kong, India,
Japan and Belgium.
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 6
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial
area.
COMMENT
Subject
was formed in
1986 as a
diamonds and jewelry
trader. Its business
is likely slow.
Consumption of Thai
jewelry products in
export markets have
gradually declined for
several month due
to world economic
slowdown.
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 April 30,
2006]
|
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, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
881,462.50 |
671,865.72 |
|
Trade Accts. Receivable |
11,577,916.85 |
3,977,737.93 |
|
Inventories |
26,297,587.63 |
33,737,783.38 |
|
|
|
|
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Total Current Assets
|
38,756,966.98 |
38,387,387.03 |
|
Fixed Assets |
19.00 |
19.00 |
|
Other Assets |
56,005.00 |
43,000.00 |
|
Total Assets |
38,812,990.98 |
38,430,406.03 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Accrued Expenses |
75,046.98 |
122,358.65 |
|
Trade Accts. Payable |
8,508,804.46 |
11,857,649.85 |
|
Bank Overdraft |
2,859,868.18 |
3,344,116.97 |
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|
|
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Total Current Liabilities |
11,443,719.62 |
15,324,125.47 |
|
Loan from Director
Payable |
14,650,000.00 |
10,000,000.00 |
|
Total Liabilities |
26,093,719.62 |
25,324,125.47 |
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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 |
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|
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
[2,280,728.64] |
[1,893,719.44] |
|
Total Shareholders' Equity |
12,719,271.36 |
13,106,280.56 |
|
Total Liabilities & Shareholders' Equity |
38,812,990.98 |
38,430,406.03 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
25,632,078.38 |
28,878,404.06 |
|
Other Income |
429,732.85 |
1,765,663.05 |
|
Total Revenues |
26,061,811.23 |
30,644,067.11 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
23,891,434.60 |
27,386,201.97 |
|
Selling & Administrative Expenses |
2,245,580.00 |
2,401,193.75 |
|
Total Expenses |
26,137,014.60 |
29,787,395.72 |
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|
|
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Profit / [Loss] before Interest
Expenses & Income Tax |
[75,203.37] |
856,671.39 |
|
Interest Expenses |
[311,805.83] |
[371,247.50] |
|
Income Tax |
- |
[145,627.17] |
|
|
|
|
|
Net Profit / [Loss] |
[387,009.20] |
339,796.72 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[11.24] |
|
|
Operating Profit |
[109.89] |
|
|
Net Profit |
[213.89] |
|
|
Total Assets |
1.00 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.21 |
94.83 |
|
Operating Profit Margin |
[0.29] |
2.97 |
|
S & A
Expenses |
8.76 |
8.31 |
|
Interest Paid |
1.22 |
1.29 |
|
Other Revenues |
1.68 |
6.11 |
|
Net Profit Margin |
[1.51] |
1.18 |
|
Earning Per Shares |
[2.58] |
2.27 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
decreased by 11.24%,
Operating Profit was
decreased by 109.89%,
Net Profit was
decreased by 213.89%,
Total Assets was
increased by 1.00%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 94.83%
to 93.21%, Operating
Profit Margin was
decreased from 2.97%
to -0.29%, S
& A Expenses
was increased from
8.31% to 8.76%,
Interest Paid was decreased
from 1.29% to 1.22%, Other
Revenues was decreased
from 6.11% to
1.68%, Net Profit
Margin was decreased
from 1.18% to
-1.51%.
Earning Per Shares
was decreased from
2.27 baht per
share to -2.58
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
3.39 |
2.51 |
|
Quick-Assets Ratio |
1.09 |
0.30 |
Current Ratio was
increased from 2.51
to 3.39, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.30 to 1.09,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
2.05 |
1.93 |
|
Times Interest Earned |
[0.24] |
2.31 |
D/E Ratio was
increased from 1.93
to 2.05, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
2.31 to -0.24,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
1,349,056.76 |
1,519,916.00 |
|
Total Assets Turnover |
0.66 |
0.75 |
|
Return on Assets |
[1.00] |
0.88 |
|
Return on Equity |
[3.04] |
2.59 |
|
Day's Payable |
119.51 |
147.82 |
|
Day’s Inventories |
369.35 |
420.58 |
|
Day’s Receivables |
162.61 |
49.59 |
Fixed Assets Turnover
was decreased from
1,519,916.00 times to
1,349,057.00 times, Total
Assets Turnover was
decreased from 0.75
times to 0.66
times, show the
company could not
use Assets so efficiently, Return
on Assets was
decreased from 0.88
to -1.00, Return
on Equity was
decreased from 2.59
to -3.04, capacity
to use Assets to make
profit was not
good.
Day's Payable was
decreased from 148
days to 120 days, and
Day’s Inventories was
decreased from 421
days to 370
days, while Day’s
Receivables was increased
from 50 days
to 163 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.73 |
|
UK Pound |
1 |
Rs.80.57 |
|
Euro |
1 |
Rs.64.29 |
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. |
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%)