MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ANILA
GEM INTERNATIONAL COMPANY
LIMITED |
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Formerly Known As : |
AQSA ENTERPRISE COMPANY
LIMITED |
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Registered Office : |
10/3-5 Moo 2,
Liabvaree Road, T. Kokfaed, A. Nongjok,
Bangkok 10530 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.11. 1985 |
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Com. Reg. No.: |
0105528039737 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter 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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
ANILA
GEM INTERNATIONAL COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 10/3-5 MOO 2, LIABVAREE
ROAD,
T.
KOKFAED, A. NONGJOK,
BANGKOK 10530
TELEPHONE : [66] 2548-2011,
2548-2016, 2956-9147-51
FAX : [66] 2956-9153,
2548-2017
E-MAIL
ADDRESS : info@anilagem.com
anila-gem@mozart.inet.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION NO. : 0105528039737
[Former: 3973/ 2528]
CAPITAL REGISTERED : BHT.
50,000,000
CAPITAL PAID-UP : BHT. 50,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
MOHAMMAD JUNID, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 500
LINES
OF BUSINESS : 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
November 14, 1985
as a private limited company under the registered name
AQSA ENTERPRISE COMPANY
LIMITED by Thai-Pakistani groups.
On
December 14, 2000, subject was
changed its name
to be ANILA GEM INTERNATIONAL COMPANY
LIMITED, with the
business objective to
manufacture variety of
jewelry products for exports. It is one
of the best top 10 leading
manufacturers of jewelry
in Thailand. It
currently employs approximately 500 staff.
The
subject’s registered address
is 10/3-5 Moo 2, Liabvaree
Rd., Kokfaed, Nongjok,
Bangkok 10530, 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. Mohammad Junid |
|
Thai |
43 |
|
Mr. Mohammad Asif Ratanaruengtrakul |
|
Thai |
45 |
|
Mr. Mohammad Riswan Kazim |
|
Thai |
27 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Mohammad Junid
is the Managing Director.
He is Thai nationality
with the age
of 43 years old.
Mr. Mohammad Sohei
is the Sales & Marketing
Manager.
He is Thai nationality.
Mr. Vorapol Mulakham
is the Production Manager.
He is Thai nationality.
Mr. Mohammad Asif
Ratanaruengtrakul is the
General Manger [Customer
Services].
He is Thai nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing the various styles
and designs of
fine jewelry in
14k and 18k
gold, set with
diamonds and other
precious and semi
precious stones.
PURCHASE
Raw materials such
as diamond, gem
stone and accessories
are purchased from
suppliers both in domestic and
overseas in India,
Singapore, Germany, France,
Malaysia and Africa.
EXPORT
100%
of the products is exported
to United States
of America, Japan, India,
Singapore, Taiwan, Malaysia,
Hong Kong, Italy,
Switzerland, Netherlands and
Middle East country.
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 at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office : 9 Ratchadapisek Rd., Ladyao, Jatujak,
Bangkok]
EMPLOYMENT
The
subject employs approximately 500 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
residential area.
Sale
Office is located
at 59-61 Maheasak
Rd., Suriyawongse, Bangrak,
Bangkok 10500.
Tel.
[66] 2234-6072, Fax. [66]
2237-2185.
COMMENT
The subject is one of the country’s top ten jewelry manufacturers and exporters under the trademark of the
customers. The products are for
domestic and exports to
international markets. The company is now under expansion process
of its manufacture, in order to support the sale growth in the future.
The latest
trends in the
jewelry designs and the
combination skills of
the latest technology
with the production
have helped the
company to be
more productive with
creating innovation for
the new jewelry trade
market.
In 2007 exported
market like USA
had turned no
benefit to the
subject due to
higher tariff set
by USA government for jewelry
exported from Thailand.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000
shares of Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 15,000,000
on July 14,
1995
Bht. 30,000,000
on June 30,
1997
Bht. 50,000,000
on October 30,
2002
The
latest registered capital
was increased to
Bht. 50,000,000 divided into
50,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Gulam Mohammad
Kazim
Nationality: Thai Address : 144/68
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
21,140 |
42.28 |
|
Mr.
Mohammad Junid Nationality: Thai Address : 897
Patanakarn Rd., Suanluang, Prakanong, Bangkok |
18,125 |
36.25 |
|
Mr.
Mohammad Asif Ratanaruengtrakul Nationality: Thai Address : 897
Patanakarn Rd., Suanluang, Prakanong, Bangkok |
8,040 |
16.08 |
|
Mrs. Zarifa Bai Nationality: Thai Address : 144/10
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
2,575 |
5.15 |
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Mr. Anake Saelim Nationality: Thai Address :
56/11 Pan Rd.,
Silom, Bangrak, Bangkok |
40 |
0.08 |
|
Mr. Puen Thongkwao Nationality: Thai Address : 52/11
Ladprao Rd., Wangthonglang,
Prakanong, Bangkok |
40 |
0.08 |
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Ms. Nitaya Sanjakornhiran Nationality: Thai Address : 409/14
Suksawad Rd., Bangkapi,
Rajburana, Bangkok |
40 |
0.08 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Anand Thongsamrith No.
4903
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand & at Bank |
257,986,586 |
364,527,448 |
|
Trade Accts. Receivable |
235,638,511 |
240,300,816 |
|
Inventories |
218,880,352 |
180,516,027 |
|
Other Current Assets |
15,394,470 |
9,742,497 |
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Total Current
Assets |
727,899,919 |
795,086,788 |
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|
|
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Fixed Assets |
98,857,585 |
101,189,089 |
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Other Assets |
388,500 |
388,500 |
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Total Assets |
827,146,004 |
896,664,377 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
578,005,432 |
673,903,567 |
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Accrued Income Tax |
4,496,177 |
4,611,874 |
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Advanced Receipt |
51,353,422 |
39,102,345 |
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Other Current Liabilities |
5,467,168 |
6,238,054 |
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Total Current
Liabilities |
639,322,199 |
723,855,840 |
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Total Liabilities |
639,322,199 |
723,855,840 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share capital
50,000 shares |
50,000,000 |
50,000,000 |
|
Capital Paid |
50,000,000 |
50,000,000 |
|
Retained Earning -
Unappropriated |
137,823,805 |
122,808,537 |
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Total
Shareholders' Equity |
187,823,805 |
172,808,537 |
|
Total
Liabilities & Shareholders' Equity |
827,146,004 |
896,664,377 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
1,160,430,761 |
1,167,067,363 |
|
Gain on Exchange Rate |
25,191,992 |
- |
|
Other Income |
7,317,049 |
3,257,238 |
|
Total Revenues
|
1,192,939,802 |
1,170,324,601 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
1,113,550,695 |
1,084,439,228 |
|
Selling & Administrative Expenses |
57,205,428 |
54,150,729 |
|
Loss on Exchange Rate |
- |
8,126,963 |
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Total Expenses |
1,170,756,123 |
1,146,716,920 |
|
Profit / [Loss] Before Income
Tax |
22,183,679 |
23,607,681 |
|
Income Tax |
[7,168,411] |
[7,164,561] |
|
Net Profit / [Loss] |
15,015,268 |
16,443,120 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[0.57] |
|
|
Operating Profit |
[29.70] |
|
|
Net Profit |
[8.68] |
|
|
Fixed Assets |
[2.30] |
|
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Total Assets |
[7.75] |
|
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Profitability |
|
|
|
Cost of Good
Sold |
95.96 |
92.92 |
|
Operating Profit Margin |
1.91 |
2.72 |
|
S & A
Expenses |
4.93 |
4.64 |
|
Other Revenues |
2.80 |
0.28 |
|
Net Profit Margin |
1.29 |
1.41 |
|
Earning Per Shares |
300.31 |
328.86 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
decreased by 0.57%,
Operating Profit was
decreased by 29.70%,
Net Profit was
decreased by 8.68%,
Fixed Assets was
decreased by 2.30%,
Total Assets was
decreased by 7.75%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.92%
to 95.96%, Operating
Profit Margin was
decreased from 2.72%
to 1.91%, S
& A Expenses
was increased from
4.64% to 4.93%,
Other Revenues was
increased from 0.28%
to 2.80%, Net
Profit Margin was
decreased from 1.41%
to 1.29%.
Earning Per Shares
was decreased from
328.86 baht per
share to 300.31
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.14 |
1.10 |
|
Quick-Assets Ratio |
0.77 |
0.84 |
Current Ratio was
increased from 1.10
to 1.14, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.84 to 0.77,
capacity to pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
3.40 |
4.19 |
D/E Ratio was
decreased from 4.19
to 3.40, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
11.74 |
11.53 |
|
Total Assets Turnover |
1.40 |
1.30 |
|
Return on Assets |
1.82 |
1.83 |
|
Return on Equity |
7.99 |
9.52 |
|
Day's Payable |
179.31 |
207.88 |
|
Day’s Inventories |
67.90 |
55.68 |
|
Day’s Receivables |
73.10 |
74.12 |
Fixed Assets Turnover
was increased from
11.53 times to
11.74 times, Total
Assets Turnover was
increased from 1.30
times to 1.40
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
1.83 to 1.82,
Return on Equity
was decreased from
9.52 to 7.99,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 208
days to 180
days, while Day’s
Inventories was increased
from 56 days
to 68 days, but Day’s
Receivables was decreased
from 75 days
to 74 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. |
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%)