MIRA INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ANILA
GEM INTERNATIONAL CO.,
LTD. |
|
|
|
|
Registered Office : |
10/3-5 Moo
2, Liabvaree Road, Kokfaed, Nongjok, Bangkok 10530 |
|
|
|
|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
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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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|
|
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Line of Business : |
Manufacturer and exporter of 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 |
|
Status : |
Satisfactory |
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|
|
|
Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ANILA GEM INTERNATIONAL
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 10/3-5 MOO
2, LIABVAREE ROAD,
KOKFAED, NONGJOK,
BANGKOK 10530
TELEPHONE : [66] 2548-2011,
2548-2016, 2956-9147-51
FAX :
[66] 2956-9153,
2548-2017
E-MAIL
ADDRESS : info@anilagem.com
sales@anilagem.com
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
SHAREHOLDER’S PROPORTION : THAI : 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MOHAMMAD JUNID, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 420
LINES
OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR 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 changed
its name to be ANILA GEM INTERNATIONAL CO., LTD.,
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 420
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 |
|
|
|
|
|
|
Mr. Mohammad Junid |
|
Thai |
46 |
|
Mr. Mohammad Asif Ratanaruengtrakul |
|
Thai |
48 |
|
Mr. Mohammad Riswan Kazim |
|
Thai |
30 |
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 46
years old.
Mr. Mohammad Sohei is
the Sales &
Marketing Manager.
He is Thai
nationality.
Mr. Yoosok Promgaysorn 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 48 years
old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing the various
styles and designs
of fine jewelry in 14k and
18k gold, set
with diamonds and
other precious and
semi precious stones, under
its own brand “ANILA GEM”,
“SANABIL” and customer’s
brand.
PURCHASE
Raw materials such as
diamonds, gemstones and
accessories are purchased
from suppliers in
both domestic and
overseas, such as
India, Germany, Japan,
South Africa and
Hong Kong.
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
countries.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is not
found to have any
subsidiary or 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]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
420 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.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
2,000,000.
COMMENT
The
subject’s business performance
in 2010 has
seen improvement with
an increase in
both sales sale
and net profit
comparing to the
same period of
2009. This is
mainly due to
a recovery of
jewelry business in exports
market. Generally, the subject’s
business is promising
and growing moderately.
The current flood
in Thailand has no
impact on the
company’s business. It is
operating normally.
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, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Gulam
Mohammad Kazim Nationality: Thai Address : 21/16
Moo 1, Saensab, Minburi,
Bangkok |
21,140 |
42.28 |
|
Mr. Mohammad Junid Nationality: Thai Address : 144/68
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
18,125 |
36.25 |
|
Mr. Mohammad Asif Ratanaruengtrakul Nationality: Thai Address : 897 Patanakarn Rd.,
Suanluang, Prakanong, Bangkok |
8,040 |
16.08 |
|
Mrs. Zarifa Kazim Nationality: Thai Address : 144/10
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
2,575 |
5.15 |
|
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 |
|
Ms. Nitaya Sanjakornhiran Nationality: Thai Address : 409/14
Suksawad Rd., Bangkapi,
Rajburana, Bangkok |
40 |
0.08 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00% |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00% |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Anand Thongsamrith No.
4903
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
201,646,118.98 |
218,293,107.05 |
|
Trade Accounts Receivable |
109,327,715.54 |
126,487,235.66 |
|
Inventories |
210,371,043.46 |
174,289,403.80 |
|
Short-term Loan to Related Company |
2,438,852.50 |
- |
|
Other Current Assets |
6,301,464.27 |
7,920,567.72 |
|
Total Current Assets
|
530,085,194.75 |
526,990,314.23 |
|
|
|
|
|
Fixed Assets |
76,811,455.82 |
83,052,015.02 |
|
Other Assets |
699,800.00 |
543,500.00 |
|
Total Assets |
607,596,450.57 |
610,585,829.25 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable
|
365,944,884.10 |
388,148,162.50 |
|
Short-term Loan from Related
Company |
11,955,249.35 |
- |
|
Advanced Received Income |
40,343,076.30 |
35,355,668.50 |
|
Other Current Liabilities |
3,229,508.26 |
3,105,904.79 |
|
Total Current Liabilities |
421,472,718.01 |
426,609,735.79 |
|
Total Liabilities |
421,472,718.01 |
426,609,735.79 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 50,000 shares |
50,000,000.00 |
50,000,000.00 |
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning -
Unappropriated |
136,123,732.56 |
133,976,093.46 |
|
Total Shareholders' Equity |
186,123,732.56 |
183,976,093.46 |
|
Total Liabilities & Shareholders' Equity |
607,596,450.57 |
610,585,829.25 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
570,618,548.69 |
543,673,601.25 |
|
Gain on Exchange Rate |
21,963,952.43 |
12,808,938.67 |
|
Other Income |
2,400,968.21 |
513,227.99 |
|
Total Sales |
594,983,469.33 |
556,995,767.91 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
535,938,678.90 |
536,377,096.56 |
|
Selling Expenses |
22,353,932.06 |
22,315,638.83 |
|
Administrative Expenses |
34,543,219.27 |
33,933,357.77 |
|
Total Expenses |
592,835,830.23 |
592,626,093.16 |
|
Net Profit / [Loss] |
2,147,639.10 |
[35,630,325.25] |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
1.24 |
|
QUICK RATIO |
TIMES |
0.74 |
0.81 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.43 |
6.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.94 |
0.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
143.27 |
118.60 |
|
INVENTORY TURNOVER |
TIMES |
2.55 |
3.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
69.93 |
84.92 |
|
RECEIVABLES TURNOVER |
TIMES |
5.22 |
4.30 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
249.23 |
264.13 |
|
CASH CONVERSION CYCLE |
DAYS |
(36.02) |
(60.61) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.92 |
98.66 |
|
SELLING & ADMINISTRATION |
% |
9.97 |
10.35 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
10.35 |
3.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.38 |
(6.55) |
|
NET PROFIT MARGIN |
% |
0.38 |
(6.55) |
|
RETURN ON EQUITY |
% |
1.15 |
(19.37) |
|
RETURN ON ASSET |
% |
0.35 |
(5.84) |
|
EARNING PER SHARE |
BAHT |
42.95 |
(712.61) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.26 |
2.32 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4.96 |
|
|
OPERATING PROFIT |
% |
(106.03) |
|
|
NET PROFIT |
% |
106.03 |
|
|
FIXED ASSETS |
% |
(7.51) |
|
|
TOTAL ASSETS |
% |
(0.49) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.35 |
Acceptable |
Industrial Average |
20.30 |
|
Net Profit Margin |
0.38 |
Acceptable |
Industrial Average |
0.57 |
|
Return on Assets |
0.35 |
Deteriorated |
Industrial Average |
0.80 |
|
Return on Equity |
1.15 |
Acceptable |
Industrial Average |
2.23 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 10.35%. When
compared with the industry average, the ratio of the company was lower.
This indicated that company was
originated from the problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin is 0.38%. When
compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 0.35%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 1.15%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.26 |
Acceptable |
Industrial
Average |
2.34 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
(36.02) |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.26 times in 2010, increase from 1.24 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there are
to cover current liabilities. The company's figure is 0.74 times in 2010,
decrease from 0.81 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for -37 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Impressive |
Industrial Average |
0.81 |
|
Debt to Equity Ratio |
2.26 |
Risky |
Industrial Average |
2.18 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.40 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.69 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.43 |
Satisfactory |
Industrial Average |
7.44 |
|
Total Assets Turnover |
0.94 |
Deteriorated |
Industrial Average |
1.96 |
|
Inventory Conversion Period |
143.27 |
|
|
|
|
Inventory Turnover |
2.55 |
Satisfactory |
Industrial Average |
3.35 |
|
Receivables Conversion Period |
69.93 |
|
|
|
|
Receivables Turnover |
5.22 |
Impressive |
Industrial Average |
4.51 |
|
Payables Conversion Period |
249.23 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.07 |
|
UK Pound |
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.69.04 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.