MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TROPICAL INTERIORS CO., LTD. |
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Registered Office : |
44/22
Moo 1, T. Maenam,
A. Koh Samui, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2005 |
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Com. Reg. No.: |
0845548005637 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importing and distributing of furniture and
home decorative products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
name
TROPICAL INTERIORS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 44/22
MOO 1, T. MAENAM,
A. KOH SAMUI,
TELEPHONE : [66] 77
247-751
FAX : [66] 77
247-752
E-MAIL ADRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0845548005637
CAPITAL
REGISTERED : BHT.
4,000,000
CAPITAL
PAID-UP : BHT.
4,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. STEVEN LESLIE
HARKER, BRITISH
MANAGING DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : HOME
DECORATIVE PRODUCTS
IMPORTER, DISTRIBUTOR
AND SERVICE
PROVIDER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 26,
2005 as a
private limited company by
Thai and British
groups, under the name
style TROPICAL INTERIORS
CO., LTD., to
provide home furniture
and decoration services
to customer in
Suratthani province. It
currently employs 4
staff.
The
subject’s registered address
is 44/22 Moo
1, T. Maenam, A. Koh
Samui, Suratthani 84140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Steven Leslie Harker |
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British |
34 |
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Mr. Paul Robert Doiley |
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British |
36 |
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Ms. Saifon Kamhaengpol |
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Thai |
30 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Steven Leslie
Harker is the
Managing Director.
He is British
nationality with the
age of 34
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
furniture and home
decorative products. The
subject also provides
interior design service for house, office,
condominium, hotel, apartment,
resort and etc.
IMPORT
Most
of the products
are imported from
United Kingdom, France,
Malaysia and Italy.
SALES/SERVICES
The products are
sold and serviced
locally to end-users.
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
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 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.
BANKING
The Siam
Commercial Bank Public
Co., Ltd.
[Thanon Thaweerat Pakdee [Chaweng] Branch,
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom at
the heading address.
Premise is located
in provincial.
COMMENT
Furniture
and interior decoration in
Samui province is
quite resilient due
to there are
many projects, such
as house, condominium,
resort, hotel and restaurant.
Samui is the
most beautiful island
in the southern
part of Thailand
and in the Gulf
of Siam. It
is the most
significant tourist destination
after
The
subject is newly
established company, however
there is potential
for its business in
long term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000
shares of Bht. 100
each.
On
March 7, 2006,
the capital was
increased to Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr. Steven Leslie
Harker Nationality: British Address : 44/22
Moo 1, Manam,
Koh Samui, Suratthani |
10,000 |
25.00 |
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Mr. Paul Robert
Doiley Nationality: British Address : 44/22
Moo 1, Manam,
Koh Samui, Suratthani |
9,600 |
24.00 |
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Ms.
Duangporn Raksapol Nationality: Thai Address : 64/1
Moo 25, Angthong,
Koh Samui, Suratthani |
4,080 |
10.20 |
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Ms.
Karnkamol Muadphat Nationality: Thai Address : 11/5
Moo 3, Angthong,
Koh Samui, Suratthani |
4,080 |
10.20 |
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Ms. Pranom Niumnard Nationality: Thai Address : Ranong |
4,080 |
10.20 |
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Ms. Pattaya Ramsin Nationality: Thai Address : 1127
Moo 1, Cha-oud,
Nakornsrithammarat |
4,080 |
10.20 |
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Ms.
Patcharaporn Teeruam Nationality: Thai Address : 9
Moo 3, Kusakam,
Vanornniwas, Sakolnakorn |
4,080 |
10.20 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Viroj Jainaknaen No. 7260
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 was:
ASSETS
|
Current Assets |
2005 |
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Cash in hand |
35,445.24 |
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Short-term Loan to
Related Person |
1,400,000.00 |
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Inventories |
477,287.42 |
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Other Current Assets
|
8,476.71 |
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Total Current
Assets |
1,921,209.37 |
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Total Assets
|
1,921,209.37 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
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Other Current Liabilities |
9,892.72 |
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Total Current
Liabilities |
9,892.72 |
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Total Liabilities |
9,892.72 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
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Retained Earning -
Unappropriated |
[88,683.35] |
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Total
Shareholders' Equity |
1,911,316.65 |
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Total
Liabilities & Shareholders' Equity |
1,921,209.37 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
May
26, 2005- Dec.
31, 2005 |
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Sales |
381,329.89 |
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Other Income |
8,476.71 |
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Total Revenues
|
389,806.60 |
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Expenses |
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Cost of Goods
Sold |
309,604.17 |
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Selling & Administrative Expenses |
168,885.78 |
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Total Expenses |
478,489.95 |
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Net Profit / [Loss] |
[88,683.35] |
FINANCIAL ANALYSIS
Profitability
|
Profitability |
2005 |
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Cost of Good
Sold |
81.19 |
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Operating Profit Margin |
[23.26] |
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S & A Expenses |
44.29 |
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Other Revenues |
2.22 |
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Net Profit Margin |
[23.26] |
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Earning Per Shares |
[4.43] |
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No. of Shares |
20,000 |
Compare each cost with sales, Cost of Good Sold was 81.19%, Operating Profit Margin was -23.26%, S & A Expenses was 44.29%, Other Revenues was 2.22%, Net Profit Margin was -23.26%.
Earning Per Shares was -4.43 baht per share.
Liquidity
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Liquidity |
2005 |
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Current Ratio |
194.20 |
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Quick-Assets Ratio |
145.10 |
Current Ratio was 194.20, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, Quick-Assets Ratio was 145.10, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2005 |
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D/E Ratio |
0.01 |
D/E Ratio was
0.01, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company
is low.
Efficiency
|
Efficiency |
2005 |
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Total Assets Turnover |
0.20 |
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Return on Assets |
[4.62] |
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Return on Equity |
[4.64] |
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Day’s Inventories |
450.59 |
Total Assets Turnover
was 0.20 times,
show the company
could use Assets
so efficiently, Return
on Assets was
-4.62, Return on
Equity was -4.64,
capacity to use
Assets to make
profit was not
good.
Day’s Inventories was 451 days.
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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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%)