MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAPPER DIAM CO., LTD. |
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Registered Office : |
Unit 13B, 10th Floor, Surawongwattanakarn Building, 322/130 Surawong Road,
Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
30.05. 2000 |
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Com. Reg. No.: |
0105543050525 |
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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
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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
TAPPER
DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
13B, 10th FLOOR,
SURAWONGWATTANAKARN BUILDING,
322/130 SURAWONG
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2631-5300,
1372-3401
FAX : [66] 2631-5301
E-MAIL
ADDRESS : dagaria@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION NO. : 0105543050525
[Former : 760/ 2543]
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. GAURAV DAGARIA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 4
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 May 30,
2000 as a
private limited company under the name style
TAPPER DIAM CO.,
LTD. by Thai and
Indian groups, in
order to engage
in diamond and
jewelry trading business.
It currently employs
4 staff.
The subject’s registered address is 322/13 Surawong Rd., Suriyawongse, Bangrak,
Bangkok 10500, 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. Gaurav Dagaria |
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Indian |
27 |
|
Mr. Atit Jayesh Meta |
|
Indian |
23 |
AUTHORIZED PERSON
One of the above directors
can sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Gaurav Dagaria
is the Managing Director.
He is Indian nationality with
the age of
27 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing diamonds,
as well as
exporting diamonds and
jewelry products to
overseas countries.
IMPORT
Diamonds
are imported from
India.
SALES
The products are
sold locally by
wholesale to traders,
manufacturers and end-users.
EXPORT
Diamonds
and Jewelry products
are exported to
India, Singapore, Hong
Kong and European
countries.
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 credit term
of 30 days.
Local bills are
paid by cash
or on the credit term
of 30 days.
Imports are by L/C at sight.
Export are against
T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial
area.
COMMENT
In 2006, the subject’s sales were moderately
grown by robust market of jewelry products. However, since overall
economic slowdown started
in 2007, there
was sign of
decline consumption on
luxury goods such
as jewelry, diamond
and gold.
In 2008 double
digit rises in
prices of food
and fuel has
dampening consumer sentiment
and carefully spending
on unnecessary item,
therefore market of
diamond and jewelry
products would be
still or growing
slowly.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100 each.
On
October 11, 2005,
the capital was increased to
4,000,000 divided into
40,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at February 20,
2008]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Gaurav Dagaria Nationality: Indian Address : Bombay.,
India |
10,000 |
25.00 |
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Ms. Suwanna Tawanyong Nationality: Thai Address : 183
Isaraphap Rd., Wat
Kalaya, Thonburi, Bangkok |
5,100 |
12.75 |
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Mrs.
Kannika Ratanasiriwatanakul Nationality: Thai Address : 235
Isaraphap Rd., Wat
Aroon,
Bangkokyai, Bangkok |
5,100 |
12.75 |
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Mr. Som Piew-ondee Nationality: Thai Address : 35
Moo 14, Jomphra,
Surin |
5,100 |
12.75 |
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Mr. Suksant Baiphak Nationality: Thai Address : 42/3
Isaraphap Rd., Wat
Kalaya, Thonburi, Bangkok |
5,100 |
12.75 |
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Mr. Atit Jayesh
Meta Nationality: Indian Address : Mumbai,
India |
5,000 |
12.50 |
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Mr. Angkit Rajanikan
Shah Nationality: Indian Address : Mumbai,
India |
4,600 |
11.50 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Wasana Tanmongkol No.
1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in Hand
& at Bank |
120,563.79 |
79,226.29 |
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Trade Accts. Receivable |
7,424,648.60 |
15,890,167.55 |
|
Inventories |
71,283,771.81 |
31,714,535.42 |
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Other Current Assets
|
4,000.00 |
4,000.00 |
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|
|
|
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Total Current
Assets |
78,832,984.20 |
47,687,929.26 |
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Fixed Assets |
37,734.82 |
49,504.23 |
|
Other Assets |
- |
35,454.54 |
|
Total Assets |
78,870,719.02 |
47,772,888.03 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accts. Payable |
57,684,186.34 |
38,392,522.69 |
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Other Current Liabilities |
1,180,227.28 |
94,365.79 |
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Total Current
Liabilities |
58,864,413.62 |
38,486,888.48 |
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Loan from Person
or Related Company |
12,910,000.00 |
4,110,000.00 |
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Total Liabilities |
71,774,413.62 |
42,596,888.48 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
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Capital Paid |
4,000,000.00 |
4,000,000.00 |
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Retained Earning -
Unappropriated |
3,096,305.40 |
1,175,999.55 |
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Total
Shareholders' Equity |
7,096,305.40 |
5,175,999.55 |
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Total
Liabilities & Shareholders' Equity |
78,870,719.02 |
47,772,888.03 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales - Domestic |
17,389,567.89 |
1,809,884.08 |
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Sales - Overseas |
25,020,981.61 |
27,184,310.20 |
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Gain on Exchange
Rate |
4,763,538.59 |
- |
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Total Revenues
|
47,174,088.09 |
28,994,194.28 |
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Expenses |
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Cost of Goods
Sold |
41,404,752.95 |
26,043,746.99 |
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Selling & Administrative Expenses |
3,502,988.27 |
1,604,820.27 |
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Loss on Exchange
Rate |
- |
800,369.24 |
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Total Expenses |
44,907,741.22 |
28,448,936.50 |
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Profit / [Loss] before Income
Tax |
2,266,346.87 |
545,257.78 |
|
Income Tax |
[346,041.02] |
[83,999.72] |
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Net Profit / [Loss] |
1,920,305.85 |
461,258.06 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
46.27 |
|
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Operating Profit |
15.14 |
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Net Profit |
316.32 |
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Fixed Assets |
[23.77] |
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Total Assets |
65.10 |
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Profitability |
|
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Cost of Good
Sold |
97.63 |
89.82 |
|
Operating Profit Margin |
5.34 |
4.64 |
|
S & A
Expenses |
8.26 |
5.53 |
|
Other Revenues |
11.23 |
0.00 |
|
Net Profit Margin |
4.53 |
1.59 |
|
Earning Per Shares |
48.01 |
11.53 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 46.27%,
Operating Profit was
increased by 15.14%,
Net Profit was
increased by 316.32%,
Fixed Assets was
decreased by 23.77%,
Total Assets was
increased by 65.10%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.82%
to 97.63%, Operating
Profit Margin was
increased from 4.64%
to 5.34%, S
& A Expenses
was increased from
5.53% to 8.26%,
Other Revenues was
increased from 0.00%
to 11.23%, Net
Profit Margin was
increased from 1.59%
to 4.53%.
Earning Per Shares
was increased from
11.53 baht per
share to 48.01
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.34 |
1.24 |
|
Quick-Assets Ratio |
0.13 |
0.41 |
Current Ratio was
increased from 1.24
to 1.34, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.41 to 0.13,
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 |
10.11 |
8.23 |
D/E Ratio was
increased from 8.23
to 10.11, 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 |
1,123.91 |
585.69 |
|
Total Assets Turnover |
0.54 |
0.61 |
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Return on Assets |
2.43 |
0.97 |
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Return on Equity |
27.06 |
8.91 |
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Day's Payable |
489.65 |
476.69 |
|
Day’s Inventories |
605.09 |
393.78 |
|
Day’s Receivables |
63.02 |
197.30 |
Fixed Assets Turnover
was increased from
585.69 times to
1,123.91 times, Total
Assets Turnover was
decreased from 0.61
times to 0.54
times, show the
company could use
Fixed Assets so efficiently, Return
on Assets was
increased from 0.97
to 2.43, Return
on Equity was
increased from 8.91
to 27.06, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 477
days to 490
days, and Day’s
Inventories was increased
from 394 days
to 606 days, while Day’s
Receivables was decreased
from 198 days
to 64 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 |
|
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 |
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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%)