MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
RAPIPATH JEWELRY LIMITED PARTNERSHIP |
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Registered Office : |
1870-1872 Soi Charanasanitwong 65, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
25.08.1994 |
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Com. Reg. No.: |
0103537029518 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Manufacturer and Exporter of Jewelry 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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
RAPIPATH JEWELRY LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 1870-1872 SOI
CHARANASANITWONG 65,
BANGPLAD,
TELEPHONE : [66] 2434-2635,
2881-8905
FAX : [66] 2434-2727
E-MAIL
ADDRESS : sales@rapipath.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0103537029518 [Former
: [3]839/2537]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR, AMPHAN CHONGTHUAM,
THAI
MANAGING PARTNER
NO.
OF STAFF : 10
LINES
OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on August 25,
1994 as a
limited partnership under the registered name
RAPIPATH JEWELRY LIMITED
PARTNERSHIP by Thai partners,
with the business
objective to manufacture
wide range of
jewelry products for
exports. It currently
employs approximately 10 staff.
The subject’s registered
address is 1870-1872
Charansanitwong 65 Rd.,
Bnagbamru, Bangplad, Bangkok 10700,
and this is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Amphan Chongthuam
Ms. Thipawan
Rerksutthisiridej
One of the
above partners can
sign on behalf
of the subject
with seal affixed.
MANAGEMENT
Mr. Amphan Chongthuam is
the Managing Partner.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is engaged
in design, manufacturing
and exporting wide
range of diamond
with gold jewelry products,
such as bangle,
bracelet, earring, pendants,
rings, necklace & etc. with over
1,000 styles, according
to customers’ requirement. The subject
also offers a
design service to
tailor products.
PURCHASE
100% of raw
material, mainly diamond
and gemstone are
purchased from local
suppliers.
EXPORT
100% of the
products is exported
to U.S.A., European
and Asian countries.
REALTED AND
AFFILIATED COMPANY
Rapiphan Jewelry Co., Ltd.
Business Type
: Manufacturer and
distributor of jewelry
products.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 60 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and shop at
the heading address.
Premise is located
in a prime commercial
area.
REMARK
CREDIT OF D/A
US$ 500,000 IS NOT
RECOMMENDED.
COMMENT
Subject was formed
in 1994 as
a manufacturer and
exporter of jewelry products.
Its design term
has over 20 years
experience in European design,
keeping up to date with
the latest jewelry trend
by attending major
shows worldwide. It
has over 1,000
constantly updated styles
to chose from
and also offer
a design service
to tailor product
for particular market.
Subject had performed
well in the past several
years with outstanding
records. However, world
market consumption of jewelry
products has gradually declined
since the last
two years and shown
continuing slowdown in
the near future
due to world economic
crisis especially in
USA and Europe.
Subject’s business growth
is contact in
line with slow
consumption in overseas
markets.
FINANCIAL INFORMATION
The capital was
registered at Bht. 5,000,000, which
was carried by 3
persons as followed:
Name Age Amount
Ms. Thipawan Rerksutthisiridej 45 Bht. 2,450,000
[Unlimited Partner]
Mr. Amphan Chongthuam 52 Bht. 2,500,000 [Unlimited
Partner]
Ms. Jutharat Chuen-arom - Bht. 50,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Pattana Darnklang No.
1099
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
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Current Assets |
2007 |
2006 |
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Cash in hand
& at Bank
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31,895.17 |
58,201.35 |
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Trade Accts. Receivable
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6,762,436.42 |
9,835,589.85 |
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Raw Material |
177,375,387.44 |
130,933,813.91 |
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Other Current Assets
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3,333.33 |
31,310.60 |
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Total Current
Assets |
184,173,052.36 |
140,858,915.71 |
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Fixed Assets |
4,788,300.28 |
7,657,075.52 |
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Total Assets
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188,961,352.64 |
148,515,991.23 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2007 |
2006 |
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Bank Overdraft |
20,904,983.21 |
19,383,692.40 |
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Trade Accts. Payable |
10,936,853.41 |
14,111,817.46 |
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Accrued Expenses |
13,247,444.26 |
1,521,078.02 |
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Postdated Cheque |
- |
2,367,084.85 |
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Installment Payable-Vehicle |
- |
382,928.06 |
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Total Current
Liabilities |
45,089,280.88 |
37,766,600.79 |
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Loan from Partnership or Related Person |
141,183,000.00 |
91,358,000.00 |
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Total Liabilities |
186,272,280.88 |
129,124,600.79 |
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Shareholders'
Equity |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning -
Unappropriated |
[2,310,928.24] |
14,391,390.44 |
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Total
Shareholders' Equity |
2,689,071.76 |
19,391,390.44 |
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Total
Liabilities & Shareholders' Equity |
188,961,352.64 |
148,515,991.23 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2007 |
2006 |
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Sales Income |
48,467,974.15 |
153,674,042.01 |
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Export Income |
17,964,678.92 |
12,536,099.73 |
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Services Income |
2,094,139.21 |
2,063,605.37 |
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Other Income |
8,277.79 |
216,510.77 |
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Total Revenues
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68,535,070.07 |
168,490,257.88 |
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Expenses |
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Cost of Goods
Sold |
64,205,325.14 |
155,984,971.86 |
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Selling & Administrative Expenses |
6,337,530.36 |
8,505,930.81 |
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Total Expenses |
70,542,855.50 |
164,490,902.67 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
[2,007,785.43] |
3,999,355.21 |
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Interest Expenses |
[1,899,066.75] |
1,413,783.20 |
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Income Tax |
[438,359.04] |
551,289.03 |
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Net Profit / [Loss] |
[4,345,211.22] |
2,034,282.98 |
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Retained Earning [deficit], Beginning
of Year |
2,034,282.98 |
[12,357,107.46] |
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Retained Earning
[deficit], End of Year |
[2,310,928.24] |
14,391,390.44 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2007 |
2006 |
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Net Sales |
[59.28] |
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Operating Profit |
[223.28] |
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Net Profit |
[313.60] |
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Fixed Assets |
[37.47] |
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Total Assets |
27.23 |
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Profitability |
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Cost of Good
Sold |
93.69 |
92.70 |
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Operating Profit Margin |
[2.93] |
2.38 |
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S & A
Expenses |
9.25 |
5.05 |
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Interest Paid |
2.77 |
0.84 |
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Other Revenues |
0.01 |
0.13 |
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Net Profit Margin |
[6.34] |
1.21 |
Net Sales was
decreased by 59.28%,
Operating Profit was
decreased by 223.28%,
Net Profit was
decreased by 313.60%,
Fixed Assets was
decreased by 37.47%,
Total Assets was
increased by 27.23%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.70%
to 93.69%, Operating
Profit Margin was
decreased from 2.38%
to -2.93%, S
& A Expenses
was increased from
5.05% to 9.25%,
Interest Paid was increased
from 0.84% to
2.77%, Other Revenues
was decreased from
0.13% to 0.01%,
Net Profit Margin
was decreased from
1.21% to -6.34%.
Liquidity
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Liquidity |
2007 |
2006 |
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Current Ratio |
4.08 |
3.73 |
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Quick-Assets Ratio |
0.15 |
0.26 |
Current Ratio was
increased from 3.73
to 4.08, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was good, Quick-Assets
Ratio was decreased
from 0.26 to
0.15, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
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Leverage |
2007 |
2006 |
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D/E Ratio |
69.27 |
6.66 |
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Times Interest Earned |
[1.06] |
2.83 |
D/E Ratio was
increased from 6.66
to 69.27, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
decreased from 2.83
to -1.06, capacity
to pay interest
paid was not
good.
Efficiency
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Efficiency |
2007 |
2006 |
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Fixed Assets Turnover |
14.31 |
21.98 |
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Total Assets Turnover |
0.36 |
1.13 |
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Return on Assets |
[2.30] |
1.37 |
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Return on Equity |
[161.59] |
10.49 |
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Day's Payable |
57.46 |
30.19 |
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Day’s Inventories |
931.83 |
280.12 |
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Day’s Receivables |
35.53 |
21.04 |
Fixed Assets Turnover
was decreased from
21.98 times to
14.31 times, Total
Assets Turnover was
decreased from 1.13
times to 0.36
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 1.37 to
-2.30, Return on
Equity was decreased
from 10.49 to
-161.59, capacity to
use Assets to
make profit was
not good.
Day's Payable was
increased from 31
days to 58
days, Day’s Inventories
was increased from
281 days to
932 days, and
Day’s Receivables was
increased from 22
days to 36
days.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.95 |
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1 |
Rs.79.56 |
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Euro |
1 |
Rs.63.65 |
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. |
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%)