MIRA INFORM REPORT
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Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
TAPPER
MARQUISE CO., LTD |
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Registered Office : |
Unit A-3, 25th Floor, Gem Tower Building, 1249/181 Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.02.1994 |
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Com. Reg. No.: |
0105537013834 |
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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
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
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 |
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
TAPPER
MARQUISE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
A-3, 25th FLOOR, GEM
TOWER BUILDING,
1249/181
CHAROENKRUNG ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK 10500
TELEPHONE : [66] 2267-1613,
2266-3527, 81 314-8218, 81 570-2562
FAX : [66] 2266-3528
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537013834 [Former
: 339/ 2537]
CAPITAL REGISTERED : BHT. 4,500,000
CAPITAL PAID-UP : BHT. 4,500,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SAMIR INDULAL
SHAH, 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 : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on February 2,
1994 as a
private limited company under
the name style
TAPPER MARQUISE CO.,
LTD., by Thai and
Indian groups, in
order to import
and export of
diamond and jewelry
products. It currently
employs 4 staff.
The subject’s registered address is 1249/181
Gem Tower Bldg., Charoenkrung Rd.,
Suriyawongse, Bangrak, Bangkok 10500, and this is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Samir Indulal
Shah |
|
Indian |
41 |
|
Mrs. Sonal Samir Shah |
|
Indian |
37 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Samir Indulal Shah
is the Managing
Director.
He is Indian
nationality with the
age of 41 years
old.
Mr. Vipul Kothari is
the Export Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing of diamond,
as well as
exporting of gems
and jewelry products.
PURCHASE
Gems and jewelry
products are purchased
from local suppliers.
IMPORT
Diamonds
are imported from
India and Hong
Kong.
SALES
The products are
sold locally by
wholesale to traders
and jewelry manufacturers.
EXPORT
The
jewelry products are
exported to India,
Hong Kong, Japan, Singapore
and Republic of
China.
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 credits term
of 30-60 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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd. :
Silom Branch
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.
REMARK
MAXIMUM
CREDIT SHOULD BE GRANTED AT
US$ 100,000.
COMMENT
Consumption
improvement has risen demand of
imported and exported
products. Jewelry business
has been improved
in parallel with economic
recovery. Domestic demand of
diamond has drastically
increased from local market,
while exported products have
been continued rising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100 each
with fully paid.
On November
6, 2009 the registered
capital was decreased
to Bht. 4,500,000 divided
into 45,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thanaphon Chintanakochapak Nationality: Thai Address : 550/146
Asoke-Dindaeng Rd., Dingdaeng, Bangkok |
22,950 |
51.00 |
|
Mr. Samir Indulal Shah Nationality: Indian Address : Bombay,
India |
11,025 |
24.50 |
|
Mrs. Sonal Samir Shah Nationality: Indian Address : 1249/181
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
11,025 |
24.50 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suchart Srimaunchantha No.
3549
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
67,339.60 |
1,842,288.89 |
|
Trade Accts. Receivable |
1,303,478.29 |
2,460,569.76 |
|
Inventories |
7,622,030.00 |
12,989,111.00 |
|
|
|
|
|
Total Current Assets
|
8,992,847.89 |
17,291,969.65 |
|
Fixed Assets |
3.00 |
3.00 |
|
Other Assets |
90,622.37 |
89,213.87 |
|
Total Assets |
9,083,473.26 |
17,381,186.52 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Accrued Expenses |
23,156.76 |
96,617.70 |
|
Trade Accounts Payable |
760,610.00 |
8,407,291.92 |
|
Bank Overdraft |
469,951.01 |
189,031.29 |
|
Loan Payable Director |
350,000.00 |
- |
|
|
|
|
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Total Current Liabilities |
1,603,717.77 |
8,692,940.91 |
|
|
|
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Total Liabilities |
1,603,717.77 |
8,692,940.91 |
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|
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Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 45,000 &
60,000 shares in 2009
& 2008 respectively |
4,500,000.00 |
6,000,000.00 |
|
|
|
|
|
Capital Paid |
4,500,000.00 |
6,000,000.00 |
|
Retained Earning - Unappropriated |
2,979,755.49 |
2,688,245.61 |
|
Total Shareholders' Equity |
7,479,755.49 |
8,688,245.61 |
|
Total Liabilities &
Shareholders' Equity |
9,083,473.26 |
17,381,186.52 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales |
20,491,365.27 |
25,833,281.32 |
|
Other Income |
304,329.36 |
- |
|
Total Sales |
20,795,694.63 |
25,833,281.32 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
19,305,679.16 |
23,354,154.46 |
|
Selling Expenses |
44,945.00 |
200,640.77 |
|
Administrative Expenses |
1,081,358.40 |
1,825,514.40 |
|
Total Expenses |
20,431,982.56 |
25,380,309.63 |
|
|
|
|
|
Profit/[Loss] Before Interest
Expenses |
363,712.07 |
452,971.69 |
|
Interest Expenses |
[7,202.19] |
[7,802.10] |
|
|
|
|
|
Profit/[Loss] Before Income Tax |
356,509.88 |
445,169.59 |
|
Income Tax |
[65,000.00] |
[135,119.71] |
|
Net Profit / [Loss] |
291,509.88 |
310,049.88 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.61 |
1.99 |
|
QUICK RATIO |
TIMES |
0.85 |
0.49 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6,830,455.09 |
8,611,093.77 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.26 |
1.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
144.10 |
203.01 |
|
INVENTORY TURNOVER |
TIMES |
2.53 |
1.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
23.22 |
34.77 |
|
RECEIVABLES TURNOVER |
TIMES |
15.72 |
10.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.38 |
131.40 |
|
CASH CONVERSION CYCLE |
DAYS |
152.94 |
106.37 |
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.21 |
90.40 |
|
SELLING & ADMINISTRATION |
% |
5.50 |
7.84 |
|
INTEREST |
% |
0.04 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
7.27 |
9.60 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.77 |
1.75 |
|
NET PROFIT MARGIN |
% |
1.42 |
1.20 |
|
RETURN ON EQUITY |
% |
3.90 |
3.57 |
|
RETURN ON ASSET |
% |
3.21 |
1.78 |
|
EARNING PER SHARE |
BAHT |
6.48 |
5.17 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.21 |
1.00 |
|
TIME INTEREST EARNED |
TIMES |
50.50 |
58.06 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(20.68) |
|
|
OPERATING PROFIT |
% |
(19.71) |
|
|
NET PROFIT |
% |
(5.98) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
(47.74) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
7.27 |
Acceptable |
Industrial Average |
10.62 |
|
Net Profit Margin |
1.42 |
Impressive |
Industrial Average |
(0.91) |
|
Return on Assets |
3.21 |
Impressive |
Industrial Average |
(1.16) |
|
Return on Equity |
3.90 |
Impressive |
Industrial Average |
(2.99) |
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 7.27%. 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. The company's figure is 1.42%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
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. Return on Assets is 3.21%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity is
3.9%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
5.61 |
Impressive |
Industrial Average |
1.85 |
|
Quick Ratio |
0.85 |
|
|
|
|
Cash Conversion Cycle |
152.94 |
|
|
|
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 5.61 times in 2009, increase from 1.99 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 higher, indicated that company
was an efficient operator in a dominant
position within its industry.
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 0.85 times in 2009,
increase from 0.49 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 153 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.21 |
Impressive |
Industrial Average |
1.52 |
|
Times Interest Earned |
50.50 |
Impressive |
Industrial Average |
(0.13) |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 50.51 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.18 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6,830,455.09 |
Impressive |
Industrial Average |
7.78 |
|
Total Assets Turnover |
2.26 |
Impressive |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
144.10 |
|
|
|
|
Inventory Turnover |
2.53 |
Impressive |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
23.22 |
|
|
|
|
Receivables Turnover |
15.72 |
Impressive |
Industrial Average |
2.78 |
|
Payables Conversion Period |
14.38 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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.