MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CREATION TAMARINE
COMPANY LIMITED |
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Registered Office : |
137/1
Moo 3, Soi
8, Banhuaybon, T. Maepong, A. Doisaket, Chiangmai
50220 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
23.04.2008 |
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Com. Reg. No.: |
0505551001640 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Household
Textile Products
Manufacturer, Exporter and
Distributor. |
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 : |
Unknown |
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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 – March 31st, 2010
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
CREATION TAMARINE
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 137/1
MOO 3, SOI
8, BANHUAYBON, T. MAEPONG,
A.
DOISAKET,
TELEPHONE : [66] 53
840-767
FAX : [66] 53
965-321
E-MAIL ADDRESS : srcm@creationtamarine.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2008
REGISTRATION NO.
: 0505551001640
CAPITAL REGISTERED
: BHT.
5,000,000
CAPITAL PAID-UP
: BHT.
5,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. SOPHIE ROUMELIOTIS,
BELGIAN
MANAGING DIRECTOR
NO. OF
STAFF : 40
LINES OF
BUSINESS : HOUSEHOLD TEXTILE
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 23, 2008 as
a private limited
company under the registered name CREATION
TAMARINE COMPANY LIMITED
by Belgian groups, with the
business objective to
manufacture of household
textile products. It
currently employs approximate
40 staff.
The
subject’s registered address
is 137/1 Moo
3, Soi 8,
Banhuaybon, T. Maepong,
A. Doisaket,
Chiangmai 50220, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Ms. Sophie Roumeliotis
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Sophie
Roumeliotis is the
Managing Director.
She is Belgian
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in design and hand made manufacturing
of household textile
products, including bed
linen & embroidery,
furniture, designed carpet,
lamp, curtain and
etc.
PURCHASE
100%
of fabric, craft
material and others
are purchased from
local supplier.
SALES
Most of the
products are exported
to U.S.A., Belgium,
United Kingdom, France, Germany
and Italy, the
rest is sold
locally.
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.
Exports are against
T/T.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 40
staff and craft
workers.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial, in the
Northern region.
Branch
office & workshop :
-
125/4 Moo 6, Baan
Mongtone, T. Mae Hoi
Ngoen, A. Doisaket, Chiangmai
50220.
Showroom :
-
Unit G 49A, 1st Floor,
O.P. Place Chiangmai,
A.
Muang, Chiangmai 50000.
REMARK
CREDIT
OF US$ 125,000
SHOULD BE ON
SECURED BASIS.
COMMENT
The
subject provides household
decorative products, which have
been made by
hands. Its revenues
are in relation
to the demand
of consumers in
overseas who appreciate
the handcraft products. Market
of its products
is mainly in
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided into 30,000 shares of Bht. 100 each
with fully paid.
On
February 10, 2010,
capital was increased
to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Sophie
Roumeliotis Nationality: Belgian Address : 137/1
Moo 3, Soi
8, Baanhuaybon, T.
Maepong, A. Doisaket, Chiangmai |
29,994 |
99.98 |
|
Ms. Prisana
Kathinhom Nationality: Thai Address : 242
Moo 3, T. Dusit,
A. Thampannara,
Nakornsrithammarat |
1 |
|
|
Mrs. Duangkhae Vijaisa Nationality: Thai Address : 29
Moo 7, T. Buakkang, A. Sankampaeng, Chiangmai |
1 |
|
|
Ms. Pinyada
Noomsakul Nationality: Thai Address : 327
Moo 3, T. Yangnerng, A. Sarapee,
Chiangmai |
1 |
= 0.02 |
|
Ms. Sujinna
Tangcharassrikul Nationality: Thai Address : 25
T. Taladyai, A. Muang, Phuket |
1 |
|
|
Ms. Rosarin
Khaolai Nationality: Thai Address : 263
Moo 4, T. Mae
Hoi Ngoen, A.
Doisaket, Chiangmai |
1 |
|
|
Mr. Somno
Saenghiran Nationality: Thai Address : 176
Moo 8, T. Maekha, A. Fang, Chiangmai |
1 |
|
Total
Shareholders : 7
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Maliwan Tantrawat No.
5160
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
1,411,524.07 |
24,402,890.57 |
|
Inventories |
5,540,968.16 |
6,319,076.73 |
|
Short-term Loan to Person or
Related Company |
10,950,000.00 |
- |
|
Other Current Assets |
772,743.85 |
2,638,328.20 |
|
|
|
|
|
Total
Current Assets |
18,675,236.08 |
33,360,295.50 |
|
|
|
|
|
Fixed Assets |
5,557,525.54 |
2,927,734.63 |
|
Other Assets |
1,708,660.80 |
9,394,764.62 |
|
Total
Assets |
25,941,422.42 |
45,682,794.75 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accounts Payable |
124,404.72 |
130,668.39 |
|
Payable Deposit |
28,713,232.85 |
44,570,833.97 |
|
Other Current Liabilities |
362,259.97 |
122,350.38 |
|
|
|
|
|
Total Current Liabilities |
29,199,897.54 |
44,823,852.74 |
|
Total
Liabilities |
29,199,897.54 |
44,823,852.74 |
|
|
|
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|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning-
Unappropriated |
[6,258,475.12] |
[2,141,057.99] |
|
Total Shareholders' Equity |
[3,258,475.12] |
858,942.01 |
|
Total Liabilities &
Shareholders' Equity |
25,941,422.42 |
45,682,794.75 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales Income |
52,455,606.30 |
15,646,975.34 |
|
Other Income |
6,648,709.34 |
2,483,974.23 |
|
Total
Revenues |
59,104,315.64 |
18,130,949.57 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
52,274,144.47 |
15,282,426.58 |
|
Selling Expenses |
5,785,594.59 |
2,762,120.20 |
|
Administrative Expenses |
5,077,193.71 |
2,227,460.78 |
|
Total Expenses
|
63,136,932.77 |
20,272,007.56 |
|
|
|
|
|
Net
Profit / [Loss] |
[4,032,617.13] |
[2,141,057.99] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.64 |
0.74 |
|
QUICK RATIO |
TIMES |
0.05 |
0.54 |
|
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|
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|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.44 |
5.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.02 |
0.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.69 |
150.92 |
|
INVENTORY TURNOVER |
TIMES |
9.43 |
2.42 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.87 |
3.12 |
|
CASH CONVERSION CYCLE |
DAYS |
37.82 |
147.80 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
99.65 |
97.67 |
|
SELLING & ADMINISTRATION |
% |
20.71 |
31.89 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
13.02 |
18.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(7.69) |
(13.68) |
|
NET PROFIT MARGIN |
% |
(7.69) |
(13.68) |
|
RETURN ON EQUITY |
% |
123.76 |
(249.27) |
|
RETURN ON ASSET |
% |
(15.55) |
(4.69) |
|
EARNING PER SHARE |
BAHT |
(134.42) |
(71.37) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.13 |
0.98 |
|
DEBT TO EQUITY RATIO |
TIMES |
(8.96) |
52.18 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
235.24 |
|
|
OPERATING PROFIT |
% |
88.35 |
|
|
NET PROFIT |
% |
(88.35) |
|
|
FIXED ASSETS |
% |
89.82 |
|
|
TOTAL ASSETS |
% |
(43.21) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
13.02 |
Deteriorated |
Industrial Average |
29.50 |
|
Net Profit Margin |
(7.69) |
Deteriorated |
Industrial Average |
(4.78) |
|
Return on Assets |
(15.55) |
Deteriorated |
Industrial Average |
(1.10) |
|
Return on Equity |
123.76 |
Impressive |
Industrial Average |
3.27 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 13.02%. 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 -7.69%.
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 -15.55%.
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
123.76%, 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 |
0.64 |
Risky |
Industrial Average |
25.86 |
|
Quick Ratio |
0.05 |
|
|
|
|
Cash Conversion Cycle |
37.82 |
|
|
|
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 0.64 times in 2009, decrease from 0.74 times, then the company may
not be efficiently using its current assets. 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 0.05 times in 2009,
decrease from 0.54 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 38 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.13 |
Impressive |
Industrial Average |
0.99 |
|
Debt to Equity Ratio |
(8.96) |
Risky |
Industrial Average |
1.35 |
|
Times Interest Earned |
- |
|
Industrial Average |
432.26 |
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 1.13 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 |
9.44 |
Deteriorated |
Industrial Average |
2,320.83 |
|
Total Assets Turnover |
2.02 |
Impressive |
Industrial Average |
1.42 |
|
Inventory Conversion Period |
38.69 |
|
|
|
|
Inventory Turnover |
9.43 |
Acceptable |
Industrial Average |
13.33 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
17.84 |
|
Payables Conversion Period |
0.87 |
|
|
|
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
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.