MIRA
INFORM REPORT
|
Report Date : |
10.02.2012 |
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) : |
31.12.2010 |
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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 |
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No. of Employees : |
4 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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,
081
314-8218, 081 570-2562
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
SHAREHOLDERS PROPORTION : THAI :
51%
INDIAN
: 49%
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 subjects registered address is Unit
A-3, 25th Floor, Gem Tower Bldg., 1249/181 Charoenkrung Rd., Suriyawongse, Bangrak, Bangkok 10500, and this
is the subjects current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Samir Indulal
Shah |
|
Indian |
42 |
|
Mrs. Sonal Samir Shah |
|
Indian |
38 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Mr. Samir Indulal Shah
is the Managing Director.
He is Indian
nationality with the
age of 42 years
old.
Mr. Vipul Kothari is
the Export Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing of diamonds,
as well as
exporting of diamonds,
gems and jewelry
products.
PURCHASE
Gems and jewelry
products are purchased
from local suppliers.
IMPORT
Diamonds
are imported from
India.
SALES [LOCAL]
The products are
sold locally by wholesale
to traders and
jewelry manufacturers.
EXPORT
The
jewelry products are
exported to India,
Hong Kong, Japan and
Middle East Countries.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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
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 prime commercial
area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
50,000.
COMMENT
Consumption
improvement has risen demand of
imported and exported
products. Jewelry consumption in emerging
countries in the
Asian market e.g. China,
India and the Middle
East has gradually picked
up, as well as
prospects in the
US are likely
to improve this year. Subject
foresees growth in
exports this year.
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, 2011]
|
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
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
22,950 |
51.00 |
|
Indian |
2 |
22,050 |
49.00 |
|
Total |
3 |
45,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Suchart Srimaunchantha No.
3549
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
771,451.94 |
67,339.60 |
|
Trade Accounts Receivable |
3,074,551.31 |
1,303,478.29 |
|
Inventories |
8,555,002.50 |
7,622,030.00 |
|
|
|
|
|
Total Current Assets
|
12,401,005.75 |
8,992,847.89 |
|
Fixed Assets |
3.00 |
3.00 |
|
Other Assets |
89,217.73 |
90,622.37 |
|
Total Assets |
12,490,226.48 |
9,083,473.26 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
433,721.57 |
469,951.01 |
|
Trade Accounts Payable |
4,413,306.56 |
760,610.00 |
|
Accrued Expenses |
24,057.20 |
23,156.76 |
|
Loan Payable -
Director |
- |
350,000.00 |
|
|
|
|
|
Total Current Liabilities |
4,871,085.33 |
1,603,717.77 |
|
|
|
|
|
Total Liabilities |
4,871,085.33 |
1,603,717.77 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 45,000 shares |
4,500,000.00 |
4,500,000.00 |
|
|
|
|
|
Capital Paid |
4,500,000.00 |
4,500,000.00 |
|
Retained Earning - Unappropriated |
3,119,141.15 |
2,979,755.49 |
|
Total Shareholders' Equity |
7,619,141.15 |
7,479,755.49 |
|
Total Liabilities &
Shareholders' Equity |
12,490,226.48 |
9,083,473.26 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
8,631,930.62 |
20,491,365.27 |
|
Other Income |
351,698.92 |
304,329.36 |
|
Total Revenues |
8,983,629.54 |
20,795,694.63 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,869,290.94 |
19,305,679.16 |
|
Selling Expenses |
3,006.65 |
44,945.00 |
|
Administrative Expenses |
942,584.26 |
1,081,358.40 |
|
Total Expenses |
8,814,881.85 |
20,431,982.56 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
168,747.69 |
363,712.07 |
|
Interest Expenses |
[8,062.03] |
[7,202.19] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
160,685.66 |
356,509.88 |
|
Income Tax |
[21,300.00] |
[65,000.00] |
|
Net Profit / [Loss] |
139,385.66 |
291,509.88 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.55 |
5.61 |
|
QUICK RATIO |
TIMES |
0.79 |
0.85 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,877,310.21 |
6,830,455.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.69 |
2.26 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
396.81 |
144.10 |
|
INVENTORY TURNOVER |
TIMES |
0.92 |
2.53 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
130.01 |
23.22 |
|
RECEIVABLES TURNOVER |
TIMES |
2.81 |
15.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
204.70 |
14.38 |
|
CASH CONVERSION CYCLE |
DAYS |
322.11 |
152.94 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.16 |
94.21 |
|
SELLING & ADMINISTRATION |
% |
10.95 |
5.50 |
|
INTEREST |
% |
0.09 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
12.91 |
7.27 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.95 |
1.77 |
|
NET PROFIT MARGIN |
% |
1.61 |
1.42 |
|
RETURN ON EQUITY |
% |
1.83 |
3.90 |
|
RETURN ON ASSET |
% |
1.12 |
3.21 |
|
EARNING PER SHARE |
BAHT |
3.10 |
6.48 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.39 |
0.18 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.64 |
0.21 |
|
TIME INTEREST EARNED |
TIMES |
20.93 |
50.50 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(57.88) |
|
|
OPERATING PROFIT |
% |
(53.60) |
|
|
NET PROFIT |
% |
(52.18) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
37.50 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.91 |
Deteriorated |
Industrial Average |
29.20 |
|
Net Profit Margin |
1.61 |
Impressive |
Industrial Average |
(51.65) |
|
Return on Assets |
1.12 |
Impressive |
Industrial Average |
(13.01) |
|
Return on Equity |
1.83 |
Impressive |
Industrial Average |
(3.83) |
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 12.91%. 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. Net Profit Margin ratio is 1.61%,
higher figure when 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 ratio is
1.12%, 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 ratio
is 1.83%, 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 |
2.55 |
Deteriorated |
Industrial Average |
83.84 |
|
Quick Ratio |
0.79 |
|
|
|
|
Cash Conversion Cycle |
322.11 |
|
|
|
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 2.55 times in 2010, decrease from 5.61 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 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 0.79 times in 2010,
decrease from 0.85 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 323 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.39 |
Impressive |
Industrial Average |
1.91 |
|
Debt to Equity Ratio |
0.64 |
Impressive |
Industrial Average |
1.49 |
|
Times Interest Earned |
20.93 |
Deteriorated |
Industrial Average |
343.72 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 20.94 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 0.39 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,877,310.21 |
Impressive |
Industrial Average |
167,038.45 |
|
Total Assets Turnover |
0.69 |
Acceptable |
Industrial Average |
1.18 |
|
Inventory Conversion Period |
396.81 |
|
|
|
|
Inventory Turnover |
0.92 |
Deteriorated |
Industrial Average |
4.27 |
|
Receivables Conversion Period |
130.01 |
|
|
|
|
Receivables Turnover |
2.81 |
Deteriorated |
Industrial Average |
34.28 |
|
Payables Conversion Period |
204.70 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
DIAMOND INDUSTRY
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance focused strategies, modern management and technology.
-
The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under
DIAMOND
SAGA DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
|
|
1 |
Rs.78.10 |
|
Euro |
1 |
Rs.65.59 |
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 SCs 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.