MIRA INFORM REPORT
|
Report No. : |
315712 |
|
Report Date : |
04.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAPPER MARQUISE CO., LTD. |
|
|
|
|
Registered Office : |
11th Floor, Suite 9, Bangkok Gem & Jewellery Tower, 322/17 Surawongse Road, Sipaya, Bangrak, Bangkok 10500, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.02.1994 |
|
|
|
|
Com. Reg. No.: |
0105537013834 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN IMPORTING
AND DISTRIBUTING OF DIAMONDS,
AS WELL AS
EXPORTING OF DIAMONDS,
GEMS AND JEWELRY
PRODUCTS. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
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, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies, and
strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company
name
TAPPER MARQUISE
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 11th
FLOOR, SUITE 9,
BANGKOK
GEM & JEWELLERY TOWER,
322/17
SURAWONGSE ROAD,
SIPAYA,
BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 090
091-6500
FAX : -
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0105537013834 [Former
: 339/ 2537]
TAX ID NO. : 3011378298
CAPITAL REGISTERED : BHT.
4,500,000
CAPITAL PAID-UP : BHT.
4,500,000
SHAREHOLDER’S PROPORTION : THAI
: 51.00%
INDIAN : 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
AMIT RASHMIKANT GANDHI,
INDIAN
MANAGING DIRECTOR
NO. OF STAFF : -
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.
The subject’s registered address was
initially at Unit A-3, 25th
Floor, Gem Tower Bldg., 1249/181 Charoenkrung Rd., Suriyawongse, Bangrak, Bangkok 10500.
On October 22,
2013, the subject’s
registered address was
relocated to 11th Floor,
Suite 9, Bangkok Gem & Jewellery Tower, 322/17
Surawongse Road, Sipaya, Bangrak, Bangkok
10500, and this is the
subject’s current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Amit Rashmikant
Gandhi |
|
Indian |
49 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Amit Rashmikant
Gandhi is the
Managing Director.
He is Indian
nationality with the
age of 49 years
old.
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
according to 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
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
N/A
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
COMMENT
Since the subject was
established in 1994,
its business has
grown slowly. It
is expected that the
subject would have slow
business this year
in accordance with
domestic shrinking purchasing
power.
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
November 26, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Tanapol Chintanakochapak Nationality: Thai Address : 550/146
Asoke-Dindaeng Rd., Dingdaeng, Bangkok |
22,950 |
51.00 |
|
Mr. Amit Rashmikant Gandhi Nationality: Indian Address : 110
Mahaesak Road, Suriyawongse,
Bangrak, Bangkok |
18,000 |
40.00 |
|
Mr. Kalpesh Rajanikant Jogani Nationality: Indian Address : 110
Mahaesak Road, Suriyawongse,
Bangrak, Bangkok |
4,050 |
9.00 |
Total Shareholders : 3
Share Structure [as
at November 26,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
22,950 |
51.00 |
|
Foreign - Indian |
2 |
22,050 |
49.00 |
|
Total |
3 |
45,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suchart Srimanchantha No.
3549
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,230,660.90 |
1,201,587.94 |
102,764.44 |
|
Trade Accounts Receivable |
7,323,347.32 |
2,455,840.00 |
1,741,270.20 |
|
Inventories |
3,392,791.00 |
3,172,885.00 |
10,308,803.00 |
|
Other Current Assets |
2,864.47 |
2,762.64 |
29,027.25 |
|
|
|
|
|
|
Total Current Assets
|
11,949,663.69 |
6,833,075.58 |
12,181,864.89 |
|
Fixed Assets |
3.00 |
3.00 |
3.00 |
|
Total Assets |
11,949,666.69 |
6,833,078.58 |
12,181,867.89 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft |
- |
- |
465,390.73 |
|
Accrued Income Tax |
21,038.82 |
10,340.60 |
25,167.75 |
|
Accrued Expenses |
23,753.00 |
23,955.00 |
25,716.63 |
|
Trade Accounts Payable |
5,418,180.00 |
729,984.50 |
5,868,066.26 |
|
|
|
|
|
|
Total Current Liabilities |
5,462,971.82 |
764,280.10 |
6,384,341.37 |
|
|
|
|
|
|
Total Liabilities |
5,462,971.82 |
764,280.10 |
6,384,341.37 |
|
|
|
|
|
|
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 |
4,500,000.00 |
|
|
|
|
|
|
Capital Paid |
4,500,000.00 |
4,500,000.00 |
4,500,000.00 |
|
Retained Earning - Unappropriated |
1,986,694.87 |
1,568,798.48 |
1,297,526.52 |
|
Total Shareholders' Equity |
6,486,694.87 |
6,068,798.48 |
5,797,526.52 |
|
Total Liabilities &
Shareholders' Equity |
11,949,666.69 |
6,833,078.58 |
12,181,867.89 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
10,229,648.87 |
13,769,951.11 |
15,889,250.26 |
|
Other Income |
- |
111,670.31 |
- |
|
Total Revenues |
10,229,648.87 |
13,881,621.42 |
15,889,250.26 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
9,212,225.18 |
12,720,957.44 |
15,005,245.03 |
|
Selling Expenses |
14,335.78 |
8,069.43 |
306,555.17 |
|
Administrative Expenses |
562,752.70 |
848,134.16 |
2,348,847.79 |
|
Total Expenses |
9,789,313.66 |
13,577,161.03 |
17,660,647.99 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income Tax |
440,335.21 |
304,460.39 |
[1,771,397.73] |
|
Financial Cost |
[1,400.00] |
[10,247.83] |
[25,049.15] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
438,935.21 |
294,212.56 |
[1,796,446.88] |
|
Income Tax |
[21,038.82] |
[22,940.60] |
[25,167.75] |
|
Net Profit / [Loss] |
417,896.39 |
271,271.96 |
[1,821,614.63] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.19 |
8.94 |
1.91 |
|
QUICK RATIO |
TIMES |
1.57 |
4.79 |
0.29 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3,409,882.96 |
4,589,983.70 |
5,296,416.75 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.86 |
2.02 |
1.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
134.43 |
91.04 |
250.76 |
|
INVENTORY TURNOVER |
TIMES |
2.72 |
4.01 |
1.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
261.30 |
65.10 |
40.00 |
|
RECEIVABLES TURNOVER |
TIMES |
1.40 |
5.61 |
9.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
214.68 |
20.95 |
142.74 |
|
CASH CONVERSION CYCLE |
DAYS |
181.05 |
135.19 |
148.02 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.05 |
92.38 |
94.44 |
|
SELLING & ADMINISTRATION |
% |
5.64 |
6.22 |
16.71 |
|
INTEREST |
% |
0.01 |
0.07 |
0.16 |
|
GROSS PROFIT MARGIN |
% |
9.95 |
8.43 |
5.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.30 |
2.21 |
(11.15) |
|
NET PROFIT MARGIN |
% |
4.09 |
1.97 |
(11.46) |
|
RETURN ON EQUITY |
% |
6.44 |
4.47 |
(31.42) |
|
RETURN ON ASSET |
% |
3.50 |
3.97 |
(14.95) |
|
EARNING PER SHARE |
BAHT |
9.29 |
6.03 |
(40.48) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.11 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.84 |
0.13 |
1.10 |
|
TIME INTEREST EARNED |
TIMES |
314.53 |
29.71 |
(70.72) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(25.71) |
(13.34) |
|
|
OPERATING PROFIT |
% |
44.63 |
(117.19) |
|
|
NET PROFIT |
% |
54.05 |
114.89 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
74.88 |
(43.91) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -25.71%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.95 |
Impressive |
Industrial Average |
3.01 |
|
Net Profit Margin |
4.09 |
Impressive |
Industrial Average |
0.58 |
|
Return on Assets |
3.50 |
Satisfactory |
Industrial Average |
3.55 |
|
Return on Equity |
6.44 |
Deteriorated |
Industrial Average |
14.14 |
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 9.95%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 4.09%, 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. When compared with the industry average, it was lower, the company's figure is 3.5%.
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. When compared with the
industry average, it was lower, the company's figure is 6.44%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.19 |
Impressive |
Industrial Average |
1.60 |
|
Quick Ratio |
1.57 |
|
|
|
|
Cash Conversion Cycle |
181.05 |
|
|
|
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 2.19 times in 2013, decreased from 8.94 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 1.57 times in 2013,
decreased from 4.79 times, although excluding inventory so the company still
have good short-term financial strength.
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 182 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Impressive |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
0.84 |
Impressive |
Industrial Average |
2.73 |
|
Times Interest Earned |
314.53 |
Impressive |
Industrial Average |
- |
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 314.53 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 0.46 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3,409,882.96 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.86 |
Deteriorated |
Industrial Average |
6.16 |
|
Inventory Conversion Period |
134.43 |
|
|
|
|
Inventory Turnover |
2.72 |
Deteriorated |
Industrial Average |
12.03 |
|
Receivables Conversion Period |
261.30 |
|
|
|
|
Receivables Turnover |
1.40 |
Deteriorated |
Industrial Average |
8.23 |
|
Payables Conversion Period |
214.68 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.40 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 91 days at the
end of 2012 to 134 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 4.01 times in year 2012 to 2.72 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.86 times and 2.02
times in 2013 and 2012 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.