MIRA INFORM REPORT
|
Report No. : |
329038 |
|
Report Date : |
29.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAPIS CENTER CO., LTD. |
|
|
|
|
Registered Office : |
1st Floor, New
Trocadero Hotel, Suriwong Road,
Suriyawongse, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.02.2003 |
|
|
|
|
Com. Reg. No.: |
0105546020848 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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LINE OF BUSINESS : |
SUBJECT IS
ENGAGED IN IMPORTING
AND DISTRIBUTING VARIOUS
KINDS OF GEMS AND
STONES JEWELRY PRODUCTS,
SUCH AS WRIST,
NECKLACE, BRACELET DIFFERENT.
THE PRODUCTS ARE
NATURAL STONE, GOLDEN
TIGER BEADS, RUBY
ZOISITE BEADS, BLUE
GOLDEN TIGER EYES
BEADS. |
|
|
|
|
No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 has historically had a strong economy due in part to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. The economy experienced slow growth and
declining exports in 2014, in part due to domestic political turmoil and
sluggish global demand. With full employment, Thailand attracts an estimated 4
million migrant workers from neighboring countries, and faces labor shortages.
Following the May 2014 coup d’tat, tourism decreased 6-7% but is beginning to
recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
Name
LAPIS CENTER CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 1st
FLOOR, NEW TROCADERO
HOTEL,
SURIWONG
ROAD, SURIYAWONGSE,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2234-0566,
081 170-1882
FAX : [66] 2632-2019
E-MAIL ADDRESS : lapisctrbkk@yahoo.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546020848
TAX ID NO. : 3030844514
CAPITAL REGISTERED : BHT.
6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51.00%
PAKISTANI :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. MUHAMMAD HUSSAIN,
PAKISTANI
MANAGING
DIRECTOR
NO. OF STAFF : 5
LINES OF BUSINESS : GEMS
AND STONE JEWELRY
PRODUCTS
IMPORTER AND
DISTRIBUTOR
|
|
|
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 18,
2003 as a
private limited company
under the registered
name LAPIS CENTER CO.,
LTD., by Thai and
Pakistani groups, with
the business objective
to import and distribute
various kinds of
gems and stone
jewelry products. It
currently employs 5
staff.
The subject’s registered address is 1st Floor,
New Trocadero Hotel,
343 Suriwong Road, Suriyawongse, Bangrak, Bangkok 10500, and
this is the subject’s current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Muhammad Hussain |
|
Pakistani |
50 |
|
Mr. Janaid Hussain |
|
Pakistani |
32 |
|
Mr. Abdullah Muhammad |
|
Pakistani |
21 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Muhammad Hussain is
the Managing Director.
He is Pakistani
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of gems and
stones jewelry products,
such as wrist,
necklace, bracelet different.
The products are
natural stone, golden
tiger beads, ruby
zoisite beads, blue
golden tiger eyes
beads.
PURCHASE
100% of the
products is imported
from Brazil, India,
South Africa and Pakistan.
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
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.
Imports are by
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs 5 staff.
LOCATION DETAILS
The premise is
rented for administrative office
and showroom at
the heading address.
Premise is located
in a prime
commercial area.
Shop is located
at 1384 Soi
Charoenkrung Road, Bangrak,
Bangkok 10500.
COMMENT
Since 2014 the mood in the colored stone
market became surprisingly soar as market arise and
posting strong results. Domestic
consumption of colored
stone has dramatically
increased.
Subject disclosed a
moderate business in
the year 2014
and continue growing
into 2015.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000 divided
into 20,000 shares of Bht. 100
each with fully
paid.
The capital was
increased later as
follows:
Bht. 4,000,000
on December 22,
2003
Bht. 6,000,000
on August 30,
2006
The latest registered
capital was increased
to Bht. 6,000,000
divided into 60,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Adul Patan Nationality: Thai Address : 34/12
Moo 1, T. Padang
Besar, A. Sadao,
Songkhla |
28,200 |
47.00 |
|
Mr. Janaid Hussain Nationality: Pakistani Address : 343
Suriwong Road, Suriyawongse,
Bangrak, Bangkok |
27,000 |
45.00 |
|
Mr. Mohammad Hussain Nationality: Pakistani Address : 343
Suriwong Road, Suriyawongse, Bangrak, Bangkok
|
2,400 |
4.00 |
|
Ms. Sasinatcha Phalinchavaroje Nationality: Thai Address : 86/7
Trok Morsoon, Mahaprutharam,
Bangrak, Bangkok |
2,400 |
4.00 |
Total Shareholders : 4
Share Structure [as at
April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
30,600 |
51.00 |
|
Foreign-Pakistani |
2 |
29,400 |
49.00 |
|
Total |
4 |
60,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Pichit Srimanchantha No. 1501
Note
The 2014 financial
statement has not
yet available during
investigation.
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 |
1,175,647.30 |
229,162.62 |
197,327.35 |
|
Inventories |
753,310.87 |
658,531.54 |
928,691.47 |
|
Other Current Assets
|
- |
6,795.00 |
13,095.00 |
|
|
|
|
|
|
Total Current Assets
|
1,928,958.17 |
894,489.16 |
1,139,113.82 |
|
|
|
|
|
|
Equipments |
1.00 |
1.00 |
1.00 |
|
Other Non - current Assets |
9,000.00 |
9,000.00 |
9,000.00 |
|
Total Assets |
1,937,959.17 |
903,490.16 |
1,148,114.82 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable
|
2,000,000.00 |
- |
- |
|
Other Current Liabilities |
33,440.45 |
47,694.37 |
30,856.32 |
|
|
|
|
|
|
Total Current Liabilities |
2,033,440.45 |
47,694.37 |
30,856.32 |
|
Long-term Loan from Related Person |
- |
1,000,000.00 |
1,300,000.00 |
|
Total Liabilities |
2,033,440.45 |
1,047,694.37 |
1,330,856.32 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[6,095,481.28] |
[6,144,204.21] |
[6,182,741.50] |
|
Total Shareholders' Equity |
[95,481.28] |
[144,204.21] |
[182,741.50] |
|
Total Liabilities & Shareholders' Equity |
1,937,959.17 |
903,490.16 |
1,148,114.82 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
6,758,902.50 |
9,508,341.65 |
4,528,727.02 |
|
Other Income |
- |
- |
30.56 |
|
Total Revenues |
6,758,902.50 |
9,508,341.65 |
4,528,757.58 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,992,255.26 |
5,587,986.84 |
2,109,535.75 |
|
Selling and Administrative Expenses |
3,705,739.98 |
3,870,306.38 |
3,187,355.92 |
|
Total Expenses |
6,697,995.24 |
9,458,293.22 |
5,296,891.67 |
|
Profit before Income
Tax |
60,907.26 |
50,048.43 |
[768,134.09] |
|
Income Tax |
[12,184.33] |
[11,511.14] |
[10,460.44] |
|
|
|
|
|
|
Net Profit / [Loss] |
48,722.93 |
38,537.29 |
[778,594.53] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.95 |
18.75 |
36.92 |
|
QUICK RATIO |
TIMES |
0.58 |
4.80 |
6.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6,758,902.50 |
9,508,341.65 |
4,528,727.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.49 |
10.52 |
3.94 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
91.89 |
43.01 |
160.69 |
|
INVENTORY TURNOVER |
TIMES |
3.97 |
8.49 |
2.27 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
243.96 |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(152.07) |
43.01 |
160.69 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
44.27 |
58.77 |
46.58 |
|
SELLING & ADMINISTRATION |
% |
54.83 |
40.70 |
70.38 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
55.73 |
41.23 |
53.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.90 |
0.53 |
(16.96) |
|
NET PROFIT MARGIN |
% |
0.72 |
0.41 |
(17.19) |
|
RETURN ON EQUITY |
% |
- |
- |
- |
|
RETURN ON ASSET |
% |
2.51 |
4.27 |
(67.82) |
|
EARNING PER SHARE |
BAHT |
0.81 |
0.64 |
(12.98) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.05 |
1.16 |
1.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
(21.30) |
(7.27) |
(7.28) |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(28.92) |
109.96 |
|
|
OPERATING PROFIT |
% |
21.70 |
(106.52) |
|
|
NET PROFIT |
% |
26.43 |
104.95 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
114.50 |
(21.31) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -28.92%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
55.73 |
Impressive |
Industrial Average |
3.01 |
|
Net Profit Margin |
0.72 |
Impressive |
Industrial Average |
0.58 |
|
Return on Assets |
2.51 |
Acceptable |
Industrial Average |
3.55 |
|
Return on Equity |
- |
|
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 55.73%. 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 0.72% 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 2.51%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.95 |
Risky |
Industrial Average |
1.60 |
|
Quick Ratio |
0.58 |
|
|
|
|
Cash Conversion Cycle |
(152.07) |
|
|
|
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 0.95 times in 2013, decreased from 18.75 times, then the company may
have problems meeting its short-term obligations. 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 0.58 times in 2013,
increased from 4.8 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 -153 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.05 |
Risky |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
(21.30) |
Risky |
Industrial Average |
2.73 |
|
Times Interest Earned |
- |
|
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 1.05 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
6,758,902.50 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.49 |
Acceptable |
Industrial Average |
6.16 |
|
Inventory Conversion Period |
91.89 |
|
|
|
|
Inventory Turnover |
3.97 |
Deteriorated |
Industrial Average |
12.03 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
8.23 |
|
Payables Conversion Period |
243.96 |
|
|
|
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 43 days at the end of 2012 to
92 days at the end of 2013. This represents a negative trend. And Inventory
turnover has decreased from 8.49 times in year 2012 to 3.97 times in year 2013.
The company's Total Asset Turnover is calculated as 3.49 times and 10.52
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.63.60 |
|
|
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.