MIRA
INFORM REPORT
|
Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NATASHA CREATIONS CO., LTD. |
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Registered Office : |
14th Floor, Bangkok
Gem & Jewellery Tower, 322/27-29 Surawong Road, Siphya, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
0105541020432 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and exporting
of jewelry products,
diamond jewelry with
14k and 18k
gold. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
NATASHA CREATIONS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 14th FLOOR, BANGKOK
GEM & JEWELLERY
TOWER, 322/27-29
SURAWONG ROAD,
SIPHYA, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2234-1202,
2233-0054, 2233-4288
FAX : [66] 2237-5216
E-MAIL ADDRESS : natasha@asiaaccess.net.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1998
REGISTRATION NO.
: 0105541020432 [Former : 283/2541]
CAPITAL
REGISTERED : BHT.
50,000,000
CAPITAL
PAID-UP : BHT.
50,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. RAJEEV KUMAR KAPADIA, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : DIAMOND AND GOLD JEWELRY
PRODUCTS
MANUFACTURER &
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The
subject was established
on March 30,
1998 as a
private limited company
under the name
style NATASHA CREATIONS
CO., LTD., by
Thai and Indian
groups, to manufacture
diamond and gold
jewelry to overseas markets.
It currently employs
approximately 300 staff.
The
subject’s registered address
is 322/27-29 Surawong
Rd., Siphya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Isira Aoonharasmee |
|
Thai |
44 |
|
Mr. Rajeev Kumar Kapadia |
|
Indian |
45 |
|
Mr. Miten Bhagwandas Shah |
|
Indian |
42 |
|
Mrs. Shilpa Rajeev Kapadia |
|
Indian |
- |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s affixed.
MANAGEMENT
Mr. Rajeev Kumar
Kapadia is the Managing Director.
He is Indian nationality with
the age of
45 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and exporting of
jewelry products, diamond
jewelry with 14k
and 18k gold.
PURCHASE
Raw materials such
as diamond, gold,
gemstone and accessories
are purchased from
suppliers both local
and overseas, mainly
in India and
South Africa.
MAJOR SUPPLIER
Gem
Star Company : India
EXPORT
100%
of the products is exported
to United Kingdom,
Switzerland, United States
of America, Hong
Kong, India, Korea,
Japan and European
countries.
RELATED/AFFILIATED COMPANY
Sagar Gems
& Jewellery Mfg.
Co., Ltd.
Business Type :
Manufacturer of jewelry
products
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
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
L/C at sight or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 300 office staff
and factory workers.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in
a prime commercial
area.
Factory
& warehouse are
located at 47/31
Moo 4, Gemopolis Industrial
Estate,
4th-5th Floor, IGS
Building, Sukhapiban 2
Rd., Dokmai, Praves,
Bangkok 10260.
Tel
: [66] 2727-0600-4, Fax :
[66] 2727-0605
COMMENT
In general Thai jewelry producers use a lot of precious and
semi-precious stones from India. Most
of good quality stones at the reasonable prices are from this country as well
as largely supplied by Indian company in local market. The subject manufactures the good
quality jewelry products
and exports to
many countries worldwide.
The subject still
maintains its good
business performance in
export markets, while
slow consumption has
been seen in
domestic market currently.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht.
10,000,000 on August 5, 1998
Bht.
25,000,000 on August 17, 1999
Bht.
35,000,000 on July 16, 2001
Bht.
50,000,000 on May 8, 2002
The
latest registered capital
was increased to
Bht. 50,000,000 divided into
500,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at
March 14,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Rajeev Kumar
Kapadia Nationality: Indian Address : 322/27
Surawong Rd., Siphya,
Bangrak, Bangkok |
100,000 |
20.00 |
|
Mr. Prasan Manilal
Jhaveri Nationality: Indian Address : Dubai,
U.A.E. |
82,500 |
16.50 |
|
Ms. Sarika Saekow Nationality: Thai Address :
396 Somdejchaoprya Rd.,
Klongsan, Bangkok |
75,000 |
15.00 |
|
Ms. Wannapa Pradit Nationality: Thai Address : 331
Moo 1, Cha-ouad, Nakornsrithammarat |
75,000 |
15.00 |
|
Mrs. Shilpa Rajeev
Kapadia Nationality: Indian Address : 322/27
Surawong Rd., Siphya,
Bangrak, Bangkok |
62,500 |
12.50 |
|
Mr. Suchart Thomuan Nationality: Thai Address : 741
Sukhumvit 101/1 Rd.,
Bangchak,
Prakanong, Bangkok |
55,000 |
11.00 |
|
Ms. Isira Aoonharasmee Nationality: Thai Address : 203
Moo 5, Banpong, Prao,
Chiangmai |
50,000 |
10.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Valit Panpoonsap No.
4018
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
72,590,792.10 |
48,161,194.36 |
|
Trade Accts. Receivable |
298,219,017.40 |
193,323,810.66 |
|
Related Companies Receivable |
- |
261,455.00 |
|
Inventories |
119,853,317.27 |
108,415,131.79 |
|
Refundable Value Added
Tax |
1,100,975.66 |
1,276,446.66 |
|
Other Current Assets
|
3,932,877.90 |
2,022,219.00 |
|
|
|
|
|
Total Current
Assets |
495,696,980.33 |
353,460,257.47 |
|
Fixed Assets |
21,634,462.95 |
19,328,712.94 |
|
Other Assets |
589,799.87 |
710,250.91 |
|
Total Assets |
517,921,243.15 |
373,499,221.32 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
231,119,334.70 |
139,972,262.23 |
|
Trade Accts. Payable |
163,025,007.59 |
124,632,653.83 |
|
Related Companies Payable |
2,328,358.54 |
8,796,265.44 |
|
Advance from Customers |
7,880,109.41 |
898,248.93 |
|
Accrued Expenses |
26,031,253.74 |
18,015,776.80 |
|
Current Portion of
Hire-purchase Contract Liabilities |
822,947.00 |
832,224.00 |
|
Accrued Income Tax |
1,893,617.50 |
3,072,805.09 |
|
Other Current Liabilities |
1,560,954.32 |
933,262.41 |
|
|
|
|
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Total Current
Liabilities |
434,661,582.80 |
297,153,498.73 |
|
Loan from Directors |
- |
1,000,000.00 |
|
Hire-purchase Contract Liabilities |
901,125.00 |
1,724,072.00 |
|
Total Liabilities |
435,562,707.80 |
299,877,570.73 |
|
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Unappropriated |
32,358,535.35 |
23,621,650.59 |
|
Total
Shareholders' Equity |
82,358,535.35 |
73,621,650.59 |
|
Total
Liabilities & Shareholders' Equity |
517,921,243.15 |
373,499,221.32 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
604,435,985.96 |
504,523,248.16 |
|
Gain on Exchange Rate |
4,233,333.88 |
- |
|
Other Income |
2,925,587.63 |
2,243,710.39 |
|
Total Revenues
|
611,594,907.47 |
506,766,958.55 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
544,630,372.24 |
443,022,807.93 |
|
Selling & Administrative Expenses |
44,850,767.79 |
44,778,703.62 |
|
Total Expenses |
589,481,140.03 |
487,801,511.55 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
22,113,767.44 |
18,965,447.00 |
|
Interest Expenses |
[9,439,207.60] |
[5,977,275.48] |
|
Income Tax |
[3,937,675.08] |
[4,797,851.72] |
|
|
|
|
|
Net Profit / [Loss] |
8,736,884.76 |
8,190,319.80 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
19.80 |
|
|
Operating Profit |
[2.67] |
|
|
Net Profit |
6.67 |
|
|
Fixed Assets |
11.93 |
|
|
Total Assets |
38.67 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.11 |
87.81 |
|
Operating Profit Margin |
3.66 |
3.76 |
|
S & A
Expenses |
7.42 |
8.88 |
|
Interest Paid |
1.56 |
1.18 |
|
Other Revenues |
1.18 |
0.44 |
|
Net Profit Margin |
1.45 |
1.62 |
|
Earning Per Shares |
17.47 |
16.38 |
|
No. of Shares |
500,000 |
500,000 |
Net Sales was
increased by 19.80%,
Operating Profit was
decreased by 2.67%,
Net Profit was
increased by 6.67%,
Fixed Assets was
increased by 11.93%,
Total Assets was increased by
38.67%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 87.81%
to 90.11%, Operating
Profit Margin was
decreased from 3.76%
to 3.66%, S
& A Expenses
was decreased from
8.88% to 7.42%,
Interest Paid was increased
from 1.18% to
1.56%, Other Revenues
was increased from
0.44% to 1.18%,
Net Profit Margin
was decreased from
1.62% to 1.45%.
Earning Per Shares
was increased from
16.38 baht per
share to 17.47
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.14 |
1.19 |
|
Quick-Assets Ratio |
0.85 |
0.81 |
Current Ratio was
decreased from 1.19
to 1.14, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.81 to 0.85,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
5.29 |
4.07 |
|
Times Interest Earned |
2.34 |
3.17 |
D/E Ratio was
increased from 4.07
to 5.29, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
3.17 to 2.34,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
27.94 |
26.10 |
|
Total Assets Turnover |
1.17 |
1.35 |
|
Return on Assets |
1.69 |
2.19 |
|
Return on Equity |
10.61 |
11.12 |
|
Day's Payable |
97.10 |
88.93 |
|
Day’s Inventories |
71.38 |
77.36 |
|
Day’s Receivables |
177.62 |
137.95 |
Fixed Assets Turnover
was increased from
26.10 times to
27.94 times, Total
Assets Turnover was
decreased from 1.35
times to 1.17
times, show the
company could use
Fixed Assets so efficiently, Return
on Assets was
decreased from 2.19
to 1.69, Return
on Equity was
decreased from 11.12
to 10.61, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 89
days to 98
days, while Day’s
Inventories was decreased
from 78 days
to 72 days, but Day’s
Receivables was increased
from 138 days
to 178 days.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)