MIRA
INFORM REPORT
|
Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NATASHA CREATIONS CO.,
LTD. |
|
|
|
|
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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|
|
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
30.03.1998 |
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Com. Reg. No.: |
0105541020432 |
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of
Diamond and Gold Jewelry Products |
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 |
|
|
|
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Payment Behaviour : |
No Complaints |
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|
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Litigation : |
Clear |
name & address
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, 2287-1191
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. 60,000,000
CAPITAL PAID-UP : BHT. 60,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. RAJEEV KUMAR KAPADIA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 308
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 308
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 |
45 |
|
Mr. Rajeev Kumar Kapadia |
|
Indian |
46 |
|
Mr. Miten Bhagwandas Shah |
|
Indian |
43 |
|
Mrs. Shilpa Rajeev Kapadia |
|
Indian |
- |
|
Mr. Salil Prasan Manilal |
|
American |
46 |
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
46 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
India, Hong Kong
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, 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 308 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
and 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 reported
its sales in
2007 higher than
the previous year. However, slow consumption from consumer
market has seen
for several months, this
could lead to
negative results for
this year.
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
Bht.
60,000,000 on December 25, 2007
The
latest registered capital
was increased to Bht. 60,000,000 divided into 600,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at December 21,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Rajeev Kumar
Kapadia Nationality: Indian Address : 322/27
Surawong Rd., Siphya,
Bangrak, Bangkok |
120,000 |
20.00 |
|
Akash Finance
Holding Ltd. Nationality: Indian Address : 322/27
Surawong Rd., Siphya,
Bangrak, Bangkok |
99,000 |
16.50 |
|
Ms. Sarika Saekow Nationality: Thai Address : 396
Somdejchaoprya Rd., Klongsan,
Bangkok |
90,000 |
15.00 |
|
Ms. Wannapa Pradit Nationality: Thai Address : 331
Moo 1, Cha-ouad, Nakornsrithammarat |
90,000 |
15.00 |
|
Mrs. Shilpa Rajeev
Kapadia Nationality: Indian Address : 322/27
Surawong Rd., Siphya,
Bangrak,
Bangkok |
75,000 |
12.50 |
|
Mr.
Chuchart Thomuan Nationality: Thai Address : 741
Sukhumvit 101/1 Rd.,
Bangchak,
Prakanong, Bangkok |
66,000 |
11.00 |
|
Ms. Isira Aoonharasmee Nationality: Thai Address : 203
Moo 5, Banpong, Prao,
Chiangmai |
60,000 |
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, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
93,088,120.90 |
81,008,589.31 |
|
Trade Accts. Receivable |
258,058,174.42 |
226,266,112.14 |
|
Related Companies Receivable |
999,999.99 |
4,969,314.23 |
|
Inventories |
179,813,555.34 |
136,501,686.28 |
|
Refundable Value Added
Tax |
931,338.11 |
1,866,107.08 |
|
Other Current Assets
|
2,536,501.27 |
3,188,098.38 |
|
|
|
|
|
Total Current
Assets |
535,427,690.03 |
453,799,907.42 |
|
Fixed Assets |
21,323,812.05 |
17,897,955.14 |
|
Other Assets |
871,634.19 |
663,883.68 |
|
Total Assets |
557,623,136.27 |
472,361,746.24 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
283,916,194.99 |
224,482,118.27 |
|
Trade Accts. Payable |
133,989,542.00 |
125,862,435.50 |
|
Related Companies Payable |
71,870.40 |
131,355.00 |
|
Advance from Customers |
230,966.35 |
8,026,781.93 |
|
Accrued Expenses |
20,185,659.96 |
19,323,126.83 |
|
Current Portion of
Hire-purchase Contract Liabilities |
180,225.00 |
720,900.00 |
|
Accrued Income Tax |
3,037,571.65 |
1,707,287.13 |
|
Loan from Directors |
8,107,500.00 |
- |
|
Other Current Liabilities |
1,295,867.84 |
1,321,765.73 |
|
|
|
|
|
Total Current
Liabilities |
451,015,398.19 |
381,575,770.39 |
|
|
|
|
|
Hire-purchase Contract Liabilities |
- |
120,150.00 |
|
Total Liabilities |
451,015,398.19 |
381,695,920.39 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 600,000 &
500,000 shares in 2007 & 2006 |
60,000,000.00 |
50,000,000.00 |
|
|
|
|
|
Capital Paid |
55,000,000.00 |
50,000,000.00 |
|
Retained Earning-Unappropriated |
51,607,738.08 |
40,665,825.85 |
|
Total
Shareholders' Equity |
106,607,738.08 |
90,665,825.85 |
|
Total
Liabilities & Shareholders' Equity |
557,623,136.27 |
472,361,746.24 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
708,245,031.78 |
648,323,520.75 |
|
Other Income |
5,006,653.34 |
5,125,156.16 |
|
Total Revenues
|
713,251,685.12 |
653,448,676.91 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
628,085,908.11 |
573,817,203.34 |
|
Selling & Administrative Expenses |
52,358,176.71 |
51,422,195.68 |
|
Total Expenses |
680,444,084.82 |
625,239,399.02 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
32,807,600.30 |
28,209,277.89 |
|
Interest Expenses |
[17,037,277.62] |
[16,376,151.68] |
|
Income Tax |
[4,828,410.45] |
[3,525,835.71] |
|
|
|
|
|
Net Profit / [Loss] |
10,941,912.23 |
8,307,290.50 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
9.24 |
|
|
Operating Profit |
6.46 |
|
|
Net Profit |
31.71 |
|
|
Fixed Assets |
19.14 |
|
|
Total Assets |
18.05 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.68 |
88.51 |
|
Operating Profit Margin |
4.63 |
4.35 |
|
S & A
Expenses |
7.39 |
7.93 |
|
Interest Paid |
2.41 |
2.53 |
|
Other Revenues |
0.71 |
0.79 |
|
Net Profit Margin |
1.54 |
1.28 |
|
Earning Per Shares |
19.89 |
16.61 |
|
No. of Shares |
550,000 |
500,000 |
Net Sales was
increased by 9.24%,
Operating Profit was
increased by 6.46%,
Net Profit was
increased by 31.71%,
Fixed Assets was
increased by 19.14%,
Total Assets was
increased by 18.05%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 88.51%
to 88.68%, Operating
Profit Margin was
increased from 4.35%
to 4.63%, S
& A Expenses
was decreased from
7.93% to 7.39%,
Interest Paid was decreased
from 2.53% to
2.41%, Other Revenues
was decreased from
0.79% to 0.71%,
Net Profit Margin
was increased from
1.28% to 1.54%.
Earning Per Shares
was increased from
16.61 baht per
share to 19.89
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.19 |
1.19 |
|
Quick-Assets Ratio |
0.78 |
0.82 |
Current Ratio was
decreased from 1.19
to 1.19, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.82 to 0.78,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
4.23 |
4.21 |
|
Times Interest Earned |
1.93 |
1.72 |
D/E Ratio was
increased from 4.21
to 4.23, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
1.72 to 1.93,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
33.21 |
36.22 |
|
Total Assets Turnover |
1.27 |
1.37 |
|
Return on Assets |
1.96 |
1.76 |
|
Return on Equity |
10.26 |
9.16 |
|
Day's Payable |
68.11 |
69.89 |
|
Day’s Inventories |
91.40 |
75.80 |
|
Day’s Receivables |
131.17 |
125.64 |
Fixed Assets Turnover
was decreased from
36.22 times to
33.21 times, Total
Assets Turnover was decreased from
1.37 times to
1.27 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
increased from 1.76
to 1.96, Return
on Equity was
increased from 9.16
to 10.26, capacity
to use Assets to make
profit was good.
Day's Payable was
decreased from 70
days to 69
days, while Day’s
Inventories was increased
from 76 days
to 92 days, and Day’s
Receivables was increased
from 126 days
to 132 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.37 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.65.96 |
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. |
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%)