MIRA
INFORM REPORT
|
Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TANYA
COLLECTIONS LTD. |
|
|
|
|
Registered Office : |
Unit 28-A, 14th
Floor, Bangkok Gems
& Jewelry Tower, 322/28 Surawong Road, Suriyawongse, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
21.04.1999 |
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|
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Com. Reg. No.: |
0105542028127 |
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|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and
Distributor of Fine
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
name of the company
TANYA
COLLECTIONS LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
28-A, 14th FLOOR,
BANGKOK GEMS &
JEWELRY TOWER,
322/28 SURAWONG ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2631-4449-52
FAX : [66] 2631-4453
E-MAIL
ADDRESS : info@tanyacollection.com, marketing@tanyacollection.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION NO. : 0105542028127
CAPITAL REGISTERED : BHT. 125,000,000
CAPITAL PAID-UP : BHT. 125,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SANJAY JAGDISHCHAND NAHETA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : FINE
JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on April 21,
1999 as a
private limited company under the name style
TANYA COLLECTIONS LTD., by
Thai and Indian
groups, with the
business objective to
manufacture various kinds
of jewelry products
to domestic and
export markets. It
currently employs approximately 120 staff.
The subject’s registered
address was initially located at Factory
Condo Bldg. 1, 1 Sukhapibal 2
Rd., Dokmai, Pravet,
Bangkok 10250.
On
March 13, 2007,
the subject’s registered
address was relocated
to 322/28 Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Charu Sanjay Naheta |
|
Indian |
41 |
|
Mr. Torhitd M.T.A. Almortadi |
|
Indian |
47 |
|
Mr. Sanjay Jagdishchand Naheta |
|
Indian |
42 |
|
Mr. Nartarachan
Sangkaranayanan |
|
Thai |
50 |
AUTHORIZED PERSON
One of the above directors can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Sanjay Jagdishchand Naheta is the
Managing Director.
He is Indian nationality with
the age of
42 years old.
Mrs. Charu Sanjay
Naheta is the General Manager.
She is Indian nationality with
the age of
41 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing and exporting
various kinds of
jewelry products, such
as ring, pendant,
earring, necklace, bracelet
and etc.
PURCHASE
Raw materials and
accessories are purchased
from suppliers and
agents both domestic
and overseas, mainly
in India and
United Arab Emirate.
EXPORT
90%
of the products is exported
to U.S.A., Japan,
Singapore and Middle
East countries.
SALES [LOCAL]
10% of the products is
sold locally by
wholesale to traders.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
L/C at sight or T/T.
Exports are against
L/C at sight or
T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 120 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 Rm.
48/11 3rd Flr.,
Zone 2C, Factory
Condo Bldg. 1, 1
Sukhapibal 2 Rd.,
Dokmai, Pravet, Bangkok
10250. Tel.: [66] 2707-0880.
COMMENT
The
subject still maintain
its good business.
Export markets especially
Middle East countries
are the company’s
major market with
strong consumption remained.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 25,000,000 on September 21,
1999
Bht. 31,000,000 on December 24,
2002
Bht. 55,000,000 on September 19,
2005
Bht. 125,000,000 on April 11,
2007
The
latest registered capital
was increased to
Bht. 125 million divided
into 1,250,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 28,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Damas Jewellery
LLC. Nationality: Dubai Address : Dubai |
612,500 |
49.00 |
|
Mr. Sanjay Jagdishchand Naheta Nationality: Indian Address : 57/19
Ngamduplee Rd.,
Thungmahamek,
Sathorn, Bangkok |
240,746 |
19.26 |
|
Mrs. Charu Sanjay
Naheta Nationality: Indian Address : 57/19
Ngamduplee Rd., Thungmahamek,
Sathorn, Bangkok |
240,746 |
19.26 |
|
Basic Investment Solutions Ltd. Nationality: Singaporean Address : 6
Temasek Rd., Singapore |
156,000 |
12.48 |
|
Mr. Pradeep Lodha Nationality: Indian Address : 322/23
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
2 |
- |
|
Ms. Oranuch Santikijcharoen Nationality: Thai Address : 10/11
Bankarndamrong Rd., Klung,
Chantaburi |
2 |
- |
|
|
|
|
|
Mr.
Mahendra Naheta Nationality: Indian Address : 43-49
Hangow, Kao Loon,
Hong Kong |
2 |
- |
|
Mrs.
Sunitha Naheta Nationality: Indian Address : 43-49
Hangow, Kao Loon,
Hong Kong |
2 |
- |
Total Shareholders
8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Valit Panpoonsap No. 4018
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
4,911,509.55 |
6,112,154.46 |
|
Trade Accts. Receivable |
57,785,821.47 |
23,866,188.41 |
|
Inventories [note 1] |
154,078,418.83 |
132,499,517.54 |
|
Other Current Assets
|
16,956,607.71 |
3,525,368.46 |
|
|
|
|
|
Total Current
Assets |
233,732,357.56 |
166,003,228.87 |
|
Fixed Assets [note 2] |
22,723,651.62 |
17,876,351.86 |
|
Other Assets |
1,653,135.38 |
585,492.35 |
|
Total Assets |
258,109,144.56 |
184,465,073.08 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
51,413,820.14 |
46,419,788.74 |
|
Loan from Bank |
- |
21,410,792.00 |
|
Trade Accts. Payable |
94,367,513.82 |
41,904,273.11 |
|
Other Payable |
5,446,222.23 |
17,047,402.55 |
|
Accrued Commission |
1,449,232.00 |
411,746.00 |
|
Accrued Income Tax |
688,563.91 |
1,069,772.78 |
|
Current Portion of Hire-purchase Contract Liabilities |
775,008.00 |
775,008.00 |
|
Current Portion of Long-term
Loan |
1,200,000.00 |
1,200,000.00 |
|
Other Current Liabilities |
9,111,019.60 |
2,343,556.44 |
|
|
|
|
|
Total Current Liabilities
|
164,451,379.70 |
132,582,339.62 |
|
Hire-purchase Contract Liabilities |
452,088.00 |
1,227,096.00 |
|
Long-term Loan from
Overseas |
40,216,188.00 |
- |
|
Long-term Loan from
Bank |
1,700,000.00 |
2,900,000.00 |
|
Total Liabilities |
206,819,655.70 |
136,709,435.62 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 550,000 shares |
55,000,000.00 |
55,000,000.00 |
|
|
|
|
|
Capital Paid |
55,000,000.00 |
55,000,000.00 |
|
Less: Share capital
Receivable |
[10,669,555.20] |
[20,091,000.00] |
|
Retained Earning Appropriated for
Statutory Reserve
|
5,500,000.00 |
- |
|
Unapppropriated |
1,459,044.06 |
12,846,637.46 |
|
Total
Shareholders' Equity |
51,289,488.86 |
47,755,637.46 |
|
Total
Liabilities & Shareholders' Equity |
258,109,144.56 |
184,465,073.08 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
199,354,076.69 |
183,743,528.02 |
|
Gain on Exchange
Rate |
4,145,424.15 |
- |
|
Other Income |
117,068.42 |
50,558.22 |
|
Total Revenues
|
203,616,569.26 |
183,794,086.24 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
174,255,443.22 |
150,273,797.44 |
|
Selling & Administrative Expenses |
20,411,423.28 |
24,687,157.93 |
|
Total Expenses |
194,666,866.50 |
174,960,955.37 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
8,949,702.76 |
8,833,130.87 |
|
Interest Expenses |
[3,803,992.70] |
[3,123,691.70] |
|
Income Tax |
[1,686,823.46] |
[1,838,144.69] |
|
|
|
|
|
Net Profit / [Loss] |
3,458,886.60 |
3,871,294.48 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Raw Material |
83,039,888.43 |
67,426,927.16 |
|
Work in Process |
11,692,368.42 |
9,562,744.87 |
|
Finished Goods |
59,346,161.98 |
55,509,845.51 |
|
Total
|
154,078,418.83 |
132,499,517.54 |
NOTE 2
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Building |
7,608,830.00 |
7,608,830.00 |
|
Building Improvement |
3,934,625.12 |
3,452,625.12 |
|
Equipment |
1,395,849.64 |
1,353,442.14 |
|
Office Automation |
3,403,491.86 |
2,646,467.63 |
|
Vehicle |
4,301,969.00 |
4,301,969.00 |
|
Building Improvement Renting |
9,100,000.00 |
5,310,500.00 |
|
Hand Tools |
1,689,330.00 |
- |
|
Total |
31,434,095.62 |
24,673,833.89 |
|
Less: Depreciation |
[8,710,444.00] |
[6,797,482.03] |
|
Total
|
22,723,651.62 |
17,876,351.86 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
8.50 |
|
|
Operating Profit |
[6.61] |
|
|
Net Profit |
[10.65] |
|
|
Fixed Assets |
27.12 |
|
|
Total Assets |
39.92 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
87.41 |
81.78 |
|
Operating Profit Margin |
4.49 |
4.81 |
|
S & A
Expenses |
10.24 |
13.44 |
|
Interest Paid |
1.91 |
1.70 |
|
Other Revenues |
2.14 |
0.03 |
|
Net Profit Margin |
1.74 |
2.11 |
|
Earning Per Shares |
6.29 |
7.04 |
|
No. of Shares |
550,000 |
550,000 |
Net Sales was
increased by 8.50%,
Operating Profit was
decreased by 6.61%,
Net Profit was
decreased by 10.65%,
Fixed Assets was
increased by 27.12%,
Total Assets was
increased by 39.92%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 81.78%
to 87.41%, Operating
Profit Margin was
decreased from 4.81%
to 4.49%, S
& A Expenses
was decreased from
13.44% to 10.24%,
Interest Paid was increased
from 1.70% to
1.91%, Other Revenues
was increased from
0.03% to 2.14%,
Net Profit Margin
was decreased from
2.11% to 1.74%.
Earning Per Shares
was decreased from
7.04 baht per
share to 6.29
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.42 |
1.25 |
|
Quick-Assets Ratio |
0.38 |
0.23 |
Current Ratio was
increased from 1.25
to 1.42, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.23 to 0.38,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
4.03 |
2.86 |
|
Times Interest Earned |
2.35 |
2.83 |
D/E Ratio was
increased from 2.86
to 4.03, 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
2.83 to 2.35,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
8.77 |
10.28 |
|
Total Assets Turnover |
0.77 |
1.00 |
|
Return on Assets |
1.34 |
2.10 |
|
Return on Equity |
6.74 |
8.11 |
|
Day's Payable |
170.41 |
82.10 |
|
Day’s Inventories |
278.24 |
259.60 |
|
Day’s Receivables |
104.35 |
46.76 |
Fixed Assets Turnover
was decreased from
10.28 times to
8.77 times, Total
Assets Turnover was
decreased from 1.00
times to 0.77
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 2.10 to
1.34, Return on
Equity was decreased
from 8.11 to
6.74, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 83
days to 171
days, Day’s Inventories
was increased from
260 days to
279 days, and
Day’s Receivables was
increased from 47
days to 105
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
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%)