MIRA
INFORM REPORT
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Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TANYA COLLECTIONS LTD. |
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Registered Office : |
Zone 2C, 3rd Floor, 8/11 Factory Condo Building 1, Gemopolis Industrial Estate, Sukhapiban 2 Road, Dokmai, Pravet, Bangkok 10250 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
21.04.1999 |
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Com. Reg. No.: |
0105542028127 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor of Fine Jewelry Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
TANYA
COLLECTIONS LTD.
SUMMARY
BUSINESS
ADDRESS : ZONE
2C, 3rd FLOOR,
8/11 FACTORY CONDO
BUILDING
1, GEMOPOLIS INDUSTRIAL
ESTATE,
SUKHAPIBAN 2
ROAD, DOKMAI, PRAVET,
TELEPHONE : [66] 2727-0880-2
FAX :
[66] 2727-0883
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 : 162
LINES
OF BUSINESS : FINE
FEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD
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
162 staff.
The
subject’s registered address
was initially relocated
at 322/28 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500,
On March 13,
2007, the subject’s
registered address was
relocated to 48/11 Factory Condo
Bldg. 1, Sukhapibal 2
Rd., Dokmai, Pravet,
Bangkok 10250, and
this is the
subject’s current operation
address.
Since
September 30, 2008,
its registered address
number has been
changed from “48/11”
to “8/11”, by
The Pravet District
Office, but they
were the same
location.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mrs. Charu Sanjay Naheta |
|
Indian |
43 |
|
Mr. Torhitd M.T.A. Almortadi |
|
Indian |
49 |
|
Mr. Sanjay Jagdishchand Naheta |
|
Indian |
44 |
|
Mr. Nartarachan Sangkaranayanan |
|
Thai |
52 |
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 44
years old.
Mrs. Charu Sanjay Naheta
is the General
Manager.
She is Indian
nationality with the
age of 43
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.,
under its owned
brand “TANYA”, as
well as customer’s
brands.
PURCHASE
Raw materials; diamond,
gemstone and accessories
are purchased from
suppliers and agents in
both domestic and
overseas, mainly India,
Japan, Hong Kong and United
Arab Emirate.
EXPORT
90%
of the products
is exported to U.S.A.,
Japan, Singapore, Australia,
Hong Kong, Republic of
China, United Kingdom, European,
Africa 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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 162
office staff and
factory workers.
LOCATION DETAILS
The premise
is rented for administrative office
and factory at
the heading address.
Premise is located
in Gemopolis industrial
area.
REMAEK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT USD 1,000,000.
COMMENT
Despite
economic sluggish, subject also had good
business in 2009.
However, its business
has continued growing well
since the beginning of 2010 and
would end with the
better result than the
previous year.
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 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
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Damas Jewellery LLC. Nationality: Address : |
612,500 |
49.00 |
|
Mr. Sanjay Jagdishchand Naheta Nationality: Indian Address :
Sathorn, |
240,750 |
19.26 |
|
Mrs. Charu Sanjay Naheta Nationality: Indian Address :
Sathorn, |
240,750 |
19.26 |
|
Basic Investment Solutions
Ltd. Nationality: Singaporean Address : |
156,000 |
12.48 |
Total Shareholders : 4
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Valit Panpoonsap No.
4018
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
2,982,295.42 |
872,667.96 |
|
Trade Accts. Receivable |
123,589,665.33 |
130,899,635.92 |
|
Inventories |
111,205,409.54 |
208,334,604.45 |
|
Other Current Assets
|
5,575,126.39 |
6,224,110.91 |
|
|
|
|
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Total Current Assets
|
243,352,496.68 |
346,331,019.24 |
|
Fixed Assets |
21,614,190.11 |
29,657,115.32 |
|
Other Assets |
390,769.16 |
723,669.15 |
|
Total Assets |
265,357,455.95 |
376,711,803.71 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
70,348,506.02 |
117,318,389.25 |
|
Trade Accts. Payable |
50,028,821.36 |
78,140,312.19 |
|
Other Payable |
2,152,814.77 |
1,565,866.80 |
|
Current Portion of Hire-purchase Contract
Liabilities |
234,096.00 |
234,096.00 |
|
Current Portion of Long-term
Loan |
195,166.41 |
500,000.00 |
|
Other Current Liabilities |
3,885,457.32 |
15,252,894.16 |
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|
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Total Current Liabilities |
126,844,861.88 |
213,011,558.40 |
|
Hire-purchase Contract Liabilities |
- |
234,096.00 |
|
Long-term Loan from
Overseas |
- |
38,941,464.00 |
|
Total Liabilities |
126,844,861.88 |
252,187,118.40 |
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|
|
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Shareholders' Equity |
|
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|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,250,000 shares |
125,000,000.00 |
125,000,000.00 |
|
|
|
|
|
Capital Paid |
125,000,000.00 |
125,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve
|
5,500,000.00 |
5,500,000.00 |
|
Unapppropriated |
8,012,594.07 |
[5,975,314.69] |
|
Total Shareholders' Equity |
138,512,594.07 |
124,524,685.31 |
|
Total Liabilities & Shareholders' Equity |
265,357,455.95 |
376,711,803.71 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
401,463,812.21 |
493,496,535.74 |
|
Gain on Exchange
Rate |
- |
1,600,466.05 |
|
Other Income |
5,954,423.74 |
693,513.64 |
|
Total Revenues |
407,418,235.95 |
495,790,515.43 |
|
Expenses |
|
|
|
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Cost of Goods
Sold |
362,090,068.49 |
450,612,016.05 |
|
Selling Expenses |
5,582,101.83 |
3,747,375.47 |
|
Administrative Expenses |
19,236,826.10 |
17,825,838.94 |
|
Total Expenses |
386,908,996.42 |
472,185,230.46 |
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|
|
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|
Profit Before Financial Cost & Income Tax |
20,509,239.53 |
23,605,284.97 |
|
Financial Cost |
[5,954,559.14] |
[8,919,520.72] |
|
Income Tax |
[566,771.63] |
- |
|
|
|
|
|
Net Profit / [Loss] |
13,987,908.76 |
14,685,764.25 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.92 |
1.63 |
|
QUICK RATIO |
TIMES |
1.00 |
0.62 |
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
18.57 |
16.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.51 |
1.31 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
112.10 |
168.75 |
|
INVENTORY TURNOVER |
TIMES |
3.26 |
2.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
112.36 |
96.82 |
|
RECEIVABLES TURNOVER |
TIMES |
3.25 |
3.77 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.43 |
63.29 |
|
CASH CONVERSION CYCLE |
DAYS |
174.03 |
202.27 |
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.19 |
91.31 |
|
SELLING & ADMINISTRATION |
% |
6.18 |
4.37 |
|
INTEREST |
% |
1.48 |
1.81 |
|
GROSS PROFIT MARGIN |
% |
11.29 |
9.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.11 |
4.78 |
|
NET PROFIT MARGIN |
% |
3.48 |
2.98 |
|
RETURN ON EQUITY |
% |
10.10 |
11.79 |
|
RETURN ON ASSET |
% |
5.27 |
3.90 |
|
EARNING PER SHARE |
BAHT |
11.19 |
11.75 |
|
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|
|
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LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.92 |
2.03 |
|
TIME INTEREST EARNED |
TIMES |
3.44 |
2.65 |
|
|
|
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|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(18.65) |
|
|
OPERATING PROFIT |
% |
(13.12) |
|
|
NET PROFIT |
% |
(4.75) |
|
|
FIXED ASSETS |
% |
(27.12) |
|
|
TOTAL ASSETS |
% |
(29.56) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.29 |
Impressive |
Industrial Average |
10.62 |
|
Net Profit Margin |
3.48 |
Impressive |
Industrial Average |
(0.91) |
|
Return on Assets |
5.27 |
Impressive |
Industrial Average |
(1.16) |
|
Return on Equity |
10.10 |
Impressive |
Industrial Average |
(2.99) |
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 11.29%. 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 3.48%
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. Return on Assets is 5.27%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity is 10.1%, higher
figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.92 |
Impressive |
Industrial Average |
1.85 |
|
Quick Ratio |
1.00 |
|
|
|
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Cash Conversion Cycle |
174.03 |
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|
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 1.92 times in 2009, increase from 1.63 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 times in 2009,
increase from 0.62 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 175 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.92 |
Impressive |
Industrial Average |
1.52 |
|
Times Interest Earned |
3.44 |
Impressive |
Industrial Average |
(0.13) |
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 stronger
equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 3.45 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 0.48 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
18.57 |
Impressive |
Industrial Average |
7.78 |
|
Total Assets Turnover |
1.51 |
Impressive |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
112.10 |
|
|
|
|
Inventory Turnover |
3.26 |
Impressive |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
112.36 |
|
|
|
|
Receivables Turnover |
3.25 |
Impressive |
Industrial Average |
2.78 |
|
Payables Conversion Period |
50.43 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.45 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
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 |
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.