MIRA INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
TANYA
COLLECTIONS LTD. |
|
|
|
|
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 : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
Date of Incorporation : |
21.04.1999 |
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|
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Com. Reg. No.: |
0105542028127 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
and Distributor of Fine Fewelry
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 : |
Usually Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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,
BANGKOK 10250,
THAILAND
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 : 180
LINES
OF BUSINESS : FINE
FEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
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 180
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 |
|
|
|
|
|
|
Mrs. Charu Sanjay Naheta |
|
Indian |
44 |
|
Mr. Torhitd M.T.A. Almortadi |
|
Indian |
50 |
|
Mr. Sanjay Jagdishchand Naheta |
|
Indian |
45 |
|
Mr. Nartarachan Sangkaranayanan |
|
Thai |
53 |
AUTHORIZED PERSON
Any 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 45
years old.
Mrs. Charu Sanjay Naheta
is the General
Manager.
She is Indian
nationality with the
age of 44
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, South Africa
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
approximately 180 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
The
subject is a
manufacturer, exporter and
distributor of fine
jewelry in which
demand is growing considerably
in line with
increasing order from
overseas customers. The
subject reports healthy
sales sale in
the year 2010,
and estimated a
good business prospect for
the year 2011. Its
business is promising
and remains profitable.
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, 2011]
|
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 |
240,750 |
19.26 |
|
Mrs. Charu Sanjay Naheta Nationality: Indian Address : 57/19
Ngamduplee Rd., Thungmahamek,
Sathorn, Bangkok |
240,750 |
19.26 |
|
Basic Investment Solutions
Ltd. Nationality: Singaporean Address : 6
Temasek Rd., Singapore. |
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, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
2,056,161.20 |
2,982,295.42 |
|
Trade Accts. Receivable |
155,079,256.20 |
123,589,665.33 |
|
Inventories |
190,763,089.78 |
111,205,409.54 |
|
Cash at Bank under Commitment |
15,750,000.00 |
- |
|
Other Current Assets
|
7,196,704.02 |
5,575,126.39 |
|
|
|
|
|
Total Current Assets
|
370,845,211.20 |
243,352,496.68 |
|
Fixed Assets |
14,289,937.27 |
21,614,190.11 |
|
Other Assets |
396,769.16 |
390,769.16 |
|
Total Assets |
385,531,917.63 |
265,357,455.95 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
94,403,198.77 |
70,348,506.02 |
|
Trade Accts. Payable |
130,313,800.13 |
50,028,821.36 |
|
Other Payable |
1,311,455.58 |
2,152,814.77 |
|
Current Portion of Hire-purchase Contract
Liabilities |
- |
234,096.00 |
|
Current Portion of Long-term
Loan |
- |
195,166.41 |
|
Other Current Liabilities |
1,725,177.05 |
3,885,457.32 |
|
|
|
|
|
Total Current Liabilities |
227,753,631.53 |
126,844,861.88 |
|
|
|
|
|
Long-term Loan from
Overseas |
7,574,075.00 |
- |
|
Total Liabilities |
235,327,706.53 |
126,844,861.88 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
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 |
19,704,211.10 |
8,012,594.07 |
|
Total Shareholders' Equity |
150,204,211.10 |
138,512,594.07 |
|
Total Liabilities & Shareholders' Equity |
385,531,917.63 |
265,357,455.95 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
395,271,969.73 |
401,463,812.21 |
|
Gain on Exchange
Rate |
4,378,335.38 |
- |
|
Other Income |
392,663.13 |
5,954,423.74 |
|
Total Sale s |
400,042,968.24 |
407,418,235.95 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods and Work in
Process |
[12,487,501.67] |
64,001,667.26 |
|
Change in Raw Material & Material Supplies |
[67,070,178.57] |
33,127,527.65 |
|
Purchase Raw Material &
Material Supplies |
394,426,685.12 |
218,554,259.90 |
|
Salary & Employees Expenses |
27,590,262.28 |
25,736,458.19 |
|
Depreciation |
7,764,520.78 |
8,326,432.14 |
|
Other Expenses |
34,916,517.43 |
37,162,651.28 |
|
Total Expenses |
385,140,305.37 |
386,908,996.42 |
|
|
|
|
|
Profit Before Financial Cost & Income Tax |
14,902,662.87 |
20,509,239.53 |
|
Financial Cost |
[3,211,045.84] |
[5,954,559.14] |
|
Income Tax |
- |
[566,771.63] |
|
|
|
|
|
Net Profit / [Loss] |
11,691,617.03 |
13,987,908.76 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.63 |
1.92 |
|
QUICK RATIO |
TIMES |
0.69 |
1.00 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
27.66 |
18.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
1.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
176.53 |
185.72 |
|
INVENTORY TURNOVER |
TIMES |
2.07 |
1.97 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
143.20 |
112.36 |
|
RECEIVABLES TURNOVER |
TIMES |
2.55 |
3.25 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
120.59 |
83.55 |
|
CASH CONVERSION CYCLE |
DAYS |
199.14 |
214.53 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
99.79 |
54.44 |
|
SELLING & ADMINISTRATION |
% |
8.94 |
8.48 |
|
INTEREST |
% |
0.81 |
1.48 |
|
GROSS PROFIT MARGIN |
% |
1.42 |
47.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.77 |
5.11 |
|
NET PROFIT MARGIN |
% |
2.96 |
3.48 |
|
RETURN ON EQUITY |
% |
7.78 |
10.10 |
|
RETURN ON ASSET |
% |
3.03 |
5.27 |
|
EARNING PER SHARE |
BAHT |
9.35 |
11.19 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.57 |
0.92 |
|
TIME INTEREST EARNED |
TIMES |
4.64 |
3.44 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(1.54) |
|
|
OPERATING PROFIT |
% |
(27.34) |
|
|
NET PROFIT |
% |
(16.42) |
|
|
FIXED ASSETS |
% |
(33.89) |
|
|
TOTAL ASSETS |
% |
45.29 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
1.42 |
Deteriorated |
Industrial Average |
10.38 |
|
Net Profit Margin |
2.96 |
Impressive |
Industrial Average |
(0.89) |
|
Return on Assets |
3.03 |
Impressive |
Industrial Average |
(1.19) |
|
Return on Equity |
7.78 |
Impressive |
Industrial Average |
(3.06) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sale s 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 1.42%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
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 2.96%,
higher figure when 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 ratio is
3.03%, 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 ratio is 7.78%, 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 |
1.63 |
Satisfactory |
Industrial Average |
1.81 |
|
Quick Ratio |
0.69 |
|
|
|
|
Cash Conversion Cycle |
199.14 |
|
|
|
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 1.63 times in 2010, decrease from 1.92 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 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 0.69 times in 2010,
decrease from 1 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 200 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
1.57 |
Risky |
Industrial Average |
1.53 |
|
Times Interest Earned |
4.64 |
Impressive |
Industrial Average |
(0.19) |
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 a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 4.65 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 0.61 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
27.66 |
Impressive |
Industrial Average |
8.05 |
|
Total Assets Turnover |
1.03 |
Satisfactory |
Industrial Average |
1.30 |
|
Inventory Conversion Period |
176.53 |
|
|
|
|
Inventory Turnover |
2.07 |
Impressive |
Industrial Average |
2.00 |
|
Receivables Conversion Period |
143.20 |
|
|
|
|
Receivables Turnover |
2.55 |
Satisfactory |
Industrial Average |
3.00 |
|
Payables Conversion Period |
120.59 |
|
|
|
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.49.87 |
|
UK Pound |
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.53 |
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.