MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	TANYA COLLECTIONS LTD.
Registered Office :	Gemopolis Industrial Estate Factory Condominium 1, 48/11 3^rd Floor, Soi Sukhapiban 2 Soi 31, Kwaeng Dokmai, Khet Prawet, Bangkok 10250
Country :	Thailand
Financials (as on) :	31.12.2013
Date of Incorporation :	21.04.1999
Com. Reg. No.:	0105542028127
Legal Form :	Private Limited Company
Line of Business :	engaged in manufacturing, distributing and exporting various kinds of jewelry products, such as ring, pendant, earring, necklace, bracelet under its own brand “TANYA”, as well as customer’s brands.
No. of Employees	109 (Office Staff and Factory Workers)

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
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 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Thailand	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Thailand ECONOMIC OVERVIEW

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.

Source : CIA

Company name

TANYA COLLECTIONS LTD.

SUMMARY

BUSINESS ADDRESS : GEMOPOLIS INDUSTRIAL ESTATE FACTORY

CONDOMINIUM 1, 8/11 3^rd FLOOR,

SOI SUKHAPIBAN 2 SOI 31,

KWAENG DOKMAI, KHET PRAWET,

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

TAX ID NO. : 3021005627

CAPITAL REGISTERED : BHT. 125,000,000

CAPITAL PAID-UP : BHT. 125,000,000

SHAREHOLDERF’S PROPORTION : FOREIGN : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. SANJAY JAGDISHCHAND NAHETA, INDIAN

MANAGING DIRECTOR

NO. OF STAFF : 109

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 foreign groups, with the business objective to manufacture various kinds of jewelry products for domestic and overseas markets. It currently employs 109 staff.

The subject’s registered address was initially at 322/28 Surawong Rd., Suriyawongse, Bangrak, Bangkok 10500,

On March 13, 2007, the subject’s registered address was relocated to Gemopolis Industrial Estate Factory Condominium 1, 48/11 3^rd Floor, Soi Sukhapiban 2 Soi 31, Kwaeng Dokmai, Khet Prawet, Bangkok 10250.

In September 30, 2008, its registered address number was changed from “48/11” to “8/11”, by The Prawet District Office, both are the same location. This is also the subject’s current operation address.

THE BOARD OF DIRECTORS

Name	Nationality	Age
Mrs. Charu Sanjay Naheta	Indian	47
Mr. Sanjay Kalsi	Indian	49
Mr. Sanjay Jagdishchand Naheta	Indian	48
Mr. Anan Khalil F. Fakhreddin	Jordanian	48

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 48 years old.

Mrs. Charu Sanjay Naheta is the General Manager.

She is Indian nationality with the age of 47 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 own brand “TANYA”, as well as customer’s brands.

PURCHASE

Raw materials such as diamonds, gemstones and accessories are purchased from suppliers and agents in both domestic and overseas, mainly India, Republic of China and Hong Kong.

EXPORT

99% of the products is exported to U.S.A., Japan, Singapore, Australia, Hong Kong, Republic of China, European, Africa and Middle East countries.

SALES [LOCAL]

1% of the products is sold locally by wholesale to traders.

SUBSIDIARY AND AFFILIATED COMPANY

The subject is not found to have any subsidiary or 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 currently employs 109 office staff and factory workers.

LOCATION DETAILS

The premise is rented for administrative office and factory at the heading address. Premise is located in industrial area.

Branch office is located at 15^th Floor, Bangkok Gems & Jewelry Building, 322/33 Surawong Road, Siphaya, Bangrak, Bangkok 10500.

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 revenue in the year 2013 with an increase in both sales revenues and net profit comparing to the previous year. 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, 2014]

NAME	HOLDING	%
Damas Jewellery LLC. Nationality: Dubai Address : P.O. Box 1522, 3^rd Floor, Gold Center, 57/58 Deira, Dubai, United Arab Emirates	612,500	49.00
Mr. Sanjay Jagdishchand Naheta Nationality: Indian Address : 57/19 Ngamduplee Rd., Thungmahamek, Sathorn, Bangkok	318,750	25.50
Mrs. Charu Sanjay Naheta Nationality: Indian Address : 57/19 Ngamduplee Rd., Thungmahamek, Sathorn, Bangkok	318,750	25.50

Total Shareholders : 3

Shareholders Structure [as at April 30, 2014]

Nationality	Shareholders	No. of Share	% Shares
Thai	-	-	-
Foreign	3	1,250,000	100.00
Total	3	1,250,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Mr. Valit Panpoonsap No. 4018

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2013, 2012 & 2011 were:

ASSETS

Current Assets	2013	2012	2011
Cash in Hand & at Bank	4,157,306.13	4,266,054.45	6,210,222.26
Trade Accounts Receivable	176,043,895.48	166,945,142.71	200,740,104.61
Other Receivable	798,382.19	1,819,970.00	1,933,034.38
Total Trade Accounts & Other Receivable	176,842,277.67	168,765,112.71	202,673,138.99
Inventories	140,618,699.60	211,634,988.03	183,183,220.31
Refundable Value Added Tax	395,178.16	122,869.86	4,431,822.56
Prepaid Payment	658,089.61	927,696.19	1,240,147.50
Other Current Assets	93,525.75	162,797.32	175,157.72
Total Current Assets	322,765,076.92	385,879,518.56	397,913,709.34
Cash at Bank under Commitment	16,785,010.81	16,340,150.22	15,905,925.00
Fixed Assets	15,585,448.33	10,986,067.78	8,669,811.39
Other Assets	382,820.10	394,899.97	394,899.97
Total Assets	355,518,356.16	413,600,636.53	422,884,345.70

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2013	2012	2011
Bank Overdraft & Short-term Loan from Bank	83,097,266.20	156,180,828.55	140,069,552.74
Trade Accounts Payable	10,650,541.17	91,041,335.75	114,985,947.86
Other Payable	3,346,536.63	2,309,230.14	2,280,636.41
Total Trade Accounts & Other Payable	13,997,077.80	93,350,565.89	117,266,584.27
Pre-received from Customer	-	2,684,374.63	9,035,844.38
Accrued Income Tax	-	-	510,336.21
Short-tem Loan from	85,668,440.00	-	-
Other Current Liabilities	208,558.25	551,675.60	243,942.86
Total Current Liabilities	182,971,342.25	252,767,444.67	267,126,260.46
Total Liabilities	182,971,342.25	252,767,444.67	267,126,260.46
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	125,000,000.00
Capital Paid	125,000,000.00	125,000,000.00	125,000,000.00
Retained Earning Appropriated for Statutory Reserve	6,387,025.00	6,242,525.00	5,945,650.00
Unapppropriated	41,159,988.91	29,590,666.86	24,812,435.24
Total Shareholders' Equity	172,547,013.91	160,833,191.86	155,758,085.24
Total Liabilities & Shareholders' Equity	355,518,356.16	413,600,636.53	422,884,345.70

PROFIT & LOSS ACCOUNT

Revenue	2013	2012	2011
Sales Income	438,961,689.07	369,243,216.75	551,080,817.91
Gain on Exchange Rate	-	1,760,861.61	-
Other Income	653,685.57	1,289,864.93	419,734.00
Total Revenues	439,615,374.64	372,293,943.29	551,500,551.91
Expenses
Cost of Goods Sold	388,031,199.57	329,312,598.04	502,268,653.16
Selling Expenses	7,421,312.61	8,776,382.02	8,954,703.56
Administrative Expense	22,298,401.69	17,345,362.60	20,655,243.63
Total Expenses	417,750,913.87	355,434,342.66	531,878,600.35
Profit Before Financial Cost & Income Tax	21,864,460.77	16,859,600.63	19,621,951.56
Financial Cost - Interest Expense	[7,118,567.85]	[5,756,177.82]	[4,644,741.21]
Income Tax	[142,070.87]	[90,816.19]	[510,336.21]
Net Profit / [Loss]	14,603,822.05	11,012,606.62	14,466,874.14

FINANCIAL ANALYSIS

ITEM	UNIT	2013	2012	2011
LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.76	1.53	1.49
QUICK RATIO	TIMES	0.99	0.68	0.78
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	28.16	33.61	63.56
TOTAL ASSETS TURNOVER	TIMES	1.23	0.89	1.30
INVENTORY CONVERSION PERIOD	DAYS	132.27	234.57	133.12
INVENTORY TURNOVER	TIMES	2.76	1.56	2.74
RECEIVABLES CONVERSION PERIOD	DAYS	146.38	165.03	132.96
RECEIVABLES TURNOVER	TIMES	2.49	2.21	2.75
PAYABLES CONVERSION PERIOD	DAYS	10.02	100.91	83.56
CASH CONVERSION CYCLE	DAYS	268.64	298.69	182.52
PROFITABILITY RATIO
COST OF GOODS SOLD	%	88.40	89.19	91.14
SELLING & ADMINISTRATION	%	1.69	2.38	1.62
INTEREST	%	1.62	1.56	0.84
GROSS PROFIT MARGIN	%	11.75	11.64	8.93
NET PROFIT MARGIN BEFORE EX. ITEM	%	4.98	4.57	3.56
NET PROFIT MARGIN	%	3.33	2.98	2.63
RETURN ON EQUITY	%	8.46	6.85	9.29
RETURN ON ASSET	%	4.11	2.66	3.42
EARNING PER SHARE	BAHT	11.68	8.81	11.57
LEVERAGE RATIO
DEBT RATIO	TIMES	0.51	0.61	0.63
DEBT TO EQUITY RATIO	TIMES	1.06	1.57	1.72
TIME INTEREST EARNED	TIMES	3.07	2.93	4.22
ANNUAL GROWTH
SALES GROWTH	%	18.88	(33.00)
OPERATING PROFIT	%	29.69	(14.08)
NET PROFIT	%	32.61	(23.88)
FIXED ASSETS	%	41.87	26.72
TOTAL ASSETS	%	(14.04)	(2.20)

ANNUAL GROWTH : IMPRESSIVE

An annual sales growth is 18.88%. Turnover has increased from THB 369,243,216.75 in 2012 to THB 438,961,689.07 in 2013. While net profit has increased from THB 11,012,606.62 in 2012 to THB 14,603,822.05 in 2013. And total assets has decreased from THB 413,600,636.53 in 2012 to THB 355,518,356.16 in 2013.

PROFITABILITY : IMPRESSIVE

PROFITABILITY RATIO

Gross Profit Margin	11.75	Impressive	Industrial Average	3.01
Net Profit Margin	3.33	Impressive	Industrial Average	0.58
Return on Assets	4.11	Impressive	Industrial Average	3.55
Return on Equity	8.46	Acceptable	Industrial Average	14.14

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. Gross Profit Margin is 11.75%. 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. Net Profit Margin ratio is 3.33%, 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 4.11%, 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. When compared with the industry average, it was lower, the company's figure is 8.46%.

Trend of the average competitors in the same industry for last 5 years

Return on Assets Uptrend

Return on Equity Uptrend

LIQUIDITY : ACCEPTABLE

LIQUIDITY RATIO

Current Ratio	1.76	Impressive	Industrial Average	1.60
Quick Ratio	0.99
Cash Conversion Cycle	268.64

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 1.76 times in 2013, increase from 1.53 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 0.99 times in 2013, increase from 0.68 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 269 days.

Trend of the average competitors in the same industry for last 5 years

Current Ratio Uptrend

LEVERAGE : EXCELLENT

LEVERAGE RATIO

Debt Ratio	0.51	Impressive	Industrial Average	0.73
Debt to Equity Ratio	1.06	Impressive	Industrial Average	2.73
Times Interest Earned	3.07	Impressive	Industrial Average	-

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 higher the percentage means that the company is using less equity and has stronger leverage position.

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 3.08 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 0.51 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 Stable

ACTIVITY : ACCEPTABLE

ACTIVITY RATIO

Fixed Assets Turnover	28.16	Impressive	Industrial Average	-
Total Assets Turnover	1.23	Deteriorated	Industrial Average	6.16
Inventory Conversion Period	132.27
Inventory Turnover	2.76	Deteriorated	Industrial Average	12.03
Receivables Conversion Period	146.38
Receivables Turnover	2.49	Deteriorated	Industrial Average	8.23
Payables Conversion Period	10.02

The company's Account Receivable Ratio is calculated as 2.49 and 2.21 in 2013 and 2012 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2013 increased from 2012. This would suggest the company had good performance in the management of its debt collections.

Inventory Turnover in Days Ratio indicates the liquidity of inventory. It estimates the number of days that it will take to sell the current inventory. Inventory is particularly sensitive to change in business activities. The inventory turnover in days has decreased from 235 days at the end of 2012 to 132 days at the end of 2013. This represents a positive trend. And Inventory turnover has increased from 1.56 times in year 2012 to 2.76 times in year 2013.

The company's Total Asset Turnover is calculated as 1.23 times and 0.89 times in 2013 and 2012 respectively. This ratio is determined by dividing total assets into total sales turnover. The ratio measures the activity of the assets and the ability of the firm to generate sales through the use of the assets.

Trend of the average competitors in the same industry for last 5 years

Fixed Assets Turnover Stable

Total Assets Turnover Downtrend

Inventory Turnover Downtrend

Receivables Turnover Downtrend

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.