MIRA
INFORM REPORT
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Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAMDIMON
CO., LTD. |
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Registered Office : |
22nd Floor, Bangkok
Gems & Jewelry Building,
322/59 Surawong Road,
Siphya, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.08.2003 |
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Com. Reg. No.: |
0105546095848 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Diamond and 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 |
name of the company
SAMDIMON
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR,
BANGKOK GEMS & JEWELRY BUILDING,
322/59 SURAWONG
ROAD, SIPHYA,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2234-8580-1
FAX : [66] 2234-8582
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546095848
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT. 2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. KEYUR SURESH CHANDRA GANDI,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 1
LINES
OF BUSINESS : DIAMOND AND JEWELRY PRODUCTS
IMPORTER 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 August 14,
2003 as a
private limited company under the name style
SAMDIMON CO., LTD.,
by Thai and
Indian groups, with
the business objective
to engage in
jewelry trading business.
It currently employs
1 staff.
The
subject’s registered address
is 322/59 Bangkok
Gems & Jewelry Bldg., Surawong
Rd., Siphya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Keyur
Suresh Chandra Gandi
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Keyur Suresh
Chandra Gandi is
the Managing Director.
He is Indian nationality with
the age of
33 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing of diamonds, gemstones
and jewelry products.
PURCHASE
Jewelry products are
purchased from local
supplier.
IMPORT
Diamonds
and gemstones are
imported from India,
Pakistan, Hong Kong
and Belgium.
SALES [LOCAL]
100% of the
products is sold
locally by wholesale
to traders and
manufacturers.
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 1
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a
prime commercial area.
COMMENT
The
subject’s operating
business is still
slow. Small business
has been driven
by only one
person, Mr. Keyur
Suresh Chandra Gandi.
Growth remains slow
and sales revenues
were still low.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at August 30,
2007]
|
NAME |
HOLDING |
% |
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Mr. Keyur Suresh
Chandra Gandi Nationality: Indian Address : 297
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
6,000 |
30.00 |
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Mr. Suresh Taiyalas
Gandi Nationality: Indian Address : 297
Surawong Rd., Suriyawongse, Bangrak, Bangkok |
3,800 |
19.00 |
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Mrs.
Wanphen Sampao Nationality: Thai Address : 391
Moo 4, Suwannasorn Rd., Thachang,
Kabinburi, Prachinburi |
2,200 |
11.00 |
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Mr. Monchai Kuansutthi Nationality: Thai Address : 20
Moo 5, Mitraphap
Rd., Vareesawad,
Panomprai, Khon Kaen |
2,000 |
10.00 |
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Mrs. Malee Thienchaimongkol Nationality: Thai Address : 73/2
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
2,000 |
10.00 |
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Mr. Supee Muanthom Nationality: Thai Address : 73/2
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
2,000 |
10.00 |
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Ms. Supansa Saentaweesuk Nationality: Thai Address : 86/130
Moo 2, Sukhumvit
Rd.,
Samrongnua, Muang, Samutprakarn |
2,000 |
10.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Wasana Tanmongkol No.
1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand & at Bank
|
11,323.17 |
53,052.15 |
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Trade Accts. Receivable |
1,706,023.85 |
1,394,412.23 |
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Loan to Related
Person |
- |
900,000.00 |
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Inventories |
15,005,908.64 |
3,224,697.17 |
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Other Current Assets
|
12,960.00 |
220,395.21 |
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Total Current
Assets |
16,736,215.66 |
5,792,556.76 |
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Fixed Assets |
5,371,179.21 |
- |
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Total Assets |
22,107,394.87 |
5,792,556.76 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable |
4,613,544.33 |
4,108,334.33 |
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Loan to Payable |
49,360.43 |
71,116.00 |
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Other Current Liabilities |
15,818,000.00 |
- |
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Total Current Liabilities
|
20,480,904.76 |
4,179,450.33 |
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Total Liabilities |
20,480,904.76 |
4,179,450.33 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning -
Unappropriated |
[373,509.89] |
[386,893.57] |
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Total
Shareholders' Equity |
1,626,490.11 |
1,613,106.43 |
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Total
Liabilities & Shareholders' Equity |
22,107,394.87 |
5,792,556.76 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
9,071,098.04 |
2,462,748.44 |
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Gain on Exchange Rate |
261,182.93 |
- |
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Other Income |
- |
18,000.00 |
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Total Revenues
|
9,332,280.97 |
2,480,748.44 |
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Expenses |
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Cost of Goods
Sold |
8,295,752.53 |
2,147,918.43 |
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Selling & Administrative Expenses |
1,005,145.87 |
853,334.66 |
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Loss on Exchange
Rate |
- |
53,753.65 |
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Total Expenses |
9,300,898.40 |
3,055,006.74 |
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Profit / [Loss] Before Interest Expenses & Income Tax |
31,382.57 |
[574,258.30] |
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Interest Expenses |
[180.46] |
- |
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Income Tax |
[17,818.43] |
- |
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Net Profit / [Loss] |
13,383.68 |
[574,258.30] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
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Net Sales |
268.33 |
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Operating Profit |
[101.64] |
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Net Profit |
102.33 |
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Total Assets |
281.65 |
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Profitability |
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Cost of Good
Sold |
91.45 |
87.22 |
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Operating Profit Margin |
0.35 |
[21.14] |
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S & A
Expenses |
11.08 |
34.65 |
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Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
2.88 |
0.73 |
|
Net Profit Margin |
0.15 |
[23.32] |
|
Earning Per Shares |
0.67 |
[28.71] |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 268.33%,
Operating Profit was
decreased by 101.64%,
Net Profit was
increased by 102.33%,
Total Assets was
increased by 281.65%.
Compare each cost
with sales, Cost of Good Sold
was increased from
87.22% to 91.45%,
Operating Profit Margin
was increased from -21.14% to 0.35%, S
& A Expenses
was decreased from
34.65% to 11.08%,
Interest Paid was increased
from 0.00% to
0.00%, Other Revenues
was increased from
0.73% to 2.88%,
Net Profit Margin
was increased from
-23.32% to 0.15%.
Earning Per Shares
was increased from
-28.71 baht per
share to 0.67
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
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Current Ratio |
0.82 |
1.39 |
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Quick-Assets Ratio |
0.08 |
0.56 |
Current Ratio was
decreased from 1.39
to 0.82, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.56 to 0.08,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
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D/E Ratio |
12.59 |
2.59 |
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Times Interest Earned |
173.90 |
0.00 |
D/E Ratio was
increased from 2.59
to 12.59, 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 0.00 to
173.90, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
1.69 |
0.00 |
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Total Assets Turnover |
0.41 |
0.43 |
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Return on Assets |
0.06 |
[9.91] |
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Return on Equity |
0.82 |
[35.60] |
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Day's Payable |
183.10 |
600.55 |
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Day’s Inventories |
595.53 |
471.38 |
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Day’s Receivables |
67.71 |
203.83 |
Fixed Assets Turnover
was increased from
0.00 times to
1.69 times, Total
Assets Turnover was
decreased from 0.43
times to 0.41
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from -9.91 to
0.06, Return on
Equity was increased
from -35.60 to 0.82,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 601
days to 184
days, while Day’s
Inventories was increased
from 472 days
to 596 days, but Day’s
Receivables was decreased
from 204 days
to 68 days.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)