MIRA INFORM REPORT
|
Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
DESMOND INTERNATIONAL CO LTD |
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Registered Office : |
261
Vanich 1 Road,
Chakkrawat, Samphanthawong,
Bangkok 10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1983 |
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Com. Reg. No.: |
0105526023248 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Distributor and exporter of fabrics |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
DESMOND INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 261
VANICH 1 ROAD,
CHAKKRAWAT,
SAMPHANTHAWONG, BANGKOK
10100, THAILAND
TELEPHONE : [66] 2225-0140
FAX : [66] 2225-3009
E-MAIL
ADDRESS : narinder@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION NO. : 0105526023248
CAPITAL REGISTERED : BHT. 26,000,000
CAPITAL PAID-UP : BHT. 26,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
NIRIN SACHDEV, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : FABRICS
DISTRIBUTOR AND
EXPORTER
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 June 8,
1983 as a
private limited company
under the name
style DESMOND INTERNATIONAL CO., LTD., by
Thai and Indian
groups, in order
to distribute various
kinds of fabrics
to both local
and overseas markets.
It currently employs
20 staff.
The
subject’s registered address
is 261 Vanich
1 Rd., Chakkrawat,
Samphanthawong, Bangkok 1010,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nirin Sachdev |
[x] |
Thai |
69 |
|
Mr. Vinai Sachdev |
|
Thai |
73 |
|
Mr. Prateep Sajjatrakul |
[x] |
Thai |
69 |
|
Mr. Prateep Singhgle |
[x] |
Thai |
56 |
AUTHORIZED PERSON
One of the above directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Nirin Sachdev
is the Managing Director.
He is Thai nationality with
the age of
69 years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing and exporting various
kinds of fabrics
such as cotton,
silk, linen, lace,
flannel and etc.
PURCHASE
100% of the products is
purchased from local
suppliers.
MAJOR SUPPLIERS
Luckytex
[Thailand] Public Co.,
Ltd.
Thai
Textile Industry Public
Co., Ltd.
Jong
Pattana Co., Ltd.
SALES
90% of the products is
exported to Europe
such as France
and Italy, as
well as United
States of America,
the remaining 10%
is sold locally
to manufacturers, wholesalers
and end-users.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 20
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject was
formed in 1983
as a distributor and
exporter of fabrics.
The products have
been supplied locally
to manufacture and
wholesales, while the
most of the products are
exported to overseas
customers. Subject reported
its sales revenue
for 2007 approximately 809.3 million bath compared
to 772.3 million baht
in the previous year. Growth
were driven from
export markets, however current world economic
slowdown would increasingly affect its sales
revenue by the
year end.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into
2,000 shares of Bht.
1,000 each.
The capital was increased
later as the
followings:
Bht.
3,000,000 on October
15, 1985
Bht.
16,000,000 on July
6, 1993
Bht.
26,000,000 on November
23, 2001
The
latest registered capital
was increased to
Bht. 26,000,000 divided
into 26,000 shares
of Bht. 1,000
each with fully
paid.
MAIN SHAREHOLDERS : [as
at April 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prateep Singhgle Nationality: Thai Address : 40
Soi Chaiyayos, Sukhumvit
Rd.,
Klongtoey, Bangkok |
6,500 |
25.00 |
|
Mr. Satpal Sachdev Nationality: Indian Address : 40
Soi Chaiyayos, Sukhumvit
Rd.,
Klongtoey, Bangkok |
3,912 |
15.05 |
|
Mr. Sorinderpal Nationality: Thai Address : 1/7
Ladya Rd.,
Somdejchaophraya,
Klongsan, Bangkok |
3,575 |
13.75 |
|
Mr. Nirin Sachdev Nationality: Thai Address : 40
Soi Chaiyayos, Sukhumvit
Rd.,
Klongtoey, Bangkok |
3,038 |
11.68 |
|
Mr. Vinai Sachdev Nationality: Thai Address : 25/22
Soi Sainampueng 20,
Sukhumvit Rd.,
Klongtoey, Bangkok |
2,679 |
10.30 |
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|
|
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Mr. Prateep Sajjatrakul Nationality: Thai Address : 212-214 Rachawong Rd.,
Chakkrawat,
Samphanthawong, Bangkok |
2,671 |
10.27 |
|
Mrs. Sopa Sachdev Nationality: Thai Address : 40
Soi Chaiyayos, Sukhumvit
Rd.,
Klongtoey, Bangkok |
1,350 |
5.19 |
|
Mrs. Kirin Sajjatrakul Nationality: Thai Address : 129
Soi Luenrith, Rachawong
Rd.,
Chakkrawat,
Samphanthawong, Bangkok |
904 |
3.48 |
|
Mrs. Krisana Sachdev Nationality: Thai Address : 25/22
Soi Sainampueng 20,
Sukhumvit Rd.,
Klongtoey, Bangkok |
896 |
3.45 |
|
Mr. Arwinkumar Sachdev Nationality: Thai Address : 85/5
Soi Sukjai, Sukhumvit
Rd., Klongtoey, Bangkok |
475 |
1.83 |
Total Shareholders : 10
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Darin Visithsora-ath No. 7646
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
13,761,235.47 |
9,009,616.68 |
|
Trade Accts. Receivable |
200,933,901.04 |
237,946,221.53 |
|
Inventories |
104,267,522.69 |
90,608,609.38 |
|
Prepaid Income Tax |
3,865,524.09 |
3,865,524.09 |
|
Deferred Value Added Tax |
6,953,116.71 |
5,718,264.42 |
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Other Current Assets
|
2,718,304.98 |
215,448.48 |
|
Total Current Assets
|
332,499,604.98 |
347,363,684.58 |
|
|
|
|
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Fixed Assets |
8,304,797.39 |
824,023.78 |
|
Other Assets |
182,822.29 |
150,000.00 |
|
Total Assets |
340,987,224.66 |
348,337,708.36 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
143,919,424.41 |
144,887,985.89 |
|
Trade Accts. Payable |
21,701,524.55 |
28,214,114.60 |
|
Accrued Commission |
16,381,870.31 |
27,892,702.40 |
|
Other Current Liabilities |
22,125,860.44 |
17,777,876.55 |
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Total Current Liabilities |
204,128,679.71 |
218,772,679.44 |
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Total Liabilities |
204,128,679.71 |
218,772,679.44 |
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Shareholders' Equity |
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Share capital : Baht 1,000 value authorized, issued
and fully paid share
capital 26,000 shares |
26,000,000.00 |
26,000,000.00 |
|
Capital Paid |
26,000,000.00 |
26,000,000.00 |
|
Statutory Reserve |
2,600,000.00 |
2,600,000.00 |
|
Retained Earning -
Unappropriated |
108,258,544.95 |
100,965,028.92 |
|
Total Shareholders' Equity |
136,858,544.95 |
129,565,028.92 |
|
Total Liabilities &
Shareholders' Equity |
340,987,224.66 |
348,337,708.36 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
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Sales Income |
794,341,299.91 |
764,133,891.95 |
|
Gain on Exchange Rate |
4,920,948.88 |
- |
|
Other Income |
10,116,734.34 |
8,185,845.60 |
|
Total Revenues |
809,378,983.13 |
772,319,737.55 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
740,743,189.90 |
694,532,996.21 |
|
Loss on Exchange Rate |
- |
9,923,422.33 |
|
Selling & Administrative Expenses |
51,235,322.08 |
51,961,019.96 |
|
Total Expenses |
791,978,511.98 |
756,417,438.50 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
17,400,471.15 |
15,902,299.05 |
|
Interest Expenses |
[5,451,342.82] |
[5,030,603.42] |
|
Income Tax |
[4,655,612.30] |
[3,675,275.91] |
|
Net Profit / [Loss] |
7,293,516.03 |
7,196,419.72 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
3.95 |
|
|
Operating Profit |
[35.19] |
|
|
Net Profit |
1.35 |
|
|
Fixed Assets |
907.83 |
|
|
Total Assets |
[2.11] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.25 |
90.89 |
|
Operating Profit Margin |
2.19 |
3.38 |
|
S & A
Expenses |
6.45 |
6.80 |
|
Interest Paid |
0.69 |
0.66 |
|
Other Revenues |
1.89 |
1.07 |
|
Net Profit Margin |
0.92 |
0.94 |
|
Earning Per Shares |
280.52 |
276.79 |
|
No. of Shares |
26,000 |
26,000 |
Net Sales was
increased by 3.95%,
Operating Profit was
decreased by 35.19%,
Net Profit was
increased by 1.35%,
Fixed Assets was
increased by 907.83%,
Total Assets was
decreased by 2.11%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.89%
to 93.25%, Operating
Profit Margin was
decreased from 3.38%
to 2.19%, S
& A Expenses
was decreased from
6.80% to 6.45%,
Interest Paid was increased
from 0.66% to
0.69%, Other Revenues
was increased from
1.07% to 1.89%,
Net Profit Margin
was decreased from
0.94% to 0.92%.
Earning Per Shares
was increased from
276.79 baht per
share to 280.52
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.63 |
1.59 |
|
Quick-Assets Ratio |
1.05 |
1.13 |
Current Ratio was
increased from 1.59
to 1.63, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.13 to 1.05,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.49 |
1.69 |
|
Times Interest Earned |
3.19 |
5.13 |
D/E Ratio was
decreased from 1.69
to 1.49, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
5.13 to 3.19,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
95.65 |
927.32 |
|
Total Assets Turnover |
2.33 |
2.19 |
|
Return on Assets |
2.14 |
2.07 |
|
Return on Equity |
5.33 |
5.55 |
|
Day's Payable |
9.84 |
13.29 |
|
Day’s Inventories |
47.25 |
42.69 |
|
Day’s Receivables |
91.06 |
112.10 |
Fixed Assets Turnover
was decreased from
927.32 times to
95.65 times, Total
Assets Turnover was
increased from 2.19
times to 2.33
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
2.07 to 2.14,
Return on Equity
was decreased from
5.55 to 5.33,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 14
days to 10
days, while Day’s
Inventories was increased
from 43 days
to 48 days, but Day’s
Receivables was decreased
from 113 days
to 92 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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%)