MIRA INFORM
REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAMDIMON
CO., LTD. |
|
|
|
|
Registered Office : |
23rd Floor, |
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Country : |
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|
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
14.08.2003 |
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|
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Com. Reg. No.: |
0105546095848 |
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|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
importer and distributor of diamond
and jewelry products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 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
SAMDIMON
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 23rd FLOOR,
BANGRAK,
TELEPHONE : [66] 2234-8580-1,
081 563-8580
FAX :
[66] 2234-8582
E-MAIL
ADDRESS : samdimon@loxinfo.co.th
gandhikeyur2003@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION
NO. : 0105546095848
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KEYUR SURESH
CHANDRA GANDI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : DIAMOND AND
JEWELRY PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
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 4 staff.
The subject’s registered address
is 23rd Flr., Bangkok
Gems & Jewelry Bldg., 322/59
Surawong Rd., Siphya, Bangrak, Bangkok
10500, and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Keyur Suresh Chandra
Gandi |
|
Indian |
35 |
|
Mr. Hardik Kiritkumar Gandhi |
|
Indian |
24 |
AUTHORIZED PERSON
One of the
above directors 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 35
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
suppliers.
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 4
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 was formed in
2003 as an
importer and distributor
of diamond and
jewelry products. Its diamonds are mostly imported
from
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100 each.
On
January 21, 2009, the
capital was increased
to Bht. 4,000,000
divided into 40,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Keyur Suresh Chandra
Gandi Nationality: Indian Address :
Bangrak, |
9,600 |
24.00 |
|
Mrs. Wanphen Sampao Nationality: Thai Address : 391
Moo 4, Kabinburi, Prachinburi |
5,400 |
13.50 |
|
Mr. Suresh Daiyalas Gandi Nationality: Indian Address :
Bangrak, |
5,000 |
12.50 |
|
Mr. Hardik Kiritkumar Gandhi Nationality: Indian Address :
Bangrak, |
5,000 |
12.50 |
|
Mr. Monchai Kuansutthi Nationality: Thai Address : 20
Moo 5, Panomprai, Khon
Kaen |
5,000 |
12.50 |
|
Mrs. Malee Thienchaimongkol Nationality: Thai Address : |
5,000 |
12.50 |
|
Mr. Supee Muanthom Nationality: Thai Address : |
5,000 |
12.50 |
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, 2009
& 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
33,501.55 |
10,027.50 |
|
Trade Accts. Receivable |
41,226,119.30 |
4,973,958.18 |
|
Inventories |
38,937,895.83 |
55,493,890.21 |
|
Other Current Assets
|
87,960.00 |
988,994.43 |
|
Total Current Assets
|
80,285,476.68 |
61,466,870.32 |
|
|
|
|
|
Fixed Assets |
4,543,589.88 |
4,813,195.37 |
|
Total Assets |
84,829,066.56 |
66,280,065.69 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accts. Payable |
78,791,225.52 |
56,719,343.92 |
|
Payable Loan from Director |
819,401.76 |
14,255.69 |
|
Other Current Liabilities |
- |
7,438,000.00 |
|
Total Current Liabilities |
79,610,627.28 |
64,171,599.61 |
|
Total Liabilities |
79,610,627.28 |
64,171,599.61 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 & shares in 2009 & 2008 respectively |
4,000,000.00 |
2,000,000.00 |
|
Capital Paid |
4,000,000.00 |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
1,218,439.28 |
108,466.08 |
|
Total Shareholders' Equity |
5,218,439.28 |
2,108,466.08 |
|
Total Liabilities & Shareholders' Equity |
84,829,066.57 |
66,280,065.70 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
122,961,801.07 |
80,350,868.37 |
|
Gain on Exchange Rate |
1,158,273.35 |
- |
|
Total Sales |
124,120,074.42 |
80,350,868.37 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
120,530,064.61 |
78,561,623.71 |
|
Selling Expenses |
369,939.12 |
601,079.04 |
|
Administrative Expenses |
1,827,099.91 |
1,103,754.73 |
|
Loss on Exchange Rate |
- |
595,869.74 |
|
Total Expenses |
122,727,103.64 |
80,862,327.22 |
|
Profit / [Loss] Before Finance
Costs & Income Tax |
1,392,970.78 |
[511,458.85] |
|
Finance Costs |
[7,461.80] |
[111,487.92] |
|
Profit / [Loss] Before Income
Tax |
1,385,508.98 |
[622,946.77] |
|
Income Tax |
[275,535.78] |
- |
|
Net Profit / [Loss] |
1,109,973.20 |
[622,946.77] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.01 |
0.96 |
|
QUICK RATIO |
TIMES |
0.52 |
0.08 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
27.06 |
16.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.45 |
1.21 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
117.92 |
257.83 |
|
INVENTORY TURNOVER |
TIMES |
3.10 |
1.42 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
122.38 |
22.59 |
|
RECEIVABLES TURNOVER |
TIMES |
2.98 |
16.15 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
238.60 |
263.52 |
|
CASH CONVERSION CYCLE |
DAYS |
1.69 |
16.90 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
98.02 |
97.77 |
|
SELLING & ADMINISTRATION |
% |
1.79 |
2.12 |
|
INTEREST |
% |
0.01 |
0.14 |
|
GROSS PROFIT MARGIN |
% |
2.92 |
2.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.13 |
(0.64) |
|
NET PROFIT MARGIN |
% |
0.90 |
(0.78) |
|
RETURN ON EQUITY |
% |
21.27 |
(29.55) |
|
RETURN ON ASSET |
% |
1.31 |
(0.94) |
|
EARNING PER SHARE |
BAHT |
27.75 |
(31.15) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.94 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
15.26 |
30.44 |
|
TIME INTEREST EARNED |
TIMES |
186.68 |
(4.59) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
53.03 |
|
|
OPERATING PROFIT |
% |
(372.35) |
|
|
NET PROFIT |
% |
278.18 |
|
|
FIXED ASSETS |
% |
(5.60) |
|
|
TOTAL ASSETS |
% |
27.99 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
2.92 |
Deteriorated |
Industrial Average |
18.11 |
|
Net Profit Margin |
0.90 |
Satisfactory |
Industrial Average |
1.06 |
|
Return on Assets |
1.31 |
Impressive |
Industrial Average |
1.31 |
|
Return on Equity |
21.27 |
Impressive |
Industrial Average |
2.95 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 2.92%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 0.9%. When
compared with the industry average, the ratio of the company was lower.
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 1.31%,
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
21.27%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.01 |
Deteriorated |
Industrial Average |
3.14 |
|
Quick Ratio |
0.52 |
|
|
|
|
Cash Conversion Cycle |
1.69 |
|
|
|
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 1.01 times in 2009, increase from 0.96 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 0.52 times in 2009,
increase from 0.08 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 benefit
from payment terms from its creditors. It meant the company could survive when
no cash inflow was received from sale for 2 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.94 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
15.26 |
Risky |
Industrial Average |
1.22 |
|
Times Interest Earned |
186.68 |
Impressive |
Industrial Average |
0.63 |
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 186.69 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 0.94 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
27.06 |
Impressive |
Industrial Average |
6.30 |
|
Total Assets Turnover |
1.45 |
Impressive |
Industrial Average |
1.29 |
|
Inventory Conversion Period |
117.92 |
|
|
|
|
Inventory Turnover |
3.10 |
Impressive |
Industrial Average |
1.55 |
|
Receivables Conversion Period |
122.38 |
|
|
|
|
Receivables Turnover |
2.98 |
Acceptable |
Industrial Average |
4.16 |
|
Payables Conversion Period |
238.60 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
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.