MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
DIMODA CO., LTD. |
|
|
|
|
Registered Office : |
17 Soi Sukhumvit 13, Sukhumvit Road, Klongtoey Nua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.04.2010 |
|
|
|
|
Date of Incorporation : |
26.05.2006 |
|
|
|
|
Com. Reg. No.: |
0105549065168 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, distributor & service provider of fabrics |
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
DIMODA
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 17
SOI SUKHUMVIT 13,
SUKHUMVIT ROAD,
KLONGTOEY NUA,
WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2254-6050
FAX :
[66] 2254-6049
E-MAIL
ADDRESS : info@dimoda-design.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549065168
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : APRIL
30
LEGAL
STATUS
: PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VICHAI JAWLA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 19
LINES
OF BUSINESS : FABRICS IMPORTER, DISTRIBUTOR
& SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 26, 2006
as a private
limited company under the
registered name DIMODA
CO., LTD., by
Thai groups, with the business objective to distribute wide
range of fabrics for
furniture and home decoration. It
currently employs 19
staff.
The
subject’s registered address
is 17 Soi
Sukhumvit 13, Sukhumvit
Rd., Klongtoey Nua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vichai Jawla |
|
Thai |
40 |
|
Mr. Sorayit Singh Jawla |
|
Thai |
51 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vichai Jawla is
the Managing Director.
He is Thai
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
fabrics for furniture
and home decoration.
Its products are
included upholstery, curtain,
sheer and etc.
The subject
also provides curtain
design and installation
service.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in India,
United Kingdom, France
and Italy.
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
RELATED AND
AFFILIATED COMPANY
Dimoda Design Co.,
Ltd.
Business Type :
Interior designing and
decorating service.
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 on
negotiated terms.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 19
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch:
105/1
Soi Pattanakarn 20,
Yaek 8, Pattanakarn
Rd., Suanluang, Bangkok
10250.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
100,000.
COMMENT
The
subject was formed
in 2006 as
an importer and
distributor of fabrics for
both retail and
wholesales. Its products
are for furniture
manufacture and consumer
market. Subject reported
moderate sales revenue
in 2010.
Despite
market improvement since last
year, but has
not yet as
good as in
the past few
years, prior to economic
sluggish. It is
estimated that sales
in 2011 would
be slightly grown
from the previous
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100 each
with fully paid.
On
July 24, 2007,
the capital was
increased to Bht.
5,000,000 divided into
50,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
August 31, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sorayit Singh Jawla Nationality: Thai Address : 166
Suranaree Rd., Naimuang,
Muang,
Nakornratchasima |
23,000 |
46.00 |
|
Mr. Vichai Jawla Nationality: Thai Address : 695
Mitraphap Rd., Naimuang,
Muang, Nakornratchasima |
12,700 |
25.40 |
|
Mr. Kamol Singprasong Nationality: Thai Address : 62
Soi Mooban Pakamas,
Suanluang, Suanluang, Bangkok |
10,298 |
20.60 |
|
Mr. Prasong Jawla Nationality: Thai Address : 487
Jor. Hor., Muang, Nakornratchasima |
3,000 |
6.00 |
|
Mr. Suthep Jawla Nationality: Thai Address : 166
Surannaree Rd., Naimuang,
Muang,
Nakornratchasima |
1,000 |
2.00 |
|
Mr. Chairat Maneeratananont Nationality: Thai Address : 4/2
Moo 1, Salaklang,
Bangkruay, Nonthaburi |
1 |
- |
|
Ms. Kanistha Muangkham Nationality: Thai Address : 676/2
Moo 5, Taklee, Nakornsawan
|
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Thipawan Amphonphan
No. 7529
BALANCE SHEET [BAHT]
The
latest financial figures
published for April
30, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
86,713.50 |
99,768.25 |
|
Trade Accounts Receivable |
3,864,284.94 |
4,671,594.24 |
|
Inventories |
24,782,196.31 |
22,775,348.78 |
|
Other Current Assets
|
580,880.80 |
1,063,563.89 |
|
|
|
|
|
Total Current Assets
|
29,314,075.55 |
28,610,275.16 |
|
Fixed Assets |
12,949,965.21 |
13,310,794.11 |
|
Other Assets |
11,153.21 |
600.00 |
|
Total Assets |
42,275,193.97 |
41,921,669.27 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from
Financial Institution |
2,012,677.37 |
1,250,834.65 |
|
Trade Accounts Payable |
1,604,683.89 |
3,526,503.26 |
|
Current Portion of Long-term
Loan |
1,777,733.10 |
1,308,628.76 |
|
Other Current Liabilities |
2,905,831.78 |
2,133,566.65 |
|
|
|
|
|
Total Current Liabilities |
8,300,926.14 |
8,219,533.32 |
|
Long-term Loan from Related Person |
22,648,814.66 |
21,747,617.29 |
|
Other Long-term Loan |
4,196,022.93 |
5,534,046.53 |
|
Total Liabilities |
35,145,763.73 |
35,501,197.14 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
2,129,430.24 |
1,420,472.13 |
|
Total Shareholders' Equity |
7,129,430.24 |
6,420,472.13 |
|
Total Liabilities & Shareholders' Equity |
42,275,193.97 |
41,921,669.27 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
17,345,234.20 |
13,834,350.71 |
|
Service Income |
1,877,387.20 |
3,436,123.14 |
|
Other Income |
224,642.70 |
369.36 |
|
Total Revenues |
19,447,264.10 |
17,270,843.21 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
12,441,751.78 |
10,919,808.30 |
|
Selling Expenses |
1,651,037.35 |
1,510,715.30 |
|
Administrative Expenses |
3,291,132.49 |
3,667,949.67 |
|
Total Expenses |
17,383,921.62 |
16,098,473.27 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
2,063,342.48 |
1,172,369.94 |
|
Financial Cost |
[1,202,510.73] |
[1,216,724.86] |
|
Income Tax |
[151,873.64] |
[51,808.56] |
|
|
|
|
|
Net Profit / [Loss] |
708,958.11 |
[96,163.48] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.53 |
3.48 |
|
QUICK RATIO |
TIMES |
0.48 |
0.58 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.48 |
1.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.45 |
0.41 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
727.03 |
761.28 |
|
INVENTORY TURNOVER |
TIMES |
0.50 |
0.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.38 |
98.73 |
|
RECEIVABLES TURNOVER |
TIMES |
4.97 |
3.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.08 |
117.88 |
|
CASH CONVERSION CYCLE |
DAYS |
753.33 |
742.13 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
64.72 |
63.23 |
|
SELLING & ADMINISTRATION |
% |
25.71 |
29.99 |
|
INTEREST |
% |
6.26 |
7.05 |
|
GROSS PROFIT MARGIN |
% |
36.44 |
36.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.73 |
6.79 |
|
NET PROFIT MARGIN |
% |
3.69 |
(0.56) |
|
RETURN ON EQUITY |
% |
9.94 |
(1.50) |
|
RETURN ON ASSET |
% |
1.68 |
(0.23) |
|
EARNING PER SHARE |
BAHT |
14.18 |
(1.92) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.93 |
5.53 |
|
TIME INTEREST EARNED |
TIMES |
1.72 |
0.96 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.30 |
|
|
OPERATING PROFIT |
% |
76.00 |
|
|
NET PROFIT |
% |
837.24 |
|
|
FIXED ASSETS |
% |
(2.71) |
|
|
TOTAL ASSETS |
% |
0.84 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
36.44 |
Impressive |
Industrial
Average |
8.04 |
|
Net Profit Margin |
3.69 |
Impressive |
Industrial
Average |
0.69 |
|
Return on Assets |
1.68 |
Impressive |
Industrial
Average |
1.67 |
|
Return on Equity |
9.94 |
Impressive |
Industrial
Average |
4.46 |
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. The
company’s figure is 36.44%. When
compared with the industry average, the ratio of the company was higher. This 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. The company’s figure is 3.69% 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
1.68%, 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 9.94%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
3.53 |
Impressive |
Industrial
Average |
1.58 |
|
Quick Ratio |
0.48 |
|
|
|
|
Cash Conversion Cycle |
753.33 |
|
|
|
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 3.53 times in 2010, increase from 3.48 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 0.48 times in 2010,
decrease from 0.58 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 754 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.83 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
4.93 |
Risky |
Industrial
Average |
1.69 |
|
Times Interest Earned |
1.72 |
Impressive |
Industrial
Average |
0.99 |
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 1.72 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 0.83 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.48 |
Deteriorated |
Industrial
Average |
10.57 |
|
Total Assets Turnover |
0.45 |
Deteriorated |
Industrial
Average |
2.38 |
|
Inventory Conversion Period |
727.03 |
|
|
|
|
Inventory Turnover |
0.50 |
Deteriorated |
Industrial
Average |
5.58 |
|
Receivables Conversion Period |
73.38 |
|
|
|
|
Receivables Turnover |
4.97 |
Impressive |
Industrial
Average |
4.14 |
|
Payables Conversion Period |
47.08 |
|
|
|
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.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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.