MIRA
INFORM REPORT
|
Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAMDIMON CO.,
LTD. |
|
|
|
|
Registered Office : |
23rd
Floor, |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2003 |
|
|
|
|
Com. Reg. No.: |
0105546095848 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importing and distributing of
rough diamonds, cut & polished diamonds,
gemstones and diamond
studded jewelry. |
|
|
|
|
No. of Employees : |
3 |
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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 enjoyed solid growth from 2000 to 2007 -
averaging more than 4% per year - as it recovered from the Asian financial crisis
of 1997-98. Thai exports - mostly machinery and electronic components,
agricultural commodities, and jewelry - continue to drive the economy,
accounting for more than half of GDP. The global financial crisis of 2008-09
severely cut Thailand's exports, with most sectors experiencing double-digit
drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy
expanded 7.8%, its fastest pace since 1995, as exports rebounded from their
depressed 2009 level. Steady economic growth at just below 4% during the first
three quarters of 2011 was interrupted by historic flooding in October and
November in the industrial areas north of Bangkok, crippling the manufacturing
sector and leading to a revised growth rate of only 0.1% for the year. The
industrial sector is poised to recover from the second quarter of 2012 onward,
however, and the government anticipates the economy will probably grow between
5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and
5.7%.
Source
: CIA
Company name
SAMDIMON
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 23rd FLOOR,
BANGKOK GEMS & JEWELRY BUILDING,
322/59 SURAWONG
ROAD, SIPHYA,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2234-8580-1,
081 563-8580, 089
534-5665
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
TAX
ID NO. : 3033009477
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KEYUR SURESH
CHANDRA GANDI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
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 3 staff.
The
subject is also
an associate of
Samdimon group worldwide, which are
located in Belgium,
U.S.A., Israel, Hong
Kong, Japan, and
India.
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 |
37 |
|
Mr. Hardik Kiritkumar Gandhi |
|
Indian |
26 |
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 37 years
old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing of rough
diamonds, cut & polished diamonds,
gemstones and diamond
studded jewelry.
PURCHASE
Jewelry products are
purchased from local
suppliers.
IMPORT
Diamonds
and gemstones are
imported from India,
Pakistan, Belgium, Russia,
Hong
Kong and Africa.
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 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
according 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 3
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 India. During the
past few years,
diamond from India
has performed well
among local jewelry
productions, due to
its costs are
cheaper than diamonds
from other parts
of the world. The
subject’s operating performance in 2011 was
satisfactory with an
increase in both
sales revenue and
net profit comparing
to the previous
year due to
high demand of
the products from
local markets. Its
business outlook in 2012
is still promising
as most of
the subject’s orders
are from regular
clients.
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,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Keyur Suresh Chandra
Gandi Nationality: Indian Address : 322/59
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
9,600 |
24.00 |
|
Mrs. Wanphen Sampao Nationality: Thai Address : 391
Moo 4, Suwannasorn
Rd., Thachang,
Kabinburi, Prachinburi |
5,400 |
13.50 |
|
Mr. Suresh Daiyalas Gandi Nationality: Indian Address : 322/59
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
5,000 |
12.50 |
|
Mr. Hardik Kiritkumar Gandhi Nationality: Indian Address : 322/59
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
5,000 |
12.50 |
|
Mr. Monchai Kuansutthi Nationality: Thai Address : 20
Moo 5, Mitraphap
Rd., Vareesawad,
Panomprai, Khon Kaen |
5,000 |
12.50 |
|
Mrs. Malee Thienchaimongkol Nationality: Thai Address : 73/2
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
5,000 |
12.50 |
|
Mr. Supee Muanthom Nationality: Thai Address : 73/2
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
5,000 |
12.50 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,400 |
51.00 |
|
Foreign - Indian |
3 |
19,600 |
49.00 |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO
Ms. Wasana Tanmongkol No.
1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
344,513.24 |
12,385.74 |
|
Trade Accounts & Other
Receivable |
230,779,228.25 |
107,063,614.56 |
|
Inventories |
13,165,521.42 |
71,225,303.36 |
|
Total Current Assets
|
244,289,262.91 |
178,301,303.66 |
|
|
|
|
|
Fixed Assets |
4,004,411.85 |
4,262,622.27 |
|
Total Assets |
248,293,674.76 |
182,563,925.93 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other Payable |
238,602,164.88 |
175,576,520.88 |
|
Short-term Loans |
- |
40,000.00 |
|
Accrued Income Tax |
507,862.48 |
264,018.94 |
|
Total Current Liabilities |
239,110,027.36 |
175,880,539.82 |
|
Total Liabilities |
239,110,027.36 |
175,880,539.82 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
5,183,647.40 |
2,683,386.11 |
|
Total Shareholders' Equity |
9,183,647.40 |
6,683,386.11 |
|
Total Liabilities & Shareholders' Equity |
248,293,674.76 |
182,563,925.93 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
257,042,084.38 |
128,262,173.26 |
|
Other Income |
120,000.00 |
3,765,538.47 |
|
Total Revenues |
257,162,084.38 |
132,027,711.73 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
250,555,109.30 |
127,429,928.34 |
|
Selling Expenses |
702,402.55 |
918,102.10 |
|
Administrative Expenses |
1,314,919.87 |
1,806,030.35 |
|
Other Expenses |
1,387,429.24 |
- |
|
Total Expenses |
253,959,860.96 |
130,154,060.79 |
|
Profit / [Loss] before Finance
Costs & Income Tax |
3,202,223.42 |
1,873,650.94 |
|
Finance Costs |
[6,099.65] |
[11,185.17] |
|
Profit / [Loss] before
Income Tax |
3,196,123.77 |
1,862,465.77 |
|
Income Tax |
[695,862.48] |
[397,518.94] |
|
Net Profit / [Loss] |
2,500,261.29 |
1,464,946.83 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
1.01 |
|
QUICK RATIO |
TIMES |
0.97 |
0.61 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
64.19 |
30.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.04 |
0.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
19.18 |
204.01 |
|
INVENTORY TURNOVER |
TIMES |
19.03 |
1.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
327.71 |
304.67 |
|
RECEIVABLES TURNOVER |
TIMES |
1.11 |
1.20 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
347.59 |
502.91 |
|
CASH CONVERSION CYCLE |
DAYS |
(0.70) |
5.78 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.48 |
99.35 |
|
SELLING & ADMINISTRATION |
% |
0.78 |
2.12 |
|
INTEREST |
% |
0.00 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
2.57 |
3.58 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.25 |
1.46 |
|
NET PROFIT MARGIN |
% |
0.97 |
1.14 |
|
RETURN ON EQUITY |
% |
27.23 |
21.92 |
|
RETURN ON ASSET |
% |
1.01 |
0.80 |
|
EARNING PER SHARE |
BAHT |
62.51 |
36.62 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.96 |
|
DEBT TO EQUITY RATIO |
TIMES |
26.04 |
26.32 |
|
TIME INTEREST EARNED |
TIMES |
524.98 |
167.51 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
100.40 |
|
|
OPERATING PROFIT |
% |
70.91 |
|
|
NET PROFIT |
% |
70.67 |
|
|
FIXED ASSETS |
% |
(6.06) |
|
|
TOTAL ASSETS |
% |
36.00 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
2.57 |
Deteriorated |
Industrial
Average |
9.17 |
|
Net Profit Margin |
0.97 |
Impressive |
Industrial
Average |
(0.11) |
|
Return on Assets |
1.01 |
Impressive |
Industrial
Average |
(0.16) |
|
Return on Equity |
27.23 |
Impressive |
Industrial
Average |
(0.32) |
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 2.57%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the
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. Net Profit Margin ratio is 0.97%,
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
1.01%, 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 27.23%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.02 |
Deteriorated |
Industrial
Average |
2.38 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
(0.70) |
|
|
|
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 1.02 times in 2011, increase from 1.01 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 0.97 times in 2011,
increase from 0.61 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 -1 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
26.04 |
Risky |
Industrial
Average |
1.47 |
|
Times Interest Earned |
524.98 |
Impressive |
Industrial
Average |
0.59 |
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 524.99 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 0.96 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 |
64.19 |
Impressive |
Industrial
Average |
6.08 |
|
Total Assets Turnover |
1.04 |
Satisfactory |
Industrial
Average |
1.23 |
|
Inventory Conversion Period |
19.18 |
|
|
|
|
Inventory Turnover |
19.03 |
Impressive |
Industrial
Average |
1.38 |
|
Receivables Conversion Period |
327.71 |
|
|
|
|
Receivables Turnover |
1.11 |
Deteriorated |
Industrial
Average |
3.38 |
|
Payables Conversion Period |
347.59 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.