MIRA
INFORM REPORT
|
Report No. : |
309508 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAMDIMON CO., LTD. |
|
|
|
|
Registered Office : |
22nd Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.08.2003 |
|
|
|
|
Com. Reg. No.: |
0105546095848 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
importing and distributing of
rough diamonds, cut & polished diamonds, gemstones for jewelry production,
as well as
diamond studded jewelry.
|
|
|
|
|
No. of Employee : |
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 : |
Slow but correct |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source
: CIA |
Company name
SAMDIMON CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 23rd FLOOR,
BANGKOK GEMS & JEWELRY BUILDING,
322/59 SURAWONG
ROAD,
SIPHYA, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2234-8580-1,
081 563-8580, 089
534-5665
FAX :
[66] 2234-8582
E-MAIL
ADDRESS : keyurgandhi2003@hotmail.com
REGISTRATION
ADDRESS : 22nd FLOOR,
BANGKOK GEMS & JEWELRY BUILDING,
322/59 SURAWONG
ROAD,
SIPHYA, BANGRAK,
BANGKOK 10500,
THAILAND
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 22nd Flr., Bangkok
Gems & Jewelry Bldg., 322/59 Surawong Rd., Siphya, Bangrak, Bangkok
10500, and it
was the company’s
previous operating address.
In
December 2014, the
operating address was
moved from 22nd Floor
to 23rd Floor.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Keyur Suresh Chandra
Gandi |
|
Indian |
40 |
|
Mr. Hardik Kiritkumar Gandhi |
|
Indian |
29 |
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 40 years
old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing of rough
diamonds, cut & polished diamonds, gemstones for jewelry production,
as well as
diamond studded jewelry.
PURCHASE
Jewelry products are
purchased from local
suppliers.
IMPORT
Diamonds
and gemstones are
imported from India,
Pakistan, Belgium, Japan,
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 to 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.
NOTE
Refer
to your given address
“Wanglee Building, 297
Surawong Road, Bangrak, Bangkok
10500”, please be
informed that, the
subject’s address has
never been located
at this address.
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.
However,
economy downturn and
political uncertainty dimmed
an overall consumption
and dampen growth
performance in the
year 2014.
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,
2013]
|
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.,
T.
Wangthachang, A. 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., T. Vareesawad, A.
Panomprai, Khon Kaen |
5,000 |
12.50 |
|
Mrs. Malee Thienchaimongkol Nationality: Thai Address : 73/2
T. Hintang, A.
Muang, Nakornnayok |
5,000 |
12.50 |
|
|
|
|
|
Mr. Samrit Sangayokha Nationality: Thai Address : 58
Sukhumvit Rd., Bangna,
Phrakanong, Bangkok |
5,000 |
12.50 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
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.
Mrs. Wasana Tanmongkol No. 1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
and 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
91,646.73 |
28,039.38 |
344,513.24 |
|
Trade Accounts and Other Receivable |
112,567,821.90 |
247,630,325.26 |
230,779,228.25 |
|
Inventories |
82,605,381.46 |
112,889,428.62 |
13,165,521.42 |
|
|
|
|
|
|
Total Current Assets
|
195,264,850.09 |
360,547,793.26 |
244,289,262.91 |
|
Fixed Assets |
3,458,707.89 |
3,727,610.74 |
4,004,411.85 |
|
Total Assets |
198,723,557.98 |
364,275,404.00 |
248,293,674.76 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other Payable |
185,400,521.77 |
353,300,375.76 |
238,602,164.88 |
|
Accrued Income Tax |
505,248.06 |
170,634.40 |
507,862.48 |
|
Total Current Liabilities |
185,905,769.83 |
353,471,010.16 |
239,110,027.36 |
|
Total Liabilities |
185,905,769.83 |
353,471,010.16 |
239,110,027.36 |
|
|
|
|
|
|
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 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
8,817,788.15 |
6,804,393.84 |
5,183,647.40 |
|
Total Shareholders' Equity |
12,817,788.15 |
10,804,393.84 |
9,183,647.40 |
|
Total Liabilities &
Shareholders' Equity |
198,723,557.98 |
364,275,404.00 |
248,293,674.76 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
160,727,907.62 |
110,097,943.15 |
257,042,084.38 |
|
Other Income |
1,613,388.59 |
2,650,010.82 |
120,000.00 |
|
Total Revenues |
162,341,296.21 |
112,747,953.97 |
257,162,084.38 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
156,985,109.81 |
107,749,783.59 |
250,555,109.30 |
|
Selling Expenses |
602,921.02 |
1,123,925.76 |
702,402.55 |
|
Administrative Expenses |
2,099,540.73 |
1,620,521.48 |
1,314,919.87 |
|
Other Expenses |
- |
- |
1,387,429.24 |
|
Total Expenses |
159,687,571.56 |
110,494,230.83 |
253,959,860.96 |
|
|
|
|
|
|
Profit / [Loss] before Finance Costs & Income Tax |
2,653,724.65 |
2,253,723.14 |
3,202,223.42 |
|
Finance Costs |
[129,082.28] |
[111,342.30] |
[6,099.65] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
2,524,642.37 |
2,142,380.84 |
3,196,123.77 |
|
Income Tax |
[511,248.06] |
[521,634.40] |
[695,862.48] |
|
Net Profit / [Loss] |
2,013,394.31 |
1,620,746.44 |
2,500,261.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.05 |
1.02 |
1.02 |
|
QUICK RATIO |
TIMES |
0.61 |
0.70 |
0.97 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
46.47 |
29.54 |
64.19 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.81 |
0.30 |
1.04 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
192.06 |
382.41 |
19.18 |
|
INVENTORY TURNOVER |
TIMES |
1.90 |
0.95 |
19.03 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
255.63 |
820.95 |
327.71 |
|
RECEIVABLES TURNOVER |
TIMES |
1.43 |
0.44 |
1.11 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
431.07 |
1,196.80 |
347.59 |
|
CASH CONVERSION CYCLE |
DAYS |
16.63 |
6.56 |
(0.70) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.67 |
97.87 |
97.48 |
|
SELLING & ADMINISTRATION |
% |
1.68 |
2.49 |
0.78 |
|
INTEREST |
% |
0.08 |
0.10 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
3.33 |
4.54 |
2.57 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.65 |
2.05 |
1.25 |
|
NET PROFIT MARGIN |
% |
1.25 |
1.47 |
0.97 |
|
RETURN ON EQUITY |
% |
15.71 |
15.00 |
27.23 |
|
RETURN ON ASSET |
% |
1.01 |
0.44 |
1.01 |
|
EARNING PER SHARE |
BAHT |
50.33 |
40.52 |
62.51 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.94 |
0.97 |
0.96 |
|
DEBT TO EQUITY RATIO |
TIMES |
14.50 |
32.72 |
26.04 |
|
TIME INTEREST EARNED |
TIMES |
20.56 |
20.24 |
524.98 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
45.99 |
(57.17) |
|
|
OPERATING PROFIT |
% |
17.75 |
(29.62) |
|
|
NET PROFIT |
% |
24.23 |
(35.18) |
|
|
FIXED ASSETS |
% |
(7.21) |
(6.91) |
|
|
TOTAL ASSETS |
% |
(45.45) |
46.71 |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 45.99%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.33 |
Deteriorated |
Industrial
Average |
7.19 |
|
Net Profit Margin |
1.25 |
Impressive |
Industrial
Average |
0.65 |
|
Return on Assets |
1.01 |
Deteriorated |
Industrial
Average |
3.61 |
|
Return on Equity |
15.71 |
Impressive |
Industrial
Average |
8.28 |
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 3.33%. 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 1.25%,
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. When compared with the
industry average, it was lower, the company's figure is 1.01%.
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 15.71%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.05 |
Deteriorated |
Industrial
Average |
2.20 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
16.63 |
|
|
|
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 1.05 times in 2013, increased from 1.02 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 0.61 times in 2013,
decreased from 0.7 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 17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.94 |
Acceptable |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
14.50 |
Risky |
Industrial Average |
1.20 |
|
Times Interest Earned |
20.56 |
Impressive |
Industrial
Average |
- |
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 higher the percentage means that the company is using less
equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 20.56 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
46.47 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.81 |
Deteriorated |
Industrial
Average |
5.58 |
|
Inventory Conversion Period |
192.06 |
|
|
|
|
Inventory Turnover |
1.90 |
Deteriorated |
Industrial
Average |
9.74 |
|
Receivables Conversion Period |
255.63 |
|
|
|
|
Receivables Turnover |
1.43 |
Deteriorated |
Industrial
Average |
15.08 |
|
Payables Conversion Period |
431.07 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.43 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 382 days at the
end of 2012 to 192 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 0.95 times in year 2012 to 1.9 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.81 times and 0.3
times in 2013 and 2012 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.