MIRA
INFORM REPORT
|
Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
UNIQUE EXPORTS [ |
|
|
|
|
Formerly Known As : |
MULITEX
EXPORTS [ |
|
|
|
|
Registered Office : |
20/11-12
Soi Sukhumvit 39, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
October 18, 1988
|
|
|
|
|
Com. Reg. No.: |
0105531082125 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trading Company Exporter |
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 |
name of the company
UNIQUE EXPORTS
[THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 20/11-12 SOI
SUKHUMVIT 39, SUKHUMVIT
ROAD,
KLONGTONNUA, WATTANA,
BANGKOK 10110
TELEPHONE : [66] 2260-4815-8
FAX : [66] 2260-4819
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO.
: 0105531082125 [Former: 8212/ 2531]
CAPITAL REGISTERED
: BHT.
8,000,000
CAPITAL PAID-UP
: BHT.
8,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NANDKISHORE MOHANDAS
KHEMLANI,
INDIAN, MANAGING
DIRECTOR
NO. OF
STAFF : 15
LINES OF
BUSINESS : TRADING COMPANY
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 October 18,
1988 as a
private limited company
under the initially
registered name “Mulitex
Exports [Thailand] Co., Ltd.” by
Thai and Indian groups,
in order to
export various kinds
of garments. On
December 22, 1993,
subject was changed
its name to
be UNIQUE EXPORTS
[THAILAND] CO., LTD.
In 2008, the
subject’s objective was
expanded to a
wide range of
international trading business.
It currently employs
15 staff.
The
subject’s registered address
is 20/11-12 Sukhumvit
39 Rd., Klongtonnua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shyam Nathurmal Dinani |
|
Indian |
57 |
|
Mr. Nandkishore Mohandas Khemlani |
|
Indian |
42 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nandkishore Mohandas Khemlani
is the Managing
Director.
He is Indian
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and exporting various
kinds of products,
such as garment
[knitted/ woven], footwear, furniture,
cosmetic, hardware &
tools, toys and
other products, according
to customer’s requirement.
PURCHASE
The products are
purchased from suppliers
in both domestic
and overseas, mainly
in Republic of China, India
and Taiwan.
SALES
The products are
exported to Hong
Kong, United States
of America, Republic
of China and
European countries, as
well as are
sold to local
customers.
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Sales are by
cash or on the credit
term of 30
days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Citibank NA.
[Bangkok Office : 82
North Sathorn Rd.,
Silom, Bangrak, Bangkok]
Account No.
0550016001
EMPLOYMENT
The
subject employs 15
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF US$ 500,000 D/A
IS TOO HIGH
TO RECOMMEND.
COMMENT
The
subject operates as an
exporter of various
products to customers in
international markets. The
products are vary
such as garment,
footwear, cosmetic, toys,
hardware and tools
and etc. Subject’s business
in the previous year
was fair, and
its business outlook is
quite slow.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 5,000,000
on September 22,
1999
Bht. 8,000,000
on April 24,
2001
The
latest registered capital
was increased to
Bht. 8,000,000 divided
into 80,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Asoke Takru Nationality: Thai Address : 170-170/1
Sukhumvit Rd., Klongtoey,
Prakanong, Bangkok |
30,720 |
38.40 |
|
Mr. Shyam Nathurmal Dinani Nationality: Indian Address : 919
Paris 2 Rd.,
Manila, Philippines |
27,680 |
34.60 |
|
Mr. Nandkishore Mohandas Khemlani Nationality: Indian Address : India |
10,560 |
13.20 |
|
Mr. Teerachai Phumsathatham Nationality: Thai Address : 154/149
Srisuriyawong Rd., Nahmuang,
Muang, Ratchaburi |
3,360 |
4.20 |
|
Mrs. Udomkarn Punthumchinda Nationality: Thai Address : 34
Prakanong, Klongtoey, Bangkok |
3,360 |
4.20 |
|
Ms. Sunantha Uyasya Nationality: Thai Address : 20
Bangchak, Prakanong, Bangkok
|
3,360 |
4.20 |
|
Mr. Mohinani Halsamal Bulchan Nationality: Indian Address : India |
960 |
1.20 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Yajai Jinnikorn
No. 1167
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 & 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
2,383,277.12 |
1,273,896.23 |
|
Trade Accts. Receivable |
1,618,588.95 |
3,895,013.61 |
|
Inventories |
- |
26,000.00 |
|
Goods Deposit |
- |
1,718,009.85 |
|
Income received on
Behalf |
- |
1,486,441.44 |
|
Other Current Assets
|
203,406.44 |
259,747.43 |
|
|
|
|
|
Total Current Assets
|
4,205,272.51 |
8,659,108.56 |
|
Long-term Loan to
Related Person |
7,850,000.00 |
1,710,000.00 |
|
Fixed Assets |
24,926.03 |
38,620.41 |
|
Other Assets |
4,800.00 |
4,800.00 |
|
Total Assets |
12,084,998.54 |
10,412,528.97 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
399,394.02 |
- |
|
Accrued Expenses |
1,275,583.79 |
572,149.16 |
|
Accrued Income Tax |
32,031.24 |
28,223.23 |
|
Other Current Liabilities |
491,400.05 |
17,389.37 |
|
|
|
|
|
Total Current Liabilities |
2,198,409.10 |
617,761.76 |
|
Total Liabilities |
2,198,409.10 |
617,761.76 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
|
|
|
|
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
1,886,589.44 |
1,794,767.21 |
|
Total Shareholders' Equity |
9,886,589.44 |
9,797,767.21 |
|
Total Liabilities & Shareholders' Equity |
12,084,998.54 |
10,412,528.97 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
37,191,963.12 |
42,905,335.80 |
|
Service Income |
1,920,700.04 |
1,264,670.78 |
|
Other Income |
76,227.49 |
328,436.37 |
|
Total Revenues |
39,188,890.65 |
44,498,442.95 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
32,315,721.93 |
37,589,270.53 |
|
Selling & Administrative Expenses |
6,717,536.17 |
6,830,709.37 |
|
Total Expenses |
39,033,258.10 |
44,419,979.90 |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
155,632.55 |
78,463.05 |
|
Income Tax |
[63,810.32] |
[58,223.23] |
|
|
|
|
|
Net Profit / [Loss] |
91,822.23 |
20,239.82 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[11.45] |
|
|
Operating Profit |
124.00 |
|
|
Net Profit |
353.67 |
|
|
Fixed Assets |
[35.46] |
|
|
Total Assets |
16.06 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
82.62 |
85.10 |
|
Operating Profit Margin |
0.40 |
0.18 |
|
S & A
Expenses |
17.17 |
15.46 |
|
Other Revenues |
0.19 |
0.74 |
|
Net Profit Margin |
0.23 |
0.05 |
|
Earning Per Shares |
1.15 |
0.25 |
|
No. of Shares |
80,000 |
80,000 |
Net Sales was
decreased by 11.45%,
Operating Profit was
increased by 124.00%,
Net Profit was
increased by 353.67%,
Fixed Assets was
decreased by 35.46%,
Total Assets was
increased by 16.06%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 85.10%
to 82.62%, Operating
Profit Margin was
increased from 0.18%
to 0.40%, S
& A Expenses
was increased from
15.46% to 17.17%,
Other Revenues was
decreased from 0.74%
to 0.19%, Net
Profit Margin was
increased from 0.05%
to 0.23%.
Earning Per Shares
was increased from
0.25 baht per
share to 1.15
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.91 |
14.02 |
|
Quick-Assets Ratio |
1.82 |
8.37 |
Current Ratio was
decreased from 14.02
to 1.91, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
8.37 to 1.82,
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 |
0.22 |
0.06 |
D/E Ratio was increased
from 0.06 to
0.22, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company
is low.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
1,569.15 |
1,143.70 |
|
Total Assets Turnover |
3.24 |
4.24 |
|
Return on Assets |
0.76 |
0.19 |
|
Return on Equity |
0.93 |
0.21 |
|
Day's Payable |
3.68 |
0.00 |
|
Day’s Inventories |
0.00 |
14.21 |
|
Day’s Receivables |
14.90 |
31.75 |
Fixed Assets Turnover
was increased from
1,143.70 times to
1,569.15 times, Total
Assets Turnover was
decreased from 4.24
times to 3.24
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 0.19 to 0.76, Return
on Equity was
increased from 0.21
to 0.93, capacity
to use Assets
to make profit
was good.
Day's Payable was
increased from 0
days to 4
days, while Day’s
Inventories was decreased
from 15 days
to 0 days,
and Day’s Receivables
was decreased from
32 days to
15 days.
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[11.45] |
|
|
Operating Profit |
124.00 |
|
|
Net Profit |
353.67 |
|
|
Fixed Assets |
[35.46] |
|
|
Total Assets |
16.06 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
82.62 |
85.10 |
|
Operating Profit Margin |
0.40 |
0.18 |
|
S & A
Expenses |
17.17 |
15.46 |
|
Other Revenues |
0.19 |
0.74 |
|
Net Profit Margin |
0.23 |
0.05 |
|
Earning Per Shares |
1.15 |
0.25 |
|
No. of Shares |
80,000 |
80,000 |
Net Sales was
decreased by 11.45%,
Operating Profit was
increased by 124.00%,
Net Profit was increased
by 353.67%, Fixed
Assets was decreased
by 35.46%, Total
Assets was increased
by 16.06%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 85.10%
to 82.62%, Operating
Profit Margin was increased from
0.18% to 0.40%,
S & A
Expenses was increased
from 15.46% to
17.17%, Other Revenues
was decreased from
0.74% to 0.19%,
Net Profit Margin
was increased from
0.05% to 0.23%.
Earning Per Shares
was increased from
0.25 baht per
share to 1.15
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.91 |
14.02 |
|
Quick-Assets Ratio |
1.82 |
8.37 |
Current Ratio was
decreased from 14.02
to 1.91, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
8.37 to 1.82,
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 |
0.22 |
0.06 |
D/E Ratio was
increased from 0.06
to 0.22, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
1,569.15 |
1,143.70 |
|
Total Assets Turnover |
3.24 |
4.24 |
|
Return on Assets |
0.76 |
0.19 |
|
Return on Equity |
0.93 |
0.21 |
|
Day's Payable |
3.68 |
0.00 |
|
Day’s Inventories |
0.00 |
14.21 |
|
Day’s Receivables |
14.90 |
31.75 |
Fixed Assets Turnover
was increased from
1,143.70 times to
1,569.15 times, Total Assets
Turnover was decreased
from 4.24 times
to 3.24 times,
show the company
could use Fixed
Assets so efficiently,
Return on Assets
was increased from
0.19 to 0.76,
Return on Equity
was increased from
0.21 to 0.93,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 0
days to 4
days, while Day’s
Inventories was decreased
from 15 days
to 0 days,
and Day’s Receivables
was decreased from
32 days to 15 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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%)