MIRA INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNIGEMS
IMPEX LIMITED |
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Registered Office : |
8th Floor, Gems Tower , 1249/66 Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.04.1984 |
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Com. Reg. No.: |
0105527015168 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of metal
supplies |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
UNIGEMS IMPEX
LIMITED
SUMMARY
BUSINESS ADDRESS : 8th FLOOR,
GEMS TOWER ,
1249/66 CHAROENKRUNG
ROAD, SURIYAWONGSE, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2234-7217,
2237-1458
FAX :
-
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION
NO. : 0105527015168
CAPITAL REGISTERED : BHT. 35,000,000
CAPITAL PAID-UP : BHT.
35,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MOHAMED MEERA SHAHIB
SHAHIR MANZOOR,
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : METAL
SUPPLIES
TRADER
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 April 18, 1984
as a private
limited company under
the registered name
UNIGEMS IMPEX LIMITED by
Thai and Indian
groups, with the
objective to operate in
trading business of
metal supplies for
various industries. It
currently employs approximately
10 staff.
The subject’s registered address is 8th Flr., Gems Tower, 1249/66 Charoenkrung
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mohamed Meera Shahib
Shahir Manzoor |
|
Indian |
56 |
|
Mr. Ahmed Iqbal Habeeb
Ahmed Sulaiman |
|
Indian |
45 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Mohamed Meera Shahib
Shahir Manzoor is
the Managing Director.
He is Indian
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject is
engaged in trading
business to import,
distribute and export
a wide range
of metal supplies,
including ferrous scraps,
non-ferrous scraps, and
minerals; aluminium alloy
ingot, brass ingot
and copper ingot.
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
for the past
two years.
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime
commercial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
Due
to the company’s
policy, the subject
was reluctant to
reveal some information.
Generally, the subject’s
operating performance in
2010 was considered
satisfactory with an
increase in both
sales revenue and
net profit comparing
to the same
period of 2009.
However,
the subject might
have an impact
from the current
flooding disaster in
many parts of
Thailand which would
more or less
dent its sales
at the end of 2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 1,000 shares of Bht. 1,000
each with fully
paid.
The
capital was increased
later as follows:
Bht. 11,000,000
on April 30,
1992
Bht. 25,000,000
on July 19,
2010
Bht. 35,000,000
on August 16,
2011
The
latest registered capital
was increased to
Bht. 35,000,000 divided
into 35,000 shares
of Bht. 1,000 each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at August
11, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Ahmed Iqbal Habeeb
Ahmed Sulaiman Nationality: Indian Address : 4/3
Charoenkrung Rd., Suriyawongse, Bangrak, Bangkok |
10,000 |
28.57 |
|
Mr. Samarn Manothieng Nationality: Thai Address : 36
Therdthai 9 Rd.,
Bangyeerua,
Thonburi, Bangkok |
6,275 |
17.93 |
|
Ms. Ratchanee Bucha Nationality: Thai Address : 448/15
Surawong Rd., Siphya,
Bangrak, Bangkok |
6,275 |
17.93 |
|
Mr. Danai Manothieng Nationality: Thai Address : 1229/18
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
6,270 |
17.91 |
|
Mr. Mohamed Meera Shahib
Shahir Manzoor Nationality: Indian Address : 4/3
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
6,150 |
17.57 |
|
Ms. Namfon Kamkwa Nationality: Thai Address : 2652
Moo 2, Suksawad
Rd., Bangpakok, Rajburana, Bangkok |
10 |
|
|
Mrs. Jiraporn Thienwej Nationality: Thai Address : 224/2
Prannok Rd., Siriraj,
Bangkoknoi, Bangkok |
10 |
=0.09 |
|
Ms. Supansa Sararat Nationality: Thai Address : 114/2
Moo 6, Dontako, Thasala,
Nakornsrithammarat |
10 |
|
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suchart Srimanchantha No.
3549
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
360,933.33 |
2,027,956.52 |
|
Trade Accounts &
Notes Receivable |
13,225,449.06 |
10,293,128.07 |
|
Inventories |
21,615,475.00 |
14,391,733.71 |
|
Other Current Assets |
10,424,072.98 |
1,012,249.35 |
|
|
|
|
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Total Current Assets
|
45,625,930.37 |
27,725,067.65 |
|
|
|
|
|
Fixed Assets |
2,494,492.22 |
950,190.53 |
|
Total Assets |
48,120,422.59 |
28,675,258.18 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
1,658,600.33 |
9,428,709.51 |
|
Loan-Letter of Credit |
9,923,525.08 |
- |
|
Trade Accounts Payable |
15,541,440.13 |
13,086,949.10 |
|
Accrued Expenses |
658,606.56 |
209,039.30 |
|
|
|
|
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Total Current Liabilities |
27,782,172.10 |
22,724,697.91 |
|
Total Liabilities |
27,782,172.10 |
22,724,697.91 |
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Shareholders’ Equity |
|
|
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 25,000 &
11,000 shares in 2010 & 2009 respectively |
25,000,000.00 |
11,000,000.00 |
|
|
|
|
|
Capital Paid |
25,000,000.00 |
11,000,000.00 |
|
Retained Earning- Unappropriated |
[4,661,749.51] |
[5,049,439.73] |
|
Total Shareholders' Equity |
20,338,250.49 |
5,950,560.27 |
|
Total Liabilities & Shareholders' Equity |
48,120,422.59 |
28,675,258.18 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
142,174,469.80 |
127,987,870.65 |
|
Other Income |
871,236.52 |
- |
|
Total Revenues |
143,045,706.32 |
127,987,870.65 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
135,612,204.74 |
121,578,243.41 |
|
Selling Expenses |
2,841,376.03 |
2,993,717.46 |
|
Administrative Expenses |
3,590,788.87 |
2,743,916.16 |
|
Total Expenses |
142,044,369.64 |
127,315,877.03 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,001,336.68 |
671,993.62 |
|
Financial Cost |
[447,222.85] |
[256,577.08] |
|
Profit / [Loss] before Income
Tax |
554,113.83 |
415,416.54 |
|
Income Tax |
[166,423.61] |
[125,178.03] |
|
|
|
|
|
Net Profit / [Loss] |
387,690.22 |
290,238.51 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.64 |
1.22 |
|
QUICK RATIO |
TIMES |
0.49 |
0.54 |
|
|
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|
|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
57.00 |
134.70 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.95 |
4.46 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
58.18 |
43.21 |
|
INVENTORY TURNOVER |
TIMES |
6.27 |
8.45 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.95 |
29.35 |
|
RECEIVABLES TURNOVER |
TIMES |
10.75 |
12.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.83 |
39.29 |
|
CASH CONVERSION CYCLE |
DAYS |
50.30 |
33.27 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.38 |
94.99 |
|
SELLING & ADMINISTRATION |
% |
4.52 |
4.48 |
|
INTEREST |
% |
0.31 |
0.20 |
|
GROSS PROFIT MARGIN |
% |
5.23 |
5.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.70 |
0.53 |
|
NET PROFIT MARGIN |
% |
0.27 |
0.23 |
|
RETURN ON EQUITY |
% |
1.91 |
4.88 |
|
RETURN ON ASSET |
% |
0.81 |
1.01 |
|
EARNING PER SHARE |
BAHT |
15.51 |
26.39 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.37 |
3.82 |
|
TIME INTEREST EARNED |
TIMES |
2.24 |
2.62 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.08 |
|
|
OPERATING PROFIT |
% |
49.01 |
|
|
NET PROFIT |
% |
33.58 |
|
|
FIXED ASSETS |
% |
162.53 |
|
|
TOTAL ASSETS |
% |
67.81 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
5.23 |
Satisfactory |
Industrial Average |
5.42 |
|
Net Profit Margin |
0.27 |
Satisfactory |
Industrial Average |
0.33 |
|
Return on Assets |
0.81 |
Satisfactory |
Industrial Average |
1.04 |
|
Return on Equity |
1.91 |
Acceptable |
Industrial Average |
3.08 |
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. Gross Profit Margin is 5.23%. 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 is 0.27%. 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. When compared with the
industry average, it was lower, the company's figure is 0.81%.
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. When compared with the
industry average, it was lower, the company's figure is 1.91%.
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 |
1.64 |
Impressive |
Industrial Average |
1.22 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
50.30 |
|
|
|
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 1.64 times in 2010, increase from 1.22 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 0.49 times in 2010,
decrease from 0.54 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 51 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Impressive |
Industrial Average |
0.69 |
|
Debt to Equity Ratio |
1.37 |
Satisfactory |
Industrial Average |
2.16 |
|
Times Interest Earned |
2.24 |
Impressive |
Industrial Average |
1.00 |
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 2.24 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 0.58 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 |
57.00 |
Impressive |
Industrial Average |
10.55 |
|
Total Assets Turnover |
2.95 |
Impressive |
Industrial Average |
2.69 |
|
Inventory Conversion Period |
58.18 |
|
|
|
|
Inventory Turnover |
6.27 |
Satisfactory |
Industrial Average |
6.58 |
|
Receivables Conversion Period |
33.95 |
|
|
|
|
Receivables Turnover |
10.75 |
Impressive |
Industrial Average |
6.00 |
|
Payables Conversion Period |
41.83 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
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.