MIRA
INFORM REPORT
|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNIGEMS
IMPEX LIMITED |
|
|
|
|
Registered Office : |
8th Floor, Gems Tower, 1249/66 Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.04.1984 |
|
|
|
|
Com. Reg. No.: |
0105527015168 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
importer, distributor and exporter of ferrous and non-ferrous metal scraps and related products |
|
|
|
|
No. of Employees : |
19 employees |
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
UNIGEMS IMPEX LIMITED
SUMMARY
BUSINESS
ADDRESS : 8th FLOOR,
GEMS TOWER,
1249/66 CHAROENKRUNG
ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2234-7217,
2267-4745-6
FAX :
[66] 2267-6582
E-MAIL
ADDRESS : unigems.bkk@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION
NO. : 0105527015168
TAX
ID NO. : 3101294286
CAPITAL REGISTERED : BHT. 35,000,000
CAPITAL PAID-UP : BHT.
35,000,000
SHAREHOLDER’S PROPORTION : THAI :
53.86%
INDIAN
: 46.14%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MOHAMED MEERA
SHAHIB SHAHIR MANZOOR,
INDIAN, MANAGING
DIRECTOR
NO.
OF STAFF : 19
LINES
OF BUSINESS : FERROUS AND
NON-FERROUS METAL SCRAPS
AND RELATED
PRODUCTS
IMPORTER, DISTRIBUTOR
AND 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 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 international trading
business of ferrous & non-ferrous metal
scraps and related
products for various
industries. It currently
employs 19 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 |
57 |
|
Mr. Ahmed Iqbal Habeeb
Ahmed Sulaiman |
|
Indian |
46 |
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 57
years old.
Mr. Ahmed Iqbal Habeeb
Ahmed Sulaiman is
the General Manager.
He is Indian
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject is
engaged in international
trading business to
import, distribute and
export a wide
range of ferrous & non-ferrous metal
scraps and related
products, including aluminium
scraps, steel scraps,
lead ingot, brass
ingot, copper ingot
and etc., for
various industries.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
United Arab Emirates.
SALES
The products are
sold and serviced
to customers both
local and overseas,
mainly in India
and Republic of
China.
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.
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 19 office
staff and warehouse
workers.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime
commercial area.
Warehouses:
-
46/91
Moo 8, T. Thasai,
A. Muang, Samutsakorn 74000.
-
46/96
Moo 8, T. Thasai,
A. Muang, Samutsakorn 74000.
COMMENT
The
company was formed
primarily dealing in
diamonds and gemstones.
During the past
few years it
was decided to
expand and diversify
the Bangkok, Thailand business
in order to
cater for the
increasing domestic and
Indian sub-continent industrial
demand for commodities
and materials. Later
it was successfully
trading ferrous & non-ferrous scrap, dross
and residues.
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
April 30, 2012]
|
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
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
18,850 |
53.86 |
|
Foreign - Indian |
2 |
16,150 |
46.14 |
|
Total |
8 |
35,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suchart Srimanchantha No.
3549
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
185,711.17 |
360,933.33 |
|
Trade Accounts Receivable |
12,714,002.06 |
13,225,449.06 |
|
Inventories |
37,186,781.96 |
21,615,475.00 |
|
Other Current Assets |
6,468,868.79 |
10,424,072.98 |
|
|
|
|
|
Total Current Assets
|
56,555,363.98 |
45,625,930.37 |
|
|
|
|
|
Fixed Assets |
54,748,347.52 |
2,494,492.22 |
|
Total Assets |
111,303,711.50 |
48,120,422.59 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
2,872,706.95 |
1,658,600.33 |
|
Loan-Letter of Credit |
19,748,893.25 |
9,923,525.08 |
|
Accrued Income Tax |
538,306.38 |
103,723.61 |
|
Accrued Expenses |
722,643.04 |
554,882.95 |
|
Trade Accounts Payable |
27,133,235.42 |
15,541,440.13 |
|
Pre-received for Goods |
2,744,952.71 |
- |
|
|
|
|
|
Total Current Liabilities |
53,760,737.75 |
27,782,172.10 |
|
Loan from Bank |
27,000,000.00 |
- |
|
Total Liabilities |
80,760,737.75 |
27,782,172.10 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 35,000 &
25,000 shares in 2011 & 2010 respectively |
35,000,000.00 |
25,000,000.00 |
|
|
|
|
|
Capital Paid |
35,000,000.00 |
25,000,000.00 |
|
Retained Earning-
Unappropriated |
[4,457,026.25] |
[4,661,749.51] |
|
Total Shareholders' Equity |
30,542,973.75 |
20,338,250.49 |
|
Total Liabilities & Shareholders' Equity |
111,303,711.50 |
48,120,422.59 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
205,101,705.51 |
142,174,469.80 |
|
Other Income |
450,041.37 |
871,236.52 |
|
Total Revenues |
205,551,746.88 |
143,045,706.32 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
194,736,557.35 |
135,612,204.74 |
|
Selling Expenses |
4,700,830.73 |
2,841,376.03 |
|
Administrative Expenses |
4,268,670.41 |
3,508,344.26 |
|
Total Expenses |
203,706,058.49 |
141,961,925.03 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,845,688.39 |
1,083,781.29 |
|
Financial Cost |
[1,019,408.75] |
[529,667.46] |
|
Profit / [Loss] before Income
Tax |
826,279.64 |
554,113.83 |
|
Income Tax |
[621,556.38] |
[166,423.61] |
|
|
|
|
|
Net Profit / [Loss] |
204,723.26 |
387,690.22 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.05 |
1.64 |
|
QUICK RATIO |
TIMES |
0.24 |
0.49 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.75 |
57.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.84 |
2.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
69.70 |
58.18 |
|
INVENTORY TURNOVER |
TIMES |
5.24 |
6.27 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
22.63 |
33.95 |
|
RECEIVABLES TURNOVER |
TIMES |
16.13 |
10.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.86 |
41.83 |
|
CASH CONVERSION CYCLE |
DAYS |
41.47 |
50.30 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.95 |
95.38 |
|
SELLING & ADMINISTRATION |
% |
4.37 |
4.47 |
|
INTEREST |
% |
0.50 |
0.37 |
|
GROSS PROFIT MARGIN |
% |
5.27 |
5.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.90 |
0.76 |
|
NET PROFIT MARGIN |
% |
0.10 |
0.27 |
|
RETURN ON EQUITY |
% |
0.67 |
1.91 |
|
RETURN ON ASSET |
% |
0.18 |
0.81 |
|
EARNING PER SHARE |
BAHT |
5.85 |
15.51 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.64 |
1.37 |
|
TIME INTEREST EARNED |
TIMES |
1.81 |
2.05 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
44.26 |
|
|
OPERATING PROFIT |
% |
70.30 |
|
|
NET PROFIT |
% |
(47.19) |
|
|
FIXED ASSETS |
% |
2,094.77 |
|
|
TOTAL ASSETS |
% |
131.30 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.27 |
Satisfactory |
Industrial
Average |
5.79 |
|
Net Profit Margin |
0.10 |
Deteriorated |
Industrial
Average |
0.48 |
|
Return on Assets |
0.18 |
Deteriorated |
Industrial
Average |
1.11 |
|
Return on Equity |
0.67 |
Deteriorated |
Industrial
Average |
3.23 |
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 5.27%. When
compared with the industry average, the ratio of the company was lower,
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. The company's figure is 0.1%. 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 0.18%.
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 0.67%.
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 |
1.05 |
Satisfactory |
Industrial
Average |
1.24 |
|
Quick Ratio |
0.24 |
|
|
|
|
Cash Conversion Cycle |
41.47 |
|
|
|
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 2011, decreased from 1.64 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 0.24 times in 2011,
decreased from 0.49 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 42 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
2.64 |
Risky |
Industrial
Average |
2.11 |
|
Times Interest Earned |
1.81 |
Impressive |
Industrial
Average |
1.43 |
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 1.82 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 0.73 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 |
3.75 |
Deteriorated |
Industrial
Average |
8.97 |
|
Total Assets Turnover |
1.84 |
Satisfactory |
Industrial
Average |
2.33 |
|
Inventory Conversion Period |
69.70 |
|
|
|
|
Inventory Turnover |
5.24 |
Impressive |
Industrial
Average |
5.23 |
|
Receivables Conversion Period |
22.63 |
|
|
|
|
Receivables Turnover |
16.13 |
Impressive |
Industrial
Average |
5.70 |
|
Payables Conversion Period |
50.86 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.