MIRA
INFORM REPORT
|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
UTEX LIVING
SQUARE CO., LTD. |
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Registered Office : |
22
Soi Ruammitr, Dindaeng
Road, Samsennai, Phayathai, Bangkok
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
2010 |
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Com. Reg. No.: |
0105553003465 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Interior
Decorative Products,
Importer & Distributor |
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No. of Employees : |
15 Staff |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
BUSINESS
ADDRESS : 22
SOI RUAMMITR, DINDAENG
ROAD,
SAMSENNAI, PHAYATHAI,
BANGKOK 10400
TELEPHONE : [66] 2640-4455
FAX :
[66] 2640-9090
E-MAIL
ADDRESS : uls@ulsliving.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553003465
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
2,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
THATCHAI KITTIJARUKUMJON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : INTERIOR DECORATIVE
PRODUCTS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on January
11, 2010 as
a private limited
company under the
name style UTEX LIVING SQUARE CO., LTD. by Thai groups.
Its business objective is to distribute and provide
service for home furniture and
interior design,
installation and decoration. It currently
employs 15 staff.
The subject’s registered address is 22 Soi
Ruammitr, Dindaeng Rd.,
Samsennai, Phayathai,
Bangkok 10400, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thatchai [Chukiat]
Kittijarukumjon |
[x] |
Thai |
33 |
|
Ms. Pornpimol Kittijarukumjon |
|
Thai |
35 |
|
Mrs. Banpadee Kittijarukumjon |
|
Thai |
56 |
Note
“Mr. Thatchai” changed his
name from “Mr. Chukiat”
on August 19,
2010.
AUTHORIZED PERSON
Only the mentioned director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thatchai Kittijarukumjon is
the Managing Director.
He is Thai
nationality with the age
of 33 years
old.
BUSINESS OPERATIONS
The
subject’s main business is
engaged in importing
and distributing of
upholstery fabric, curtain fabric, under “ZOFT” brand, and home
furniture products, under the brand “VERDE”,
such as sofa, bed, chairs, tables, rugs,
lighting products, decorative
accessories, as well
as curtain [fringe
curtain/readymade curtain] under
its brand “IDO
CURTAIN”.
The subject
also provides interior design and curtain installation
service.
PURCHASE
Most
of the products
are purchased from local
suppliers, the remaining
is imported from
Italy.
MAJOR SUPPLIER
U-Textile
Co., Ltd. : Thailand
SALES
100% of the
products is sold
locally to retailers,
contractors and end-users,
restaurant, condominium, hotel & resort.
RELATED AND AFFILIATED COMPANY
U-Textile Co., Ltd.
Business Type :
Importer and distributor
of furniture and
household fabric products.
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 credit term
of 30 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 15
staff.
LOCATION DETAILS
The premise
is owned for
administrative office and
showroom at the
heading address. Premise
is located in
commercial/residential area.
Branch
office :
-
F-Building,
Room 110, Crystal
Design Center, 1448
Ladprao 87 Rd.,
Praditmanutham Rd., Klongchan,
Bangkapi, Bangkok 10240.
Tel.: [66] 2102-2333-4
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
50,000.
COMMENT
The
subject’s business performance
was considered satisfactory
in its first
year operation. With
the improvement of
consumer market has
prompted the subject
to increase its
sale in the year
2011.
Its
business remains bright,
as well as
growth is expected from
house repair after floods
receded in the large
area of Bangkok.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into 10,000
shares of Bht. 500
each with 25%
paid-up.
THE SHAREHOLDERS LISTED WERE
[as at April 30, 2011] at Bht. 2,500,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thatchai Kittijarukumjon Nationality: Thai Address : 21/69
Moo 10, Salathammasop, Taweewattana, Bangkok |
5,000 |
50.00 |
|
Ms. Pornpimol Kittijarukumjon Nationality: Thai Address : 21/69
Moo 10, Salathammasop,
Taweewattana, Bangkok |
2,500 |
25.00 |
|
Mrs. Banpadee Kittijarukumjon Nationality: Thai Address : 21/69
Moo 10, Salathammasop,
Taweewattana, Bangkok |
2,500 |
25.00 |
Total Shareholders : 3
Share Structure
[as at April 30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
AND CERTIFIED PUBLIC
ACCOUNTANT NO
Ms. Vimol Kamjornviputh No.
5762
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 was :
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash and Cash Equivalent |
111,097.51 |
|
Inventories |
8,907,998.02 |
|
Deposits |
1,391,945.34 |
|
Other Current Assets |
5,492,939.23 |
|
|
|
|
Total Current Assets
|
15,903,980.10 |
|
|
|
|
Fixed Assets |
137,968.25 |
|
Total Assets |
16,041,948.35 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
|
|
|
|
Bank Overdraft from Financial
Institutions |
4,728,877.25 |
|
Trade Accounts Payable |
1,382,097.12 |
|
Short-term Loan from Related
Person |
6,800,000.00 |
|
Accrued Income Tax |
67,485.52 |
|
Other Current Liabilities |
49,851.60 |
|
|
|
|
Total Current Liabilities |
13,028,311.49 |
|
Total Liabilities |
13,028,311.49 |
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
Share capital : Baht 500
par value Authorized &
issued share capital
10,000 shares |
5,000,000.00 |
|
|
|
|
Capital Paid |
2,500,000.00 |
|
Retained Earning -
Unappropriated |
513,636.86 |
|
Total Shareholders' Equity |
3,013,636.86 |
|
Total Liabilities & Shareholders' Equity |
16,041,948.35 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Jan. 11,
2010 – Dec. 31,
2010 |
|
|
|
|
Sales Income |
14,170,720.03 |
|
Other Income |
47,833.44 |
|
Total Revenues |
14,218,553.47 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
9,899,018.93 |
|
Selling Expenses |
819,950.00 |
|
Administrative Expenses |
2,756,924.64 |
|
Total Expenses |
13,475,893.57 |
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
742,659.90 |
|
Financial Cost |
[161,530.74] |
|
Income Tax |
[67,492.30] |
|
|
|
|
Net Profit / [Loss] |
513,636.86 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
1.22 |
|
QUICK RATIO |
TIMES |
0.12 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
102.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.88 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
328.46 |
|
INVENTORY TURNOVER |
TIMES |
1.11 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.96 |
|
CASH CONVERSION CYCLE |
DAYS |
277.50 |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
69.86 |
|
SELLING & ADMINISTRATION |
% |
25.24 |
|
INTEREST |
% |
1.14 |
|
GROSS PROFIT MARGIN |
% |
30.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.24 |
|
NET PROFIT MARGIN |
% |
3.62 |
|
RETURN ON EQUITY |
% |
17.04 |
|
RETURN ON ASSET |
% |
3.20 |
|
EARNING PER SHARE |
BAHT |
102.73 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.32 |
|
TIME INTEREST EARNED |
TIMES |
4.60 |
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.48 |
Impressive |
Industrial Average |
29.60 |
|
Net Profit Margin |
3.62 |
Impressive |
Industrial Average |
2.05 |
|
Return on Assets |
3.20 |
Acceptable |
Industrial Average |
5.12 |
|
Return on Equity |
17.04 |
Impressive |
Industrial Average |
9.25 |
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 30.48%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
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 3.62%,
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 3.2%.
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 17.04%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.22 |
Deteriorated |
Industrial Average |
16.07 |
|
Quick Ratio |
0.12 |
|
|
|
|
Cash Conversion Cycle |
277.50 |
|
|
|
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 1.22 times in 2010, 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 0.12 times in 2010,
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 278 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
4.32 |
Risky |
Industrial Average |
0.98 |
|
Times Interest Earned |
4.60 |
Deteriorated |
Industrial Average |
147.00 |
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 4.6 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 0.81 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
102.71 |
Impressive |
Industrial Average |
75.41 |
|
Total Assets Turnover |
0.88 |
Acceptable |
Industrial Average |
1.23 |
|
Inventory Conversion Period |
328.46 |
|
|
|
|
Inventory Turnover |
1.11 |
Deteriorated |
Industrial Average |
8.49 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
16.95 |
|
Payables Conversion Period |
50.96 |
|
|
|
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 increased from 0 day to 328 days
at the end of 2010. This represents a negative trend. And Inventory turnover
has increased from 0 times to 1.11 times in year 2010.
The company's Total Asset Turnover is calculated as 0.88 times in
2010. 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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.