MIRA INFORM REPORT
|
Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
UR
MENA LTD. |
|
|
|
|
Registered Office : |
27
Krungthep Kritha Road,
Sapansoong, Bangkok 10240 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
14.05.1998 |
|
|
|
|
Com. Reg. No.: |
0105541029341 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer & distributor
of industrial pipes and
valves |
|
|
|
|
No. of Employees
: |
70 |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
UR MENA
LTD.
SUMMARY
BUSINESS
ADDRESS : 27
KRUNGTHEP KRITHA ROAD,
SAPANSOONG, BANGKOK
10240
TELEPHONE : [66] 2138-8200,
2736-1115
FAX :
[66] 2138-8080,
2736-1962
E-MAIL
ADDRESS : sales@urmena.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541029341
CAPITAL REGISTERED : BHT. 95,000,000
CAPITAL PAID-UP : BHT.
95,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SURACHAI TANTINIKORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 70
LINES
OF BUSINESS : INDUSTRIAL PIPES
AND VALVES
IMPORTER &
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 May
14, 1998 as
a private limited
company under the name style UR
MENA LTD, by
Thai groups. It
is one of
the leading stockists
and suppliers of
piping materials for
various industries. It
currently employs approximate 70 staff.
The subject’s registered
address was initially
located at 52
Somdejchaophraya 11 Rd.,
Klongsan, Bangkok 10600.
On June 5,
1998, the registered
address was relocated
to 22nd Floor,
Oriframe Asoke Tower,
253 Sukhumvit 21 Rd., Klongtoey,
Wattana, Bangkok 10110,
while the business
address was located
at 52/11 Moo
13, Krungthep Kritha Rd.,
Sapansoong, Bangkok 10240.
Later, its registered
address was relocated
to 52/11 Moo
13, Krungthep Kreetha
Rd., Sapansoong, Bangkok
10240.
On January 7, 2011,
its registered address
has been changed
from “52/11 Moo
13” to “27
Krungthep Kritha Rd., Sapansoong, Bangkok 10240” by the
Government district office.
Actually, both are
the same location.
This is also the
subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surachai Tantinikorn |
|
Thai |
40 |
|
Ms. Oranuch Kongsindhu |
|
Thai |
45 |
AUTHORIZED PERSON
Any of the mentioned
directors can sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Surachai Tantinikorn
is the Managing
Director.
He is Thai
nationality with the
age of 40
years old.
Ms. Oranuch Kongsindhu
is the Assistant
Managing Director.
She is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide range
of industrial equipments
such as valves,
pipes and related
products. Range of
its products are
as follows:
Products Brand
Pipe products
- Carbon steel pipe,
stainless steel pipe, “V&M”, “SUMITOMO”,
“JFE”,
Ferritic alloy
steel pipe & etc. “SEAH”, “SANYO”,
“MITTAL”,
“INTERPIPE”, “BENTELER”
Flange products
-
Carbon steel flange,
stainless steel flange, “WILHELM”, “ULMAFORJA”,
“MFF”,
alloy steel
flange “MICTECHNO”, “MELESI”
Fitting products
- Carbon steel
fitting, Stainless steel fitting “ULMA”,
“TK”, “SK”, “IML”
“TECHNOFORGE”, “MEGA”,
“JD”
“KAIIZEN”
Vale products
- Gate valve,
ball valve, check
valve & “POWELL”
globe valve
Bolt & nut products
- Alloy steel
bolt & nut “SANWA IRON”,
“CRAWFORD”
- Stainless steel bolt & nut,
- Fluoropolymer coating
bolt & nut
PURCHASE
The subject purchases
the products from
20-30 suppliers both
local and
overseas, by 60%
of its products
is imported from
Singapore, Japan, Korea,
Taiwan, Republic of
China, Italy, Sweden,
Spain, Germany and
United States of
America, and the
remaining 40% is
purchased locally.
MAJOR SUPPLIERS
Hayward Industrial Products Inc. :
United States of
America.
Pojpaiboon Equipment Co., Ltd. :
Thailand
Ulma Piping : Spain
Seah Steel Corp. : Korea
SALES [LOCAL]
The products are
sold directly to
manufacturers, wholesalers and
end-users. The subject maintains around
100 customers nationwide.
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 on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BUSINESS TRANSACTION
In term of
sales, the products
are sold mainly
by credit with
the maximum given
at 60 days,
and the remaining
are by cash.
For the purchasing,
the products are
imported by T/T
and L/C, while
purchased locally by
credit with the
maximum receipt at
60 days. The
subject is not
found to have
problem both its
account receivable and
payable.
BANKING
Krung Thai
Bank Public Co.,
Ltd.
[Head Office : 35
Sukhumvit Rd., Klongtonnua,
Wattana, Bangkok 10110]
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd., Rajburana,
Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 70 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is
rented for operating administrative office at
the heading address.
The premise is
located in commercial/residential area.
Warehouse :
12 Highway No. 36,
T. Mabkha, A. Nikompattana, Rayong
21000.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
EUR 1,000,000.
COMMENT
The
subject’s business performance in
2011 was satisfactory
though there was
massive floods in the
last quarter of year. In 2011,
the subject disclosed
a slightly increase in
sales in the
first nine months of
the year. Generally,
the subject had a
good business and
expanding steadily.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 10,000,000
on January 23,
2007
Bht. 20,000,000
on January 29,
2008
Bht. 50,000,000
on September 22,
2008
Bht. 95,000,000
on November 5,
2010
The latest registered
capital was increased
to Bht. 95,000,000 divided into 950,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Surachai Tantinikorn Nationality: Thai Address : 52 Somdejchaophrya 11
Rd., Klongsan, Bangkok 10600 |
660,000 |
69.47 |
|
Ms. Oranuch Kongsindhu Nationality: Thai Address : 91/30 Ladprao 87
Rd., Wangthonglang,
Bangkapi, Bangkok 10240 |
285,000 |
30.00 |
|
Ms. Suwanna Tantinikorn Nationality: Thai Address : 52 Somdejchaophrya 11
Rd., Klongsan, Bangkok 10600 |
5,000 |
0.53 |
Total Shareholders : 3
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
950,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
950,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Patrawadee Maneepong
No. 8889
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
1,085,805.83 |
4,150,923.69 |
|
Short-term Investment |
7,647,437.94 |
4,404,114.01 |
|
Trade Accounts Receivable |
90,857,828.65 |
93,241,045.05 |
|
Inventories |
159,510,003.33 |
80,077,167.16 |
|
Other Current Assets |
28,091,934.07 |
8,822,084.39 |
|
|
|
|
|
Total Current Assets
|
287,193,009.82 |
190,695,334.30 |
|
|
|
|
|
Fixed Assets |
73,626,571.65 |
58,761,354.07 |
|
Other Assets |
22,600.00 |
600.00 |
|
Total Assets |
360,841,881.47 |
249,457,288.37 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
56,317,801.50 |
8,726,291.65 |
|
Trade Accounts Payable |
35,803,856.38 |
56,828,885.06 |
|
Current Portion of
Long-term Liabilities |
3,270,325.42 |
3,507,428.42 |
|
Accrued Income Tax |
1,944,251.08 |
1,574,554.00 |
|
Other Current Liabilities |
98,084,652.07 |
59,142,392.68 |
|
|
|
|
|
Total Current Liabilities |
195,420,886.45 |
129,779,551.81 |
|
Long-term Liabilities, Net of
Current Portion |
4,541,102.42 |
7,811,427.84 |
|
Long-term Loans from
Person or Related Company |
42,400,000.00 |
43,780,000.00 |
|
Long-term Loans |
- |
247,547.86 |
|
Total Liabilities |
242,361,988.87 |
181,618,527.51 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 950,000 &
500,000 shares in
2010 & 2009
respectively |
95,000,000.00 |
50,000,000.00 |
|
|
|
|
|
Capital Paid |
95,000,000.00 |
50,000,000.00 |
|
Retained Earning-
Unappropriated |
23,479,892.60 |
17,838,760.86 |
|
Total Shareholders' Equity |
118,479,892.60 |
67,838,760.86 |
|
Total Liabilities & Shareholders' Equity |
360,841,881.47 |
249,457,288.37 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
484,825,497.16 |
477,746,610.59 |
|
Other Income |
5,005,657.95 |
2,211,437.65 |
|
Total Revenues |
489,831,155.11 |
479,958,048.24 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
402,889,926.01 |
397,943,457.46 |
|
Selling Expenses |
40,014,725.32 |
41,754,423.38 |
|
Administrative Expenses |
33,501,000.32 |
30,655,772.93 |
|
Total Expenses |
476,405,651.65 |
470,353,653.77 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
13,425,503.46 |
9,604,394.47 |
|
Interest Expenses |
[4,363,609.06] |
[3,570,884.13] |
|
Profit / [Loss] before Income
Tax |
9,061,894.40 |
6,033,510.34 |
|
Income Tax |
[3,420,762.66] |
[2,936,156.02] |
|
|
|
|
|
Net Profit / [Loss] |
5,641,131.74 |
3,097,354.32 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.47 |
1.47 |
|
QUICK RATIO |
TIMES |
0.51 |
0.78 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.58 |
8.13 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.34 |
1.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
144.51 |
73.45 |
|
INVENTORY TURNOVER |
TIMES |
2.53 |
4.97 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
68.40 |
71.24 |
|
RECEIVABLES TURNOVER |
TIMES |
5.34 |
5.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
32.44 |
52.12 |
|
CASH CONVERSION CYCLE |
DAYS |
180.47 |
92.56 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.10 |
83.30 |
|
SELLING & ADMINISTRATION |
% |
15.16 |
15.16 |
|
INTEREST |
% |
0.90 |
0.75 |
|
GROSS PROFIT MARGIN |
% |
17.93 |
17.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.77 |
2.01 |
|
NET PROFIT MARGIN |
% |
1.16 |
0.65 |
|
RETURN ON EQUITY |
% |
4.76 |
4.57 |
|
RETURN ON ASSET |
% |
1.56 |
1.24 |
|
EARNING PER SHARE |
BAHT |
5.94 |
6.19 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.05 |
2.68 |
|
TIME INTEREST EARNED |
TIMES |
3.08 |
2.69 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
1.48 |
|
|
OPERATING PROFIT |
% |
39.79 |
|
|
NET PROFIT |
% |
82.13 |
|
|
FIXED ASSETS |
% |
25.30 |
|
|
TOTAL ASSETS |
% |
44.65 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
17.93 |
Satisfactory |
Industrial Average |
20.19 |
|
Net Profit Margin |
1.16 |
Impressive |
Industrial Average |
(7.43) |
|
Return on Assets |
1.56 |
Impressive |
Industrial Average |
(0.86) |
|
Return on Equity |
4.76 |
Impressive |
Industrial Average |
4.61 |
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 17.93%. 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 ratio is 1.16%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operators 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. Return on Assets ratio is
1.56%, 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.
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 4.76%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.47 |
Deteriorated |
Industrial Average |
21.08 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
180.47 |
|
|
|
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 1.47 times in 2010, same
figure as in
2009, 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 0.51 times in 2010,
decrease from 0.78 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 181 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Impressive |
Industrial Average |
1.34 |
|
Debt to Equity Ratio |
2.05 |
Risky |
Industrial Average |
1.96 |
|
Times Interest Earned |
3.08 |
Deteriorated |
Industrial Average |
577.89 |
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 3.08 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 0.67 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.58 |
Deteriorated |
Industrial Average |
25,194.73 |
|
Total Assets Turnover |
1.34 |
Acceptable |
Industrial Average |
2.02 |
|
Inventory Conversion Period |
144.51 |
|
|
|
|
Inventory Turnover |
2.53 |
Deteriorated |
Industrial Average |
18.17 |
|
Receivables Conversion Period |
68.40 |
|
|
|
|
Receivables Turnover |
5.34 |
Deteriorated |
Industrial Average |
12.14 |
|
Payables Conversion Period |
32.44 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.31 |
|
UK Pound |
1 |
Rs.79.04 |
|
Euro |
1 |
Rs.65.82 |
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.