MIRA
INFORM REPORT
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Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
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Name : |
LUCKY
IMPEX LIMITED PARTNERSHIP |
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Registered Office : |
49-51-53
Trok Choom, Vanich
1 Road, Chakkrawad, Samphantawong, |
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Country : |
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Financials (as on) : |
07.06.2011 |
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Date of Incorporation : |
08.06.1973 |
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Com. Reg. No.: |
0103516016573 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Distributor and exporter of textile and fabric |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
LUCKY IMPEX LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 49-51-53 TROK
CHOOM, VANICH 1
ROAD,
CHAKKRAWAD, SAMPHANTAWONG,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2224-7961-6
FAX :
[66] 2224-7967
E-MAIL
ADDRESS : exports@luckyimpex.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0103516016573
TAX
ID NO. : 3102173481
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
FISCAL YEAR CLOSING DATE : JUNE
7
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. SUKIT PICHITSING, THAI
MANAGING PARTNER
NO.
OF STAFF : 50
LINES
OF BUSINESS : TEXTILE AND FABRIC
DISTRIBUTOR AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on June 8,
1973 as a
limited partnership under the
originally registered name “Kamol
Brothers Limited Partnership” by Thai-Indian partners,
the Pichitsing family,
with the business objective to
distribute various kinds of textiles and
fabrics to both domestic and
international markets. On September
6, 1973, its
registered name was changed to
LUCKY IMPEX LIMITED PARTNERSHIP. It currently employs approximate 50 staff.
The
subject’s registered address
is 49-51-53 Trok
Choom, Vanich 1
Rd., Chakkrawad, Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Sukit Pichitsing can sign on
behalf of the
subject with seal
affixed. He also
bears full financial
responsibility by law.
MANAGEMENT
Mr. Sukit Pichitsing is
the Managing Partner.
He is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
and exporting various
kinds of textiles
and fabrics such
as cotton, polyester,
rayon, embroidery/lace, denim,
jeans and etc.
PURCHASE
100%
of the products
is purchased from
local suppliers.
MAJOR
SUPPLIER
Lucky
Impex Textile Co.,
Ltd. : Thailand
SALES
The
products are sold
to customers both
local and international, mainly
in Singapore, Turkey,
U.S.A., Hong Kong,
Malaysia, Africa and
Middle East countries.
RELATED AND AFFILIATED
COMPANY
Lucky Impex Textile
Co., Ltd.
Business Type :
Manufacturer and distributor of
textiles and fabrics
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.
Exports are against
T/T on negotiated
terms.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 50 office
staff and workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and fabric shop
at the heading
address. Premise is
located in commercial
area.
COMMENT
The
subject is one of
the leading suppliers and
exporters of textiles. Its
products are varies
for garment to
household decorating items.
Economy improvement in
domestic and export markets
has resulted to
increase subject’s sales
revenue since last
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 which
was carried by
5 persons as
followed:
Name Age Amount
Mr. Sukit Pichitsing 59 Bht.
2,500,000 [Unlimited Partner]
Mrs. Rachit Pichitsing 81 Bht. 2,500,000
Mr. Jasvinder Pichitsing 54 Bht. 1,600,000
Mr. Kuldeep Pichitsing 52 Bht.
1,600,000
Mr. Anand Pichitsing 39 Bht.
1,800,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kamchai Mayuraritpibal
No. 7208
BALANCE SHEET [BAHT]
The
latest financial figures
published for June 7,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash in Hand
& at Bank |
14,508,630.22 |
15,916,152.39 |
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Trade Accounts &
Notes Receivable |
516,607,493.09 |
457,620,091.30 |
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Inventories |
204,170,726.30 |
61,741,828.56 |
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Other Current Assets
|
6,911,105.74 |
12,444,731.92 |
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Total Current Assets
|
742,197,955.35 |
547,722,804.17 |
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Long-term Investment in Other
Company |
1,150,000.00 |
1,150,000.00 |
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Fixed Assets |
2,232,664.73 |
2,302,032.84 |
|
Fixed Deposit pledged
as a Collateral |
30,154,687.50 |
- |
|
Other Assets |
119,997.41 |
29,997.41 |
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Total Assets |
775,855,304.99 |
551,204,834.42 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
556,583,469.97 |
261,324,708.97 |
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Trade Accounts &
Notes Payable |
111,523,326.70 |
178,919,884.18 |
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Other Short-term Loans |
- |
15,750,000.00 |
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Other Current Liabilities |
10,666,060.42 |
15,809,482.92 |
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Total Current Liabilities |
678,772,857.09 |
471,804,076.07 |
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Total Liabilities |
678,772,857.09 |
471,804,076.07 |
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Shareholders' Equity |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
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Retained Earning -
Unappropriated |
87,082,447.90 |
69,400,758.35 |
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Total Shareholders' Equity |
97,082,447.90 |
79,400,758.35 |
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Total Liabilities & Shareholders' Equity |
775,855,304.99 |
551,204,834.42 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
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Sales |
1,611,312,304.00 |
1,063,121,053.78 |
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Gain on Exchange
Rate |
5,148,765.87 |
2,218,205.99 |
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Other Income |
2,267,513.35 |
- |
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Total Sales |
1,618,728,583.22 |
1,065,339,259.77 |
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Expenses |
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Cost of Goods
Sold |
1,555,080,686.59 |
1,016,349,259.81 |
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Selling Expenses |
7,483,010.01 |
7,875,531.62 |
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Administrative Expenses |
13,582,537.76 |
11,017,778.24 |
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Loss on Exchange
Rate |
- |
3,589,580.91 |
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Total Expenses |
1,576,146,234.36 |
1,038,832,150.58 |
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Profit / [Loss] before Financial
Cost & Income Tax |
42,582,348.86 |
26,507,109.19 |
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Financial Cost |
[17,140,983.26] |
[12,155,906.21] |
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Income Tax |
[7,759,676.05] |
[4,313,425.24] |
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Net Profit / [Loss] |
17,681,689.55 |
10,037,777.74 |
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Retained Earning, beginning
of year |
69,400,758.35 |
59,362,980.61 |
|
Retained Earning, end
of year |
87,082,447.90 |
69,400,758.35 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
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|
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LIQUIDITY RATIO |
|
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|
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CURRENT RATIO |
TIMES |
1.09 |
1.16 |
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QUICK RATIO |
TIMES |
0.78 |
1.00 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
721.70 |
461.82 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.08 |
1.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
47.92 |
22.17 |
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INVENTORY TURNOVER |
TIMES |
7.62 |
16.46 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
117.02 |
157.11 |
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RECEIVABLES TURNOVER |
TIMES |
3.12 |
2.32 |
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PAYABLES CONVERSION PERIOD |
DAYS |
26.18 |
64.26 |
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CASH CONVERSION CYCLE |
DAYS |
138.77 |
115.03 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
96.51 |
95.60 |
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SELLING & ADMINISTRATION |
% |
1.31 |
1.78 |
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INTEREST |
% |
1.06 |
1.14 |
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GROSS PROFIT MARGIN |
% |
3.95 |
4.61 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.64 |
2.49 |
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NET PROFIT MARGIN |
% |
1.10 |
0.94 |
|
RETURN ON EQUITY |
% |
18.21 |
12.64 |
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RETURN ON ASSET |
% |
2.28 |
1.82 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.87 |
0.86 |
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DEBT TO EQUITY RATIO |
TIMES |
6.99 |
5.94 |
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TIME INTEREST EARNED |
TIMES |
2.48 |
2.18 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
51.56 |
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OPERATING PROFIT |
% |
60.65 |
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NET PROFIT |
% |
76.15 |
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FIXED ASSETS |
% |
(3.01) |
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TOTAL ASSETS |
% |
40.76 |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
3.95 |
Deteriorated |
Industrial
Average |
11.62 |
|
Net Profit Margin |
1.10 |
Satisfactory |
Industrial
Average |
1.23 |
|
Return on Assets |
2.28 |
Impressive |
Industrial
Average |
2.12 |
|
Return on Equity |
18.21 |
Impressive |
Industrial
Average |
5.83 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 3.95%. 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 1.1%. 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. Return on Assets ratio is
2.28%, 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 18.21%, 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 RATIO
|
Current Ratio |
1.09 |
Acceptable |
Industrial
Average |
1.61 |
|
Quick Ratio |
0.78 |
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Cash Conversion Cycle |
138.77 |
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|
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 1.09 times in 2011, decreased from 1.16 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 0.78 times in 2011,
decreased from 1 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 139 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.87 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
6.99 |
Risky |
Industrial
Average |
1.74 |
|
Times Interest Earned |
2.48 |
Impressive |
Industrial
Average |
1.68 |
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 2.49 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 0.87 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
721.70 |
Impressive |
Industrial
Average |
9.48 |
|
Total Assets Turnover |
2.08 |
Impressive |
Industrial
Average |
1.68 |
|
Inventory Conversion Period |
47.92 |
|
|
|
|
Inventory Turnover |
7.62 |
Impressive |
Industrial
Average |
4.77 |
|
Receivables Conversion Period |
117.02 |
|
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|
|
Receivables Turnover |
3.12 |
Impressive |
Industrial
Average |
2.93 |
|
Payables Conversion Period |
26.18 |
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|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
UK Pound |
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.70.21 |
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.