|
|
|
MIRA
INFORM REPORT
|
Report No. : |
502574 |
|
Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
UNIQUE
ENTERPRISES HOLDINGS CO., LTD. |
|
|
|
|
Formerly Known As : |
ANUJA ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
22nd Floor,
Gems Tower, 1249/168-169,
Charoenkrung Road, Suriyawongse, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
15.12.1989 |
|
|
|
|
Com. Reg. No.: |
0105532120608 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
The subject
is engaged in
importing and distributing black and
gold marbles and
gemstones, as well
as exporting rice,
sugar and other
agricultural products. |
|
|
|
|
No. of Employees : |
16 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise
economy, and generally pro-investment policies, Thailand is highly dependent on
international trade, with exports accounting for about two-thirds of GDP.
Thailand’s exports include electronics, agricultural commodities, automobiles
and parts, and processed foods. The industry and service sectors produce about
90% of GDP. The agricultural sector, comprised mostly of small-scale farms,
contributes only 10% of GDP but employs about one-third of the labor force.
Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly
from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially.
In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10)
per day minimum wage policy and deployed new tax reforms designed to lower
rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since
the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation,
low unemployment, and reasonable public and external debt levels. Tourism and
government spending - mostly on infrastructure and short-term stimulus measures
– have helped to boost the economy, and The Bank of Thailand has been
supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and
an aging population pose risks to growth.
|
Source
: CIA |
Company name
UNIQUE ENTERPRISES HOLDINGS CO., LTD.
[FORMER: ANUJA ENTERPRISE CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 22ND FLOOR,
GEMS TOWER, 1249/168-169
CHAROENKRUNG ROAD, SURIYAWONGSE, BANGRAK, BANGKOK 10500, THAILAND,
TELEPHONE : [66] 2268-0439
FAX :
-
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532120608
TAX ID NO. : 3101628494
CAPITAL
REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP
: BHT. 30,000,000
SHAREHOLDER’S PROPORTION : THAI :
75.00%
INDIAN
: 25.00%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
VINAY KUMAR KEDIA,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 16
LINES OF
BUSINESS : TRADING COMPANY
IMPORTER, DISTRIBUTOR
AND EXPORTER
|
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
December 15, 1989
as a private
limited company under
the originally registered
name “Anuja Enterprise
Co., Ltd.” by
Thai and Indian
groups. On December 17,
2008, its registered
name was changed
to UNIQUE ENTERPRISES
HOLDINGS CO., LTD. Its objective
is to be
engaged in trading
business. It currently
employs 16 staff.
The subject’s
registered address is 22nd Floor,
Gems Tower, 1249/168-169
Charoenkrung Road,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s
current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vinay Kumar
Kedia |
|
Thai |
70 |
|
Mr. Vishal Kedia |
|
Thai |
37 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vinay Kumar
Kedia is
the Managing Director.
He is
Thai nationality with
the age of
70 years old.
Mr. Vishal Kedia is the
General Manager.
He is
Thai nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing black and
gold marbles and
gemstones, as well
as exporting rice,
sugar and other
agricultural products.
PURCHASE
The products
are purchased from
both domestic and overseas suppliers
in India, Pakistan,
Belgium and Israel.
SALES [LOCAL]
The products
are sold locally
to traders, manufacturers
and end-users.
EXPORT
The agricultural
products are exported
to India, Japan
and United States
of America.
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 according to
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 Company Limited
EMPLOYMENT
The subject currently
employs 16 staff.
LOCATION DETAILS
The premise
is rented for administrative office
at the heading
address. Premise is
located in prime
commercial area.
COMMENT
The subject’s
operating performance in
2016 has seen
an improvement with
an increase in
both sales or
service income and
net profit comparing
to the previous
year. Moreover, the
subject has increased
its registered capital
to Bht. 30,000,000
with fully paid-up
in 2017, this
would assist on
the company’s expansion,
purchasing power and
financial liquidity flow.
Generally, the subject operates a
moderate business and
remains profitable.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each with
fully paid.
The capital
was increased later
as follows:
Bht. 5,000,000
on January 6,
1999
Bht.
10,000,000 on December
6, 2000
Bht.
20,000,000 on June
5, 2001
Bht.
30,000,000 on December
29, 2017
The latest
registered capital was
increased to Bht.
30,000,000 divided into
300,000
shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as
at November 27,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Vishal Kedia Nationality: Thai Address :
44/70 Soi Sukhumvit
11, Klongtoeynua, Wattana, Bangkok
|
147,000 |
49.00 |
|
Mr. Vinay Kumar
Kedia Nationality: Thai Address :
44/70 Soi Sukhumvit
11, Klongtoeynua, Wattana, Bangkok
|
78,000 |
26.00 |
|
Mrs.
Shakuntala Kedia Nationality: Indian Address :
44/70 Soi Sukhumvit
11, Klongtoeynua, Wattana, Bangkok
|
75,000 |
25.00 |
Total Shareholders
: 3
Share Structure
[as at
November 27, 2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
225,000 |
75.00 |
|
Foreign-Indian |
1 |
75,000 |
25.00 |
|
Total |
3 |
300,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs. Woranuch Thocharoen No. 1566
BALANCE SHEET
[BAHT]
The latest
financial figures published
for December 31, 2016,
2015 and 2014
were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
576,461.95 |
873,950.64 |
1,056,855.94 |
|
Trade Accounts
and Other Receivable
|
69,798,450.99 |
55,461,876.26 |
51,589,085.91 |
|
Inventories |
77,110,208.09 |
64,433,478.80 |
54,541,782.97 |
|
Other Current
Assets |
5,253,306.10 |
7,506,203.43 |
8,578,908.61 |
|
Total Current
Assets |
152,738,427.13 |
128,275,509.13 |
115,766,633.43 |
|
|
|
|
|
|
Property,
Plant and Equipment |
5,427,091.98 |
6,088,573.49 |
5,943,034.83 |
|
Other Non-current
Assets |
67,990.00 |
67,990.00 |
67,990.00 |
|
Total Assets |
158,233,509.11 |
134,432,072.62 |
121,777,658.26 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft
and Short-term Loan From Financial Institutions |
16,546,257.16 |
- |
7,725,301.82 |
|
Trade
Accounts and Other Payable |
16,421,370.15 |
23,829,511.51 |
35,488,193.01 |
|
Accrued Income
Tax |
189,792.95 |
64,414.99 |
500,624.98 |
|
Other Current
Liabilities |
18,185,841.15 |
20,629,823.32 |
22,859,592.47 |
|
Total Current
Liabilities |
51,343,261.41 |
44,523,749.82 |
66,573,712.28 |
|
|
|
|
|
|
Long-term Loan |
76,588,000.00 |
61,388,000.00 |
27,582,000.00 |
|
Provision
for Employee Benefits |
1,471,535.35 |
1,268,565.19 |
1,107,117.25 |
|
Other
Non-current Liabilities |
315,000.00 |
315,000.00 |
305,000.00 |
|
Total Liabilities
|
129,717,796.76 |
107,495,315.01 |
95,567,829.53 |
|
|
|
|
|
|
Shareholders’
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
and issued share
capital 200,000
shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning
-Unappropriated [Deficit] |
8,515,712.35 |
6,936,757.61 |
6,209,828.73 |
|
Total Shareholders’ Equity |
28,515,712.35 |
26,936,757.61 |
26,209,828.73 |
|
Total Liabilities
and Shareholders’ Equity |
158,233,509.11 |
134,432,072.62 |
121,777,658.26 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
85,848,904.53 |
71,597,432.53 |
125,232,720.52 |
|
Interest Income |
- |
204,731.63 |
- |
|
Other Income |
2,231,313.10 |
5,456,871.42 |
2,214,053.28 |
|
Total Revenues |
88,080,217.63 |
77,259,035.58 |
127,446,773.80 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold or Services |
70,975,479.20 |
58,782,645.95 |
110,290,169.50 |
|
Administrative Expenses |
10,155,309.38 |
9,403,530.38 |
6,887,661.62 |
|
Other Expenses |
2,683,912.43 |
6,959,820.92 |
5,328,027.43 |
|
Total Expenses
|
83,814,701.01 |
75,145,997.25 |
122,505,858.55 |
|
|
|
|
|
|
Profit /[Loss]
before Financial Cost and Income Tax |
4,265,516.62 |
2,113,038.33 |
4,940,915.25 |
|
Financial Cost |
[2,072,687.93] |
[884,611.86] |
[1,373,504.22] |
|
|
|
|
|
|
Profit
/[Loss] before Income
Tax |
2,192,828.69 |
1,228,426.47 |
3,567,411.03 |
|
Income Tax |
[613,873.95] |
[501,497.59] |
[777,784.98] |
|
Net Profit / [Loss] |
1,578,954.74 |
726,928.88 |
2,789,626.05 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.97 |
2.88 |
1.74 |
|
QUICK RATIO |
TIMES |
1.37 |
1.27 |
0.79 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
15.82 |
11.76 |
21.07 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.54 |
0.53 |
1.03 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
396.55 |
400.09 |
180.50 |
|
INVENTORY
TURNOVER |
TIMES |
0.92 |
0.91 |
2.02 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
296.76 |
282.74 |
150.36 |
|
RECEIVABLES
TURNOVER |
TIMES |
1.23 |
1.29 |
2.43 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
84.45 |
147.96 |
117.45 |
|
CASH CONVERSION
CYCLE |
DAYS |
608.86 |
534.86 |
213.42 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.67 |
82.10 |
88.07 |
|
SELLING &
ADMINISTRATION |
% |
11.83 |
13.13 |
5.50 |
|
INTEREST |
% |
2.41 |
1.24 |
1.10 |
|
GROSS PROFIT
MARGIN |
% |
19.92 |
25.81 |
13.70 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
4.97 |
2.95 |
3.95 |
|
NET PROFIT MARGIN |
% |
1.84 |
1.02 |
2.23 |
|
RETURN ON EQUITY |
% |
5.54 |
2.70 |
10.64 |
|
RETURN ON ASSET |
% |
1.00 |
0.54 |
2.29 |
|
EARNING PER SHARE |
BAHT |
7.89 |
3.63 |
13.95 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.80 |
0.78 |
|
DEBT TO EQUITY
RATIO |
TIMES |
4.55 |
3.99 |
3.65 |
|
TIME INTEREST
EARNED |
TIMES |
2.06 |
2.39 |
3.60 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
19.91 |
(42.83) |
|
|
OPERATING PROFIT |
% |
101.87 |
(57.23) |
|
|
NET PROFIT |
% |
117.21 |
(73.94) |
|
|
FIXED ASSETS |
% |
(10.86) |
2.45 |
|
|
TOTAL ASSETS |
% |
17.71 |
10.39 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales
growth is 19.91%. Turnover has increased from THB
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit
Margin |
19.92 |
Impressive |
Industrial
Average |
0.62 |
|
Net Profit Margin |
1.84 |
Impressive |
Industrial
Average |
0.09 |
|
Return on Assets |
1.00 |
Acceptable |
Industrial
Average |
2.05 |
|
Return on Equity |
5.54 |
Satisfactory |
Industrial
Average |
7.33 |
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 19.92%.
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 1.84%, 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 1%.
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 5.54%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.97 |
Impressive |
Industrial
Average |
1.45 |
|
Quick Ratio |
1.37 |
|
|
|
|
Cash Conversion
Cycle |
608.86 |
|
|
|
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 2.97 times in 2016,
increase from 2.88 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 1.37 times in 2016, increase from 1.27
times, although excluding inventory so the company still have good short-term
financial strength.
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 609 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial
Average |
0.72 |
|
Debt to Equity
Ratio |
4.55 |
Risky |
Industrial
Average |
2.57 |
|
Times Interest
Earned |
2.06 |
Impressive |
Industrial
Average |
- |
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 higher
the percentage means that the company is using less equity and has stronger
leverage position.
Times Interest
Earned measuring a company's ability to meet its debt obligations. Ratio is
2.06 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 0.82 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 Stable
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets
Turnover |
15.82 |
Impressive |
Industrial
Average |
- |
|
Total Assets
Turnover |
0.54 |
Deteriorated |
Industrial
Average |
23.92 |
|
Inventory
Conversion Period |
396.55 |
|
|
|
|
Inventory
Turnover |
0.92 |
Deteriorated |
Industrial
Average |
51.25 |
|
Receivables Conversion
Period |
296.76 |
|
|
|
|
Receivables
Turnover |
1.23 |
Deteriorated |
Industrial
Average |
59.29 |
|
Payables
Conversion Period |
84.45 |
|
|
|
The company's
Account Receivable Ratio is calculated as 1.23 and
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
decreased from 400 days at the end of 2015 to 397 days at the end of 2016. This
represents a positive trend. And Inventory turnover has increased from 0.91
times in year 2015 to 0.92 times in year 2016.
The company's Total
Asset Turnover is calculated as 0.54 times and 0.53 times in 2016 and 2015
respectively. 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 Stable
Total Assets
Turnover Downtrend
Inventory Turnover Downtrend
Receivables
Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.94 |
|
|
1 |
INR 91.75 |
|
Euro |
1 |
INR 79.90 |
|
Thai Baht |
1 |
INR 2.09 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.