MIRA
INFORM REPORT
|
Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ITALASIA TRADING [THAILAND] CO.,LTD |
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Registered Office : |
30th Floor, Oriflame
Asoke Tower, 253 Sukhumvit
21 Road, Klongtoey, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05.02.1996 |
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Com. Reg. No.: |
0105539015397 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Foods and
Beverage |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 |
name of the company
ITALASIA TRADING [THAILAND] CO.,LTD.
SUMMARY
BUSINESS
ADDRESS : 30th FLOOR,
ORIFLAME ASOKE TOWER,
253 SUKHUMVIT
21 ROAD, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2261-7990-9
FAX : [66] 2261-8700
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION NO. : 0105539015397 [
Former : [2] 595/2539]
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
CHAKKRIT BENEDETTI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : FOODS & BEVERAGE
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
February 5, 1996
as a private limited company
under the name style ITALASIA TRADING [THAILAND] CO., LTD. by Thai
and Italian partners,
in order to distribute
wide ranges of
food & beverage
products. It is
a member of
Italasia Group of
companies. The subject currently
employs approximately 50 staff.
The
subject’s registered address
is 30th Floor, Oriflame
Asoke Tower, 253 Sukhumvit
21 Rd., Klongtoey,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality
|
Age
|
|
Mrs.
Jart Thonavanik Benedetti [x] |
Italian |
92 |
|
Mrs.
Paoleena Na Nakorn |
Thai |
62 |
|
Mr.
Chakkrit Benedetti |
Thai |
32 |
AUTHORIZED PERSON
The
mentioned director [x]
can sign or
both of the
rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chakkrit
Benedetti is the Managing Director.
He
is Thai nationality
with the age
of 32 years old.
He
has been in
this position since
2000.
Mr. Lawrence
L. Cordes is
the General Manager
[Sales & Marketing].
He
is American nationality. He has been
in this position
since 1998.
Mrs. Vanida
Hongsuebchart is the Account &
Finance Manager.
She
is Thai nationality. She has been
in this position
since 2000.
BUSINESS OPERATIONS
The subject is engaged in importing and
distributing various kinds
of international foods
& beverages including
Italian & French
wines [red &
white], liquors, whisky,
vodka, grape wine,
tequila, rum, mineral water,
tomato sauce, pasta,
olive oil, coffee and etc.
Its
products are as the followings :
Products
|
Brand |
|
|
|
|
Wines & Spirit |
GAJA,
CASTELLO BANFI, PLANETA,
PIO
CESARE, FEUDI SAN
GREGORIO, |
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|
CASTELLO
DI VOLPAIO, BATASIOLO, IL
BORRO, MIONETTO, MONY
MORE & etc. |
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Foods
& Beverage |
|
|
Pasta |
DE
CECCO |
|
Olive
Oil |
CARAPELLI, MONINI |
|
Tomato
sauces |
CARAPELLI |
|
Pizza
Flours |
CARAPELLI |
|
Beans,
Coffee |
ILLY |
|
Mineral
Water |
SAN
BENEDETTO |
|
Tomato |
BELLA
NAPOLI |
IMPORT
The
products are imported
from around 30-40
overseas suppliers in
Italy, Germany, United
States of America,
France and Australia.
MAJOR SUPPLIERS
- Chistiani
Import Liqueur : Italy
- Amarone
Vigneti Casterna Pasqua :
Italy
- Deccecco
Import Pasta : Italy
SALES [LOCAL]
The
products are sold
directly by wholesale to
around 100 dealers,
including hotels and
restaurants and leading supermarkets nationwide, as well
as sold to
retailer through its branches/shops in the major
provinces.
AFFILIATED
-
Italasia Electro Co.,
Ltd.
Business Type: Importer and
distributor of fast
food & hotel
equipment, providing
installation & after sales
service.
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 days.
Imports
are by L/C or T/T
on the credit term of
30 days.
BUSINESS TRANSACTION
In term
of sales, the
products are sold
to dealers with
the maximum credit
given at 30-45
days, and sold
to retailer by
cash. The subject is found to
have around 20-30% of the customers for late payment. In term of purchasing, the products are purchased from overseas
suppliers by T/T at 30 days credit given.
The subject is not found to have payment problem with any suppliers.
BANKING
Siam Commercial
Bank Public Co.,
Ltd.
[Asoke Branch : Sukhumvit 21
Rd., Klongtoeynua, Wattana,
Bangkok 10110]
[Head Office :
9 Ratchadapisek Rd., Jomphol, Jatujak, Bangkok 10900]
Bangkok Bank
Public Co., Ltd.
[Siam Square Branch : Rama 1 Rd., Pathumwan,
Bangkok 10330]
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The
subject employs approximately 50 staff. [office and
sales staff]
LOCATION DETAILS
The
premised is rented
for administrative office and
warehouse at the
heading address. Premise
is located in
a prime commercial
area.
SHOWROOMS/BRANCHES
There
are 7 branches/showrooms in provincial as follows:
-
Ground Floor, 253
Sukhumvit 21 Road, Klongtoey Nua, Wattana, Bangkok
10110.
- 4th/
Floor, Silom Complex Bldg, 191
Silom Rd, Silom,
Bangrak, Bangkok 10500.
-
5/2 Moo 1,
Chaofah Rd, T. Chalong,
A. Muang, Phuket
83000.
-
7/19-20 Robkoh Rd,
T. Maenam, A.
Samui Island, Suratthani
84330.
-
189/52 Moo 3,
Chiengmai – Maejo Rd., T.
Fahham, A. Muang,
Chiengmai 50000.
- 1st/Floor, All
Seasons Place, 130
Wireless Rd., Lumpini, Pathumwan,
Bangkok 10330.
-
19/7 Moo 5,
Sukhumvit 103 Rd.,
Nongbon, Prawet, Bangkok
10250.
COMMENT
The subject carries premium products which
are well known in the leading supermarket such as ILLY coffee, DECECCO
pasta and tomato
sauces as well
as the lists of wine and liquor.
However, the subject has tough competition as more importers of
international leading brands of food products have been portioning the
subject’s share in the market.
This year consumption of premium foods and beverages
from local consumers would slightly affect from the slow consumption
caused by economic slowdown,
due to sentiment and confidence declines, but on the tourists side would
have bad effect to an overall foods
traders, as number of tourist will be
halted from the area which could be accounted nearly 40% of the tourists
visiting the country.
With the strong market position and well
known products, it is believed
that the subject would able to maintain its sales at a certain level.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mrs. Jart
Thonavanik Benedetti Nationality: Italian Address : 50 Sukhumvit 31
Rd., Klongton, Prakanong, Bangkok 10110 |
20,000 |
20.00 |
|
Mrs. Paoleena
Na Nakorn Nationality: Thai Address : 50 Sukhumvit
31 Rd., Klongton,
Prakanong, Bangkok 10110 |
20,000 |
20.00 |
|
Mr. Chakkrit
Benedetti Nationality: Thai Address : 50 Sukhumvit
31 Rd., Klongton,
Prakanong, Bangkok 10110 |
20,000 |
20.00 |
|
Ms. Pha
Benedetti Nationality: Thai Address : 50 Sukhumvit
31 Rd., Klongton,
Prakanong, Bangkok 10110 |
19,999 |
20.00 |
|
Ms. Patriya
Na Nakorn Nationality: Thai Address : 50 Sukhumvit
31 Rd., Klongton,
Prakanong, Bangkok 10110 |
10,000 |
10.00 |
|
Mr. Ben
Na Nakorn Nationality: Thai Address : 50 Sukhumvit
31 Rd., Klongton,
Prakanong, Bangkok 10110 |
10,000 |
10.00 |
|
Mr. Aldofo
Benedetti Nationality: Italian Address
: 50 Sukhumvit 31 Rd.,
Klongton, Prakanong,
Bangkok 10110 |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Nath
Puansap No. 7726
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
274,142.44 |
806,352.34 |
|
Short-term Investment |
6,140,628.10 |
6,183,638.79 |
|
Trade Accts. Receivable |
94,901,912.61 |
62,448,871.87 |
|
Inventories |
9,519,543.75 |
5,021,133.26 |
|
Other Current Assets
|
1,281,526.31 |
1,687,911.94 |
|
Total Current
Assets |
112,117,753.21 |
76,147,908.20 |
|
|
|
|
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Fixed Assets |
5,110,815.02 |
2,150,648.60 |
|
Other Assets |
423,986.11 |
363,134.11 |
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Total Assets
|
117,652,554.34 |
78,661,690.91 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
7,324,061.10 |
81,782.88 |
|
Trade Accts. Payable |
57,399,677.78 |
37,046,184.90 |
|
Other Current Liabilities |
13,272,439.00 |
25,573,519.17 |
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Total Current
Liabilities |
77,996,177.88 |
62,701,486.95 |
|
|
|
|
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Long-term Loan from Person or Related Company |
18,624,491.62 |
- |
|
Other Liabilities |
3,083,337.00 |
677,484.42 |
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Total Liabilities |
99,704,006.50 |
63,378,971.37 |
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
7,948,547.84 |
5,282,719.54 |
|
Total Shareholders'
Equity |
17,948,547.84 |
15,282,719.54 |
|
Total
Liabilities & Shareholders' Equity |
117,652,554.34 |
78,661,690.91 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
353,759,242.63 |
260,366,101.75 |
|
Other Income |
1,322,165.48 |
2,242,972.39 |
|
Total Revenues
|
355,081,408.11 |
262,609,074.14 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
238,686,604.81 |
172,165,415.22 |
|
Selling & Administrative Expenses |
111,563,833.90 |
86,139,933.89 |
|
Total Expenses |
350,250,438.71 |
258,305,349.11 |
|
Profit / [Loss] Before Interest
Expenses |
4,830,969.40 |
4,303,725.03 |
|
Interest Expenses |
[724,926.50] |
[618,288.88] |
|
Income Tax |
[1,440,214.60] |
[1,102,907.51] |
|
Net Profit / [Loss] |
2,665,828.30 |
2,582,528.64 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
35.87 |
|
|
Operating Profit |
[17.38] |
|
|
Net Profit |
3.23 |
|
|
Fixed Assets |
137.64 |
|
|
Total Assets |
49.57 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
67.47 |
66.12 |
|
Operating Profit Margin |
1.37 |
1.65 |
|
S & A
Expenses |
31.54 |
33.08 |
|
Interest Paid |
0.20 |
0.24 |
|
Other Revenues |
0.37 |
0.86 |
|
Net Profit Margin |
0.75 |
0.99 |
|
Earning Per Shares |
26.66 |
25.83 |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
increased by 35.87%,
Operating Profit was
decreased by 17.38%,
Net Profit was
increased by 3.23%,
Fixed Assets was
increased by 137.64%,
Total Assets was
increased by 49.57%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 66.12%
to 67.47%, Operating
Profit Margin was
decreased from 1.65%
to 1.37%, S
& A Expenses
was decreased from
33.08% to 31.54%,
Interest Paid was decreased
from 0.24% to
0.20%, Other Revenues
was decreased from
0.86% to 0.37%,
Net Profit Margin
was decreased from
0.99% to 0.75%.
Earning Per Shares
was increased from
25.83 baht per
share to 26.66
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.44 |
1.21 |
|
Quick-Assets Ratio |
1.30 |
1.11 |
Current Ratio was
increased from 1.21
to 1.44, show
Current Assets can cover Current
Liabilities, Liquidity Ratio
of the company was good,
Quick-Assets Ratio was
increased from 1.11
to 1.30, capacity
to pay Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
5.55 |
4.15 |
|
Times Interest Earned |
6.66 |
6.96 |
D/E Ratio was
increased from 4.15
to 5.55, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
decreased from 6.96
to 6.66, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
69.22 |
121.06 |
|
Total Assets Turnover |
3.01 |
3.31 |
|
Return on Assets |
2.27 |
3.28 |
|
Return on Equity |
14.85 |
16.90 |
|
Day's Payable |
58.41 |
51.22 |
|
Day’s Inventories |
9.69 |
6.94 |
|
Day’s Receivables |
96.58 |
86.35 |
Fixed Assets Turnover
was decreased from
121.06 times to
69.22 times, Total
Assets Turnover was
decreased from 3.31
times to 3.01
times, show the
company could not
use Assets so efficiently, Return
on Assets was
decreased from 3.28
to 2.27, Return
on Equity was
decreased from 16.90
to 14.85, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 52
days to 59
days, Day’s Inventories
was increased from
7 days to 10 days,
and Day’s Receivables
was increased from
87 days to
97 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)