MIRA
INFORM REPORT
|
Report Date : |
27.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MITSUI & CO.,
[ |
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Registered Office : |
15th-16th Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.07.1959 |
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Com. Reg. No.: |
0105502000957 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Exporter of General Trading Company |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
MITSUI
& CO., [
SUMMARY
BUSINESS
ADDRESS : 15th-16th
FLOOR,
175
SATHORN,
TELEPHONE : [66] 2344-2222
FAX :
[66] 2344-2003-4
E-MAIL
ADDRESS : bkxmt@dg.mitsui.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1959
REGISTRATION
NO. : 0105502000957 [Former :
173/ 2502]
CAPITAL REGISTERED : BHT. 1,500,000,000
CAPITAL PAID-UP : BHT. 1,500,000,000
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUSUMU UNENO,
JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : GENERAL TRADING
COMPANY
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on July 22,
1959 as a
private limited company
under the registered
name “Mitsui Bussan
Kaisha [Thailand] Ltd.”
by Japanese groups.
On August 15, 1969, the
subject’s name was
changed to MITSUI &
CO., [THAILAND] LTD.,
with the business
objective to be
engaged in general
trading, project organizing
and investing business
in Thailand. It
currently employs approximate
200 staff.
It
is a wholly
owned subsidiary of
Mitsui & Company
[Asia Pacific] Ltd.
in Singapore, which
is one of
the world largest
general trading companies
with the strongest
global network capabilities
of 89 overseas
trading subsidiaries in
total 93 countries.
The
subject’s registered address
is 15th - 16th Floor,
Sathorn City Tower,
175 South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Asawin Surasarang |
[x] |
Thai |
68 |
|
Mr. Hiroshi Nakanishi |
|
Japanese |
46 |
|
Mr. Tomoyuki Mochizuki |
|
Japanese |
47 |
|
Mr. Tomoyoshi Mizukawa |
[x] |
Japanese |
48 |
|
Mr. Atsushi Shimada |
|
Japanese |
56 |
|
Mr. Kosaku Takatani |
[x] |
Japanese |
52 |
|
Mr. Susumu Uneno |
[x] |
Japanese |
59 |
|
Mr. Isao Ohtsuru |
|
Japanese |
50 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Susumu Uneno is the
Managing Director.
He is Japanese
nationality with the
age of 59
years old.
Mr. Asawin Surasarang is
the Senior Director.
He is Thai
nationality with the
age of 68
years old.
BUSINESS OPERATIONS
The subject is engaged in
general trading business including import,
export and distribution
as well as
project organization and
investment. The trading
business can be
divided into 9
divisions as follows:
1.
Steel
Division
-
Hot
rolled steel sheet
and plate, cold
rolled steel sheet,
plain and pre-painted
galvanized iron steel
sheet, electro galvanized
steel sheet, tin
plate, tin free
steel,
stainless steel plate & sheet, alloy
steel sheet
2.
Infrastructure
Projects Division;
-
Transportation [railway project],
electric power plant
project, plant project,
water business
3.
Machinery
Division
-
Motor
vehicle, machine tools,
industrial machinery, protective
coating products
4.
Information
Business Division
-
Call
center outsourcing, business
process outsourcing, market
research and
Incubation
of new business
in media/internet field
5.
Basic
Chemicals Division
-
Petrochemical,
synthetic fiber intermediate,
chemical fertilizer, industrial
chemicals,
fine chemicals, specialty
chemicals
6.
Consumer
Service Division
-
Textile
materials, fashion apparels,
general merchandise
7.
Foodstuff
Division
-
Sugar
and gain, processed
food and food
marketing department
8.
Performance
Chemicals Division
- Performance chemicals
1 and 2
divisions
9. Logistics Division
PURCHASE
Its
products are purchased
from over 100
suppliers and agents
both local and
overseas, such as
Japan, United States of America,
Singapore, Sweden, Zambia,
Germany, United Kingdom,
Korea and Taiwan.
MAJOR
SUPPLIERS
Thai
Tinplate Manufacturing Co.,
Ltd. :
Bangkok
Coil Center Co.,
Ltd. :
Nittan
[
Padaeng
Industry Co., Ltd. :
Siam
Matsushita Steel Co.,
Ltd. :
Senju
Metal Industry Co.,
Ltd. :
BASF
AG. :
SALES
The products are
sold and serviced
to customers both
domestic and overseas
in Japan, Singapore, Taiwan, Republic of
China, Vietnam, United
States of America,
Middle East, Australia
and European countries.
RELATED AND
AFFILIATED COMPANY
The subject currently
has over 20
related/ affiliated companies.
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.
Imports are by
L/C at sight,
D/A or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
Bank of Tokyo-Mitsubishi UFJ
Ltd.
[
Kasikornbank
Public Co., Ltd.
Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff. [office
and sales staff]
LOCATION DETAILS
The
premise is rented
for administrative office at
the heading address.
Premise is located
in a prime
commercial area.
Warehouse
is located at
142 Moo 2,
Petchahueng Rd., T. Bangyor,
A. Phrapradaeng,
Samutprakarn 10130.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
The subject
has been firmly
established in Thailand
for more than 51
years. It has
successfully engaged in import and supply of machinery for major plant
and infrastructure projects such
as electric power generation, transportation, telecommunications and
petrochemical plants. In
each business filed,
the subject has
expertise in worldwide
business activities. The subject has
dealt with various products
and implemented a
number of projects
in accordance with its long
history in Thailand. Also, it
has been continuously
developing and pursuing
new technologies for
the products and
services that meet its
client’s satisfaction.
Economic improvement
has resulted to rising
its sales revenue
in 2010.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 3,000,000 divided into
6,000 shares of
Bht. 500 each.
The
capital was increased
later as following:
Bht. 30,000,000 on
September 1, 1971
Bht. 1,000,000,000
on June 25,
1990
Bht. 1,500,000,000
on October 2, 2000
The
latest registered capital
was increased to
Bht. 1,500,000,000 divided
into 3,000,000 shares
of Bht. 500
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
July 28, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitsui & Company
[ Nationality: Singaporean Address : |
2,999,998 |
100.00 |
|
Mr. Tomoyoshi Mizukawa Nationality: Japanese Address : 85
Sukhumvit 53 Rd.,
Klongtonnua, Wattana,
|
1 |
- |
|
Mr. Kosaku Takatani Nationality: Japanese Address : 85
Sukhumvit 53 Rd.,
Klongtonnua,
Wattana, |
1 |
- |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Thanawan Anuratbodi No.
3440
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
534,120,531 |
364,714,349 |
|
Trade Accts. Receivable |
3,852,492,854 |
3,507,930,915 |
|
Short-term Loan to Related Company |
2,536,513,786 |
2,576,802,088 |
|
Inventories |
1,013,602,242 |
811,059,420 |
|
Deferred Value Added
Tax |
29,325,354 |
77,581,286 |
|
Other Current Assets |
76,140,675 |
35,743,259 |
|
Total Current Assets
|
8,042,195,442 |
7,373,831,317 |
|
|
|
|
|
Investment in Associated |
274,600,000 |
294,400,182 |
|
Long Term Investment |
247,817,673 |
284,513,793 |
|
Long Term Loan
to Related Company |
814,220 |
5,951,814 |
|
Long Term Receivable |
1,610,105,331 |
1,546,736,427 |
|
Loan to Employees |
1,093,633 |
1,093,583 |
|
Fixed Assets |
8,161,182 |
7,497,627 |
|
Intangible Assets |
1,092,535 |
1,476,696 |
|
Deposit & Guarantee |
6,159,085 |
8,871,776 |
|
Total Assets |
10,192,039,101 |
9,524,373,215 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short
Term Loan from Financial Institution |
1,161,999,700 |
2,580,905,911 |
|
Trade Accts. Payable |
3,050,414,557 |
2,160,340,486 |
|
Short-term Loan from Related Company |
7,000,000 |
7,000,000 |
|
Short-term Loan from Other |
- |
150,000,000 |
|
Current Portion of
Financial Lease Contract Liabilities |
- |
432,586 |
|
Current Portion of
Long Term Loan
from Related Company |
6,656,490 |
6,940,197 |
|
Accrued Income Tax |
48,454,179 |
26,215,505 |
|
Advanced Receipt for
Goods |
7,245,248 |
1,591,213 |
|
Accrued Expenses |
132,076,122 |
138,478,587 |
|
Other Current Liabilities |
27,638,257 |
21,200,026 |
|
Total Current Liabilities |
4,441,484,553 |
5,093,104,511 |
|
Long-term Loan from Related Company |
3,328,241 |
10,410,278 |
|
Long Term Loan
from Financial Institution |
1,000,000,000 |
- |
|
Deposit Contract |
10,014,206 |
10,014,206 |
|
Long Term Payable |
1,353,863,666 |
1,410,377,110 |
|
Estimation Liabilities |
7,591,310 |
7,591,310 |
|
Total Liabilities |
6,816,281,976 |
6,531,497,415 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 500
par value authorized, issued
and fully paid share
capital 3,000,000 shares |
1,500,000,000 |
1,500,000,000 |
|
Capital Paid |
1,500,000,000 |
1,500,000,000 |
|
Unrealized Gain in
Marketable Securities |
47,807,821 |
20,455,396 |
|
Statutory Reserve |
150,000,000 |
150,000,000 |
|
Retained Earning -
Unappropriated |
1,677,949,304 |
1,322,420,404 |
|
Total Shareholders' Equity |
3,375,757,125 |
2,992,875,800 |
|
Total Liabilities & Shareholders' Equity |
10,192,039,101 |
9,524,373,215 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
26,140,422,483 |
22,774,754,505 |
|
Commission Income |
352,244,625 |
330,235,891 |
|
Gain on Exchange Rate |
7,919,325 |
- |
|
Other Income |
220,688,366 |
224,029,911 |
|
Total Revenues |
26,721,274,799 |
23,329,020,307 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
25,497,945,449 |
22,168,498,437 |
|
Selling Expenses |
254,681,680 |
269,836,666 |
|
Administrative Expenses |
374,014,341 |
750,003,708 |
|
Loss on Exchange
Rate |
- |
49,017,543 |
|
Total Expenses |
26,126,641,470 |
23,237,356,354 |
|
Profit Before Financial Cost & Income Tax |
594,633,329 |
91,663,953 |
|
Financial Cost |
[35,469,066] |
[79,020,023] |
|
Income Tax |
[113,635,363] |
[82,349,232] |
|
Net Profit / [Loss] |
445,528,900 |
[69,705,302] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.81 |
1.45 |
|
QUICK RATIO |
TIMES |
1.56 |
1.27 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3,203.02 |
3,037.60 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.56 |
2.39 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
14.51 |
13.35 |
|
INVENTORY TURNOVER |
TIMES |
25.16 |
27.33 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.79 |
56.22 |
|
RECEIVABLES TURNOVER |
TIMES |
6.79 |
6.49 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.67 |
35.57 |
|
CASH CONVERSION CYCLE |
DAYS |
24.64 |
34.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.54 |
97.34 |
|
SELLING & ADMINISTRATION |
% |
2.41 |
4.48 |
|
INTEREST |
% |
0.14 |
0.35 |
|
GROSS PROFIT MARGIN |
% |
4.68 |
5.10 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.27 |
0.40 |
|
NET PROFIT MARGIN |
% |
1.70 |
(0.31) |
|
RETURN ON EQUITY |
% |
13.20 |
(2.33) |
|
RETURN ON ASSET |
% |
4.37 |
(0.73) |
|
EARNING PER SHARE |
BAHT |
148.51 |
(23.24) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.02 |
2.18 |
|
TIME INTEREST EARNED |
TIMES |
16.76 |
1.16 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.78 |
|
|
OPERATING PROFIT |
% |
548.71 |
|
|
NET PROFIT |
% |
739.16 |
|
|
FIXED ASSETS |
% |
8.85 |
|
|
TOTAL ASSETS |
% |
7.01 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.68 |
Satisfactory |
Industrial Average |
5.41 |
|
Net Profit Margin |
1.70 |
Impressive |
Industrial Average |
0.80 |
|
Return on Assets |
4.37 |
Impressive |
Industrial Average |
2.34 |
|
Return on Equity |
13.20 |
Impressive |
Industrial Average |
6.89 |
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 4.68%. 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. The company's figure is 1.7%
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. Return on Assets is 4.37%,
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 is
13.2%, 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 |
1.81 |
Impressive |
Industrial Average |
1.33 |
|
Quick Ratio |
1.56 |
|
|
|
|
Cash Conversion Cycle |
24.64 |
|
|
|
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 1.81 times in 2010, increase from 1.45 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 1.56 times in 2010,
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 25 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 |
0.63 |
|
Debt to Equity Ratio |
2.02 |
Risky |
Industrial Average |
1.72 |
|
Times Interest Earned |
16.76 |
Impressive |
Industrial Average |
1.51 |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 16.77 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3,203.02 |
Impressive |
Industrial Average |
11.22 |
|
Total Assets Turnover |
2.56 |
Satisfactory |
Industrial Average |
2.92 |
|
Inventory Conversion Period |
14.51 |
|
|
|
|
Inventory Turnover |
25.16 |
Impressive |
Industrial Average |
7.36 |
|
Receivables Conversion Period |
53.79 |
|
|
|
|
Receivables Turnover |
6.79 |
Impressive |
Industrial Average |
6.51 |
|
Payables Conversion Period |
43.67 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
|
1 |
Rs.73.44 |
|
Euro |
1 |
Rs.64.81 |
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.