MIRA INFORM REPORT
|
Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ITALIAN-THAI
DEVELOPMENT PUBLIC COMPANY
LIMITED [ITD] |
|
|
|
|
Registered Office : |
2034/132-161 Italthai Tower,
New Petchburi Road,
Bangkapi, Huaykwang, Bangkok
10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.08.1958 |
|
|
|
|
Com. Reg. No.: |
0107537000939 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
General Civil
Contractor |
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 |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
ITALIAN-THAI DEVELOPMENT PUBLIC
COMPANY LIMITED [ITD]
SUMMARY
BUSINESS ADDRESS : 2034/132-161 ITALTHAI
TOWER,
NEW PETCHBURI ROAD,
BANGKAPI, HUAYKWANG, BANGKOK
10310, THAILAND
TELEPHONE : [66] 2716-1600
FAX :
[66] 2716-1488,
2716-1485, 2716-1494
E-MAIL ADDRESS : cccs@itd.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1958
REGISTRATION NO. : 0107537000939 [Former : BOR. MOR. JOR. 340]
CAPITAL REGISTERED : BHT. 4,921,678,180
CAPITAL PAID-UP : BHT. 4,193,678,180
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. PREMCHAI KARNASUTA,
THAI
PRESIDENT
NO. OF STAFF : 21,000
LINES OF BUSINESS : GENERAL CIVIL CONTRACTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGMEENT
MANAGEMENT STANDARD : MANAGING WITH
GOOD PERFORMANCE
HISTORY
The subject,
which took over
Thai Welding Co.,
Ltd. was formed
on August 15,
1958 as a
private limited company under
the registered name
ITALIAN-THAI DEVELOPMENT CORPORATION
CO., LTD. led by
Mr. Giorgio Berlingieri,
an Italian and
Dr. Chaijudh Karnasuta
as the founders.
The subject is
one of the
cornerstones of the
Italthai Group, a
large Thai business
corporation involved in
trading, manufacturing, and
other constructing services.
It currently employs
21,000 staff.
On March
24, 1994, the
subject registered as
a public limited
company and changed
the name to
ITALIAN-THAI DEVELOPMENT PUBLIC
COMPANY LIMITED. It was finally
listed on the
Stock Exchange of
Thailand on August
9, 1994.
The subject’s
high standard of
construction quality has
been recognized and
was awarded ISO
9000, ISO 9001
and ISO 9002
for the followings:
-
Italian-Thai Industrial
Complex at Wiharn
Daeng District, Saraburi
Province
-
Steel Fabrication
Facilities at Samut Prakarn
Province
-
Steel Fabrication
Facilities at Wiharn
Daeng District, Saraburi
Province
-
Bangkok
Mass Transit System
Project of Mass
Rapid Transit Authority of
Thailand
-
Laem Chabang
Port Phase 2, Section 1
Project
-
SRT Track
Doubling Project: Baan
Phachi Junction to
Map Kabao and Baan Phachi
Junction to Lopburi
Station Project
-
Over Burden
Removal and Coal
Extraction at Mae
Moh Mine Phase
7 Lampang Province
of Electricity Generating
Authority of Thailand.
The subject’s
registered address is
2034/132-161 Italthai Tower,
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok 10310, and
this is the
company’s current operation
address.
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Pol. Lt.
Chatrachai Bunya-ananta |
: Chairman |
Thai |
78 |
|
Mr. Premchai Karnasuta |
: [x] |
Thai |
57 |
|
Mrs. Nijaporn
Charanachitta |
: [x] |
Thai |
60 |
|
Mr. Yuthachai
Charanachitta |
|
Thai |
33 |
|
Dr. Krisorn
Jittorntrum |
|
Thai |
58 |
|
Mr. Pathai
Chakornbundit |
: [+] |
Thai |
69 |
|
Mr. Tawatchai
Suthiprapha |
|
Thai |
68 |
|
Mr. William
Lee Zentgraf |
|
- |
71 |
|
Mr. Piti
Karnasuta |
|
Thai |
30 |
AUTHORIZED PERSON
Both of
the directors [x]
can jointly sign
or one of
the directors [x] can jointly
sign with the
director [+] on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Premchai Karnasuta
is the President.
He is Thai
nationality with the
age of 57
years old.
Mr. Somchai Thamrongwang is
the Senior Executive
Vice President.
He is Thai
nationality.
Mr. Pathai Chakornbundit is
the Director &
Senior Executive Vice
President.
He is
Thai nationality with the
age of 69
years old.
Mrs. Nijaporn Charanachitta is
the Director &
Senior Executive Vice
President.
She is Thai
nationality with the
age of 60
years old.
Mr. Tawatchai Suthiprapa
is the Director
& Senior Executive
Vice President.
He is
Thai nationality with
the age of
68 years old.
Mr. Tawee Changpetch
is the Executive
Vice President (Division
of Operation Development).
He is Thai
nationality.
Mr. Atipat Kaivalchatchaval is
the Vice President
(Technical & Estimate).
He is Thai
nationality.
Mr. Sompop Pinijchai
is the Vice
President (Engineering Cost Analysis).
He is
Thai nationality.
Mr. Taweesilp Pattanakitchamroon is
the Vice President
(Projects).
He is
Thai nationality.
Mr. Chatichai Chutima is
the Vice President
(Finance).
He is
Thai nationality.
Mr. Thanin Bumrungsap
is the Vice
President (Projects).
He is
Thai nationality.
Mr. Somkiat Wattanalaowit is
the Vice President
(Equipment Control).
He is
Thai nationality.
Mr. Kasin Pongsuwan
is the Vice President
(Personnel & Legal).
He is
Thai nationality.
Mrs. Pienghathai Pongsuwan
is the Vice
President (ITD Group of Companies &
Contract Administration).
She is Thai
nationality.
Mr. Prasart
Kosarussawadee is
the Vice President
(Engineering Procurement &
General Purchasing).
He is
Thai nationality.
Ms. Kanchana
Charoenyot is
the Vice President
(Accounting).
She is
Thai nationality.
Mrs. Nararat
Vallasiri is the
Vice President (L/C
& Import).
She is
Thai nationality.
Mr. Woravudh
Hiranyapaisansakul is
the Vice President
(Cost Control, Computer
& Corporate Services).
He is
Thai nationality.
Mr. Thanu
Suvarnin is
the Vice President
(Insurance).
He is
Thai nationality.
Mr. Anan
Amarapala is
the Vice President
(Marine).
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is a major
engineering and civil
works contractor with
particular emphasis on
wide range of
construction works. At
present, the subject’s
business operations are
involved in 9 major
categories:
- Buildings
- Industrial Plants
- Pipelines and
Utility Works
- Highways, Railways, Bridges
and Expressways
- Airports, Ports
and Marine Works
- Dams,
Tunnels and Power Plants
- Mining
- Steel
Structures
- Telecommunications
Some of
its well-known projects
are the Sathorn
Bridge, First &
Second-Stage Expressway, Thai
Airways International Head
Office, Laem Chabang
deep-sea port and etc.
The
completed projects in
2010 included:
-
The Pakse
Airport Project in
Laos
-
The
Banyan Tree Resort
and Spa in
Samui, Civil Works
of Distribution System
Dispatching Center Project
2nd Stage for
Provincial Electricity Authority
-
The Iris
Condominium (Phra Ram 9
- Sri Nakarin
Road)
-
The W
Retreat and Residence
Samui
-
The Mahidol
Dentistry Building for 80th
Anniversary of Somdetphrapinkhlao Hospital
-
Roadwork Project
for the Bangkok
Government Center Contract
No. 9
-
Roadwork Project
Khoobon Phase 2 and
utility work
-
Roadwork and
Utility works for
Bangbon 3
-
Steel Railway
Bridge Project and
Railway Track Strengthening
Project (Phitsanulok - Ban
Bung Station)
-
The North
Bangkok Combined Cycle
Power Plant for
EGAT performed by the
subject and its
partners: Hitachi Co., Ltd.
and Sumitomo Corporation
-
Combined Cycle
Power Plant for
the Bangkok Government
Center
-
Operational work
at Mae Moh Mine Phase
5
-
The Suvarnabhumi
Airport Drainage Project
- Phase 3
-
The Natural
Gas Pipeline Project
to the North Bangkok Combined
Cycle Power Plant
-
The conduit and
manholes at Borommaratchachonnani Road,
Ratchaphurk Road
-
The installation of NGV
and City Gas
-
115KV Submarine
Cable Extension to Koh Chang,
Trad Province
-
Construction of
MTT New Jetty
No. 3
-
The Flood
Protection System for
Bangyaprack Area Phase
1
-
The
Construction of a
Watergate and Pumping
Station at the
Klong Aom-Non Channel
in Nonthaburi province
-
The Construction
of Retaining Wall for Chao
Phraya river for
the Bank of
Thailand
-
The Construction
of Retaining Wall
between Jetty No.
18B t o Jetty No. 18F
-
Etc.
Ongoing Projects:
-
Center of
Excellence Building -
Chulalongkorn Hospital
-
The Siriraj
Hospital (Towards Medical
Excellence in Southeast Asia)
-
The
Central Festival Pattaya
Beach
-
Metropark Sathorn
Phase 3
-
The Mahidol
Dentistry Building (Phase 1-2-3)
-
The
Central Plaza Phra
Ram 9
-
The IKEA
Center Mega Bangna
-
The Third
Thai-Lao Friendship Bridge
-
The Sarasin
2 Bridge in
Phuket
-
The Repair
and Strengthening of
Canal Bridges in
Bangkok Area (Group 1 & 2)
-
The Northern
Railway Track Strengthening
Project Phase 5
and 6 length
586 km.
-
The 660
Megawatt Gecco-One Power
Plant
-
The Solar
Cell Power Plant
-
The Rayong
Terminal (Land Reclamation
and Revetment Works)
-
The Expansion
of Maha Sawat
Water Treatment Plant
for the Metropolitan
Water Work Authority
-
The pipeline construction for
the Bangkok Government
Complex and Energy
Complex Station
-
The Raw
Water Pump Station
and Pipeline including
Related Buildings, Part
1 for the
Project of Water
Transmission Systems from
the Water Resource
in Chanthaburi Province
to the Reservoir
in Rayong Province
-
Transmission Tunnel
Rehabilitation and Related
Work Contract No. G-TN-R2-7
for the Metropolitan
Water Work Authority
-
Navanakorn-Rangsit Natural
Gas Pipeline
-
The Flood
Protection Wall Project
along the Chao
Phraya River (Bangkhen
to Thewet)
-
The Construction
of Retaining Wall
Project Along Chao
Phraya River (Bang
Pai to Bang Si
Tong)
-
The Flood
Protection Wall along
Chao Phraya River
from Rama VI
Bridge to Naval
Ordnance Department for
the Department of
Drainage and Sewerage,
BMA.
-
The Pak-Ba-Ra
Pier Expansion Project
-
The construction
of Sriracha Harbour
Berth Extension
-
Etc.
Sales Structure
Italian-Thai Development Public
Co., Ltd., Subsidiaries, Associated Companies & Joint Ventures
|
|
2010 |
|
2009 [Restated] |
|
|
|
|
Million Baht |
% |
Million Baht |
% |
|
|
|
|
|
|
|
|
|
1. Large-scale Building
Construction |
7,966.98 |
19.48 |
8,000.61 |
17.61 |
|
|
2. Industrial Plants and Facilities |
293.08 |
0.72 |
492.89 |
1.08 |
|
|
3. Pipelines and Tank Farms |
1,940.35 |
4.74 |
2,853.81 |
6.28 |
|
|
4. Highways, Railways, Bridges
& Expressway Systems |
6,431.39 |
15.72 |
10,500.14 |
23.11 |
|
|
5. Airports, Jetties, Deep-sea
Ports & Marine Works |
5,932.36 |
14.50 |
6,164.10 |
13.57 |
|
|
6. Multi-purpose
Hydro-electric Dams, Tunnels & Power Plants |
3,111.94 |
7.61 |
4,115.94 |
9.06 |
|
|
7. Steel Structures |
129.39 |
0.32 |
9.66 |
0.02 |
|
|
8. Telecommunications |
376.11 |
0.92 |
385.09 |
0.85 |
|
|
9. Mining |
2,908.51 |
7.11 |
2,735.30 |
6.02 |
|
|
10. Miscellaneous |
8,369.26 |
20.46 |
7,698.34 |
16.94 |
|
|
11. Others |
3,441.89 |
8.42 |
2,475.64 |
5.46 |
|
|
Total Sales |
40,9101.25 |
100.00 |
45,431.51 |
100.00 |
|
PURCHASE
Machinery and
equipment to support
the projects are purchased
from both local
and overseas suppliers
in United Kingdom,
Germany, Italy, France, United
States of America,
Spain, Japan and Taiwan.
SALES
[LOCAL]
68% of
the service is
sold locally to
Thai Government, private
sectors, manufacturers and
end-users, and the
remaining 32% is
exported to Indonesia,
Laos, Taiwan, Nepal,
India, Myanmar, Vietnam,
Bangladesh, Philippines and
etc.
SUBSIDIARIES & AFFILIATED
COMPANIES
Subsidiary Companies:
Italian-Thai International
Co., Ltd.
Address :
Bangkok
Business Type :
Holding company &
ship charter hire
Investment :
The subject holds
99.99% of the
company’s shares.
Myanmar ITD
Co., Ltd.
Address :
Myanmar
Business Type :
Service Agent for ITD
Investment :
The subject holds
99.99% of the
company’s shares.
PT Thailindo
Bara Pratama Co.,
Ltd.
Address :
Indonesia
Business Type :
Coal digestion services
Investment :
The subject holds
99.99% of the
company’s shares.
Bhaka Bhumi
Development Co., Ltd.
Address :
Bangkok
Business Type :
Construction and real estate
Investment :
The subject holds
99.99% of the
company’s shares.
Thai Pride
Cement Co., Ltd.
Address :
Bangkok
Business Type :
Manufacture and distribution
of cement
Investment :
The subject holds
99.99% of the
company’s shares.
Sin Rae
Muangthai Co., Ltd.
Address :
Bangkok
Business Type :
Mining business
Investment :
The subject holds
99.99% of the
company’s shares.
Italian-Thai Land
Co., Ltd.
Address :
Bangkok
Business Type : Not
yet operational
Investment :
The subject holds
99.99% of the
company’s shares.
Italian-Thai Power
Co., Ltd.
Address :
Bangkok
Business Type :
Production and distribution
of electricity
Investment :
The subject holds
99.99% of the
company’s shares.
Italian-Thai International
SDN. BHD.
Address :
Malaysia
Business Type :
Not yet operational
Investment :
The subject holds
99.99% of the
company’s shares.
ITD-Construction SDN. BHD.
Address :
Malaysia
Business Type :
Construction in Malaysia
Investment :
The subject holds
99.99% of the
company’s shares.
Nha Pralan
Crushing Plant Co.,
Ltd.
Address :
Saraburi
Business Type :
Rock quarrying, processing and
distribution
Investment :
The subject hold
99.91% of the
company’s shares.
Palang Thai
Kaowna Co., Ltd.
Address :
Bangkok
Business Type : Not
yet operational
Investment :
The subject holds
99.94% of the company’s shares.
Saraburi Construction
Technology Co., Ltd.
Address :
Bangkok
Business Type :
Manufacture, distribution and
installation of concrete
panels
Investment :
The subject holds
99.93% of the
company’s shares.
Siam Concrete & Brick
Products Co., Ltd.
Address :
Patumthani
Business Type :
Manufacture and distribution
of concrete products
for real estate
Investment :
The subject holds
99.70% of the
company’s shares.
ITD-Madagascar S.A. Co., Ltd.
Address :
Madagascar
Business Type :
Mining business
Investment :
The subject holds
99.70% of the
company’s shares.
Italthai-Trevi Co.,
Ltd.
Address :
Bangkok
Business Type :
Foundation and piling
work services
Investment :
The subject holds
86.56% of the
company’s shares.
Italthai Marine
Co., Ltd.
Address :
Samutprakarn
Business Type :
Production and sale of
vessels and equipment
Investment :
The subject holds
86.96% of the
company’s shares.
Palit Palang
Ngan Co., Ltd.
Address :
Bangkok
Business Type :
Not yet operational
Investment :
The subject holds
74.93% of the
company’s shares.
Asian Steel
Product Co., Ltd.
Address :
Rayong
Business Type :
Manufacture and distribution of
steel pipes for
civil construction
Investment :
The subject holds
69.90% of the
company’s shares.
ITD Cementation
India Ltd.
Address :
India
Business Type :
Construction services in
India
Investment :
The subject holds
69.57% of the
company’s shares.
Khunka Palang
Thai Co., Ltd.
Address :
Bangkok
Business Type :
Not yet operational
Investment :
The subject holds
66.86% of the
company’s shares.
Thai Maruken
Co., Ltd.
Address :
Bangkok
Business Type :
Leasing/selling of sheet
piles and beams
Investment :
The subject holds
50.96% of the
company’s shares.
Joint Ventures:
ITD-VIS Joint
Venture
Address :
Bangkok
Business Type :
Track Doubling Contractor
Investment :
The subject holds
65.00% of the investment.
ITD-Nawarat L.L.C
Address :
United Arab Emirates
Business Type :
Construction services in
United Arab Emirates
Investment :
The subject holds
60.00% of the investment.
ITAC Joint
Venture
Address :
Bangkok
Business Type : Design, installation
and laying of
telephone lines
Investment :
The subject holds
60.00% of the
investment.
ITD NCC Joint
Venture (NT-2)
Address :
Laos
Business Type :
Construction of Nam Theun
2 Hydropower Project
in Laos
Investment :
The subject holds
60.00% of the
investment.
ITD – ITD Cern
Joint Venture (Consortium)
Address :
India
Business Type :
Construction of airport terminal
in India
Investment :
The subject holds
60.00% of the
investment.
ITD-EGC Joint
Venture
Address :
Taiwan
Business Type :
Construction of underground electrical
train station in Taiwan
Investment :
The subject holds
55.00% of the
investment.
ITD NCC
Joint Venture
Address :
Bangkok
Business Type :
Construction of electrical work on
Terminal Building of Suvarnabhumi
Airport
Investment :
The subject holds
51.00% of the
investment.
IN Joint
Venture
Address :
Bangkok
Business Type :
Construction of water
drainage tunnel
Investment :
The subject holds
51.00% of the
investment.
ITD-ITD CEM
Joint Venture
Address :
India
Business Type :
Construction services in
India
Investment :
The subject holds
51.00% of the
investment.
ITD-SQ Joint
Venture
Address :
Bangkok
Business Type :
Contractor for the
overburden and lignite removal services
at Mae Moh
Mine
Investment :
The subject holds
50.00% of the investment.
ITO Joint Venture
Address :
Bangkok
Business Type :
Construction of Suvarnabhumi
Airport Terminal building
and
Concourse Building
Investment :
The subject holds 40.00%
of the investment.
IOT Joint
Venture
Address :
Bangkok
Business Type :
Airfield Pavement Construction
for Suvarnabhumi Airport
Investment :
The subject holds
40.00% of the
investment.
ION Joint
Venture
Address : Bangkok
Business Type :
Contractor for a
Mass Rapid Transit
Project in Bangkok
Investment :
The subject holds 39.00%
of the investment.
IDS Joint
Venture
Address : Bangkok
Business Type :
Contractor for Construction of
Electrical Work on
Terminal Building of
Suvarnabhumi Airport
Investment :
The subject holds 35.00%
of the investment.
I.C.C.T Joint
Venture
Address : Bangkok
Business Type : Construction for Ground Improvement of Suvarnabhumi Airport
Investment : The subject holds 25.00% of the investment.
Joint Venture
Evergreen – Italian – Thai PEWC
Address : Taiwan
Business Type : Construction High Speed-Rail in Taiwan
Investment : The subject holds 25.00% of the investment.
ITD-ITD
Cementation India Joint Venture
Address : India
Business Type : Construction Services in India
Investment : The subject holds 20.00% of the investment.
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
a) During
the year 1997, the
Company and seven
other parties were
jointly sued for
compensation totaling approximately
Bht. 654.89 million.
On December 20, 2005,
the Court of
First Instance ordered
the defendant to
pay for damages
amounting to Bht.
440.03 million, plus
interest at the rate
of 7.50% per
annum from June
11, 1992 to
the payment date.
On March 17,
2006, the Company
submitted an appeal and
a petition to
stay execution to
the order of the
Court – Chonburi Province defending
that the plaintiffs did not
file the claims
with the Bankruptcy
Court within the
prescribed period. The
Appeal Court had issued a
verdict in favour of the
Company (co-defendant) whereby
the company has
no responsibility to
the plaintiff.
Currently, such
case is in the
process of consideration
to submit the petition
by plaintiff. The
Company believes that
there will be no
damage from such case.
The Company therefore,
has not set up any
provision of its
accounts.
b) Since
the year 2000, certain
customers of the Company
have taken legal
actions against the
Company, subsidiary company and
joint venture for
breaches of service
agreements, claiming compensation totaling
approximately Bht. 342.50
million. The cases are
currently pending for
judgement from the
Civil Courts of
the claims of Bht. 243.67
million and pending
for the judgement
of arbitrator of
Bht. 98.83 million. Management
is of the opinion
that such lawsuits
are a normal
part of business
and some are
brought without proper
justification grounds, and
believes that no material liabilities
will be incurred
as a result of those
lawsuits. Therefore, the Company
has not set provision
for those in
the accounts.
CREDIT
Local bills are
paid by cash
or on the
credits term of 30-60-90 days.
Sales are
on the credits
term of 30-60-90
days or according
to the project
agreement.
Imports are
by L/C at
sight or term
& T/T.
Exports are
against T/T.
BANKING
Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd., Silom,
Bangrak, Bangkok 10500]
Krung
Thai Bank Public
Co., Ltd.
[Head Office :
35 Sukhumvit Rd., Klongtoeynua, Watana,
Bangkok 10110]
Kasikornbank
Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajuburana Rd., Rajburana,
Bangkok 10140]
TMB
Bank Public Co., Ltd.
[Head Office :
3000 Phaholyothin Rd.,
Ladyao, Jatujak, Bangkok
10900]
EMPLOYMENT
The subject
employs 21,000 staff.
LOCATION
DETAILS
The premise
is owned for
administrative office at
the heading address
with 90,000 sq.
ft. of usable
floor space of
17 storey. It
is located in
commercial/residential area.
Factories:
Itlain-Thai Industrial
Complex
37 Moo
7 Wihan Daeng
District, Saraburi 18150
E-mail address:
j1404@itd.co.th
Tel.: [66]
36 365-311-14, 365-317-20
Fax: [66]
36 365-331-2
Samutprakarn Fabricaton
Shop
389 Moo 3,
Taiban Road, Amphur
Muang, Samutprakarn 10280
E-mail address:
j343@itd.co.th
Tel.: [66]
2703-4941-2
Fax: [66]
2387-1060, 2387-2341
Pathum Thani Precast Concrete
Factory
61/5 Moo
4, Tivanont Road,
Tumbol Ban Mai, Ampher
Mueng, Klongluang,
Pathumthani 12120
E-mail address:
ppcf@itd.co.th
Tel.: [66]
2963-6323-8
Fax: [66]
2963-6327
Equipment Center
Pratoonam Pra-in
13/4 Moo
12, Tumbol Klongnueng,
Ampher Klongluang, Pathumthani
12120
E-mail address:
j675@itd.co.th
Tel.: [66]
2909-0690-9
Fax: [66]
2909-0697
REMARK
MAXIMUM CREDIT
OF US$ 1,000,000 SHOULD
BE IN ORDER.
COMMENT
Generally, the construction of domestic and international mega-projects owned by Government authorities and instrumentalities remains the long-term focus of the subject. New projects starts have remained flat during 2009 with only modest activity in the private sector and the number of Thai Government new construction projects commencement has declined. Overall, the subject’s workload continues to reflect the generally depressed level of construction activity in Thailand. Present indications of Thai Government policy suggest there should be an increase in Government new project commencements in late 2009 and the beginning of 2010, providing a measure of optimism for the future.
The subject has widened its international focus in various countries. The winning more works in Cambodia, Indonesia, Laos, Nepal, The Maldives and Taiwan during the past several years has strengthen its reputation. The subject is looking forward to a significant increase in its construction activities over the coming 3 years from both private and government sectors.
FINANCIAL INFORMATION
The capital
was originally registered
at Bht. 2,000,000
with fully paid.
The capital
was increased/decreased later
as followings:
Bht. 20,000,000
on July 12,
1966
Bht. 32,000,000 on
October 18, 1975
Bht. 100,000,000 on
July 2, 1982
Bht. 150,000,000 on
December 24, 1985
Bht. 250,000,000 on
August 18, 1988
Bht. 310,000,000 on
June 11, 1991
Bht. 500,000,000 on
December 17, 1991
Bht. 4,305,000,000
in 1998
Bht. 3,738,678,180
in 2002 [decreased]
The latest
registered capital was
increased to 4,921,678,180 divided
into 4,921,678,180 shares
of Bht. 1
each with the
current capital paid-up at
Bht. 4,193,678,180.
MAIN SHAREHOLDERS :
[as at
April 11, 2011] at
Bht. 4,193,678,180 of capitalization.
|
NAME |
HOLDING |
% |
|
Mr. Premchai
Karnasuta |
820,484,470 |
19.56 |
|
Mrs. Nijaporn
Charanachitta |
464,593,640 |
11.08 |
|
Thai NVDR
Co., Ltd. |
107,152,509 |
2.56 |
|
Nortrust Nominees
Ltd. |
89,799,100 |
2.14 |
|
State Street
Bank and Trust
Company |
89,668,562 |
2.14 |
|
State Street
Bank and Trust
Company for London |
59,147,970 |
1.41 |
|
Mr. Direk
Vinitbutr |
54,000,000 |
1.29 |
|
Mr. Taweesak
Jurangkool |
45,500,000 |
1.08 |
|
State Street
Bank and Trust
Company for Australia |
44,987,000 |
1.07 |
|
Ms. Chayaporn
Roengpittaya |
44,088,000 |
1.05 |
|
TFB for
MFG-Thai Fund Investment Plan |
43,955,900 |
1.05 |
|
Mr. Piyachai
Karnasuta |
41,591,750 |
0.99 |
|
Others |
2,288,709,279 |
54.58 |
Total Shareholders
: 18,576 [including the
above shareholders]
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.:
Mr. Somkid
Tiatrakul No. 2785
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2010
& 2009 were:
ASSETS
[Unit : Thousand Baht]
|
CURRENT
ASSETS |
2010 |
2009 |
|
|
|
|
|
Cash and
cash equivalents |
732,047 |
1,043,880 |
|
Fixed
deposits more than
3 months |
25,235 |
24,221 |
|
Restricted deposit
with banks |
99,806 |
255,380 |
|
Current investment |
270,078 |
- |
|
Current
portion of promissory
notes receivable |
- |
751,882 |
|
Trade accounts
receivable - unrelated parties - net |
2,497,255 |
2,719,271 |
|
Trade accounts
receivable - related parties -
net |
1,981,286 |
1,692,241 |
|
Current
portion of financial lease receivable |
34,162 |
- |
|
Short-term loans
& advance to
subsidiaries & related
parties - net |
2,003,646 |
1,950,107 |
|
Earned sale not
yet billed |
6,115,600 |
5,390,300 |
|
Retention receivable
due within one year |
712,963 |
857,990 |
|
Inventories
& work in
progress - net |
1,340,475 |
1,095,848 |
|
Income tax
withheld at sources |
444,807 |
939,661 |
|
Refundable value
added tax |
40,974 |
39,535 |
|
Advances for
purchases of construction materials |
10,506 |
73,680 |
|
Advances for
sub-contractors |
388,510 |
303,700 |
|
Other current
asset |
256,051 |
94,637 |
|
|
|
|
|
Total Current
Assets |
16,953,401 |
17,232,333 |
|
|
|
|
|
NON-CURRENT ASSETS Financial lease
receivable - related
party - net |
334,347 |
- |
|
Environment &
other guarantee deposits |
30,490 |
174,983 |
|
Other receivables
- related parties |
982,049 |
- |
|
Investments
in subsidiaries, associated companies,
and joint venture - net |
8,553,011 |
8,096,958 |
|
Other long-term
investments - net |
1,018,950 |
2,711,652 |
|
Land lease
concession |
30,198 |
- |
|
Long-term loans
and advances to
subsidiaries &
related parties - net |
1,216,060 |
1,290,562 |
|
Loan & advances
to unrelated parties
- net |
- |
88,610 |
|
Property, plant
and equipment - net |
6,261,898 |
8,323,790 |
|
Other non-current
assets |
65,449 |
73,871 |
|
TOTAL ASSETS |
35,445,853 |
37,992,759 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
[Unit : Thousand
Baht]
|
CURRENT
LIABILITIES |
2010 |
2009 |
|
|
|
|
|
Bank overdraft
and loans from
financial institutions |
3,480,255 |
4,527,011 |
|
Current portion of
liabilities under trust receipts |
89,300 |
50,597 |
|
Trade accounts
payable - unrelated
parties |
3,443,931 |
3,787,166 |
|
Trade accounts
payable - related
parties |
1,022,755 |
1,384,544 |
|
Receipts in excess
of contracted work in progress |
210,190 |
238,189 |
|
Short-term
loans & advances from related
parties |
387,420 |
122,700 |
|
Current portion
of advances from customers under construction contracts |
1,859,067 |
1,346,213 |
|
Current portion
of hire-purchase payable |
72,032 |
147,163 |
|
Current portion
of long-term notes
payable |
- |
751,882 |
|
Current portion
of long-term loans |
236,075 |
600,001 |
|
Current portion
of debentures |
- |
1,996,423 |
|
Value added
tax payable |
114,021 |
143,628 |
|
Accrued expenses |
310,340 |
275,772 |
|
Reserve for
project expenses |
- |
37,413 |
|
Allowance for
liabilities for special purpose vehicles |
- |
306,411 |
|
Accounts payable
for purchase of
investments - related
parties |
56,809 |
56,809 |
|
Retentions payable |
297,405 |
299,362 |
|
Other current liabilities |
143,260 |
145,907 |
|
|
|
|
|
TOTAL CURERNT
LIABILITIES |
11,722,860 |
16,217,191 |
|
|
|
|
|
NON-CURERNT LIABILITIES |
|
|
|
Liabilities under
trust receipts - net |
- |
100 |
|
Advances from customers under construction contracts
- net |
146,450 |
510,605 |
|
Hire-purchase payable
- net |
68,209 |
95,532 |
|
Long-term loans
- net |
968,134 |
1,211,004 |
|
Debentures -
net |
7,433,082 |
4,930,537 |
|
Convertible debentures
- net |
2,878,160 |
3,593,042 |
|
Accrued interest
on convertible debentures |
270,845 |
213,543 |
|
Allowance for
losses on contingent liabilities - related company |
45,964 |
- |
|
Allowance for
losses on construction projects |
295,506 |
474,493 |
|
Other non-current
liabilities |
81,136 |
66,696 |
|
TOTAL LIABILITIES |
23,910,346 |
27,312,743 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
[Unit : Thousand
Baht]
|
|
2010 |
2009 |
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Share
capital : Registered 4,921,678,180 ordinary shares
of Bht. 1 each |
4,921,678 |
4,921,678 |
|
|
|
|
|
Issued
and paid-up 4,193,678,180 ordinary
shares of Bht. 1 each |
4,193,678 |
4,193,678 |
|
Share premium
|
5,515,363 |
5,515,363 |
|
Unrealized gain on
changes in value
of investments |
519,150 |
222,685 |
|
Translation adjustments for foreign
currency financial
statements |
[298,211] |
[224,170] |
|
Retained earnings
[deficit] Appropriated -
statutory reserve
|
451,021 |
419,368 |
|
Unppropriated |
1,154,506 |
553,092 |
|
TOTAL
SHAREHOLDERS’ EQUITY [DEFICIT] |
11,535,507 |
10,680,016 |
|
TOTAL LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
35,445,853 |
37,992,759 |
PROFIT & LOSS ACCOUNT
[Unit : Thousand
Baht]
|
SALES |
2010 |
2009 |
|
|
|
|
|
Sales from
construction services |
17,594,400 |
21,627,323 |
|
Total Sales |
17,594,400 |
21,627,323 |
|
|
|
|
|
COSTS |
|
|
|
Costs of
construction work |
17,204,168 |
21,018,481 |
|
Provision for
loss on construction work with
Related
parties |
- |
114,037 |
|
|
|
|
|
Total Costs |
17,204,168 |
21,132,518 |
|
Gross Income |
|
|
|
Dividend income & shares of
profit from the joint
ventures |
390,232 |
494,805 |
|
Interest income |
65,344 |
105,300 |
|
Gain on
exchange rate |
197,637 |
210,007 |
|
Gain on
convertible debentures buyback &
Cancellation |
100,043 |
47,635 |
|
Gain on
disposal of investments |
135,068 |
503,383 |
|
Reversal of allowance
for impairment of
assets |
1,618,957 |
- |
|
Other income |
136,154 |
- |
|
Sales from
sales and services |
630,604 |
865,446 |
|
|
|
|
|
Income before
Expenses |
3,274,039 |
2,226,576 |
|
|
|
|
|
Administrative expenses |
901,930 |
802,227 |
|
Executive remunerations |
60,687 |
59,327 |
|
Provision for
doubtful accounts |
113,213 |
268,371 |
|
Loss on
disposal of capital
assets |
- |
519,051 |
|
Loss on
impairment of assets |
13,000 |
- |
|
Loss on
devalue of investments |
89,081 |
17,184 |
|
Gain [loss]
on disposal of
investment |
- |
[15,267] |
|
Allowance for
project loss with related parties |
325,506 |
560,589 |
|
Provision for
impairment & contingent liabilities |
4,343 |
25,924 |
|
|
|
|
|
Total Expenses |
1,507,760 |
2,237,406 |
|
|
|
|
|
Income before financial costs & income tax |
1,766,279 |
[10,830] |
|
Financial cost |
[1,133,212] |
[1,257,583] |
|
|
|
|
|
NET EARNINGS
[LOSS] FOR THE YEAR |
633,067 |
[1,268,413] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.45 |
1.06 |
|
QUICK RATIO |
TIMES |
1.31 |
0.99 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
2.81 |
2.60 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.50 |
0.57 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
28.44 |
19.03 |
|
INVENTORY TURNOVER |
TIMES |
12.83 |
19.18 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
51.81 |
45.89 |
|
RECEIVABLES
TURNOVER |
TIMES |
7.05 |
7.95 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
73.07 |
65.77 |
|
CASH CONVERSION
CYCLE |
DAYS |
7.18 |
(0.84) |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.78 |
97.18 |
|
SELLING &
ADMINISTRATION |
% |
6.11 |
5.22 |
|
INTEREST |
% |
6.44 |
5.81 |
|
GROSS PROFIT
MARGIN |
% |
2.22 |
2.82 |
|
NET PROFIT MARGIN BEFORE
EX. ITEM |
% |
91.43 |
89.65 |
|
NET PROFIT MARGIN |
% |
3.60 |
(5.86) |
|
RETURN ON EQUITY |
% |
5.49 |
(11.88) |
|
RETURN ON ASSET |
% |
1.79 |
(3.34) |
|
EARNING PER SHARE |
BAHT |
15.10 |
(30.25) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.72 |
|
DEBT TO EQUITY
RATIO |
TIMES |
2.07 |
2.56 |
|
TIME INTEREST
EARNED |
TIMES |
14.20 |
15.42 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(18.65) |
|
|
OPERATING PROFIT |
% |
(17.04) |
|
|
NET PROFIT |
% |
149.91 |
|
|
FIXED ASSETS |
% |
(24.77) |
|
|
TOTAL ASSETS |
% |
(6.70) |
|
PROFITABILITY RATIO
|
Gross Profit
Margin |
2.22 |
Deteriorated |
Industrial Average |
557.12 |
|
Net Profit Margin |
3.60 |
Deteriorated |
Industrial Average |
47.90 |
|
Return on Assets |
1.79 |
Deteriorated |
Industrial Average |
4.27 |
|
Return on Equity |
5.49 |
Impressive |
Industrial Average |
(198.75) |
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 2.22%. 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 3.6%. 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. When compared with the industry average, it was lower, the
company's figure is 1.79%.
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 5.49%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.45 |
Deteriorated |
Industrial Average |
98.42 |
|
Quick Ratio |
1.31 |
|
|
|
|
Cash Conversion
Cycle |
7.18 |
|
|
|
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 1.45 times in 2010,
increase from 1.06 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 1.31 times in
2010, increase from 0.99 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 8 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 |
(33.75) |
|
Debt to Equity
Ratio |
2.07 |
Risky |
Industrial Average |
(125.88) |
|
Times Interest
Earned |
14.20 |
Deteriorated |
Industrial Average |
130.30 |
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
14.2 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets
Turnover |
2.81 |
Impressive |
Industrial Average |
(107.76) |
|
Total Assets
Turnover |
0.50 |
Impressive |
Industrial Average |
(42.88) |
|
Inventory
Conversion Period |
28.44 |
|
|
|
|
Inventory Turnover |
12.83 |
Deteriorated |
Industrial Average |
369.46 |
|
Receivables
Conversion Period |
51.81 |
|
|
|
|
Receivables
Turnover |
7.05 |
Impressive |
Industrial Average |
(324.91) |
|
Payables
Conversion Period |
73.07 |
|
|
|
Trend of the average competitors in the same
industry for last 5 years
Fixed Assets
Turnover Downtrend
Total Assets
Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
UK Pound |
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.62.98 |
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.