MIRA INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ITP
POWER LTD. |
|
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Registered Office : |
2013 New
Petchburi Road, Bangkapi, Huaykwang, Bangkok
10320 |
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|
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2009 |
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|
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Date of Incorporation : |
04.12.2000 |
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Com. Reg. No.: |
0105543112121 |
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|
Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of industrial and engineering products |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
ITP POWER
LTD.
SUMMARY
BUSINESS
ADDRESS : 2013
NEW PETCHBURI ROAD,
BANGKAPI,
HUAYKWANG, BANGKOK
10320
TELEPHONE : [66] 2319-1031-40, 2716-6642
FAX :
[66] 2716-6643
E-MAIL
ADDRESS : itp@ksc.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543112121
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NARIN SINSUKPERMPOON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 18
LINES
OF BUSINESS : INDUSTRIAL AND
ENGINEERING PRODUCTS
IMPORTER AND
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 December 4,
2000 as a
private limited company under
the originally registered
name “Italthai Power
Ltd.” by Thai groups.
On May 17,
2001, its registered
name was changed
to ITP POWER
LTD. Its business
objective is to import
and distribute industrial
and engineering products
to domestic market. It currently
employs 18 staff.
The
subject’s registered address
is 2013 New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10320,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kriengkrai Teeranand |
[x] |
Thai |
52 |
|
Mr. Narin Sinsukpermpoon |
[x] |
Thai |
53 |
|
Mr. Sarawuth Saravithee |
[-] |
Thai |
44 |
|
Mr. Withaya Boonyawatana |
|
Thai |
40 |
|
Ms. Ubonrat Purataenont |
|
Thai |
47 |
|
Ms. Rangsima Polsri |
|
Thai |
35 |
|
Mr. Thapanan Rabuepin |
[-] |
Thai |
43 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with anyone of the mentioned
directors [-] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Narin Sinsukpermpoon is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and
distributing of industrial and
engineering products, which
can be divided
into 3 divisions
as follows:
1.
Valve
Division: automatic control
valves and backflow preventer, gate
valve, relief valve, reducing valve
water hammer arrestor, check valve, ball valve, butterfly valve,
check valve, foot
valve and etc.
2.
Instrument Division:
controller, recorder, transmitter,
sensor, thermometer, scale and etc.
3.
Food Machinery Division: the
subject supply the
retort for food
can factory such
as water spray
retort, direct steam
retort and pre-cooker
complete with fully automation control and SCADA/HMI
control system from Rockwell Automation
and following technical
and maintenance service.
PURCHASE
Most of the
products are imported
from U.K., Republic of
China, Taiwan, U.S.A.,
and etc., the
remaining is purchased
from local suppliers.
MAJOR
SUPPLIERS
Graphic Controls Ltd. : U.K.
Watts Water Technologies
Ltd. : U.K.
SALES
100% of the products is sold
and serviced locally
by wholesale and
retail to manufacturers
and end-users.
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
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
or T/T on
negotiated terms.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 18
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch
office : 97
Soi Onnuch 13,
Suanluang, Bangkok 10250.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
200,000.
COMMENT
The
subject was established
in December 2000.
It has long
time experience and proven
references, e.g. Food machines,
Factory Thermometers, Graphic Control for universal
recording and etc. Subject can
assure its valued
customers in term of
product qualities, technical
supports and after sales
servicing.
The
subject has no
impact from a
flood disaster in
Thailand at the
moment. It is still
operating normally.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kriengkrai Teeranand Nationality: Thai Address : 119/22
Moo 4, Thasai,
Muang, Nonthaburi |
2,192 |
21.92 |
|
Mr. Narin Sinsukpermpoon Nationality: Thai Address : 22/618
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
2,192 |
21.92 |
|
Mr. Anupong Klampool Nationality: Thai Address : 43/576
Moo 3, Anusawaree,
Bangbon, Bangkok |
1,369 |
13.69 |
|
Ms. Ubonrat Purataenont Nationality: Thai Address : 81/1
Moo 8, Taladbangkhen, Donmuang,
Bangkok |
685 |
6.85 |
|
|
|
|
|
Mr. Thapanan Rabuepin Nationality: Thai Address : 42
Moo 3, Samrongnua,
Muang, Samutprakarn |
548 |
5.48 |
|
Mr. Sarawuth Saravithee Nationality: Thai Address : 257/40
Moo 5, Bangrin,
Muang, Ranong |
548 |
5.48 |
|
Ms. Rangsima Polsri Nationality: Thai Address : 95/2
Moo 3, Bangkruay,
Nonthaburi |
548 |
5.48 |
|
Other shareholders |
1,918 |
19.18 |
Total Shareholders : 13
Share Structure [as
at April 30,
2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
13 |
10,000 |
100.00 |
|
Foreigner |
- |
- |
- |
|
Total |
13 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Wallop Seevalom No. 1453
BALANCE SHEET [BAHT]
The 2010 financial
statement was not submitted
to the Commercial
Registration Department.
The latest financial figures published
as at December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
276,106.76 |
1,190,418.78 |
|
Trade Accounts Receivable
|
5,908,522.51 |
5,017,877.49 |
|
Inventories |
18,883,185.42 |
17,598,264.41 |
|
Deferred Income |
32,155.43 |
2,526,403.01 |
|
Other Current Assets
|
404.13 |
99,020.93 |
|
|
|
|
|
Total Current Assets
|
25,100,374.25 |
26,431,984.62 |
|
Building & Equipment
Improvement |
66,912.97 |
172,130.55 |
|
Other Assets |
74,767.29 |
74,767.29 |
|
Total Assets |
25,242,054.51 |
26,678,882.46 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accounts Payable
|
1,577,776.55 |
4,467,064.62 |
|
Accrued Expenses |
- |
- |
|
Other Current Liabilities |
1,018,521.60 |
641,971.62 |
|
|
|
|
|
Total Current Liabilities |
2,596,298.15 |
5,109,036.24 |
|
Long-term Loan from Related Person |
21,124,530.00 |
20,800,000.00 |
|
Hire-purchase Payable |
- |
- |
|
Total Liabilities |
23,720,828.15 |
25,909,036.24 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Unappropriated |
521,226.36 |
[230,153.78] |
|
Total Shareholders' Equity |
1,521,226.36 |
769,846.22 |
|
Total Liabilities &
Shareholders' Equity |
25,242,054.51 |
26,678,882.46 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
Sales & Service
Income |
31,351,926.98 |
38,578,757.59 |
|
Gain on Exchange
Rate |
- |
- |
|
Total Sales |
31,351,926.98 |
38,578,757.59 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
20,812,949.62 |
26,426,247.27 |
|
Selling and Administrative
Expenses |
9,681,471.31 |
11,256,831.57 |
|
Total Expenses |
30,494,420.93 |
37,683,078.84 |
|
Loss before Interest Expenses & Income
Tax |
857,506.05 |
895,678.75 |
|
Interest Expenses |
- |
[632.44] |
|
Income Tax |
[106,125.91] |
[111,756.95] |
|
|
|
|
|
Net Profit / [Loss] |
751,380.14 |
783,289.36 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
9.67 |
5.17 |
|
QUICK RATIO |
TIMES |
2.38 |
1.22 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
468.55 |
224.12 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.24 |
1.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
331.16 |
243.07 |
|
INVENTORY TURNOVER |
TIMES |
1.10 |
1.50 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
68.79 |
47.47 |
|
RECEIVABLES TURNOVER |
TIMES |
5.31 |
7.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
27.67 |
61.70 |
|
CASH CONVERSION CYCLE |
DAYS |
372.27 |
228.84 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
66.38 |
68.50 |
|
SELLING & ADMINISTRATION |
% |
30.88 |
29.18 |
|
INTEREST |
% |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
33.62 |
31.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.74 |
2.32 |
|
NET PROFIT MARGIN |
% |
2.40 |
2.03 |
|
RETURN ON EQUITY |
% |
49.39 |
101.75 |
|
RETURN ON ASSET |
% |
2.98 |
2.94 |
|
EARNING PER SHARE |
BAHT |
75.14 |
78.33 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.94 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
15.59 |
33.65 |
|
TIME INTEREST EARNED |
TIMES |
- |
1,416.23 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(18.73) |
|
|
OPERATING PROFIT |
% |
(4.26) |
|
|
NET PROFIT |
% |
(4.07) |
|
|
FIXED ASSETS |
% |
(61.13) |
|
|
TOTAL ASSETS |
% |
(5.39) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
33.62 |
Impressive |
Industrial
Average |
12.39 |
|
Net Profit Margin |
2.40 |
Impressive |
Industrial
Average |
1.37 |
|
Return on Assets |
2.98 |
Impressive |
Industrial
Average |
2.48 |
|
Return on Equity |
49.39 |
Impressive |
Industrial
Average |
6.57 |
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
33.62%. When compared with the industry average, the ratio of the
company was higher, this 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. The company’s figure is
2.4%, 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. Return on Assets ratio is
2.98%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 49.39%, 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 |
9.67 |
Impressive |
Industrial
Average |
1.84 |
|
Quick Ratio |
2.38 |
|
|
|
|
Cash Conversion Cycle |
372.27 |
|
|
|
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 9.67 times in 2009, increase from 5.17 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 2.38 times in 2009,
increase from 1.22 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 373 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.94 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
15.59 |
Risky |
Industrial
Average |
1.61 |
|
Times Interest Earned |
- |
|
Industrial
Average |
1.89 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.94 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 |
468.55 |
Impressive |
Industrial Average |
7.92 |
|
Total Assets Turnover |
1.24 |
Acceptable |
Industrial Average |
1.81 |
|
Inventory Conversion Period |
331.16 |
|
|
|
|
Inventory Turnover |
1.10 |
Deteriorated |
Industrial Average |
3.15 |
|
Receivables Conversion Period |
68.79 |
|
|
|
|
Receivables Turnover |
5.31 |
Satisfactory |
Industrial Average |
5.60 |
|
Payables Conversion Period |
27.67 |
|
|
|
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.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
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.