MIRA
INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ITALTHAI
MERSEN CO., LTD. |
|
|
|
|
Formerly Known As : |
ITALTHAI
CARBONE CO., LTD |
|
|
|
|
Registered Office : |
956
Sukhumvit 71 Road,
Klongtonnua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
30.07.1984 |
|
|
|
|
Com. Reg. No.: |
0105527027590 |
|
|
|
|
Legal Form : |
Private limited company |
|
|
|
|
Line of Business : |
Importer and distributor of Carbon and
related products |
|
|
|
|
No. of Employees : |
35 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand enjoyed
solid growth from 2000 to 2007 - averaging more than 4% per year - as it
recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source : CIA |
Company name
ITALTHAI MERSEN
CO., LTD.
[FORMER :
ITALTHAI CARBONE CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 956
SUKHUMVIT 71 ROAD,
KLONGTONNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2392-5244-9,
2392-5213-5
FAX : [66] 2392-5216
E-MAIL
ADDRESS : jakkrapong.m@italthaimersen.com
REGISTRATION ADDRESS : 2013
NEW PETCHBURI ROAD,
BANGKAPI,
HUAYKWANG, BANGKOK 10310
ESTABLISHED : 1984
REGISTRATION NO. : 0105527027590 [Former
: 2760/2527]
TAX ID NO. : 3101307931
CAPITAL
REGISTERED : BHT.
2,000,000
CAPITAL
PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FRENCH :
49.00%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AMPORN LA-AITHUK,
THAI
GENERAL MANAGER
NO. OF
STAFF : 35
LINES OF
BUSINESS : CARBON AND
RELATED 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 July
30, 1984 as a private
limited company under
the originally registered name “Italthai Carbone
Co., Ltd.”, by
a joint venture
between Italthai Industrial
Co., Ltd., Thailand and Mersen
Corporate Service S.A.S. [Former
: Le Carbone - Lorraine De France],
in order to
provide products and
service of carbon
and related products
for electrical and
electric appliance industries
in local markets.
On October 10,
2011, its registered
name was changed
to ITALTHAI MERSEN
CO., LTD. It currently
employs 35 staff.
The subject’s registered address
is 2013 New Petchburi
Rd., Bangkapi, Huaykwang,
Bangkok 10310, while the
current operation address
is 956 Sukhumvit 71 Rd., Klongtonnua,
Wattana, Bangkok 10110.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Amporn La-aithuk |
|
Thai |
53 |
|
Mr. Christophe Jacques
Herve Bommier |
|
French |
52 |
|
Mr. Luc Themelin |
|
French |
51 |
|
Mr. Atipong Pongwan |
|
Thai |
61 |
|
Mr. Yuttachai Jaranajit |
|
Thai |
34 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Amporn La-aithuk
is the General
Manager.
He is Thai nationality
with the age
of 53 years
old.
Mr. Jakkrapong Muangnoo
is the Sales
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing and
distributing wide range
of carbon and related products
for electrical and electric
appliance industries as
follows:
- Carbon
Graphite
- Carbon
Brush for all
kinds of motors
- Carbon
Seal
- Carbon
Based Material
- EDM
Graphite
- Carbon
Phate
- etc.
MAJOR BRAND
“MERSEN”
PURCHASE
90% of the products
is imported from France,
the remaining 10% is
purchased from local
suppliers.
MAJOR SUPPLIER
Mersen Corporate Service
S.A.S. : France
SALES [LOCAL]
100% of its
products is sold
locally by wholesale
to manufacturers and
end-users.
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom Rd., Silom,
Bangrak, Bangkok 10500]
Credit Agricole Corporate
and Investment Bank
[Bangkok Office : Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
EMPLOYMENT
The subject employs
35 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial
area.
COMMENT
The subject is the major trader
various kinds of carbon products
to state enterprise with its long term concession in providing such
products. It appears that the subject has strong customers base, steady
income and fair marginal yields.
Over decades of
success and growth are based on high quality, reliable
products and prompt efficient service. The
subject strives to maintain
its reputation and prestige
as one of the
leading and most
reliable sources of
supply carbon to the Thai market.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mersen Corporate Service
S.A.S. Nationality: French Address : 92919 Paris
Lafayette, Defense 5
TSA 38001 Cedex, Paris,
France |
9,800 |
49.00 |
|
Italthai Industrial Co., Ltd. Nationality: Thai Address : 2013 New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10310 |
9,795 |
48.97 |
|
Price Sanonprapas &
Winn Co., Ltd. Nationality: Thai Address : 11 South
Sathorn Rd.,
Sathorn, Bangkok 10120 |
400 |
2.00 |
|
Ms. Valaithip Jaranajit Nationality: Thai Address : 10 Soi
Soonvijai 3, New
Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok 10310 |
1 |
|
|
Mr. Premchai Kannasuta Nationality: Thai Address : 12/3 Soi Soonvijai
3, New Petchburi
Rd.,
Bangkapi, Huaykwang, Bangkok 10310 |
1 |
|
|
Mrs. Nijaporn Jaranajit Nationality: Thai Address : 10 Soi
Soonvijai 3, New
Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok 10310 |
1 |
= 0.03 |
|
Mr. Yuttachai Jaranajit Nationality: Thai Address : 10 Soi
Soonvijai 3, New
Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok 10310 |
1 |
|
|
Mr. Meth Sanguandeekul Nationality: Thai Address : 87/4 Rajvithee
Rd., Samsennai, Phyathai, Bangkok 10400 |
1 |
|
Total Shareholders
: 8
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,200 |
51.00 |
|
Foreign - French |
1 |
9,800 |
49.00 |
|
Total |
8 |
20,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Anurak Leelapiyamit No.
3462
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 & 2010
were:
ASSETS
[Thousand Baht]
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
7,529 |
10,009 |
|
Trade Accounts & Other
Receivable |
6,937 |
4,453 |
|
Inventories |
17,715 |
12,825 |
|
|
|
|
|
Total Current Assets
|
32,181 |
27,287 |
|
|
|
|
|
Fixed Assets |
1,603 |
2,620 |
|
Other Assets |
5 |
5 |
|
Total Assets |
33,789 |
29,912 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
[Thousand Baht]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts &
Other Payable |
1,247 |
1,176 |
|
Trade Accounts &
Other Payable - Person or
Related Company |
5,859 |
2,160 |
|
|
|
|
|
Total Current Liabilities |
7,106 |
3,336 |
|
Total Liabilities |
7,106 |
3,336 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000 |
2,000 |
|
|
|
|
|
Capital Paid |
2,000 |
2,000 |
|
Statutory Reserve |
200 |
200 |
|
Retained Earning-
Unappropriated |
24,483 |
24,376 |
|
Total Shareholders' Equity |
26,683 |
26,576 |
|
Total Liabilities & Shareholders' Equity |
33,789 |
29,912 |
PROFIT &
LOSS ACCOUNT
[Thousand Baht]
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales Income |
10,388 |
6,070 |
|
Services Income |
17,100 |
18,138 |
|
Other Income |
111 |
315 |
|
Total Sales |
27,599 |
24,523 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,931 |
3,460 |
|
Cost of Services |
9,697 |
8,969 |
|
Selling Expenses |
3,958 |
3,626 |
|
Administrative Expenses |
7,864 |
7,873 |
|
Total Expenses |
27,450 |
23,928 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
149 |
595 |
|
Financial Cost |
[3] |
[5] |
|
Profit / [Loss] before Income
Tax |
146 |
590 |
|
Income Tax |
[39] |
[99] |
|
|
|
|
|
Net Profit / [Loss] |
107 |
491 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
4.53 |
8.18 |
|
QUICK RATIO |
TIMES |
2.04 |
4.34 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
17.15 |
9.24 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.81 |
0.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
413.74 |
376.63 |
|
INVENTORY TURNOVER |
TIMES |
0.88 |
0.97 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
92.11 |
67.14 |
|
RECEIVABLES TURNOVER |
TIMES |
3.96 |
5.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
29.12 |
34.54 |
|
CASH CONVERSION CYCLE |
DAYS |
476.73 |
409.23 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
56.85 |
51.34 |
|
SELLING & ADMINISTRATION |
% |
43.01 |
47.50 |
|
INTEREST |
% |
0.01 |
0.02 |
|
GROSS PROFIT MARGIN |
% |
43.55 |
49.96 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.54 |
2.46 |
|
NET PROFIT MARGIN |
% |
0.39 |
2.03 |
|
RETURN ON EQUITY |
% |
0.40 |
1.85 |
|
RETURN ON ASSET |
% |
0.32 |
1.64 |
|
EARNING PER SHARE |
BAHT |
5.35 |
24.55 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.21 |
0.11 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.27 |
0.13 |
|
TIME INTEREST EARNED |
TIMES |
49.67 |
119.00 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
13.55 |
|
|
OPERATING PROFIT |
% |
(74.96) |
|
|
NET PROFIT |
% |
(78.21) |
|
|
FIXED ASSETS |
% |
(38.82) |
|
|
TOTAL ASSETS |
% |
12.96 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
43.55 |
Impressive |
Industrial Average |
11.99 |
|
Net Profit Margin |
0.39 |
Deteriorated |
Industrial
Average |
4.31 |
|
Return on Assets |
0.32 |
Deteriorated |
Industrial
Average |
4.13 |
|
Return on Equity |
0.40 |
Deteriorated |
Industrial
Average |
5.26 |
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 43.55%. 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 0.39%.
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 0.32%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 0.4%.
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 |
4.53 |
Impressive |
Industrial
Average |
3.29 |
|
Quick Ratio |
2.04 |
|
|
|
|
Cash Conversion Cycle |
476.73 |
|
|
|
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 4.53 times in 2011, decreased from 8.18 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 2.04 times in 2011,
decreased from 4.34 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 477 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.21 |
Impressive |
Industrial
Average |
0.25 |
|
Debt to Equity Ratio |
0.27 |
Impressive |
Industrial
Average |
0.30 |
|
Times Interest Earned |
49.67 |
Impressive |
Industrial
Average |
9.63 |
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 49.67 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 0.21 less than 0.5, most of the company's
assets are financed through equity.
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 |
17.15 |
Impressive |
Industrial
Average |
3.18 |
|
Total Assets Turnover |
0.81 |
Satisfactory |
Industrial
Average |
1.04 |
|
Inventory Conversion Period |
413.74 |
|
|
|
|
Inventory Turnover |
0.88 |
Deteriorated |
Industrial
Average |
5.08 |
|
Receivables Conversion Period |
92.11 |
|
|
|
|
Receivables Turnover |
3.96 |
Impressive |
Industrial
Average |
3.09 |
|
Payables Conversion Period |
29.12 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.