MIRA
INFORM REPORT
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Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ITALIAN
INTERTRADE CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
11.02.1991 |
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Com. Reg. No.: |
0105534013736 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer and Distributor of Industrial Machinery, Equipment & Tools |
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No. of Employees : |
30 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
ITALIAN INTERTRADE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 484/25 PETCHBURI
ROAD, THANON PETCHBURI,
RAJTHEWI, BANGKOK
10400, THAILAND
TELEPHONE : [66] 2208-9910,
2208-9313, 2208-9512, 2208-9614
FAX :
[66] 2208-9315
E-MAIL
ADDRESS : italianthailand@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534013736
TAX
ID NO. : 3101937633
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PHISIT PICHIENSAWATETARA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : INDUSTRIAL MACHINERY,
EQUIPMENT & TOOLS
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 February 11,
1991 as a
private limited company under
the registered name
ITALIAN INTERTRADE CO.,
LTD., by Thai groups,
with the business
objective to import
and distribute wide
range of industrial
machinery, equipment and
tools to domestic
market. It currently
employs approximate 30
staff.
The
subject’s registered address
is 484/25 Petchburi
Rd., Thanon Petchburi,
Rajthewi, Bangkok 10400,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
Mr. Phisit Pichiensawatetara
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Phisit Pichiensawatetara is
the Managing Director.
He is Thai
nationality with the
age of 68
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
industrial machinery, equipment
and tools. Its
products are included cutting
machinery, latching machinery,
eroding machinery, packaging
machinery, plastic machinery,
industrial pumps, drilling & cutting equipment,
tools and etc.
MAJOR BRAND
“ATOM”
PURCHASE
Most
of the products
are imported from Italy, Republic
of China, Japan
and Germany, the
remaining is purchased
from local suppliers
and agents.
MAJOR
SUPPLIER
Atom
S.p.a. : Italy
SALES
100% of the
products is sold
locally both 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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 30 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch
office is located
at 182/77 Moo
6, Soi Wadtangluang,
Krungthep-Nont Rd., Bangkhen,
Muang, Nonthaburi 11000.
COMMENT
Industrial expansion has
fueled higher sales
and further gain in revenue of the subject last year.
The overall local industrial service has
improved gradually this
year in line
with the growth
of industrial sector.
The subject’s sales
and service remain
brisk.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 5,000 shares
of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Phisit Pichiensawatetara Nationality: Thai Address : 484/25
Petchburi Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
4,994 |
99.88 |
|
Mr. Chamnong Saengthong Nationality: Thai Address : 51/53
Moo 9, Klongkum,
Buengkum, Bangkok |
1 |
0.02 |
|
Mr. Pairat Tantisriyanurak Nationality: Thai Address : 484/29
Petchburi Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
1 |
0.02 |
|
Mr. Somkiat Roddej Nationality: Thai Address : 373/2
Soi Rimklongmorn, Wadthaphra,
Bangkokyai, Bangkok |
1 |
0.02 |
|
Mr. Chalee Sukdee Nationality: Thai Address : 98/73
Moo 9, Bangkae,
Bangkok |
1 |
0.02 |
|
Mr. Narong Saengthong Nationality: Thai Address : 59/1
Moo 8, Pakchan,
Kraburi, Ranong |
1 |
0.02 |
|
Mr. Chamnong Suntara Nationality: Thai Address : 484/29
Petchburi Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
1 |
0.02 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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|
Thai |
7 |
5,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
5,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Permsiri Hoiyeephoo No.
1846
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
11,044,254.16 |
14,644,406.84 |
|
Trade Accounts & Other Receivable |
8,821,170.09 |
7,188,419.36 |
|
Inventories |
11,728,969.56 |
12,219,788.13 |
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|
|
|
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Total Current Assets
|
31,594,393.81 |
34,052,614.33 |
|
|
|
|
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Fixed Assets |
3,510,840.61 |
643,288.18 |
|
Total Assets |
35,105,234.42 |
34,695,902.51 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
6,169,130.27 |
9,736,997.09 |
|
Short-term Loan |
600,000.00 |
- |
|
Accrued Income Tax |
923,624.96 |
1,251,004.94 |
|
|
|
|
|
Total Current Liabilities |
7,692,755.23 |
10,988,002.03 |
|
Total Liabilities |
7,692,755.23 |
10,988,002.03 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 5,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
500,000.00 |
500,000.00 |
|
Unappropriated |
21,912,479.19 |
18,207,900.48 |
|
Total Shareholders' Equity |
27,412,479.19 |
23,707,900.48 |
|
Total Liabilities & Shareholders' Equity |
35,105,234.42 |
34,695,902.51 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
50,728,683.92 |
43,442,199.33 |
|
Services Income |
2,664,210.09 |
2,681,920.00 |
|
Other Income |
1,052,840.95 |
709,617.75 |
|
Total Revenues |
54,445,734.96 |
46,833,737.08 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
40,272,855.66 |
32,426,523.99 |
|
Selling Expenses |
2,361,209.16 |
2,222,635.71 |
|
Administrative Expenses |
6,589,168.76 |
5,581,026.66 |
|
Other Expenses |
119,346.25 |
- |
|
Total Expenses |
49,342,579.83 |
40,230,186.36 |
|
|
|
|
|
Profit before Income Tax |
5,103,155.13 |
6,603,550.72 |
|
Income Tax |
[1,398,576.42] |
[1,785,456.88] |
|
Net Profit / [Loss] |
3,704,578.71 |
4,818,093.84 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
4.11 |
3.10 |
|
QUICK RATIO |
TIMES |
2.58 |
1.99 |
|
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|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
15.21 |
71.70 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.52 |
1.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
106.30 |
137.55 |
|
INVENTORY TURNOVER |
TIMES |
3.43 |
2.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
60.30 |
56.89 |
|
RECEIVABLES TURNOVER |
TIMES |
6.05 |
6.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.91 |
109.60 |
|
CASH CONVERSION CYCLE |
DAYS |
110.69 |
84.83 |
|
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.43 |
70.30 |
|
SELLING & ADMINISTRATION |
% |
16.76 |
16.92 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
26.54 |
31.24 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.56 |
14.32 |
|
NET PROFIT MARGIN |
% |
6.94 |
10.45 |
|
RETURN ON EQUITY |
% |
13.51 |
20.32 |
|
RETURN ON ASSET |
% |
10.55 |
13.89 |
|
EARNING PER SHARE |
BAHT |
740.92 |
963.62 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.28 |
0.46 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.76 |
|
|
OPERATING PROFIT |
% |
(22.72) |
|
|
NET PROFIT |
% |
(23.11) |
|
|
FIXED ASSETS |
% |
445.76 |
|
|
TOTAL ASSETS |
% |
1.18 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.54 |
Impressive |
Industrial
Average |
15.74 |
|
Net Profit Margin |
6.94 |
Impressive |
Industrial
Average |
1.55 |
|
Return on Assets |
10.55 |
Impressive |
Industrial
Average |
2.93 |
|
Return on Equity |
13.51 |
Impressive |
Industrial
Average |
7.57 |
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 26.54%. 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 6.94%,
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
10.55%, 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 13.51%, 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 |
4.11 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
2.58 |
|
|
|
|
Cash Conversion Cycle |
110.69 |
|
|
|
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 4.11 times in 2011, increased from 3.1 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 2.58 times in 2011,
increased from 1.99 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 111 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
0.28 |
Impressive |
Industrial
Average |
1.59 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.88 |
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 0.22 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 |
15.21 |
Impressive |
Industrial
Average |
7.82 |
|
Total Assets Turnover |
1.52 |
Satisfactory |
Industrial
Average |
1.89 |
|
Inventory Conversion Period |
106.30 |
|
|
|
|
Inventory Turnover |
3.43 |
Satisfactory |
Industrial
Average |
4.22 |
|
Receivables Conversion Period |
60.30 |
|
|
|
|
Receivables Turnover |
6.05 |
Impressive |
Industrial
Average |
4.85 |
|
Payables Conversion Period |
55.91 |
|
|
|
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.55.44 |
|
UK Pound |
1 |
Rs.89.31 |
|
Euro |
1 |
Rs.71.62 |
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.