MIRA INFORM REPORT
|
Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ITALIAN INTERTRADE CO., LTD. |
|
|
|
|
Registered Office : |
484/25 Petchburi Road, Thanon Petchburi, Rajthewi, Bangkok
10400, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.02.1991 |
|
|
|
|
Com. Reg. No.: |
0105534013736 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing and distributing wide
range of industrial
machinery, equipment and
tools |
|
|
|
|
No. of Employees |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years
|
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,
081 832-6862
FAX :
[66] 2208-9315
E-MAIL
ADDRESS : info@italianintertrade.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 : FAIR
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 approximately 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
signs 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 70
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
industrial machinery, equipment
and tools. Its
products are as
follows:
·
Leather splitting
machine
·
Skiving machine
for leather and
synthetic materials
·
Flash cut
·
CNC cutting
smart press
·
Cutting presses
with movable beam
·
Plating machine
·
Cutting presses
with movable trolley
stroke adjustable from
5-150 mm.
·
Cutting presses
with movable trolley
·
Swing arm
hydraulic cutting machine
MAJOR BRANDS
“ATOM”, “CAMOGA”
and etc.
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
SUPPLIERS
Atom
S.p.a. : Italy
Camoga
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
L/C at sight
or 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
The
subject was formed
in 1991 as
an importer and
distributor of machinery,
equipment and tools.
The products are
for industrial sectors.
Sales were moderate
in the past
years, while industrial
sector had grown
viable. However, domestic
industrial condition is
flat which may
dent the subject’s sales this
year.
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, 2013]
|
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, T. Pakchan,
A. 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, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
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, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
11,921,793.82 |
11,044,254.16 |
14,644,406.84 |
|
Trade Accounts & Other Receivable |
6,211,148.30 |
8,821,170.09 |
7,188,419.36 |
|
Inventories |
16,154,764.23 |
11,728,969.56 |
12,219,788.13 |
|
|
|
|
|
|
Total Current Assets
|
34,287,706.35 |
31,594,393.81 |
34,052,614.33 |
|
|
|
|
|
|
Fixed Assets |
5,942,611.28 |
3,510,840.61 |
643,288.18 |
|
Total Assets |
40,230,317.63 |
35,105,234.42 |
34,695,902.51 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
11,562,451.39 |
6,169,130.27 |
9,736,997.09 |
|
Short-term Loan |
- |
600,000.00 |
- |
|
Accrued Income Tax |
117,156.52 |
923,624.96 |
1,251,004.94 |
|
|
|
|
|
|
Total Current Liabilities |
11,679,607.91 |
7,692,755.23 |
10,988,002.03 |
|
Total Liabilities |
11,679,607.91 |
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 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning |
|
|
|
|
Appropriated for Statutory Reserve |
500,000.00 |
500,000.00 |
500,000.00 |
|
Unappropriated |
23,050,709.72 |
21,912,479.19 |
18,207,900.48 |
|
Total Shareholders' Equity |
28,550,709.72 |
27,412,479.19 |
23,707,900.48 |
|
Total Liabilities &
Shareholders' Equity |
40,230,317.63 |
35,105,234.42 |
34,695,902.51 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
45,229,641.38 |
50,728,683.92 |
43,442,199.33 |
|
Services Income |
3,038,974.00 |
2,664,210.09 |
2,681,920.00 |
|
Other Income |
778,820.85 |
1,052,840.95 |
709,617.75 |
|
Total Revenues |
49,047,436.23 |
54,445,734.96 |
46,833,737.08 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
36,821,477.48 |
40,272,855.66 |
32,426,523.99 |
|
Selling Expenses |
1,409,122.03 |
2,361,209.16 |
2,222,635.71 |
|
Administrative Expenses |
8,882,122.58 |
6,708,515.01 |
5,581,026.66 |
|
Total Expenses |
47,112,722.09 |
49,342,579.83 |
40,230,186.36 |
|
|
|
|
|
|
Profit before Income Tax |
1,934,714.14 |
5,103,155.13 |
6,603,550.72 |
|
Income Tax |
[796,483.61] |
[1,398,576.42] |
[1,785,456.88] |
|
Net Profit / [Loss] |
1,138,230.53 |
3,704,578.71 |
4,818,093.84 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.94 |
4.11 |
3.10 |
|
QUICK RATIO |
TIMES |
1.55 |
2.58 |
1.99 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.12 |
15.21 |
71.70 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.20 |
1.52 |
1.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
160.14 |
106.30 |
137.55 |
|
INVENTORY TURNOVER |
TIMES |
2.28 |
3.43 |
2.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.97 |
60.30 |
56.89 |
|
RECEIVABLES TURNOVER |
TIMES |
7.77 |
6.05 |
6.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
114.62 |
55.91 |
109.60 |
|
CASH CONVERSION CYCLE |
DAYS |
92.49 |
110.69 |
84.83 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.28 |
75.43 |
70.30 |
|
SELLING & ADMINISTRATION |
% |
21.32 |
16.99 |
16.92 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
25.33 |
26.54 |
31.24 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.01 |
9.56 |
14.32 |
|
NET PROFIT MARGIN |
% |
2.36 |
6.94 |
10.45 |
|
RETURN ON EQUITY |
% |
3.99 |
13.51 |
20.32 |
|
RETURN ON ASSET |
% |
2.83 |
10.55 |
13.89 |
|
EARNING PER SHARE |
BAHT |
227.65 |
740.92 |
963.62 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.29 |
0.22 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.41 |
0.28 |
0.46 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.60) |
15.76 |
|
|
OPERATING PROFIT |
% |
(62.09) |
(22.72) |
|
|
NET PROFIT |
% |
(69.28) |
(23.11) |
|
|
FIXED ASSETS |
% |
69.26 |
445.76 |
|
|
TOTAL ASSETS |
% |
14.60 |
1.18 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -9.6%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.33 |
Deteriorated |
Industrial
Average |
56.50 |
|
Net Profit Margin |
2.36 |
Impressive |
Industrial
Average |
2.09 |
|
Return on Assets |
2.83 |
Acceptable |
Industrial
Average |
4.16 |
|
Return on Equity |
3.99 |
Deteriorated |
Industrial
Average |
12.26 |
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 25.33%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 2.36%, 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. When compared with the
industry average, it was lower, the
company's figure is 2.83%.
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 3.99%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.94 |
Impressive |
Industrial
Average |
1.40 |
|
Quick Ratio |
1.55 |
|
|
|
|
Cash Conversion Cycle |
92.49 |
|
|
|
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 2.94 times in 2012, decreased from 4.11 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.55 times in 2012,
decreased from 2.58 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 93 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.29 |
Impressive |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
0.41 |
Impressive |
Industrial
Average |
1.95 |
|
Times Interest Earned |
- |
|
Industrial
Average |
- |
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 0.29 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.12 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.20 |
Acceptable |
Industrial
Average |
1.99 |
|
Inventory Conversion Period |
160.14 |
|
|
|
|
Inventory Turnover |
2.28 |
Deteriorated |
Industrial
Average |
4.91 |
|
Receivables Conversion Period |
46.97 |
|
|
|
|
Receivables Turnover |
7.77 |
Impressive |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
114.62 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.77 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 106 days at the
end of 2011 to 160 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.43 times in year 2011 to 2.28 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.2 times and 1.52
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.