MIRA INFORM REPORT

Report No. :	325865
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	ESSOM CO., LTD.
Registered Office :	508 Soi 22/1 Somdet Phrachao Taksin Road, Bukkalo, Thonburi, Bangkok 10600
Country :	Thailand
Financials (as on) :	31.12.2013
Date of Incorporation :	21.04.1986
Com. Reg. No.:	0105529013499
Legal Form :	Private Limited Company
Line of Business :	Subject is engaged in design, assembling and marketing various kinds of engineering and science laboratory equipments for education, mainly in mechanical and civil engineering, under its own brand “ESSOM”.
No. of Employee :	90

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 has had a strong economy due in part to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered both 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. Government approved flood mitigation projects, worth $11.7 billion, were started in 2012 to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as the country faced political uncertainty and a coup in May 2014. The interim government is implementing a special $11 billion short-term stimulus package and has approved a budget of more than $80 billion to aid an economic rebound.

Source : CIA

Company name

ESSOM CO., LTD.

SUMMARY

BUSINESS ADDRESS : 508 SOI 22/1 SOMDET PHRACHAO TAKSIN ROAD,

BUKKALO, THONBURI, BANGKOK 10600, THAILAND

TELEPHONE : [66] 2476-0034

FAX : [66] 2476-1500

E-MAIL ADDRESS : essom@essom.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 1986

REGISTRATION NO. : 0105529013499

TAX ID NO. : 3101385380

CAPITAL REGISTERED : BHT. 10,000,000

CAPITAL PAID-UP : BHT. 10,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. SUNTHORN SRINILTA, THAI

MANAGING DIRECTOR

NO. OF STAFF : 90

LINES OF BUSINESS : ENGINEERING AND SCIENCE LABORATORY

EQUIPMENT

DESIGN, MANUFACTURER, 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 April 21, 1986 as a private limited company under the registered name ESSOM CO., LTD., by Thai group, the Srinilta family, with the business objective to design, manufacture, import and distribute engineering and science laboratory equipments for educational and industrial purposes. It currently employs approximately 90 staff.

It achieved the standard ISO 9001 certification, Quality Management Systems in 1999.

The subject’s registered address is 508 Soi 22/1, Somdet Phrachao Taksin Road, Bukkalo, Thonburi, Bangkok 10600, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name		Nationality	Age
Mr. Sunthorn Srinilta	[x]	Thai	82
Mrs. Aim-orn Srinilta		Thai	77
Mr. San Srinilta		Thai	49
Mrs. Amornsiri Srinilta		Thai	46
Mr. Kamol Srinilta		Thai	45
Mr. Naris Srinilta		Thai	43

AUTHORIZED PERSON

Only the mentioned director [x] signs or any two of the rest directors can jointly sign on behalf of the subject with company’s affixed.

MANAGEMENT

Mr. Sunthorn Srinilta is the Managing Director.

He is Thai nationality with the age of 82 years old.

Mr. San Srinilta is the Deputy Managing Director & Factory Manager.

He is Thai nationality with the age of 49 years old.

Mr. Naris Srinilta is the Marketing Manager.

He is Thai nationality with the age of 43 years old.

BUSINESS OPERATIONS

The subject is engaged in design, assembling and marketing various kinds of engineering and science laboratory equipments for education, mainly in mechanical and civil engineering, under its own brand “ESSOM”.

It is also an importer and distributor of scientific and other engineering equipments for education, as well as paint spray equipment for coating industry, under various brands such as “BINKS”, “DEVILBISS”, “ITW RANSBURG”, “GEOTECH”, “TECNOTEST” and etc.

The products are as follows:

1. Education Products

· Engineering

- Fluid Mechanics and Hydrology

- Thermodynamics

- Materials Testing

- Theory of machines

- Structures and accessories

- Physics

- Miscellaneous

- Learning Software

- Operating Software

- Chemical Engineering and Food Technology

- Science Equipment

· Petroleum Testing

- Bituminous Test

- Inflammability

- Calorimeter

- Liquid Petroleum Gas [LPG]

- Corrosion

- Penetration

- Densimetry

- Rust

- Distillation

- Viscosity

- Greases

- Miselaneous

2. Industrial Products

· Paint Spray System

- Manual Spray Gun Pressure, Gravity, Suction

- Manual Spray Gun - Medium/High Pressure

- Automatic Spray Guns - Low Pressure

- Automatic Guns - Medium and High Pressure

- Pressure Feed Tanks/Cups

- Paint Pumps - Low Pressure

- Paint Pumps - Medium and High Pressure

- Electrostatic Spray Guns

- 2K Fluid Equipment

- Agitators

- Power Coating

- Technisis Paper

- Respiratory Protection Masks

- Air Filter Regulator Coalescers

- Accessories

PURCHASE

Raw materials for the production, as well as finished products are purchased from suppliers both domestic and overseas, mainly in Germany, Italy, Japan, Republic of China, Malaysia and U.S.A.

MAJOR SUPPLIERS

Nihon Parkerizing Co., Ltd. : Japan

S.D.M. Apparacchi Scientifici Srl. : Italy

SALES

Most of the products are sold locally to wholesalers and end-users, mainly university and college both private and government, the remaining is exported to Malaysia, India, Indonesia, Hong Kong and South Africa.

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 according to 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.

Exports are against T/T.

BANKING

Bangkok Bank Public Co., Ltd.

Kasikornbank Public Co., Ltd.

EMPLOYMENT

The subject employs approximately 90 staff.

LOCATION DETAILS

The premise is owned for administrative office at the heading address. Premise is located in commercial/residential area.

Factory and warehouse are located at 34/1 Moo 12, Soi Pracharaj 42, Budhamonthon Sai 5 Road, Raiking, Sampran, Nakornpathom 73210. Total area : 2,000 square meters.

Tel.: [66] 2811-9731-3 Fax: [66] 2811-9734

COMMENT

The subject is a high quality company in design, manufacturing and marketing engineering and science laboratory equipment for education mainly in mechanical and civil engineering, as well as providing equipment for coating industry. Its products has been designed by its experienced and well qualified engineers with prototypes passing design test standards before production. Parts and materials for the equipment are sourced from approved suppliers and are of readily available industrial components.

Subject reported slow sales in 2013 compared to the previous year, while in 2014 Thailand has been adversely affected by ongoing political turmoil and at the same time its economy also experienced some downturns growth, which was reflected in lower annual growth targets forecasted by public and private sector.

FINANCIAL INFORMATION

The capital was registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each with fully paid.

The capital was increased later as follows:

Bht. 2,000,000 on May 9, 1990

Bht. 3,000,000 on November 11, 1996

Bht. 5,000,000 on January 17, 2000

Bht. 10,000,000 on March 2, 2005

The latest registered capital was increased to Bht. 10,000,000 divided into 100,000 shares of Bht. 100 each with fully paid.

MAIN SHAREHOLDERS

[as at November 9, 2014]

NAME	HOLDING	%
Mr. Sunthorn Srinilta Nationality: Thai Address : 510/1 Somdet Phrachao Taksin Rd., Bukkalo, Thonburi, Bangkok	25,380	25.38
Mrs. Aim-orn Srinilta Nationality: Thai Address : 506 Somdet Phrachao Taksin Rd., Bukkalo, Thonburi, Bangkok	14,000	14.00
Mrs. Amornsiri Srinilta Nationality: Thai Address : 510/1 Somdet Phrachao Taksin Rd., Bukkalo, Thonburi, Bangkok	13,000	13.00
Mr. San Srinilta Nationality: Thai Address : 510/2 Somdet Phrachao Taksin Rd., Bukkalo, Thonburi, Bangkok	12,000	12.00
Mr. Naris Srinilta Nationality: Thai Address : 506 Somdet Phrachao Taksin Rd., Bukkalo, Thonburi, Bangkok	12,000	12.00
Mr. Kamol Srinilta Nationality: Thai Address : 510/3 Somdet Phrachao Taksin Rd., Bukkalo, Thonburi, Bangkok	8,000	8.00
Mr. Kobsin Taweesin Nationality: Thai Address : 2/152 Sukhapiban 3 Rd., Minburi, Minburi, Bangkok	3,500	3.50
Master Yanapat Srinilta Nationality: Thai Address : 510/3 Somdet Phrachao Taksin Rd., Bukkalo, Thonburi, Bangkok	3,100	3.10
Ms. Tanachapak Srinilta Nationality: Thai Address : 510/3 Somdet Phrachao Taksin Rd., Bukkalo, Thonburi, Bangkok	3,100	3.10
Other Shareholders	5,920	5.92

Total Shareholders : 15

Share Structure [as at November 9, 2014]

Nationality	Shareholders	No. of Share	% Shares
Thai	15	100,000	100.00
Foreign	-	-	-
Total	15	100,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Mrs. Buppha Chawapong No. 7640

BALANCE SHEET [BAHT]

The latest financial figures published as at December 31, 2013, 2012 & 2011 were:

ASSETS

Current Assets	2013	2012	2011
Cash and Cash Equivalents	1,026,169.73	3,268,235.72	1,105,164.46
Trade Accounts Receivable	15,477,907.82	24,226,462.16	10,999,165.95
Inventories	32,490,551.36	27,818,176.15	37,420,148.08
Other Current Assets	1,693,363.3	1,263,878.90	986,210.94
Total Current Assets	50,687,992.22	56,576,752.93	50,510,689.43
Fixed Assets	20,678,367.40	20,794,378.89	20,842,327.81
Other Investment in Other Company	520,865.00	520,865.00	520,865.00
Other Non - current Assets	1,091,904.10	1,019,063.00	199,593.00
Total Assets	72,979,128.72	78,911,059.82	72,073,475.24

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2013	2012	2011
Bank Overdraft	2,847,082.49	3,464,331.09	4,735,691.21
Trade Accounts Payable	4,035,506.71	6,615,947.43	3,697,633.47
Current Portion of Long-term Lease Contract Payable	401,112.00	318,962.72	460,644.00
Current Portion of Long-term Loans From Bank	-	714,547.24	1,147,325.56
Other Current Liabilities	6,413,812.40	9,697,476.19	6,556,512.30
Total Current Liabilities	13,697,513.60	20,811,264.67	16,597,806.54
Long-term Lease Contract Payable, Net of Current Portion	676,776.03	457,125.00	815,442.00
Long-term Loan from Bank, Net of Current Portion	-	-	695,404.66
Employee Benefits Obligation	227,741.63	201,439.54	181,677.78
Long-term Loan from Related Person	22,615,999.25	26,614,035.00	26,538,000.00
Total Liabilities	37,218,030.51	48,083,864.21	44,828,330.98
Shareholders' Equity
Share capital : Baht 100 par value authorized, issued and fully paid share capital 100,000 shares	10,000,000.00	10,000,000.00	10,000,000.00
Capital Paid	10,000,000.00	10,000,000.00	10,000,000.00
Retained Earning Unappropriated	25,761,098.21	20,827,195.61	17,245,144.26
Total Shareholders' Equity	35,761,098.21	30,827,195.61	27,245,144.26
Total Liabilities & Shareholders' Equity	72,979,128.72	78,911,059.82	72,073,475.24

PROFIT & LOSS ACCOUNT

Revenue	2013	2012	2011
Sales Income	100,301,723.15	116,095,675.19	92,971,221.39
Other Income	1,181,031.03	1,099,811.98	8,503.13
Total Revenues	101,482,754.18	117,195,487.17	92,979,724.52
Expenses
Cost of Goods Sold	62,313,842.61	75,971,796.37	58,828,235.11
Selling Expenses	5,908,160.66	8,934,654.33	6,841,392.49
Administrative Expenses	25,622,233.43	25,610,165.39	22,331,034.77
Total Expenses	93,844,236.70	110,516,616.09	88,000,662.37
Profit / [Loss] before Financial Cost & Income Tax	7,638,517.48	6,678,871.08	4,979,062.15
Financial Costs	[1,614,515.30]	[2,125,136.31]	[1,980,754.98]
Profit / [Loss] before Income Tax	6,024,002.18	4,553,734.77	2,998,307.17
Income Tax	[1,090,099.58]	[971,683.42]	[887,862.24]
Net Profit / [Loss]	4,933,902.60	3,582,051.35	2,110,444.93

FINANCIAL ANALYSIS

ITEM	UNIT	2013	2012	2011
LIQUIDITY RATIO
CURRENT RATIO	TIMES	3.70	2.72	3.04
QUICK RATIO	TIMES	1.20	1.32	0.73
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	4.85	5.58	4.46
TOTAL ASSETS TURNOVER	TIMES	1.37	1.47	1.29
INVENTORY CONVERSION PERIOD	DAYS	190.31	133.65	232.17
INVENTORY TURNOVER	TIMES	1.92	2.73	1.57
RECEIVABLES CONVERSION PERIOD	DAYS	56.32	76.17	43.18
RECEIVABLES TURNOVER	TIMES	6.48	4.79	8.45
PAYABLES CONVERSION PERIOD	DAYS	23.64	31.79	22.94
CASH CONVERSION CYCLE	DAYS	223.00	178.03	252.41
PROFITABILITY RATIO
COST OF GOODS SOLD	%	62.13	65.44	63.28
SELLING & ADMINISTRATION	%	31.44	29.76	31.38
INTEREST	%	1.61	1.83	2.13
GROSS PROFIT MARGIN	%	39.05	35.51	36.73
NET PROFIT MARGIN BEFORE EX. ITEM	%	7.62	5.75	5.36
NET PROFIT MARGIN	%	4.92	3.09	2.27
RETURN ON EQUITY	%	13.80	11.62	7.75
RETURN ON ASSET	%	6.76	4.54	2.93
EARNING PER SHARE	BAHT	49.34	35.82	21.10
LEVERAGE RATIO
DEBT RATIO	TIMES	0.51	0.61	0.62
DEBT TO EQUITY RATIO	TIMES	1.04	1.56	1.65
TIME INTEREST EARNED	TIMES	4.73	3.14	2.51
ANNUAL GROWTH
SALES GROWTH	%	(13.60)	24.87
OPERATING PROFIT	%	14.37	34.14
NET PROFIT	%	37.74	69.73
FIXED ASSETS	%	(0.56)	(0.23)
TOTAL ASSETS	%	(7.52)	9.49

ANNUAL GROWTH : ACCEPTABLE

An annual sales growth is -13.6%. Turnover has decreased from THB 116,095,675.19 in 2012 to THB 100,301,723.15 in 2013. While net profit has increased from THB 3,582,051.35 in 2012 to THB 4,933,902.60 in 2013. And total assets has decreased from THB 78,911,059.82 in 2012 to THB 72,979,128.72 in 2013.

PROFITABILITY : IMPRESSIVE

PROFITABILITY RATIO

Gross Profit Margin	39.05	Acceptable	Industrial Average	61.63
Net Profit Margin	4.92	Impressive	Industrial Average	4.32
Return on Assets	6.76	Impressive	Industrial Average	4.94
Return on Equity	13.80	Impressive	Industrial Average	8.92

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 39.05%. 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 4.92%, 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 6.76%, 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 13.8%, 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 Uptrend

LIQUIDITY : ACCEPTABLE

LIQUIDITY RATIO

Current Ratio	3.70	Impressive	Industrial Average	1.85
Quick Ratio	1.20
Cash Conversion Cycle	223.00

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 3.7 times in 2013, increased from 2.72 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 1.2 times in 2013, decreased from 1.32 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 223 days.

Trend of the average competitors in the same industry for last 5 years

Current Ratio Downtrend

LEVERAGE : ACCEPTABLE

LEVERAGE RATIO

Debt Ratio	0.51	Acceptable	Industrial Average	0.42
Debt to Equity Ratio	1.04	Risky	Industrial Average	0.71
Times Interest Earned	4.73	Impressive	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 higher the percentage means that the company is using less equity and has stronger leverage position.

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 4.74 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 0.51 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 Stable

ACTIVITY : IMPRESSIVE

ACTIVITY RATIO

Fixed Assets Turnover	4.85	Impressive	Industrial Average	-
Total Assets Turnover	1.37	Impressive	Industrial Average	1.14
Inventory Conversion Period	190.31
Inventory Turnover	1.92	Acceptable	Industrial Average	2.86
Receivables Conversion Period	56.32
Receivables Turnover	6.48	Impressive	Industrial Average	3.19
Payables Conversion Period	23.64

The company's Account Receivable Ratio is calculated as 6.48 and 4.79 in 2013 and 2012 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2013 increased from 2012. This would suggest the company had good performance in the management of its debt collections.

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 134 days at the end of 2012 to 190 days at the end of 2013. This represents a negative trend. And Inventory turnover has decreased from 2.73 times in year 2012 to 1.92 times in year 2013.

The company's Total Asset Turnover is calculated as 1.37 times and 1.47 times in 2013 and 2012 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 Downtrend

Inventory Turnover Downtrend

Receivables Turnover Downtrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.11
UK Pound	1	Rs.97.84
Euro	1	Rs.71.12

INFORMATION DETAILS

Analysis Done by :	SAN
Report Prepared by :	ANK

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%)

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