Bangkok--17 Jul--TRIS Rating TRIS Rating Co., Ltd. has affirmed the company rating of I.C.C. International PLC (ICC) at “AA” with “stable” outlook. The rating continues to reflect ICC’s debt-free status, the proven capability and experience of the management team, a diverse range of products and brands, and its position as Thailand’s leading distributor of lingerie, men’s apparel, and cosmetics. ICC has a current strategy to gradually develop its own specialty stores while keeping good relationship with both traditional and modern trade distribution channels. TRIS Rating expects this strategy will help the company sustain its strong market position. The rating also takes into consideration the low profitability typically associated with trading companies, the slowdown in private consumption, and the complex shareholding structure of the Saha Group. The “stable” outlook reflects TRIS Rating’s expectation that ICC will maintain solid market shares across its product lines, despite intense competition. A conservative financial policy will strongly support the company’s rating. TRIS Rating reported that ICC is one of Thailand’s largest wholesalers and distributors, distributing and marketing consumer products, particularly lingerie, apparel, and cosmetics. The company offers more than 100 brands, both foreign and own-brands, such as Wacoal, Arrow, Lacoste, Guy Laroche, ELLE, and Itokin, most of which are well-accepted by Thai consumers. The competence and experience of ICC’s management team, together with support from suppliers within the Saha Group, have made the company a leading distributor in Thailand and allowed it to maintain its market-leading positions. TRIS Rating said, ICC is the clear leader in the middle- to high-end lingerie market, with a combined market share of over 67%. Wacoal products are a major contributor, with a market share of more than 58%. The success of Lacoste and Arrow products has sustained growth in men’s apparel sales since 1998. Men’s apparel now makes up a large portion of total sales, rising from 20% in 2002 to 25% in 2006. Financial policies remain very conservative, as ICC has been debt-free since 2002. ICC has gradually reduced guarantees to related companies from Bt1,023 million in 1999 to Bt333 million at the end of March 2007. An uncertain economic environment has slowed private consumption, which negatively impacted ICC’s financial performance. Sales during the first quarter of 2007 declined by 9.9% to Bt2,899 million in 2007, from Bt3,219 million in the first quarter of 2006. However, the financial profile remains very strong. Net cash flows from operations totaled around Bt82 million in the first quarter of 2007, said TRIS Rating.