MIRA
INFORM REPORT
|
Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
FUJI XEROX
LEASING [THAILAND] LTD. |
|
|
|
|
Registered Office : |
23rd-26th Floor, Sun Tower A Building, 123 Vibhavadi Rangsit Road, Chomphol, Jatujak, Bangkok 10900, |
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Country : |
Thailand |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
27.05.2004 |
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Com. Reg. No.: |
0105547072001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Leasing Service Provider of Office Automation Equipment |
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No. of Employees : |
5 |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
FUJI
XEROX LEASING [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 23rd-26th FLOOR,
SUN TOWER
A BUILDING,
123
VIBHAVADI
RANGSIT ROAD, CHOMPHOL,
JATUJAK,
BANGKOK 10900, THAILAND
TELEPHONE : [66] 2660-8000
FAX : [66] 2617-6736,
2617-6748-9
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547072001
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP : BHT.
150,000,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MASASHI HONDA,
JAPANESE
PRESIDENT
NO.
OF STAFF : 5
LINES
OF BUSINESS : OFFICE AUTOMATION
EQUIPMENT
LEASING SERVICE
PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on May 27, 2004
as a private
limited company under the
registered name FUJI
XEROX LEASING [THAILAND] LTD.,
by Thai and foreign investors, with the
business objective to
provide leasing service
for office automation
equipment. It currently
employs 5 staff.
The
subject is a
subsidiary of Fuji
Xerox Asia Pacific
Pte. Ltd. in
Singapore.
The subject’s registered
address is 23rd-26th Floor,
Sun Tower A
Building, Vibhavadi Rangsit Rd., Chomphol, Jatujak, Bangkok
10900, and this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Masashi Honda |
[x] |
Japanese |
54 |
|
Mr. Tetsuya Takagi |
|
Japanese |
48 |
|
Ms. Dujduan Boonsue |
[x] |
Thai |
44 |
|
Mr. Katsuhiko Yanagawa |
|
Japanese |
56 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Masashi Honda is
the President.
He is Japanese
nationality with the
age of 54
years old.
Ms. Dujduan Boonsue is
the Finance Director.
She is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing leasing service of
“FUJI-XEROX” office automation
equipment, mainly multi-function system copy
machines, digital printers,
facsimiles, scanner and etc. The
products have been served to customers of Fuji Xerox [Thailand] Co.,
Ltd., the related
company.
PURCHASE
100%
of office supplies
and office automation
equipment are purchased
from local suppliers.
SERVICES
100% of the
products is served
locally to end-users.
RELATED AND
AFFILIATED COMPANY
Fuji Xerox [Thailand]
Co., Ltd.
Business Type :
Importer and distributor
of office automation
equipment and supplies.
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.
BANKING
Bank
of Ayudhya Public
Company Limited
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
Subject’s
business performance remains
moderate as its products have been used in various businesses,
which is continuously expanded.
Current domestic consumption
remains impressive.
FINANCIAL INFORMATION
The
capital was registered at Bht.
60,000,000 divided into 6,000 shares of
Bht. 10,000 each with
fully paid.
On
March 27, 2006,
the capital was
increased to Bht. 150,000,000 divided
into 15,000 shares of
Bht. 10,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at July 4,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Fuji Xerox Asia
Pacific Pte. Ltd. Nationality: Singaporean Address : Fuji
Xerox Towers, #37-00
80 Anson Road,
Singapore |
14,998 |
99.98 |
|
Mr. Tetsuya Takagi Nationality: Japanese Address : Fuji
Xerox Towers, #37-00
80 Anson Road,
Singapore |
1 |
0.01 |
|
Mr. Katsuhiko Yanagawa Nationality: Japanese Address : Fuji
Xerox Towers, #37-00
80 Anson Road,
Singapore |
1 |
0.01 |
Total Shareholders : 3
Share Structure [as
at July 4,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
15,000 |
100.00 |
|
Total |
3 |
15,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Vichart Lokestkravee No.
4451
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
23,439,536 |
20,441,484 |
|
Hire-purchase Contract Receivable, net |
3,327,633 |
5,994,971 |
|
Financial Lease Contract
Receivable, net |
838,747,467 |
898,397,197 |
|
Lease Contract Receivable, net |
98,435 |
222,245 |
|
Deferred Rental |
55,220,249 |
44,581,526 |
|
Other Current Assets
|
|
|
|
Refundable Value Added Tax |
27,898,708 |
33,356,553 |
|
Withholding Income Tax |
16,550,388 |
- |
|
Others |
147,092 |
2,181,097 |
|
|
|
|
|
Total Current Assets
|
965,429,508 |
1,005,175,073 |
|
|
|
|
|
Fixed Assets |
- |
283,188 |
|
Total Assets |
965,429,508 |
1,005,458,261 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable-Related Company |
124,487,690 |
71,374,192 |
|
Other Accounts Payable -Related
Company |
8,693,584 |
12,716,254 |
|
Accrued Income Tax |
- |
3,912,265 |
|
Other Current Liabilities |
1,693,818 |
2,265,897 |
|
|
|
|
|
Total Current Liabilities |
134,875,092 |
90,268,608 |
|
Long-term Loan from Related
Company |
609,400,000 |
726,000,000 |
|
Deposit for Lease
Contract |
984,340 |
1,190,550 |
|
Total Liabilities |
745,259,432 |
817,459,158 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 15,000 shares |
150,000,000 |
150,000,000 |
|
|
|
|
|
Capital Paid |
150,000,000 |
150,000,000 |
|
Retained Earning-
Unappropriated |
70,170,076 |
37,999,103 |
|
Total Shareholders' Equity |
220,170,076 |
187,999,103 |
|
Total Liabilities & Shareholders' Equity |
965,429,508 |
1,005,458,261 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Hire-purchase Contract Income |
280,874 |
671,653 |
|
Financial Lease Contract Income |
79,713,764 |
89,105,194 |
|
Lease Contract Income |
790,500 |
947,400 |
|
Other Income |
7,208,485 |
8,802,104 |
|
Total Revenues |
87,993,623 |
99,526,351 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
6,401,995 |
7,386,605 |
|
Selling and Administrative
Expenses |
7,521,442 |
7,457,417 |
|
Bad Debts & Doubtful Account |
2,485,168 |
[1,637,145] |
|
Total Expenses |
16,408,605 |
13,206,877 |
|
|
|
|
|
Profit before Financial Expenses & Income
Tax |
71,585,018 |
86,319,474 |
|
Financial Expenses |
[39,414,045] |
[36,348,252] |
|
Profit before Income Tax |
32,170,973 |
49,971,222 |
|
Income Tax |
- |
[10,282,310] |
|
|
|
|
|
Net Profit / [Loss] |
32,170,973 |
39,688,912 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
7.16 |
11.14 |
|
QUICK RATIO |
TIMES |
6.83 |
10.74 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
317.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.08 |
0.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
8.00 |
8.23 |
|
SELLING & ADMINISTRATION |
% |
9.40 |
8.31 |
|
INTEREST |
% |
49.27 |
40.49 |
|
GROSS PROFIT MARGIN |
% |
102.00 |
102.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
89.49 |
96.15 |
|
NET PROFIT MARGIN |
% |
40.22 |
44.21 |
|
RETURN ON EQUITY |
% |
14.61 |
21.11 |
|
RETURN ON ASSET |
% |
3.33 |
3.95 |
|
EARNING PER SHARE |
BAHT |
2,144.73 |
2,645.93 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.38 |
4.35 |
|
TIME INTEREST EARNED |
TIMES |
1.82 |
2.37 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(10.90) |
|
|
OPERATING PROFIT |
% |
(17.07) |
|
|
NET PROFIT |
% |
(18.94) |
|
|
FIXED ASSETS |
% |
(100.00) |
|
|
TOTAL ASSETS |
% |
(3.98) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
102.00 |
Impressive |
Industrial
Average |
42.32 |
|
Net Profit Margin |
40.22 |
Impressive |
Industrial
Average |
(21.21) |
|
Return on Assets |
3.33 |
Impressive |
Industrial
Average |
0.66 |
|
Return on Equity |
14.61 |
Impressive |
Industrial
Average |
5.76 |
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 102%. 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 40.22%,
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
3.33%, 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 14.61%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
7.16 |
Deteriorated |
Industrial
Average |
30.38 |
|
Quick Ratio |
6.83 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 7.16 times in 2011, decreased from 11.14 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 lower.
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 6.83 times in 2011,
decreased from 10.74 times, although excluding inventory so the company still have
good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
3.38 |
Risky |
Industrial
Average |
3.26 |
|
Times Interest Earned |
1.82 |
Deteriorated |
Industrial
Average |
233.44 |
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 1.82 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 0.77 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
4,856.53 |
|
Total Assets Turnover |
0.08 |
Deteriorated |
Industrial Average |
0.33 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
22.35 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
0.84 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.67 |
|
|
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
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.