MIRA
INFORM REPORT
|
Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
RICOH SERVICES [THAILAND] LIMITED |
|
|
|
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Registered Office : |
341 Onnuch Road, Prawet, Bangkok 10250 |
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Country : |
Thailand |
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|
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
12.04.1988 |
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Com. Reg. No.: |
0105531026179 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Service Provider of Office Automations |
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No. of Employees : |
580 |
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 – 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
RICOH
SERVICES [THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 341
ONNUCH ROAD, PRAWET,
BANGKOK 10250,
THAILAND
BRANCH
: 3rd Floor Pavilion
Place, Laksong, Bangkae District, Bangkok, Thailand
TELEPHONE : [66] 2762-1111
FAX :
[66] 2322-9870
E-MAIL
ADDRESS : service@ricoh.co.th
marketing@ricoh.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531026179
CAPITAL REGISTERED : BHT. 2,050,000
CAPITAL PAID-UP : BHT. 512,500
SHAREHOLDER’S PROPORTION : THAI :
51.25%
FOREIGN :
48.75%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JULIAN JULANAN
FRYETT, THAI
PRESIDENT
NO.
OF STAFF : 580
LINES
OF BUSINESS : OFFICE AUTOMATIONS
IMPORTER, DISTRIBUTOR
AND 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 April 12,
1988 as a
private limited company under
the originally registered
name “Siam Duplico Ltd.”
by Thai and
Foreign groups. On
November 25, 1993,
its registered name
was changed to “Gestetner Services
[Thailand] Co., Ltd.”, and was
changed to “Inchcape
NRG Services [Thailand] Ltd.” on
October 12, 1995.
Then its name
was finally changed to RICOH
SERVICES [THAILAND] LIMITED on
December 1, 1999.
Its business objective is to
supply and provide
service for “RICOH” office automations
through 17 sales
and service centers located both
in Bangkok and
provincial. It currently
employs 580 staff.
The
subject is an
affiliated company of
Ricoh Asia Pacific
Operation Limited, in
Hong
Kong.
The
subject’s registered address
is 341 Onnuch Rd.,
Prawet, Bangkok 10250,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Raviwan Suphawongse |
|
Thai |
58 |
|
Mr. Kovit Suwanich |
|
Thai |
54 |
|
Mr. Burin Aranyanark |
|
Thai |
59 |
|
Mr. Julian Julanan Fryett |
|
Thai |
48 |
|
Mr. Nobuaki Majima |
|
Japanese |
59 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Julian Julanan Fryett
is the President.
He is Thai
nationality with the
age of 48
years old.
Mr. Viwat Lertwattanasak is
the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s
main business is
engaged in providing
complete range of
services for office
automations such as
color multifunction copy machine,
color printer, digital
duplicator, color production printer, digital camera, black & white multifunction
copy machine, black & white printer,
wide format, projector, facsimile,
gelsprinter and etc., under
the brand name “RICOH”.
Range of services
includes leasing, procurement
and after sales
services to customers
both private company,
state enterprises and
government sectors.
The subject is
also importer and
distributor of “RICOH”
office automations.
PURCHASE
Most of the
products are purchased
from local suppliers,
the remaining is
imported from Japan.
MAJOR
SUPPLIERS
Ricoh Manufacturing
[Thailand] Co., Ltd. : Thailand
Ricoh Co., Ltd. : Japan
SALES/SERVICES
100% of the
products is sold
and serviced through
17 sales and
service centers nation
wide.
RELATED AND
AFFILIATED COMPANIES
Ricoh [Thailand] Co.,
Ltd.
Business Type :
Importer and distributor
of “RICOH” office
automations.
Ricoh Manufacturing
[Thailand] Co., Ltd.
Business Type :
Manufacturer of “RICOH”
office automations.
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 on negotiated
terms.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
Hong
Kong & Shanghai
Banking Corporation
EMPLOYMENT
The
subject employs 580
office staff, sales
representatives and service
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
5,000,000.
COMMENT
Brand
Ricoh ranks fifth
in Thai market office
automations. Thailand is one of
the Ricoh markets
for more than
20 years. The
country floods crisis
has affected office
automation market growth.
Unit sales have
dropped sharply, due to slump in demand and a
shortage of some
parts. In the fourth
quarter of 2011, demand
plunged by 40%,
but expected to
rebound in next
year’s second quarter.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
On
March 23, 1990,
the capital was
increased to Bht.
2,050,000 divided into
20,500 shares of
Bht. 100 each with
25% paid-up.
THE SHAREHOLDERS
LISTED WERE
[as at
July 29, 2011]
at Bht. 512,500
of capitalzation
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ricoh Asia Pacific
Operation Limited Nationality: Hong Kong Address : Kao
Loon Bay, Hong
Kong |
9,993 |
48.75 |
|
Mr. Kovit Suwanich Nationality: Thai Address : 1524/57
Moo 7, Theparak,
Muang,
Samutprakarn |
5,250 |
25.61 |
|
Ms. Raviwan Suphawongse Nationality: Thai Address : 21
Ladprao 80 Rd.,
Wangthonglang, Bangkok |
5,250 |
25.61 |
|
Mrs. Peeraphan Tangsuwan Nationality: Thai Address : 66/80
Ladprao 80 Rd.,
Wangthonglang, Bangkok |
3 |
0.01 |
|
Ricoh Asia Pacific
Pte. Ltd. Nationality: Singaporean Address : 260
Orchard Rd., Singapore |
1 |
|
|
Ms. Suwannee Jiraruedee Nationality: Thai Address : 166
Dinsor Rd., Saochingcha, Phranakorn, Bangkok |
1 |
= 0.02 |
|
Mr. Suriyong Tangsuwan Nationality: Thai Address : 66/80
Ladprao 80 Rd.,
Wangthonglang,
Bangkok |
1 |
|
|
Ms. Jariya Thitirayanapinand Nationality: Thai Address :
102 Rama 4
Rd., Klongton, Prakanong,
Bangkok |
1 |
|
Total Shareholders : 8
Share Structure [as
at July 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
10,506 |
51.25 |
|
Foreign |
2 |
9,994 |
48.75 |
|
Total |
8 |
20,500 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Siriphen Sukcharoenyingyong No.
3636
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2011 and
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
20,376,807 |
28,239,567 |
|
Finance Lease Contract
Receivable |
352,563,511 |
162,900,036 |
|
Lease Contract Receivable |
8,680,955 |
14,104,878 |
|
Related Company Receivable |
44,313,330 |
33,353,551 |
|
Inventories |
1,856,945 |
4,650,621 |
|
Foreclosed Assets |
- |
17,507 |
|
Other Current Assets
|
184,750,460 |
138,968,123 |
|
|
|
|
|
Total Current Assets
|
612,542,008 |
382,234,283 |
|
Finance Lease Contract
Receivable |
653,369,376 |
336,677,319 |
|
Assets for Rent |
369,326,518 |
720,393,112 |
|
Leasehold Right Improvement
& Equipment |
31,991,760 |
21,943,319 |
|
Deposit |
5,139,548 |
3,620,274 |
|
Total Assets |
1,672,369,210 |
1,464,868,307 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institution |
105,000,000 |
- |
|
Trade Accounts Payable -
Related Company |
130,274,426 |
99,661,999 |
|
Short-term Loan from
Related Company |
343,187,001 |
984,206,535 |
|
Accrued Income Tax |
12,588,017 |
- |
|
Other Current Liabilities |
66,142,191 |
68,940,649 |
|
|
|
|
|
Total Current Liabilities |
657,191,635 |
1,152,809,183 |
|
Long-term Loan from
Related company |
805,660,000 |
196,260,000 |
|
Estimated Employees’ Pension
Benefit |
8,598,796 |
8,528,197 |
|
Total Liabilities |
1,471,450,431 |
1,357,597,380 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
20,500 shares |
2,050,000 |
2,050,000 |
|
|
|
|
|
Capital Paid |
512,500 |
512,500 |
|
Retained Earning Appropriated for
Statutory Reserve |
51,250 |
51,250 |
|
Unappropriated |
200,355,029 |
106,707,177 |
|
Total Shareholders' Equity |
200,918,779 |
107,270,927 |
|
Total Liabilities & Shareholders' Equity |
1,672,369,210 |
1,464,868,307 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Commission Income |
387,911,676 |
339,407,138 |
|
Lease Contract Income |
530,171,978 |
695,843,813 |
|
Finance Lease Contract
Income |
75,096,297 |
28,918,854 |
|
Sales |
4,589,860 |
1,591,420 |
|
Other Income |
22,557,177 |
25,624,921 |
|
Total Revenues |
1,020,326,988 |
1,091,386,146 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Direct
Lease Contract |
452,980,254 |
605,736,175 |
|
Cost of Goods
Sold |
8,481,855 |
1,970,563 |
|
Selling Expenses |
337,339,416 |
309,786,787 |
|
Administrative Expenses |
30,982,259 |
29,556,197 |
|
Total Expenses |
829,783,784 |
947,049,722 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
190,543,204 |
144,336,424 |
|
Financial Cost |
[35,947,472] |
[32,383,724] |
|
Income Tax |
[60,947,880] |
[44,967,236] |
|
|
|
|
|
Net Profit / [Loss] |
93,647,852 |
66,985,464 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.93 |
0.33 |
|
QUICK RATIO |
TIMES |
0.65 |
0.21 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.27 |
15.54 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.23 |
0.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1.47 |
2.79 |
|
INVENTORY TURNOVER |
TIMES |
248.51 |
130.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
1.47 |
2.79 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
117.57 |
178.21 |
|
SELLING & ADMINISTRATION |
% |
93.84 |
99.51 |
|
INTEREST |
% |
9.16 |
9.50 |
|
GROSS PROFIT MARGIN |
% |
142.39 |
141.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
48.55 |
42.33 |
|
NET PROFIT MARGIN |
% |
23.86 |
19.64 |
|
RETURN ON EQUITY |
% |
46.61 |
62.45 |
|
RETURN ON ASSET |
% |
5.60 |
4.57 |
|
EARNING PER SHARE |
BAHT |
18,272.75 |
13,070.33 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.32 |
12.66 |
|
TIME INTEREST EARNED |
TIMES |
5.30 |
4.46 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.10 |
|
|
OPERATING PROFIT |
% |
32.01 |
|
|
NET PROFIT |
% |
39.80 |
|
|
FIXED ASSETS |
% |
45.79 |
|
|
TOTAL ASSETS |
% |
14.17 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
142.39 |
Impressive |
Industrial Average |
33.91 |
|
Net Profit Margin |
23.86 |
Impressive |
Industrial
Average |
5.40 |
|
Return on Assets |
5.60 |
Impressive |
Industrial
Average |
3.17 |
|
Return on Equity |
46.61 |
Impressive |
Industrial
Average |
8.10 |
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 142.39%. 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 23.86%, 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
5.6%, 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 46.61%, 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 |
0.93 |
Risky |
Industrial
Average |
31.86 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
1.47 |
|
|
|
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 0.93 times in 2011, increased from 0.33 times, then the company may have
problems meeting its short-term obligations. 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 0.65 times in 2011,
increased from 0.21 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 2 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
7.32 |
Risky |
Industrial
Average |
0.63 |
|
Times Interest Earned |
5.30 |
Deteriorated |
Industrial
Average |
338.45 |
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 5.31 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 0.88 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.27 |
Deteriorated |
Industrial
Average |
1,873.77 |
|
Total Assets Turnover |
0.23 |
Deteriorated |
Industrial
Average |
1.46 |
|
Inventory Conversion Period |
1.47 |
|
|
|
|
Inventory Turnover |
248.51 |
Impressive |
Industrial
Average |
49.31 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
22.97 |
|
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.