MIRA INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
RICOH
[THAILAND] LIMITED |
|
|
|
|
Registered Office : |
341 Soi Onnuj, Sukhumvit 77 Road, Pravet, Bangkok 10250, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
22.09.1970 |
|
|
|
|
Com. Reg. No.: |
0105513004762 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor
of office automations |
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 30th, 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 [THAILAND]
LIMITED
SUMMARY
BUSINESS
ADDRESS : 341
SOI ONNUJ, SUKHUMVIT 77
ROAD,
PRAVET, BANGKOK
10250, THAILAND
TELEPHONE : [66] 2762-1111
FAX :
[66] 2322-9870,
2721-7940, 7721-7947
E-MAIL
ADDRESS : marketing@ricoh.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1970
REGISTRATION
NO. : 0105513004762 [Former
: 581/2513]
CAPITAL REGISTERED : BHT. 346,400,000
CAPITAL PAID-UP : BHT.
346,400,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100.00%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
JULIAN J. FRYETT,
THAI
PRESIDENT
NO.
OF STAFF : 400
LINES
OF BUSINESS : OFFICE AUTOMATIONS
IMPORTER AND
DISTRIBUTOR
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 September 22,
1970 as a
private limited company
under the registered
name “Gestedner [Thailand]
Limited” by Thai and
foreign groups, with
the objective to
engage in office
automation distribution business
in Thailand.
On
October 27, 1995,
it has been merged with
Inchcape Services [Thailand]
Limited and its
name was changed
to “Inchcape NRG
[Thailand] Limited”.
On August 1, 1999, the
subject has been taken
over by Ricoh Company Limited
in Japan. On
December 1, 1999, its name was
changed to RICOH [THAILAND] LIMITED.
At
present, the subject is
a subsidiary company of Ricoh
Asia Pacific Operation
Limited, the leading manufacturers
of “RICOH” office automation
products in Japan. It
currently employs approximately
400 staff.
It
has been awarded
many international standards
as follows:
ISO
14001 : 2004 certification
[Environment Management System]
ISO
9001 : 2000 certification [Quality
Management System]
ISO/
IEC 20000-1 : 2005 certification
[IT service Management]
ISO
9001 : 2008 certification [Quality
Management System for
office
consulting service].
The
subject’s registered address
was initially located
at 106 Moo 5, Soi Onnuj,
Sukhumvit 77 Rd.,
Pravet, Bangkok 10250.
On October 3,
2005, its registered
address has been
changed from “106
Moo 5” to
“341” Soi Onnuj, Sukhumvit 77 Rd., Pravet, Bangkok 10250, by
the Pravet District
Office, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Julian J.
Fryett |
|
Thai |
48 |
|
Mr. Kovit Suvanich |
|
Thai |
54 |
|
Mr. Burin Aranyanak |
|
Thai |
59 |
|
Mr. Nobuaki Majima |
|
Japanese |
59 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Julian J.
Fryett is the
President.
He is Thai
nationality with the
age of 48
years old.
Mr. Kovit Suvanich
is the Commercial
Director.
He is Thai
nationality with the
age of 54
years old.
Mr. Burin Aranyanak
is the Products
Manager.
He is Thai
nationality with the
age of 59
years old.
Mr. Sawad Lertwattanasak is
the Sales Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of office automations
including black & white color multifunction machines,
black & white printers, facsimile,
gel sprinter, digital
duplicator, wide format,
and production printing
supplies, as well
as providing rental
and after sales
services.
BRAND NAME
“RICOH”
PURCHASE
Most
of the products
are imported from
Japan, and the
rest is purchased
from local suppliers.
MAJOR
SUPPLIERS
Ricoh Services [Thailand]
Co., Ltd. : Thailand
Ricoh Company Limited : Japan
Ricoh Manufacturing
[Thailand] Co., Ltd. : Thailand
SALES
[LOCAL]
100%
of the products
are sold locally
by wholesale through
authorized dealers as the followings:
SIS
Distribution [Thailand]
Public Company Limited
Ingram Micro [Thailand] Co.,
Ltd.
Central
Security Supply Co.,
Ltd.
Modernform
Integration Services Co.,
Ltd.
Computer
Peripheral Supply Ltd.
Terabyte
Net Solution Co.,
Ltd.
Net
Brand Consulting Co.,
Ltd.
I
Mart Security Network
Co., Ltd.
Etc.
PARENT
COMPANY
Ricoh
Asia Pacific Operation
Limited
Address : One Kao
Loon 1, Wangyuan
Street, Kao Loon
Bay Hong Kong.
RELATED/ AFFILIATED COMPANIES
Ricoh
Services [Thailand] Co.,
Ltd.
Business
Type : Distributor
and service provider
of “RICOH” office automation
Products.
Ricoh
Manufacturing [Thailand] Co.,
Ltd.
Business
Type : Manufacturer
and distributor of
“RICOH” office automation
Products.
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 on negotiated
term.
BANKING
The Siam
Commercial Bank Public Co.,
Ltd.
[Asoke Branch : Sukhumvit 21 Rd.,
Klongtoeynua, Wattana, Bangkok
10110]
Hong Kong &
Shanghai Banking Corporation
[Bangkok Branch: 968
Rama 4 Rd., Silom, Bangrak,
Bangkok 10500]
Standard Chartered
Bank [Thai] Public Co., Ltd.
[Head Office :
90 North Sathorn
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The
subject employs approximately
400 staff. [office
staff, sale staff and
service workers]
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in
commercial/residential area.
SHOWROOM/SERVICE CENTER
At present, there are 17 showrooms/service centers,
with 8 branches located in
Bangkok and 9
branches in provincial;
as well as 13
sub-branches in provincial,
such as Chiengmai, Khon Kaen, Suratthani, Songkhla,
Rayong, Nakornsawan and
Nakornratchasima province.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
The name RICOH was found in Thailand over thirty
years ago. It is one of the oldest brands represent a good quality office
automations. Its outstanding office equipment is photocopy machine, which
has enabled the
name RICOH a
very well known among users.
The
subject’s office automation and
supplies businesses are in well positioned. The subject also has
a bright prospect
and high potential
in Thailand’s office automation business.
However,
the subject has inevitably
been affected from
a current severe
flood in many
parts of country
particularly the flooding
areas where the
branches are located.
Some branches are
temporarily closed. However,
the subject is
still operating normally
and hopes that
the flood situation
would end shortly.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
100,000 divided into 1,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 6,400,000
on March 30,
1972
Bht. 346,400,000
on October 4,
1999
The
latest registered capital
was increased to
Bht. 346,400,000 divided
into 3,464,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at July
29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ricoh Asia Pacific
Operation Limited Nationality: Hong Kong Address : One
Kao Loon 1,
Wangyuan Street, Kao Loon
Bay Hong Kong |
3,463,994 |
100.00 |
|
Ricoh [Malaysia] Sdn. Bhd. Nationality: Malaysian Address : Malaysia |
1 |
- |
|
Ricoh Asia Pacific
Pte. Ltd. Nationality: Singaporean Address : Singapore |
1 |
- |
|
Ricoh [Singapore] Pte. Ltd. Nationality: Singaporean Address : Singapore |
1 |
- |
|
Ricoh [Philippines] Inc. Nationality: Filipino Address : Philippines |
1 |
- |
|
Mr. Nobuaki Majima Nationality: Japanese Address : 260
Orchard Rd., The
Herain, Singapore |
1 |
- |
|
Mr. Julian J.
Fryett Nationality: Thai Address : 889
Pattanakarn 74 Rd.,
Pravet, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at July 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign |
6 |
3,463,999 |
100.00 |
|
Total |
7 |
3,464,000 |
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 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
94,944,980 |
206,479,285 |
|
Trade Accounts Receivable |
|
|
|
Related Company |
129,187,118 |
99,065,640 |
|
Other |
444,046,428 |
329,982,235 |
|
Related Company Receivable |
72,056,124 |
52,096,769 |
|
Short-term Loan to Related
Company |
343,187,001 |
270,706,535 |
|
Inventories |
305,440,664 |
232,166,255 |
|
Other Current Assets |
15,507,307 |
16,798,557 |
|
|
|
|
|
Total Current Assets
|
1,404,369,622 |
1,207,295,276 |
|
Assets for Rental |
358,614,654 |
272,999,916 |
|
Fixed Assets |
79,167,875 |
78,254,767 |
|
Software Right |
21,274,867 |
18,328,104 |
|
Deposit |
9,023,305 |
9,221,722 |
|
Loan to Employees |
480,711 |
4,890,095 |
|
Total Assets |
1,872,931,034 |
1,590,989,880 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
Related Company |
408,200,763 |
306,003,658 |
|
Other |
59,626,052 |
77,691,371 |
|
Related Company Payable |
39,387,490 |
36,370,201 |
|
Accrued Income Tax |
28,367,046 |
26,611,962 |
|
Other Current Liabilities |
304,257,740 |
264,119,703 |
|
|
|
|
|
Total Current Liabilities |
839,839,091 |
710,796,895 |
|
Investment Fund |
- |
5,222,500 |
|
Estimated for Benefit Employees
|
36,668,379 |
33,013,735 |
|
Total Liabilities |
876,507,470 |
749,033,130 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,464,000 shares |
346,400,000 |
346,400,000 |
|
|
|
|
|
Capital Paid |
346,400,000 |
346,400,000 |
|
Appropriated for : Statutory Reserve |
767,140 |
767,140 |
|
Other Reserve |
79,314 |
79,314 |
|
Retained Earning-
Unappropriated |
649,177,110 |
494,710,296 |
|
Total Shareholders' Equity |
996,423,564 |
841,956,750 |
|
Total Liabilities & Shareholders' Equity |
1,872,931,034 |
1,590,989,880 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
2,179,330,700 |
1,948,148,138 |
|
Services Income |
1,450,176,575 |
1,219,283,041 |
|
Other Income |
19,243,497 |
12,490,769 |
|
Total Sales |
3,648,750,772 |
3,179,921,948 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
2,397,206,371 |
2,106,653,697 |
|
Selling Expenses |
729,950,559 |
639,030,860 |
|
Administrative Expenses |
278,832,900 |
251,394,264 |
|
Total Expenses |
3,405,989,830 |
2,997,078,821 |
|
|
|
|
|
Profit before Financial Cost & Income Tax |
242,760,942 |
182,843,127 |
|
Financial Cost |
[77,854] |
[17,294] |
|
Profit before Income Tax |
242,683,088 |
182,825,833 |
|
Income Tax |
[88,216,274] |
[67,891,655] |
|
|
|
|
|
Net Profit / [Loss] |
154,466,814 |
114,934,178 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.67 |
1.70 |
|
QUICK RATIO |
TIMES |
1.29 |
1.35 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
45.85 |
40.48 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.94 |
1.99 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
46.51 |
40.23 |
|
INVENTORY TURNOVER |
TIMES |
7.85 |
9.07 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.66 |
38.03 |
|
RECEIVABLES TURNOVER |
TIMES |
8.17 |
9.60 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.08 |
13.46 |
|
CASH CONVERSION CYCLE |
DAYS |
82.08 |
64.79 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
66.05 |
66.51 |
|
SELLING & ADMINISTRATION |
% |
27.79 |
28.11 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
34.48 |
33.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.69 |
5.77 |
|
NET PROFIT MARGIN |
% |
4.26 |
3.63 |
|
RETURN ON EQUITY |
% |
15.50 |
13.65 |
|
RETURN ON ASSET |
% |
8.25 |
7.22 |
|
EARNING PER SHARE |
BAHT |
44.59 |
33.18 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.88 |
0.89 |
|
TIME INTEREST EARNED |
TIMES |
3,118.16 |
10,572.63 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.59 |
|
|
OPERATING PROFIT |
% |
32.77 |
|
|
NET PROFIT |
% |
34.40 |
|
|
FIXED ASSETS |
% |
1.17 |
|
|
TOTAL ASSETS |
% |
17.72 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
34.48 |
Impressive |
Industrial Average |
18.04 |
|
Net Profit Margin |
4.26 |
Impressive |
Industrial Average |
1.24 |
|
Return on Assets |
8.25 |
Impressive |
Industrial Average |
2.56 |
|
Return on Equity |
15.50 |
Impressive |
Industrial Average |
6.03 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 34.48%. 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. Net Profit Margin is 4.26%, 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 is 8.25%,
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 15.5%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.67 |
Impressive |
Industrial Average |
1.57 |
|
Quick Ratio |
1.29 |
|
|
|
|
Cash Conversion Cycle |
82.08 |
|
|
|
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 1.67 times in 2011, decrease from 1.7 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 1.29 times in 2011,
decrease from 1.35 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 83 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Impressive |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
0.88 |
Impressive |
Industrial Average |
1.35 |
|
Times Interest Earned |
3,118.16 |
Impressive |
Industrial Average |
1.62 |
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 3118.16 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 0.47 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
45.85 |
Impressive |
Industrial Average |
7.02 |
|
Total Assets Turnover |
1.94 |
Satisfactory |
Industrial Average |
2.03 |
|
Inventory Conversion Period |
46.51 |
|
|
|
|
Inventory Turnover |
7.85 |
Impressive |
Industrial Average |
5.51 |
|
Receivables Conversion Period |
44.66 |
|
|
|
|
Receivables Turnover |
8.17 |
Impressive |
Industrial Average |
4.79 |
|
Payables Conversion Period |
9.08 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
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.