MIRA INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
FUJI
XEROX [THAILAND] CO.,
LTD. |
|
|
|
|
Registered Office : |
23rd
- 26th Floor,
Suntower A Building, 123 Vibhavadi-Rangsit Road,
Chompol, Chatuchak,
Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
16.06.1978 |
|
|
|
|
Com. Reg. No.: |
0105521009891 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Provider and Importer, Distributor and Service of office automations and related products |
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
FUJI XEROX
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 23rd - 26th FLOOR,
SUNTOWER A BUILDING,
123
VIBHAVADI-RANGSIT
ROAD, CHOMPOL,
CHATUCHAK,
BANGKOK 10900, THAILAND
TELEPHONE : [66] 2660-8000
FAX :
[66] 2617-6748-9
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1978
REGISTRATION
NO. : 0105521009891
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP : BHT. 40,000,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100.00%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MASASHI HONDA,
JAPANESE
PRESIDENT
NO.
OF STAFF : 930
LINES
OF BUSINESS : OFFICE AUTOMATIONS
AND RELATED PRODUCTS
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 June 16, 1978 as
a private limited
company under the registered
name “Thai Xerographic
Systems Co., Ltd.”
by foreign group.
On June 15, 1993,
its registered name
was changed to “Thai Fuji
Xerox Co., Ltd.”, and
finally changed to FUJI
XEROX [THAILAND] CO.,
LTD. on November
3, 2008. Its
business objective is to
supply products and
service of office
automation system under
“FUJI XEROX” brand.
It currently employs
930 staff.
It
is a wholly
owned subsidiary of
Fuji Xerox Asia
Pacific Pte. Ltd.,
in Singapore.
The subject’s registered address is 23rd - 26th Flr.,
Suntower A Building, 123
Vibhavadi- Rangsit Rd.,
Chompol Chatuchak, Bangkok
10900, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Katsuhiko Yanagawa |
[x] |
Japanese |
56 |
|
Mr. Tetsuya Takagi |
|
Japanese |
48 |
|
Mr. Masashi Honda |
[x] |
Japanese |
54 |
|
Mr. Sommart Bunyasunanond |
|
Thai |
50 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can 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.
Mr. Shunsuke Yamamoto is
the Vice President.
He is Japanese
nationality.
Mr. Teiji Kanayama is
the Vice President.
He is Japanese
nationality.
Mr. Sommart Bunyasunanond is
the Vice President.
He is Thai
nationality with the
age of 50 years
old.
Mr. Rangsan Naranjariyangkura is
the Director of
Printer Business Group.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing and
distributing office automations
and related products i.e.
office products, production
system, office printer,
copying machine, multi-function devices, software tools and
paper, under “FUJI
XEROX” brand.
The subject
also provides office
solution, business development,
printer rental and
related services for
event and seminar.
PURCHASE
Most
of its products
are imported from
Japan, Singapore and
Republic of China,
the remaining is
purchased from local
suppliers.
SALES/SERVICES
100% of the products
is sold and
serviced locally to
both private and
government sectors.
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
for the past
two years.
CREDIT
Sales/services 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 terms
BANKING
Bank
of Ayudhaya Public
Co., Ltd.
EMPLOYMENT
The
subject employs 930
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/ residential area.
Branch and Service
Center:
The subject has
3 document technology
centers; 11 branches
in Bangkok; 15
branches in provincial
such as Chiangmai,
Songkhla, Chonburi,
Pathumthani, Ratchburi, Nakornratchasima, Nakornsawan,
Phitsanuloke, Phuket, Ubonratchathani, Suratthani,
Rayong, Chumporn, Chiangrai
& Ayutthaya.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
20,000,000.
COMMENT
The
subject’s business performance
as of March
2011 was impressive
with an increase
in both sales
sale and net
profit comparing to
the same period
of 2010. Generally,
the subject has a
solid business and
always profitable. The
current flood in
Thailand has no impact
on the company’s
business at the
moment. It is still
operating normally.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
20,000,000 divided into
2,000 shares of
Bht. 10,000 ach
with fully paid.
The
capital was increased
later as follows:
Bht. 40,000,000
on August
25, 1981
Bht. 150,000,000
on July
19, 2011
The
latest registered capital was
increased to Bht. 150,000,000 divided
into 15,000 shares
of Bht. 10,000 each.
THE
SHAREHOLDERS LISTED WERE
: [as at July
4, 2011] at
Bht. 40 million
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Fuji Xerox Asia
Pacific Pte. Ltd. Nationality: Singaporean Address : #37-00,
80 Anson Rd.,
Singapore |
3,998 |
99.95 |
|
Mr. Tetsuya Takagi Nationality: Japanese Address : #37-00,
80 Anson Rd.,
Singapore |
1 |
=0.05 |
|
Mr. Katsuhiko Yanagawa Nationality: Japanese Address : #37-00,
80 Anson Rd.,
Singapore |
1 |
|
Total Shareholders : 3
Share Structure [as
at July 4,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
4,000 |
100.00 |
|
Total |
3 |
4,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Vichart Logestkravee 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 |
223,486,140 |
116,187,900 |
|
Short-term Investment |
596,942,346 |
1,643,709,515 |
|
Trade Accounts Receivable |
|
|
|
Related Company |
134,825,936 |
91,360,031 |
|
Non Related Company |
1,225,121,059 |
992,545,546 |
|
Trade Accounts Receivable,
net |
1,359,946,995 |
1,083,905,577 |
|
Short-term Loan to Related
Person |
1,086,513,000 |
54,000,000 |
|
Inventories |
185,805,015 |
198,184,326 |
|
Other Current Assets |
|
|
|
Other Receivable |
9,586,654 |
9,684,147 |
|
Others |
30,303,566 |
12,661,248 |
|
|
|
|
|
Total Current Assets
|
3,492,583,716 |
3,118,332,713 |
|
Long-term Loan to Related Company |
609,400,000 |
726,000,000 |
|
Long-term Loan to Employees |
705,150 |
1,118,350 |
|
Long-term Investment |
230,484 |
1,001,650 |
|
Fixed Assets |
323,229,178 |
300,535,758 |
|
Other Assets |
20,546,313 |
17,968,678 |
|
Total Assets |
4,446,694,841 |
4,164,957,149 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
Related Company |
262,292,140 |
208,461,530 |
|
Non Related Company |
13,783,221 |
25,408,095 |
|
Total Trade Accounts Payable |
276,075,361 |
233,869,625 |
|
Other Current Liabilities |
|
|
|
Accrued Expenses |
99,830,437 |
81,865,731 |
|
Other Payable-Other |
43,968,929 |
50,479,035 |
|
Other Payable-Related Company |
82,271,408 |
77,798,169 |
|
Accrued Income Tax |
51,942,949 |
- |
|
Others |
49,351,476 |
47,312,787 |
|
|
|
|
|
Total Current Liabilities |
603,440,560 |
491,325,347 |
|
Long-term Loan from Related Person |
154,834,928 |
141,302,845 |
|
Hire-purchase Payable, Net of Current Portion |
30,668,522 |
25,989,545 |
|
Total Liabilities |
788,944,010 |
658,617,737 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 4,000 shares |
40,000,000 |
40,000,000 |
|
|
|
|
|
Capital Paid |
40,000,000 |
40,000,000 |
|
Surplus on Revaluation
of Assets |
5,669,214 |
3,740,205 |
|
Statutory Reserve |
4,000,000 |
4,000,000 |
|
Retained Earning-
Unappropriated |
3,608,081,617 |
3,458,599,207 |
|
Total Shareholders' Equity |
3,657,750,831 |
3,506,339,412 |
|
Total Liabilities & Shareholders' Equity |
4,446,694,841 |
4,164,957,149 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales & Services
Income |
3,987,656,823 |
3,703,158,302 |
|
Other Income |
|
|
|
Interest Income |
59,999,578 |
54,042,294 |
|
Unrealized Gain
from Change Forward |
21,518,152 |
- |
|
Others |
27,247,881 |
27,872,043 |
|
Total Sales |
4,096,422,434 |
3,785,072,639 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
2,848,426,372 |
2,800,414,098 |
|
Selling Expenses |
122,821,409 |
100,525,819 |
|
Administrative Expenses |
711,543,805 |
671,153,053 |
|
Loss on Exchange Rate |
49,434,972 |
- |
|
Total Expenses |
3,732,226,558 |
3,572,092,970 |
|
|
|
|
|
Profit before Financial Expenses & Income Tax |
364,195,876 |
212,979,669 |
|
Financial Expenses |
[1,888] |
[16,337] |
|
Profit before Income Tax |
364,193,988 |
212,963,332 |
|
Income Tax |
[134,711,578] |
[59,181,568] |
|
|
|
|
|
Net Profit / [Loss] |
229,482,410 |
153,781,764 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.79 |
6.35 |
|
QUICK RATIO |
TIMES |
5.41 |
5.90 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.34 |
12.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.90 |
0.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
23.81 |
25.83 |
|
INVENTORY TURNOVER |
TIMES |
15.33 |
14.13 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
112.14 |
97.83 |
|
RECEIVABLES TURNOVER |
TIMES |
3.25 |
3.73 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.77 |
3.31 |
|
CASH CONVERSION CYCLE |
DAYS |
134.18 |
120.35 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
71.43 |
75.62 |
|
SELLING & ADMINISTRATION |
% |
20.92 |
20.84 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
31.30 |
26.59 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.13 |
5.75 |
|
NET PROFIT MARGIN |
% |
5.75 |
4.15 |
|
RETURN ON EQUITY |
% |
6.27 |
4.39 |
|
RETURN ON ASSET |
% |
5.16 |
3.69 |
|
EARNING PER SHARE |
BAHT |
57,370.60 |
38,445.44 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.22 |
0.19 |
|
TIME INTEREST EARNED |
TIMES |
192,900.36 |
13,036.64 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
7.68 |
|
|
OPERATING PROFIT |
% |
71.00 |
|
|
NET PROFIT |
% |
49.23 |
|
|
FIXED ASSETS |
% |
7.55 |
|
|
TOTAL ASSETS |
% |
6.76 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
31.30 |
Impressive |
Industrial Average |
24.52 |
|
Net Profit Margin |
5.75 |
Impressive |
Industrial Average |
1.92 |
|
Return on Assets |
5.16 |
Impressive |
Industrial Average |
3.86 |
|
Return on Equity |
6.27 |
Acceptable |
Industrial Average |
10.62 |
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 31.3%. 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 5.75%, 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 5.16%,
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. When compared with the
industry average, it was lower, the company's figure is 6.27%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
5.79 |
Impressive |
Industrial
Average |
2.52 |
|
Quick Ratio |
5.41 |
|
|
|
|
Cash Conversion Cycle |
134.18 |
|
|
|
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 5.79 times in 2011, decrease from 6.35 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 5.41 times in 2011,
decrease from 5.9 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 135 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial Average |
1.01 |
|
Debt to Equity Ratio |
0.22 |
Impressive |
Industrial Average |
2.76 |
|
Times Interest Earned |
192,900.36 |
Impressive |
Industrial Average |
3.19 |
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 192,900.36 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 0.18 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.34 |
Satisfactory |
Industrial Average |
13.12 |
|
Total Assets Turnover |
0.90 |
Deteriorated |
Industrial Average |
3.22 |
|
Inventory Conversion Period |
23.81 |
|
|
|
|
Inventory Turnover |
15.33 |
Impressive |
Industrial Average |
7.02 |
|
Receivables Conversion Period |
112.14 |
|
|
|
|
Receivables Turnover |
3.25 |
Deteriorated |
Industrial Average |
7.89 |
|
Payables Conversion Period |
1.77 |
|
|
|
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.50.07 |
|
UK Pound |
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.69.04 |
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.