MIRA INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
FUJI
XEROX ECO-MANUFACTURING CO.,
LTD. |
|
|
|
|
Registered Office : |
41/1
Moo 8, T. Bowin,
A. Sriracha, Chonburi 20230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
0105546012403 |
|
|
|
|
Com. Reg. No.: |
29.01.2003 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Recycling Parts and Equipment of Photocopier 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 ECO-MANUFACTURING CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 41/1
MOO 8, T. BOWIN,
A. SRIRACHA,
CHONBURI 20230,
THAILAND
TELEPHONE : [66] 38
345-041, 38 346-341,
38 345-173
FAX :
[66] 38
345-008, 38 345-585
E-MAIL
ADDRESS : aekparinya-muangkaew@fxem.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546012403
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHARHOLDER’S
PROPORTION : FOREIGN :
100.00%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KATSUNARI MATSUI,
JAPANESE
PRESIDENT
NO.
OF STAFF : 239
LINES
OF BUSINESS : RECYCLING PARTS
AND EQUIPMENT OF
PHOTOCOPIER AND
RELATED PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 January 29, 2003
as a private
limited company under the
registered name style
FUJI XEROX ECO-MANUFACTURING CO., LTD.
by Japanese group, with
the business objective
to operate as
a center of
Fuji Xerox’s international
resource recycling system
in Thailand. It
currently employs 239
staff.
It
is a wholly
owned subsidiary of
Fuji Xerox Co.,
Ltd. in Japan.
It
has achieved the
international standard ISO 14001 : 2004 certification, ISO 9001 : 2008 certification
and OHSAS 18001 : 2007 certification
by BSI.
The
subject’s registered address
is 41/1 Moo
8, T. Bowin, A. Sriracha,
Chonburi 20230, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hitoshi Fujiwara |
|
Japanese |
53 |
|
Mr. Sachio Matsumoto |
|
Japanese |
51 |
|
Mr. Yoshihiro Sasaki |
|
Japanese |
54 |
|
Mr. Hideei Yamazaki |
|
Japanese |
57 |
|
Mr. Katsunari Matsui |
|
Japanese |
56 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Katsunari Matsui is
the Managing Director.
He is Japanes
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject operates
as a center
of Fuji’s Xerox’s
International Resource Recycling
System. It is
engaged in collecting
used Fuji Xerox’s
products, such as
copiers, printers and cartridges from
nine countries and
region in the
Asia-Pacific area, and
disassembling and sorting
them into 74
categories including steel,
aluminium, lenses, glass
and copper for
recycling. In 2010,
the subject collected
approximately 131,000 units
of used products
and generated 21,200
tons of recycled
resources.
The subject
is also manufacturing
of fusing unit
for copiers &
printer and toner
cartridges for export.
PURCHASE
The
products and raw
materials are purchased
from both local
and overseas suppliers
in Australia, New
Zealand, Indonesia, Malaysia,
Philippines, Singapore and
Hong Kong.
MAJOR
SUPPLIER
Fuji
Xerox [Thailand] Co.,
Ltd. : Thailand
Fuji
Xerox Philippines Co.,
Ltd. : Philippines
Fuji
Xerox Asia Pacific
Pte. Ltd. : Malaysia
SALES
The recycle products
are sold to
both local and
overseas customers in
Japan, whereas the fusing
units and toner
cartridges are exported
to Japan.
MAJOR CUSTOMER
Fuji Xerox Co.,
Ltd. : Japan
RELATED AND AFFILIATED
COMPANY
Fuji Xerox [Thailand]
Ltd.
Business Type :
Importer and distributor
of 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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Sumitomo
Mitsui Banking Corporation
EMPLOYMENT
The
subject employs 239
staff comprising 39
permanent staff and
200 contracted staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
on 21,316 square
meters of land,
at the heading
address. Premise is
located in provincial,
the Eastern region.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
5,000,000.
COMMENT
The
subject’s business performance
as of March 2011
was slightly dropped
with a decrease
in both sales
sale and net
profit comparing to
the same period
of 2010. Generally,
the subject’s business is
always profitable and
growing moderately. 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 registered
at Bht. 100,000,000 divided into 10,000 shares of
Bht. 10,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
September 9, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Fuji Xerox Co.,
Ltd. Nationality: Japanese Address : 9-7-3
Adasaka Minato-ku, Tokyo,
Japan |
9,994 |
99.94 |
|
Mr. Katsunari Matsui Nationality: Japanese Address : 41/1
Moo 8, Bowin,
Sriracha, Chonburi |
1 |
0.01 |
|
Mr. Hitoshi Fujiwara Nationality: Japanese Address : 9-7-3
Adasaka Minato-ku, Tokyo,
Japan |
1 |
0.01 |
|
Mr. Yoshihiro Sasaki Nationality: Japanese Address : 9-7-3
Adasaka Minato-ku, Tokyo,
Japan |
1 |
0.01 |
|
Mr. Kenji Ishii Nationality: Japanese Address : 9-7-3
Adasaka Minato-ku, Tokyo,
Japan |
1 |
0.01 |
|
Mr. Sachio Matsumoto Nationality: Japanese Address :
9-7-3 Adasaka Minato-ku,
Tokyo, Japan |
1 |
0.01 |
|
Mr. Hideei Yamazaki Nationality: Japanese Address : 878-4
Tsukahara, Minami Isukara-shi,
Kanakawa, Japan |
1 |
0.01 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Share Structure [as
at September 9
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
7 |
10,000 |
100.00 |
|
Total |
7 |
10,000 |
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 |
54,931,664 |
89,280,887 |
|
Trade Accounts Receivable |
|
|
|
Related Company |
49,502,473 |
70,790,090 |
|
Non Related Company |
3,315,657 |
3,340,752 |
|
Total Trade Accounts
Receivable |
52,818,130 |
74,130,842 |
|
Other Receivable – Related Company |
14,750 |
- |
|
Inventories |
54,292,545 |
47,328,061 |
|
Other Current Assets |
|
|
|
Other Receivable |
107,613 |
120,802 |
|
Undue Business Tax |
812,892 |
1,008,592 |
|
Others |
657,379 |
634,594 |
|
Total Other Current Assets |
1,577,884 |
1,763,988 |
|
|
|
|
|
Total Current Assets
|
163,634,973 |
212,503,778 |
|
Non-current Assets |
|
|
|
Fixed Assets |
152,485,087 |
164,155,668 |
|
Intangible Assets |
944,037 |
1,014,157 |
|
Deposit |
1,916,626 |
2,250,522 |
|
Total Non-current
Assets |
155,345,750 |
167,420,347 |
|
Total Assets |
318,980,723 |
379,924,125 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
Related Company |
47,733,809 |
87,034,503 |
|
Non Related Company |
13,848,058 |
12,389,408 |
|
Total Trade Accounts Payable |
61,581,867 |
99,423,911 |
|
Other Payable |
|
|
|
Related Company |
2,553,412 |
805,194 |
|
Non Related Company |
2,301,897 |
5,099,516 |
|
Total Other Payable |
4,855,309 |
5,904,710 |
|
Short-term Loan from Related Company & Accrued Interest |
- |
54,162,901 |
|
Current Portion of Financial
Lease Contract Payable |
378,976 |
365,105 |
|
Other Current Liabilities |
|
|
|
Accrued Withholding Income Tax
|
762,401 |
1,751,575 |
|
Accrued Income Tax |
7,852,852 |
15,248,877 |
|
Accrued Expenses |
3,794,387 |
2,796,622 |
|
Others |
807,472 |
1,010,764 |
|
|
|
|
|
Total Current Liabilities |
80,033,264 |
180,664,465 |
|
|
|
|
|
Financial Lease Contract
Payable, net of Current Portion |
245,086 |
613,730 |
|
Total Liabilities |
80,278,350 |
181,278,195 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 10,000 shares |
100,000,000 |
100,000,000 |
|
|
|
|
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Retained Earning-
Unappropriated |
138,702,373 |
98,645,930 |
|
Total Shareholders' Equity |
238,702,373 |
198,645,930 |
|
Total Liabilities & Shareholders' Equity |
318,980,723 |
379,924,125 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales Income |
537,933,686 |
593,232,207 |
|
Services Income |
116,059,359 |
124,088,036 |
|
Gain on Exchange Rate |
4,532,427 |
- |
|
Others |
236,222 |
221,830 |
|
Total Sales |
658,761,694 |
717,542,073 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
452,787,825 |
480,642,442 |
|
Cost of Services |
103,502,597 |
116,251,316 |
|
Selling Expenses |
12,983,045 |
12,489,624 |
|
Administrative Expenses |
30,219,940 |
22,520,783 |
|
Loss on Exchange Rate |
- |
1,611,066 |
|
Other Expenses |
257,998 |
- |
|
Total Expenses |
599,751,405 |
633,515,231 |
|
|
|
|
|
Profit before Financial Expenses & Income Tax |
59,010,289 |
84,026,842 |
|
Financial Expenses |
[1,634,268] |
[4,891,599] |
|
Profit before Income Tax |
57,376,021 |
79,135,243 |
|
Income Tax |
[17,319,578] |
[27,512,910] |
|
|
|
|
|
Net Profit / [Loss] |
40,056,443 |
51,622,333 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.04 |
1.18 |
|
QUICK RATIO |
TIMES |
1.35 |
0.90 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.29 |
4.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.05 |
1.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
35.62 |
28.94 |
|
INVENTORY TURNOVER |
TIMES |
10.25 |
12.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1.85 |
1.70 |
|
RECEIVABLES TURNOVER |
TIMES |
197.24 |
214.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.09 |
7.58 |
|
CASH CONVERSION CYCLE |
DAYS |
28.39 |
23.06 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
85.06 |
83.21 |
|
SELLING & ADMINISTRATION |
% |
6.61 |
4.88 |
|
INTEREST |
% |
0.25 |
0.68 |
|
GROSS PROFIT MARGIN |
% |
15.67 |
16.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.02 |
11.71 |
|
NET PROFIT MARGIN |
% |
6.12 |
7.20 |
|
RETURN ON EQUITY |
% |
16.78 |
25.99 |
|
RETURN ON ASSET |
% |
12.56 |
13.59 |
|
EARNING PER SHARE |
BAHT |
4,005.64 |
5,162.23 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.25 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.34 |
0.91 |
|
TIME INTEREST EARNED |
TIMES |
36.11 |
17.18 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(8.83) |
|
|
OPERATING PROFIT |
% |
(29.77) |
|
|
NET PROFIT |
% |
(22.40) |
|
|
FIXED ASSETS |
% |
(7.11) |
|
|
TOTAL ASSETS |
% |
(16.04) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
15.67 |
Impressive |
Industrial
Average |
6.36 |
|
Net Profit Margin |
6.12 |
Impressive |
Industrial
Average |
(0.39) |
|
Return on Assets |
12.56 |
Impressive |
Industrial
Average |
(0.89) |
|
Return on Equity |
16.78 |
Impressive |
Industrial
Average |
(2.54) |
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 15.67%. 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 6.12%, 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 12.56%, 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 16.78%, 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 |
2.04 |
Impressive |
Industrial
Average |
1.75 |
|
Quick Ratio |
1.35 |
|
|
|
|
Cash Conversion Cycle |
28.39 |
|
|
|
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 2.04 times in 2011, increase from 1.18 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 1.35 times in 2011,
increase from 0.9 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 29 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.25 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.34 |
Impressive |
Industrial
Average |
1.60 |
|
Times Interest Earned |
36.11 |
Impressive |
Industrial
Average |
(0.14) |
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 36.11 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 0.25 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.29 |
Acceptable |
Industrial
Average |
6.15 |
|
Total Assets Turnover |
2.05 |
Acceptable |
Industrial
Average |
3.86 |
|
Inventory Conversion Period |
35.62 |
|
|
|
|
Inventory Turnover |
10.25 |
Impressive |
Industrial
Average |
7.87 |
|
Receivables Conversion Period |
1.85 |
|
|
|
|
Receivables Turnover |
197.24 |
Impressive |
Industrial
Average |
11.12 |
|
Payables Conversion Period |
9.09 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
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.