MIRA
INFORM REPORT
|
Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
OJI PAPER [THAILAND] LTD. |
|
|
|
|
Registered Office : |
6th Floor, Sindhorn Tower 2 Building, 130-132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1996 |
|
|
|
|
Reg. No.: |
0105539126059 [Former :
2329/2539] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Carbonless Copy
Paper |
|
|
|
|
No. of Employees : |
600 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
OJI PAPER
[THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 6th FLOOR,
SINDHORN TOWER 2
BUILDING,
130-132 WIRELESS
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330 THAILAND
TELEPHONE : [66]
2263-3710, 2263-2705, 2650-9304
FAX : [66] 2263-3701,
2263-2701
E-MAIL ADDRESS : natsinee@ojipaper.co.th
REGISTRATION ADDRESS
: SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0105539126059 [Former
: 2329/2539]
TAX ID NO. : 3011794241
CAPITAL REGISTERED : BHT.
1,340,000,000
CAPITAL PAID-UP : BHT.
1,340,000,000
SHAREHOLDER’S PROPORTION : JAPANESE :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HIROSHI KUMAMOTO, JAPANESE
MANAGING DIRECTOR
NO. OF STAFF : 600
LINES OF BUSINESS : CARBONLESS COPY
PAPER
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on November 14, 1996 as
a private limited
company under the registered name “Advance
Oji Specialty Papers Ltd.” by
Japanese groups. On
October 17, 1997
subject’s name was
changed to OJI PAPER
[THAILAND] LTD. Its
business objective is to manufacture
and distribute carbonless
copy papers for
both local and
overseas markets. It
currently employs approximate 600 staff.
Presently, the subject
is a wholly
owned subsidiary of Oji
Imaging Media Co.,
Ltd., which is
a member of Oji
Paper Co., Ltd.,
in Japan.
The subject’s registered
address is 6th Floor,
Sindhorn
Tower 2 Building,
130-132 Wireless Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tomoo Edagawa |
|
Japanese |
63 |
|
Mr. Yoshihiro Shimizu |
|
Japanese |
51 |
|
Mr. Ryuichi Kisaka |
|
Japanese |
56 |
|
Mr. Hiroshi Kumamoto |
|
Japanese |
52 |
|
Mr. Mitsufumi Matsumoto |
|
Japanese |
53 |
|
Mr. Kazuyoshi Ando |
|
Japanese |
48 |
AUTHORIZED PERSON
Only Mr. Hiroshi Kumamoto can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hiroshi Kumamoto the Managing
Director.
He is Japanese
nationality with the
age of 52
years old.
Mr. Kazuyoshi Ando is
the Production Manager.
He is Japanese
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing, distributing and exporting carbonless copy paper comprising Carbonless Copy Paper, Pressure Sensitive Paper, Thermal Paper under its own brands PHOENIX and KS COPY.
PURCHASE
Raw materials and
chemicals are imported
from Japan, Republic
of China, Taiwan
and Singapore, as
well as purchasing from local suppliers.
MAJOR SUPPLIERS
Oji Paper Co.,
Ltd. : Japan
Siam Paper Public
company Limited :
Thailand
EXPORT [COUNTRIES]
80% of its products
is exported to
Japan, Taiwan, Hong
Kong, Singapore, Indonesia,
Malaysia, Philippines, Korea,
Cambodia, Germany, United
Kingdom, U.S.A., Australia, France,
Sweden, Spain and
Italy.
SALES [LOCAL]
20% of its
products is sold
locally to wholesalers.
RELATED AND AFFILIATED COMPANIES
Oji Label [Thailand]
Co., Ltd.
Business Type
: Manufacturer and
exporter of labels
& stickers
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
according to IRICO’S
DATABASE 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
The Siam Commercial
Bank Public Co., Ltd.
[Klongrang
Branch, Prachinburi Province]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 600 staff.
[office staff and factory
workers]
LOCATION DETAILS
The premise is
rented for operating
office the heading
address on the 6th Floor,
of multi-storey building
in commercial area.
Factory is located
at 309 Moo
10, T. Thatoom, A. Srimahapoe, Prachinburi
25140 Thailand. Tel :
[66] 37 208-865
Fax : [66]
37 208-691, on the land area
of 9,600 sq. m.
COMMENT
The subject was formed in
1996 as
a manufacturer of
carbonless copy paper.
It is one of
the largest and
most influential paper
manufacturer in the
country. With its
strengths in production,
sales and marketing,
its outstanding performance
is retained.
Subject retains the
unique qualities of its
products, as well
as expansion is
sustained the growing
global demand for copy paper especially in commercial sector,
where its quality is
gaining more recognition.
FINANCIAL INFORMATION
The capital was
registered at Bht.
500,000,000 divided into
50,000,000 shares of Bht. 10 each with
fully paid.
On November 28,
2000 the registered
capital was increased
to Bht. 1,340,000,000 divided
into 134,000,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
October 1, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Oji Imaging Media
Co., Ltd. Nationality: Japanese Address : 12-8,
Ginza 5-chome, Chuo-ku, Tokyo 104-0061, Japan |
133,999,998 |
100.00 |
|
Mr. Hiroshi Kumamoto Nationality: Japanese Address : 130-132
Wireless Rd., Lumpini, Pathumwan, Bangkok |
1 |
- |
|
Mr. Fujitaka
Misushima Nationality: Japanese Address : 130-132
Wireless Rd., Lumpini, Pathumwan, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure
[as at October
1, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign-Japanese |
3 |
134,000,000 |
100.00 |
|
Total |
3 |
134,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Prasith Yuengsrikul No.
4174
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
66,552,386 |
75,575,795 |
|
Trade Account Receivable |
510,694,404 |
527,025,707 |
|
Other Receivable |
8,319,595 |
11,213,438 |
|
Inventories |
952,275,255 |
813,327,740 |
|
Deferred Value Added
Tax |
13,893,805 |
9,010,591 |
|
Other Current Assets
|
2,699,804 |
2,080,941 |
|
|
|
|
|
Total Current Assets
|
1,554,435,249 |
1,438,234,212 |
|
Investment in Subsidiary |
106,600,000 |
106,600,000 |
|
Fixed Assets |
2,484,054,793 |
2,650,372,986 |
|
Intangible Assets |
10,117,859 |
14,301,168 |
|
Deferred Income Tax |
84,447,078 |
106,207,856 |
|
Other Assets |
3,103,208 |
4,402,757 |
|
Total Assets |
4,242,758,187 |
4,320,118,979 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Bank |
378,000,000 |
378,000,000 |
|
Trade Account Payable |
597,831,580 |
567,922,530 |
|
Other Payable |
60,114,945 |
62,614,672 |
|
Current Portion of
Financial Lease Contract Liabilities |
1,561,655 |
1,486,810 |
|
Current Portion of
Long-term Loan from
Bank |
166,576,333 |
158,540,538 |
|
Other Current Liabilities |
3,328,667 |
3,420,846 |
|
|
|
|
|
Total Current Liabilities |
1,207,413,180 |
1,171,985,396 |
|
Financial Lease Contract
Liabilities |
674,669 |
2,236,324 |
|
Long-term Loan from
Bank |
666,305,331 |
792,702,690 |
|
Estimated Liabilities -
Employees’ Bonus |
2,676,222 |
2,693,762 |
|
Estimated Liabilities -
Employees’ Pension |
15,719,313 |
14,577,348 |
|
Total Liabilities |
1,892,788,715 |
1,984,195,520 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 134,000,000 shares |
1,340,000,000 |
1,340,000,000 |
|
|
|
|
|
Capital Paid |
1,340,000,000 |
1,340,000,000 |
|
Retained Earning - Unappropriated
|
1,009,969,472 |
995,923,459 |
|
Total Shareholders' Equity |
2,349,969,472 |
2,335,923,459 |
|
Total Liabilities & Shareholders' Equity |
4,242,758,187 |
4,320,118,979 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
3,171,370,907 |
3,188,054,643 |
|
Service Income |
34,411,028 |
29,225,043 |
|
Other Income |
37,792,510 |
39,487,595 |
|
Gain on Exchange
Rate |
- |
132,539,166 |
|
Total Revenues |
3,243,574,445 |
3,389,306,447 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,858,960,291 |
3,002,590,732 |
|
Cost of Service
|
30,987,533 |
27,362,193 |
|
Selling Expenses |
191,378,871 |
233,537,974 |
|
Administrative Expenses |
69,210,717 |
71,349,059 |
|
Loss on Exchange Rate |
27,568,922 |
- |
|
Total Expenses |
3,178,106,334 |
3,334,839,958 |
|
|
|
|
|
Profit before Financial Cost & Income Tax |
65,468,111 |
54,466,489 |
|
Financial Cost-Interest Expenses |
[29,661,320] |
[28,695,808] |
|
Profit before Income Tax |
35,806,791 |
25,770,681 |
|
Income Tax |
[21,760,778] |
[1,105,523] |
|
|
|
|
|
Net Profit / [Loss] |
14,046,013 |
24,665,158 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.99 |
1.44 |
|
QUICK RATIO |
TIMES |
0.36 |
0.65 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.56 |
5.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.10 |
1.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
131.41 |
121.01 |
|
INVENTORY TURNOVER |
TIMES |
2.78 |
3.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
55.05 |
59.39 |
|
RECEIVABLES TURNOVER |
TIMES |
6.63 |
6.15 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.93 |
67.38 |
|
CASH CONVERSION CYCLE |
DAYS |
110.53 |
113.02 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.33 |
90.55 |
|
SELLING & ADMINISTRATION |
% |
7.67 |
7.60 |
|
INTEREST |
% |
0.86 |
0.38 |
|
GROSS PROFIT MARGIN |
% |
11.87 |
9.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.20 |
2.20 |
|
NET PROFIT MARGIN |
% |
3.09 |
2.10 |
|
RETURN ON EQUITY |
% |
8.05 |
5.66 |
|
RETURN ON ASSET |
% |
3.39 |
2.73 |
|
EARNING PER SHARE |
BAHT |
1.59 |
1.03 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.37 |
1.07 |
|
TIME INTEREST EARNED |
TIMES |
4.88 |
5.75 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4.96 |
|
|
OPERATING PROFIT |
% |
100.47 |
|
|
NET PROFIT |
% |
54.58 |
|
|
FIXED ASSETS |
% |
111.88 |
|
|
TOTAL ASSETS |
% |
24.44 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.87 |
Acceptable |
Industrial Average |
18.63 |
|
Net Profit Margin |
3.09 |
Deteriorated |
Industrial Average |
7.76 |
|
Return on Assets |
3.39 |
Acceptable |
Industrial Average |
5.53 |
|
Return on Equity |
8.05 |
Acceptable |
Industrial Average |
10.77 |
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 11.87%. When
compared with the industry average, the ratio of the company was lower, indicated that company was originated from
the problems with control over its costs.
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 3.09%. When
compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 3.39%.
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 8.05%.
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 |
0.99 |
Risky |
Industrial Average |
(2.30) |
|
Quick Ratio |
0.36 |
|
|
|
|
Cash Conversion Cycle |
110.53 |
|
|
|
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 0.99 times in 2011, decreased from 1.44 times, then the company may have
problems meeting its short-term obligations. 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 0.36 times in 2011,
decreased from 0.65 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 111 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Acceptable |
Industrial Average |
0.28 |
|
Debt to Equity Ratio |
1.37 |
Risky |
Industrial Average |
0.65 |
|
Times Interest Earned |
4.88 |
Impressive |
Industrial Average |
(50.53) |
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 4.89 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 0.58 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.56 |
Impressive |
Industrial Average |
(5.05) |
|
Total Assets Turnover |
1.10 |
Impressive |
Industrial Average |
0.36 |
|
Inventory Conversion Period |
131.41 |
|
|
|
|
Inventory Turnover |
2.78 |
Impressive |
Industrial Average |
0.50 |
|
Receivables Conversion Period |
55.05 |
|
|
|
|
Receivables Turnover |
6.63 |
Impressive |
Industrial Average |
1.12 |
|
Payables Conversion Period |
75.93 |
|
|
|
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.54.63 |
|
|
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.71.85 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.