MIRA
INFORM REPORT
|
Report Date : |
15.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOJITZ
[ |
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Registered Office : |
19th
Floor, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.10.1974 |
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Com. Reg. No.: |
0105517011364 |
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Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor and
Exporter of International
Trading Company |
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|
No. of Employees : |
132 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
SOJITZ [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 19th FLOOR,
Q-HOUSE LUMPINI BUILDING,
1
SOUTH SATHORN ROAD,
THUNGMAHAMEK,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2227-9200
FAX :
[66] 2227-9210,
2227-9260-2
E-MAIL
ADDRESS : nuchanart.t@sea.sojitz.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION
NO. : 0105517011364 [Former : 1148/2517]
TAX
ID NO. : 3101021530
CAPITAL REGISTERED : BHT. 500,000,000
CAPITAL PAID-UP : BHT.
500,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KAZUHIKO SAITO,
JAPANESE
PRESIDENT
NO.
OF STAFF : 132
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY
IMPORTER, 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 October 8,
1974 as a
private limited company under
the originally registered
name “Thai Tawan
Co., Ltd.” by
Japanese groups. On September
23, 1984, subject’s name was
changed to “Nichimen
[Thailand] Co., Ltd.”,
and was finally
changed to SOJITZ
[THAILAND] CO., LTD.,
on March 17,
2004. The subject’s
objective is engaged
in international trading
business. It currently
employs 132 staff.
Subject
is a wholly
owned subsidiary of
Sojitz Asia Pte.
Ltd., in Singapore.
The
subject’s registered address
was initially located
at 3rd Flr., Thaniya
Building, 62 Silom Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
On
February 1, 2007,
it was relocated
to 19th Flr., Q-House
Lumpini Bldg., 1
South Sathorn Rd., Thungmahamek, Sathorn, Bangkok
10120, and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kazuhiko Saito |
[x] |
Japanese |
55 |
|
Mr. Tetsuichi Nishikawa |
[x] |
Japanese |
53 |
|
Mr. Yoshitaro Onishi |
|
Japanese |
50 |
|
Mr. Masanao Hashimoto |
|
Japanese |
49 |
|
Mr. Masaru Tanaka |
|
Japanese |
45 |
|
Mr. Akio Kimura |
[x] |
Japanese |
48 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Kazuhiko Saito is the
President.
He is Japanese
nationality with the
age of 55
years old.
Mr. Tetsuichi Nishikawa is
the General Manager.
He is Japanese
nationality with the
age of 53 years old.
Mr. Permkiat Eakvanich is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in international
trading business by
importing and distributing
wide range of products
such as
wood, steel, machinery,
construction materials, household
goods, as well
as exporting wide
range of Thai
products such as
foods, canned foods,
textile and pharmaceuticals.
PURCHASE
The products are
purchased from local
suppliers.
IMPORT
The products are also
imported from Japan, Taiwan,
Republic of China, Malaysia,
France, India and
Singapore.
MAJOR SUPPLIERS
Sojitz
Corporation : Japan
Sojitz
Asia Pte. Ltd. : Singapore
IRPC
Public Company Limited : Thailand
SALES [LOCAL]
The products are
sold locally to
wholesalers and end-users.
EXPORT
The Thai products are
exported to Japan, Dubai,
Singapore, Hong Kong, Taiwan,
Korea, Indonesia, Germany,
Mexico, Australia, United States of America and many countries
in The Middle
East.
MAJOR CUSTOMERS
Sojitz Corporation : Japan
Thai Central Chemical
Public Company Limited : Thailand
A.J. Plast Public
Company Limited : Thailand
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 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 on the
credits term of
180 days &
T/T.
Exports are against
L/C at sight
or on the
credits term of
30-60 days &
T/T.
BANKING
Sumitomo Mitsui
Banking Corporation
[Bangkok Branch :
138 Silom Rd.,
Suriyawongse, Bangrak, Bangkok]
Bank of
Tokyo-Mitsubishi UFJ Ltd.
[Bangkok Branch :
54 North Sathorn
Rd., Silom, Bangrak,
Bangkok]
Bangkok Bank Public
Co., Ltd.
[Surawong Branch :
Surawong Rd., Suriyawongse,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 132
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The company’s business performed generally well and its financial results were solid. Newly emerging economies maintained
relatively robust growth supported by expanding internal demand.
It also succeeded in
expanding the business
foundation through new
upstream investments in the
industrial businesses. These new
areas will provide a foundation for its future growth.
With these tangible
success, it made
significant strides in enhancing the earnings foundation, which was
the great achievements in 2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000
shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht. 10,000,000
on November 27,
1989
Bht. 20,000,000
on December 8,
1990
Bht. 300,000,000
on December 3,
1993
Bht. 500,000,000
on August 22,
2006
The latest
registered capital was increased to
Bht. 500,000,000 divided into
500,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 27, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sojitz Asia Pte.
Ltd. Nationality: Singaporean Address : 77
Robinson Rd., Singapore |
499,994 |
100.00 |
|
Mr. Kazuhiko Saito Nationality: Japanese Address : Q. House
Lumpini Building, 1
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
3 |
- |
|
Mr. Tetsuichi Nishikawa Nationality: Japanese Address : Q. House
Lumpini Building, 1
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
3 |
- |
Total Shareholders : 3
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
500,000 |
100.00 |
|
Total |
3 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mrs. Siriphen Sukcharoenying No.
3636
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
347,239,792 |
388,741,523 |
|
Trade Accounts Receivable - Related
Company |
119,282,347 |
91,690,444 |
|
- Other
Company |
1,979,601,778 |
2,714,003,472 |
|
Inventories |
366,682,252 |
323,679,588 |
|
Other Current Assets
|
88,323,922 |
119,074,755 |
|
|
|
|
|
Total Current Assets
|
2,901,130,091 |
3,637,189,782 |
|
Investment in Associated
Company |
4,900,000 |
4,900,000 |
|
Long-term Investment |
12,735,794 |
12,769,544 |
|
Equipment |
25,604,178 |
30,219,371 |
|
Software Copyright |
2,167,931 |
497,583 |
|
Other Assets |
6,944,199 |
10,933,820 |
|
Total Assets |
2,953,482,193 |
3,696,510,100 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institution |
847,500,000 |
1,447,500,000 |
|
Trade Accounts Payable - Related
Company |
145,724,726 |
121,626,625 |
|
- Other
Company |
1,120,681,367 |
1,328,024,134 |
|
Current Portion of Finance
Lease Contract Liabilities |
821,167 |
559,256 |
|
Accrued Income Tax |
7,257,387 |
12,561,344 |
|
Other Current Liabilities |
124,586,602 |
85,487,547 |
|
|
|
|
|
Total Current Liabilities |
2,246,571,249 |
2,995,758,906 |
|
Estimated Employee Pension
Benefits |
14,511,070 |
24,856,181 |
|
Finance Lease Contract Liabilities - Net |
995,641 |
165,021 |
|
Total Liabilities |
2,262,077,960 |
3,020,780,108 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 500,000 shares |
500,000,000 |
500,000,000 |
|
|
|
|
|
Capital Paid |
500,000,000 |
500,000,000 |
|
Unrealized Gain from
Adjustment in Value of
Investment |
130,000 |
163,750 |
|
Retained Earning Appropriated for Statutory Reserve |
14,195,141 |
13,087,391 |
|
General Reserve |
3,000,000 |
3,000,000 |
|
Unappropriated |
174,079,092 |
159,478,851 |
|
Total Shareholders' Equity |
691,404,233 |
675,729,992 |
|
Total Liabilities & Shareholders'
Equity |
2,953,482,193 |
3,695,510,100 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
14,205,407,136 |
13,206,279,543 |
|
Commission Income |
72,865,207 |
73,549,803 |
|
Dividend Income |
2,443,500 |
3,174,250 |
|
Gain on Exchange
Rate |
8,407,803 |
2,588,169 |
|
Other Income |
62,553,528 |
36,478,704 |
|
Total Revenues |
14,351,677,174 |
13,322,070,469 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
13,838,297,057 |
12,809,800,335 |
|
Selling Expenses |
223,234,625 |
216,371,302 |
|
Administrative Expenses |
193,514,495 |
217,353,877 |
|
Total Expenses |
14,255,046,177 |
13,243,525,514 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
96,630,997 |
78,544,955 |
|
Financial Cost |
[43,072,121] |
[32,613,356] |
|
Income Tax |
[15,695,884] |
[23,778,112] |
|
|
|
|
|
Net Profit / [Loss] |
37,862,992 |
22,153,487 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
1.21 |
|
QUICK RATIO |
TIMES |
1.09 |
1.07 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
554.81 |
437.01 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.81 |
3.57 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.67 |
9.22 |
|
INVENTORY TURNOVER |
TIMES |
37.74 |
39.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.86 |
75.01 |
|
RECEIVABLES TURNOVER |
TIMES |
7.18 |
4.87 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
29.56 |
37.84 |
|
CASH CONVERSION CYCLE |
DAYS |
30.98 |
46.39 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.42 |
97.00 |
|
SELLING & ADMINISTRATION |
% |
2.93 |
3.28 |
|
INTEREST |
% |
0.30 |
0.25 |
|
GROSS PROFIT MARGIN |
% |
3.61 |
3.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.68 |
0.59 |
|
NET PROFIT MARGIN |
% |
0.27 |
0.17 |
|
RETURN ON EQUITY |
% |
5.48 |
3.28 |
|
RETURN ON ASSET |
% |
1.28 |
0.60 |
|
EARNING PER SHARE |
BAHT |
75.73 |
44.31 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.27 |
4.47 |
|
TIME INTEREST EARNED |
TIMES |
2.24 |
2.41 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
7.57 |
|
|
OPERATING PROFIT |
% |
23.03 |
|
|
NET PROFIT |
% |
70.91 |
|
|
FIXED ASSETS |
% |
(15.27) |
|
|
TOTAL ASSETS |
% |
(20.10) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.61 |
Deteriorated |
Industrial
Average |
14.90 |
|
Net Profit Margin |
0.27 |
Deteriorated |
Industrial
Average |
2.89 |
|
Return on Assets |
1.28 |
Deteriorated |
Industrial
Average |
4.32 |
|
Return on Equity |
5.48 |
Acceptable |
Industrial
Average |
8.55 |
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 3.61%. When
compared with the industry average, the ratio of the company was lower. This
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 0.27%.
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 1.28%.
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 5.48%.
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 |
1.29 |
Acceptable |
Industrial
Average |
1.89 |
|
Quick Ratio |
1.09 |
|
|
|
|
Cash Conversion Cycle |
30.98 |
|
|
|
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 1.29 times in 2011, increase from 1.21 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 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 1.09 times in 2011,
increase from 1.07 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 31 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
3.27 |
Risky |
Industrial
Average |
0.87 |
|
Times Interest Earned |
2.24 |
Acceptable |
Industrial
Average |
4.04 |
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 2.25 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 0.77 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 Stable
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
554.81 |
Impressive |
Industrial
Average |
3.57 |
|
Total Assets Turnover |
4.81 |
Impressive |
Industrial
Average |
1.49 |
|
Inventory Conversion Period |
9.67 |
|
|
|
|
Inventory Turnover |
37.74 |
Impressive |
Industrial
Average |
5.28 |
|
Receivables Conversion Period |
50.86 |
|
|
|
|
Receivables Turnover |
7.18 |
Impressive |
Industrial
Average |
3.49 |
|
Payables Conversion Period |
29.56 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.79 |
|
UK Pound |
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.