MIRA INFORM REPORT
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Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
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Name : |
CS. METAL CO., LTD. |
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Registered Office : |
92 Moo 5, Wellgrow Industrial Estate, Km. 36, Bangna-Trad Road, T. Bangsamak, A. Bangpakong, Chachoengsao 24180 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.06.1987 |
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Com. Reg. No.: |
0105530027163 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Service of Metal Stamping Part and Steel Processing |
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No. of Employees : |
460 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
CS.
METAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 92
MOO 5, WELLGROW
INDUSTRIAL ESTATE,
KM. 36,
BANGNA-TRAD ROAD, T.
BANGSAMAK,
A. BANGPAKONG,
CHACHOENGSAO 24180
TELEPHONE : [66] 38 570-774-8
FAX :
[66] 38
570-272-3
E-MAIL ADDRESS : webmaster@csmetal.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530027163 [Former: 2712/2530]
TAX
ID NO. : 3101451382
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT.
600,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAKESHI YOSHITANI, JAPANESE
PRESIDENT
NO.
OF STAFF : 460
LINES
OF BUSINESS : METAL
STAMPING PART AND
STEEL PROCESSING
MANUFACTURER, DISTRIBUTOR
AND SERVICE
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 10,
1987 as a
private limited company
under the name
style CS. METAL
CO., LTD., by
Thai and foreign
groups, with the
business objective to
manufacture metal stamping
parts and steel processing service for
local market. It currently
employs approximate 460
staff.
The
subject also achieved
the ISO 9001 and
ISO 14001 certification.
The
subject’s registered address
was 127 Moo 2, Soi
Pookmitr, Poochaosamingprai Rd.,
Samrongtai, Phrapradaeng, Samutprakarn
10130.
On
December 3, 2010
the registered address
was relocated to 92 Moo
5, Wellgrow Industrial
Estate, Km. 36,
Bangna-Trad Rd. T.
Bangsamak, A. Bangpakong,
Chachoengsao 24180, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
Mr. Chalit Pongwatananusorn |
|
Thai |
85 |
|
Mr. Suchai Pongwatananusorn |
[x] |
Thai |
58 |
|
Mr. Veerasak Pongwatananusorn |
[x] |
Thai |
54 |
|
Mr. Takeshi Kawanari |
[-] |
Japanese |
36 |
|
Mr. Takeshi Yoshitani |
[-] |
Japanese |
42 |
|
Mr. Hirahiro Maeda |
|
Japanese |
49 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
and [-] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Takeshi Yoshitani is the
President
He is Japanese
nationality with the
age of 42
years old.
Mr. Veerasak Pongwatananusorn is
the Vice President.
He is Thai
nationality with the
age of 54
years old.
Mrs. Kamlai Sripeng is
the Sales Manager.
She is Thai
nationality.
Mr. Chalermchai Ritthidej
is the Factory
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s business
activities are a
coil center to
supply steel plate to
many industrial manufacturers, as
well as manufacturing, distributing
and servicing as follows:
-
Manufacturing
of metal stamping
parts for various
products such as
home
appliances, audio
equipment, computer, electrical
parts, office equipment,
building material,
automotive body &
parts and etc.
-
Importing
and distributing of
steel products such
as steel coil and steel
sheet.
-
Steel
processing services such
as cutting, slitting,
rolling, bending, blanking,
shearing and
etc., according to
customer’s order.
PURCHASE
80% of raw
materials are purchased
from local suppliers,
the remaining 20% including
steel coil and
steel sheet are
imported from Japan,
Taiwan, Korea and
Australia.
MAJOR SUPPLIERS
Sumitomo
Corporation : Japan
Sahaviriya
Steel Industries Public
Co., Ltd. : Thailand
SALES
100% of the
products is sold
and serviced locally
to manufacturers, wholesalers
and end-users.
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 T/T.
BANKING
Sumitomo Mitsui Banking
Corporation
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 460
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory I,
at the heading
address. Premise is
located in an
industrial area.
Factory
II is located
at 101/109 Moo
20, Navanakorn 5/6
Rd., T. Klongnueng,
A.
Klongluang, Pathumthani 12120.
Tel.: [66] 2529-5745-54,
Fax: [66] 2529-5744
COMMENT
Strong fundamental of
domestic industrial expansion
helped increasing demand of
steel and related
products. Domestic uses of
such products have
positive outlook from
continuing growth of
local industries.
The subject has
an outstanding business
performance.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 50,000,000 divided
into 50,000 shares
of Bht. 1,000
each.
The
capital was increased
later as following:
Bht. 120,000,000 on
June 30, 1989
Bht. 360,000,000 on
July 30, 1998
Bht. 450,000,000 on
November 25, 2004
Bht. 600,000,000 on
July 14, 2006
The
latest registered capital
was increased to
Bht. 600,000,000 divided into
600,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE: [as at
April 26, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asian Steel Pte.
Ltd. Nationality: Singaporean Address : 10
Gulf Circle, Jurong,
Singapore |
288,000 |
48.00 |
|
CH Autoparts Co.,
Ltd. Nationality: Thai Address : 127
Moo 2, Samrongtai,
Phrapradaeng,
Samutprakarn |
135,000 |
22.50 |
|
Mr. Chalit Pongwatananusorn Nationality: Thai Address : 593
Rimtangrodfai Nonsee Rd.,
Klongtoey, Bangkok |
30,000 |
5.00 |
|
Mr. Suchart Pongwatananusorn Nationality: Thai Address : 127
Moo 2, Samrongtai,
Phrapradaeng,
Samutprakarn |
30,000 |
5.00 |
|
Mr. Suchai Pongwatananusorn Nationality: Thai Address : 593 Rimtangrodfai Nonsee
Rd., Klongtoey, Bangkok |
30,000 |
5.00 |
|
Mr. Veerasak Pongwatananusorn Nationality: Thai Address : 127
Moo 2, Samrongtai,
Phrapradaeng,
Samutprakarn |
30,000 |
5.00 |
|
Ms. Varaporn Pongwatananusorn Nationality: Thai Address : 112/80
Moo 7, Klongthanon, Bangkhen,
Bangkok |
30,000 |
5.00 |
|
Ms. Kaldarat Pakpraphan Nationality: Thai Address : 593
Rimtangrodfai Nonsee Rd.,
Klongtoey, Bangkok |
15,000 |
2.50 |
|
Sumi-Thai International
Co., Ltd. Nationality: Thai Address : 87
M Thai Tower,
All Season Place,
Wireless Rd., Lumpini,
Pathumwan, Bangkok |
6,000 |
1.00 |
|
Sonoda Engineering Co., Ltd. Nationality: Japanese Address : 15-11,
1-Chome, Tokura, Toyonaka,
Osaka, Japan |
6,000 |
1.00 |
Total Shareholders : 10
Share Structure [as
at April 26,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
306,000 |
51.00 |
|
Foreign |
2 |
294,000 |
49.00 |
|
Total |
10 |
600,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sangvorn Sutthisanont No.
0097
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
49,264,564.06 |
32,396,913.74 |
|
Trade Accounts &
Other Receivable |
798,074,953.31 |
1,384,006,014.48 |
|
Inventories |
1,892,467,464.90 |
1,445,226,476.82 |
|
Other Current Assets |
11,023,006.97 |
13,952,690.37 |
|
|
|
|
|
Total Current Assets
|
2,750,829,989.24 |
2,875,582,095.41 |
|
|
|
|
|
Fixed Assets |
667,446,012.84 |
699,947,052.80 |
|
Intangible Assets |
4,297,847.78 |
3,406,705.71 |
|
Other Assets - Flood Damage |
337,857,449.17 |
- |
|
Total Assets |
3,760,431,299.03 |
3,578,935,853.92 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
2,011,000,000.00 |
1,953,000,000.00 |
|
Trade Accounts &
Other Payable |
380,662,495.95 |
365,842,264.89 |
|
Accrued Income Tax |
5,405,914.72 |
49,905,733.86 |
|
Other Current Liabilities |
3,950,000.00 |
4,927,600.00 |
|
|
|
|
|
Total Current Liabilities |
2,401,018,410.67 |
2,373,675,598.75 |
|
Employee Benefit Obligation |
41,963,000.00 |
- |
|
Other Non-current Liabilities |
123,000,000.00 |
- |
|
Total Liabilities |
2,565,981,410.67 |
2,373,675,598.75 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 600,000 shares |
600,000,000.00 |
600,000,000.00 |
|
|
|
|
|
Capital Paid |
600,000,000.00 |
600,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
60,000,000.00 |
60,000,000.00 |
|
Unappropriated |
534,449,888.36 |
545,260,255.17 |
|
Total Shareholders' Equity |
1,194,449,888.36 |
1,205,260,255.17 |
|
Total Liabilities & Shareholders' Equity |
3,760,431,299.03 |
3,578,935,853.92 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
6,480,567,540.95 |
6,973,821,342.40 |
|
Services Income |
72,845,707.14 |
87,431,610.56 |
|
Related Sales Income |
520,758,299.51 |
72,737,100.43 |
|
Other Income |
45,788,560.22 |
36,131,856.70 |
|
Total Revenues |
7,119,960,107.82 |
7,170,121,910.09 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods |
[778,359,008.51] |
[533,446,389.56] |
|
Material Supplies |
6,732,104,111.02 |
6,855,420,445.27 |
|
Cost of Purchase
Goods |
520,758,299.51 |
72,737,100.43 |
|
Employees Expenses |
125,342,558.71 |
121,811,270.18 |
|
Depreciation and Amortization |
105,218,200.57 |
148,122,553.63 |
|
Other Expenses |
271,486,997.44 |
253,322,821.02 |
|
Total Expenses |
6,976,551,158.74 |
6,917,967,800.97 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
143,408,949.08 |
252,154,109.12 |
|
Financial Cost |
[57,522,139.13] |
[32,552,010.23] |
|
Profit / [Loss] before Income
Tax |
85,886,809.95 |
219,602,098.89 |
|
Income Tax |
[28,356,876.76] |
[66,013,993.14] |
|
|
|
|
|
Net Profit / [Loss] |
57,529,933.19 |
153,588,105.75 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.15 |
1.21 |
|
QUICK RATIO |
TIMES |
0.35 |
0.60 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.82 |
10.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.74 |
1.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
95.24 |
76.14 |
|
INVENTORY TURNOVER |
TIMES |
3.83 |
4.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.45 |
71.54 |
|
RECEIVABLES TURNOVER |
TIMES |
8.21 |
5.10 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.16 |
19.27 |
|
CASH CONVERSION CYCLE |
DAYS |
120.53 |
128.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
110.67 |
98.12 |
|
SELLING & ADMINISTRATION |
% |
(8.36) |
(3.73) |
|
INTEREST |
% |
0.88 |
0.46 |
|
GROSS PROFIT MARGIN |
% |
(2.03) |
3.43 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.19 |
3.57 |
|
NET PROFIT MARGIN |
% |
0.88 |
2.18 |
|
RETURN ON EQUITY |
% |
4.82 |
12.74 |
|
RETURN ON ASSET |
% |
1.53 |
4.29 |
|
EARNING PER SHARE |
BAHT |
95.88 |
255.98 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.15 |
1.97 |
|
TIME INTEREST EARNED |
TIMES |
2.49 |
7.75 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(7.19) |
|
|
OPERATING PROFIT |
% |
(43.13) |
|
|
NET PROFIT |
% |
(62.54) |
|
|
FIXED ASSETS |
% |
(4.64) |
|
|
TOTAL ASSETS |
% |
5.07 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
(2.03) |
Deteriorated |
Industrial
Average |
6.34 |
|
Net Profit Margin |
0.88 |
Satisfactory |
Industrial
Average |
1.14 |
|
Return on Assets |
1.53 |
Impressive |
Industrial
Average |
1.22 |
|
Return on Equity |
4.82 |
Impressive |
Industrial
Average |
2.51 |
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 -2.03%. 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 0.88%.
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. Return on Assets ratio is
1.53%, 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 4.82%, 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 |
1.15 |
Impressive |
Industrial
Average |
1.03 |
|
Quick Ratio |
0.35 |
|
|
|
|
Cash Conversion Cycle |
120.53 |
|
|
|
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 1.15 times in 2011, decreased 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 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 0.35 times in 2011,
decreased from 0.6 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 121 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial
Average |
0.65 |
|
Debt to Equity Ratio |
2.15 |
Risky |
Industrial
Average |
1.74 |
|
Times Interest Earned |
2.49 |
Impressive |
Industrial
Average |
1.37 |
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 2.5 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 0.68 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 |
9.82 |
Impressive |
Industrial
Average |
2.83 |
|
Total Assets Turnover |
1.74 |
Impressive |
Industrial
Average |
1.24 |
|
Inventory Conversion Period |
95.24 |
|
|
|
|
Inventory Turnover |
3.83 |
Impressive |
Industrial
Average |
3.78 |
|
Receivables Conversion Period |
44.45 |
|
|
|
|
Receivables Turnover |
8.21 |
Impressive |
Industrial Average |
5.84 |
|
Payables Conversion Period |
19.16 |
|
|
|
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.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.