MIRA INFORM REPORT
|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ELIDE
FIRE BALL PRO
CO., LTD. |
|
|
|
|
Formerly Known as: |
SIAM SAFETY PREMIER
COMPANY LIMITED |
|
|
|
|
Registered Office : |
54
Moo 6, T. Naklua,
A. Banglamung, Chonburi
20150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.06.1999 |
|
|
|
|
Com. Reg. No.: |
0205542003581 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and distributor of fire extinguishing ball products |
|
|
|
|
No. of Employees : |
35 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
--- |
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 (31.03.2012) |
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
ELIDE FIRE
BALL PRO CO.,
LTD.
[FORMER
: SIAM SAFETY
PREMIER COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 54
MOO 6, T. NAKLUA,
A. BANGLAMUNG,
CHONBURI 20150,
THAILAND
TELEPHONE : [66] 38
414-184-5
FAX :
[66] 38
414-186
E-MAIL
ADDRESS : infor@elidefire.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0205542003581
TAX
ID NO. : 3201067407
CAPITAL REGISTERED : BHT. 32,000,000
CAPITAL PAID-UP : BHT.
32,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PHANAWATNAN KRAIMART,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 35
LINES
OF BUSINESS : FIRE
EXTINGUISHING BALL PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 25,
1999 as a
private limited company
under the originally
registered name “Siam
Safety Premier Company
Limited” by Thai groups, with
the business objective
to manufacture and
distribute fire extinguishing
ball products to
domestic market. On
June 28, 2012,
its registered name
was changed to
ELIDE FIRE BALL
PRO CO., LTD.
It currently employs
35 staff.
The
subject’s registered address
is 54 Moo
6, T. Naklua, A. Banglamung, Chonburi
20150, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
Mr. Phanawatnan Kraimart
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Phanawatnan Kraimart is
the Managing Director.
He is Thai
nationality with the
age of 49
years old.
Ms. Kaesinee Kraimart is
the Marketing &
Sales Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing of fire
extinguishing ball products,
under its owned
brand “ELIDE FIRE”.
PURCHASE
Most
of raw materials
& chemicals are purchased
from local suppliers,
the remaining is
imported from Republic
of China and
Japan.
SALES
80% of the
products is exported
to Turkey, Africa,
U.K., Germany, India,
Belgium, Russia, Korea and Hong
Kong, the remaining
20% is sold
locally.
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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
35 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial.
Factory
and warehouse are
located at 14/8-9
Moo 1, T. Khaomaikaew, A. Banglamung, Chonburi
20150.
COMMENT
The
company is a
manufacturing of the
firefighting products with
widespread in Thailand market
and well known of its
high performance and technology.
As well its
name is also well
recognized for supporting
international market penetration
with full range of
product line.
The
subject has attained
a solid business
status over years’
efforts. Its general
business is favorable
and witnessing stable
growth in its
turnover.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on May 10,
2000
Bht. 12,000,000
on August 27,
2002
Bht. 32,000,000
on April 23,
2003
The
latest registered capital
was increased to
Bht. 32,000,000 divided into
3,200,000 shares of
Bht. 10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
June 25, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Phanawatnan Kraimart Nationality: Thai Address : 144/9
Moo 2, T. Takiantia, A.
Banglamung, Chonburi |
1,091,625 |
34.11 |
|
Ms. Patchasut Kraimart Nationality: Thai Address : 144/9
Moo 2, T. Takiantia, A.
Banglamung, Chonburi |
1,091,625 |
34.11 |
|
Master Nathapornsit Kraimart Nationality: Thai Address : 144/9
Moo 2, T. Takiantia, A.
Banglamung, Chonburi |
1,016,750 |
31.78 |
Total Shareholders : 3
Share Structure [as
at June 25,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
3,200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
3,200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Prapha Vorawut
No. 5463
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
532,670.51 |
4,837,412.56 |
225,057.63 |
|
Trade Accounts &
Other Receivable |
30,970,307.62 |
28,441,708.23 |
22,870,638.40 |
|
Revenue Department Receivable |
4,826,918.89 |
4,602,407.33 |
2,820,243.89 |
|
Inventories |
9,400,102.09 |
21,946,677.95 |
9,403,498.97 |
|
Other Current Assets
|
169,370.39 |
272,589.04 |
87,176.10 |
|
|
|
|
|
|
Total Current Assets
|
45,899,369.50 |
60,100,795.11 |
35,406,614.99 |
|
Long-term Lending |
13,750,673.69 |
12,597,896.96 |
4,332,385.06 |
|
Fixed Assets |
20,466,382.74 |
22,304,138.25 |
6,713,979.77 |
|
Deferred Interest |
- |
- |
1,307,934.29 |
|
Deposit |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Other Non - current Assets |
11,803,819.40 |
12,597,896.96 |
731,032.89 |
|
Total Assets |
93,920,245.33 |
109,600,727.28 |
50,491,947.00 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
7,570,000.00 |
741,581.65 |
- |
|
Trade Accounts Payable
|
274,844.50 |
3,429,403.08 |
6,306,531.48 |
|
Current Portion of
Long-term Liabilities |
108,720.00 |
- |
31,238.14 |
|
Deposit Goods |
4,541,005.75 |
30,366,811.34 |
4,189,312.85 |
|
Accrued Income Tax |
122,286.66 |
656,134.78 |
- |
|
Accrued Expenses |
505,853.80 |
301,696.24 |
2,021,483.02 |
|
|
|
|
|
|
Total Current Liabilities |
13,122,710.71 |
35,495,627.09 |
12,548,565.49 |
|
Copy Right Payable |
52,225,864.00 |
38,193,530.00 |
15,179,140.00 |
|
Long-term Loan from Financial Institutions |
274,436.47 |
- |
- |
|
Long-term Loan |
6,439,657.85 |
12,522,581.99 |
1,501,466.13 |
|
Total Liabilities |
72,062,669.03 |
86,211,739.08 |
29,229,171.62 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 3,200,000 shares |
32,000,000.00 |
32,000,000.00 |
32,000,000.00 |
|
|
|
|
|
|
Capital Paid |
32,000,000.00 |
32,000,000.00 |
32,000,000.00 |
|
Retained Earning Unappropriated |
[10,142,423.70] |
[8,611,011.80] |
[10,737,224.62] |
|
Total Shareholders' Equity |
21,857,576.30 |
23,388,988.20 |
21,262,775.38 |
|
Total Liabilities &
Shareholders' Equity |
93,920,245.33 |
109,600,727.28 |
50,491,947.00 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
65,807,242.30 |
93,867,794.39 |
24,683,476.40 |
|
Gain on Exchange Rate |
- |
153,363.55 |
- |
|
Other Income |
1,153,021.13 |
203,756.44 |
970,882.79 |
|
Total Revenues |
66,960,263.43 |
94,224,914.38 |
25,654,359.19 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
35,306,837.55 |
39,155,047.57 |
8,497,319.35 |
|
Selling Expenses |
6,962,310.83 |
28,186,766.53 |
4,192,908.69 |
|
Administrative Expenses |
23,007,436.90 |
23,609,996.86 |
16,126,880.45 |
|
Other Expenses |
2,590,022.07 |
240,006.33 |
- |
|
Total Expenses |
67,866,607.35 |
91,191,817.29 |
28,817,108.49 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[906,343.92] |
3,033,097.09 |
[3,162,749.30] |
|
Financial Costs |
[349,198.56] |
[137,853.26] |
[29,648.97] |
|
Income Tax |
[275,869.42] |
[769,031.01] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[1,531,411.90] |
2,126,212.82 |
[3,192,398.27] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.50 |
1.69 |
2.82 |
|
QUICK RATIO |
TIMES |
2.77 |
1.07 |
2.07 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.22 |
4.21 |
3.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.70 |
0.86 |
0.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
97.18 |
204.59 |
403.92 |
|
INVENTORY TURNOVER |
TIMES |
3.76 |
1.78 |
0.90 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
171.78 |
110.59 |
338.19 |
|
RECEIVABLES TURNOVER |
TIMES |
2.12 |
3.30 |
1.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
2.84 |
31.97 |
270.90 |
|
CASH CONVERSION CYCLE |
DAYS |
266.11 |
283.21 |
471.22 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
53.65 |
41.71 |
34.43 |
|
SELLING & ADMINISTRATION |
% |
45.54 |
55.18 |
82.32 |
|
INTEREST |
% |
0.53 |
0.15 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
48.10 |
58.67 |
69.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.38) |
3.23 |
(12.81) |
|
NET PROFIT MARGIN |
% |
(2.33) |
2.27 |
(12.93) |
|
RETURN ON EQUITY |
% |
(7.01) |
9.09 |
(15.01) |
|
RETURN ON ASSET |
% |
(1.63) |
1.94 |
(6.32) |
|
EARNING PER SHARE |
BAHT |
(0.48) |
0.66 |
(1.00) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.79 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.30 |
3.69 |
1.37 |
|
TIME INTEREST EARNED |
TIMES |
(2.60) |
22.00 |
(106.67) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(29.89) |
280.29 |
|
|
OPERATING PROFIT |
% |
(129.88) |
(195.90) |
|
|
NET PROFIT |
% |
(172.03) |
166.60 |
|
|
FIXED ASSETS |
% |
(8.24) |
232.20 |
|
|
TOTAL ASSETS |
% |
(14.31) |
117.07 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -29.89%. Turnover has decreased from THB
93,867,794.39 in 2010 to THB 65,807,242.30 in 2011. While net profit has
decreased from THB 2,126,212.82 in 2010 to THB -1,531,411.90 in 2011. And total
assets has decreased from THB 109,600,727.28 in 2010 to THB 93,920,245.33 in
2011.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
48.10 |
Impressive |
Industrial Average |
20.69 |
|
Net Profit Margin |
(2.33) |
Deteriorated |
Industrial Average |
2.77 |
|
Return on Assets |
(1.63) |
Deteriorated |
Industrial Average |
3.42 |
|
Return on Equity |
(7.01) |
Deteriorated |
Industrial Average |
7.72 |
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 48.1%. When
compared with the industry average, the ratio of the company was higher,
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. The company's figure is -2.33%.
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 -1.63%.
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 -7.01%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.50 |
Impressive |
Industrial Average |
1.60 |
|
Quick Ratio |
2.77 |
|
|
|
|
Cash Conversion Cycle |
266.11 |
|
|
|
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 3.5 times in 2011, increased from 1.69 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 2.77 times in 2011,
increased 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 267 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial Average |
0.51 |
|
Debt to Equity Ratio |
3.30 |
Risky |
Industrial Average |
1.17 |
|
Times Interest Earned |
(2.60) |
Risky |
Industrial Average |
4.45 |
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 -2.6 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
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 Downtrend
Times Interest Earned Uptrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.22 |
Impressive |
Industrial Average |
2.94 |
|
Total Assets Turnover |
0.70 |
Acceptable |
Industrial Average |
1.19 |
|
Inventory Conversion Period |
97.18 |
|
|
|
|
Inventory Turnover |
3.76 |
Impressive |
Industrial Average |
2.87 |
|
Receivables Conversion Period |
171.78 |
|
|
|
|
Receivables Turnover |
2.12 |
Deteriorated |
Industrial Average |
4.75 |
|
Payables Conversion Period |
2.84 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.12 and 3.30 in
2011 and 2010 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2011
decreased from 2010. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current inventory.
Inventory is particularly sensitive to change in business activities. The
inventory turnover in days has decreased from 205 days at the end of 2010 to 97
days at the end of 2011. This represents a positive trend. And Inventory
turnover has increased from 1.78 times in year 2010 to 3.76 times in year 2011.
The company's Total Asset Turnover is calculated as 0.7 times and 0.86
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
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.