MIRA INFORM REPORT

Report No. :	499073
Report Date :	20.03.2018

IDENTIFICATION DETAILS

Name :	YKK (THAILAND) COMPANY LIMITED

Registered Office :	9^th Floor, Manoonphol Building 2, 2884/1 New Petchburi Road, Bangkapi, Huaykwang

Country :	Thailand

Financials (as on) :	31.03.2017

Date of Incorporation :	06.10.1977

Com. Reg. No.:	0105520014328

Legal Form :	Private limited company

Line of Business :	Subject engaged in manufacturing and distributing three types of zip fasteners in various sizes and colors in nylon and metal, and vision including hook and loop fasteners, buttons, buckles

No. of Employees :	400

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Regular

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Thailand

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

THAILAND - ECONOMIC OVERVIEW

With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.

Over the last few decades, Thailand has sustained strong growth and has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.

Growth has slowed in the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.

Over the longer-term, Thailand faces labor shortages, and domestic debt levels, political uncertainty, and an aging population pose risks to growth.

Source : CIA

Company name

YKK (THAILAND) COMPANY LIMITED

SUMMARY

BUSINESS ADDRESS : 9^th FLOOR, MANOONPHOL BUILDING 2,

2884/1 NEW PETCHBURI ROAD,

BANGKAPI, HUAYKWANG, BANGKOK 10320, THAILAND

TELEPHONE : [66] 2718-0590

FAX : [66] 2718-0591-2

E-MAIL ADDRESS : somkiat_i@ykk.co.th

marketing@ykk.co.th

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 1977

REGISTRATION NO. : 0105520014328

TAX ID NO. : 3101052152

CAPITAL REGISTERED : BHT. 80,000,000

CAPITAL PAID-UP : BHT. 80,000,000

SHAREHOLDER’S PROPORTION : FOREIGN : 100%

FISCAL YEAR CLOSING DATE : MARCH 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. SHINJI KAWAGUCHI, JAPANESE

MANAGING DIRECTOR

NO. OF STAFF : 400

LINES OF BUSINESS : ZIP FASTENERS 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 October 6, 1977 as a private limited company under the initially registered name “YKK (Thailand) Company Limited” by Thai and Japanese groups.

On June 23, 1978, the subject’s name was changed to “YKK Zipper (Thailand)

Co., Ltd.”.

On September 19, 1995, the subject’s name was finally changed to YKK (THAILAND) COMPANY LIMITED.

The business objective is a manufacturer and distributor various kinds of zip fasteners and related products for domestic and international markets. It currently employs approximately 400 staff.

At present, the subject is a subsidiary of YKK Holding Asia Pte. Ltd., Singapore, which is a member of YKK Corporation of Japan.

The subject’s registered address was initially at 9^th Floor, F.C.I. Building 2, 2884/1 New Petchburi Rd., Bangkapi, Huaykwang, Bangkok 10320.

On September 1, 2003, the subject’s registered address was changed to 9^th Floor, Manoonphol Building 2, 2884/1 New Petchburi Rd., Bangkapi, Huaykwang, Bangkok 10320, and this is the subject’s current operation address.

THE BOARD OF DIRECTORS

Name		Nationality	Age

Mr. Shinji Kawaguchi	[x]	Japanese	50
Mr. Takashi Kozawa		Japanese	50
Mr. Kosuke Miimi	[x]	Japanese	58

AUTHORIZED PERSON

One of the mentioned directors [x] can sign on behalf of the subject with company’s affixed.

MANAGEMENT

Mr. Shinji Kawaguchi is the Managing Director.

He is Japanese nationality with the age of 50 years old.

Mr. Somkiat Itthipochana is the Sales & Marketing Manager.

He is Thai nationality.

Mr. Chatchai Lekprasert is the Sales Manager.

He is Thai nationality.

Mr. Manu Chainukul is the Personnel & Administration Manager.

He is Thai nationality.

Mr. Peetikorn Suramanont is the Factory Manager.

He is Thai nationality.

BUSINESS OPERATIONS

The subject’s core business is engaged in manufacturing and distributing three types of zip fasteners in various sizes and colors in nylon and metal, and vision including hook and loop fasteners, buttons, buckles and etc., under its own brand “YKK”, as well as manufacturing service of the products under customer’s brands and requirements.

The products are as follows:

- Zipper [plastic/metal]

- Quicklon

- Joylon

- Real belt adjuster

- Ball chain

- Metal notion

- Plastic & die casting notion

- Tape notion

- Ball chain

- etc.

PRODUCTION CAPACITY :

- Zip : 300,000,000 pieces/year

- Button & Snap : 400,000,000 pieces/year

PURCHASE

Raw materials such as nylon, plastic resin, steel, aluminum and accessories are purchased from suppliers both local and overseas mainly in Japan, Taiwan, Indonesia, India, Republic of China, Germany and France.

MAJOR SUPPLIERS

YKK Corporation : Japan

IRPC Public Company Limited : Thailand

SALES

80% of the products is sold locally by wholesale to dealers and manufacturers, and the remaining 20% is exported to Japan, Malaysia, Cambodia, Vietnam, Laos, India, United Kingdom, France, United States of America, Philippines, Indonesia, Myanmar, Canada, Korea, Taiwan, Hong Kong, Singapore and many countries in Europe.

MAJOR CUSTOMERS

YKK Singapore Pte. Ltd. : Singapore

YKK Philippines Inc. : Philippines

YKK Fastening Indonesia Group : Indonesia

YKK India Private Ltd. : India

PARENT COMPANY

YKK Holding Asia Pte. Ltd.

Address : 152 Beach Rd., Gateway East, Singapore

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 according 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.

Exports are against L/C at sight or T/T.

BANKING

Bangkok Bank Public Company Limited

[Head Office : 333 Silom Rd., Silom, Bangrak, Bangkok]

Siam Commercial Bank Public Company Limited

[Head Office : 9 Ratchadapisek Rd., Ladyao, Jatujak, Bangkok]

Bank of Tokyo-Mitsubishi UFJ Ltd.

[Bangkok Branch : 54 North Sathorn Rd., Silom, Bangrak, Bangkok]

EMPLOYMENT

The subject employs approximately 400 office staff and factory workers.

LOCATION DETAILS

The premise is rented for administrative office at the heading address. Premise is located in commercial/residential area.

Factory and warehouse are located at 689 Sukhumvit Rd., K.M. 35, T. Bangpoomai,A. Muang, Samutprakarn 10280 on 40 acres plot of land.

Tel : [66] 2323-9041 Fax. : [66] 2323-9522.

Oversea Representative Office :

- HAGL Myanmar Center, Tower I Level 6, Unit 12, 192 Kaba Aye Pagoda Road,

Bahan Township, Yangon, Myanmar

COMMENT

The company is a renowned zip fastener manufacturing and one of the leading manufactures and distributors of high quality zip fasteners, hook and loop fasteners, buttons, buckles and other similar products competing on the world market.

The company has played a significant role in the development of the country’s garment and bag industries, particularly by transferring advanced technology and know-how for YKK CORPORATION Japan. It is dedicated to the manufacturer of a superior of fastening products together with a high degree of service to ensure customers’ needs.

Subject has developed a wide range of new products to supply end-users and customer’s requirement at competitive prices to compete in the world market.

The subject’s business performance remains solid and growing significantly.

FINANCIAL INFORMATION

The capital was registered at Bht. 20,000,000 divided into 200,000 shares of Bht. 100 each.

The capital was increased later as following:

Bht. 22,000,000 on August 21, 1978

Bht. 40,000,000 on April 9, 1979

Bht. 80,000,000 on June 4, 1990

The latest registered capital was increased to Bht. 80,000,000 divided into 800,000 shares of Bht. 100 each with fully paid.

THE SHAREHOLDERS LISTED WERE

[As at July 28, 2017]

NAME	HOLDING	%

YKK Holding Asia Pte. Ltd. Nationality: Singaporean Address : 152 Beach Road, Gateway East, Singapore	799,994	100.00
Mr. Koichi Igarashi Nationality: Japanese Address : 51/2 Sukhumvit 49 Road, Klongtonnua, Wattana, Bangkok	1	-
Mr. Takashi Kozawa Nationality: Japanese Address : 889 Soi Sukhumvit 55, Klongtonnua, Wattana, Bangkok	1	-
Mr. Shingeki Matsumoto Nationality: Japanese Address : 175/153 Sukhumvit 39 Road, Klongtonnua, Wattana, Bangkok	1	-
Mr. Masahiro Funamishi Nationality: Japanese Address : 22 Sukhumvit 39 Road, Klongtonnua, Wattana, Bangkok	1	-
Mr. Satoshi Furuki Nationality: Japanese Address : 1219/96 Soi Sukhumvit 59-61, Klongtonnua, Wattana, Bangkok	1	-
Mr. Shinji Kawaguchi Nationality: Japanese Address : 2884/1 New Petchaburi Road, Bangkapi, Huaykwang, Bangkok	1	-

Total Shareholders : 7

Share Structure [as at July 28, 2017]

Nationality	Shareholders	No. of Share	% Shares

Thai	-	-	-
Foreign	7	800,000	100.00
Total	7	800,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Mr. Chayaphon Supasettanan No. 3972

Financials

BALANCE SHEET [BAHT]

The latest financial figures published as at March 31, 2017, 2016 and 2015 were:

ASSETS

Current Assets	2017	2016	2015

Cash and Cash Equivalents	318,311,872	334,235,358	328,924,823
Trade Accounts and Other Receivable	465,841,218	390,233,276	380,637,825
Inventories	511,367,834	467,393,261	374,091,343
Other Current Assets	22,958,800	23,037,255	11,179,390

Total Current Assets	1,318,479,724	1,214,899,150	1,094,833,381
Property for Investment	8,541,812	8,541,812	8,541,812
Property, Plant and Equipment	611,880,420	514,431,629	454,038,503
Intangible Assets	784,444	1,453,744	1,347,069
Other Non-current Assets	5,111,474	5,185,109	4,201,257
Total Assets	1,944,797,874	1,744,511,444	1,562,962,022

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2017	2016	2015

Trade Accounts and Other Payable	300,978,458	299,064,016	280,010,750
Accrued Income Tax	37,824,025	41,969,984	32,696,300
Provision for Long-term Employee Benefits	-	-	425,580
Provision for Short-term Liabilities	7,726,389	1,794,071	-
Other Current Liabilities	14,846,428	11,258,209	12,919,017

Total Current Liabilities	361,375,300	354,086,280	326,051,647
Provision for Employee Benefits	117,321,822	110,030,329	88,610,475
Total Liabilities	478,697,122	464,116,609	414,662,122

Shareholders' Equity

Share capital : Baht 100 par value authorized, issued and fully paid share capital 800,000 shares	80,000,000	80,000,000	80,000,000

Capital Paid	80,000,000	80,000,000	80,000,000
Retained Earnings: Appropriated for statutory reserve	8,000,000	8,000,000	8,000,000
Unappropriated	1,378,100,752	1,192,394,835	1,060,299,900
Total Shareholders' Equity	1,466,100,752	1,280,394,835	1,148,299,900
Total Liabilities and Shareholders' Equity	1,944,797,874	1,744,511,444	1,562,962,022

PROFIT & LOSS ACCOUNT

Revenue	2017	2016	2015

Sales or Services Income	2,208,402,933	2,092,989,956	1,808,439,413
Other Income	17,095,522	6,457,403	20,733,142
Total Revenues	2,225,498,455	2,099,447,359	1,829,172,555
Expenses

Cost of Goods Sold or Service	1,452,209,601	1,372,218,558	1,232,257,634
Selling Expenses	224,883,877	202,051,036	171,243,690
Administrative Expenses	152,557,031	154,879,023	116,877,785
Total Expenses	1,829,650,509	1,729,148,617	1,520,379,109

Profit /[Loss] before Financial Cost and Income Tax	395,847,946	370,298,742	308,793,446
Financial Cost	[4,513]	[685]	[2,779]

Profit /[Loss] before Income Tax	395,843,433	370,298,057	308,790,667
Income Tax	[76,897,516]	[75,947,122]	[59,796,103]

Net Profit / [Loss]	318,945,917	294,350,935	248,994,564

FINANCIAL ANALYSIS

ITEM	UNIT	2017	2016	2015

LIQUIDITY RATIO
CURRENT RATIO	TIMES	3.65	3.43	3.36
QUICK RATIO	TIMES	2.17	2.05	2.18

ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	3.61	4.07	3.98
TOTAL ASSETS TURNOVER	TIMES	1.14	1.20	1.16
INVENTORY CONVERSION PERIOD	DAYS	128.53	124.32	110.81
INVENTORY TURNOVER	TIMES	2.84	2.94	3.29
RECEIVABLES CONVERSION PERIOD	DAYS	76.99	68.05	76.82
RECEIVABLES TURNOVER	TIMES	4.74	5.36	4.75
PAYABLES CONVERSION PERIOD	DAYS	75.65	79.55	82.94
CASH CONVERSION CYCLE	DAYS	129.87	112.83	104.69

PROFITABILITY RATIO
COST OF GOODS SOLD	%	65.76	65.56	68.14
SELLING & ADMINISTRATION	%	17.09	17.05	15.93
INTEREST	%	0.00	0.00	0.00
GROSS PROFIT MARGIN	%	35.02	34.75	33.01
NET PROFIT MARGIN BEFORE EX. ITEM	%	17.92	17.69	17.08
NET PROFIT MARGIN	%	14.44	14.06	13.77
RETURN ON EQUITY	%	21.75	22.99	21.68
RETURN ON ASSET	%	16.40	16.87	15.93
EARNING PER SHARE	BAHT	398.68	367.94	311.24

LEVERAGE RATIO
DEBT RATIO	TIMES	0.25	0.27	0.27
DEBT TO EQUITY RATIO	TIMES	0.33	0.36	0.36
TIME INTEREST EARNED	TIMES	87,712.82	540,582.11	111,116.75

ANNUAL GROWTH
SALES GROWTH	%	5.51	15.73
OPERATING PROFIT	%	6.90	19.92
NET PROFIT	%	8.36	18.22
FIXED ASSETS	%	18.94	13.30
TOTAL ASSETS	%	11.48	11.62

ANNUAL GROWTH : EXCELLENT

An annual sales growth is 5.51%. Turnover has increased from THB 2,092,989,956.00 in 2016 to THB 2,208,402,933.00 in 2017. While net profit has increased from THB 294,350,935.00 in 2016 to THB 318,945,917.00 in 2017. And total assets has increased from THB 1,744,511,444.00 in 2016 to THB 1,944,797,874.00 in 2017.

PROFITABILITY : IMPRESSIVE

PROFITABILITY RATIO

Gross Profit Margin	35.02	Impressive	Industrial Average	-
Net Profit Margin	14.44	Impressive	Industrial Average	9.03
Return on Assets	16.40	Impressive	Industrial Average	13.11
Return on Equity	21.75	Satisfactory	Industrial Average	24.98

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. Gross Profit Margin is 35.02%. 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. Net Profit Margin ratio is 14.44%, 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 ratio is 16.4%, 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. When compared with the industry average, it was lower, the company's figure is 21.75%.

Trend of the average competitors in the same industry for last 5 years

Return on Assets Uptrend

Return on Equity Uptrend

LIQUIDITY : SATISFACTORY

LIQUIDITY RATIO

Current Ratio	3.65	Impressive	Industrial Average	1.35
Quick Ratio	2.17
Cash Conversion Cycle	129.87

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 3.65 times in 2017, increase from 3.43 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 2.17 times in 2017, increase from 2.05 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 130 days.

Trend of the average competitors in the same industry for last 5 years

Current Ratio Uptrend

LEVERAGE : EXCELLENT

LEVERAGE RATIO

Debt Ratio	0.25	Impressive	Industrial Average	0.41
Debt to Equity Ratio	0.33	Impressive	Industrial Average	0.70
Times Interest Earned	87,712.82	Impressive	Industrial Average	-

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 87712.82 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 Downtrend

Times Interest Earned Stable

ACTIVITY : IMPRESSIVE

ACTIVITY RATIO

Fixed Assets Turnover	3.61	Impressive	Industrial Average	-
Total Assets Turnover	1.14	Satisfactory	Industrial Average	1.45
Inventory Conversion Period	128.53
Inventory Turnover	2.84	Satisfactory	Industrial Average	3.47
Receivables Conversion Period	76.99
Receivables Turnover	4.74	Satisfactory	Industrial Average	5.49
Payables Conversion Period	75.65

The company's Account Receivable Ratio is calculated as 4.74 and 5.36 in 2017 and 2016 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 2017 decreased from 2016. 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 increased from 124 days at the end of 2016 to 129 days at the end of 2017. This represents a negative trend. And Inventory turnover has decreased from 2.94 times in year 2016 to 2.84 times in year 2017.

The company's Total Asset Turnover is calculated as 1.14 times and 1.2 times in 2017 and 2016 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 Stable

Total Assets Turnover Uptrend

Inventory Turnover Downtrend

Receivables Turnover Uptrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 90.56
Euro	1	INR 79.78
Thai Baht	1	INR 2.09

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.