MIRA
INFORM REPORT
|
Report Date : |
23rd
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
DAIHEN
ELECTRIC CO., LTD. |
|
|
|
|
Registered Office : |
258-259
Moo 6,
T. Thasa-Arn, A. Bangpakong, 258-260
Chachoengsao 24130,
Thailand |
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|
Country : |
Thailand |
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|
Financials (as on) : |
31/12/2004 |
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|
Date of Incorporation : |
1989 |
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Com. Reg. No.: |
0105532046343 |
|
|
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|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Engaged
in manufacturing, distributing and exporting
of power transformer and related products,
such as radiators, and power transformer tanks, as well
as providing installation and maintenance services. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
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Litigation : |
Clear |
name
DAIHEN ELECTRIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 258-259 MOO
6, T. THASA-ARN, A. BANGPAKONG, CHACHOENGSAO 24130,
THAILAND
TELEPHONE : [66] 38 532-370-3,
38 532-987, 38 830-651-3
FAX :
[66] 38
531-074
E-MAIL ADDRESS : sales@daihen.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0105532046343 [Former: 4633/2532]
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP
: BHT. 600,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KIYOSHI ONISHI, JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 200
LINES OF
BUSINESS : POWER TRANSFORMERS
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 originally
established on May
23, 1989 as
a private limited
company by a joint
venture between Ekarat
Group, Thailand and
Daihen Corporation, Japan,
under the registered
name “Ekarat-Daihen Transformer
Co., Ltd.”, in order to
manufacture power transformer
in Thailand. Later,
the subject has
been taken over by
Daihen Corporation, Japan,
and was changed
its name to
be DAIHEN ELECTRIC
CO., LTD., on
April 23, 1998.
It currently employs
approximately 200 staff.
The
subject achieved the
ISO 9001:2000 certificate
for design and
development, manufacture, installation, and service from
MASCI on June
7, 2005.
The
subject’s registered address
is 258-259 Moo
6, T. Thasa-arn, A.
Bangpakong, Chachoengsao 24130,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Kiyoshi Onishi |
[x] |
Japanese |
- |
|
Mr.
Shinngo Wada |
[x] |
Japanese |
- |
|
Mr.
Yasutoshi Miyamoto |
|
Japanese |
- |
|
Mr.
Masahiza Suzue |
|
Japanese |
- |
|
Mr.
Charoon Horsivalai |
|
Thai |
- |
|
Mr.
Vichai Visalpattanasin |
|
Thai |
- |
AUTHORIZED PERSON
One
of the
mentioned directors [x] can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kiyoshi
Onishi is
the Managing Director.
He is
Japanese nationality.
Mr. Vichai
Visalpattanasin is the Factory Manager.
He is
Thai nationality.
Mr. Adisak
Saksomboon is
the Sales &
Marketing Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing, distributing and exporting
of power transformer
and related products,
such as radiators,
and power transformer
tanks, as well
as providing installation and maintenance services.
BRAND NAME
“DAIHEN”
PURCHASE
Raw material
and component are
purchased from suppliers
both in domestic
and overseas, mainly
in Japan, Taiwan,
Republic of China
and Germany.
SALES
80% of
the products is
sold locally by
wholesale to dealers,
manufacturers and end-users.
EXPORT
20% of
the products is
exported to Japan,
Malaysia and Middle
East countries.
REVENUE
In 2005,
the subject’s revenue
was increased around
30% from the
previous year.
PARENT COMPANY
Daihen Corporation. :
Japan
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
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.
Exports are
against L/C at
sight or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bnagrak, Bangkok]
Bank
of Tokyo-Mitsubishi Limited
[Bangkok Office :
54 North Sathorn
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The
subject employs approximately 200 staff.
LOCATION DETAILS
The premise
is rented for
administrative office and factory
at the heading address. Premise
is located in
industrial/ rural area.
Sales
Office is located
at 14th Flr., KPN
Tower, 719 Rama
9 Rd., Huaykwang, Bangkapi, Bangkok
10320. Tel. [66]
2717-0233-5, Fax. [66]
2717-0230.
REMARK
CREDIT
OF US$ 150,000 AGAINST D/A
TERM SHOULD BE
IN ORDER.
COMMENT
The subject
has maintained solid
growth especially from
exports, eventhough it
has faced negative
factors including oil
prices, a stronger
baht and competitors
in the same business line.
The competitiveness from
Thailand manufacture remained
quite strong in
international markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 600,000,000
divided into 6,000,000
shares of Bht. 100
each with fully
paid
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Daihen
Corporation Nationality: Japanese Address :
1-11-2 Chome, Tagawa
Yotokawa-ku, Osaka, Japan
|
5,894,996 |
98.25 |
|
OTC
Daihen Asia Ltd. Nationality: Japanese Address :
60/86 Moo 19,
Klongnueng, Klongluang, Pathumthani |
55,000 |
0.92 |
|
Daihen
Engineering Ltd. Nationality: Japanese Address :
17-10 Jusho-moto Imesato
2, chome-ku, Osaka,
Japan |
50,000 |
0.83 |
|
Mr. Charoon Horsivalai Nationality: Thai Address :
46/223 Moo 3,
Samwatawaok, Minburi, Bangkok |
1 |
- |
|
Mr. Ekawith Suwanpong Nationality: Thai Address :
44 Samsennok, Huaykwang, Bangkok |
1 |
|
|
Mrs. Sirima Tankarn Nationality: Thai Address :
14 Moo 3,
Saenpudart, Banpho, Chachoengsao |
1 |
- |
|
Mr. Kiyoshi Onishi Nationality: Japanese Address :
258-259 Moo 6,
Thasa-arn, Bangpakong, Chachoengsao |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms.
Kalyarat Chaivorapongsa No.
3460
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in
hand & at
Bank |
83,787,358 |
92,233,057 |
|
Short Term
Investment |
666,335 |
663,005 |
|
Trade Accts.
Receivable -
Related Company |
14,040,403 |
10,589,110 |
|
- Non
Related Company |
179,051,716 |
120,479,129 |
|
Inventories [note 1] |
160,721,904 |
162,394,018 |
|
Advanced Expenses |
163,123 |
135,690 |
|
Other Current
Assets |
873,563 |
2,107,541 |
|
Total
Current Assets |
439,304,402 |
388,604,550 |
|
Long Term
Investment |
2,041,488 |
56,710 |
|
Long Term
Loan to Employees-Non Interest |
- |
304,000 |
|
Fixed
Assets |
173,087,666 |
185,470,345 |
|
Intangible at
Assets |
411,346 |
136,497 |
|
Other
Assets -
Receivable Value Added
Tax |
21,036,260 |
14,969,802 |
|
-
Deferred Tax |
827,801 |
16,379,858 |
|
-
Other & Deposit |
1,928,381 |
2,141,198 |
|
Total
Assets |
638,637,344 |
608,062,960 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts.
Payable -
Related Company |
59,517,760 |
56,010,620 |
|
- Non
Related Company |
31,153,744 |
12,408,050 |
|
Payable-Related Company |
1,894,050 |
- |
|
Current Portion of Long Term Loan |
46,700,000 |
30,000,000 |
|
Current Portion of Long Term Loan
Contract Liabilities |
1,169,055 |
976,774 |
|
Other Current
Liabilities |
|
|
|
- Pre-receipt from Custom |
11,062,921 |
26,810,934 |
|
- Accrued
Income Tax |
11,552,171 |
11,747,495 |
|
- Other
& Accrued Expenses |
9,032,946 |
6,579,648 |
|
Total Current Liabilities |
172,082,627 |
144,533,521 |
|
Long Term
Loan Net of
Current Portion |
187,000,000 |
233,700,000 |
|
Long Term
Loan Contract Liabilities Net
of Current Portion |
1,170,027 |
1,550,973 |
|
Total
Liabilities |
360,252,654 |
379,784,494 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 6,000,000 shares |
600,000,000 |
600,000,000 |
|
Capital Paid |
600,000,000 |
600,000,000 |
|
Premium from
Assets |
27,104,290 |
27,104,290 |
|
Unrealized Gain on Investment in Marketable Securities |
1,814,666 |
- |
|
Retained Earning - Unappropriated |
[350,534,266] |
[398,825,824] |
|
Total Shareholders' Equity |
278,384,690 |
228,278,466 |
|
Total Liabilities &
Shareholders' Equity |
638,637,344 |
608,062,960 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales Income |
624,402,660 |
463,029,824 |
|
Services
Income |
11,721,182 |
22,282,323 |
|
Gain on
Exchange Rate |
2,028,840 |
- |
|
Other Income |
4,273,618 |
5,806,001 |
|
Total
Revenues |
642,426,300 |
491,118,148 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold & Services |
519,836,487 |
385,294,854 |
|
Selling &
Administrative Expenses |
49,738,084 |
40,734,559 |
|
Loss on
Exchange Rate |
- |
6,339,840 |
|
Total Expenses
|
569,574,571 |
432,369,253 |
|
Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
72,851,729 |
58,748,895 |
|
Interest Expenses |
[4,223,652] |
[3,555,082] |
|
Income Tax |
[20,336,519] |
[17,261,980] |
|
Net
Profit / [Loss] |
48,291,558 |
37,931,833 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2004 |
2003 |
|
|
|
|
|
Raw Material |
92,666,969 |
90,166,543 |
|
Goods in
Process |
59,208,810 |
75,038,093 |
|
Finished Goods |
11,276,688 |
- |
|
Goods in
Transit |
988,208 |
1,352,887 |
|
Total |
164,140,675 |
166,557,523 |
|
Less:
Depreciation |
[3,418,771] |
[4,163,505] |
|
Total |
160,721,904 |
162,394,018 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
31.08 |
|
|
Operating |
[1.96] |
|
|
Net Profit |
27.31 |
|
|
Fixed Assets |
[6.68] |
|
|
Total Assets |
5.03 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
81.72 |
79.39 |
|
Operating Profit
Margin |
18.28 |
20.61 |
|
S&A expenses |
7.82 |
8.39 |
|
Interest |
0.66 |
0.73 |
|
Other Revenues |
0.99 |
1.20 |
|
Net Profit
Margin |
7.59 |
7.82 |
|
Earning Per
Shares |
8.05 |
6.32 |
|
No. of
Shares |
6,000,000 |
6,000,000 |
Net Sales was
increased by 31.08%,
Operating Profit was
decreased by 1.96%,
Net Profit was
increased by 27.31%,
Fixed Assets was
decreased by 6.68%,
Total Assets was
increased by 5.03%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
79.39% to 81.72%,
Operating Profit Margin
was decreased from
20.61% to 18.28%,
S & A
Expenses were decreased
from 8.39% to
7.82%, Interest Paid
was decreased from
0.73% to 0.66%,
Other Revenues was
decreased from 1.20%
to 0.99%, Net
Profit Margin was
decreased from 7.82%
to 7.59%.
Earning Per
Shares was increased
from 6.32 baht
per share to
8.05 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
2.55 |
2.69 |
|
Quick
- assets ratio |
1.61 |
1.55 |
Current Ratio
was decreased from
2.69 to 2.55,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
1.55 to 1.61,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
1.29 |
1.66 |
|
Times Interest
Earned |
15.76 |
16.68 |
D/E Ratio was
decreased from 1.66
to 1.29, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from 16.68 to
15.76, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets
Turnover |
3.68 |
2.62 |
|
Total Assets
Turnover |
1.00 |
0.80 |
|
Return on
Assets |
7.56 |
6.24 |
|
Return on
Equity |
17.35 |
16.62 |
|
Day’s Payable |
21.87 |
11.75 |
|
Day’s Inventories |
112.85 |
153.84 |
|
Days’ Receivables |
102.74 |
90.61 |
Fixed Assets
Turnover was increased
from 2.62 times
to 3.68 times,
Total Assets Turnover
was increased from
0.80 times to
1.00 times, show
the company could
use Assets so
efficiently, and Return on
Assets was increased
from 6.24 to
7.56, Return on
Equity was increased
from 16.62
to 17.35, capacity
to use Assets to make
profit was good.
Day’s Payable
was increased from
12 days to
22 days, while
Day’s Inventories was
decreased from 154
days to 113
days, but Day’s
Receivables was increased
from 91 days
to 103 days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |