%20LIMITED%2010-Nov-2006_files/image002.jpg)
MIRA
INFORM REPORT
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Report Date : |
10th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
EMERSON
ELECTRIC (THAILAND) LIMITED |
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Registered Office : |
24 Moo 4, Eastern Seaboard Industrial
Estate, T. Pluakdaeng, A. Pluakdaeng, Rayong 21140, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
30.09.2005 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0105534122021 [Former : 12200/2534] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer
of scroll and reciprocating compressors and accessories for air-conditioning
and refrigeration industries. |
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 |
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Maximum Credit Limit : |
US$ 150,000
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company Name
EMERSON ELECTRIC
[THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 24 MOO 4, EASTERN
SEABOARD INDUSTRIAL
ESTATE, T. PLUAKDAENG,
A. PLUAKDAENG,
RAYONG 21140, THAILAND
TELEPHONE : [66] 38 957-000
FAX : [66] 38 954-251-2
E-MAIL ADDRESS :
cpolgerd@copeland-corp.com
nruchian@copeland-corp.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534122021 [Former : 12200/2534]
CAPITAL REGISTERED : BHT. 597,500,000
CAPITAL PAID-UP
: BHT. 597,500,000
FISCAL YEAR CLOSING
DATE : SEPTEMBER 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BRUCE WILLIAM HOPPE,
AMERICAN
MANAGING
DIRECTOR
NO. OF
STAFF : 650
LINES OF
BUSINESS : COMPRESSORS
MANUFACTURER, DISTRIBUTOR & 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 established on
December 23, 1991
as a private limited company
under the registered
name Emerson [Thailand] Ltd., by EMR Holdings Inc.,
U.S.A., in order
to produce and export of
compressors for air-conditioning and refrigeration. On February 25, 1992 the
name was changed
to EMERSON ELECTRIC [THAILAND]
LTD. It currently
employs 650 staff.
It is a
subsidiary of Emerson Electric, the U.S. based and world’s leading supplier of
compressors and condensing units for commercial and residential
air-conditioning, and commercial refrigeration equipment.
The subject
was granted an
investment promotional privilege from Board of Investment
[BOI] for its
production.
It was
achieved the ISO
14001 certification from
Underwriters Laboratories Inc., for the environment management on
April 17, 2002.
Emerson Group’s
Asia regional has
the headquarters in
Hong Kong and
other offices in
Republic of China,
India, Japan, Korea,
Indonesia, Malaysia and
Singapore.
The subject’s
registered address is
24 Moo 4, Eastern
Seaboard Industrial Estate,
T. Pluakdaeng,
A. Pluakdaeng, Rayong
21140, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
Nativity |
Age |
|
Mr. Bruce
William Hoppe |
American |
60 |
|
Mr. William
Thomas Bosway |
American |
- |
|
Mr. Gerald
Ryan Lorence |
American |
- |
|
Mrs.
Areeya Komolkavin |
Thai |
- |
|
Mr. Peter,
Kam - Hon Yam |
American |
60 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Bruce William Hoppe
is the Managing Director.
He is
American nationality with
the age of
60 years old..
Mr.
Keith Dixon
is the Service Factory and
Resident Engineering Manager.
He is
American nationality.
Mr.
Somyoth Miengchom
is the Manufacturing
Engineering Manager [Compressor].
He is
Thai nationality.
Mr.
Keerati Vorapat
is the Manufacturing
Engineering Manager [Motors].
He is
Thai nationality.
Ms.
Areeya Komolkavin
is the Financial Controller.
She is
Thai nationality.
Mr.
Manoj Pongtongjaroen
is the Summit Project Manager.
He is
Thai nationality.
Ms.
Vanida Khomna
is the Human Resources Manager.
She is
Thai nationality.
Mr.
Tanapol Kankittiwat
is the Black Belt & QMR Manager.
He is
Thai nationality.
Mr.
Kittipong Eiamkuekool
is the Production Manager.
He is
Thai nationality.
Mr.
Kosin Lertsatayathorn
is the Quality Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activity is a
manufacturer of scroll
and reciprocating compressors
and accessories for
air-conditioning and refrigeration industries.
Types of
products are as
follows:
Air Conditioning System :
-
ZR Scroll [1.5-6.75 HP]
-
ZR Scroll
[7-15 HP]
-
Tandem Scroll
Unit [8-30 HP]
Refrigeration System:
-
Refrigeration Scroll [2-15 HP]
MAJOR BRAND
“COPELAND”
PRODUCTION
500,000 sets
per annum
PURCHASE
Most of
raw materials and
spare parts are
purchased from local
suppliers, and the
rest is imported
from United States
of America, Germany
and Japan.
MAJOR SUPPLIERS
- U.M.C.
Diecasting Co., Ltd. :
Thailand
-
Emerson Electric Company : United States of
America
-
Copeland Corporation :
United States of America
-
The Max Value Technology Co., Ltd. :
Thailand
- S.K.
Polymer Co., Ltd. : Thailand
SALES [LOCAL]
20% of
its products is
sold locally to
manufacturers, wholesalers and
end-users.
EXPORT [COUNTRY]
80% of
its products is
exported to Taiwan,
Japan, Hong Kong,
Korea, Malaysia, Singapore,
Indonesia, Vietnam and
Republic of China.
MAJOR CUSTOMERS [LOCAL]
-
Sang Chai Equipment Co., Ltd. :
Thailand
-
Thai Nair Equipment Supply Co.,
Ltd. : Thailand
PARENT COMPANY
EMR
Holdings, Inc.,
Address : CT Corporation System
1209 Orange Street Wilmington Delaware
19801, U.S.A
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 to
IRICO’S DATABASE 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 credit term of 30-60 days.
Imports are
by L/C at sight or
T/T on negotiated term.
Exports are
against L/C at
sight or T/T
on negotiated term.
BANKING
Kasikornbank Public Co., Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
[Rayong Branch : 091 Sukhumvit
Rd., Thapradu, Muang,
Rayong Province]
Citibank,
NA.
[Bangkok
Office : 82 North Sathorn
Rd., Bangrak, Bangkok 10500]
EMPLOYMENT
The subject
employs approximately 650
staff [office staff
and factory workers].
LOCATION DETAILS
The premise
is rented for
administrative office, factory
and warehouse at
the heading address
on 150,000 square meters of area. Premise
is located in
an industrial area.
The subject
was relocated its
office from 17th floor, Thai Wah
Building, 21/127 South
Sathorn Road, Bangkok
to the present address in
2000.
Sale
Office :
34th Floor,
Nation Tower, 46/133
Moo 10, Bangna-Trad Rd.,
Bangna, Bangkok 10260,
Tel :
[66] 2716-4700, Fax : [66]
2751-4240-1.
REMARK
CREDIT OF
US$ 150,000 AGAINST
D/A TERMS SHOULD
BE IN ORDER.
COMMENT
The
subject is one of the leading
manufacturers and exporters of compressor for cooling systems. A
recipient of continuous compressor technology
innovation, the subject is able to manufacture a wide range of world-standard compressors for the diverse
needs of its
global customers.
The
subject is one of the major exporters of technological advanced scroll
air-conditioning compressors to world market. With its high production
efficiency has resulted in improved competitiveness and customer satisfaction for
both the local
and international markets.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 2,500,000 divided
into 100,000 shares
of Bht. 25
each.
The capital
was increased later
as followings:
Bht. 175,000,000 on February
14, 1996
Bht. 177,500,000 on March
26, 1996
Bht. 597,500,000 on December
22, 1999
The latest
registered capital was
increased to Bht.
597,500,000 divided into
23,900,000 shares of
Bht. 25 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
January 30, 2006]
|
NAME |
HOLDING |
% |
|
EMR
Holdings, Inc. Nationality:
American Address : 1209
Orange Street, Delaware,
U.S.A. |
23,899,993 |
100.00 |
|
Emerson
Electric Overseas Finance
Corporation Nationality:
American Address : 8000
W Florisson St.
Louis, U.S.A. |
1 |
- |
|
Emerson
Electric [U.S]. Holding Corporation Nationality:
American Address : 850
Library Ave-Sweet 204-C, U.S.A. |
1 |
- |
|
Emerson
Electric Co. Nationality:
American Address : 8000
W Florisson St.
Louis, U.S.A. |
1 |
- |
|
EECO,
Inc. Nationality:
American Address : 850
Library Ave-Sweet 204-C, U.S.A. |
1 |
- |
|
Emerson
Electric International Inc. Nationality:
American Address : 8000
W Florisson St.
Louis, U.S.A. |
1 |
- |
|
Emerson XXXVI, Inc. Nationality:
American Address : 8000
W Florisson St.
Louis, U.S.A. |
1 |
- |
|
Emerson
XLVI Inc. Nationality:
American Address : 8000
W Florisson St.
Louis, U.S.A. |
1 |
- |
Total
Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Santi
Pongcharoenthip No. 4623
BALANCE SHEET [BAHT]
The latest financial figures
published as at
September 30, 2005
& 2004 were :
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
1,049,496,774 |
3,326,307,914 |
|
Trade Accts.
Receivable |
791,430,405 |
892,929,161 |
|
Inventories [note 1] |
715,866,721 |
569,394,299 |
|
Others Current
Assets |
31,508,225 |
154,378,984 |
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|
|
|
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Total
Current Assets |
2,588,302,125 |
4,943,010,358 |
|
Fixed
Assets [note 2] |
2,139,903,247 |
2,013,415,707 |
|
Other Assets |
1,397,699 |
1,112,709 |
|
Total Assets |
4,729,603,071 |
6,957,538,774 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts.
Payable |
938,080,926 |
697,579,071 |
|
Short Term
Loans from Related
Companies |
5,074,306 |
5,074,306 |
|
Other Payable
from Related Company |
290,920,261 |
474,628,985 |
|
Accrued Expenses
|
45,052,637 |
131,985,135 |
|
Accrued Discount |
82,152,202 |
102,408,095 |
|
Reserve for
Goods Guarantee |
7,453,796 |
131,433,766 |
|
Others Current
Liabilities |
57,414,853 |
60,089,292 |
|
|
|
|
|
Total Current Liabilities |
1,426,148,981 |
1,603,198,650 |
|
Total
Liabilities |
1,426,148,981 |
1,603,198,650 |
|
Shareholders' Equity |
|
|
|
Share Capital
: Baht. 25
par value authorized issued and fully
paid share capital 23,900,000 shares |
597,500,000 |
597,500,000 |
|
|
|
|
|
Capital Paid |
597,500,000 |
597,500,000 |
|
Statutory Reserve |
59,750,000 |
- |
|
Unappropriated |
2,646,204,090 |
4,756,840,124 |
|
Total Shareholders' Equity |
3,303,454,090 |
5,354,340,124 |
|
Total Liabilities & Shareholders' Equity |
4,729,603,071 |
6,957,538,774 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales & Services |
7,971,320,607 |
7,550,435,785 |
|
Others |
72,626,222 |
79,157,026 |
|
Total
Revenues |
8,043,946,829 |
7,629,592,811 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold & Services |
4,925,835,922 |
4,857,693,403 |
|
Selling &
Administrative Expenses |
440,548,640 |
431,727,327 |
|
Other
Expenses |
- |
951,114,788 |
|
Total Expenses
|
5,366,384,562 |
6,240,535,518 |
|
Profit Before
Interest Expenses &
Income Tax |
2,677,562,267 |
1,389,057,293 |
|
Interest Expenses |
[6,665,151] |
- |
|
Income Tax |
[37,383,150] |
- |
|
Net
Profit / [Loss] |
2,633,513,966 |
1,389,057,293 |
FINANCIAL NOTE
NOTE
1 Inventories
[Million
Baht]
|
|
2005 |
2004 |
|
|
|
|
|
Raw Materials |
561 |
502 |
|
Works in
Progress |
2 |
3 |
|
Finished Goods |
157 |
79 |
|
Less Reserve for Stock
Obsolescence |
[4] |
[15] |
|
Total |
716 |
569 |
NOTE
2 Fixed Assets
[Million Baht]
|
|
2005 |
2004 |
|
|
|
|
|
Land &
Improvement |
121 |
121 |
|
Building &
Improvement |
688 |
676 |
|
Machinery &
Equipments |
2,037 |
2,064 |
|
Office Furniture
& Equipment |
62 |
52 |
|
Works under Construction |
460 |
170 |
|
Total |
3,367 |
3,083 |
|
Less : Depreciation |
[1,228] |
[1,070] |
|
Fixed
Assets - Net |
2,140 |
2,013 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
5.57 |
|
|
Operating |
8.38 |
|
|
Net Profit |
89.59 |
|
|
Fixed Assets |
6.28 |
|
|
Total Assets |
[32.02] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
61.79 |
64.34 |
|
Operating Profit
Margin |
33.59 |
30.99 |
|
S&A expenses |
5.53 |
5.72 |
|
Interest |
0.08 |
0.00 |
|
Other Revenues |
0.91 |
1.05 |
|
Net Profit
Margin |
33.04 |
18.40 |
|
Earning Per
Shares |
110.19 |
58.12 |
|
No. of
Shares |
23,900,000 |
23,900,000 |
Net Sales was
increased by 5.57%,
Operating Profit was
increased by 8.38%,
Net Profit was
increased by 89.59%,
Fixed Assets was
increased by 6.28%,
Total Assets was
decreased by 32.02%.
%20LIMITED%2010-Nov-2006_files/image004.gif)
Compare each cost
with sales, Cost
of Goods Solds was
decreased from 64.34%
to 61.79%, Operating
Profit Margin was
increased from 30.99%
to 33.59%, S
& A Expenses
were decreased from
5.72% to 5.53%,
Interest Paid was
increased from 0.00%
to 0.08%, Other
Revenues was decreased
from 1.05% to
0.91%, Net Profit
Margin was increased
from 18.40% to
33.04%.
Earning Per
Shares was increased
from 58.12 baht
per share to
110.19 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.81 |
3.08 |
|
Quick
- assets ratio |
1.29 |
2.63 |
Current Ratio
was decreased from
3.08 to 1.81,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was so
good, and Quick-assets Ratio was decreased
from 2.63 to
1.29, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
%20LIMITED%2010-Nov-2006_files/image006.gif)
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.43 |
0.30 |
|
Times Interest
Earned |
401.73 |
- |
D/E Ratio was
increased from 0.30
to 0.43, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was 401.73,
capacity to pay
interest paid was
good.
%20LIMITED%2010-Nov-2006_files/image008.gif)
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
3.73 |
3.75 |
|
Total Assets
Turnover |
1.69 |
1.09 |
|
Return on
Assets |
55.68 |
19.96 |
|
Return on
Equity |
79.72 |
25.94 |
|
Day’s Payable |
42.37 |
33.26 |
|
Day’s Inventories |
32.33 |
27.15 |
|
Days’ Receivables |
35.74 |
42.57 |
Fixed Assets Turnover
was decreased from
3.75 times to
3.73 times, Total
Assets Turnover was
increased from 1.09
times to 1.69
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 19.96 to
55.68, Return on
Equity was increased
from 25.94 to
79.72, capacity to
use Assets to
make profit was
so good.
Day’s Payable
was increased from
34 days to
43 days, and
Day’s Inventories was
increased from 28
days to 33
days, while Day’s
Receivables was decreased
from 43 days
to 36 days.
%20LIMITED%2010-Nov-2006_files/image010.gif)
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|