MIRA
INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HALLA CLIMATE CONTROL
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Registered Office : |
Eastern Seaboard Industrial
Estate [Rayong], 64/4 Moo
4, Pluakdaeng, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
0105539084399 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing various kinds
of automotive climate
control units |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
HALLA CLIMATE CONTROL
[
SUMMARY
BUSINESS
ADDRESS : EASTERN SEABOARD
INDUSTRIAL ESTATE [RAYONG], 64/4
MOO 4, PLUAKDAENG,
TELEPHONE : [66] 38
954-050-72
FAX : [66] 38
954-049
E-MAIL ADDRESS : kamontipb@hcc.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0105539084399
CAPITAL
REGISTERED : BHT.
277,000,000
CAPITAL
PAID-UP : BHT.
277,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KIM MAN
HEUY, KOREAN
MANAGING DIRECTOR
NO. OF
STAFF : 400
LINES OF
BUSINESS : AUTOMOTIVE CLIMATE
CONTROL UNITS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 31,
1996 as a
private limited company under
the name style
HALLA CLIMATE CONTROL [THAILAND] COMPANY
LIMITED, by Foreign groups, to
manufacture wide range of
automotive climate control units
for automotive assemblers both in
domestic and international markets.
It currently employs
approximately 400 staff.
It
is a joint
venture between Halla
Climate Control Corporation,
Korea and Visteon
International Holding, Inc.,
U.S.A.., which held
around 90% and
10% of the
subject’s shares respectively.
The
subject’s registered address
is 64/4 Moo
4, Eastern Seaboard
Industrial Estate [Rayong],
Pluakdaeng, Rayong 21140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Man Heuy Kim |
[x] |
Korean |
- |
|
Mr. Yoong Ju Shin |
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Korean |
62 |
|
Mr. Joon Taek Park |
|
Korean |
54 |
|
Mr. Gopal Chantorn Molie |
|
American |
47 |
|
Mr. Clifford Brian Hamilton
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|
British |
58 |
|
Mr. Mohan Srinivasan Nagamangala |
|
Indian |
45 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Man Heuy
Kim is the
Managing Director.
He is Korean
nationality.
Mr. Joon Taek
Park is the
General Manager.
He is Korean
nationality with the
age of 54
years old.
Mr. Chaiyuth Amornpanichkul is
the Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
various kinds of
automotive climate control
units, such as
radiator, condenser, evaporator
core, heater core,
cooling fan, heater
system. Compress & clutch
assembling. Its products
are supplied to many well-known
automobile manufacturer, such
as Ford, Hyundai,
KIA, Mazda, GM,
Nissan and others.
BRAND NAME
“HCC”
PURCHASE
Raw materials and
components are purchased
from suppliers both
in domestic and
overseas, mainly Korea,
United States of
America, and United
Kingdom.
MAJOR SUPPLIERS
Halla Climate Control
Corporation :
Visteon
Corporation :
Sangrompo
Auto Parts Co.,
Ltd. :
SALES
The products are
sold by wholesale
to automotive assemblers
both local and
overseas, such as
United States of America,
Singapore, Korea and
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 or T/T.
BANKING
banker’s name was not
disclosed.
EMPLOYMENT
The
subject employs approximately
400 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory on
48,000 square meters
of area at
the heading address.
Premise is located
in industrial area.
COMMENT
The outlook for the auto parts market in
The subject’s growth this year remains strong.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 250,000,000 divided
into 250,000 shares
of Bht. 1,000
each.
The
capital was increased
later as following:
Bht. 270,000,000 on
September 15, 1999
Bht. 277,000,000 on
November 29, 2002
The
latest registered capital
was increased to
Bht. 277 million divided
into 277,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 29,
2006]
|
NAME |
HOLDING |
% |
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Halla Climate
Control Corporation Nationality: Korean Address : |
249,296 |
90.00 |
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Visteon International Holding,
Inc. Nationality: American Address : |
27,699 |
10.00 |
|
Mr. Beng Shap
Lee Nationality: Korean Address : |
1 |
- |
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Mr. Wu Soul
Jong Nationality: Korean Address : |
1 |
- |
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Mr. Ho Zik
Kwon Nationality: Korean Address : |
1 |
- |
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Mr. Soul Hun
Kang Nationality: Korean Address : |
1 |
- |
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Visteon Automotive
Holding, LLC Nationality: American Address : |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Somporn Vuthiwattana No.
4349
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
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Cash in hand
& at Bank
|
28,269,744 |
13,017,515 |
|
Short-term Investment |
- |
100,000 |
|
Trade Accts. Receivable |
359,134,300 |
226,983,538 |
|
Related Company Receivable |
- |
18,608,229 |
|
Inventories [note 1] |
307,519,712 |
155,105,345 |
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Other Current Assets
[note 2] |
39,231,866 |
85,275,011 |
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Total Current
Assets |
734,155,622 |
499,089,638 |
|
Fixed Assets [note 3] |
861,805,507 |
806,796,976 |
|
Other Assets |
5,463,299 |
3,200,205 |
|
Total Assets
|
1,601,424,428 |
1,309,086,819 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Short-term Loan from
Bank |
120,000,000 |
135,000,000 |
|
Trade Accts. Payable |
225,448,460 |
137,514,638 |
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Related Company Payable |
75,360,873 |
48,915,233 |
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Current Portion of
Long-term Loan |
120,000,000 |
240,000,000 |
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Accrued Expenses |
35,349,863 |
32,134,748 |
|
Accrued Income Tax |
24,918,942 |
11,831,708 |
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Estimated Liabilities |
- |
20,504,710 |
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Other Current Liabilities |
37,245,372 |
55,121,286 |
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Total Current
Liabilities |
638,323,510 |
681,022,323 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 277,000 shares |
277,000,000 |
277,000,000 |
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Capital Paid |
277,000,000 |
277,000,000 |
|
Unappropriated |
686,100,918 |
351,064,496 |
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Total
Shareholders' Equity |
963,100,918 |
628,064,496 |
|
Total
Liabilities & Shareholders' Equity |
1,601,424,428 |
1,309,086,819 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales |
2,850,954,775 |
2,045,851,356 |
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Gain on Exchange
Rate |
- |
14,264,925 |
|
Other Income |
17,493,460 |
22,383,083 |
|
Total Revenues
|
2,868,448,235 |
2,082,499,364 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
2,115,048,519 |
1,512,775,035 |
|
Selling & Administrative Expenses |
362,664,647 |
290,056,572 |
|
Total Expenses |
2,477,713,166 |
1,802,831,607 |
|
|
|
|
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Profit / [Loss] before
Interest Expenses &
Income Tax |
390,735,069 |
279,667,757 |
|
Interest Expenses |
[15,496,651] |
[9,138,542] |
|
Income Tax |
[40,201,996] |
[19,682,411] |
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Net Profit / [Loss] |
335,036,422 |
250,846,804 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
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Raw Material |
171,322,034 |
122,067,977 |
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Work in Process |
52,934,753 |
12,343,533 |
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Finished Goods |
23,256,152 |
8,427,260 |
|
Raw Material in
Transit |
60,101,694 |
12,311,022 |
|
Total |
307,614,633 |
155,149,792 |
|
Less: Allowance
for Obsolescent Stock |
[94,921] |
[44,447] |
|
Total
|
307,519,712 |
155,105,345 |
NOTE 2
Other Current Assets
|
|
2005 |
2004 |
|
|
|
|
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Other Receivable |
31,690,070 |
79,390,951 |
|
Value Added Tax
Receivable |
7,440,816 |
1,071,683 |
|
Other |
100,980 |
4,812,377 |
|
Total
|
39,231,866 |
85,275,011 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land & Building |
309,586,977 |
308,088,152 |
|
Machine, Equipment & Hand Tools |
761,707,002 |
468,770,824 |
|
Furniture, Fitting &
Equipment |
50,440,703 |
42,956,745 |
|
Vehicle |
8,009,968 |
8,980,257 |
|
Work under Construction & Machine under Installation |
41,329,795 |
213,330,260 |
|
Total |
1,171,074,445 |
1,042,126,238 |
|
Less: Depreciation |
[306,448,013] |
[232,508,337] |
|
Allowance for Obsolescent Stock |
[2,820,925] |
[2,820,925] |
|
Total
|
861,805,507 |
806,796,976 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
39.35 |
|
|
Operating Profit |
0.26 |
|
|
Net Profit |
33.56 |
|
|
Fixed Assets |
6.82 |
|
|
Total Assets |
22.33 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
74.19 |
73.94 |
|
Operating Profit Margin |
13.71 |
13.67 |
|
S & A
Expenses |
12.72 |
14.18 |
|
Interest Paid |
0.54 |
0.45 |
|
Other Revenues |
0.61 |
1.79 |
|
Net Profit Margin |
11.75 |
12.26 |
|
Earning Per Shares |
1,209.52 |
905.58 |
|
No. of Shares |
277,000 |
277,000 |
Net Sales was
increased by 39.35%,
Operating Profit was
increased by 0.26%,
Net Profit was
increased by 33.56%,
Fixed Assets was
increased by 6.82%,
Total Assets was
increased by 22.33%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 73.94%
to 74.19%, Operating
Profit Margin was
increased from 13.67%
to 13.71%, S
& A Expenses
was decreased from
14.18% to 12.72%,
Interest Paid was increased
from 0.45% to
0.54%, Other Revenues
was decreased from
1.79% to 0.61%,
Net Profit Margin
was decreased from
12.26% to 11.75%.
Earning Per Shares
was increased from
905.58 baht per
share to 1,209.52
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.15 |
0.73 |
|
Quick-Assets Ratio |
0.61 |
0.38 |
Current Ratio was
increased from 0.73
to 1.15, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.38 to 0.61,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.66 |
1.08 |
|
Times Interest Earned |
25.21 |
30.60 |
D/E Ratio was decreased from
1.08 to 0.66,
show the company
had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low, Times Interest
Earned was decreased
from 30.60 to
25.21, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
3.31 |
2.54 |
|
Total Assets Turnover |
1.78 |
1.56 |
|
Return on Assets |
20.92 |
19.16 |
|
Return on Equity |
34.79 |
39.94 |
|
Day's Payable |
28.47 |
24.20 |
|
Day’s Inventories |
38.83 |
27.29 |
|
Day’s Receivables |
45.35 |
39.94 |
Fixed Assets Turnover
was increased from
2.54 times to
3.31 times, Total
Assets Turnover was
increased from 1.56 times to
1.78 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 19.16 to
20.92, Return on
Equity was decreased
from 39.94 to
34.79, capacity to
use Assets to
make profit was good.
Day's Payable was
increased from 25
days to 29
days, Day’s Inventories
was increased from
28 days to
39 days, and
Day’s Receivables was
increased from 40
days to 46
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)