MIRA
INFORM REPORT
|
Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SAM MITR MOTORS MANUFACTURING PUBLIC COMPANY LIMITED |
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Registered Office : |
39 Moo 12 Petchkasem Road, T. Omnoi, A. Krathumban, Samutsakorn 7413 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1967 |
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Com. Reg. No.: |
0107550000041 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in manufacturing of
truck bodies and
related equipments |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
SAM MITR MOTORS MANUFACTURING PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 39
MOO
T. OMNOI,
A. KRATHUMBAN,
SAMUTSAKORN 7413,
TELEPHONE : [66] 2420- 0027,
2420-1971- 2
FAX : [66] 2431-1482,
2810-2761
E-MAIL ADDRESS : overseas@sammitr.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1967
REGISTRATION
NO. : 0107550000041 [Former : 256/2510]
CAPITAL
REGISTERED : BHT.
670,000,000
CAPITAL
PAID-UP : BHT.
462,500,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. YONGYUTH PHOSIRISUK,
THAI
PRESIDENT
NO. OF
STAFF : 1,746
LINES OF
BUSINESS : TRUCK
BODIES ASSEMBLY AND
RELATED
EQUIPMENTS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established on May 19,
1967, as a
private limited company under
the name style
SAM MITR MOTORS
MANUFACTURING CO., LTD. by Thai
groups, in order
to manufacture of truck bodies
assembly and parts
to both domestic and international
markets.
On
April 26, 2007,
the subject was
changed its status
to public company,
under the name
SAM MITR MOTORS MANUFACTURING
PUBLIC COMPANY LIMITED.
It currently employs
1,746 staff. Subject
plans to list
on the Stock
Exchange of Thailand
by the end
of 2007.
The subject
also achieved the
standard ISO 9001
certification for its
production.
The
subject’s registered address
is 39 Moo 12,
Petchkasem Road, Omnoi,
Krathumban, Samutsakorn 74130,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chao Phosirisuk :
Chairman |
[x] |
Thai |
67 |
|
Mr. Suriya Phosirisuk |
[-] |
Thai |
43 |
|
Mr. Yongyuth Phosirisuk |
[x] |
Thai |
42 |
|
Mr. Surayuth Phosirisuk |
[-] |
Thai |
39 |
|
Mr. Yongyuth Tulyasathien
|
[-] |
Thai |
43 |
|
Mr. Chookiat Puwasorakul |
[-] |
Thai |
58 |
|
Mrs. Yingchula Feungfung
|
|
Thai |
40 |
|
Mr. Thavach Triwannakul
|
|
Thai |
47 |
|
Ms. Maneerat Phosirisuk |
[-] |
Thai |
42 |
|
Mr. Kamthorn Chantarasaeng |
|
Thai |
66 |
|
Mr. Seree Chintanaseri |
|
Thai |
65 |
|
Mr. Boonchai Taweekittikul |
|
Thai |
59 |
|
Mr. Somkiat Hiranlarp |
|
Thai |
53 |
|
Mr. Suvith Udomsab |
|
Thai |
61 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the directors [-] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Yongyuth Phosirisuk is
the President.
He is Thai
nationality with the
age of 42
years old.
Mr. Surayuth Phosirisuk is the
Executive Director.
He is Thai
nationality with the
age of 39
years old.
Mr. Yongyuth
Tulyasathien is the
Marketing Director.
He is Thai
nationality with the
age of 43
years old.
Ms. Maneerat
Phosirisuk is the
Marketing Manager.
She is Thai
nationality with the
age of 42
years old..
Ms. Suwacharee
Somsuan is the
Import - Export
Manager.
She is Thai
nationality.
Mr. Suriya Phosirisuk is
the Factory Manager.
He is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing
of truck bodies
and related equipments
comprising the followings:
Light
Trucks And Steel
Canopy
-
Dies
and checking fixtures
-
Jigs
-
Press parts
-
Steel
truck cab /
canopy
-
Accessories
for canopy and
pick up truck
Truck
And Trailer
-
Dump truck
-
Trailer
-
Special
purposed truck
-
Mobile
trailer
Leaf Spring
and Auto Parts
-
Leaf spring
-
Hydraulic
hoist
-
Spare parts for
hydraulic, axle, truck
body
Agricultural Vehicle and
Equipment
-
Disc Plow for
agricultural
-
Blade
for agricultural vehicle
-
Combine
harvestor
TRADEMARK
“S M M”
IMPORT
Raw
material especially steel
as well as
machinery are imported
from Germany, Republic of
China, Japan, Korea,
India, Singapore, United
States of America,
and United Kingdom.
MAJOR SUPPLIERS
Toyota
Auto Body Co., Ltd. :
Shin
Meiwa Co., Ltd. :
SALES
The products
are sold to
dealers and manufacturers
both domestic and
overseas in United States of America, Canada, Indonesia,
Malaysia, Hong Kong, Singapore, Japan, Australia, Republic of
China, India and
Vietnam.
ASSOCIATED COMPANIES
- Sam Mitr
Autopart Co., Ltd.
Business Type: Manufacturer
of auto parts.
- Sam Mitr
Special Truck Co., Ltd.
Business Type: Manufacturer of
special truck.
- Sam Mitr
Motors Co., Ltd.
Business Type: Distributor
of automobiles, auto
body, and die
equipment.
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 30-60-90 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
Bangkok Bank
Public Co., Ltd.
[Samutsakorn
Branch : Krathumban, Samutsakorn
74130]
The Siam
Commercial Bank Public
Co., Ltd.
[Samutsakorn
Branch : Krathumban, Samutsakorn
74130]
EMPLOYMENT
The
subject employs 1,746
staff [office staff,
sales staff and
factory workers].
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse at the heading
address. Premise is
located in industrial
area.
Branches
and Factories:
-
104 Moo
15,
-
99 / 97
Moo 4, Sethakij
1 Rd., Omnoi,
Krathumban, Samutsakorn 74130
-
85 /1 Moo
3, Sethakij 1
Rd., Omnoi, Krathumban,
Samutsakorn 74130
-
86 Moo
5, Sethakij 1 Rd.,
Thamai, Krathumban, Samutsakorn
74130.
COMMENT
The subject is the country’s leading in auto
assembly and parts maker which has been growing strong in line with rising
demand in automobile industry. For 2007,
it projected that overall commercial vehicle sales to rise by 8%, including
pickup trucks and passenger car.
Besides the pickup truck sales, IMV
(innovative international multi-purpose vehicle) would also in high demand,
therefore automobile and parts assembly are projected to boosted with the IMV developed
as well.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000 divided
into 3,000 shares of
Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 140,000,000
on November 7,
1990
Bht. 250,000,000
on December 23,
1996
Bht 1,650,000,000
on November 28,
2002
Bht 1,850,000,000
on August 1,
2004
The
latest registered capital
was increased to
Bht. 1,850,000,000 divided into 18,500,000 shares
of Bht. 100
each with fully
paid.
On
April 26, 2007,
the capital was
decreased to Bht. 670,000,000 divided
into 134,000,000 shares
of Bht. 5 each.
THE SHAREHOLDERS
LISTED WERE : [as at
March 16,
2007] at Bht. 462,500,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chao
Phosirisuk Nationality: Thai Address : 693,
Pasicharoen, |
36,302,025 |
39.24 |
|
Bangkok Bank
Public Company Limited Nationality: Thai
Address : |
27,750,000 |
30.00 |
|
Mr.
Chookiat Puwasorakul Nationality: Thai
Address : 19
Soi Soonvijay 3,
Bangkapi, Huaykwang, |
4,472,430 |
4.83 |
|
Mr. Suriya
Phosirisuk Nationality: Thai Address : 24/1022 Moo 4, Bangkae, |
3,617,950 |
3.91 |
|
Mrs. Veena Srithanyarat Nationality: Thai Address : 18 Thanonphyathai, Rajthevee,
|
2,775,000 |
3.00 |
|
Ms. Varunee Puwasorakul Nationality: Thai
Address : 17
Soi Soonvijay 3,
Bangkapi, Huaykwang, |
1,850,000 |
2.00 |
|
Mrs. Chamoy
Phosirisuk Nationality: Thai Address : 185 Moo 15, Pasicharoen, |
1,718,650 |
1.86 |
|
Mr. Chaimongkol
Phosirisuk Nationality: Thai Address : 280 Moo 15,
Pasicharoen, |
1,004,725 |
1.09 |
|
Other Shareholders |
13,009,220 |
14.07 |
Total Shareholders
51
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Kesree Narongdej No. 0076
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
30,566,550 |
38,874,374 |
|
Trade Accounts Receivable Related Company |
43,538,504 |
10,134,345 |
|
Other Company |
421,791,345 |
374,125,991 |
|
Deferred Income |
138,471,079 |
183,182,507 |
|
Inventories |
368,474,161 |
326,216,854 |
|
Other Current Assets
|
|
|
|
Prepaid Expenses |
5,610,530 |
4,387,897 |
|
Advanced Paid |
3,705,903 |
3,123,751 |
|
Other |
817,696 |
1,470,130 |
|
|
|
|
|
Total Current
Assets |
1,012,975,768 |
941,515,849 |
|
Investment Accounted for
under Equity Method |
300,940,225 |
306,653,655 |
|
Other Long Term Investment |
5,602,619 |
4,560,315 |
|
Long Term Loan
to Related Company |
- |
946,664 |
|
Fixed Assets |
1,711,179,430 |
1,749,249,662 |
|
Intangible Assets |
92,709,315 |
32,931,664 |
|
Other Non-Current Assets |
|
|
|
Withholding Tax |
18,668,140 |
16,709,572 |
|
Other |
3,969,800 |
4,697,337 |
|
Total Assets
|
3,146,045,297 |
3,057,264,718 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan From Financial
Institute |
459,487,194 |
292,154,265 |
|
Trade Accounts Payable Related Company |
12,781,497 |
- |
|
Other Company |
551,863,591 |
498,100,008 |
|
Current Portion of Hire-purchase Payable |
2,399,463 |
3,331,897 |
|
Current Portion of
Long-term Loans |
187,217,290 |
191,965,713 |
|
Other Current Liabilities |
|
|
|
Accrued Expenses |
86,753,748 |
66,630,761 |
|
Other Payable |
25,371,971 |
33,497,323 |
|
Other |
3,497,929 |
3,468,778 |
|
|
|
|
|
Total Current
Liabilities |
1,329,372,683 |
1,089,148,745 |
|
Hire-purchase Contract Payable
Net of Current Portion |
4,748,453 |
5,521,312 |
|
Accrued Interest & Long-term
Loan |
1,162,298,592 |
1,305,551,567 |
|
Total Liabilities |
2,496,419,728 |
2,400,221,624 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 18,500,000 shares |
|
1,850,000,000 |
|
Share capital : Baht 25
par value authorized, issued
and fully paid share
capital 18,500,000 shares |
462,500,000 |
|
|
|
|
|
|
Capital Paid |
462,500,000 |
1,850,000,000 |
|
Surplus on Revaluation
of Assets |
980,499,800 |
1,078,532,702 |
|
Unrealized Gain in
Value of Investment in Securities
Available for |
2,492,534 |
1,450,230 |
|
Decreased in Exchange
of Balance Sheet |
[104,972,810] |
[117,993,161] |
|
Retained Earning Appropriated for
Statutory Reserve |
- |
7,816,029 |
|
Unappropriated [Deficit] |
[690,893,955] |
[2,162,762,706] |
|
Total
Shareholders' Equity [Deficit] |
649,625,569 |
657,043,094 |
|
Total
Liabilities & Shareholders' Equity |
3,146,045,297 |
3,057,264,718 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
2,771,604,177 |
2,421,242,776 |
|
Services Income |
69,801,890 |
144,070,934 |
|
Other Income |
|
|
|
Gain from
Reversal of Diminution
Transaction |
20,000,000 |
- |
|
Interest Income |
1,136,952 |
189,336 |
|
Gain on Exchange
Rate |
7,581,841 |
- |
|
Other |
88,574,572 |
76,758,925 |
|
Total Revenues
|
2,958,699,432 |
2,642,261,971 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
2,395,974,815 |
2,181,180,520 |
|
Selling & Administrative Expenses |
341,112,966 |
303,256,452 |
|
Other Expenses |
|
|
|
Loss on
Exchange Rate |
- |
7,394,567 |
|
Doubtful Debt |
2,512,637 |
133,508 |
|
Share of Loss
Investment accounted for under Equity
Method |
18,733,781 |
21,141,060 |
|
Total Expenses |
2,758,334,199 |
2,513,106,107 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
200,365,233 |
129,155,864 |
|
Interest Expenses |
[123,812,511] |
[96,108,558] |
|
|
|
|
|
Net Profit / [Loss] |
76,552,722 |
33,047,306 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
10.76 |
|
|
Operating Profit |
26.77 |
|
|
Net Profit |
131.65 |
|
|
Fixed Assets |
[2.18] |
|
|
Total Assets |
2.90 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.32 |
85.03 |
|
Operating Profit Margin |
7.80 |
6.15 |
|
S & A
Expenses |
12.01 |
11.82 |
|
Interest Paid |
4.36 |
3.75 |
|
Other Revenues |
4.13 |
3.00 |
|
Net Profit Margin |
2.69 |
1.29 |
|
Earning Per Shares |
4.14 |
1.79 |
|
No. of Shares |
18,500,000 |
18,500,000 |
Net Sales was increased by 10.76%, Operating Profit was increased by 26.77%, Net Profit was increased by 131.65%, Fixed Assets was decreased by 2.18%, Total Assets was increased by 2.90%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 85.03%
to 84.32%, Operating
Profit Margin was
increased from 6.15%
to 7.80%, S
& A Expenses
was increased from
11.82% to 12.01%,
Interest Paid was increased
from 3.75% to
4.36%, Other Revenues
was increased from
3.00% to 4.13%,
Net Profit Margin
was increased from
1.29% to 2.69%.
Earning Per Shares
was increased from
1.79 baht per
share to 4.14
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.76 |
0.86 |
|
Quick-Assets Ratio |
0.48 |
0.56 |
Current Ratio was
decreased from 0.86
to 0.76, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was decreased from
0.56 to 0.48,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
3.84 |
3.65 |
|
Times Interest Earned |
1.79 |
1.64 |
D/E Ratio was
increased from 3.65
to 3.84, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
1.64 to 1.79,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.66 |
1.47 |
|
Total Assets Turnover |
0.90 |
0.84 |
|
Return on Assets |
2.43 |
1.08 |
|
Return on Equity |
11.78 |
5.03 |
|
Day's Payable |
69.92 |
69.90 |
|
Day’s Inventories |
46.68 |
45.78 |
|
Day’s Receivables |
53.44 |
52.50 |
Fixed Assets Turnover
was increased from
1.47 times to
1.66 times, Total
Assets Turnover was
increased from 0.84
times to 0.90
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
1.08 to 2.43,
Return on Equity
was increased from
5.03 to 11.78,
capacity to use
Assets to make
profit was good.
Day's Payable was
stable at 70
days, while Day’s
Inventories was increased
from 46 days
to 47 days,
and Day’s Receivables
was increased from
53 days to
54 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 |
|
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%)