MIRA
INFORM REPORT
|
Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIAM COMPRESSOR INDUSTRY CO., LTD. [SCI] |
|
|
|
|
Registered Office : |
87/10 Moo 2, Laem Chabang Industrial Estate, Sukhumvit Road, Tuangsukhla, Sriracha,
Cholburi 20230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1988
|
|
|
|
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Com. Reg. No.: |
0105531096240 |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Manufacturer, distributor and
exporter of scroll
compressor and rotary
compressors |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name
SIAM COMPRESSOR INDUSTRY CO., LTD. [SCI]
SUMMARY
BUSINESS ADDRESS : 87/10 MOO 2, LAEM CHABANG INDUSTRIAL
ESTATE,
SUKHUMVIT ROAD,
TUANGSUKHLA,
SRIRACHA, CHOLBURI
20230, THAILAND
TELEPHONE : [66] 38 490-900-10
FAX : [66] 38
490-919, 490-917
E-MAIL ADDRESS : marketing@siamcompressor.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO.
: 0105531096240 [Former : 9626/2531]
CAPITAL
REGISTERED : BHT. 1,603,800,000
CAPITAL
PAID-UP : BHT. 1,603,800,000
FISCAL
YEAR CLOSING DATE : MARCH 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SUSUMU KAWAGUCHI, JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 2,200
LINES OF
BUSINESS : COMPRESSOR
MANUFACTURER, DISTRIBUTOR
& 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 December
7, 1988 as
a private limited
company under the name
style SIAM COMPRESSOR
INDUSTRY CO., LTD.
It was formerly
a joint venture
between, Siam Cement Group,
Thailand and Mitsubishi
Electric Corporation [MELCO]
in Japan. Since March
23, 2001, Mitsubishi Electric
Corporation has become
the fully owned
the subject. It
currently employs 2,200
staff.
The subject was
granted promotional privileges
by the Board of Investment
for compressor production.
It is also the first
rotary compressor company
and factory in
Thailand.
The subject’s registered
address is 87/10 Moo 2, Laem Chabang Industrial Estate, Sukhumvit
Rd., Tuangsukhla, Sriracha,
Cholburi 20230, and
this is the company’s current operation address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Pramont Sutheewongs |
Thai |
68 |
|
Mr. Tharin Chanthravisuta |
Thai |
53 |
|
Mr. Hiroyuki Umemura |
Japanese |
55 |
|
Mr. Hiroshi Ito |
Japanese |
- |
|
Mr. Takashi Fujii |
Japanese |
58 |
|
Mr. Susumu Kawaguchi |
Japanese |
52 |
|
Mr. Takeyasu Ogawa |
Japanese |
- |
|
Mr. Shigeru Shida |
Japanese |
- |
|
Mr. Masayasu Masuda |
Japanese |
63 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Susumu
Kawaguchi is the Managing Director
and Factory Manager.
He is Japanese nationality with
the age of
52 years old.
Mr. Tharin Chanthravisuta is
the Deputy Managing
Director.
He is Thai nationality with
the age of
53 years old.
Mr. Panthep
Krairiksh is the Marketing Manager.
He is Thai nationality.
Mr. Jaidee
Anan-niyom is the Sales Manager.
He is Thai nationality.
Mrs. Pornnapa
Boonprasert is the Finance Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
are manufacturer, distributor
and exporter of
scroll compressor and
rotary compressors for air-conditioning applications with smaller vibration,
lower noise, more
compact and lightweight body, ranging from 7,000
BTU/h to 42,000
BTU/h, which are
available for:
n
Refrigerate :
R-22 and R-407C
n
Electricity System :
50Hz and 60 Hz
PRODUCTION CAPACITY
2,700,000 units/year
MAJOR BRAND
“MITSUBISHI”
IMPORT [COUNTRIES]
20% of its raw materials
and machineries are imported
from Japan, United States of America, Taiwan,
Republic of China
and Germany.
MAJOR SUPPLIERS
- Mitsubishi Electric Corporation
: Japan
- Siam NPR Co., Ltd.
: Thailand
SALES [LOCAL]
60% of its products is
sold locally to
manufacturers and end-users.
EXPORT [COUNTRY]
40% of the products is
exported to Japan,
Argentina, Taiwan, Singapore, Republic of
China, Hong Kong,
Indonesia, Australia, Vietnam,
United Kingdom and Middle
East countries.
MAJOR CUSTOMERS
- Mitsubishi Electric Corporation :
Japan
- Kang Yong Electric
Public Co., Ltd. : Thailand
- Mitsubishi Electric Asia Pte., Ltd. : Singapore
- Taiwan Kolin Co.,
Ltd. : Taiwan
- Mitsubishi Electric [UK]
Ltd. : U.K.
- Shanghai Mitsubishi Electric
& Shangling Air-Conditioner
& : China
Electric Appliance
Co., Ltd.
PARENT COMPANY
Mitsubishi Electric
Corporation :
Address : 2-3
Marunouji, 3-Shome, Chiyoda-Ku,
Tokyo, Japan
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.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office :
1 Rajburana Road,
Rajburana, Bangkok10140]
Krung Thai
Bank Public Co., Ltd.
[Head Office :
35 Sukhumvit Road,
Klongtoeynua, Wattana, Bangkok
10110]
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Road,
Jatujak, Bangkok 10900]
EMPLOYMENT
The subject employs
2,200 staff. [office staff
and factory workers]
LOCATION DETAILS
The premise is
owned for operating
office and factory
at the heading address in
an industrial area.
Marketing Office
32nd Flr., S.M.
Tower, 979/108-110 Phaholyothin Rd., Samsennai, Phyathai,
Bangkok 10400, Tel.
: [66] 2298-0378, Fax. :
[66] 2298-0411-2.
REMARK
CREDIT OF US$
150,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
The subject’s operating
performances were satisfactory in relation to
high demand of
the products in
both domestic and
export sales. The
product quality is well-accepted internationally.
If demand remains
strong and currency
is not fluctuate, the subject
predicts that its
sale would continue
to grow steadily
on a yearly basis.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as
followed :
Bht. 180,000,000 on February 22, 1989
Bht. 360,000,000 on October 30,
1992
Bht. 720,000,000 on July 1,
1999
Bht. 1,188,000,000 on
April 19, 2003
Bht. 1,603,800,000 on
August 26, 2003
The latest registered capital was increased to
Bht. 1,603,800,000 divided
into 16,038,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at July
14, 2006]
|
NAME |
HOLDING |
% |
|
Mitsubishi
Electric Corporation Nationality: Japanese Address : 2-3
Marunouji 3-chome, shiyoda-ku, Tokyo, Japan |
12,557,750 |
78.30 |
|
Mitsubishi Electric
Consumer Products [Thailand] Ltd. Nationality: Japanese Address : 700/406
Moo 7, Donhuaroh, Muang, Chonburi |
3,159,486 |
19.70 |
|
Kang Yong
Electric Public Co., Ltd. Nationality: Thai Address : 67
Moo 1, Bangan-Trad Rd., Bangchalong,
Bangplee, Samutprakarn |
320,760 |
2.00 |
|
Mr. Shigeru
Shida Nationality: Japanese Address : 2-3
Marunouji 3-chome, shiyoda-ku, Tokyo, Japan |
1 |
- |
|
Mr. Susumu Kawaguchi
Nationality: Japanese Address : 87/10
Moo 2, Sukhumvit
Rd., Thungsukhla,
Sriracha, Chonburi |
1 |
- |
|
Mr. Tharin Chanthravisuta Nationality: Thai Address : 76/152
Moo 5, Surasak,
Sriracha, Chonburi |
1 |
- |
|
Mr. Hiroshi Ito Nationality: Japanese Address : 87/10
Moo 2, Sukhumvit
Rd., Thungsukhla,
Sriracha, Chonburi |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Pisith Chewaruengroj No. 2803
BALANCE SHEET [BAHT]
The latest financial figures published as at
March 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
62,248,962 |
143,163,399 |
|
Trade Accts. Receivable - Related Companies |
535,121,767 |
387,634,010 |
|
- Other Companies [note 1] |
944,661,775 |
670,870,226 |
|
Related Companies Receivable |
- |
5,269,485 |
|
Inventories [note 2] |
1,692,826,636 |
1,731,228,000 |
|
Deferred Dividend |
169,000,000 |
204,000,000 |
|
Other Current Assets
[note 3] |
26,994,140 |
25,748,876 |
|
|
|
|
|
Total Current
Assets |
3,430,853,280 |
3,167,913,996 |
|
Fixed Account pledged
as a Collateral |
5,000,000 |
5,000,000 |
|
Investment in Share
Capital of Associated Companies -
at Equity Method |
2,405,359,673 |
2,176,145,907 |
|
Fixed Assets [note 4] |
5,260,632,817 |
4,903,112,114 |
|
Other Assets |
83,409,431 |
61,274,256 |
|
Total Assets |
11,185,255,201 |
10,313,446,273 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from Bank |
972,000,000 |
- |
|
Trade Accts. Payable - Related Companies |
8,354,629 |
4,742,929 |
|
- Other Companies |
947,853,870 |
922,639,952 |
|
Accts. Payable & Loan from
Related Companies |
440,599,297 |
914,825,380 |
|
Accrued Dividend |
625,482,000 |
769,824,000 |
|
Accrued Income Tax |
33,822,905 |
26,612,365 |
|
Discount & Accrued
Commission |
37,112,915 |
44,097,866 |
|
Accrued Bonus |
18,712,458 |
13,990,872 |
|
Other Current Liabilities |
15,856,181 |
14,132,355 |
|
|
|
|
|
Total Current
Liabilities |
3,099,794,255 |
2,710,865,719 |
|
Pension Fund |
- |
2,661,614 |
|
Total Liabilities |
3,099,794,255 |
2,713,527,333 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 16,038,000 shares |
1,603,800,000 |
1,603,800,000 |
|
|
|
|
|
Capital Paid |
1,603,800,000 |
1,603,800,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
160,380,000 |
160,380,000 |
|
Unappropriated |
6,321,280,946 |
5,835,738,940 |
|
Total Shareholders'
Equity |
8,085,460,946 |
7,599,918,940 |
|
Total
Liabilities & Shareholders' Equity |
11,185,255,201 |
10,313,446,273 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
6,949,336,749 |
7,005,310,590 |
|
Equity in Net Operation of Associated Companies |
607,813,767 |
1,100,569,967 |
|
Other Income |
90,893,051 |
54,750,186 |
|
Total Revenues
|
7,648,043,567 |
8,160,630,743 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,942,143,831 |
5,557,819,644 |
|
Selling & Administrative Expenses |
520,318,995 |
513,192,397 |
|
Total Expenses |
6,462,462,826 |
6,071,012,041 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
1,185,580,741 |
2,089,618,702 |
|
Interest Expenses |
[23,210,082] |
[9,506,551] |
|
Income Tax |
[51,346,653] |
[77,923,970] |
|
|
|
|
|
Net Profit / [Loss] |
1,111,024,006 |
2,002,188,181 |
FINANCIAL NOTE
NOTE 1
Trade Accts. Receivable-Other
|
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Receivable |
994,957,183 |
706,999,887 |
|
Postdated Cheque |
20,047,400 |
34,286,647 |
|
Total |
1,015,004,583 |
741,286,534 |
|
Less: Doubtful
Accounts |
[70,342,808] |
[70,416,308] |
|
|
|
|
|
Total |
944,661,775 |
670,870,226 |
NOTE 2
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
672,204,996 |
859,213,285 |
|
Goods in Progress |
170,676,852 |
167,170,186 |
|
Raw Material |
516,205,876 |
396,303,002 |
|
Material Supplies & Spare
Parts |
333,738,912 |
308,541,527 |
|
|
|
|
|
Total |
1,692,826,636 |
1,731,228,000 |
NOTE 3
Other Current Assets
|
|
2006 |
2005 |
|
|
|
|
|
Other Receivable |
12,335,669 |
7,869,910 |
|
Prepaid Payment |
5,917,315 |
3,432,447 |
|
Other |
8,741,156 |
14,446,519 |
|
|
|
|
|
Total |
26,994,140 |
25,748,876 |
NOTE 4
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Land Improvement |
30,723,260 |
31,527,200 |
|
Building & Construction |
862,581,210 |
861,851,813 |
|
Machinery & Equipment
|
7,797,020,102 |
7,682,314,210 |
|
Vehicles & Others |
39,305,114 |
40,898,826 |
|
Office Automation &
Furnitures |
143,349,310 |
141,454,636 |
|
Works Under Construction |
947,267,700 |
77,025,129 |
|
Total |
9,820,246,696 |
8,835,071,814 |
|
Less :
Depreciation |
[4,559,613,879] |
[3,931,959,700] |
|
|
|
|
|
Total
|
5,260,632,817 |
4,903,112,114 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[0.80] |
|
|
Operating Profit |
[42.81] |
|
|
Net Profit |
[44.51] |
|
|
Fixed Assets |
7.29 |
|
|
Total Assets |
8.45 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.51 |
79.34 |
|
Operating Profit Margin |
17.06 |
29.83 |
|
S & A
Expenses |
7.49 |
7.33 |
|
Interest Paid |
0.33 |
0.14 |
|
Other Revenues |
10.05 |
16.49 |
|
Net Profit Margin |
15.99 |
28.58 |
|
Earning Per Shares |
69.27 |
124.84 |
|
No. of Shares |
16,038,000 |
16,038,000 |
Net Sales was
decreased by 0.80%,
Operating Profit was
decreased by 42.81%,
Net Profit was
decreased by 44.51%,
Fixed Assets was
increased by 7.29%,
Total Assets was
increased by 8.45%,
Compare each cost
with sales, Cost of
Good Sold was
increased from 79.34%
to 85.51%, Operating
Profit Margin was
decreased from 29.83%
to 17.06%, S
& A Expenses
was increased from
7.33% to 7.49%,
Interest Paid was increased
from 0.14% to
0.33%, Other Revenues
was decreased from
16.49% to 10.05%,
Net Profit Margin
was decreased from
28.58% to 15.99%,
Earning Per Shares
was decreased from
124.84 baht per
share to 69.27
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.11 |
1.17 |
|
Quick-Assets Ratio |
0.50 |
0.45 |
Current Ratio was
decreased from 1.17
to 1.11, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.45 to 0.50,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.38 |
0.36 |
|
Times Interest Earned |
51.08 |
219.81 |
D/E Ratio was increased from
0.36 to 0.38,
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 219.81 to
51.08, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.32 |
1.43 |
|
Total Assets Turnover |
0.62 |
0.68 |
|
Return on Assets |
9.93 |
19.41 |
|
Return on Equity |
13.74 |
26.34 |
|
Day's Payable |
49.10 |
47.41 |
|
Day’s Inventories |
87.69 |
88.97 |
|
Day’s Receivables |
48.94 |
34.48 |
Fixed Assets Turnover
was decreased from
1.43 times to
1.32 times, Total
Assets Turnover was
decreased from 0.68
times to 0.62
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 19.41 to
9.93, Return on
Equity was decreased
from 26.34 to
13.74, capacity to
use Assets to
make profit was
good,
Day's Payable was
increased from 48
days to 50
days, while Day’s
Inventories was decreased
from 89 days
to 88 days, but Day’s
Receivables was increased
from 35 days
to 49 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%)