MIRA
INFORM REPORT
|
Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SAHAMIT MACHINERY PUBLIC COMPANY LIMITED |
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Registered Office : |
42 - 48
Soi Chokchaijongchamroen 53, Rama
3 Road, Bangpongpang, Yannawa, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1973 |
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Com. Reg. No.: |
0107537002664 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Distributing and servicing
wide range of
industrial machinery and
spare parts |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
SAHAMIT MACHINERY PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 42 - 48 SOI
CHOKCHAIJONGCHAMROEN 53,
RAMA 3
ROAD, BANGPONGPANG, YANNAWA,
TELEPHONE : [66] 2295-1000-8,
2295-1901-6, 2295-3300-7
FAX : [66] 2295-1009, 2295-2531, 2683-0808,
2295-1020
E-MAIL ADDRESS : info@sahamit.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1973
REGISTRATION NO. : 0107537002664 [Former : BOR MOR
JOR. 513]
CAPITAL
REGISTERED : BHT. 550,000,000
CAPITAL
PAID-UP : BHT. 530,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHAISILP TAEMSIRICHAI, THAI
PRESIDENT
NO. OF
STAFF : 400
LINES OF
BUSINESS : INDUSTRIAL MACHINERY
& SPARE PARTS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
AVERAGE PERFORMANCE
HISTORY
The subject was established on June 7, 1973 as a private limited company under the name style “SAHAMIT MACHINERY CO., LTD.” by Thai groups, with the initial business objective to import and distribute material, machinery and appliances for industries. The subject currently expands its business to other businesses, which can be divided into 5 major products groups.
On November 21,
1994 the subject
registered for a
conversion of its
status to a
public limited company
under the name
“SAHAMIT MACHINERY PUBLIC
COMPANY LIMITED.” It
currently employs 400
staff.
The subject’s registered
address is 42 - 48
Soi Chokchaijongchamroen 53,
Rama 3 Rd., Bangpongpang, Yannawa,
Bangkok 10120, and this
is also the
company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Gen. Vapirom Manusrungsri |
|
Thai |
61 |
|
Mr. |
|
Thai |
67 |
|
Mr. Chaisilp Taemsirichai |
[x] |
Thai |
64 |
|
Mr. Prasong Srithornrathkul |
[x] |
Thai |
64 |
|
Mr. Pramote Sivaruk |
[+] |
Thai |
64 |
|
Mr. Pornsilp Taemsirichai |
[+] |
Thai |
62 |
|
Mr. Kriangkrai Boonkitticharoen |
|
Thai |
64 |
|
Mr. Pichai Nithivasin |
|
Thai |
64 |
|
Mr. Preaw Limpsiriphan |
|
Thai |
70 |
|
Mr. Veerawat Cholvanich |
|
Thai |
63 |
|
Mr. Prayoon Vivejpuwanont |
|
Thai |
74 |
AUTHORIZED PERSON
Both of the
directors [x] can
jointly sign or
one of the
directors [x] can
jointly sign with
one of the
directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chaisilp
Taemsirichai is the
President.
He is
Thai nationality with
the age of
64 years old.
Mr. Prasong
Srithornrathkul is the
Vice President.
He is Thai
nationality with the
age of 64
years old.
Mr. Pramote
Sivaruk is the
Vice President.
He is Thai
nationality with the
age of 64
years old.
Mr. Thavee Senawatanakul is
the Assistant President.
He is Thai
nationality
Mr. Pruek Sarayarnthanawuth is
the Assistant Vice President.
He is Thai
nationality.
Mrs. Angkana Kokphol
is the Assistant
Vice President.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and servicing
wide range of
industrial machinery and
spare parts, which
can be divided
into 5 major
product groups as
follows:
1. Special Steel
Product : Special steel
for mould making
: Injection pin
for plastic mould
: Band
saw blades and
saw blades for
steel and aluminium
alloy cutting.
Service : The subject
provides a fully
integrated cutting service
such as vertical
& horizontal
milling machine
and surface grinding.
Machine for making
finishing plate for
mould and
dies.
2. Machine Tool
and Tooling
Product : High
quality electrical discharge
machine [CNC Machine]
: wide
range of milling
cutters and inserts for
milling in almost
any work material
: Digital readout
measuring equipment
: Tool
holders for various
machines
Service : After
sales services is
supported by an
efficient team to
supply
Spare parts,
training and to
offer customers consultations
3. Pulp and
Paper
Product : Newsprint for
newspaper, printing and
writing paper
: Paper cutting
and slitting machines
and accessories, forming
fabric felt, canvas,
refiner plate and
chemicals for pulp
and paper industry
Service : Slit
reels to standard
sizes and converted
rename of paper
as per
customer’s requested.
4. Machinery and Equipment
for wood processing
Product : Abrasive paper,
abrasive cloth and abrasive fiber
Industrial knives
edge banding and
wrapping materials for
furniture
: Brand
new and used
woodworking machinery for
the production
of hard
board, particle board,
and MDF board
Service : Slit and
jointed abrasive to
sizes ordered by
industrial customer
Provide consulting
service for machine
selection
5. Electric Engineering
Product : Computer substation
control system
: Electrical meter,
measuring center
: Low
voltage switch gear
Service : Before and
after sales services
to include consultation
and
training, System design
and integration, installation
and commissioning.
MAJOR BRANDS
“SECO”, “SONY”,
“CHARMILLES”, “EVERISING”, “ZAYER”, “VERTEX”,
“RONTGEN”, “WIKUS”, “KELLENBERER”, “BRUKS KLOCKNER”,
“CEHISA”, “HERMES ABRASIVE”, “IMEAS”, “MICHEL
NORDLINGER”, “SEAL”, “TOYO KNIFE” , “KITAMURA”,
“HARDINGE” and etc.
PURCHASE
The subject
purchases the products from
both local and
overseas suppliers. 90%
of its products
is imported from
Japan, Germany, Austria,
Netherlands, Australia, Singapore,
Spain, Taiwan, United
States of America,
United Kingdom, Switzerland,
Sweden, Russia, Slovania
and France. The
remaining 10% is
purchased from local
suppliers. At present,
the subject has
around 70 local
and international suppliers.
MAJOR SUPPLIERS
|
Charmilles Technologies |
: |
|
|
Bohler Geseusehalt GmbH |
: |
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|
Seco Tools [S.E.A.]
Pte. |
: |
|
|
Sony Magnescale Inc. |
: |
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Toyo Knife Ltd. |
: |
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Hermes Abrasive Ltd. |
: |
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Bohler International GmbH |
: |
|
SALES [LOCAL]
100% of
the products is
sold locally. 50%
of them is
sold by wholesale
to local dealers,
and another 50%
is sold directly
to end-users, such
as manufactures, with
over 2,000 customers
nationwide.
MAJOR CUSTOMERS
|
Thai Union Paper
Co., Ltd. |
: |
|
|
|
: |
|
|
Bangkok Steel Industry
Co., Ltd. |
: |
|
INSURANCE
Insurance was carried
on inventories, building & equipment with South East Insurance Co., Ltd.
SUBSIDIARIES AND
AFFILIATED COMPANIES
K. S. Mould Parts Co., Ltd.
Business Type : Manufacturer of mould parts.
Reanthong Wittaya Co., Ltd.
Business Type : Distributor of stationery products.
Khon Kaen Sugar Industry Public Co., Ltd.
Business Type : Manufacturer of cane sugar products.
Mahachai Kraft Paper Co., Ltd.
Business Type : Distributor of kraft paper.
Unique Design Co., Ltd.
Business Type : Manufacturer & distributor of wooden furniture.
LITIGATIONS
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
Local bills are
by cash or
on the credits
terms of 30-60
days.
Imports are by
L/C at sight
and T/T.
Sales are by
cash or on
the credits term
of 30-60 days.
BUSINESS TRANSACTION
In term of
sales, the products are
sold by wholesale
to dealers all
over the country
and directly to
end-user with the
credit given at
30-60 days. The
subject has no
serious problem on its
account receivable, but the
common problem is the
customers always request
for the extension of
credit period. However,
the subject will
consider on customer
case by case
depending on new
or existing customers
and their creditworthiness. The exports
are by L/C
at sight and
T/T for wood
furniture which has
found no problem.
For the purchasing,
the products of
machinery and parts are
purchased from local suppliers
with the maximum
credit receive at
60 days, as
well as are
imported by L/C
at sight. The
subject is not found
to have record of payment
problem on its
account payable or
defaulted payment to
its suppliers.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office
:
[Ramkhamhaeng Branch
:
Kasikornbank Public
Co., Ltd.
[Patpong Branch
:
Krung Thai
Bank Public Co.,
Ltd.
[Head Office
:
Hongkong &
Shanghai Banking Corp.
[
EMPLOYMENT
The subject employs
approximately 400 staff.
[office staff, sale
and service workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office and
warehouse at the
heading address. Premise
is located in
residential/commercial area.
Warehouse is located
at 152, 155
Moo 4, Sukhumvit
Rd., Bangpakong, Chachoengsao
province.
COMMENT
Despite overall investment climate and industries expansion this
year is
slowing down from
economic uncertainty, the subject
is still doing
moderate business as
well as expanding
into maintenance and
repairing services.
FINANCIAL INFORMATION
The capital was
registered at Bht.
400,000 divided into
4,000 shares of
Bht. 100 each.
The capital was
increased as followings
:
Bht. 2,000,000
in 1976
Bht. 50,000,000
in September, 1991
Bht. 70,000,000
in March, 1993
Bht. 140,000,000
on December 22, 1993
Bht. 220,000,000
in 1997
Bht.
550,000,000 in 2004
The latest registered
capital was increased
to Bht. 550,000,000
divided into 550,000,000 shares
of Bht. 1 each
with the current
capital paid-up of
Bht. 530,000,000.
MAIN SHAREHOLDERS : [as at
April 7, 2006]
at Bht. 530,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pramote
Sivaruk Nationality : Thai Address : 86
Hiranrujee, Thonburi, |
44,125,572 |
8.33 |
|
Mr.
Chaisilp Taemsirichai Nationality :
Thai
Address : 336
Werng-nakornkasem,
Samphantawong, |
43,469,346 |
8.20 |
|
Mr. Prasong
Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, |
39,378,936 |
7.43 |
|
Ms. Piyaporn
Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, |
25,200,000 |
4.75 |
|
Ms. Piyamol Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, |
25,200,000 |
4.75 |
Ms. Prangthip
Sivaruk Nationality : Thai Address : 86
Hiranrujee, Thonburi, |
14,400,000 |
2.72 |
|
Ms. Sasirat
Sivaruk Nationality : Thai Address : 86
Hiranrujee, Thonburi, |
14,400,000 |
2.72 |
|
Mr. Chalee Soponpanich Nationality : Thai Address :
-
|
14,400,000 |
2.72 |
|
Mr. Pornsilp
Taemsirichai Nationality : Thai Address : 265/2
Sukhumvit 31 Rd.,
Wattana, |
12,600,000 |
2.38 |
|
Siam Chai
Enterprises Co., Ltd. Nationality : Thai
Address : - |
11,560,000 |
2.18 |
|
Others |
305,266,146 |
53.82 |
Total Shareholders
1,378 [including the above shareholders]
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Athipong Athipongsakul
No. 3500
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
December 31, 2005
& 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at bank
|
28,873,272.79 |
11,941,788.15 |
|
Trade accounts &
notes receivable |
367,213,633.92 |
293,771,559.61 |
|
Inventories |
766,692,924.38 |
692,769,627.68 |
|
Other current assets |
14,433,424.15 |
12,659,054.90 |
|
|
|
|
|
Total Current
Assets |
1,177,213,255.24 |
1,011,142,030.34 |
|
|
|
|
|
Restricted deposit at
financial institute |
883,472.20 |
879,116.39 |
|
Property, plant and equipment-net |
419,867,746.15 |
408,626,117.51 |
|
Land & building
for rent-net |
14,613,731.38 |
11,245,670.63 |
|
Land used for
rubber trees plantation |
16,630,151.00 |
20,900,000.00 |
|
Other non-current assets |
64,934.11 |
1,044,865.88 |
|
Total Assets
|
1,629,273,287.08 |
1,453,837,800.75 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
244,830,521.96 |
331,945,408.11 |
|
Accounts payable -trade |
151,554,001.49 |
164,168,951.11 |
|
Current portion of
long-term loan |
14,040,000.00 |
16,230,921.45 |
|
Corporate income tax
payable |
36,092,357.20 |
37,056,387.44 |
|
Other Current Liabilities
|
30,701,542.75 |
28,321,045.55 |
|
|
|
|
|
Total Current
Liabilities |
477,218,423.40 |
577,722,713.66 |
|
|
|
|
|
Long-term Loans |
31,726,009.76 |
45,750,000.00 |
|
Total Liabilities |
508,944,433.16 |
623,472,713.66 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share Capital :
Baht. 1 par
value Authorized issued
and fully paid
share capital 550,000,000
shares |
550,000,000.00 |
550,000,000.00 |
|
|
|
|
|
Capital Paid |
530,000,000.00 |
440,000,000.00 |
|
Premium on common
stock |
262,262,300.00 |
104,762,300.00 |
|
Surplus on land revaluation |
68,201,865.00 |
62,069,190.00 |
|
Retained Earning Appropriated for
statutory reserve |
36,083,358.34 |
28,316,803.75 |
|
Unappropriated |
223,781,330.58 |
195,216,793.34 |
|
Total
Shareholders' Equity |
1,120,328,853.92 |
830,365,087.09 |
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
1,629,273,287.08 |
1,453,837,800.75 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
1,758,661,684.89 |
1,395,193,920.60 |
|
Other Income Commission |
19,947,019.93 |
12,857,420.49 |
|
Rental income |
600,000.00 |
600,000.00 |
|
Others |
11,834,324.17 |
7,404,194.50 |
|
Total Revenues
|
1,791,043,028.99 |
1,416,055,535.59 |
|
Expenses |
|
|
|
|
|
|
|
Cost of goods
sold |
1,301,304,789.45 |
1,000,772,577.55 |
|
Selling and administrative expenses |
226,803,081.77 |
212,411,363.25 |
|
Loss on revaluation
of land |
15,394,410.18 |
- |
|
Total Expenses |
1,543,502,281.40 |
1,213,183,940.80 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
247,540,747.59 |
202,871,594.79 |
|
Interest Expenses |
[18,461,622.22] |
[14,166,355.07] |
|
Income Tax |
[73,748,033.54] |
[62,369,164.62] |
|
|
|
|
|
Net Profit / [Loss] |
155,331,091.83 |
126,336,075.10 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
26.05 |
|
|
Operating Profit |
2.82 |
|
|
Net Profit |
22.95 |
|
|
Fixed Assets |
2.75 |
|
|
Total Assets |
12.07 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
73.99 |
71.73 |
|
Operating Profit Margin |
14.95 |
14.54 |
|
S & A
Expenses |
12.90 |
15.22 |
|
Interest Paid |
1.05 |
1.02 |
|
Other Revenues |
1.84 |
1.50 |
|
Net Profit Margin |
8.83 |
9.06 |
|
Earning Per Shares |
0.29 |
0.29 |
|
No. of Shares |
530,000,000 |
440,000,000 |
Net Sales was
increased by 26.05%,
Operating Profit was
increased by 2.82%,
Net Profit was increased by
22.95%, Fixed Assets
was increased by
2.75%, Total Assets
was increased by
12.07%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 71.73%
to 73.99%, Operating
Profit Margin was
increased from 14.54%
to 14.95%, S
& A Expenses
was decreased from
15.22% to 12.90%,
Interest Paid was increased
from 1.02% to
1.05%, Other Revenues
was increased from
1.50% to 1.84%,
Net Profit Margin
was decreased from
9.06% to 8.83%.
Earning Per Shares
was increased from
0.29 baht per
share to 0.29
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.47 |
1.75 |
|
Quick-Assets Ratio |
0.83 |
0.53 |
Current Ratio was
increased from 1.75
to 2.47, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.53 to 0.83,
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 |
0.45 |
0.75 |
|
Times Interest Earned |
14.24 |
14.32 |
D/E Ratio was
decreased from 0.75
to 0.45, 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
14.32 to 14.24,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
4.19 |
3.41 |
|
Total Assets Turnover |
1.08 |
0.96 |
|
Return on Assets |
9.53 |
8.69 |
|
Return on Equity |
13.86 |
15.21 |
|
Day's Payable |
31.02 |
42.36 |
|
Day’s Inventories |
156.94 |
178.75 |
|
Day’s Receivables |
75.17 |
75.80 |
Fixed Assets Turnover
was increased from
3.41 times to
4.19 times, Total
Assets Turnover was increased from
0.96 times to
1.08 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 8.69 to
9.53, Return on
Equity was decreased
from 15.21 to
13.86, capacity to
use Assets to make
profit was good.
Day's Payable was
decreased from 43
days to 32
days, and Day’s
Inventories was decreased
from 179 days
to 157 days,
while Day’s Receivables
was stable at 76 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%)