MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
T R W FUJI SERINA CO., LTD. |
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Registered Office : |
Amata
Nakorn Industrial Estate, 700/457 Moo
7, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
0105522014163 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing service of
engine valves for automobile industry. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
T R W FUJI SERINA CO., LTD.
SUMMARY
BUSINESS ADDRESS : AMATA
NAKORN INDUSTRIAL ESTATE,
700/457 MOO
7,
T. DONHUAROH,
A. MUANG, CHOLBURI
20000
TELEPHONE : [66] 38
454-300-9
FAX : [66] 38
450-013
E-MAIL ADDRESS : panu_pc@ecbangkok.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1979
REGISTRATION NO. : 0105522014163 [Former : 1422/2522]
CAPITAL
REGISTERED : BHT.
349,400,000
CAPITAL
PAID-UP : BHT.
349,400,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
THOMAS PAUL DRAPER,
AMERICAN
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : AUTOMOBILE
ENGINE VALVES
MANUFACTURER &
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on July
31, 1979 as
a private limited
company under the
name style T R W FUJI
SERINA CO., LTD. by a
joint venture among
T R W Automotive J.V.
LLC, U.S.A., Fuji
Oozx Inc., Japan
and The Seri
Wathana Industry Co., Ltd.,
Thailand, which invested
of 51%, 24.5%
and 24.5% of the subject’s total
shares respectively. It is engaged
in manufacturing of automobile engine
valves, with received
the technical know-how
from T R W Automotive J.V. LLC, U.S.A. and
Oozx Inc., Japan.
Its currently employs
300 staff.
The subject was
granted a privilege
promotional from Thailand’s
Board of Investment
[BOI] for the
production, with promotion
certificate No. 1039/2523
on June 23,
1980.
The subject also
received ISO 9002
certificated from The
TUV CERT Certification
Body of TUV
Rheinland Anlagentechnik GmbH.,
Germany in October
1997.
The subject’s registered
address was initially
located at 10/6 Sihaburanakij
Rd., Minburi, Bangkok
10510.
On March 13,
1998, the registered
address was relocated
to 700/457 Moo 7,
Bangna-Trad Rd., T. Donhuaroh,
A. Muang, Chonburi
20000, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
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|
Mr. Thomas Paul Draper |
|
American |
45 |
|
Mr. Wanchai Hosakul |
|
Thai |
60 |
|
Mr. Roger Robert Martin |
|
American |
51 |
|
Mr. Richard Robinson Smith |
|
American |
42 |
|
Mr. Akiyoshi Miyamoto |
|
Japanese |
63 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the subject with
company’s affixed.
MANAGEMENT
Mr. Thomas
Paul Draper is
the Managing Director.
He is American
nationality with the
age of 45
years old..
Mr. Kenneth
Wilkes is the Manufacture
Engineering Manager.
He is American
nationality.
Mr. Boonyong
Laocharoen is the
Quality Manager.
He is Thai
nationality.
Mr. Narong
Phoyai is the
Human Resources Manager.
He is Thai
nationality.
Mrs. Jintanaporn
Limpongsanurat is the
Finance & Account
Manager.
She is Thai
nationality.
Mr. Panu
Payonithitkarn is the
Factory & Marketing
Manager.
He is Thai
nationality.
BUSINESS OPERATION
The subject is engaged
in manufacturing service of
engine valves for automobile industry.
PRODUCTION
8.5 million units/annum
[2 shifts]
PURCHASE
70% of the
raw materials &
spare parts are
purchased from local
suppliers, and the
remaining is imported
from United Kingdom,
Japan, Republic of
China, Singapore, Taiwan
and Italy.
MAJOR SUPPLIERS
- Daido Steel Co., Ltd. :
- Itochu Corporation :
- Cogne SPA :
- Fuji Oozx Inc., :
SALES [LOCAL]
70% of its
products is sold
locally by wholesale
to automobile manufacturers.
EXPORTS [COUNTRIES]
30% of its
products is also exported to
United States of America,
Malaysia, Singapore Middle
East and European
countries.
MAJOR CUSTOMERS
|
- Isuzu Engine Manufacturing Co.,
Ltd. |
: |
|
- Thai Automotive Industry
Co., Ltd. |
: |
|
- Siam Toyota Manufacturing Co.,
Ltd. |
: |
|
- Thai Honda Manufacturing Co.,
Ltd. |
: |
|
- MMC Sittipol Co.,
Ltd. |
: |
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 on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60 days.
Imports are by
L/C on the
credit term of
90 days or
T/T.
Exports are against
L/C at sight
or T/T.
BUSINESS TRANSACTION
The products are sold
to customers by
cash and credit,
with the maximum credit given at 30-60
days. The subject is not found to
have problem on
its account receivable.
BANKING
Kasikornbank Public
Co., Ltd.
[Bangpakong Sub-Branch :
Citibank N.A.
[
EMPLOYMENT
The subject employs
approximately 300 staff.
[office staff &
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory & warehouse
at the heading
address. Premise is
located in upcountry.
The other factory
is located at
10/6 Moo 13,
Sihaburanukij Rd., Minburi,
Bangkok
Land and factory
areas:
Land - 32,640
sq. m.
Site - 8,100
sq. m.
Production area - 5,400
sq. m.
Office/canteen/training - 1,800
sq. m.
Utilities area - 900
sq. m.
REMARK
CREDIT OF US$
15,000,000 SHOULD BE
IN ORDER.
COMMENT
The giants vehicle makers have been used
local suppliers of several parts
including the subject’s engine valves. With the BOI’s strategy to promote
greater local content utilization among
auto-makers to cut costs in order to strengthen their competitiveness in the
global market. This has resulted with
high potential of local
producers of automobile
parts and components.
In particular,
The subject has high potential in its industry driven by rising
production of vehicles with greater local
content and free-trade
agreements with major markets.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 10 million,
divided into 10,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings :
Increased were : Bht. 90,000,000 on June 15,
1989
Bht. 150,000,000
on September 28,
1990
Bht. 226,400,000
on January 16,
1997
Bht. 309,400,000
on May 16,
1997
Bht. 349,400,000
on March 13, 1998.
The latest registered
capital was increased
to Bht. 349,400,000
divided into 349,400
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [ as at
April 27,
2007]
|
NAME |
HOLDING |
% |
|
T R W Automotive
J.V. LLC. Nationality: American Address : |
178,194 |
51.00 |
|
Fuji Oozx
Inc. Nationality: Japanese Address : 1-12, 1-CHome
Akasaka Minato-Ku, |
85,603 |
24.50 |
|
The Seri
Wathana Industry Co.,
Ltd. Nationality: Thai Address : |
85,599 |
24.50 |
|
Mr. Seri
Hosakul Nationality: Thai Address : 59/1 Sukhumvit
2 Rd., Klongtoey,
Prakanong, |
1 |
|
|
Mr. Wanchai
Hosakul Nationality: Thai Address : |
1 |
|
|
Mr. Thavorn
Hosakul Nationality: Thai Address : 59/1 Sukhumvit
2 Rd., Klongtoey,
Prakanong, |
1 |
|
|
Mr. Peerasak
Hosakul Nationality: Thai Address : 59/1 Sukhumvit
2 Rd., Klongtoey,
Prakanong, |
1 |
|
Total Shareholders
7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Wanchai Kittipanyangam No.
2778
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
13,733,810.42 |
13,711,850.66 |
|
Short Term Investment-Fix Account
at Bank |
1,000.00 |
- |
|
Trade Accounts Receivable
|
138,774,867.18 |
133,891,074.94 |
|
Inventories |
100,545,086.94 |
95,615,444.36 |
|
Other Current Assets
|
|
|
|
Value Added
Tax |
14,045,559.29 |
1,775,784.96 |
|
Other |
7,809,637.31 |
5,333,681.05 |
|
|
|
|
|
Total Current
Assets |
274,909,961.14 |
250,327,835.97 |
|
Fixed Account pledged
as a Collateral
|
13,077,000.00 |
6,958,000.00 |
|
Fixed Assets |
858,047,107.59 |
563,429,267.58 |
|
Intangible Assets |
177,353.12 |
3,053,037.48 |
|
Other Assets-Deposit &
Guarantee |
143,000.00 |
170,000.00 |
|
Total Assets
|
1,146,354,421.85 |
823,938,141.03 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Short Term
Loan from Financial Institute |
30,000,000.00 |
52,999,495.03 |
|
Trade Accounts & Notes Payable |
80,123,795.34 |
55,421,556.34 |
|
Current Portion of Long
Term Loans |
1,572,874.80 |
- |
|
Accrued Right Fee |
12,528,999.90 |
9,933,187.96 |
|
Accrued Income Tax |
12,839,453.28 |
13,446,923.37 |
|
Other Current Liabilities |
|
|
|
Accrued Expenses |
14,324,003.12 |
9,155,518.91 |
|
Payable-Assets |
132,589,863.19 |
9,032,435.06 |
|
Others |
1,601,559.22 |
2,369,384.81 |
|
|
|
|
|
Total Current
Liabilities |
285,580,548.85 |
152,358,501.48 |
|
|
|
|
|
Long Term Loan
from Bank |
102,927,125.20 |
- |
|
Total Liabilities |
388,507,674.05 |
152,358,501.48 |
|
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 349,400 shares |
349,400,000.00 |
349,400,000.00 |
|
|
|
|
|
Capital Paid |
349,400,000.00 |
349,400,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
25,132,513.11 |
25,132,513.11 |
|
Unappropriated |
383,314,234.69 |
297,047,126.44 |
|
Total
Shareholders' Equity |
757,846,747.80 |
671,579,639.55 |
|
Total
Liabilities & Shareholders' Equity |
1,146,354,421.85 |
823,938,141.03 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
732,573,007.34 |
696,353,888.33 |
|
Compensation Tax |
4,908,957.95 |
4,353,663.72 |
|
Other Income |
3,665,856.75 |
2,360,785.13 |
|
Total Revenues
|
741,147,822.04 |
703,068,337.18 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
561,375,198.05 |
536,351,743.13 |
|
Selling & Administrative Expenses |
64,149,540.39 |
69,715,930.21 |
|
Total Expenses |
625,524,738.44 |
606,067,673.34 |
|
|
|
|
|
Profit Before Interest
Expenses & Income Tax |
115,623,083.60 |
97,000,663.84 |
|
Interest Expenses |
[4,693,684.63] |
[1,046,172.11] |
|
Income Tax |
[24,662,290.72] |
[29,252,139.36] |
|
|
|
|
|
Net Profit / [Loss] |
86,267,108.25 |
66,702,352.37 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
5.20 |
|
|
Operating Profit |
13.30 |
|
|
Net Profit |
29.33 |
|
|
Fixed Assets |
52.29 |
|
|
Total Assets |
39.13 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
76.63 |
77.02 |
|
Operating Profit Margin |
15.78 |
13.93 |
|
S & A
Expenses |
8.76 |
10.01 |
|
Interest Paid |
0.64 |
0.15 |
|
Other Revenues |
1.17 |
0.96 |
|
Net Profit Margin |
11.78 |
9.58 |
|
Earning Per Shares |
246.90 |
190.91 |
|
No. of Shares |
349,400 |
349,400 |
Net Sales was
increased by 5.20%,
Operating Profit was
increased by 13.30%,
Net Profit was
increased by 29.33%,
Fixed Assets was
increased by 52.29%,
Total Assets was
increased by 39.13%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 77.02%
to 76.63%, Operating
Profit Margin was
increased from 13.93%
to 15.78%, S
& A Expenses
was decreased from
10.01% to 8.76%,
Interest Paid was increased
from 0.15% to
0.64%, Other Revenues
was increased from
0.96% to 1.17%,
Net Profit Margin
was increased from
9.58% to 11.78%.
Earning Per Shares
was increased from
190.91 baht per
share to 246.90
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.96 |
1.64 |
|
Quick-Assets Ratio |
0.53 |
0.97 |
Current Ratio was
decreased from 1.64
to 0.96, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.97
to 0.53, 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 |
0.51 |
0.23 |
|
Times Interest Earned |
24.63 |
92.72 |
D/E Ratio was
increased from 0.23
to 0.51, 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
92.72 to 24.63,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
0.85 |
1.24 |
|
Total Assets Turnover |
0.64 |
0.85 |
|
Return on Assets |
7.53 |
8.10 |
|
Return on Equity |
11.38 |
9.93 |
|
Day's Payable |
39.37 |
28.65 |
|
Day’s Inventories |
49.41 |
49.43 |
|
Day’s Receivables |
68.20 |
69.22 |
Fixed Assets Turnover
was decreased from
1.24 times to
0.85 times, Total
Assets Turnover was
decreased from 0.85
times to 0.64
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 8.10 to
7.53, Return on
Equity was increased
from 9.93 to
11.38, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 29
days to 40
days, while Day’s
Inventories was stable
at 50 days,
but Day’s Receivables
was decreased from
70 days to
69 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. |
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%)