MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JOHNSON CONTROLS & SUMMIT INTERIORS LIMITED |
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Registered Office : |
64/25 Moo 4,
Eastern Seaboard Industrial Estate, Pluakdaeng,
Rayong 21140 |
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Country : |
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Financials (as on) : |
30.09.2004 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0205542003654 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing service
of leather and PVC leather seat products
for automotive industry. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
JOHNSON CONTROLS & SUMMIT INTERIORS LIMITED
SUMMARY
BUSINESS ADDRESS : 64/25
MOO 4, EASTERN
SEABOARD INDUSTRIAL
ESTATE, PLUAKDAENG,
RAYONG 21140
TELEPHONE : [66] 38
927-777
FAX : [66] 38
656-111-4
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0205542003654 [Former
: CHOR BOR.
7268]
CAPITAL
REGISTERED : BHT.
245,900,000
CAPITAL
PAID-UP : BHT.
245,900,000
FISCAL
YEAR CLOSING DATE : SEPTEMBER
30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VAN VANG
NGUYEN, SINGAPOREAN
MANAGING DIRECTOR
NO. OF
STAFF : 250
LINES OF
BUSINESS : AUTOSEATS
MANUFACTURE CONTRACTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 29,
1999 as a
private limited company under
the name style
JOHNSON CONTROLS &
SUMMIT INTERIORS LIMITED,
by a joint venture
between Thai and American
groups, with the
business objective to
manufacturing service of
auto seat to
domestic market. It
currently employs 250
staff.
Subject
is a joint
venture between The
Summit Group, Thailand
and Johnson Control
Inc, U.S.A.
The
subject’s registered address
is 64/25 Moo
4, Eastern Seaboard
Industrial Estate, Pluakdaeng,
Rayong province 21140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Van Vang Nguyen |
[x] |
Singaporean |
57 |
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Mr. Franz Zervinga |
[x] |
Mexican |
38 |
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Mr. Jeffrey Scott Edward |
[x] |
American |
45 |
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Mr. Sansern Chulangkul |
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Thai |
65 |
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Mr. Apichart Chulangkul |
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Thai |
36 |
AUTHORIZED PERSON
One of the mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Van Vang
Nguyen is the
Managing Director.
He is Singaporean
nationality with the
age of 57
years old.
Mr. Kasem Tanjaem
is the Production
Manager.
He is Thai
nationality.
Ms. Kritchana Kalagate
is the Sales & Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service of leather
and PVC leather
seat products for
automotive industry.
PURCHASE
Most of raw
materials and components
are purchased from
local supplier, and
the remaining is
imported from Japan,
Germany and U.S.A.
SALES
100% of the
products is sold
and serviced locally
by wholesale to
automotive assembler.
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
according to IRICO’S
DATABASE 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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
250 staff
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
COMMENT
The
subject is one of
the leading manufacturers
and suppliers of
auto seats for
major automobile assembler
in domestic market.
The
subject has good
business and high
potential in the
automobile industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 68,400,000
divided into 68,400
shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht. 121,300,000 on
July 3, 2001
Bht. 245,900,000 on
April 5, 2002
The
latest registered capital
was increased to
Bht. 245,900,000 divided into
245,900 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at
May 2,
2006]
|
NAME |
HOLDING |
% |
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Johnson Control
Inc. Nationality: American Address : |
140,160 |
57.00 |
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Summit Autoseat
Industry Co., Ltd. Nationality: Thai Address : Yannawa, |
81,143 |
33.00 |
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Summit Laemchabang
Auto Body Works
Co., Ltd. Nationality: Thai Address : 201
Moo 3, Thungsukhla, Sriracha,
Chonburi |
24,592 |
10.00 |
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Mr. Van Vang
Nguyen Nationality: Singaporean Address : 19
Charan Berjaya, |
1 |
- |
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Mr. Franz Zervinga Nationality: Mexican Address : 64/25
Moo 4, Pluakdaeng, Rayong |
1 |
- |
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Mr. Jeffrey Scott
Edward Nationality: American Address : 64/25
Moo 4, Pluakdaeng, Rayong |
1 |
- |
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Mr. Sansern Chulangkul Nationality: Thai Address : Yannawa, |
1 |
- |
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Mr.
Apichart Chulangkul Nationality: Thai Address : |
1 |
- |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Somsri Thanyachewee No.
1905
BALANCE SHEET
[BAHT]
The 2005-2006 were
not submitted to
the Commercial Registration
Department.
The
latest financial figures
published for September
30, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
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Cash in hand
& at Bank
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104,348,910 |
37,269,990 |
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Trade Accts. Receivable |
713,142,811 |
557,381,811 |
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Receivable-Related Company |
31,274,397 |
6,996,003 |
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Inventories |
172,647,737 |
140,615,284 |
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Prepaid Contract Receivable |
2,405,229 |
- |
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Deferred Tax |
34,813,353 |
40,991,706 |
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Other Current Assets
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14,611,785 |
13,883,086 |
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Total Current
Assets |
1,073,244,222 |
797,137,880 |
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Fixed Assets |
386,904,011 |
441,122,938 |
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Other Assets |
798,510 |
948,160 |
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Total Assets
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1,460,946,743 |
1,239,208,978 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2004 |
2003 |
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Short Term Loan
from Bank |
- |
318,500,000 |
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Trade Accts. Payable - Related company |
96,898,865 |
63,785,815 |
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- Other person |
326,061,095 |
288,091,663 |
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Other Payable - Related company |
149,285,302 |
118,379,953 |
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- Other person |
117,994,924 |
61,967,976 |
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Prepaid Contract Payable |
- |
5,855,743 |
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Other Current Liabilities |
288,693,767 |
143,498,523 |
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Total Current
Liabilities |
978,933,953 |
1,000,079,673 |
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Total Liabilities |
978,933,953 |
1,000,079,673 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par
value authorized, issued
and fully paid share
capital 245,900 shares |
245,900,000 |
245,900,000 |
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Capital Paid |
245,900,000 |
245,900,000 |
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Statutory Reserve |
4,600,000 |
- |
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Retained Earning -
Unappropriated |
324,962,790 |
86,679,305 |
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Total
Shareholders' Equity |
482,012,790 |
239,129,305 |
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Total
Liabilities & Shareholders' Equity |
1,460,946,743 |
1,239,208,978 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Sept. 30,
2004 |
Jan.
1, 2003- Sept.
30, 2003 |
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Sales |
3,611,490,409 |
2,167,345,119 |
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Other Income |
310,332 |
204,985 |
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Total Revenues
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3,611,800,741 |
2,167,550,104 |
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Expenses |
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Cost of Goods
Sold |
3,023,048,280 |
1,794,191,334 |
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Selling & Administrative Expenses |
258,684,512 |
212,940,922 |
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Loss from Exchange
Rate |
897,421 |
2,935,198 |
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Total Expenses |
3,282,630,213 |
2,010,067,454 |
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Profit / [Loss] Before Interest
Expenses |
329,170,528 |
157,482,650 |
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Interest Expenses |
[4,156,443] |
[9,817,864] |
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Net Profit / [Loss] |
325,014,085 |
147,664,786 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)