MIRA
INFORM REPORT
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Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIAM RIKEN INDUSTRIAL CO., LTD. |
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Registered Office : |
700/361 Moo 6, T. Donhuaroh, A. Muang, Chonburi 20000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.11.1973 |
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Com. Reg. No.: |
0105516012979 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Automobile 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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SIAM
RIKEN INDUSTRIAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 61/2
MOO 1, BANGNA-TRAD ROAD,
KM. 21,
SEESA-JARAKAEYAI, BANGSAOTHONG,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2740-0410-3
FAX : [66] 2312-8505
E-MAIL
ADDRESS : personel@siamriken.com
REGISTRATION ADDRESS : 700/361 MOO 6, T. DONHUAROH, A. MUANG,
CHONBURI 20000
ESTABLISHED
: 1973
REGISTRATION NO. : 0105516012979
[Former : 1311/2516]
CAPITAL REGISTERED : BHT. 33,000,000
CAPITAL PAID-UP : BHT.
33,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
PORNPONG PHORNPRAPA, THAI
PRESIDENT
NO. OF STAFF : 300
LINES
OF BUSINESS : AUTOMOBILE SPARE PARTS
MANUFACTURER &
DISTRIBUTOR
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 November
23, 1973 as
a private limited
company under the
registered name style
SIAM RIKEN INDUSTRIAL
CO., LTD., by
a joint venture
between Siam Motors
Co., Ltd., Thailand
and Riken Corporation
Ltd., Japan to
produce automobile spare
parts. It currently
employs approximately 300
staff.
The subject’s registered
address is 700/361
Moo 6, T. Donhuaroh, A.
Muang, Chonburi 20000,
while the current
business address is
at 61/2 Moo 1,
Bangna-Trad Rd., Seesa-Jarakaeyai, Bangsaothong,
Samutprakarn 10540.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Pornpong Phornprapa |
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Thai |
58 |
|
Ms. Pornsawan Phornprapa |
|
Thai |
57 |
|
Mrs. Pornphan Kornanthakiat |
|
Thai |
55 |
|
Mr. Sa-nga Poophat |
|
Thai |
56 |
|
Mr. Toshinaka Koisumi |
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Japanese |
- |
|
Mr. Isami Takahama |
|
Japanese |
- |
|
Mr. Junichi Sagawa |
|
Japanese |
58 |
|
Mr. Nakorn Chanthrasomboon |
|
Thai |
- |
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Mr. Mitsuo Nikanishi |
|
Japanese |
51 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pornpong
Phornprapa is the President.
He is Thai nationality with
the age of
58 years old.
Mr. Sa-nga
Poophat is the Managing Director.
He is Thai nationality with
the age of
56 years old.
Mr. Junichi
Sagawa is the Deputy Managing
Director.
He is Japanese nationality with
the age of
58 years old.
Ms. Orachorn
Tantivuthikul is the
Account & Finance
Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer and
distributor various sizes
of piston rings
for automobile, under
its owned brand name
“RIK”.
PRODUCTION
2,200,000 pieces/month
IMPORT [COUNTRIES]
40% of raw materials
and accessories are
imported from Japan, Taiwan,
U.S.A. and Singapore.
MAJOR SUPPLIERS
|
Name |
Country |
|
Taiwan Riken Industrial Ltd. |
Taiwan |
|
Riken Corporation Ltd. |
Japan |
|
Riken of America
Inc. |
U.S.A. |
SALES [LOCAL]
Most of the
products are sold
locally to automobile
assemblers, wholesalers and
end-users, the remaining
is exported to
Japan.
MAJOR CUSTOMERS
|
Name |
Country |
|
Siam Motors Co.,
Ltd. |
Thailand |
|
General Motor [Thailand] Co.,
Ltd. |
Thailand |
|
Honda Cars [Thailand] Co., Ltd. |
Thailand |
|
Sukosol Mazda Co., Ltd. |
Thailand |
|
Toyota Motor [Thailand] Ltd. |
Thailand |
|
MMC Sittipol Co.,
Ltd. |
Thailand |
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
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60-90 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by
D/A or T/T on the
credit term of
30 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public Co., Ltd. : [Bangna Branch]
EMPLOYMENT
The subject employs
approximately 300 staff
[office staff, sales
persons & factory
workers].
LOCATION DETAILS
The premise is
owned for operating
office, factory I
and warehouse on
19,200 sq. m. of
total area at
the heading address
in an industrial area.
Factory II is
located at 700/361
Moo 6, Amatanakorn
Industrial Estate, T.
Donhuaroh, A. Muang,
Chonburi 20000. Tel.:
[66] 38 465-184 Fax:
[66] 38 458-756.
COMMENT
The subject has
made its success
through leading automobile
assemblers in domestic
market, as well
as growing very
well in exports markets.
Sales through Thai
leading manufacturers are
the key success
in its business. The subject’s
business trend is
expanding steadily, especially
from exports.
FINANCIAL INFORMATION
The capital was
registered at Bht. 12,000,000 divided into 12,000 shares
of Bht. 1,000 each.
The capital was
increased later as
followings :
Bht. 18,000,000
on June 10,
1976
Bht. 33,000,000
on December 24,
1981
The latest registered
capital was increased
to Bht. 33,000,000
divided into 33,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 25, 2007]
|
NAME |
HOLDING |
% |
|
|
|
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Riken Corporation Ltd. Nationality: Thai Address : 13-5
Kudunkita 1-Chome, Shiyodaku, Tokyo, Japan |
16,168 |
49.00 |
|
Siam Motors
Co., Ltd. Nationality: Thai Address : 891/1
Rama 1 Rd.,Wangmai,
Pathumwan, Bangkok |
13,527 |
40.99 |
|
Mr. Pornpong
Phornprapa Nationality: Thai Address : 856
Rama 1 Rd.,Wangmai, Pathumwan, Bangkok |
3,301 |
10.00 |
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Ms. Pornsawan
Phornprapa Nationality: Thai Address : 404
Phyathai Rd.,Wangmai, Pathumwan, Bangkok |
1 |
|
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Mr. Kavee
Vasurat Nationality: Thai Address : 4392
Rama 4 Rd.,
Prakanong, Bangkok |
1 |
=0.01 |
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Mr. Toshinaka
Koizumi Nationality: Japanese Address : 13-5
Kudunkita 1-Chome, Shiyodaku,
Tokyo, Japan |
1 |
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Mr. Isami
Takahama Nationality: Japanese Address : 13-5 Kudunkita
1-Chome, Shiyodaku, Tokyo, Japan |
1 |
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Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sanit Hiranpanupong No. 3652
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
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Cash in hand
& at Bank
|
207,115,977.08 |
245,526,369.81 |
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Short Term Investment |
850,000,000.00 |
601,934,557.22 |
|
Trade Accts. Receivable |
184,932,398.10 |
188,275,362.54 |
|
Inventories |
129,510,498.18 |
140,598,573.04 |
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Other Current Assets
|
11,977,424.10 |
6,981,726.87 |
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Total Current
Assets |
1,383,536,297.46 |
1,183,316,589.48 |
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Fixed Assets |
662,054,892.35 |
557,285,036.81 |
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Other Assets |
3,496,700.00 |
- |
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Total Assets |
2,049,087,889.81 |
1,740,601,626.29 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accts. Payable |
59,950,665.68 |
66,232,738.52 |
|
Receivable Related Company |
7,544,912.00 |
5,792,467.00 |
|
Other Current Liabilities |
63,329,705.93 |
51,581,909.43 |
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Total Current
Liabilities |
130,825,283.61 |
123,607,114.95 |
|
Total Liabilities |
130,825,283.61 |
123,607,114.95 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 33,000 shares |
33,000,000.00 |
33,000,000.00 |
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Capital Paid |
33,000,000.00 |
33,000,000.00 |
|
Statutory Reserve |
3,300,000.00 |
3,300,000.00 |
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Retained Earning -
Unappropriated |
1,881,962,606.20
|
1,580,694,511.34 |
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Total
Shareholders' Equity |
1,918,262,606.20
|
1,616,994,511.34 |
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Total
Liabilities & Shareholders' Equity |
2,049,087,889.81 |
1,740,601,626.29 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
1,302,053,953.22 |
1,333,499,259.35 |
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Other Income |
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Interest Income |
37,340,820.78 |
13,424,172.38 |
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Other Income |
26,684,334.39 |
8,204,216.25 |
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Total Revenues
|
1,366,079,108.39 |
1,355,127,647.98 |
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Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
732,133,688.33 |
784,002,562.81 |
|
Selling & Administrative Expenses |
117,818,356.04 |
101,628,043.24 |
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Total Expenses |
849,952,044.37 |
885,630,606.05 |
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Profit / [Loss] Before Income
Tax |
516,127,064.02 |
469,497,041.93 |
|
Income Tax |
[14,858,969.16] |
[10,105,381.76] |
|
Net Profit / [Loss] |
501,268,094.86 |
459,391,660.17 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[2.36] |
|
|
Operating Profit |
12.59 |
|
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Net Profit |
9.12 |
|
|
Fixed Assets |
18.80 |
|
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Total Assets |
17.72 |
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Profitability |
|
|
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Cost of Good
Sold |
56.23 |
58.79 |
|
Operating Profit Margin |
39.64 |
35.21 |
|
S & A
Expenses |
9.05 |
7.62 |
|
Other Revenues |
4.92 |
1.62 |
|
Net Profit Margin |
38.50 |
34.45 |
|
Earning Per Shares |
15,189.94 |
13,920.96 |
|
No. of Shares |
33,000 |
33,000 |
Net Sales was
decreased by 2.36%,
Operating Profit was
increased by 12.59%,
Net Profit was
increased by 9.12%,
Fixed Assets was
increased by 18.80%,
Total Assets was
increased by 17.72%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 58.79%
to 56.23%, Operating
Profit Margin was
increased from 35.21%
to 39.64%, S
& A Expenses
was increased from
7.62% to 9.05%,
Other Revenues was
increased from 1.62%
to 4.92%, Net
Profit Margin was
increased from 34.45%
to 38.50%.
Earning Per Shares
was increased from
13,920.96 baht per
share to 15,189.94
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
10.58 |
9.57 |
|
Quick-Assets Ratio |
9.49 |
8.38 |
Current Ratio was
increased from 9.57
to 10.58, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
8.38 to 9.49,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.07 |
0.08 |
D/E Ratio was
decreased from 0.08
to 0.07, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.97 |
2.39 |
|
Total Assets Turnover |
0.64 |
0.77 |
|
Return on Assets |
24.46 |
26.39 |
|
Return on Equity |
26.13 |
28.41 |
|
Day's Payable |
16.58 |
17.88 |
|
Day’s Inventories |
35.81 |
37.96 |
|
Day’s Receivables |
51.13 |
50.83 |
Fixed Assets Turnover
was decreased from
2.39 times to
1.97 times, Total
Assets Turnover was
decreased from 0.77
times to 0.64
times, show the
company could not
use Assets so
efficiently, Return on Assets was
decreased from 26.39
to 24.46, Return
on Equity was
decreased from 28.41
to 26.13, capacity
to use Assets to make
profit was good.
Day's Payable was
decreased from 18
days to 17
days, and Day’s
Inventories was decreased
from 38 days
to 36 days, while Day’s
Receivables was increased
from 51 days
to 52 days.
RATING
EXPLANATIONS
|
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 |
|
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%)