MIRA
INFORM REPORT
|
Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI BRIDGESTONE CO., LTD. |
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Registered Office : |
16th Floor, Abdulahim Building, 990 Rama 4
Road, Silom, Bangrak,
Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
22.06.1967 |
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Com. Reg. No.: |
0105510002629 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Automobile
Tires |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
THAI
BRIDGESTONE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
ABDULAHIM BUILDING,
990 RAMA 4
ROAD, SILOM,
BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2636-1505-23
FAX : [66] 2636-1543-4
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1967
REGISTRATION NO. : 0105510002629
[Former : 308/2510]
CAPITAL REGISTERED : BHT. 400,000,000
CAPITAL PAID-UP : BHT.
400,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
MASAHIRO HIGASHI, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 2,850
LINES
OF BUSINESS : AUTOMOBILE TIRES
MANUFCTURER
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
formed on June
22, 1967 as
a private limited
company under the
name style THAI
BRIDGESTONE CO., LTD.,
by Thai and Japanese
groups, with the
business objective to
manufacture wide range
of tire products.
It currently employs
approximately 2,850 staff.
The subject’s registered
address is 990
Abdulrahim Bldg., Rama
4 Rd., Silom, Bangrak, Bangkok
10500, and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prayad Boonsoong |
: Chairman of the
Board |
Thai |
70 |
|
Mr. Pornvudh Sarasin |
|
Thai |
59 |
|
Mr. Ekwan Chansue |
|
Thai |
51 |
|
Mr. Apirak Tongwatana |
|
Thai |
48 |
|
Mr. Tomio Fukusumi |
|
Japanese |
43 |
|
Mr. Tsuyoshi Yoshimi |
|
Japanese |
44 |
|
Mr. Tadachi Machara |
|
Japanese |
58 |
|
Mr. Fukujiro Yamabe |
|
Japanese |
57 |
|
Mr. Masahiro Higashi |
|
Japanese |
47 |
|
Mr. Ikuo Amitani |
|
Japanese |
55 |
AUTHORIZED PERSON
Only Mr. Masahiro
Higashi can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Masahiro
Higashi is the Managing Director.
He is Japanese nationality with
the age of 47
years old.
Mr. Chucherd Pleanchob
is the is the G.M.
of Rangsit Plant.
He is Thai nationality.
Mr. Vichit Lertwongphaisal is
the G.M. of
Nongkae Plant.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of
Automobile Tires for
Passenger Car, Light
& Medium Truck,
Heavy Truck, Van,
Bus, 4x4 Tires, Truck
& Bus Steel - Belted Radial Tires and
etc.
MAJOR BRANDS
“BRIDGESTONE”, “FIRESTONE”
PRODUCTION
3,400,000 tires/year
IMPORT [COUNTRIES]
40% of raw materials is
imported from Japan, Germany, India, Republic of
China, Singapore, England
and France.
MAJOR SUPPLIERS
|
Name |
Country |
|
Bridgestone Metalpha [Thailand] Co., Ltd. |
Thailand |
|
Bridgestone Carbon Black [Thailand] Co., Ltd. |
Thailand |
|
Bridgestone NCR Co.,
Ltd. |
Thailand |
|
Tire Mold [Thailand] Co., Ltd. |
Thailand |
SALES [LOCAL]
100% of its
products is distributed
locally by Bridgestone
Sales [Thailand] Co.,
Ltd.
RELATED & AFFILIATED COMPANIES
Bridgestone
Sales [Thailand] Co., Ltd.
Business Type: Distributed of
automobile tires
Bridgestone Tire
Manufacturing [Thailand] Co.,
Ltd.
Business Type: Manufacturing of
truck tires
TBSC Logistics
Co., Ltd.
Business Type:
Transportation service
Bridgstone Metalapha
Rubber [Thailand] Co.,
Ltd.
Business Type: Manufacturer of
steel cords
Bridgestone Carbon
Black [Thailand] Co.,
Ltd.
Business Type: Manufacturer of
carbon black
Tire Mold
[Thailand] Co., Ltd.
Business Type: Manufacturer of
tire mold
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 30-60-90 days.
Local bills are
paid on the
credit term of
30-60-90-120-150 days.
Imports are by
L/C on the credits
term of 60-90 days
or T/T.
BANKING
Bank of Tokyo
Mitsubishi Ltd. [Bangkok
Branch]
Sumitomo-Mitsui Banking Corp.
[Bangkok Branch]
Bangkok Bank Public
Co., Ltd. [Rangsit Branch]
EMPLOYMENT
The subject employs approximately 2,850
staff. [office staff
and factory workers],
comprise of:
Saraburi plant : 1,400 staff
Pathumthani plant :
1,450 staff
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address. Premise
is located in
commercial/residential area.
Factories are located
at :
1.
14/3 Phaholyothin Rd., Km. 33, Klongnueng,
Klongluang, Pathumthani 10120.
2.
75 Moo 2, Phaholyothin Rd., Phaitam, Nongkae,
Saraburi 18140.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE IN ORDER.
COMMENT
Thai Bridgestone Co., Ltd.
is the Thailand leading
tire manufacturing for
automotive industries to
both domestic and
exports. Thai automotive
industries remains robust
growth. Vehicle exports
grew 27.5% year-on-year to
320,880 units in
the five months
to May 31, 2008, with the
value rising 30%
to 144.82 billion
baht equivalent in
foreign exchange according
to report of
The Federation of
Thai Industries’ Industry
Automobile Club. This
has resulted of demand
for automobile tire
remains upbeat.
FINANCIAL INFORMATION
The capital was registered at Bht. 50
million, divided into
50,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings:
Bht. 100,000,000
in May 1980
Bht. 200,000,000
on October 18,
1993
Bht. 400,000,000
on March 28,
1997
The latest capital
registered was increased
to Bht. 400
million, divided into
400,000 shares of
Bht. 1,000 each
with fully paid.
MAIN SHAREHOLDERS
[as
at March 27, 2008]
|
NAME |
HOLDING |
% |
|
Bridgestone Corporation Ltd. Nationality: Japanese Address : 10-1 Kiomashi
1, Chome Shuoku,
Tokyo, Japan
|
317,218 |
79.30 |
|
Mitsubishi Corporation Nationality: Japanese Address : 20
Marunoshi 2, Chome
Chiyadaku, Tokyo,
Japan |
36,000 |
9.00 |
Mr. Peerapong Boonsoong
Nationality: Thai Address : 44/2
Moo 3, Rasada,
Muang, Phuket |
6,728 |
1.68 |
Mrs. Chitra Tansakul
Nationality: Thai Address : 236
Sukhumvit 49 Rd.,
Wattana, Bangkok |
6,364 |
1.59 |
Mr. Chatree Boonsoong
Nationality: Thai Address : 66
Sukhumvit Rd., Klongtoey, Bangkok |
6,364 |
1.59 |
Mr. Chada Boonsoong
Nationality: Thai Address : 66
Sukhumvit Rd., Klongtoey, Bangkok |
6,364 |
1.59 |
|
|
|
|
|
Ms.
Piyanand Boonsoong Nationality: Thai Address : 61
Moo 10, Serithai
Rd., Kannayao, Bangkok |
6,000 |
1.50 |
|
Others |
14,962 |
3.75 |
Total Shareholders : 73
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Somporn Dulyawit No. 3709
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
98,133,471 |
121,234,601 |
|
Short-term Investment |
7,195,000,000 |
5,130,000,000 |
|
Trade Accts. Receivable |
3,267,424,456 |
2,923,148,020 |
|
Other Receivable - Related
Company |
19,292,716 |
14,317,500 |
|
Inventories |
2,292,444,058 |
2,340,555,210 |
|
Other Current Assets
|
70,615,669 |
105,787,646 |
|
|
|
|
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Total Current
Assets |
12,942,910,370 |
10,635,042,977 |
|
Long-term Investment |
88,241,000 |
87,291,000 |
|
Deferred Income Tax |
77,567,190 |
67,726,148 |
|
Fixed Assets |
4,919,873,960 |
4,907,943,314 |
|
Intangible Assets |
32,520,850 |
28,532,365 |
|
Other Assets |
5,395,580 |
5,529,362 |
|
Total Assets |
18,066,508,950 |
15,732,065,166 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
1,307,762,157 |
1,074,078,777 |
|
Other Payable |
322,531,210 |
345,917,491 |
|
Other Payable -
Related Company |
89,339,242 |
131,815,477 |
|
Accrued Copyright &
Trademark - Parent
Company |
353,739,437 |
310,691,706 |
|
Accrued Income Tax |
472,702,857 |
123,949,275 |
|
Estimated Liabilities from
Goods Warrantee |
68,059,000 |
66,772,000 |
|
Current Portion of
Pension Liabilities |
3,889,653 |
10,845,444 |
|
Other Current Liabilities |
81,660,422 |
61,353,580 |
|
|
|
|
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Total Current
Liabilities |
2,699,683,978 |
2,125,423,750 |
|
Long-term Pension Liabilities |
12,011,184 |
14,556,350 |
|
Estimated Liabilities
from Employees’ Compensation |
226,172,221 |
193,569,071 |
|
Total Liabilities |
2,937,867,383 |
2,333,549,171 |
|
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par value authorized, issued
and fully paid share
capital 400,000 shares |
400,000,000 |
400,000,000 |
|
|
|
|
|
Capital Paid |
400,000,000 |
400,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
50,000,000 |
50,000,000 |
|
Unappropriated |
14,678,641,567 |
12,948,515,995 |
|
Total
Shareholders' Equity |
15,128,641,567 |
13,398,515,995 |
|
Total
Liabilities & Shareholders' Equity |
18,066,508,950 |
15,732,065,166 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
23,068,550,282 |
21,138,509,529 |
|
Other Income |
337,220,391 |
437,937,949 |
|
Total Revenues
|
23,405,770,673 |
21,576,447,478 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
19,178,065,405 |
18,950,856,313 |
|
Selling & Administrative Expenses |
647,334,643 |
595,735,513 |
|
Other Expenses |
76,352,617 |
13,461,566 |
|
Total Expenses |
19,901,752,665 |
19,560,053,392 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
3,504,018,008 |
2,016,394,086 |
|
Interest Expenses |
[2,878] |
- |
|
Income Tax |
[682,889,558] |
[357,279,589] |
|
|
|
|
|
Net Profit / [Loss] |
2,821,125,572 |
1,659,114,497 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
9.13 |
|
|
Operating Profit |
61.63 |
|
|
Net Profit |
70.04 |
|
|
Fixed Assets |
0.24 |
|
|
Total Assets |
14.84 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
83.14 |
89.65 |
|
Operating Profit Margin |
15.52 |
9.60 |
|
S & A
Expenses |
2.81 |
2.82 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
1.46 |
2.07 |
|
Net Profit Margin |
12.23 |
7.85 |
|
Earning Per Shares |
7,052.81 |
4,147.79 |
|
No. of Shares |
400,000 |
400,000 |
Net Sales was
increased by 9.13%,
Operating Profit was
increased by 61.63%,
Net Profit was
increased by 70.04%,
Fixed Assets was
increased by 0.24%,
Total Assets was
increased by 14.84%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 89.65%
to 83.14%, Operating
Profit Margin was
increased from 9.60%
to 15.52%, S
& A Expenses
was decreased from
2.82% to 2.81%,
Interest Paid was increased
from 0.00% to
0.00%, Other Revenues
was decreased from
2.07% to 1.46%,
Net Profit Margin
was increased from
7.85% to 12.23%.
Earning Per Shares
was increased from
4,147.79 baht per
share to 7,052.81
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
4.79 |
5.00 |
|
Quick-Assets Ratio |
3.92 |
3.85 |
Current Ratio was
decreased from 5.00
to 4.79, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
3.85 to 3.92,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.19 |
0.17 |
|
Times Interest Earned |
1,244,048.17 |
0.00 |
D/E Ratio was
increased from 0.17
to 0.19, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from 0.00
to 1,244,048.00, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
4.69 |
4.31 |
|
Total Assets Turnover |
1.28 |
1.34 |
|
Return on Assets |
15.62 |
10.55 |
|
Return on Equity |
18.65 |
12.38 |
|
Day's Payable |
20.41 |
18.29 |
|
Day’s Inventories |
35.78 |
39.86 |
|
Day’s Receivables |
50.99 |
49.78 |
Fixed Assets Turnover
was increased from
4.31 times to
4.69 times, Total
Assets Turnover was
decreased from 1.34
times to 1.28
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 10.55 to
15.62, Return on
Equity was increased
from 12.38 to
18.65, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 19
days to 21
days, while Day’s
Inventories was decreased
from 40 days
to 36 days, but Day’s
Receivables was increased
from 50 days
to 51 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.37 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.08 |
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%)