MIRA INFORM REPORT
|
Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DAIHEN ELECTRIC CO
LTD |
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|
|
|
Registered Office : |
258-259 Moo 6,
T. Thasa-Arn, Bangpakong, Chachoengsao 24130 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Year of Establishment : |
1989 |
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Com. Reg. No.: |
0105532046343 [Former: 4633/2532] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter Power Transformers |
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 |
|
Maximum Credit Limit : |
US$ 500,000 |
|
|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name
DAIHEN ELECTRIC
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 258-259 MOO 6, T.
THASA-ARN,
A. BANGPAKONG, CHACHOENGSAO 24130,
THAILAND
TELEPHONE : [66] 38 532-370-3, 38 532-987,
38 830-651-3
FAX : [66] 38
531-074
E-MAIL ADDRESS : sales@daihen.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0105532046343 [Former: 4633/2532]
CAPITAL
REGISTERED : BHT. 600,000,000
CAPITAL
PAID-UP : BHT. 600,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. KIYOSHI ONISHI, JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 280
LINES OF
BUSINESS : POWER TRANSFORMERS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 originally
established on May
23, 1989 as
a private limited
company by a joint
venture between Ekarat
Group, Thailand and
Daihen Corporation, Japan,
under the registered
name “Ekarat-Daihen Transformer Co., Ltd.”, in order
to manufacture power
transformer in Thailand.
Later, the subject
has been taken over
by Daihen Corporation, Japan, and was
changed its name
to be DAIHEN ELECTRIC CO.,
LTD., on April
23, 1998. It
currently employs approximately 280 staff.
The
subject achieved the
ISO 9001:2000 certificate
for design and
development, manufacture, installation, and service from
MASCI on June
7, 2005.
The
subject’s registered address
is 258-259 Moo
6, T. Thasa-arn, A.
Bangpakong, Chachoengsao 24130,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kiyoshi Onishi |
[x] |
Japanese |
62 |
|
Mr. Masao Oji |
[x] |
Japanese |
- |
|
Mr. Yasutoshi Miyamoto |
|
Japanese |
- |
|
Mr. Shuichi Yamamoto |
|
Japanese |
58 |
|
Mr. Charoon Horsivalai |
|
Thai |
- |
|
Mr. Vichai Visalpattanasin |
|
Thai |
- |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Kiyoshi Onishi
is the Managing Director.
He is Japanese nationality with
the age of
62 years old..
Mr. Vichai Visalpattanasin is
the Factory Manager.
He is Thai nationality.
Mr. Adisak Saksomboon
is the Sales & Marketing
Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing and exporting of
power transformer and
related products, such
as radiators, and
power transformer tanks,
as well as
providing installation and
maintenance services.
BRAND NAME
“DAIHEN”
PURCHASE
Raw material and
component are purchased
from suppliers both
in domestic and
overseas, mainly in
Japan, Taiwan, Republic
of China and
Germany.
MAJOR SUPPLIER
Daihen Corporation : Japan
SALES
80% of
the products is
sold locally by
wholesale to dealers,
manufacturers and end-users.
EXPORT
20% of the products is
exported to Japan,
Malaysia, Indonesia, Singapore,
Nigeria, Philippines and
Middle East countries.
MAJOR CUSTOMERS
Kansai Electric Power
Co., Ltd. : Japan
Sabah Electricity Sdn. Bhd. : Malaysia
PARENT COMPANY
Daihen
Corporation. : Japan
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 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by
L/C at sight or T/T.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Bank of
Tokyo-Mitsubishi Limited
[Bangkok Office : 54
North Sathorn Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs approximately 280 staff.
LOCATION DETAILS
The premise
is rented for
administrative office and factory
on 27,000 square
meters of land
at the heading address. Premise
is located in
industrial/ rural area.
Sales Office is located
at 14th Flr., KPN
Tower, 719 Rama
9 Rd., Huaykwang, Bangkapi, Bangkok
10320. Tel. [66]
2717-0233-5, Fax. [66]
2717-0230.
REMARK
CREDIT
OF US$ 500,000 AGAINST D/A
TERM SHOULD BE
IN ORDER.
COMMENT
The subject
has maintained solid
growth especially from
exports, eventhough it
has faced negative
factors including oil
prices, a stronger
baht and competitors
in the same business line.
The competitiveness from
Thailand manufacture remained
quite strong in
international markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 600,000,000
divided into 6,000,000
shares of Bht. 100
each with fully
paid
THE SHAREHOLDERS LISTED WERE
: [as at September 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Daihen Corporation Nationality: Japanese Address : 1-11-2
Chome, Tagawa Yotokawa-ku,
Osaka, Japan |
5,894,996 |
98.25 |
|
OTC Daihen
Asia Ltd. Nationality: Japanese Address : 60/86
Moo 19, Klongnueng, Klongluang,
Pathumthani |
55,000 |
0.92 |
|
Daihen Engineering Ltd. Nationality: Japanese Address : 17-10
Jusho-moto Imesato 2,
chome-ku, Osaka, Japan |
50,000 |
0.83 |
|
Mr. Charoon Horsivalai Nationality: Thai Address : 46/223
Moo 3, Samwatawaok, Minburi, Bangkok |
1 |
- |
|
Mr. Ekawith Suwanpong Nationality: Thai Address : 44
Samsennok, Huaykwang, Bangkok |
1 |
|
|
Mrs. Sirima Tankarn Nationality: Thai Address : 14
Moo 3, Saenpudart, Banpho,
Chachoengsao |
1 |
- |
|
Mr. Kiyoshi Onishi Nationality: Japanese Address : 258-259
Moo 6, Thasa-arn, Bangpakong,
Chachoengsao |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Kalyarat Chaivorapongsa No.
3460
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
124,966,615 |
151,318,223 |
|
Short Term Investment |
10,686,819 |
669,674 |
|
Trade Accts. Receivable |
263,485,271 |
172,688,436 |
|
Other Receivable from
Related Company |
- |
573,960 |
|
Inventories |
325,567,543 |
209,093,691 |
|
Other Current Assets
|
38,342,491 |
1,024,715 |
|
Total Current
Assets |
763,048,739 |
535,368,699 |
|
|
|
|
|
Long Term Loan
to |
36,630 |
92,160 |
|
Fixed Assets |
145,878,756 |
161,019,679 |
|
Intangible at Assets |
4,800,290 |
4,656,530 |
|
Other Assets |
2,308,494 |
23,483,067 |
|
Total Assets |
916,072,909 |
724,620,135 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
128,732,675 |
100,868,998 |
|
Other Payable |
12,801,957 |
4,122,569 |
|
Current Portion of Long
Term Loan |
46,700,000 |
46,700,000 |
|
Current Portion of Liabilities under Lease Financial Institution Contract |
3,746,945 |
2,381,720 |
|
Accrued Income Tax |
47,944,846 |
25,915,790 |
|
Other Current Liabilities |
38,978,154 |
23,352,189 |
|
Total Current
Liabilities |
278,904,577 |
203,341,266 |
|
Long Term Loan from Related
Company |
93,600,000 |
140,300,000 |
|
Liabilities under Lease Financial Institution Contract Net
of Current Portion |
4,785,652 |
4,632,250 |
|
Total Liabilities |
377,290,229 |
348,273,516 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 6,000,000 shares |
600,000,000 |
600,000,000 |
|
Capital Paid |
600,000,000 |
600,000,000 |
|
Premium from Assets |
26,989,522 |
27,045,052 |
|
Retained Earning -
Unappropriated |
[88,206,842] |
[250,698,433] |
|
Total
Shareholders' Equity |
538,782,680 |
376,346,619 |
|
Total
Liabilities & Shareholders' Equity |
916,072,909 |
724,620,135 |
PROFIT & LOSS ACCOUNT
|
Sales |
2006 |
2005 |
|
|
|
|
|
Sales Income |
965,657,659 |
660,145,502 |
|
Services Income |
20,600,049 |
49,288,514 |
|
Other Income |
22,650,199 |
13,367,921 |
|
Total Saless
|
1,008,907,907 |
722,801,937 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
710,322,777 |
537,989,830 |
|
Selling & Administrative Expenses |
65,308,486 |
43,944,012 |
|
Total Expenses |
775,631,263 |
581,933,842 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
233,276,644 |
140,868,095 |
|
Interest Expenses |
[3,132,693] |
[3,639,501] |
|
Income Tax |
[67,652,360] |
[37,392,761] |
|
Net Profit / [Loss] |
162,491,591 |
99,835,833 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
39.02 |
|
|
Operating Profit |
19.12 |
|
|
Net Profit |
62.76 |
|
|
Fixed Assets |
[9.40] |
|
|
Total Assets |
26.42 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
72.02 |
75.83 |
|
Operating Profit Margin |
23.65 |
19.86 |
|
S & A
Expenses |
6.62 |
6.19 |
|
Interest Paid |
0.32 |
0.51 |
|
Other Saless |
2.30 |
1.88 |
|
Net Profit Margin |
16.48 |
14.07 |
|
Earning Per Shares |
27.08 |
16.64 |
|
No. of Shares |
6,000,000 |
6,000,000 |
Net Sales was
increased by 39.02%,
Operating Profit was
increased by 19.12%,
Net Profit was
increased by 62.76%,
Fixed Assets was
decreased by 9.40%,
Total Assets was
increased by 26.42%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 75.83%
to 72.02%, Operating
Profit Margin was
increased from 19.86%
to 23.65%, S
& A Expenses
was increased from
6.19% to 6.62%,
Interest Paid was decreased
from 0.51% to 0.32%, Other
Saless was increased
from 1.88% to
2.30%, Net Profit
Margin was increased
from 14.07% to
16.48%.
Earning Per Shares
was increased from
16.64 baht per
share to 27.08
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.74 |
2.63 |
|
Quick-Assets Ratio |
1.43 |
1.60 |
Current Ratio was
increased from 2.63
to 2.74, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.60 to 1.43,
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 |
0.70 |
0.93 |
|
Times Interest Earned |
74.47 |
38.71 |
D/E Ratio was
decreased from 0.93
to 0.70, 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
38.71 to 74.47,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
6.76 |
4.41 |
|
Total Assets Turnover |
1.08 |
0.98 |
|
Return on Assets |
17.74 |
13.78 |
|
Return on Equity |
30.16 |
26.53 |
|
Day's Payable |
46.99 |
51.19 |
|
Day’s Inventories |
118.84 |
106.10 |
|
Day’s Receivables |
96.18 |
87.63 |
Fixed Assets Turnover
was increased from
4.41 times to
6.76 times, Total
Assets Turnover was
increased from 0.98
times to 1.08
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from 13.78 to 17.74,
Return on Equity
was increased from
26.53 to 30.16,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 52
days to 47
days, while Day’s
Inventories was increased
from 107 days
to 119 days, and Day’s
Receivables was increased
from 88 days
to 97 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.78 |
|
UK Pound |
1 |
Rs.85.31 |
|
Euro |
1 |
Rs.67.90 |
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%)