MIRA
INFORM REPORT
|
Report Date : |
25.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KIMBALL
ELECTRONICS [THAILAND] LTD. |
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|
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|
Registered Office : |
49/45 Moo 5, Laemchabang Industrial
Estate, Sukhumvit Road,
T. Thungsukla, A.
Sriracha, Chonburi 20230 |
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Country : |
Thailand |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
24.11.1999 |
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Com. Reg. No.: |
0205542007315 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Printed Circuit
Board Assembly |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
KIMBALL
ELECTRONICS [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 49/45 MOO 5, LAEMCHABANG INDUSTRIAL
ESTATE, SUKHUMVIT
ROAD, T. THUNGSUKLA,
A. SRIRACHA,
CHONBURI 20230, THAILAND
TELEPHONE : [66] 38
401-566, 38 495-021-7
FAX : [66] 38
400-111, 38 401-742
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION NO. : 0205542007315
[Former : CHOR BOR. 7636]
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP : BHT. 300,000,000
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
THONGCHAI CHEUNCHUCHIT, THAI
GENERAL MANAGER
& PLANT MANAGER
NO.
OF STAFF : 450
LINES
OF BUSINESS : PRINTED CIRCUIT BOARD ASSEMBLY
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established on November 24, 1999
as a private limited company under the name style KIMBALL
ELECTRONICS [THAILAND] LTD.,
by American groups, in
order to manufacture printed
circuit board in
Thailand, under BOI
privilege with ISO/TS
16949 certification. It
currently employs approximately 450 staff.
The
subject is a
subsidiary of Kimball
Electronics Manufacturing Inc.,
U.S.A.
The
subject’s registered address
is 49/45 Moo 5,
Laemchabang Industrial Estate,
Sukhumvit Rd., Thungsukla,
Sriracha, Chonburi 20230,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Donald Dean
Charron |
|
American |
45 |
|
Mr. Ronald Gregeory
Kincer |
|
American |
- |
|
Mr. James Conrad
Thyen |
|
American |
61 |
|
Mr. Douglas Arnold
Habig |
|
American |
62 |
|
Mr. Michael Kevin
Sergesketter |
|
American |
49 |
|
Mr. Thongchai Cheunchuchit |
|
Thai |
- |
|
Mr. Steven Timothy
Korn |
|
American |
- |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Thongchai Cheunchuchit is the General Manager
and Plant Manager.
He is Thai nationality.
Mr. Montri Songruengrat is the Import-Export Manager.
He is Thai nationality.
Ms. Duangnapa Charoensuk
is the Human Resources Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in Printed
Circuit Board Assembly manufacture, as an electronic part of computer,
automotive,
telecommunication and other
industries.
IMPORT
Raw
materials and accessories
are imported from
United Stated of
America, Japan, Taiwan,
Malaysia and Singapore.
MAJOR SUPPLIERS
Kimball
International Inc. : United
State of America.
Kimball
Electronics Manufacturing Inc. : United
State of America.
EXPORT
100% of its
products is exported
to United Stated
of America.
MAJOR CUSTOMER
Kimball Electronics Manufacturing Inc. : U. S. A.
PARENT COMPANY
Kimball Electronics
Manufacturing Inc.
Business Type: 1600 Royal
Street, Jasper Indiana,
United Stated of
America
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
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Imports are by
L/C at sight, D/A & T/T.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Sriracha Branch :
Sukhumvit Rd., Sriracha,
Cholburi]
Bank of
America NT & SA
[Bangkok Branch :
2/2 Wireless Rd., Pathumwan,
Bangkok 10330]
EMPLOYMENT
The
subject employs approximately 450 staff [office staff and factory workers]
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse on 100,000 square
meters of land at the
heading address. Premise
is located in
industrial area.
COMMENT
The subject
is one of the Kimball Electronic Group
of Companies, which is the leading company in manufacture of PCBA in
U.S.A.
However, the
world economic downturn
in 2006 from
major factor like higher
fuel prices resulted
in a general cutback in
electronics expenditures. Falling
demand caused downward
pricing pressures that
affected all PCBA
manufacturer.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000 divided
into 2,000,000 shares
of Bht. 100 each.
On
August 16, 2002 the capital
was increased to Bht. 300,000,000 divided into 3,000,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at July 1,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kimball Electronics Manufacturing Inc., Nationality: American Address : 1600 Royal
Street, Jasper, Indiana,
U.S.A. |
2,999,994 |
100.00 |
|
Mr. Douglas Arnold
Habig Nationality: American Address : 1435 St.
Charle Street, Jasper,
Indiana, U.S.A. |
1 |
- |
|
Mr. Donald Dean
Charron Nationality: American Address : 24 Canterbury Cort, Jasper, Indiana,
U.S.A. |
1 |
- |
|
Mr. Michael Kevin
Sergesketter Nationality: American Address : 9501 Indiana,
U.S.A. |
1 |
- |
|
Mr. Steven Timothy
Korn Nationality: American Address : 9175 Colorado,
U.S.A. |
1 |
- |
|
Mr. James Conrad
Thyen Nationality: American Address : 1440 Schutter
Road, Jasper, Indiana,
U.S.A. |
1 |
- |
|
Mr. John Harvey
Kahel Nationality: American Address : 3093 Grassland
Hill Road, Indiana,
U.S.A. |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Montri Panichkul
No. 3461
BALANCE SHEET [BAHT]
The latest financial figures published as at
June 30, 2007
& 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
4,723,471 |
11,029,612 |
|
Trade Accounts Receivable [note 1] |
236,595,172 |
258,073,224 |
|
Account Receivable -
Related Company |
22,906,758 |
10,799,971 |
|
Inventories [note 2]
|
236,838,121 |
385,801,817 |
|
Other Current Assets
|
26,525,469 |
10,843,159 |
|
|
|
|
|
Total Current
Assets |
527,588,991 |
676,547,783 |
|
Deposit at Bank
under Commitment |
4,982,255 |
4,277,255 |
|
Fixed Assets |
298,015,679 |
344,275,087 |
|
Intangible Assets |
14,525,071 |
21,404,687 |
|
Deferred Income Tax |
57,637,463 |
50,325,186 |
|
Other Assets |
2,808,677 |
2,448,277 |
|
Total Assets |
905,558,136 |
1,099,278,275 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Short-term Loan from
Bank |
- |
80,686,464 |
|
Trade Account Payable |
123,748,098 |
222,063,451 |
|
Account Payable -
Related Company |
28,409,357 |
40,320,963 |
|
Other Payable |
15,299,364 |
12,054,478 |
|
Other Payable -
Related Company |
17,040,482 |
26,950,839 |
|
Accrued Expenses |
69,843,827 |
42,722,852 |
|
Current Portion of Long-term Loan from Related Company |
366,067,135 |
297,408,296 |
|
Other Current Liabilities |
1,428,777 |
2,682,590 |
|
|
|
|
|
Total Current
Liabilities |
621,837,040 |
724,889,933 |
|
Long-term Loan from
Related Company |
277,343,200 |
337,299,600 |
|
Total Liabilities |
899,180,240 |
1,062,189,533 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,000,000 shares |
300,000,000 |
300,000,000 |
|
|
|
|
|
Capital Paid |
300,000,000 |
300,000,000 |
|
Retained Earning -
Unappropriated [Deficit] |
[293,622,104] |
[262,911,258] |
|
Total
Shareholders' Equity |
6,377,896 |
37,088,742 |
|
Total
Liabilities & Shareholders' Equity |
905,558,136 |
1,099,278,275 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,927,942,419 |
1,685,362,588 |
|
Interest Income |
145,798 |
218,140 |
|
Gain on Exchange Rate |
55,816,982 |
39,271,568 |
|
Other Income |
5,001,564 |
1,325,917 |
|
Total Revenues
|
1,988,906,763 |
1,726,178,213 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,809,437,155 |
1,587,473,165 |
|
Selling & Administrative Expenses |
188,626,812 |
203,638,807 |
|
Total Expenses |
1,998,063,967 |
1,791,111,972 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
[9,157,204] |
[64,933,759] |
|
Interest Expenses |
[28,865,919] |
[18,031,495] |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[38,023,123] |
[82,965,254] |
|
Deferred Income Tax |
[7,312,277] |
[13,864,617] |
|
|
|
|
|
Net Profit / [Loss] |
[30,710,846] |
[69,100,637] |
FINANCIAL NOTE
NOTE 1
Trade Account & Notes Receivable
|
|
2007 |
2006 |
|
|
|
|
|
Trade Accts. Receivable |
238,413,796 |
258,381,628 |
|
Less: Allowance for
Doubtful Account |
[1,818,624] |
[308,404] |
|
Total |
236,595,172 |
258,073,224 |
NOTE 2
Inventories
|
|
2007 |
2006 |
|
|
|
|
|
Finished Goods |
11,626,979 |
56,701,475 |
|
Raw Material |
205,875,742 |
239,573,935 |
|
Works in Process |
19,788,270 |
30,853,306 |
|
Goods in Transit |
14,778,395 |
66,395,151 |
|
Total |
252,069,386 |
393,523,867 |
|
Less: Allowance for Obsolescent Stock |
[15,231,265] |
[7,722,050] |
|
Total
|
236,838,121 |
385,801,817 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
14.39 |
|
|
Operating Profit |
[87.67] |
|
|
Net Profit |
55.56 |
|
|
Fixed Assets |
[13.44] |
|
|
Total Assets |
[17.62] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.85 |
94.19 |
|
Operating Profit Margin |
[0.47] |
[3.85] |
|
S & A
Expenses |
9.78 |
12.08 |
|
Interest Paid |
1.50 |
1.07 |
|
Other Revenues |
3.16 |
2.42 |
|
Net Profit Margin |
[1.59] |
[4.10] |
|
Earning Per Shares |
[10.24] |
[23.03] |
|
No. of Shares |
3,000,000 |
3,000,000 |
Net Sales was
increased by 14.39%,
Operating Profit was
decreased by 87.67%,
Net Profit was
increased by 55.56%,
Fixed Assets was
decreased by 13.44%,
Total Assets was
decreased by 17.62%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 94.19%
to 93.85%, Operating
Profit Margin was
increased from -3.85%
to -0.47%, S
& A Expenses
was decreased from
12.08% to 9.78%,
Interest Paid was increased
from 1.07% to
1.50%, Other Revenues
was increased from
2.42% to 3.16%,
Net Profit Margin
was increased from
-4.10% to -1.59%,
Earning Per Shares
was increased from
-23.03 baht per
share to -10.24 baht
per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.85 |
0.93 |
|
Quick-Assets Ratio |
0.42 |
0.39 |
Current Ratio was
decreased from 0.93
to 0.85, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.39 to 0.42,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
140.98 |
28.64 |
|
Times Interest Earned |
[0.32] |
[3.60] |
D/E Ratio was
increased from 28.64
to 140.98, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
-3.60 to -0.32,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
6.47 |
4.90 |
|
Total Assets Turnover |
2.13 |
1.53 |
|
Return on Assets |
[3.39] |
[6.29] |
|
Return on Equity |
[481.52] |
[186.31] |
|
Day's Payable |
23.11 |
47.43 |
|
Day’s Inventories |
44.22 |
82.41 |
|
Day’s Receivables |
44.18 |
55.13 |
Fixed Assets Turnover
was increased from
4.90 times to
6.47 times, Total
Assets Turnover was
increased from 1.53
times to 2.13
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-6.29 to -3.39,
Return on Equity
was decreased from
-186.31 to -481.52,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 48
days to 24
days, Day’s Inventories
was decreased from
83 days to
45 days, and
Day’s Receivables was
decreased from 56
days to 45
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%)