MIRA
INFORM REPORT
|
Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAHAMIT
MACHINERY PUBLIC COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
SAHAMIT MACHINERY CO.,
LTD |
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|
|
|
Registered Office : |
42 - 48 Soi Chokchaijongchamroen 53, Rama
3 Road, Bangpongpang, Yannawa, Bangkok
10120 |
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
07.06. 1973 |
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Com. Reg. No.: |
0107537002664 |
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|
Legal Form : |
Public Limited Company |
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|
|
|
Line of Business : |
Importer and Distributor of Industrial Machinery
and Spare Parts |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SAHAMIT
MACHINERY PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 42 - 48 SOI
CHOKCHAIJONGCHAMROEN 53,
RAMA 3
ROAD, BANGPONGPANG, YANNAWA,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2295-1000-8, 2295-1901-6,
2295-3300-7
FAX : [66] 2295-1009,
2295-2531, 2683-0808, 2295-1020
E-MAIL
ADDRESS : info@sahamit.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION NO. : 0107537002664 [Former : BOR MOR JOR. 513]
CAPITAL REGISTERED : BHT. 550,000,000
CAPITAL PAID-UP : BHT. 530,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
CHAISILP TAEMSIRICHAI, THAI
PRESIDENT
NO.
OF STAFF : 393
LINES
OF BUSINESS : INDUSTRIAL MACHINERY & SPARE
PARTS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject was established on June 7,
1973 as a
private limited company under the name style
“SAHAMIT MACHINERY CO.,
LTD.” by Thai
groups, with the
initial business objective
to import and
distribute material, machinery
and appliances for
industries. The subject
currently expands its
business to other
businesses, which can
be divided into 6
major products groups.
On November 21,
1994 the subject
registered for a
conversion of its
status to a
public limited company
under the name
“SAHAMIT MACHINERY PUBLIC
COMPANY LIMITED.” It
currently employs 393
staff.
The subject’s registered
address is 42 - 48
Soi Chokchaijongchamroen 53,
Rama 3 Rd., Bangpongpang, Yannawa,
Bangkok 10120, and this
is also the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Gen. Vapirom Manusrungsri |
|
Thai |
62 |
|
Mr. Thana Senawatanakul |
|
Thai |
68 |
|
Mr. Chaisilp Taemsirichai |
[x] |
Thai |
65 |
|
Mr. Prasong Srithornrathkul |
[x] |
Thai |
65 |
|
Mr. Pramote Sivaruk |
[+] |
Thai |
65 |
|
Mr. Pornsilp Taemsirichai |
[+] |
Thai |
63 |
|
Mr. Kriangkrai
Boonkitticharoen |
|
Thai |
65 |
|
Mr. Pichai Nithivasin |
|
Thai |
65 |
|
Mr. Preaw Limpsiriphan |
|
Thai |
71 |
|
Mr. Prayoon Vivejpuwanont |
|
Thai |
75 |
AUTHORIZED PERSON
Both of the
directors [x] can
jointly sign or
one of the directors [x]
can jointly sign
with one of
the directors [+]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chaisilp
Taemsirichai is the
President.
He is
Thai nationality with
the age of
65 years old.
Mr. Prasong
Srithornrathkul is the
Vice President.
He is Thai nationality with
the age of
65 years old.
Mr. Pramote
Sivaruk is the Vice President.
He is Thai nationality with
the age of
65 years old.
Mr. Thavee Senawatanakul is
the Assistant President.
He is Thai nationality
Mr. Pruek Sarayarnthanawuth is
the Assistant Vice President.
He is Thai nationality.
Mrs. Angkana Kokphol
is the Assistant Vice President.
She is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and servicing
wide range of
industrial machinery and
spare parts, which
can be divided into 6
major product groups
as follows:
1. Special Steel
Product : Special steel for mould
making
: Injection pin for plastic
mould
: Band
saw blades and
saw blades for
steel and aluminium
alloy cutting.
Service : The subject
provides a fully
integrated cutting service
such as
vertical &
horizontal milling machine
and surface grinding.
Machine for making
finishing plate for
mould and dies.
2. Machine Tool
and Tooling
Product : High
quality electrical discharge
machine [CNC Machine]
: wide
range of milling
cutters and inserts
for milling in
almost
any work material
: Digital readout measuring
equipment
: Tool
holders for various
machines
Service : After sales services is
supported by an
efficient team to
supply
Spare parts,
training and to
offer customers consultations
3. Paper Products
: Newsprint for newspaper, printing
and writing paper
: Paper cutting
and slitting machines
and accessories, forming
fabric felt, canvas,
refiner plate and
chemicals for pulp
and paper industry
Service : Slit
reels to standard
sizes and converted
rename of paper
as per
customer’s requested.
4. Machinery and Equipment
for wood processing
Product : Abrasive paper, abrasive cloth and
abrasive fiber
Industrial knives
edge banding and
wrapping materials for
furniture
: Brand new and used
woodworking machinery for
the production
of hard
board, particleboard, and
MDF board
Service : Slit
and jointed abrasive
to sizes ordered
by industrial customer
Provide consulting
service for machine
selection
5. Electric Engineering
Product : Computer substation
control system
: Electrical meter,
measuring center
: Low voltage
switch gear
Service : Before and
after sales services
to include consultation and
training,
System design and
integration, installation and
commissioning.
6. Heat
Treatment
Type of Services
: Vacuum quenching, low pressure
nitriding allnit, carburizing,
Carbonitriding, normalizing, annealing, oil quenching & others
MAJOR BRANDS
“SECO”, “SONY”,
“CHARMILLES”, “EVERISING”, “ZAYER”, “VERTEX”, “RONTGEN”, “WIKUS”, “KELLENBERER”, “BRUKS KLOCKNER”,
“CEHISA”, “HERMES ABRASIVE”, “IMEAS”, “MICHEL
NORDLINGER”, “SEAL”, “TOYO
KNIFE” ,
“KITAMURA”, “HARDINGE” and
etc.
PURCHASE
The subject
purchases the products from
both local and overseas suppliers. 90%
of its products is imported
from Japan, Germany,
Austria, Netherlands, Australia,
Singapore, Spain, Taiwan,
United States of
America, United Kingdom,
Switzerland, Sweden, Russia,
Slovania and France.
The remaining 10% is
purchased from local
suppliers. At present,
the subject has
around 70 local
and international suppliers.
MAJOR SUPPLIERS
|
Charmilles Technologies |
: |
Switzerland
|
|
Bohler Geseusehalt GmbH |
: |
Australia |
|
Seco Tools [S.E.A.]
Pte. |
: |
Singapore |
|
Sony Magnescale Inc. |
: |
Japan |
|
Toyo Knife Ltd. |
: |
Japan |
|
Hermes Abrasive Ltd. |
: |
U. S. A. |
|
Bohler International GmbH |
: |
Austria |
SALES [LOCAL]
100% of
the products is
sold locally. 50%
of them is
sold by wholesale
to local dealers,
and another 50%
is sold directly
to end-users, such
as manufactures, with
over 2,000 customers
nationwide.
MAJOR CUSTOMERS
|
Thai Union Paper
Co., Ltd. |
: |
Thailand
|
|
Siam Pulp and
Paper Public Co., Ltd. |
: |
Thailand |
|
Bangkok Steel Industry
Co., Ltd. |
: |
Thailand |
INCOME STRUCTURE
[Unit : thousand]
Products 2007 2006
Amount % Amount %
Special Steel 952,673 52.60 917,128 50.89
Tooling & Machine Tools 512,003 28.27 553,739 30.73
Paper 157,418 8.69 147,605 8.19
Machinery & Equipment 82,224 4.54 93,171 5.17
for Wood Processing
Electrical Engineering 33,497 1.85 39,992 2.22
Heat Treatment
40,427 2.23 6,175 0.34
Others 33,058 1.82 44,321 2.46
Total Income 1,811,300 100.00 1,802,131 100.00
INSURANCE
Insurance was carried
on inventories, building & equipment with South
East Insurance Co., Ltd.
SUBSIDIARIES AND
AFFILIATED COMPANIES
K. S.
Mould Parts Co.,
Ltd.
Business Type :
Manufacturer of mould
parts.
Reanthong
Wittaya Co., Ltd.
Business Type
: Distributor of
stationery products.
Khon
Kaen Sugar Industry
Public Co., Ltd.
Business Type
: Manufacturer of
cane sugar products.
Mahachai
Kraft Paper Co.,
Ltd.
Business Type
: Distributor of
kraft paper.
Unique
Design Co., Ltd.
Business Type
: Manufacturer & distributor of wooden furniture.
LITIGATIONS
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
by cash or
on the credits terms of
30-60 days.
Imports are by
L/C at sight and T/T.
Sales are by
cash or on
the credits term
of 30-60 days.
BUSINESS TRANSACTION
In term of
sales, the products are
sold by wholesale
to dealers all
over the country
and directly to
end-user with the
credit given at
30-60 days. The
subject has no
serious problem on its
account receivable, but the
common problem is the
customers always request
for the extension of
credit period. However,
the subject will
consider on customer
case by case
depending on new
or existing customers
and their creditworthiness. The exports are by
L/C at sight and T/T
for wood furniture
which has found
no problem.
For the purchasing,
the products of
machinery and parts are
purchased from local
suppliers with the
maximum credit receive
at 60 days, as well
as are imported by L/C
at sight. The
subject is not found
to have record of payment
problem on its
account payable or
defaulted payment to
its suppliers.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Bangrak,
Bangkok 10500]
[Ramkhamhaeng Branch
: Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok]
Kasikornbank Public
Co., Ltd.
[Patpong Branch
: Surawong Rd., Suriyawongse,
Bangrak, Bangkok 10500]
Krung Thai
Bank Public Co.,
Ltd.
[Head Office : 35
Sukhumvit Road, Klongton
Nua, Watana, Bangkok 10110]
Hongkong &
Shanghai Banking Corp.
[Bangkok Branch
: 968 Rama IV Rd.,
Silom, Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
393 staff. [office
staff, sale and
service workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office in
a 9 storey building, in
the area of
3,280 square meters
at the heading address. Premise
is located in
residential/commercial area.
There are 6
warehouses, covering the
10,000 square meters
of area, located
at 152, 155
Moo 4, Sukhumvit Rd., Bangpakong,
Chachoengsao province.
COMMENT
Despite overall investment climate and industries expansion
this year is slowing down from
economic uncertainty, the subject
is still doing
moderate business as
well as expanding
into maintenance and
repairing services. Generally,
the subject’s business is
growing steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
400,000 divided into
4,000 shares of
Bht. 100 each.
The capital was
increased as followings
:
Bht. 2,000,000 in 1976
Bht. 50,000,000 in September, 1991
Bht. 70,000,000 in March, 1993
Bht. 140,000,000
on December 22, 1993
Bht. 220,000,000
in 1997
Bht.
550,000,000 in 2004
The latest registered
capital was increased
to Bht. 550,000,000
divided into 550,000,000
shares of Bht.
1 each with the
current capital paid-up
of Bht. 530,000,000.
MAIN SHAREHOLDERS
[as
at April 10, 2007]
at Bht. 530,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pramote
Sivaruk Nationality : Thai Address : 86
Hiranrujee, Thonburi, Bangkok
10600 |
44,369472 |
8.37 |
|
Mr.
Chaisilp Taemsirichai Nationality :
Thai
Address : 336
Werng-nakornkasem,
Samphantawong, Bangkok |
43,469,346 |
8.20 |
|
Mr. Prasong
Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, Bangkok 10250 |
40,878,936 |
7.71 |
|
Ms. Piyaporn
Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, Bangkok 10250 |
25,538,900 |
4.82 |
|
Ms. Piyamol Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, Bangkok 10250 |
25,200,000 |
4.75 |
|
Ms.
Nathaporn Taemsirichai Nationality :
Thai
Address : - |
21,738,600 |
4.10 |
Ms. Prangthip Sivaruk
Nationality : Thai Address : 86
Hiranrujee, Thonburi, Bangkok
10600 |
15,760,000 |
2.97 |
Ms. Sasirat Sivaruk
Nationality : Thai Address : 86
Hiranrujee, Thonburi, Bangkok
10600 |
14,400,000 |
2.72 |
Mr. Chalee Soponpanich
Nationality :
Thai
Address : - |
14,400,000 |
2.72 |
Mr. Chatree Soponpanich
Nationality : Thai Address :
-
|
14,400,000 |
2.72 |
Mr. Pornsilp Taemsirichai
Nationality : Thai Address : 265/2
Sukhumvit 31 Rd.,
Wattana, Bangkok 10110 |
12,600,000 |
2.38 |
Ms. Piyanuch Taemsirichai
Nationality :
Thai
Address : - |
10,803,600 |
2.04 |
Others
|
246,441,146 |
46.50 |
Total Shareholders : 1,210 [including
the above shareholders]
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Pichai Dutchanapirom No. 2421
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
December 31, 2007
& 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at bank
|
18,306,565.76 |
19,382,905.71 |
|
Trade accounts &
notes receivable |
356,468,941.22 |
416,098,943.77 |
|
Inventories |
973,843,367.57 |
816,875,788.57 |
|
Other current assets |
16,057,429.13 |
18,980,256.78 |
|
|
|
|
|
Total Current
Assets |
1,364,676,303.68 |
1,271,337,894.83 |
|
|
|
|
|
Property, plant and
equipment-net |
546,423,489.46 |
518,017,298.15 |
|
Land & building
for rent-net |
12,804,663.78 |
13,709,197.58 |
|
Land used for
rubber trees plantation |
17,206,253.00 |
16,880,983.00 |
|
Restricted deposit at
financial institute |
917,854.90 |
887,845.38 |
|
Other non-current assets |
5,985,054.27 |
1,576,182.80 |
|
Total Assets |
1,948,013,619.09 |
1,822,409,401.74 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
304,536,799.38 |
252,351,208.04 |
|
Accounts payable -trade |
222,410,962.72 |
213,391,502.74 |
|
Current portion of
long-term loan |
23,894,009.76 |
25,248,000.00 |
|
Corporate income tax
payable |
19,222,695.21 |
24,833,117.08 |
|
Other Current Liabilities |
27,361,433.67 |
29,930,717.15 |
|
|
|
|
|
Total Current
Liabilities |
597,425,900.74 |
545,754,545.01 |
|
|
|
|
|
Long-term Loans |
29,892,000.00 |
58,786,009.76 |
|
Total Liabilities |
627,317,900.74 |
604,540,554.77 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share Capital :
Baht. 1 par
value Authorized issued
and fully paid
share capital 550,000,000 shares |
550,000,000.00 |
550,000,000.00 |
|
|
|
|
|
Capital Paid |
530,000,000.00 |
530,000,000.00 |
|
Premium on common
stock |
262,262,300.00 |
262,262,300.00 |
|
Surplus on land revaluation |
68,201,865.00 |
68,201,865.00 |
|
Retained Earning Appropriated for
statutory reserve |
52,461,701.56 |
44,140,357.99 |
|
Unappropriated |
407,769,851.79 |
313,264,323.98 |
|
Total
Shareholders' Equity |
1,320,695,718.35 |
1,217,868,846.97 |
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
1,948,013,619.09 |
1,822,409,401.74 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,778,241,991.69 |
1,757,809,978.69 |
|
Other Income Commission |
21,470,782.35 |
28,327,345.70 |
|
Rental income |
9,642,064.02 |
600,000.00 |
|
Others |
1,944,975.51 |
15,393,518.47 |
|
Total Revenues
|
1,811,299,813.57 |
1,802,130,842.86 |
|
Expenses |
|
|
|
|
|
|
|
Cost of goods
sold |
1,313,966,427.17 |
1,309,929,827.88 |
|
Selling and administrative expenses |
259,105,009.91 |
255,988,277.27 |
|
Total Expenses |
1,573,071,437.08 |
1,565,918,105.15 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
238,228,376.49 |
236,212,737.71 |
|
Interest Expenses |
[19,986,340.15] |
[18,570,560.42] |
|
Corporate Income Tax |
[51,815,164.96] |
[56,502,184.24] |
|
|
|
|
|
Net Profit / [Loss] |
166,426,871.38 |
161,139,993.05 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[0.05] |
|
|
Operating Profit |
[10.12] |
|
|
Net Profit |
3.74 |
|
|
Fixed Assets |
[6.19] |
|
|
Total Assets |
11.85 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
74.52 |
73.99 |
|
Operating Profit Margin |
13.44 |
14.95 |
|
S & A
Expenses |
14.56 |
12.90 |
|
Interest Paid |
1.06 |
1.05 |
|
Other Revenues |
2.52 |
1.84 |
|
Net Profit Margin |
9.17 |
8.83 |
|
Earning Per Shares |
0.30 |
0.29 |
|
No. of Shares |
530,000,000 |
530,000,000 |
Net Sales was
decreased by 0.05%,
Operating Profit was
decreased by 10.12%,
Net Profit was
increased by 3.74%,
Fixed Assets was
decreased by 6.19%,
Total Assets was
increased by 11.85%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 73.99% to 74.52%, Operating
Profit Margin was
decreased from 14.95%
to 13.44%, S
& A Expenses
was increased from
12.90% to 14.56%,
Interest Paid was increased
from 1.05% to
1.06%, Other Revenues
was increased from
1.84% to 2.52%,
Net Profit Margin
was increased from
8.83% to 9.17%.
Earning Per Shares
was increased from
0.29 baht per
share to 0.30
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.33 |
2.47 |
|
Quick-Assets Ratio |
0.80 |
0.83 |
Current Ratio was
decreased from 2.47
to 2.33, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.83 to 0.80,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.50 |
0.45 |
|
Times Interest Earned |
12.72 |
14.24 |
D/E Ratio was
increased from 0.45
to 0.50, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
14.24 to 12.72,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
128.22 |
120.34 |
|
Total Assets Turnover |
0.96 |
1.08 |
|
Return on Assets |
8.84 |
9.53 |
|
Return on Equity |
13.23 |
13.86 |
|
Day's Payable |
43.70 |
31.02 |
|
Day’s Inventories |
167.30 |
156.94 |
|
Day’s Receivables |
85.22 |
75.17 |
Fixed Assets Turnover
was increased from
120.34 times to
128.22 times, Total
Assets Turnover was
decreased from 1.08
times to 0.96
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 9.53 to
8.84, Return on
Equity was decreased
from 13.86 to
13.23, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 32
days to 44
days, Day’s Inventories
was increased from
157 days to
168 days, and
Day’s Receivables was increased from
76 days to
86 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%)