MIRA
INFORM REPORT
|
Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
SIEMENS LIMITED |
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Formerly Known As : |
SIMENS
SYSTEMS CO., LTD |
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Registered Office : |
35th Floor,
Bangkapi, Huaykwang, |
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Country : |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
31.10.1994 |
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Com. Reg. No.: |
0105537129956 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Maintenance of Technical and
Engineering Products and Services |
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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SIEMENS LIMITED
SUMMARY
BUSINESS ADDRESS : 35th FLOOR,
CHARN ISSARA TOWER
II,
2922/333 NEW
BANGKAPI, HUAYKWANG,
TELEPHONE : [66] 2715-4000
FAX : [66] 2715-4100,
2715-4041
E-MAIL ADDRESS : thesiemens.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537129956 [Former : [2]
4871/2537]
CAPITAL REGISTERED
: BHT. 579,200,000
CAPITAL PAID-UP
: BHT.
579,200,000
FISCAL YEAR
CLOSING DATE : SEPTEMBER 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LOTHAR HERRMANN,
GERMAN
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 2,000
LINES OF
BUSINESS : TECHNICAL AND ENGINEERING PRODUCTS & SERVICES
IMPORTER, DISTRIBUTOR
& MAINTENANCE
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on October 31,
1994 as a
private limited company
under the registered
name, “Simens Systems
Co., Ltd.”, by
Thai and German
groups, initially by
Siemens AG and a local
shareholding through B.
Grimm Holding Co., Ltd.
On September 6,
1995, the name
was changed to SIEMENS
LIMITED.
Its business objective
is to provide
wide range of
products and services,
covering automation and
control, power, transportation, medical,
information and communications. It
currently employs 2,000
staff.
At present, subject
is a subsidiary
of Simens International
Holding B.V., Netherlands.
The subject’s registered
address is 35th Floor,
Charn Issara Tower
II, 2922/333 New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10310,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anton Huber |
|
German |
57 |
|
Mr. Karl Fritz
Joern Sens |
|
German |
54 |
|
Mr. Lothar Herrmann |
[x] |
German |
52 |
|
Mr. Harald Link |
[x] |
German |
52 |
|
Mr. Juergen Hormuth |
[x] |
German |
52 |
AUTHORIZED PERSON
Two of the
above mentioned directors
[x] jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Lothar Herrmann is
the President and
Chief Executive Officer.
He is German
nationality with the
age of 52
years old.
Mr. Juergen Hormuth is
the Executive Vice
President and Chief
Financial Officer [CFO].
He is German
nationality with the
age of 52
years old.
Mr. Bernhard Reichle is
the Senior Vice
President, Head of
Automation & Drives..
He is German
nationality.
Mr. Albert Ritzer
is the Senior
Vice President and
Head of Healthcare.
He is Thai
nationality.
Mr. Michael Peter is
the Executive Vice
President, Head of
Industrial Solution and Services.
He is German
nationality.
Mr. Ralph Hasselbacher is
the Senior Vice
President and Head
of Mobility.
He is German
nationality.
Mr. Steven De-Jeu is the
Senior Vice President
and Head of
Power Generation.
He is German
nationality.
Dr. Detlef Fredich is
the Senior Vice
President and Head
of Power Transmission
and Distribution. He
is German nationality.
Mr. Michael Reifges is
the Head of
Medical Solutions.
He is German
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
and providing installation of
wide range of
business group products
as the followings:
·
Information
and Communications Business Group;
Information and Communication
Networks, [IC Networks], Information
and Communication Mobile
[IC Mobile] and
Siemens Business Services
[SBS]. It offers
a full array
of mobile business
solutions from single
source, ranging from
innovative voice, data
and video communication
equipment to complete
networks, tailors applications
and services.
·
Industry
Solution Business Group;
Industry Automation &
Drives Technology, Industrial
Solutions, Building Technology
and Mobility.
·
Energy
Business Group; Power
Generation, Power Transmission
and Distribution.
·
Healthcare
Business Group;
Offerings wide range
of medical solutions,
comprise of advanced
imaging systems for
diagnostics and therapeutics, such as
CT scanners, MRI
system, PET/CT, ultrasound
systems, mammography systems,
linear accelerator systems
and IT solutions,
etc.
Reference Projects:
|
Projects |
Owner |
|
|
|
|
- Service Switching Point
system installation |
Telecom Asia Public Co., Ltd. |
|
- SDH system for
GSM expansion providing
& installation |
Advanced Info Services
Public Co., Ltd. |
|
- Turnkey project for
GSM 900/800 network expansion |
Advanced Info Services
Public Co., Ltd. |
|
- GSM 1800 network
in |
Cambodia Shinawatra Co., Ltd. |
|
- GSM 1900 network in |
ACT Mobile Co., Ltd. |
|
- & etc. |
|
The subject’s major brand is SIEMENS, serving
all major industries
and technologies such
as metals &
mining, building systems,
crane systems, water
& waste water,
cement, pulp &
paper, oil &
gas, petrochemical &
marine engineering and
etc.
IMPORT [COUNTRIES]
80% of its
products is imported
from Germany, and
the remaining 20%
is purchased from
local suppliers.
MAJOR SUPPLIERS
|
- Siemens A.G. |
: |
|
- Telecom Equipment Manufacturing Co.,
Ltd. |
: |
|
- OSRAM [ |
: |
SALES [LOCAL]
99% of its products
is sold and
serviced locally to the
Government enterprises, manufacturers, wholesalers,
retailers and end-users.
EXPORT
1% of the
products is exported
to Myanmar and
Cambodia.
MAJOR CUSTOMERS
|
- Electricity Generating Authority
of |
: |
|
- Bangpakong Power Station |
: |
|
- Nongchok Sub-station &
etc. |
: |
|
- T.P.I. Polene Co., Ltd. |
: |
|
- True Public Co., Ltd. |
: |
|
- Bangkok Mass Transit
System Co., Ltd. |
: |
|
- Advance Info Services Public Co.,
Ltd. [AIS] |
: |
|
- TOT Corporation Public
Co., Ltd. |
: |
|
- CAT Telecom Public
Co., Ltd. |
: |
|
- Thai Parliament House |
: |
|
- etc. |
|
SUBSIDIARIES &
AFFILIATED COMPANIES
- Siemens Industrial Services
Co., Ltd.
Business Type: Providing service
of industrial products
- BSH Home Appliances
Ltd.
Business Type: Distributor &
services
- OSRAM [
Business Type: Manufacturer of lamps.
-Siemens Business Communication
Systems Ltd.
Business Type : Distributor of
communication devices and
solutions.
- Nokia Siemens Networks
[
Business Type : Provide service
for Siemens Networks
systems.
JOINT - VENTURE
- Modern Engineering & Consultant Co., Ltd.
Business Type: Telecommunication installs
services
- Telecom Equipment Manufacturing
Co., Ltd.
Business Type:
Manufacturing of telecommunication Equipment
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
Purchasing terms are
by cash or
on the credits
of 30-60-90-120 days.
Imports are by
L/C at sight
or on the
credit term of
120 days &
T/T.
Selling terms are
by cash or
on the credits
of 30-60-90 days.
Exports are by
T/T.
BUSINESS TRANSACTION
In term of
sales, the products
are sold by
cash and credit,
with the maximum credit given at
30-90 days. Occasionally,
late payment is
found on some cases but it can be accepted within
7-15 days.
BANKING
Deutsche Bank AG.
[
Bank of
[
The Siam Commercial
Bank Public Co., Ltd.
[Chidlom Branch :
EMPLOYMENT
The subject employs
approximately 2,000 office staff
[including companies within
the group].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
Siemens
Branches:
-
-
53
-
79/38
Soi Pookmitr,
-
1958
Ramkhamhaeng 8 Rd.,
Huamark, Bangkapi,
Siemens
Representative Office :
-
Unit
GO1, ground floor,
Hong Kong Center
Preah Sothearos Blud.,
Sangkat Chak
Tomouk, Khan Daun
Penh,
COMMENT
Siemens has maintained
economic and technical
links with
During the past
five years, Siemens
has positioned itself
as a serious
player in its
own right in Thailand
with the establishment
of Siemens Ltd.,
a company majority
owned by Siemens
AG and with
an active local
shareholding through B.
Grimm & Co.,
R.O.P.
Siemens is committed
to a long-term
future in Thailand,
both through an
involvement in all
sectors of industrial
activity and through
an investment in the
competence of Siemens
employees. In the past 2 years the subject has won several projects from both the government
and private enterprises.
In the difficult
economic climate in which
business has been
conducted over the
last two years,
Siemens has not
abandoned its long-term
focus, but has
continued to complete
existing projects and
has supported customers
who were adversely
affected by market forces
beyond their control.
Against this background
Siemens has been
able to enhance
its image as
supplier of quality
solutions and services
and as a
serious partner for
customers in Thailand.
Subject has strong
financial fundamental, any
credit to subject
is recommended.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 75,000,000 divided
into 750,000 shares
of Bht. 100
each with fully
paid.
The capital was
increased later as followings
:
Bht. 160,000,000 on
December 9, 1995
Bht. 560,000,000 on
March 24, 1999
Bht. 1,160,000,000 on
May 4, 2001
On February 20,
2002 the capital
was decreased to
Bht. 579,200,000 divided
into 5,792,000 shares of
Bht. 100 each
with fully paid.
LIST OF
SHAREHOLDERS
[as at
March 31, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Siemens International Holding
B.V. Nationality: Dutch Address : Princess Beartriczlan 800,
2595 BN. |
5,734,075 |
99.00 |
|
B. Grimm Joint
Venture Holding Co.,
Ltd. Nationality: Thai Address : 33 Soi Lertnava,
Bangkapi, |
57,920 |
1.00 |
|
Mr. Lothar Herrmann Nationality: German Address : 2922/333 New
Huaykwang, |
1 |
- |
|
Mr. Juergen Hormuth Nationality: German Address : 2922/333 New
Huaykwang, |
1 |
- |
|
Mr. Anton Huber Nationality: German Address : |
1 |
- |
|
Mr. Karl Fritz Joern Sens Nationality: German Address : |
1 |
- |
|
Mr. Ptmar Schmidt Nationality: German Address : |
1 |
- |
Total Shareholders
: 7
NAME OF
AUDITOR AND CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Veerachai Ratanacharaskul No.
4323
BALANCE
SHEET [BAHT]
The latest financial
figures published for
September 30, 2007
& 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
145,488,156 |
655,537,904 |
|
Short-term Investment |
1,000,000,000 |
650,000,000 |
|
Trade Accts. Receivable |
2,205,091,363 |
3,332,197,559 |
|
Related Company Receivable |
14,331,800 |
3,002,077 |
|
Inventories |
1,699,550,811 |
2,570,761,315 |
|
Deferred Income Tax |
228,373,543 |
337,849,711 |
|
Other Current Assets
|
142,195,070 |
52,015,144 |
|
|
|
|
|
Total Current Assets
|
5,435,030,743 |
7,601,363,710 |
|
Investment in Subsidiary |
121,996,901 |
40,246,901 |
|
|
93,012,192 |
162,252,111 |
|
Intangible Assets |
25,465,735 |
6,633,707 |
|
Deferred Income Tax |
61,606,025 |
262,631,196 |
|
Other Assets |
19,149,334 |
75,983,219 |
|
Total Assets |
5,756,260,930 |
8,149,110,844 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
1,321,616,661 |
1,941,141,919 |
|
Account Payable & Loan from
Related Company |
65,300,732 |
43,908,481 |
|
Accrued Income Tax |
187,494,136 |
285,650,090 |
|
Accrued Cost of
Installation |
264,733,278 |
514,567,640 |
|
Bill exceeding Cost &
Estimated Income from
Incomplete Contract |
228,645,728 |
1,640,228,255 |
|
Accrued Operating Expenses |
334,399,346 |
55,491,426 |
|
Deferred Income |
198,115,836 |
118,334,937 |
|
Current Portion of
Estimated Liabilities |
664,390,779 |
914,289,386 |
|
Other Current Liabilities |
146,323,180 |
250,927,690 |
|
|
|
|
|
Total Current Liabilities |
3,411,019,676 |
5,764,539,824 |
|
Estimated Liabilities |
182,638,222 |
445,237,758 |
|
Total Liabilities |
3,593,657,898 |
6,209,777,582 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 5,792,000 shares |
579,200,000 |
579,200,000 |
|
|
|
|
|
Capital Paid |
579,200,000 |
579,200,000 |
|
Premium on Share
Capital |
111,253,440 |
111,253,440 |
|
Accumulated Profit/[Loss]
from Risk Protection |
10,900,568 |
[13,758,305] |
|
Retained Earning Appropriated for Statutory
Reserve |
57,920,000 |
57,920,000 |
|
Unappropriated |
1,403,329,024 |
1,204,718,127 |
|
Total Shareholders' Equity |
2,162,603,032 |
1,939,333,262 |
|
Total Liabilities & Shareholders' Equity |
5,756,260,930 |
8,149,110,844 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales & Service
Income |
9,401,755,836 |
6,431,047,848 |
|
Interest Income |
21,772,590 |
12,661,289 |
|
Other Income |
1,520,887 |
6,632,617 |
|
Total Revenues |
9,425,049,313 |
6,450,341,754 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
7,984,683,145 |
5,411,093,544 |
|
Selling & Administrative Expenses |
784,856,232 |
491,132,274 |
|
Total Expenses |
8,769,539,377 |
5,902,225,818 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
655,509,936 |
548,115,936 |
|
Interest Expenses |
[6,966,039] |
[6,051,544] |
|
Income Tax |
[198,172,743] |
[170,072,248] |
|
|
|
|
|
Net Profit / [Loss] |
450,371,154 |
371,992,144 |
|
Retained Earning, beginning
of year |
648,239,743 |
830,905,000 |
|
Retained Earning, end
of year |
1,098,610,897 |
1,202,897,144 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
46.19 |
|
|
Operating Profit |
[18.20] |
|
|
Net Profit |
21.07 |
|
|
Fixed Assets |
[42.67] |
|
|
Total Assets |
[29.36] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.93 |
84.14 |
|
Operating Profit Margin |
6.97 |
8.52 |
|
S & A
Expenses |
8.35 |
7.64 |
|
Interest Paid |
0.07 |
0.09 |
|
Other Revenues |
0.25 |
0.30 |
|
Net Profit Margin |
4.79 |
5.78 |
|
Earning Per Shares |
77.76 |
64.23 |
|
No. of Shares |
5,792,000 |
5,792,000 |
Net Sales was
increased by 46.19%,
Operating Profit was
decreased by 18.20%,
Net Profit was
increased by 21.07%,
Fixed Assets was
decreased by 42.67%,
Total Assets was
decreased by 29.36%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 84.14%
to 84.93%, Operating
Profit Margin was
decreased from 8.52%
to 6.97%, S
& A Expenses
was increased from
7.64% to 8.35%,
Interest Paid was decreased
from 0.09% to
0.07%, Other Revenues
was decreased from
0.30% to 0.25%,
Net Profit Margin
was decreased from
5.78% to 4.79%.
Earning Per Shares
was increased from
64.23 baht per
share to 77.76
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.59 |
1.32 |
|
Quick-Assets Ratio |
0.99 |
0.81 |
Current Ratio was
increased from 1.32 to
1.59, show Current
Assets can cover
Current Liabilities, Liquidity
Ratio of the
company was good,
Quick-Assets Ratio was
increased from 0.81
to 0.99, capacity
to pay Short
Term Loan was
not good, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.66 |
3.20 |
|
Times Interest Earned |
94.10 |
90.57 |
D/E Ratio was
decreased from 3.20
to 1.66, show the company
had fund from
Loan more than
fund from Equity,
investment risked of
the company is
medium, Times Interest
Earned was increased
from 90.57 to
94.10, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
101.08 |
39.64 |
|
Total Assets Turnover |
1.63 |
0.79 |
|
Return on Assets |
7.82 |
4.56 |
|
Return on Equity |
20.83 |
19.18 |
|
Day's Payable |
50.61 |
108.66 |
|
Day’s Inventories |
65.08 |
143.91 |
|
Day’s Receivables |
84.43 |
186.53 |
Fixed Assets Turnover
was increased from
39.64 times to
101.08 times, Total
Assets Turnover was
increased from 0.79
times to 1.63
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 4.56 to
7.82, Return on
Equity was increased
from 19.18 to
20.83, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 109
days to 51
days, Day’s Inventories
was decreased from
144 days to
66 days, and
Day’s Receivables was
decreased from 187
days to 85
days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.09 |
|
|
1 |
Rs.74.90 |
|
Euro |
1 |
Rs.63.40 |
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%)