MIRA INFORM REPORT
|
Report Date : |
21.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
EXEDY
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
700/316 Moo 6, Amata Nakorn Industrial Estate, Bangna-Trad Road, T. Donhuaroh, A. Muang, Chonburi 20000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.12.1994 |
|
|
|
|
Com. Reg. No.: |
0115537008911 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and
exporter of spare parts |
|
|
|
|
No. of Employees
: |
1000 persons |
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 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
EXEDY [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 700/316 MOO
6, AMATA NAKORN
INDUSTRIAL
ESTATE, BANGNA-TRAD
ROAD, T. DONHUAROH,
A.
MUANG, CHONBURI 20000,
THAILAND
TELEPHONE : [66] 38
468-225-7
FAX :
[66] 38
214-422
E-MAIL
ADDRESS : khomsan@exedy.co.th
sila@exedy.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0115537008911
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : JAPANESE
: 67%
THAI
: 33%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. EIJI ATAKA,
JAPANESE
PRESIDENT
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : SPARE PARTS
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 established
on December 23,
1994 as a
private limited company under
the originally registered
name “Siam D.K. Technology
Co., Ltd.” by
Thai and Japanese groups.
On March 23,
2004, its registered
name was changed to
EXEDY [THAILAND] CO., LTD. Subject’s
business objective is
a manufacturer and
supplier various kinds
of spare parts for automobiles and motorcycle industry
both domestic and
international markets. It
currently employs approximate
1,000 staff.
The
subject is also
an affiliated company
of Exedy Corporation,
Japan.
The
subject’s registered address
is 700/316 Moo
6, Amata Nakorn
Industrial Estate, Bangna-Trad
Rd., T. Donhuaroh, A. Muang, Chonburi
20000, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bhornpong Bhornprapha |
[x] |
Thai |
61 |
|
Mr. Vichaiyuth Kangwalchit |
|
Thai |
57 |
|
Mr. Chanin Sorndaeng |
|
Thai |
45 |
|
Mr. Apichai Santivijit |
|
Thai |
47 |
|
Mr. Mitsugu Yamada |
|
Japanese |
41 |
|
Mr. Shogo Okamura |
|
Japanese |
55 |
|
Mr. Eiji Ataka |
[x] |
Japanese |
58 |
|
Mr. Ryu Suzuki |
|
Japanese |
45 |
|
Mr. Tomoaki Goto |
|
Japanese |
42 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
or any of the
mentioned directors [x] can jointly
sign with anyone
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Eiji Ataka is
the President.
He is Japanese
nationality with the
age of 58
years old.
Mr. Apichai Santivijit is
the Factory Manager.
He is Thai
nationality with the
age of 47
years old.
Mr. Mitsugu Yamada is
The Sales & Marketing Manager.
He is Japanese
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting various kinds
of spare parts
for automobiles and
motorcycle industry. Its
products are as
follows:
1. Automobile Parts:
clutch cover assembly,
clutch disc, CVT
flywheel damper, and
drive plate.
2. Motorcycle Parts:
one way clutch,
multiple & plate clutch, centrifugal
clutch,
centrifugal clutch with pulley,
progressive die, ratchet
starter,
face drive,
and fin drive.
BRAND NAMES
“EXEDY” and “DYKIN
CLUTCH”
PURCHASE
Most
of raw materials
and accessories are
purchased from local
suppliers, the remaining
is imported from
Japan.
SALES
70% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining
30% is exported
to U.S.A., Republic
of China, Malaysia,
Indonesia, Australia and Hungary.
MAJOR CUSTOMERS
Auto Alliance [Thailand] Co.,
Ltd. : Thailand
Bangkok Komatsu Co.,
Ltd. : Thailand
Honda Automobile [Thailand] Co.,
Ltd. : Thailand
Isuzu Engine Manufacturing [Thailand] Co.,
Ltd.: Thailand
Mitsubishi Motors [Thailand] Co.,
Ltd. : Thailand
MMTH Engine Co.,
Ltd. : Thailand
Nissan Powertrain [Thailand]
Co., Ltd. : Thailand
Nissan Motor [Thailand] Co.,
Ltd. : Thailand
Siam Aisin Co.,
Ltd. : Thailand
Siam Motors Parts
Co., Ltd. : Thailand
Thai Honda Manufacturing
Co., Ltd. : Thailand
etc.
SUBSIDIARY AND AFFILIATED
COMPANY
Siam Motors Parts
Co., Ltd.
Business Type :
Importer and distributor
of automobile parts & motorcycle parts.
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
T/T.
Exports are against
T/T.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
Bank
of Tokyo-Mitsubishi UFJ
Ltd. [Bangkok Branch]
EMPLOYMENT
The
subject employs approximately
1,000 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
The subject is one of the leading
manufacturers of automobile and motorcycle parts. Even though
its plant was not directly
hit by the
flooding but still
has slowdown production
due to a disruption
after the deluge
overwhelmed auto parts factories in
Ayuthaya and Pathumthani
province. Many automobile
and motorcycle assembly
have slowed its production because
some parts factories
have been submerged.
The subject is
one of the
part supply which
also affected from
disaster by slowing down its production
from slow demand
from assembly plants
in the last
quarter of 2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 150,000,000 divided into 150,000
shares of Bht.
1,000 each with
fully paid.
On
September 11, 2009,
the capital was
decreased to Bht. 100,000,000 divided
into 100,000 shares
of Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at March
24, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Exedy Corporation Nationality: Japanese Address : 1-0-1
Ban 1-Chome Kitamo
Tomiya, Neyagawa-shiosaka-fu, Japan |
67,000 |
67.00 |
|
Siam Auto Parts
Co., Ltd. Nationality: Thai Address : 380
Moo 2, Sukhumvit
Rd., Bangpoomai, Muang, Samutprakarn |
25,998 |
26.00 |
|
Mr. Bhornpong Bhornprapha Nationality: Thai Address : 99
Soi Ruenrom, Huamark,
Bangkapi, Bangkok |
7,002 |
7.00 |
Total Shareholders : 3
Share Structure [as
at March 24,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
33,000 |
33.00 |
|
Foreign - Japanese |
1 |
67,000 |
67.00 |
|
Total |
3 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sakda Kaothanthong No.
4628
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
536,235,140 |
168,357,848 |
|
Trade Accounts Receivable |
600,445,956 |
574,283,113 |
|
Inventories |
251,615,378 |
224,086,637 |
|
Other Current Assets |
67,592,993 |
55,695,590 |
|
|
|
|
|
Total Current Assets
|
1,455,889,467 |
1,022,423,188 |
|
Long-term Investment |
26,000,000 |
26,000,000 |
|
Fixed Assets |
718,182,447 |
689,475,727 |
|
Deferred Interest |
61,167,383 |
- |
|
Intangible Assets |
8,523,158 |
5,520,849 |
|
Other Assets |
8,558,431 |
940,000 |
|
Total Assets |
2,278,320,886 |
1,744,359,764 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
272,464,275 |
199,803,797 |
|
Other Payable |
207,336,298 |
93,736,077 |
|
Accrued Income Tax |
106,795,593 |
51,247,708 |
|
Estimated Liabilities from
Guarantee |
12,470,198 |
8,025,357 |
|
Other Current Liabilities |
49,385,231 |
13,907,827 |
|
|
|
|
|
Total Current Liabilities |
648,451,595 |
366,720,766 |
|
Total Liabilities |
648,451,595 |
366,720,766 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000 |
100,000,000 |
|
|
|
|
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Statutory Reserve |
10,535,429 |
10,535,429 |
|
Retained Earning-
Unappropriated |
1,519,333,862 |
1,267,103,569 |
|
Total Shareholders' Equity |
1,629,869,291 |
1,377,638,998 |
|
Total Liabilities & Shareholders' Equity |
2,278,320,886 |
1,744,359,764 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
3,384,640,229 |
2,323,936,614 |
|
Gain on Exchange
Rate |
- |
355,696 |
|
Other Income |
11,789,946 |
11,628,458 |
|
Total Sales |
3,396,430,175 |
2,335,920,768 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,597,611,709 |
1,815,349,013 |
|
Selling Expenses |
30,013,591 |
13,736,994 |
|
Administrative Expenses |
142,660,700 |
83,727,282 |
|
Loss on Exchange Rate |
10,429,911 |
- |
|
Total Expenses |
2,780,715,911 |
1,912,813,289 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
615,714,264 |
423,107,479 |
|
Financial Cost |
- |
[25,959] |
|
Profit before Income Tax |
615,714,264 |
423,081,520 |
|
Income Tax |
[202,483,971] |
[102,641,554] |
|
|
|
|
|
Net Profit / [Loss] |
413,230,293 |
320,439,966 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.25 |
2.79 |
|
QUICK RATIO |
TIMES |
1.75 |
2.03 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.71 |
3.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.49 |
1.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
35.36 |
45.06 |
|
INVENTORY TURNOVER |
TIMES |
10.32 |
8.10 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.75 |
90.20 |
|
RECEIVABLES TURNOVER |
TIMES |
5.64 |
4.05 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.28 |
40.17 |
|
CASH CONVERSION CYCLE |
DAYS |
61.82 |
95.08 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.75 |
78.12 |
|
SELLING & ADMINISTRATION |
% |
5.10 |
4.19 |
|
INTEREST |
% |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
23.60 |
22.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
18.19 |
18.21 |
|
NET PROFIT MARGIN |
% |
12.21 |
13.79 |
|
RETURN ON EQUITY |
% |
25.35 |
23.26 |
|
RETURN ON ASSET |
% |
18.14 |
18.37 |
|
EARNING PER SHARE |
BAHT |
4,132.30 |
3,204.40 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.40 |
0.27 |
|
TIME INTEREST EARNED |
TIMES |
- |
16,299.07 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
45.64 |
|
|
OPERATING PROFIT |
% |
45.52 |
|
|
NET PROFIT |
% |
28.96 |
|
|
FIXED ASSETS |
% |
4.16 |
|
|
TOTAL ASSETS |
% |
30.61 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
23.60 |
Impressive |
Industrial
Average |
19.85 |
|
Net Profit Margin |
12.21 |
Impressive |
Industrial
Average |
(1.10) |
|
Return on Assets |
18.14 |
Impressive |
Industrial
Average |
3.52 |
|
Return on Equity |
25.35 |
Impressive |
Industrial
Average |
8.03 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 23.6%. When
compared with the industry average, the ratio of the company was higher. This indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 12.21%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an
efficient operator in a dominant position
within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
18.14%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its net
income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 25.35%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.25 |
Deteriorated |
Industrial
Average |
12.08 |
|
Quick Ratio |
1.75 |
|
|
|
|
Cash Conversion Cycle |
61.82 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.25 times in 2010, decreased from 2.79 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.75 times in 2010,
decreased from 2.03 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could survive
when no cash inflow was received from sale for 62 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
0.40 |
Impressive |
Industrial
Average |
2.27 |
|
Times Interest Earned |
- |
|
Industrial
Average |
1,225.68 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.28 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.71 |
Deteriorated |
Industrial
Average |
30.17 |
|
Total Assets Turnover |
1.49 |
Impressive |
Industrial
Average |
1.46 |
|
Inventory Conversion Period |
35.36 |
|
|
|
|
Inventory Turnover |
10.32 |
Acceptable |
Industrial
Average |
14.79 |
|
Receivables Conversion Period |
64.75 |
|
|
|
|
Receivables Turnover |
5.64 |
Acceptable |
Industrial
Average |
9.27 |
|
Payables Conversion Period |
38.28 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.03 |
|
UK Pound |
1 |
Rs.82.34 |
|
Euro |
1 |
Rs.68.99 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.