MIRA INFORM REPORT
|
Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
LEAR
CORPORATION SOUTHEAST ASIA
CO., LTD. |
|
|
|
|
Formerly Known As : |
ASIA PACIFIC COMPONENTS
CO., LTD |
|
|
|
|
Registered Office : |
1644/2-3-5
Suranarai Road, Naimuang, Muang, Nakornratchasima 30000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
28.10.1996 |
|
|
|
|
Com. Reg. No.: |
0105539119354 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
and Distributor of Auto Seat
Cover and Wire
Harness Products |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
LEAR
CORPORATION SOUTHEAST ASIA
CO., LTD.
[Former
: ASIA PACIFIC
COMPONENTS CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 1644/2-3-5 SURANARAI
ROAD, NAIMUANG,
MUANG, NAKORNRATCHASIMA 30000
TELEPHONE : [66] 44
253-707, 44 251-592,
44 251-684
FAX :
[66] 44
259-151
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0105539119354
CAPITAL REGISTERED : BHT. 406,195,000
CAPITAL PAID-UP : BHT.
406,195,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AKIRA OKURA,
JAPANESE
PRESIDENT
NO.
OF STAFF : 700
LINES
OF BUSINESS : AUTO
SEAT COVER AND
WIRE HARNESS
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 October 28, 1996 as a
private limited company
under the registered
name ASIA PACIFIC COMPONENTS CO.,
LTD. by Thai
and American groups.
Its business objective is
to manufacture, export
and distribute various
styles of textiles and leathers
for auto seat covers, as
well as wire harnesses for
automotive industry. It
currently employs
approximate 700 staff.
On
September 15, 2009,
the subject’s name
was changed to
LEAR CORPORATION SOUTHEAST
ASIA CO., LTD.
Subject
is a subsidiary
of Lear Seating
[Thailand] Co., Ltd.
The
subject’s registered address
is 1644/2-3-5 Suranarai
Rd., Naimuang, Muang,
Nakornratchasima 30000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Paul Roger Jefferson |
|
British |
65 |
|
Mr. Dennis, Chia Choon
Hwee |
|
Singaporean |
42 |
|
Mr. Akira Okura |
|
Japanese |
52 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Akira Okura is
the President.
He is Japanese
nationality with the
age of 52
years old.
Mr. Anand Sukyai is
the Plant Manager [Nakornratchasima].
He is Thai
nationality.
Mr. Ulf Ruprecht is
the Plant Manager
[Prachinburi].
He is German
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing and exporting various
styles of textiles and leathers
for auto seat
covering industry.
The subject also manufactures and distributes wire harness
products for automotive industry
in which the
production has actually
been started in
2010.
PURCHASE
Raw materials such
as polyester yarn,
raw hide and
chemicals are purchased
from suppliers in
both domestic and
overseas, mainly Japan,
Republic of China, Hong
Kong, Taiwan, United
States of America and
Australia, while the
100% of electronic
parts are purchased
from local suppliers.
EXPORT
[COUNTRIES]
The products are exported to United States of America, Japan, Indonesia,
Malaysia, Taiwan, Republic of
China and the
countries in Europe.
SALES
The products are
also sold locally
to manufactures, wholesalers
and end-users.
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
The company
and its parent
company have been
sued by one of
the companies for
a cancellation of the
management contract. Such
company claims for
the damage of
Bht. 7 million.
The company and
its parent company
therefore countersued such
company for the
loss at Bht.
2,000 million resulting
from the past management of
such company. In
January 2006, the
Court of the
First Instance has
sentenced the company
to pay the
compensation together with
interest and relevant
expenses.
At present, the
company is in the process
of appeal to the
court with the
parent company. As a result,
the company might
incur for the
damage together with interest
and relevant expenses
as at December
31, 2009 for
the amount of
Bht. 11.3 million
[2008 : Bht.
10.8 million]. However,
the company has
set allowance for this
damage in full
amount which may
arise from this
case.
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.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
700 staff.
LOCATION DETAILS
The premise is owned
for administrative office
and factory I at
the heading address.
Premise is located
in provincial.
Factory
II is located
at 612/10 Moo
9, Kabinburi Industrial
Estate, T. Nongki,
A. Kabinburi, Prachinburi
25110. Tel.: [66]
37 629-870.
Bangkok
office is located
at 24th Floor,
Nation Tower, 1858/107-108
Bangna-Trad Rd., Bangna,
Bangkok 10260. Tel.:
[66] 2751-4845-9 Fax: [66]
2751-4868.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The
subject was formed
in 1996 as
a manufacturer and
exporter of textile and leather for auto seat covering
industry. Subject had strong
business serving growing demand from
automobile industry. It still
maintains a strong
business growth.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into 20,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 40,000,000 on
June 15, 1998
Bht. 549,780,000 on
April 26, 2000
Bht. 1,624,780,000
on June 19,
2003
On
May 20, 2004,
the capital was decreased
to Bht. 406,195,000
divided into 4,061,950
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at November
26, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Lear Seating [Thailand]
Co., Ltd. Nationality: American Address : 24th Floor,
46/107-108 Moo 10, Nation Tower, Bangna-Trad
Rd., Bangna, Bangkok |
3,980,706 |
98.00 |
|
Mr. Suthas Anuvuthinawin Nationality: Thai Address :
663 Charansanitwong 75
Rd., Bangplad, Bangkok |
81,238 |
2.00 |
|
Ms. Aim-orn Chaiyachart Nationality: Thai Address : 146
Moo 1, Banhaed,
banphai, Khon Kaen |
1 |
- |
|
Mr. Sangsith Yaowarat Nationality: Thai Address : 38/37
Tiwanont Rd., Muang,
Nonthaburi |
1 |
- |
|
Mrs. Payom Kongprathes Nationality: Thai Address : 46/287
Moo 3, Samwatawan-ok, Minburi,
Bangkok |
1 |
- |
|
Ms. Panithee Wathapukana Nationality: Thai Address : 1/34
Soi Ruamsirimit, Ladyao,
Jatujak, Bangkok |
1 |
- |
|
Ms. Ong-orn Anuwvuthinawin Nationality: Thai Address : 496/176
663 Charansanitwong 75 Rd.,
Bangplad, Bangkok |
1 |
- |
|
Mr. Joseph Sprint Torrence Nationality: American Address : 46/107-108
Bangna-Trad Rd., Bangna,
Bangkok |
1 |
- |
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Saifon Inkaew No.
4434
Note
The 2010 financial statement
has not been
submitted to the Commercial Registration
Department during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents
|
417,137,601 |
595,910,275 |
|
Trade Accts. Receivable
|
|
|
|
Related company |
37,481,019 |
42,321,850 |
|
Other company |
522,730,250 |
165,078,096 |
|
Total Trade Accts.
Receivable |
560,211,269 |
207,399,946 |
|
Other Receivable-Related
Company |
20,992,019 |
4,949,840 |
|
Inventories |
249,231,949 |
172,578,539 |
|
Loan & Deferred Interest from Related Company |
482,977,804 |
224,639,480 |
|
Prepaid Income Tax |
5,177,184 |
5,177,184 |
|
Other Current Assets
|
6,384,378 |
4,221,868 |
|
Total Current Assets
|
1,742,112,204 |
1,214,877,132 |
|
Cash at Bank under
Commitment |
654,000 |
654,000 |
|
Fixed Assets |
41,384,981 |
32,271,154 |
|
Intangible Assets |
3,445,166 |
4,022,059 |
|
Other Assets |
2,845,080 |
3,227,530 |
|
Total Assets |
1,790,441,431 |
1,255,051,875 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
Related company |
317,516,494 |
58,787,813 |
|
Other company |
265,662,883 |
113,344,599 |
|
Total Trade Accounts Payable |
583,179,377 |
172,132,412 |
|
Other Payable-Related Company |
79,607 |
25,780,421 |
|
Cost of Expenses |
20,059,322 |
23,956,764 |
|
Accrued Income Tax |
15,648,884 |
|
|
Accrued Expenses |
11,427,662 |
11,199,966 |
|
Other Current Liabilities |
2,413,505 |
2,050,634 |
|
Total Current Liabilities |
632,808,357 |
235,120,197 |
|
|
|
|
|
Reserve for Damage from
Litigation |
11,320,717 |
10,820,258 |
|
Total Liabilities |
644,129,074 |
245,940,455 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 4,061,950 shares |
406,195,000 |
406,195,000 |
|
Capital Paid |
406,195,000 |
406,195,000 |
|
Retained Earning -
Unappropriated |
740,117,357 |
602,916,420 |
|
Total Shareholders' Equity |
1,146,312,357 |
1,009,111,420 |
|
Total Liabilities &
Shareholders' Equity |
1,790,441,431 |
1,255,051,875 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales Income |
2,130,301,678 |
1,942,083,164 |
|
Services Income |
17,756,795 |
- |
|
Interest Income |
19,595,252 |
13,537,916 |
|
Gain on Exchange Rate |
14,103,496 |
- |
|
Other Income |
4,027,087 |
109,870 |
|
Total Sales |
2,185,784,308 |
1,955,730,950 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,918,972,505 |
1,529,401,219 |
|
Cost of Services |
17,251,858 |
- |
|
Selling Expenses |
24,263,042 |
51,315,161 |
|
Administrative Expenses |
67,112,863 |
86,174,904 |
|
Loss on Exchange Rate |
- |
53,547,269 |
|
Total Expenses |
2,027,600,268 |
1,720,438,553 |
|
Profit Before Financial Expenses & Income Tax |
158,184,040 |
235,292,397 |
|
Financial Cost |
[1,633,958] |
[1,841,331] |
|
Profit Before Income Tax |
156,550,082 |
233,451,066 |
|
Income Tax |
[19,349,145] |
[10,508,367] |
|
Net Profit / [Loss] |
137,200,937 |
222,942,699 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.75 |
5.17 |
|
QUICK RATIO |
TIMES |
1.58 |
3.44 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
51.90 |
60.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.20 |
1.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
46.98 |
41.19 |
|
INVENTORY TURNOVER |
TIMES |
7.77 |
8.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
88.82 |
31.03 |
|
RECEIVABLES TURNOVER |
TIMES |
4.11 |
11.76 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.08 |
27.05 |
|
CASH CONVERSION CYCLE |
DAYS |
85.73 |
45.16 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.14 |
78.75 |
|
SELLING & ADMINISTRATION |
% |
4.25 |
7.08 |
|
INTEREST |
% |
0.08 |
0.09 |
|
GROSS PROFIT MARGIN |
% |
11.62 |
21.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.36 |
12.12 |
|
NET PROFIT MARGIN |
% |
6.39 |
11.48 |
|
RETURN ON EQUITY |
% |
11.97 |
22.09 |
|
RETURN ON ASSET |
% |
7.66 |
17.76 |
|
EARNING PER SHARE |
BAHT |
33.78 |
54.89 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.56 |
0.24 |
|
TIME INTEREST EARNED |
TIMES |
96.81 |
127.78 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.61 |
|
|
OPERATING PROFIT |
% |
(32.77) |
|
|
NET PROFIT |
% |
(38.46) |
|
|
FIXED ASSETS |
% |
28.24 |
|
|
TOTAL ASSETS |
% |
42.66 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.62 |
Satisfactory |
Industrial Average |
13.99 |
|
Net Profit Margin |
6.39 |
Impressive |
Industrial Average |
1.93 |
|
Return on Assets |
7.66 |
Impressive |
Industrial Average |
3.00 |
|
Return on Equity |
11.97 |
Impressive |
Industrial Average |
7.33 |
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 11.62%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company was originated from the problems with control over its costs.
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. Net Profit Margin ratio is 6.39%
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
7.66%, 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 11.97%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.75 |
Impressive |
Industrial Average |
1.23 |
|
Quick Ratio |
1.58 |
|
|
|
|
Cash Conversion Cycle |
85.73 |
|
|
|
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 2.75 times in 2009, decrease from 5.17 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.58 times in 2009,
decrease from 3.44 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 86 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.36 |
Impressive |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
0.56 |
Impressive |
Industrial Average |
1.38 |
|
Times Interest Earned |
96.81 |
Impressive |
Industrial Average |
2.87 |
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.
Times Interest Earned measuring a company's ability to meet its debt obligations.
Ratio is 96.82 higher than 1, so the company can pay interest expenses on
outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.36 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
51.90 |
Impressive |
Industrial Average |
4.28 |
|
Total Assets Turnover |
1.20 |
Satisfactory |
Industrial Average |
1.55 |
|
Inventory Conversion Period |
46.98 |
|
|
|
|
Inventory Turnover |
7.77 |
Impressive |
Industrial Average |
4.16 |
|
Receivables Conversion Period |
88.82 |
|
|
|
|
Receivables Turnover |
4.11 |
Impressive |
Industrial Average |
4.02 |
|
Payables Conversion Period |
50.08 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
UK Pound |
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
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.