MIRA INFORM REPORT
|
Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANMINA - SCI SYSTEMS
[THAILAND] LTD. |
|
|
|
|
Formerly Known As : |
SCI SYSTEMS [THAILAND]
LTD |
|
|
|
|
Registered Office : |
90
Moo 1, Tivanont
Road, Tambol Banmai, Amphur
Muang, Pathumthani 12000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.09.2010 |
|
|
|
|
Date of Incorporation : |
06.05.1988 |
|
|
|
|
Com. Reg. No.: |
0105531032641 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of computer components |
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
SANMINA - SCI SYSTEMS
[THAILAND] LTD.
[FORMER : SCI SYSTEMS [THAILAND]
LTD.]
SUMMARY
ADDRESS : 90
MOO 1, TIVANONT
ROAD,
TAMBOL BANMAI,
AMPHUR MUANG,
PATHUMTHANI 12000,
THAILAND
TELEPHONE NO : [66]
2833-7100
FAX : [66]
2833-7123-4
E-MAIL ADDRESS : webmaster@samina-sci.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0105531032641 [Former
: 3272/2531]
CAPITAL REGISTERED : BHT. 103,000,000
CAPITAL PAID-UP : BHT. 103,000,000
SHAREHOLDER’S PROPORTION : THAI :
100.00%
FISCAL YEAR CLOSING
DATE : SEPTEMBER 30
LEGAL
STATUS :
PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
PICHIT ARAMPONGPHAN, THAI
MANAGING DIRECTOR
AND PLANT
MANAGER
NO.
OF STAFF : 1,485
LINES
OF BUSINESS : COMPUTER COMPONENTS
MANUFACTURER, DISTRIBUTOR
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 May 6, 1988
as a private
limited company under
the registered name “SCI Systems
[Thailand] Ltd.”, by
American groups, to
provide service for
electronics assembly. It is also
a leading company
in Surface Mount
Technology [SMT] in Thailand.
On
January 17, 2003,
the subject’s name
was changed to
SANMINA - SCI SYSTEMS [THAILAND]
LTD. It currently
employs 1,485 staff.
It was granted a promotional
privilege from Board of
Investment [BOI] for
the production.
The
subject is a
wholly owned subsidiary
of Sanmina-SCI Holding
[Thailand] Co., Ltd.,
the Thai company,
which is a
member of Sanmina-SCI
Corporation in U.S.A.
The
subject’s registered address
is 90 Moo 1
Tivanont Rd., Tambol
Banmai, Amphur Muang,
Pathumthani 12000, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pichit Arampongphan |
|
Thai |
56 |
|
Mr. Christopher Kaveh
Sadeghian |
|
American |
44 |
|
Mr. Todd Blake
Schull |
|
American |
53 |
AUTHORIZED PERSON
Two
of the above directors can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pichit Arampongphan is the Managing
Director and Plant
Manager.
He is Thai
nationality with the
age of 56
years old.
Mr. Christopher Kaveh
Sadeghian is the
General Manager.
He is American
nationality with the
age of 44
years old.
Mr. Pongthawee Chotamangsa
is the Personnel
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The
subject is engaged
in turnkey contract
design and manufacturing
by utilizing SMT
technology for manufacture of
electronics products for OEMs
and after market repair
depot service, high
volume assembly and
testing for pin-in-hole and chip-on-board products,
box build services
for computer systems,
PC peripherals and
related hardware.
Its
products include PCBA
[Printed Circuit Board Assembly], double sides,
flexible, rigid, multi-layers, printed circuits,
micro-circuits, multi-flexible, plug-in type, electronic radio
product assemblies for
data-com, computer, multi-media
and high-end general
electronic sectors.
The
products are served
to medical instrument
and computer industries.
PRODUCTION CAPACITY
PCBA : 10,000,000
boards per year
Box Build : 1,800,000 boxes
per year
PURCHASE
90% of parts
and accessories are
purchased from local
suppliers, and the
remaining 10% is
supplied by customers
consignment in Japan, Korea,
Taiwan, Singapore, United
States of America,
Germany, Republic of
China and United
Kingdom.
MAJOR SUPPLIER
Sanmina - SCI Corporation :
United States of
America
EXPORT
90% of the
products is exported
to United States of America, Singapore,
Denmark, Republic of China,
Hong Kong, Japan, Korea, Taiwan, Indonesia,
Vietnam, Malaysia and
Australia.
SALES [LOCAL]
10% of the
products is sold
locally to wholesalers
and manufacturers.
MAJOR CUSTOMERS
|
Company |
Country |
Products |
|
|
|
|
|
Hewlett Packard Inc. |
U.S.A. |
Computer Component |
|
Imation Corporation |
U.S.A. |
Electronic Component |
PARENT COMPANY
Sanmina - SCI
Holding [Thailand] Co.,
Ltd.
Address: 90 Moo
1, Tiwanont Rd.,
Banmai, Muang, Pathumthani.
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 30-60-90 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
[Seemummuang-Rangsit Branch
: Phaholyothin Rd.,
Prachatipat, Thanyaburi,
Pathumthani]
EMPLOYMENT
The subject employs
1,485 staff [office
staff and factory
workers].
LOCATION DETAILS
The premise is
owned for administrative office
and factory on
64,000 square meters
of area at
the heading address.
Premise is located
in an industrial
area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 500,000.
COMMENT
The company manufactures high-grade computer components, for which
demand remained strong
from global consumption
improvement. However, its
business had been slowing
down during the past
few years from
economic crisis and electronic industry
downturn. This was
resulted to drop
of its production
and sales of
more than 30 percent.
Since the beginning
of 2010 various industries
including electronic has
seen positive sign
with demand has gradually risen
especially from computer industry. It is
estimated that growth
of electronic industry in
2011 would be around 10 percent higher from
the previous year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100 each.
The capital was
increased later as
followings :
Bht. 30,000,000 on
December 19, 1989
Bht. 103,000,000
on June 29,
1990
The latest registered
capital was increased
to Bht. 103,000,000 divided
into 1,030,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at January
31, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sanmina - SCI
Holding [Thailand] Co.,
Ltd. Nationality: Thai Address : 90 Moo
1, Tiwanont Rd.,
Banmai, Muang, Pathumthani |
1,029,996 |
100.00 |
|
Ms. Shelly Lynn
Byers Nationality: American Address : Alabama, U.S.A. |
1 |
- |
|
Mrs. Suntalee Ruangsilpcharoen Nationality: Thai Address : 321 Rangsit-nakornnayok 52
Rd.,
Prachatipat, Thanyaburi, Pathumthani |
1 |
- |
|
Mr. Christopher Kaveh
Sadeghian Nationality: American Address : California, U.S.A. |
1 |
- |
|
Mr. Pichit Arampongphan Nationality: Thai Address : 39/236 Moo
10, Klongkum, Buengkum, Bangkok |
1 |
- |
Total Shareholders : 5
Share Structure : [as at
January 31, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
1,029,998 |
100.00 |
|
Foreign |
2 |
2 |
- |
|
Total |
5 |
1,030,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Veerachai
Ratanacharaskul No. 4323
BALANCE SHEET [BAHT]
The latest financial
figures published for
September 30, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
151,391,715 |
516,942,249 |
|
Trade Account Receivable |
740,133,694 |
1,250,610,349 |
|
Related Company Receivable |
2,595,293 |
729,147 |
|
Inventories
|
2,041,796,760 |
965,946,643 |
|
Other Current Assets |
68,207,887 |
16,797,178 |
|
|
|
|
|
Total Current Assets |
3,004,125,349 |
2,751,025,566 |
|
Related Company Receivable |
938,981,425 |
- |
|
Investment |
- |
1,520,412,780 |
|
Fixed Assets |
800,321,549 |
725,870,409 |
|
Deposits |
5,998,600 |
5,953,000 |
|
Deferred Income Tax |
7,174,965 |
7,342,800 |
|
Total Assets |
4,756,601,888 |
5,010,604,555 |
LIABILITIES &
SHAREHOLDERS’ EQUITY
|
Current Liabilities |
2010 |
2009 |
|
Trade Account Payable |
1,323,646,878 |
1,071,003,874 |
|
Related Company Payable |
7,728,292 |
14,424,127 |
|
Accrued Expenses |
70,904,476 |
39,110,628 |
|
Accrued Income Tax |
- |
29,854,756 |
|
Other Current Liabilities |
10,173,980 |
15,272,186 |
|
Total Current Liabilities |
1,412,453,626 |
1,169,665,571 |
|
Total Liabilities |
1,412,453,626 |
1,169,665,571 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
Share capital, Baht
100 par value
authorized, issued and
fully paid share
capital 1,030,000 shares |
103,000,000 |
103,000,000 |
|
|
|
|
|
Capital Paid |
103,000,000 |
103,000,000 |
|
Retained Earning |
3,241,148,262 |
3,737,938,984 |
|
Total Shareholders’ Equity |
3,344,148,262 |
3,840,938,984 |
|
Total Liabilities &
Shareholders’ Equity |
4,756,601,888 |
5,010,604,555 |
PROFIT & LOSS ACCOUNT [BAHT]
|
Sales |
2010 |
2009 |
|
|
|
|
|
Sales |
8,309,110,654 |
5,830,518,459 |
|
Gain on Exchange Rate |
42,853,157 |
25,073,215 |
|
Other Sales |
15,948,299 |
6,853,890 |
|
Total Sales |
8,367,912,110 |
5,862,445,564 |
|
Expenses |
|
|
|
Cost of Goods
Sold |
8,170,499,587 |
5,383,535,783 |
|
Administration Expenses |
169,803,759 |
184,125,709 |
|
Loss from Investment |
524,231,651 |
- |
|
Total Expenses |
8,864,534,997 |
5,567,661,492 |
|
|
|
|
|
Profit Before Income Tax |
[496,622,887] |
294,784,072 |
|
Income Tax |
[167,835] |
[84,243,487] |
|
Net Profit [Loss] |
[496,790,722] |
210,540,585 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.13 |
2.35 |
|
QUICK RATIO |
TIMES |
0.63 |
1.51 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.38 |
8.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.75 |
1.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
91.21 |
65.49 |
|
INVENTORY TURNOVER |
TIMES |
4.00 |
5.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.51 |
78.29 |
|
RECEIVABLES TURNOVER |
TIMES |
11.23 |
4.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
59.13 |
72.61 |
|
CASH CONVERSION CYCLE |
DAYS |
64.59 |
71.17 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
98.33 |
92.33 |
|
SELLING & ADMINISTRATION |
% |
2.04 |
3.16 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
2.38 |
8.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(5.98) |
5.06 |
|
NET PROFIT MARGIN |
% |
(5.98) |
3.61 |
|
RETURN ON EQUITY |
% |
(14.86) |
5.48 |
|
RETURN ON ASSET |
% |
(10.44) |
4.20 |
|
EARNING PER SHARE |
BAHT |
(482.32) |
204.41 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.30 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
42.51 |
|
|
OPERATING PROFIT |
% |
(268.47) |
|
|
NET PROFIT |
% |
(335.96) |
|
|
FIXED ASSETS |
% |
10.26 |
|
|
TOTAL ASSETS |
% |
(5.07) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
2.38 |
Deteriorated |
Industrial
Average |
26.78 |
|
Net Profit Margin |
(5.98) |
Deteriorated |
Industrial
Average |
2.53 |
|
Return on Assets |
(10.44) |
Deteriorated |
Industrial
Average |
3.01 |
|
Return on Equity |
(14.86) |
Deteriorated |
Industrial
Average |
7.54 |
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 2.38%. When
compared with the industry average, the ratio of the company was lower,
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. The company's figure is -5.98%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the industry average, it
was lower, the company's figure is -10.44%.
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. When compared with the
industry average, it was lower, the company's figure is -14.86%.
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 |
2.13 |
Impressive |
Industrial Average |
1.98 |
|
Quick Ratio |
0.63 |
|
|
|
|
Cash Conversion Cycle |
64.59 |
|
|
|
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 2.13 times in 2010, decrease from 2.35 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 0.63 times in 2010,
decrease from 1.51 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 65 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial
Average |
0.83 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial
Average |
2.06 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.91 |
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 0.3 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 |
10.38 |
Impressive |
Industrial Average |
4.09 |
|
Total Assets Turnover |
1.75 |
Impressive |
Industrial Average |
1.61 |
|
Inventory Conversion Period |
91.21 |
|
|
|
|
Inventory Turnover |
4.00 |
Satisfactory |
Industrial Average |
4.30 |
|
Receivables Conversion Period |
32.51 |
|
|
|
|
Receivables Turnover |
11.23 |
Impressive |
Industrial Average |
5.37 |
|
Payables Conversion Period |
59.13 |
|
|
|
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.49.25 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
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.