MIRA INFORM REPORT
|
Report Date : |
16.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CELESTICA
[THAILAND] LIMITED |
|
|
|
|
Registered Office : |
49/18 Moo 5, Laem Chabang Industrial Estate, T. Tungsukla, A. Sriracha, Cholburi 20230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
09.01.1995 |
|
|
|
|
Com. Reg. No.: |
0105538002895 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Manufacturer & Exporter of Computer &
Electronic Component |
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
CELESTICA [THAILAND]
LIMITED
SUMMARY
BUSINESS
ADDRESS : 49/18
MOO 5, LAEM CHABANG
INDUSTRIAL ESTATE,
T. TUNGSUKLA, A.
SRIRACHA, CHOLBURI 20230
TELEPHONE : [66] 38
493-561-80
FAX :
[66] 38
493-584-5
E-MAIL
ADDRESS : wittawat@celestica.com
etanawan@celestica.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538002895 [Former : 65/2538]
CAPITAL REGISTERED : BHT. 1,684,000,000
CAPITAL PAID-UP : BHT.
1,684,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMAPNY
EXECUTIVE : MR.
PICHAI DUANGTAWEESUB, THAI
SENIOR VICE PRESIDENT,
THAI OPERATIONS
NO.
OF STAFF : 6,500
LINES
OF BUSINESS : COMPUTER &
ELECTRONIC COMPONENT
MANUFACTURER &
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
January 9, 1995
as a private
limited company under
the registered name IMS International
Manufacturing Services Co.,
Ltd., in order
to manufacture printed circuit
board assembly and
testing of electronic
products with an
investment privilege
promotional granted by Board
of Investment [BOI] for the
production on December
28, 1994.
On February 7,
1995, its name was changed to
IMS International Manufacturing
Services [Thailand] Co.,
Ltd. On February
1, 1999, its
name was finally
changed to Celestica [Thailand]
Limited. The
subject currently has staff strength of
6,500.
The subject is a subsidiary
of Celestica Cayman
Holdings 1 Limited,
Cayman Island, which
is member of
the Celestica group.
Celestica Group is the world
leader in the
delivery of innovative
electronics manufacturing services
[EMS]. It operates a
highly sophisticated global
design and manufacturing
and facilities network with 36 operations
in Asia, Europe
and the Americas,
providing a broad
range of services
to leading OEMs [Original Equipment
Manufacturers].
Celestica operates 25
manufacturing and design
facilities in U.S.A,
Canada, Mexico, United Kingdom, Ireland,
The Czech Republic,
Thailand, Hong Kong, and
Republic of China,
with over 15,000
employees worldwide.
The subject’s registered
address was initially
located at 719
Siphya Rd., Bangrak,
Bangkok 10500.
On April 11, 1995, the registered
address was changed to 49/12 Moo
5, Tungsukla, Sriracha, Cholburi
20230.
On December 16, 1998, the
registered address was relocated
to 49/18 Moo
5, Tungsukla, Sriracha,
Cholburi 20230, and
this is the
subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Giovanni Peri |
|
Canadian |
50 |
|
Mr. Pichai Duangtaweesub |
|
Thai |
51 |
|
Mrs. Ngan Ying
Monica Fung |
|
British |
49 |
AUTHORIZED PERSON
Any one can
sign or two
of the above
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pichai Duangtaweesub is the Vice
President, Thailand Operations.
He is Thai
nationality with the
age of 51
years old.
Ms. Nuantong Sunthirarak
is the Customer
Support Manager.
She is Thai
nationality.
Mr. Sirisak Tharatharn
is the Manufacturing
Manager.
He is Thai
nationality.
Mr. Sutham Leelanukij
is the Human
Resource Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing
and servicing of components for
computer, communication
application, medical
products, home electric appliance and
other industries as
well as built-to-order full-system
assembly experience across
wide range of
products to meet with
customers needs.
The products are
included Print Circuit
Board Assembly [PCBA],
Electronic Board Assembly,
Box Build Assembly
and etc.
The products are
serviced to leading
original equipment manufacturers
[OEMs] in United
States of America.
MAJOR BRANDS
OEM brand according
to products specification
and customers’ own
brands, such as “IBM”, “HP”, “SUN MICROSYSTEMS”, “EMC”, “DELL”,
“LUCENT”, “CISCO SYSTEMS”.
PURCHASE
60% of raw materials
and electronic parts
are imported from
United States of
America, Singapore, Taiwan,
Republic of China,
Japan, Hong Kong,
Malaysia, Germany, France
and Canada, and the
remaining 40% is
purchased from local
suppliers.
MAJOR SUPPLIERS
Taiyo Ink [Thailand]
Co., Ltd.
Quality Assembly [Thailand] Co.,
Ltd.
EXPORT [COUNTRIES]
100% of its
products is exported
to United States
of America.
MAJOR CUSTOMER
Celestica Inc. :
United States of
America
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports
are by L/C
on the credits
term of 60-120 days
and T/T.
Exports
are against L/C
at sight and
T/T.
BANKING
The Siam
Commercial Bank Public
Co., Ltd.
[Laem
Chabang Branch : 53/45-46 Moo 9,
Tungsukla, Srirachs, Cholburi
20230]
Bank of
America N.A.
[Bangkok
Branch : 2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 6,500 staff
[office staff and
factory workers].
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in an
industrial area.
Branches:
-
49/4 Moo
5, T.
Thungsukla, A. Sriracha,
Cholburi 20230
-
49/35 Moo
5, T.
Thungsukla, A. Sriracha,
Cholburi 20230
-
228 Moo
3, T.
Thungsukla, A. Sriracha,
Cholburi 20230
-
49/37
Moo 5, T.
Thungsukla, A. Sriracha,
Cholburi 20230
-
211/2-3
Moo 3, T.
Thungsukla, A. Sriracha,
Cholburi 20230
-
54 Moo 5,
T. Thungsukla, A.
Sriracha, Cholburi 20230
-
246 Moo 3,
T. Thungsukla, A.
Sriracha, Cholburi 20230
-
247 Moo 3,
T. Thungsukla, A.
Sriracha, Cholburi 20230
-
243 Moo 3,
T. Thungsukla, A.
Sriracha, Cholburi 20230
-
49/47
Moo 5, T.
Thungsukla, A. Sriracha,
Cholburi 20230
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 50,000,000.
COMMENT
Celestica’s Thailand facility is Celestica's largest facility in
Asia, comprising nine buildings. The site has both a Regional Technology
Center and a Failure Analysis Laboratory to support and augment its operations.
Its comprehensive range of service offerings to key customers in
the enterprise computing and communications sectors.
The company is one of the country’s largest participants in the rapidly expanding
electronics manufacturing services industry.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 100,000 divided into 1,000
shares of Bht.
100 each.
On February 7,
1995, the registered
capital was increased
to Bht. 284,000,000 divided
into 2,840,000 shares
of Bht. 100
each.
On August 20,
2005, the capital
was increased to Bht.
1,684,000,000 divided into
16,840,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at April
29, 2011]
|
NAME |
HOLDING |
% |
|
Celestica Cayman Holdings
1 Limited Nationality: Cayman Island Address : Georgetown, Grand
Cayman, Cayman Island |
16,839,994 |
100.00 |
|
Celestica Cayman Holdings
5 Limited Nationality: Cayman Island Address : Georgetown, Grand
Cayman, Cayman Island |
1 |
- |
|
Celestica Cayman Holdings
3 Limited Nationality: Cayman Island Address : Georgetown, Grand
Cayman, Cayman Island |
1 |
- |
|
Celestica Cayman Holdings
6 Limited Nationality: Cayman Island Address : Georgetown, Grand
Cayman, Cayman Island |
1 |
- |
|
Celestica Cayman Holdings
4 Limited Nationality: Cayman Island Address : Georgetown, Grand
Cayman, Cayman Island |
1 |
- |
|
Celestica Cayman Holdings
8 Limited Nationality: Cayman Island Address : Georgetown, Grand
Cayman, Cayman Island |
1 |
- |
|
Celestica Cayman Holdings
7 Limited Nationality: Cayman Island Address : Georgetown, Grand
Cayman, Cayman Island |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichien Thamtrakul No.
3183
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
61,713,294 |
70,987,234 |
|
Trade Accounts Receivable |
9,785,446,194 |
9,292,722,854 |
|
Inventories |
5,340,493,087 |
4,867,274,879 |
|
Other Current Assets |
76,416,746 |
35,162,370 |
|
|
|
|
|
Total Current Assets |
15,264,069,321 |
14,266,147,337 |
|
|
|
|
|
Fixed Assets |
1,985,427,155 |
2,011,204,970 |
|
Deposit |
39,672,390 |
42,002,769 |
|
Total Assets |
17,289,168,866 |
16,319,355,076 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
7,902,453,499 |
9,484,114,444 |
|
Pre-received Income |
201,557,621 |
456,760,233 |
|
Reserve for Risk Protection |
108,124,222 |
197,926,147 |
|
Advance Received from Customer |
107,557,863 |
73,115,983 |
|
Accrued Employees Expenses |
192,140,118 |
85,314,384 |
|
Accrued Expenses |
313,241,844 |
319,219,609 |
|
Accrued Income Tax |
16,640,566 |
21,117,148 |
|
|
|
|
|
Total Current Liabilities |
8,841,715,733 |
10,637,567,948 |
|
|
|
|
|
Provision for Employees |
149,017,420 |
123,173,420 |
|
Total Liabilities |
8,990,733,153 |
10,760,741,368 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 16,840,000 shares
|
1,684,000,000 |
1,684,000,000 |
|
|
|
|
|
Capital Paid |
1,684,000,000 |
1,684,000,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
168,400,000 |
168,400,000 |
|
Unappropriated |
6,446,035,713 |
3,706,213,708 |
|
Total Shareholders' Equity |
8,298,435,713 |
5,558,613,708 |
|
Total Liabilities &
Shareholders' Equity |
17,289,168,866 |
16,319,355,076 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
55,466,219,137 |
51,511,773,392 |
|
Other Income |
191,522 |
450,186 |
|
Total Sales |
55,466,410,659 |
51,512,223,578 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
50,674,050,059 |
46,391,014,064 |
|
Selling &
Administrative Expenses |
2,011,047,048 |
2,610,742,342 |
|
Total Expenses |
52,685,097,107 |
49,001,756,406 |
|
|
|
|
|
Profit Before Financial Cost & Income Tax |
2,781,313,552 |
2,510,467,172 |
|
Income Tax |
[5,242,237] |
[2,813,936] |
|
Profit Before Income
Tax |
2,776,071,315 |
2,507,653,236 |
|
Income Tax |
[36,249,310] |
[37,184,831] |
|
|
|
|
|
Net Profit / [Loss] |
2,739,822,005 |
2,470,468,405 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.73 |
1.34 |
|
QUICK RATIO |
TIMES |
1.11 |
0.88 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
27.94 |
25.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.21 |
3.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.47 |
38.30 |
|
INVENTORY TURNOVER |
TIMES |
9.49 |
9.53 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.39 |
65.85 |
|
RECEIVABLES TURNOVER |
TIMES |
5.67 |
5.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.92 |
74.62 |
|
CASH CONVERSION CYCLE |
DAYS |
45.94 |
29.52 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.36 |
90.06 |
|
SELLING & ADMINISTRATION |
% |
3.63 |
5.07 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
8.64 |
9.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.01 |
4.87 |
|
NET PROFIT MARGIN |
% |
4.94 |
4.80 |
|
RETURN ON EQUITY |
% |
33.02 |
44.44 |
|
RETURN ON ASSET |
% |
15.85 |
15.14 |
|
EARNING PER SHARE |
BAHT |
162.70 |
146.70 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.52 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.08 |
1.94 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
7.68 |
|
|
OPERATING PROFIT |
% |
10.79 |
|
|
NET PROFIT |
% |
10.90 |
|
|
FIXED ASSETS |
% |
(1.28) |
|
|
TOTAL ASSETS |
% |
5.94 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.64 |
Deteriorated |
Industrial
Average |
26.42 |
|
Net Profit Margin |
4.94 |
Impressive |
Industrial
Average |
(7.37) |
|
Return on Assets |
15.85 |
Impressive |
Industrial
Average |
(1.80) |
|
Return on Equity |
33.02 |
Impressive |
Industrial
Average |
2.34 |
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 8.64%. 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 4.94% 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
15.85%, 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 33.02%, 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 |
1.73 |
Deteriorated |
Industrial
Average |
18.52 |
|
Quick Ratio |
1.11 |
|
|
|
|
Cash Conversion Cycle |
45.94 |
|
|
|
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 1.73 times in 2010, increase from 1.34 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 1.11 times in 2010, increase
from 0.88 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 46 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.52 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
1.08 |
Acceptable |
Industrial
Average |
1.18 |
|
Times Interest Earned |
- |
|
Industrial
Average |
117.53 |
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 0.52 greater than 0.5, most of the
company's assets are financed through debt.
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 |
27.94 |
Impressive |
Industrial
Average |
17.15 |
|
Total Assets Turnover |
3.21 |
Impressive |
Industrial
Average |
1.34 |
|
Inventory Conversion Period |
38.47 |
|
|
|
|
Inventory Turnover |
9.49 |
Satisfactory |
Industrial
Average |
12.45 |
|
Receivables Conversion Period |
64.39 |
|
|
|
|
Receivables Turnover |
5.67 |
Acceptable |
Industrial
Average |
9.31 |
|
Payables Conversion Period |
56.92 |
|
|
|
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.47.84 |
|
UK Pound |
1 |
Rs.75.40 |
|
Euro |
1 |
Rs.65.68 |
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.