MIRA
INFORM REPORT
|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SANDEN
[THAILAND] CO., LTD. |
|
|
|
|
Formerly Known As : |
SANDEN COMMERCIAL REFRIGERATION [THAILAND] CO., LTD |
|
|
|
|
Registered Office : |
1/11-12 Moo 5, Rojana Industrial Park, T. Kanham, A. U-Thai, Ayutthaya 13210 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
22.12.1989 |
|
|
|
|
Com. Reg. No.: |
0105532123682 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of automotive air-conditioning components and systems |
|
|
|
|
No. of Employees : |
500 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
SANDEN
[THAILAND] CO., LTD.
[FORMER
: SANDEN COMMERCIAL
REFRIGERATION [THAILAND] CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : 1/11-12 MOO
5, ROJANA INDUSTRIAL
PARK,
T.
KANHAM, A. U-THAI, AYUTTHAYA
13210
TELEPHONE : [66] 35
330-030
FAX :
[66] 35
330-037
E-MAIL
ADDRESS : marketing@sanden.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532123682
TAX
ID NO. : 3101785395
CAPITAL REGISTERED : BHT. 60,500,000
CAPITAL PAID-UP : BHT.
60,500,000
SHAREHOLDER’S PROPORTION : FOREIGN : 95.00%
THAI : 5.00%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TAKEHARU NAKAZAWA,
JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 500
LINES
OF BUSINESS : AUTOMOTIVE AIR-CONDITIONING COMPONENTS
AND
SYSTEMS
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 22, 1989
as a private
limited company under the
originally registered name “Sanden Commercial
Refrigeration [Thailand] Co.,
Ltd.” by a
joint venture between Thai and Japanese
groups. Later, Sanden
Theco
Co., Ltd., which
is the related
company, transferred its
business to the
subject, then its
name was changed to SANDEN [THAILAND]
CO., LTD., on
January 4, 2005.
Its business objective is
to manufacture automotive
air-conditioning components and
systems with BOI
promoted, supplying to
both domestic and international
markets. It currently employs
approximate 500 staff.
The
subject is also
a subsidiary of
Sanden Corporation in
Japan, an internationally
well-recognized manufacturer of Automobile Air Conditioner Equipment, Vending
Machines and Refrigerated Showcases.
It
achieved various certifications as
follows:
In
November 1997 : ISO
9002 by
RWTUV
In
November 1999 : ISO
14001 by
JQA
In
January 2001 : OHSAS
18001 by
JQA
In
December 2005 : ISO
9001 : 2000 by SGS
In
May 2006 : TS-16949
: 2002 by SGS
The
subject’s registered address
is 1/11-12 Moo
5, Rojana Industrial
Park, T. Kanham, A. U-Thai,
Ayutthaya
13210, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tai Tuen Patrick
Poon |
|
Singaporean |
64 |
|
Mrs. Wallapa
Siwadejathep |
|
Thai |
52 |
|
Mr. Kheng
Robert |
|
Singaporean |
58 |
|
Mr. Takeharu
Nakazawa |
|
Japanese |
61 |
|
Mr. Yoichi Yasui |
|
Japanese |
58 |
AUTHORIZED PERSON
Any two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Takeharu
Nakazawa
is the Managing
Director.
He is Japanese
nationality with the
age of 61
years old.
Mr. Hideki Kuwajima is
the General Manager.
He is Japanese
nationality.
Mr. Ekprawat
Sawasroj
is the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of automotive
air-conditioning components and
systems, such as
compressor, HVAC, condenser,
control unit, oil
cooler and heater
core for automotive
industry.
PURCHASE
80% of raw
materials and accessories
are purchased from
local supplier, the
remaining 20% is
imported from Japan,
India and Republic
of China.
MAJOR
SUPPLIERS
Sanden
Corporation : Japan
Sanden
Intercool [Thailand] Public
Company Limited :
Thailand
SALES
The products are
sold by wholesale
to automotive assemblers
and end-users, such
as “HONDA”, “NISSAN”,
“SUZUKI”, “MERCEDES BENZ”,
“FORD” and etc. 80%
of the products
is sold locally,
and the remaining
20% is exported
to Japan, Pakistan,
India, Indonesia, Malaysia
and Singapore.
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
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.
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 500 office
staff, engineers and
factory workers.
LOCATION
DETAILS
The
premise is rented for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area.
COMMENT
he
company was established in 1989
as a manufacturing of
automotive air-conditioning components
and systems.
Riding on the strong growth of Thailand’s
automotive industry and the success of its technologically advanced parent
company, STC has grown from strength to strength to become one of the major
players in the automotive air-conditioning industry supplying to local and
overseas OEMs.
In late 2011, its operation was disrupted by Thailand’s massive floods. Even though its business and facilities were severely
disrupted, it managed through the crisis
and emerged as a stronger and better prepared organization.
FINANCIAL INFORMATION
The
capital was registered
at Bht.
60,500,000 divided into
605,000 shares of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sanden Corporation Nationality: Japanese Address : 20 Kotobuki-cho, Isesaki-shi, Gunma, Japan |
344,850 |
57.00 |
|
Sanden International
[Singapore] Pte.
Ltd. Nationality: Singaporean Address : Sanden
House, 25 Ang Mo Kio Street 65,
Singapore |
229,900 |
38.00 |
|
Sanden Intercool
[Thailand] Public Company
Limited Nationality: Thai Address : 97
Moo 3, T. Banmor, A. Promburi, Singburi |
30,246 |
5.00 |
|
Mr. Kamthorn
Wong-udom Nationality: Thai Address : 102/18
Pracharaj
1 Rd., Bangsue, Bangkok |
1 |
- |
|
Mr. Jaruphat
Sorsongsermkul Nationality: Thai Address : 518/1-5
Larnluang
Rd., Siyaek Mahanark, Dusit, Bangkok |
1 |
- |
|
Mr. Apinan
Sorsongsermkul Nationality: Thai Address : 518/1-5
Larnluang
Rd., Siyaek Mahanark, Dusit, Bangkok |
1 |
- |
|
Mr. Apichai
Sorsongsermkul Nationality: Thai Address :
518/1-5 Larnluang Rd.,
Siyaek
Mahanark,
Dusit, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at July 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
30,250 |
5.00 |
|
Foreign |
2 |
574,750 |
95.00 |
|
Total |
7 |
605,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Ekasith
Chuthamsathit
No. 4195
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
18,551,473 |
18,106,118 |
|
Trade Accounts Receivable
|
398,854,274 |
360,841,997 |
|
Inventories |
251,736,687 |
255,824,775 |
|
Other Current Assets
|
36,773,064 |
30,208,040 |
|
|
|
|
|
Total Current Assets
|
705,915,498 |
664,980,930 |
|
|
|
|
|
Fixed Assets |
394,368,446 |
272,103,824 |
|
Intangible Assets |
65,370,229 |
10,499,221 |
|
Other Non current
Assets |
825,622 |
819,846 |
|
Total Assets |
1,166,479,795 |
948,403,821 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institutions |
234,000,000 |
351,000,000 |
|
Trade Accounts Payable |
285,047,627 |
178,346,196 |
|
Current Portion of Financial
Lease Contract Liabilities |
6,043,430 |
7,281,499 |
|
Accrued Income Tax |
25,519,117 |
4,000,000 |
|
Other Current Liabilities |
191,644,229 |
30,081,129 |
|
|
|
|
|
Total Current Liabilities |
742,254,403 |
570,708,824 |
|
Financial Lease Contract
Liabilities |
19,512,367 |
25,555,797 |
|
Obligation for Employee’s Benefit |
13,444,629 |
- |
|
Total Liabilities |
775,211,399 |
596,264,621 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 605,000 shares |
60,500,000 |
60,500,000 |
|
|
|
|
|
Capital Paid |
60,500,000 |
60,500,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
6,050,000 |
6,050,000 |
|
Unappropriated |
324,718,396 |
285,589,200 |
|
Total Shareholders' Equity |
391,268,396 |
352,139,200 |
|
Total Liabilities & Shareholders' Equity |
1,166,479,795 |
948,403,821 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
2,319,565,534 |
1,692,088,856 |
|
Gain on Exchange Rate |
8,384,475 |
12,495,569 |
|
Other Income |
9,332,550 |
19,680,995 |
|
Total Revenues |
2,337,282,559 |
1,724,265,420 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,945,859,139 |
1,483,062,981 |
|
Selling Expenses |
149,674,325 |
97,403,017 |
|
Administrative Expenses |
86,300,466 |
74,157,924 |
|
Total Expenses |
2,181,833,930 |
1,654,623,922 |
|
|
|
|
|
Profit before Financial Costs & Income Tax |
155,448,629 |
69,641,498 |
|
Financial Costs |
[10,800,939] |
[13,961,166] |
|
|
|
|
|
Profit before Income Tax |
144,647,690 |
55,680,332 |
|
Income Tax |
[47,773,015] |
[9,266,937] |
|
Net Profit / [Loss] |
96,874,675 |
46,413,395 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.95 |
1.17 |
|
QUICK RATIO |
TIMES |
0.56 |
0.66 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.88 |
6.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.99 |
1.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
47.22 |
62.96 |
|
INVENTORY TURNOVER |
TIMES |
7.73 |
5.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
62.76 |
77.84 |
|
RECEIVABLES TURNOVER |
TIMES |
5.82 |
4.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.47 |
43.89 |
|
CASH CONVERSION CYCLE |
DAYS |
56.51 |
96.91 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.89 |
87.65 |
|
SELLING & ADMINISTRATION |
% |
10.17 |
10.14 |
|
INTEREST |
% |
0.47 |
0.83 |
|
GROSS PROFIT MARGIN |
% |
16.87 |
14.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.70 |
4.12 |
|
NET PROFIT MARGIN |
% |
4.18 |
2.74 |
|
RETURN ON EQUITY |
% |
24.76 |
13.18 |
|
RETURN ON ASSET |
% |
8.30 |
4.89 |
|
EARNING PER SHARE |
BAHT |
160.12 |
76.72 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.98 |
1.69 |
|
TIME INTEREST EARNED |
TIMES |
14.39 |
4.99 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
37.08 |
|
|
OPERATING PROFIT |
% |
123.21 |
|
|
NET PROFIT |
% |
108.72 |
|
|
FIXED ASSETS |
% |
44.93 |
|
|
TOTAL ASSETS |
% |
22.99 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.87 |
Impressive |
Industrial
Average |
13.85 |
|
Net Profit Margin |
4.18 |
Acceptable |
Industrial Average |
6.07 |
|
Return on Assets |
8.30 |
Impressive |
Industrial
Average |
8.06 |
|
Return on Equity |
24.76 |
Impressive |
Industrial
Average |
12.81 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues 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 16.87%. 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 4.18%.
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. Return on Assets ratio is 8.3%, 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 24.76%, 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 |
0.95 |
Risky |
Industrial
Average |
1.69 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
56.51 |
|
|
|
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 0.95 times in 2011, decreased from 1.17 times, then the company may have
problems meeting its short-term obligations. 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 0.56 times in 2011,
decreased from 0.66 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 57 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
1.98 |
Risky |
Industrial
Average |
0.59 |
|
Times Interest Earned |
14.39 |
Satisfactory |
Industrial
Average |
17.56 |
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 14.4 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 0.66 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.88 |
Impressive |
Industrial
Average |
2.89 |
|
Total Assets Turnover |
1.99 |
Impressive |
Industrial
Average |
1.28 |
|
Inventory Conversion Period |
47.22 |
|
|
|
|
Inventory Turnover |
7.73 |
Satisfactory |
Industrial
Average |
8.17 |
|
Receivables Conversion Period |
62.76 |
|
|
|
|
Receivables Turnover |
5.82 |
Impressive |
Industrial
Average |
5.56 |
|
Payables Conversion Period |
53.47 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.17 |
|
UK Pound |
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.