MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAHA
SEIREN CO., LTD. |
|
|
|
|
Registered Office : |
Unit 2a, 15th Floor, Chartered Square Building, 152 North Sathorn Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
21.12.1994 |
|
|
|
|
Com. Reg. No.: |
0105537149523 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor
and exporter of knit fabrics
and automobile accessories |
|
|
|
|
No. of Employees : |
1,500 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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
SAHA SEIREN CO., LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
2A, 15th FLOOR,
CHARTERED SQUARE BUILDING,
152 NORTH
SATHORN ROAD,
SILOM, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2637-8295-8
FAX :
[66] 2637-8299
E-MAIL
ADDRESS : training@saha-seiren.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537149523
TAX
ID NO. : 3011516584
CAPITAL REGISTERED : BHT. 780,000,000
CAPITAL PAID-UP : BHT.
680,000,000
SHAREHOLDER’S PROPORTION : JAPANESE : 96.22%
THAI : 3.78%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YU HUI,
CHINESE
MANAGING DIRECTOR
NO.
OF STAFF : 1,500
LINES
OF BUSINESS : KNIT
FABRICS AND AUTOMOBILE
ACCESSORIES
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 21, 1994
as a private
limited company under the
registered name SAHA
SEIREN CO., LTD. by
Thai and Japanese groups,
with the business
objective to manufacture
various kinds of
knit fabric for
automotive upholstery and
related industry. It currently
employs approximate 1,500
staff.
The subject is a joint
venture among Seiren Ltd.,
Saha Pathanapibul Group, and Marubeni
Group, with holding
at 96.22%, 2.63%
and 1.15% of the
subject’s shares respectively.
The
subject’s registered address
is Unit 2A, 15th Flr., Chartered
Square Bldg., 152 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchai Narongkananukul |
|
Thai |
66 |
|
Mr. Surapol Sahanavin |
|
Thai |
53 |
|
Mr. Tatsuo Kawada |
|
Japanese |
72 |
|
Mr. Yu Hui |
|
Chinese |
49 |
|
Mr. Koichi Yuikawa |
|
Japanese |
64 |
|
Mr. Yasunori Takezawa |
|
Japanese |
47 |
|
Mr. Manabu Yoshida |
|
Japanese |
53 |
|
Mr. Yazunori Wada |
|
Japanese |
45 |
|
Mr. Zenjiro Ikeda |
|
Japanese |
53 |
AUTHORIZED PERSON
Any two of the
above directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yu Hui is
the Managing Director.
He is Chinese
nationality with the
age of 49
years old.
Mr. Surapol Sahanavin is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 53
years old.
Mr. Yamamoto Norihiko is
the General Manager [Chonburi].
He is Japanese nationality.
Mr. Zenjiro Ikeda is
the General Manager [Prachinburi].
He is Japanese nationality with
the age of
53 years old.
Mr. Saravuth Thienchao is
the Plant Manager
[Chonburi].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing
and distributing of
knit fabric [tricot warp
knit fabric and
circular knit fabric],
including velour and
velvet with computerized
printing system, called “VISCOTEC’S”, for automotive
upholstery and interior lining
business, as well
as manufacturing of
automobile accessories, such
as air bags,
curtain air bags
and massage seat
cover.
PURCHASE
Most of
raw materials, yarn
and components are
purchased from local
suppliers, the remaining
is imported from
Japan, Republic of
China, Taiwan, Germany
and U.S.A.
MAJOR
SUPPLIER
Seiren
Ltd. : Japan
SALES
The products are
sold to leading
automotive assemblers and
end-users, such as
“TOYOTA”, “HONDA”, “MITSUBISHI”,
“ISUZU”, “FORD”, “MAZDA”
and
Others. 80% of
the products is
sold locally, and
the remaining 20%
is exported
to Japan, U.S.A.,
Indonesia and European
countries.
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
1,500 office staff
and factory workers.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factories :
Factory
I : 592
Moo 11, Sukhapiban
Rd., T. Nongkham, A. Sriracha,
Chonburi 20280.
[Premises is
on 43,200 square
meters of area.]
Tel.: [66] 38
763-132-4 Fax: [66]
38 480-366
Factory
II : 127
Moo 1, Suwannasorn
Rd., T. Nonsee, A. Kabinburi,
Prachinburi 25020.
[Premises is
on 43,200 square
meters of area.]
Tel.: [66] 37
205-459-60 Fax: [66]
37 205-470.
COMMENT
Automobile
related industries such
as cushion, interior
lining and others
has significantly grown
in line with
automotive industry improvement. In
order to respond and
satisfy the growing
need for more
high-grade and comfortable “automotive upholstery”, in
such movement subject
has constructed a
unique system from
planning manufacturing and sales
with technologies to meet requirement
to all car-maker
in the market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 107,500,000
on April 2,
1999
Bht. 180,000,000
on November 5,
1999
Bht. 300,000,000
on May 25,
2000
Bht. 780,000,000
on December 21,
2000
The
latest registered capital was increased to Bht. 780 million, divided
into 7,800,000 shares of
Bht. 100 each.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 20, 2012]
at Bht. 680
million of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Seiren Ltd. Nationality: Japanese Address : 10-1
Keya 1, Chome,
Fukui, Japan |
7,505,000 |
96.22 |
|
Textile Prestige Public
Company Limited Nationality: Thai Address : 704/1-9
Rama 3 Rd.,
Bangpongpang,
Yannwa, Bangkok |
100,000 |
1.28 |
|
Marubeni [Thailand] Ltd. Nationality: Thai Address : 130-132
Wireless Rd., Lumpini,
Pathumwan, Bangkok |
89,999 |
1.15 |
|
Saha Pathana Inter -Holding Public Company Limited Nationality: Thai Address : 757/10
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
45,000 |
0.58 |
|
I.C.C. International
Public Company Limited Nationality: Thai Address : 757/10
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
45,000 |
0.58 |
|
Saha Pathanapibul Public
Company Limited Nationality: Thai Address : 2156
New Petchburi Rd.,
Bangkapi,
Huaykwang, Bangkok |
15,000 |
0.19 |
|
Siam Marubeni Internationl Ltd. Nationality: Thai Address : 130-132
Wireless Rd., Lumpini,
Pathumwan, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at March 20,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
295,000 |
3.78 |
|
Foreign - Japanese |
1 |
7,505,000 |
96.22 |
|
Total |
7 |
7,800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichai Pananiramai No.
4545
BALANCE SHEET [BAHT]
The
latest financial figures published
for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
731,855,747.51 |
1,046,809,485.21 |
|
Short-term Investment |
5,594,095.42 |
548,044.54 |
|
Trade Accounts Receivable |
454,391,977.14 |
495,684,219.01 |
|
Inventories |
402,851,471.18 |
249,886,649.75 |
|
Other Current Assets
|
17,802,153.82 |
6,732,404.01 |
|
Total Current
Assets |
1,612,495,445.07 |
1,799,660,802.52 |
|
|
|
|
|
Fixed Assets |
1,267,043,407.64 |
891,199,544.35 |
|
Intangible Assets |
11,668,255.15 |
13,621,492.39 |
|
Other Non current
Assets |
293,750.00 |
17,382,850.00 |
|
Total Assets
|
2,891,500,857.86 |
2,721,864,689.26 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
414,757,256.76 |
376,172,055.17 |
|
Current Portion of
Long-term Liabilities |
19,960,450.40 |
36,972,738.40 |
|
Current Portion of
Financial Lease Contract Liabilities |
- |
1,440,405.15 |
|
Other Current Liabilities |
109,785,668.21 |
126,226,252.81 |
|
Total Current
Liabilities |
544,503,375.37 |
540,811,451.53 |
|
|
|
|
|
Long-term Loan from Related
Company |
- |
18,112,151.20 |
|
Estimated Liabilities |
3,138,714.00 |
3,545,944.00 |
|
Other Non current
Liabilities |
373,831.78 |
373,831.78 |
|
Total Liabilities |
548,015,921.15 |
562,843,378.51 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital
7,800,000 shares |
780,000,000.00 |
780,000,000.00 |
|
Capital Paid |
680,000,000.00 |
680,000,000.00 |
|
Retained Earning |
|
|
|
Appropriated for : Statutory Reserve |
78,000,000.00 |
77,854,467.68 |
|
General Reserve |
973,000,000.00 |
843,000,000.00 |
|
Unappropriated |
612,484,936.71 |
558,166,843.07 |
|
Total
Shareholders' Equity |
2,343,484,936.71 |
2,159,021,310.75 |
|
Total
Liabilities & Shareholders' Equity |
2,891,500,857.86 |
2,721,864,689.26 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
2,811,227,349.73 |
2,844,254,482.44 |
|
Other Income |
45,694,408.41 |
29,284,384.34 |
|
Total Revenues
|
2,856,921,758.14 |
2,873,538,866.78 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,175,544,843.02 |
2,125,141,015.75 |
|
Selling Expenses |
240,905,542.14 |
274,553,642.16 |
|
Administrative Expenses |
67,367,585.42 |
54,956,950.56 |
|
Total Expenses |
2,483,817,970.58 |
2,454,651,608.47 |
|
Profit before Financial Cost & Income Tax |
373,103,787.56 |
418,887,258.31 |
|
Financial Cost |
[761,841.06] |
[1,646,708.98] |
|
Profit before Income Tax |
372,341,946.50 |
417,240,549.33 |
|
Income Tax |
[106,278,320.54] |
[100,908,592.11] |
|
Net Profit / [Loss] |
266,063,625.96 |
316,331,957.22 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.96 |
3.33 |
|
QUICK RATIO |
TIMES |
2.19 |
2.85 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.22 |
3.19 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
1.04 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
67.59 |
42.92 |
|
INVENTORY TURNOVER |
TIMES |
5.40 |
8.50 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
59.00 |
63.61 |
|
RECEIVABLES TURNOVER |
TIMES |
6.19 |
5.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
69.59 |
64.61 |
|
CASH CONVERSION CYCLE |
DAYS |
57.00 |
41.92 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
77.39 |
74.72 |
|
SELLING & ADMINISTRATION |
% |
10.97 |
11.59 |
|
INTEREST |
% |
0.03 |
0.06 |
|
GROSS PROFIT MARGIN |
% |
24.24 |
26.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.27 |
14.73 |
|
NET PROFIT MARGIN |
% |
9.46 |
11.12 |
|
RETURN ON EQUITY |
% |
11.35 |
14.65 |
|
RETURN ON ASSET |
% |
9.20 |
11.62 |
|
EARNING PER SHARE |
BAHT |
39.13 |
46.52 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.23 |
0.26 |
|
TIME INTEREST EARNED |
TIMES |
489.74 |
254.38 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(1.16) |
|
|
OPERATING PROFIT |
% |
(10.93) |
|
|
NET PROFIT |
% |
(15.89) |
|
|
FIXED ASSETS |
% |
42.17 |
|
|
TOTAL ASSETS |
% |
6.23 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
24.24 |
Impressive |
Industrial
Average |
16.48 |
|
Net Profit Margin |
9.46 |
Impressive |
Industrial
Average |
2.33 |
|
Return on Assets |
9.20 |
Impressive |
Industrial
Average |
2.18 |
|
Return on Equity |
11.35 |
Impressive |
Industrial
Average |
4.49 |
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 24.24%. 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 9.46%, 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
9.2%, 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 11.35%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.96 |
Impressive |
Industrial
Average |
1.52 |
|
Quick Ratio |
2.19 |
|
|
|
|
Cash Conversion Cycle |
57.00 |
|
|
|
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 2.96 times in 2011,
decreased from 3.33 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 2.19 times in 2011,
decreased from 2.85 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 57 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
0.23 |
Impressive |
Industrial
Average |
0.85 |
|
Times Interest Earned |
489.74 |
Impressive |
Industrial
Average |
1.87 |
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 489.74 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 0.19 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.22 |
Impressive |
Industrial
Average |
1.55 |
|
Total Assets Turnover |
0.97 |
Impressive |
Industrial
Average |
0.89 |
|
Inventory Conversion Period |
67.59 |
|
|
|
|
Inventory Turnover |
5.40 |
Impressive |
Industrial
Average |
3.38 |
|
Receivables Conversion Period |
59.00 |
|
|
|
|
Receivables Turnover |
6.19 |
Impressive |
Industrial Average |
4.53 |
|
Payables Conversion Period |
69.59 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
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.