MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO ELCTRIC WIRING
SYSTEMS [ |
|
|
|
|
Registered Office : |
60/2 Moo 3, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
28.06.1994 |
|
|
|
|
Com. Reg. No.: |
0105537074566 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Wiring Harness, Wires and Cables |
|
|
|
|
No. of Employees : |
5,000 |
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 : |
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
SUMITOMO
ELCTRIC WIRING SYSTEMS
[THAILAND] LIMITED
SUMMARY
BUSINESS ADDRESS : 60/2
MOO 3, SIAM
EASTERN INDUSTRIAL PARK,
T. MABYANGPORN, A.
PLUAKDAENG,
RAYONG
21140
TELEPHONE : [66] 38
891-140
FAX :
[66] 38
891-141-2
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537074566
TAX
ID NO. : 3011441770
CAPITAL REGISTERED : BHT. 290,000,000
CAPITAL PAID-UP : BHT.
290,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
JAPANESE : 49%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TAKAHISA WAKISAKA
MANAGING DIRECTOR
NO.
OF STAFF : 5,000
LINES
OF BUSINESS : WIRING HARNESS,
WIRES AND CABLES
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 June 28,
1994 as a
private limited company
under the name
style SUMITOMO ELECTRIC
WIRING SYSTEMS [THAILAND]
LIMITED by Thai
and Japanese groups.
Its business objective
is to manufacture
wiring harness and
wires & cables
to both local
and overseas markets.
It currently employs
5,000 staff.
The major shareholder’s
are S.E.I. Thai
Holding Co., Ltd.,
Sumitomo Wiring Systems
Ltd., and Sumitomo
Electric Industries Ltd.,
with held around
46%, 30% and
19% of the
subject’s share respectively.
The subject achieved an
international standard ISO 9002
and QS 9000 certification.
The subject’s registered
address is 60/2
Moo 3, Siam
Eastern Industrial Park,
T. Mabyangporn, A.
Pluakdaeng, Rayong 21140,
and this is the company’s current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Takahisa Wakisaka |
[x] |
Japanese |
59 |
|
Mr.
Jeeraphan Aoonpathorn |
[x] |
Thai |
65 |
|
Mr.
Masami Makido |
|
Japanese |
57 |
|
Mr.
Shinichi Kawakami |
|
Japanese |
49 |
|
Mr. Hidekazu Azuma |
|
Japanese |
57 |
|
Mr. Tomohiro Tomita |
[x] |
Japanese |
51 |
|
Mr. Kenichi Urushibata |
|
Japanese |
55 |
|
Mr. Toshio
Kurita |
[x] |
Japanese |
60 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Takahisa Wakisaka is
the Managing Director
He is Japanese
nationality with the
age of 59
years old.
Mr. Sophon Nikhom
is the Factory
Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
distributor and exporter
of wiring harness,
wire and cables,
as well as
connector housing and fuse
boxes for automobiles,
motorcycle, electric appliance
and electronic industries.
PURCHASE
Raw materials and
electronic parts are
purchased from both
local and overseas
suppliers in Japan,
Singapore, Republic of China,
Germany, Australia and
France.
MAJOR SUPPLIER
SEWS-Asia Technical Center
Ltd. : Thailand
SALES/SERVICES
80% of its
products is sold
locally by wholesale
mainly to automotive
assemblers, such as TOYOTA,
HONDA, MAZDA, FORD,
MITSUBISHI and NISSAN,
and motorcycle assembler, such as
YAMAHA, KAWAZAKI and
SUZUKI, as well
as electronics and
electric appliance industries.
The remaining 20%
is exported to
Japan, Indonesia, Republic
of China, Singapore
and Malaysia.
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
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
on the credits
term of 30-60
days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Bank of Tokyo-Mitsubishi UFJ
Ltd.
Sumitomo Mitsui Banking
Corporation
EMPLOYMENT
The subject employs
approximately 5,000 office staff
& factory workers,
comprising 3,000 permanent
staff and 2,000
temporary staff.
LOCATION DETAILS
The premise
is owned for
administrative office, factory
I and warehouse
at the heading
address. Premise is
located in industrial
area, in the
Eastern region of
Thailand.
The factory II
is located at
7/125 Moo 4,
Amata City Industrial
Estate,
T. Mabyangporn, A.
Pluakdaeng, Rayong 21140.
COMMENT
The company
was formed in 1994 as a manufacturer
of wire harness
and wire tube for
automobile, motorcycle, electric appliance and electronic products. It
is now a
major production base
for wire harnesses
and components, providing superior
products and services to
its Japanese parent
companies, as well
as to other
car assembly manufactures
in Thailand and
overseas.
FINANCIAL INFORMATION
The capital was
registered at Bht.
290,000,000 divided into
29,000,000 shares of
Bht. 10 each with
fully paid.
THE SHAREHOLDERS LISED
WERE: [as at
July 4, 2011]
|
Name |
Holding |
% |
|
|
|
|
|
S.E.I. Thai Holding
Co., Ltd. Nationality : Thai Address : 10th Floor,
Sukhumvit 21 Rd.,
North Klongtoey,
Wattana, Bangkok |
13,270,000 |
45.75 |
|
Sumitomo Wiring Systems
Ltd. Nationality: Japanese Address : Japan |
8,700,000 |
30.00 |
|
Sumitomo Electric Industries
Ltd. Nationality : Japanese Address : Osaka,
Japan |
5,510,000 |
19.00 |
|
Sumiphol Co., Ltd. Nationality : Thai Address : 14
Onnuch 84 Rd.,
Praves, Bangkok |
950,000 |
3.28 |
|
Mr. Chamnan Vijitjanya Nationality : Thai Address : 164, 166, 168 Srinakarin
Rd., Huamark,
Bangkapi, Bangkok |
570,000 |
1.97 |
Total Shareholders : 5
Share Structure
[as
at July 4,
2011]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
14,790,000 |
51.00 |
|
Foreign-Japanese |
2 |
14,210,000 |
49.00 |
|
Total |
5 |
29,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Bunyarit Thanomcharoen No.
7900
BALANCE SHEET [BAHT]
The
latest financial figures
published for March 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
80,236,698 |
1,099,977 |
|
Trade Accounts Receivable |
1,960,864,541 |
1,563,238,591 |
|
Short-term Loan to Related Company |
35,716,452 |
- |
|
Inventories |
1,281,472,482 |
999,752,885 |
|
Value Added Tax Receivable |
1,783,651 |
19,242,681 |
|
Other Current Assets
|
27,348,657 |
39,354,776 |
|
|
|
|
|
Total Current Assets
|
3,387,422,481 |
2,622,688,910 |
|
Long-term Investment
|
6,820,225 |
6,821,000 |
|
Fixed Assets |
1,636,790,454 |
1,533,016,133 |
|
Intangible Assets |
8,469,186 |
7,718,391 |
|
Other Assets |
2,893,720 |
7,199,210 |
|
Total Assets |
5,042,396,066 |
4,177,443,644 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Related
Company |
- |
471,210,387 |
|
Trade Accounts Payable |
1,458,671,131 |
1,359,966,521 |
|
Other Payable |
461,593,057 |
237,360,939 |
|
Current Portion of Financial Lease Contract Liabilities |
491,297 |
- |
|
Accrued Income Tax |
94,111,664 |
54,268,780 |
|
Accrued Bonus & Salary |
95,974,739 |
58,704,975 |
|
Other Current Liabilities |
22,372,487 |
22,786,188 |
|
|
|
|
|
Total Current Liabilities |
2,133,214,375 |
2,204,297,790 |
|
Long-term Loan from
Bank |
1,414,601 |
- |
|
Reserve for Employee’s
Provident Fund |
91,891,571 |
- |
|
Total Liabilities |
2,226,520,547 |
2,204,297,790 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 29,000,000 shares |
290,000,000 |
290,000,000 |
|
|
|
|
|
Capital Paid |
290,000,000 |
290,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
29,000,000 |
29,000,000 |
|
Unappropriated |
2,496,875,519 |
1,654,145,854 |
|
Total Shareholders' Equity |
2,815,875,519 |
1,973,145,854 |
|
Total Liabilities & Shareholders' Equity |
5,042,396,066 |
4,177,443,644 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
March 31,
2011 |
Jan. 1,
2010 – March 31, 2010 |
|
|
|
|
|
Sales |
13,346,481,056 |
2,899,968,440 |
|
Other Income |
223,431,379 |
31,231,718 |
|
Total Revenues |
13,569,912,435 |
2,931,200,158 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
11,271,817,600 |
2,541,140,998 |
|
Selling Expenses |
420,124,352 |
71,291,648 |
|
Administrative Expenses |
415,174,760 |
88,802,704 |
|
Employee’s Benefit Expenses |
91,891,571 |
- |
|
Total Expenses |
12,199,008,283 |
2,701,235,350 |
|
|
|
|
|
Profit before Financial Cost & Income Tax |
1,370,904,152 |
229,964,808 |
|
Financial Cost |
[1,455,657] |
[677,652] |
|
Profit before Income Tax |
1,369,448,495 |
229,287,156 |
|
Income Tax |
[170,888,830] |
[29,590,241] |
|
|
|
|
|
Net Profit / [Loss] |
1,198,559,665 |
199,696,915 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.59 |
1.19 |
|
QUICK RATIO |
TIMES |
0.97 |
0.71 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.15 |
1.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.65 |
0.69 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
41.50 |
143.60 |
|
INVENTORY TURNOVER |
TIMES |
8.80 |
2.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.63 |
196.75 |
|
RECEIVABLES TURNOVER |
TIMES |
6.81 |
1.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.23 |
195.34 |
|
CASH CONVERSION CYCLE |
DAYS |
47.89 |
145.01 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.46 |
87.63 |
|
SELLING & ADMINISTRATION |
% |
6.26 |
5.52 |
|
INTEREST |
% |
0.01 |
0.02 |
|
GROSS PROFIT MARGIN |
% |
17.22 |
13.45 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.27 |
7.93 |
|
NET PROFIT MARGIN |
% |
8.98 |
6.89 |
|
RETURN ON EQUITY |
% |
42.56 |
10.12 |
|
RETURN ON ASSET |
% |
23.77 |
4.78 |
|
EARNING PER SHARE |
BAHT |
41.33 |
6.89 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.53 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.79 |
1.12 |
|
TIME INTEREST EARNED |
TIMES |
941.78 |
339.36 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
360.23 |
|
|
OPERATING PROFIT |
% |
496.14 |
|
|
NET PROFIT |
% |
500.19 |
|
|
FIXED ASSETS |
% |
6.77 |
|
|
TOTAL ASSETS |
% |
20.71 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.22 |
Impressive |
Industrial
Average |
13.85 |
|
Net Profit Margin |
8.98 |
Impressive |
Industrial
Average |
6.07 |
|
Return on Assets |
23.77 |
Impressive |
Industrial
Average |
8.06 |
|
Return on Equity |
42.56 |
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 17.22%. 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
8.98% 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
23.77%, 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 42.56%, 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 |
1.59 |
Satisfactory |
Industrial
Average |
1.69 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
47.89 |
|
|
|
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 1.59 times in 2011, increased from 1.19 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 0.97 times in 2011,
increased from 0.71 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 48 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Acceptable |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
0.79 |
Impressive |
Industrial
Average |
0.59 |
|
Times Interest Earned |
941.78 |
Impressive |
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 941.78 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 0.44 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 |
8.15 |
Impressive |
Industrial
Average |
2.89 |
|
Total Assets Turnover |
2.65 |
Impressive |
Industrial
Average |
1.28 |
|
Inventory Conversion Period |
41.50 |
|
|
|
|
Inventory Turnover |
8.80 |
Impressive |
Industrial
Average |
8.17 |
|
Receivables Conversion Period |
53.63 |
|
|
|
|
Receivables Turnover |
6.81 |
Impressive |
Industrial
Average |
5.56 |
|
Payables Conversion Period |
47.23 |
|
|
|
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.55.86 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.