MIRA
INFORM REPORT
|
Report Date : |
03.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
TENNECO
AUTOMOTIVE [ |
|
|
|
|
Registered Office : |
700/758-759 Moo
1, T. Phanthong, A. Phanthong,
Chonburi 20160 |
|
|
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Country : |
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|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
04.07.2000 |
|
|
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Com. Reg. No.: |
0105543062051 |
|
|
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and
exporter of Automotive
shock absorbers |
|
|
|
|
No. of Employees : |
85 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
TENNECO AUTOMOTIVE [THAILAND]
LIMITED
SUMMARY
BUSINESS
ADDRESS : 700/758-759 MOO
1, T. PHANTHONG,
A.
PHANTHONG, CHONBURI 20160
TELEPHONE : [66] 38
447-500-9
FAX :
[66] 38
447-530, 38 447-463
E-MAIL
ADDRESS : cthong-kham@tenneco.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543062051
TAX
ID NO. : 3030234728
CAPITAL REGISTERED : BHT. 71,400,000
CAPITAL PAID-UP : BHT.
71,400,000
SHAREHOLDER’S PROPORTION : AMERICAN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BUKOH SENG
HIANG LAURENCE, SINGAPOREAN
MANAGING DIRECTOR
NO.
OF STAFF : 85
LINES
OF BUSINESS : AUTOMOTIVE SHOCK
ABSORBERS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established on July
4, 2000 as
a private limited
company under the registered
name TENNECO AUTOMOTIVE
[THAILAND] LIMITED, by
American groups, with the business
objective to manufacture and
distribute automotive shock
absorbers, under its
own brand “MONROE” to
both domestic and
export markets. It
currently employs 85
staff.
The
subject is a
wholly owned subsidiary
of Tenneco Automotive
Operating Company Inc., USA,
which is one
of the world’s
leading designers, manufacturers
and distributors of
automotive emission control
and ride control
products and system
for the automotive
original equipment market
and the aftermarket.
The
subject’s registered address
is 700/758-759 Moo
1, T. Phanthong, A. Phanthong,
Chonburi 20160, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bukoh Seng Hiang
Laurence |
[x] [-] |
Singaporean |
48 |
|
Mr. Hari Narayan Nair |
|
American |
52 |
|
Mr. Theodore V. Bonneu |
[-] |
Belgian |
69 |
|
Mr. Tosapol Buathong |
[+] |
Thai |
43 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or one of
the mentioned directors [-]
can jointly sign
with the director
[+] on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Bukoh Seng Hiang
Laurence is the
Managing Director.
He is Singaporean
nationality with the
age of 48
years old.
Mr. Tosapol Buathong is
the General Manager.
He is Thai
nationality with the
age of 43
years old.
Ms. Chonlaporn Chansiri is
the Administration and
Human Resources Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The
subject is engaged
in manufacturing, distributing
and exporting of
automotive shock absorbers,
under its own
brand “MONROE” for
automotive industry.
PURCHASE
Most of raw
materials and components
are purchased from
local suppliers, the
remaining and machinery
are imported from
U.S.A., and European
countries.
MAJOR
SUPPLIERS
Tenneco Inc. : U.S.A.
Tenneco Automotive Operating
Inc. : U.S.A.
SALES [LOCAL]
Some of the
products are marketed
locally by wholesale
via Automotive Asiatic [Thailand] Co.,
Ltd.
EXPORT
The products are
also exported directly
to traders and
manufacturers in U.S.A.,
Japan, Korea, Singapore
and European countries.
RELATED AND AFFILIATED
COMPANY
Walker Exhaust [Thailand]
Limited
Business Type : Manufacturer of
automotive emission control
and ride control
system
products.
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.
Citibank
N.A.
[Bangkok Branch, 82
North Sathorn Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 85
office staff and
factory workers.
LOCATION
DETAILS
The
premise is owned for
administrative office and
factory at the
heading address. Premise
is located in
provincial.
COMMENT
Since
the subject’s establishment
in 2000 to
manufacture shock absorbers for
automotive industry, its
sales have gradually
increased during these few
years. The name “Monroe” is one of the most widely recognized
automotive brands, providing innovative
solutions for the ride control market worldwide.
FINANCIAL INFORMATION
The
capital was registered at Bht. 2,000,000 divided
into 20,000 shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 60,000,000
on February 21,
2001
Bht. 71,400,000
on March 22,
2002
The
latest registered capital
was increased to
Bht. 71,400,000 divided into 714,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Tenneco Automotive Operating
Company Inc. Nationality: American Address : 1209
Orange Street, Wilmington,
Delaware, U.S.A. |
713,996 |
100.00 |
|
Mr. Hari Narayan Nair Nationality: American Address : Brussels,
Belgium |
1 |
- |
|
Mr. Theodore V. Bonneu Nationality: Belgian Address : Brussels,
Belgium |
1 |
- |
|
Mr. Philip Lesley Macmahon Nationality: Australian Address : South
Road, Clovelly Park,
Australia |
1 |
- |
|
Mr. Bukoh Seng Hiang
Laurence Nationality: Singaporean Address : Temasek
Avenue, Millennia Tower,
Singapore |
1 |
- |
Total Shareholders : 5
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
5 |
714,000 |
100.00 |
|
Total |
5 |
714,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011 and
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
5,496,412 |
132,918,835 |
|
Trade Accounts & Other Receivable |
7,051,336 |
3,249,078 |
|
Inventories |
40,610,169 |
23,086,649 |
|
Value Added Tax |
9,264,256 |
6,679,184 |
|
Other Current Assets
|
514,591 |
303,598 |
|
|
|
|
|
Total Current Assets
|
62,936,764 |
166,237,344 |
|
Investment in Subsidiary |
175,000,000 |
60,000,000 |
|
Lease Contract Improvement
& Equipment |
110,255,525 |
49,804,274 |
|
Intangible Assets |
2,885,770 |
1,971,840 |
|
Deferred Income Tax |
- |
1,747,086 |
|
Deposit |
3,411,247 |
2,804,500 |
|
Total Assets |
354,489,306 |
282,565,044 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
16,586,355 |
19,263,416 |
|
Loan from Related Company |
193,199,273 |
- |
|
Current Portion of
Finance Lease Contract Liabilities |
644,808 |
- |
|
Other Current Liabilities |
1,433,757 |
970,399 |
|
|
|
|
|
Total Current Liabilities |
211,864,193 |
20,233,815 |
|
Finance Lease Contract Liabilities, Net of
Current Portion |
1,277,770 |
- |
|
Estimated Liabilities from Demolition of
Assets |
2,755,880 |
- |
|
Estimated Liabilities from
Employee Benefits |
968,447 |
- |
|
Total Liabilities |
216,866,290 |
20,233,815 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 714,000 shares |
71,400,000 |
71,400,000 |
|
|
|
|
|
Capital Paid |
71,400,000 |
71,400,000 |
|
Retained Earnings: Appropriated for Statutory
Reserve |
1,180,075 |
1,180,075 |
|
Unappropriated |
65,042,941 |
189,751,154 |
|
Total Shareholders' Equity |
137,623,016 |
262,331,229 |
|
Total Liabilities &
Shareholders' Equity |
354,489,306 |
282,565,044 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
37,786,809 |
3,687,050 |
|
Other Income |
387,865 |
634,142 |
|
Total Revenues |
38,174,674 |
4,321,192 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
107,214,012 |
37,095,672 |
|
Selling Expenses |
1,676,996 |
536,831 |
|
Administrative Expenses |
40,856,781 |
17,200,308 |
|
Other Expenses |
10,274,811 |
50,132 |
|
Total Expenses |
160,022,600 |
54,882,943 |
|
|
|
|
|
Loss before Financial Cost &
Income Tax |
[121,847,926] |
[50,561,751] |
|
Financial Costs |
[2,860,287] |
- |
|
Net Profit / [Loss] |
[124,708,213] |
[50,561,751] |
|
Retained Earning,
Beginning of Year |
262,331,229 |
312,892,980 |
|
|
|
|
|
Retained Earning, End of Year |
137,623,016 |
262,331,229 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.30 |
8.22 |
|
QUICK RATIO |
TIMES |
0.06 |
6.73 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.34 |
0.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.11 |
0.01 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
138.25 |
227.16 |
|
INVENTORY TURNOVER |
TIMES |
2.64 |
1.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
68.11 |
321.64 |
|
RECEIVABLES TURNOVER |
TIMES |
5.36 |
1.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.47 |
189.54 |
|
CASH CONVERSION CYCLE |
DAYS |
149.90 |
359.26 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
283.73 |
1,006.11 |
|
SELLING & ADMINISTRATION |
% |
112.56 |
481.07 |
|
INTEREST |
% |
7.57 |
- |
|
GROSS PROFIT MARGIN |
% |
(182.71) |
(888.91) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(322.46) |
(1,371.33) |
|
NET PROFIT MARGIN |
% |
(330.03) |
(1,371.33) |
|
RETURN ON EQUITY |
% |
(90.62) |
(19.27) |
|
RETURN ON ASSET |
% |
(35.18) |
(17.89) |
|
EARNING PER SHARE |
BAHT |
(174.66) |
(70.81) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.58 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
(42.60) |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
924.85 |
|
|
OPERATING PROFIT |
% |
140.99 |
|
|
NET PROFIT |
% |
(146.65) |
|
|
FIXED ASSETS |
% |
121.38 |
|
|
TOTAL ASSETS |
% |
25.45 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
(182.71) |
Deteriorated |
Industrial
Average |
13.85 |
|
Net Profit Margin |
(330.03) |
Deteriorated |
Industrial
Average |
6.07 |
|
Return on Assets |
(35.18) |
Deteriorated |
Industrial
Average |
8.06 |
|
Return on Equity |
(90.62) |
Deteriorated |
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 -182.71%. When
compared with the industry average, the ratio of the company was lower. This 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 -330.03%.
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 -35.18%.
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 -90.62%.
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 |
0.30 |
Risky |
Industrial
Average |
1.69 |
|
Quick Ratio |
0.06 |
|
|
|
|
Cash Conversion Cycle |
149.90 |
|
|
|
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 0.3 times in 2011, decrease from 8.22 times, then the company may not be
efficiently using its current assets. 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 0.06 times in 2011,
decrease from 6.73 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 150 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Acceptable |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
1.58 |
Risky |
Industrial
Average |
0.59 |
|
Times Interest Earned |
(42.60) |
Risky |
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 -42.6 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.61 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 |
0.34 |
Deteriorated |
Industrial
Average |
2.89 |
|
Total Assets Turnover |
0.11 |
Deteriorated |
Industrial
Average |
1.28 |
|
Inventory Conversion Period |
138.25 |
|
|
|
|
Inventory Turnover |
2.64 |
Deteriorated |
Industrial
Average |
8.17 |
|
Receivables Conversion Period |
68.11 |
|
|
|
|
Receivables Turnover |
5.36 |
Satisfactory |
Industrial
Average |
5.56 |
|
Payables Conversion Period |
56.47 |
|
|
|
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.53.66 |
|
UK Pound |
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
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.