SNC: Annual Report 2006

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Annual Report 2006

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    SNC FORMER PUBLIC COMPANY LIMITED - ANNUAL REPORT 2006

    1 Aluminium pipe2 Discharge pipe3 Suction pipe4 Hose Assy Auto5 Outlet pipe6 Inlet pipe7 Half union, Flare nut, Valve8 Beading9 Header jointing10 Flange

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    CUSTOMERS END USERS

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    1 Solenoid Valve2 Strainer Assy3 Distributor Assy4 Pipe Assy5 Pipe Compressor6 Plate7 Jointing8 Tripod9 Half union10 Flare nut11 Flange12 Outdoor Unit Air13 Distributor

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    6Panasonic

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    SNC FORMER PUBLIC COMPANY LIMITED - ANNUAL REPORT 2006

    1 Suc. IP.2 Muff. pipe3 Outer pipe4 Oil pipe5 Dis pipe6 Process tube7 Oil cooler8 Dis, pipe9 Pro. pipe

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    1 Batch Freezer 2 Gull-Wing Freezer Tunnel 3 Cryogenic Freezer

    Outdoor Condencing Unit

    Indoor Fan Coil Unit Package Chiller

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    SNC FORMER PUBLIC COMPANY LIMITED - ANNUAL REPORT 2006

    / CONTENTS

    ................................................................................................................... 6Message from the Chairman of Executive Committee

    .......................................................................................................................................................... 8General Information

    ...............................................................................................................................18Financial Highlights

    ...............................................................................................................................20Business Operation

    ..............................................................................................................................................42Risk Factors

    ...............................................................................................................46Shareholding Structure and Management

    ......................................................................................................................................92Connected Transaction

    ...............................................................................................................102Audit Committees Report

    ....................................................................................104Management Discussion and Analysis of Financial Status and Performance

    .....................................................................................................................................................108Financial Statements

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    SNC FORMER PUBLIC COMPANY LIMITED - ANNUAL REPORT 2006

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    75 5,000 700,000 2550

    MINI MD MD 100 3 MINI MD

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    SNC FORMER PUBLIC COMPANY LIMITED - ANNUAL REPORT 2006

    I would like to express my sincere appreciation to our clients, partners and investors for theircontinued support which is the key driver for me and staffs to achieve the success in manufacturingcopper and aluminum tube parts for cooling systems used in various industries such as automobilesair-conditioners, indoor air-conditioners, compressors and refrigerators, etc.

    In late last year, the Company has expanded the business to fulfill customers needs in termsof costs effectiveness and complete services by investing in sheet metal fabrication for both steeland stainless to serve customers in air-conditioners, washing machines and electrical appliances.Additionally, to enhance the production efficiency, the Company has jointed with a company fromChina to manufacture molds and jointed with another company from Korea to manufacture machinesand automatic manufacturing system, resulting in reducing cost across the Group.

    This year, the production line at Rayong plant in the area of 75 rai shall completely serveour customer for the indoor air-conditioners which will significantly decrease the manufacturingdifficulties as well as production costs. Concurrently, due to the extensive supports of relevanttechnologies from our customers, we are very confident to establish the new production linescovering the area of 5,000 sq.m. with total production capacity of 700,000 air-conditionersper annum with the revenue recognition in February 2007 onwards.

    In order to support the continuous business expansions, I have adopted the managementmodel, namely Mini MD, for the whole organization. Internal staffs shall be selected to managethe business similar to MD of the Company, but with the total sales volume not more thanBaht 100 million and 3 customers. Mini MD shall be responsible for costs and profit together withtheir own teams and report to the executives on daily basis for acknowledgement andsuggestion. According to such model, the staffs are able to provide services to customers andpartners efficiently and flexibly upon customers requirements, resulting in pride and dignityto the staffs themselves.

    The most essential objective of the management is to deliver the highest satisfaction of theCompanys customers, partners, investors as well as all stakeholders on the basis of transparencyand assessment. Finally, all staffs and myself do hope to continuously receive trust and supports fromeveryone in the future.

    (Mr.Somchai Thaisanguanvorakul)Chairman of Executive Committee

    Message from Chairman of Executive Committee

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    1.

    1.1 () : 103/25-34 17

    10540 : 0107547000371 : www.sncformer.com : 0-2705-0820-25, 0-2330-3483-90 : 0-2330-3481-2, 0-2705-6890

    1.2 : 88/9, 88/18 2 21180 : 0-3889-3620-27 : 0-3889-3618

    - : 88/9 2 21180 : 0-3889-3620-27 : 0-3889-3618

    : 88/18 2 21180 : 0-3891-7210, 0-3889-3248 : 0-3891-7211

    : 88/18 2 21180 : 0-3889-3620-27 : 0-3889-3618

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    SNC FORMER PUBLIC COMPANY LIMITED - ANNUAL REPORT 2006

    1. General Information

    1.1 The CompanySNC Former Public Company Limitedengages in the manufacturing of automotive and residential air conditioner parts andassemblies.Location : 103/25-34, Moo 17, Taparuk Road, Bangsaotong District, Bangsaotong

    Sub-district, Samutprakarn 10540Registration No. : 0107547000371Homepage : www.sncformer.comTelephone No. : 0-2705-0820-25, 0-2330-3483-90Fax No. : 0-2330-3481-2, 0-2705-6890

    1.2 Subsidiaries and AssociatesSubsidiariesSNC Pyongsan Evolution Company Limitedengages in metal sheet fabrication.Location : 88/9, 88/18, Moo 2, Makhamku District, Nikom Pattana Sub-district,

    Rayong 21180Telephone No. : 0-3889-3620-27Fax No. : 0-3889-3618

    SNC Air-Cond Company Limitedengages in the manufacturing of components used in the air condition for building.Location : 88/9, Moo 2, Makhamku District, Nikom Pattana Sub-district,

    Rayong 21180Telephone No. : 0-3889-3620-27Fax No. : 0-3889-3618

    Fresh-Tech Manufacturing Company Limitedengages in the manufacturing of freezer.Location : 88/18, Moo 2, Makhamku District, Nikom Pattana Sub-district,

    Rayong 21180Telephone No. : 0-3891-7210, 0-3889-3248Fax No. : 0-3891-7211

    SNC-Feng Xing Mould & Die Company Limitedengages in die and mold maintenance and manufacturing.Location : 88/18, Moo 2, Makhamku District, Nikom Pattana Sub-district,

    Rayong 21180Telephone No. : 0-3889-3620-27Fax No. : 0-3889-3618

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    : 88/18 2 21180 : 0-3889-3619-27 : 0-3889-3618

    1.3 : ()

    : 62 4,6,7 10110

    : 0-2229-2800 : 0-2359-1259

    : 3970 :

    193/136-137 33 10110

    : 0-2264-0777 : 0-2264-0789-90

    : : 103/25-34 17

    10540 : 0-2705-0820-25, 0-2330-3483-90 : 0-2330-3481-2, 0-2705-6890

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    103/25-34 17 10540

    : 0-2705-0820-25, 0-2330-3483-90 : 0-2330-3481-2, 0-2705-6890

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    SNC FORMER PUBLIC COMPANY LIMITED - ANNUAL REPORT 2006

    AssociatesSNC SungWoo Company Limitedengages in the manufacturing of mechanical device in production industry and airconditioning equipment.Location : 88/18, Moo 2, Makhamku District, Nikom Pattana Sub-district,

    Rayong 21180Telephone No. : 0-3889-3619-27Fax No. : 0-3889-3618

    1.3 ReferencesRegistrar : Thailand Securities Depository Company LimitedLocation : 62, 4th, 6th, 7th floor, the Stock Exchange of Thailand Building,

    Ratchadapisek Road, Klongtoey, Bangkok 10110Telephone No. : 0-2229-2800Fax No. : 0-2359-1259

    Auditor : Sumalee Reewarabandith, Certified Public Accountant (Thailand)No. 3970

    Location : Ernst & Young Office Limited, 193/136-137, 33rd floor, Lake RatchadaBuilding, Ratchadapisek Road, Klongtoey, Bangkok 10110

    Telephone No. : 0-2264-0777Fax No. : 0-2264-0789-90

    Legal Counsellor : Mr.Anek SuarodLocation : 103/25-34, Moo 17, Taparuk Road, Bangsaotong District, Bangsaotong

    Sub-district, Samutprakarn 10540Telephone No. : 0-2705-0820-25, 0-2330-3483-90Fax No. : 0-2330-3481-2, 0-2705-6890

    Investor Relation : Mr.Surapol YamkasemLocation : SNC Former Public Company Limited, 103/25-34, Moo 17,

    Taparuk Road, Bangsaotong District, Bangsaotong Sub-district,Samutprakarn 10540

    Telephone No. : 0-2705-0820-25, 0-2330-3483-90Fax No. : 0-2330-3481-2, 0-2705-6890

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