中川社長小畠 JM殿掲題 meetingを昨日 NH SOJAにて持ち

中川社長
小畠 JM殿

掲題 meetingを昨日 NH SOJAにて持ちましたので、その内容に就き下記の通りご
報告致します。

■ 日時 : 11/21(土） 10h ~ 12h

■ 参加者：
- 総社工業：藤井社長
- NH SOJA：西原 MD
- NASCO：秋山/高橋

■ 議事
１．ミノリ工業出資(*) ：
- 藤井社長よりミノリ側に対し、正式に出資要請済との報告あり。現在ミノリ側
で検討中。

- 出資： 20%程度/THB15 M程度でのＮＡＳＣＯ株買取を考慮との事。(*2)

- 株価：当方よりは株価算定方法に就き、中川本社意向は株主資本(Networth)
baseではなく、 簿価（取得価格）での売却である旨 reminded(*3)。

【註】
(*) 車の内装（Seat/天井等）専門業者。総社工業とは 10%程度株式持合いをし
ている。国内三菱販売不調の影響を受けており、業績は芳しくない状態と。

(*2) 現状 ＮＨ SOJAの株主資本は THB 79 Mを若干下回る水準にて、THB 15M(for 20%)は
計算上、株主資本 Baseに略見合う。

(*3) J/V契約上では、株価算定基準を設けておらず、 当事者間の協議によると
している。当方側の取組み方針決定を急ぐ要あり。

２．総社工業の債権回収問題
- 現在、総社工業の対 NH SOJA債権は下記の通り巨額に達している。
① 親子 Loan : THB 30 M

② 設備売却/売掛債権： 144 M

- 総社工業としては中国銀行の Adviceを得て、下記債権回収optionsを検討中。
① 毎月定額回収

② INV.金額に応じた回収

③ THB建 クロスボーダーローン（親会社保証付中国銀行からの直接ローン)/
一括返済(to 総社）

④ スタンドバイクレジット（日本側銀行保証により現地借入）/一括返済 (to 総社）

- ①/②に就いては、ローンに比し、金利支払いが発生しないというメリットはあるものの
NH SOJA自身の資金繰りへの影響大（特に②）。

③に就いては、為替リスクを貸手が負う事となるが、その分金利が高くなるデメリットあり。

④に就いては、為替リスクはないものの、中国銀行による保証（費用10M)+親会社保証要。

- 当方より、基本的に NH SOJAがFree Cashflowを生み出す事が肝要であり、現
状債権者を親会社から銀行等に代えても実態は変わらないと主張。

藤井社長より、月間減価償却額が THB1.8Mに達しており、あとは月間黒字化を達
成出来れば何とかなるのではないかとの発言あり。

【To Do】
① 当方がタイ/商工中金（総社の準 main)にコンタクトし、 Best Solutionを探
る事となった。

② 同時に、NH SOJAの資金繰り実態の可視化（Cash Flow Plan/在庫/売掛・買掛）
を図る事を決定。
(Nasco A sanによる Nee san指導）(*)


【註】
(*) 9月実績は T.Over THB 30 Mと B.Even Pointを超えたにも拘わらず、赤字が続いており
(▲ THB 655k)当方は納得できないとして、Nascoによる A/C checkを要請している。
今回の「可視化」と同時に在庫/債権管理の実態をより詳しく把握する予定。

■ Remarks ： NH SOJAは順調に取扱高を拡大しており、本来「月次黒字転換」を果たしても
おかしくない状況。徹底的な A/C check実施⇒Loｓｓ継続の真の理由を探る所存。

以上

ผลลัพธ์ (อังกฤษ) 1:

President of NakagawaKobatake JM HallSo forth problems meeting yesterday at the NH SOJA had to get through the following scheduleI will report.♦ date: 11 / 21 (Saturday) 10 h-12 h♦ participants:- Soja: President Fujii- NH SOJA: nishihara MD- NASCO: Akiyama / Takahashi♦ meeting1. Minori industrial investment (*):- Fujii President Minori side the contribution requested officially reported and. Current Minori sideIn considering.- Investment: and considering things that NASCO stock purchasing plan at 20% /THB15 m. (* 2)- Stock: shareholders ' equity (Networth) intention of Nakagawa headquarters, than we do in the method for calculating the pricethat the base is not sold at book value (price) reminded (* 3).[Note](*) Specialists in car interiors (Seat / ceilings, etc.). Soja industry and 10 percent ownershipAre you. Mitsubishi sales slump affected, and looks pretty bad performance.(*2) present NH SOJA's shareholders ' equity was at slightly below THB 79 M THB 15M (for 20%), Calculation on the shareholders ' capital Base to stand for buck.(*3) and does not have stock standards, J and V contracts on, according to the Conference of the partiesYou have. Upon rushing to our side approach needle decision is.2. Soja industrial claims recovery problems- Currently, Soja industrial vs. NH SOJA claims following huge has reached.(1) Loan parent/child: THB 30 M(2) equipment sales / accounts receivable: 144 M- With the Advice of the Bank of China as Soja industrial, while considering the following debt recovery options.(1) monthly flat-rate recovery(2) INV... recovery according to the amount(3) THB building cross-border loans (direct loans from the parent company guaranteed Bank)/Lump sum repayment (to Soja)(4) stand-by credit (local borrowing by the Japan side bank guarantees) / repayment (to Soja)- Though the benefits of full and (2) loan the interest payment does not occur (1)NH SOJA own firms affecting (in particular (2)).(3) on the undivided interest increases and exchange rate risk taking lenders will be trade-offs are.(4) on the guarantee by the Bank of China exchange rate risk even the (cost 10M) + parent company guarantee required.- Things to us from NH SOJA produces Free Cashflow is vital, and the presentClaims of creditors from the parent company instead of banks, does not change reality.Fujii President than monthly depreciation has reached THB1.8M, the monthly surplus wasSaying that somehow publishing且成澤口anniversary comes in and.[To Do](1) the US is Thailand and Shoko chukin Bank (Soja's quasi main) to contact the Best Solution.They became.(2) at the same time, the financial position of NH SOJA visualization (Cash Flow Plan / inventory / accounts receivable / payable)Determined to improve.(NASCO A san using san Nee guidance)(*)[Note](*) September exceeded T.Over THB 30 M and B.Even Point, despite continued deficit(▲ THB 655 k) cannot convince us, requesting the A/C check by Nasco.Will understand the realities of inventory and Receivables Management for more information with visualization of this at the same time.♦ Remarks: NH SOJA is steadily growing turnover and originally played a "monthly profitability"Wrong with the situation. A/C check conducted a thorough: we will explore the true reasons for the Loss continuation.More than

ผลลัพธ์ (อังกฤษ) 2:

Nakagawa, president
Kobatake JM dono The title meeting the yesterday NH SOJA at di because it was Chimashi , its contents in 就-out following the passing slang report致you . ■ date : 11/21 ( Sat) 10h ~ 12h ■ Participants: - Soja industry: Fujii - NH soja : Nishihara MD - NASCO : Akiyama / Takahashi ■ proceedings 1. Minori industrial investment (*) : - Fujii Minori than side to the pair were officially in investment demand already with the report there . Currently Minori side in under consideration. - investment: 20% about / THB15 M about in NASCO stock purchase the consideration of the thing. (* 2) - stock price: us than the stock price calculation method to the就-out , Nakagawa headquarters intention to shareholders' equity ( Networth) Base instead , book value (acquisition price) in the sale is the fact reminded (* 3) . [Note] (*) car of the interior ( Seat / ceiling, etc.) professionally. Soja industry and is 10 percent about cross-shareholdings Ioshi are . Japan Mitsubishi sales slump of impact the receiving and only , performance is Kaoru properly without state and . (* 2) status quo NH soja of shareholders' equity is THB 79 M and it falls below some that level at , THB 15M (for 20%) is calculated on shareholders' equity Base in roughly commensurate intends . (* 3) J / V on the contract in , stock price calculation reference the set not only , between the parties of the talks to be due to you are . Our side of the initiatives seen policy decision to the sudden equipment needed there . 2. Soja industry of debt collection problem - now, Soja industry of pair NH SOJA receivables is below of the through Ri huge amount to us are . ① parents Loan: THB 30 M ② equipment sale / accounts receivable: 144 M - Soja industry as the Bank of China of Advice and to give to , the following debt collection options to it under consideration. ① monthly flat-rate recovery ② INV. amount of money to respond same was recovered ③ THB -denominated cross-border loans (Bank of China with a parent company guarantee from the direct loan /) lump-sum repayment ( to Soja) ④ stand-by credit (Japanese bank guarantee by local borrowing) / repayment ( to Soja) - ① / ② to 就Itewa , to loan ratio to , interest payments bur occur although there is an advantage that not NH SOJA itself of cash flow Rieno (JP influence large in ② ). ③ to 就Itewa , exchange risk lender is negative intends that it becomes a , the minute interest rate is high there Kunar disadvantage . ④ in the就Itewa , exchange but risk is not , Bank of China due to the guarantee (expense 10M) + parent company assurance requirements. - us than , basically the NH SOJA is Free Cashflow a raw look out to that is essential is , the current shape creditors the parent company from banks, etc. to Die even e reality is strange that no straw claim. Fujii president than , monthly depreciation and amortization is THB1.8M to us has been , is after month surplus of the reach can be formed lever What of whether not become Toka remarks there . [ To Do ] ① us Thailand / Shoko Chukin Bank (Soja of quasi- main) contact to , Best Solution to the probe that it became . ② concurrent to , NH soja of cash flow Ri realities of visualization ( Cash Flow Plan / Inventory / Accounts Receivable , Accounts Payable) the figure Ru that the the decision. ( Nasco A san according to Nee san guidance) (*) [Note] (*) 9 month performance is T.Over THB 30 M and B.Even Point a super example was also contracture Warazu , deficit has continued Iteori ( ▲ THB 655k) us is convincing as can not , Nasco due to the A / C check the the request is . This time of "visualization" and simultaneous in inventory / receivables management of the actual twist is more properly grasp the plan. ■ Remarks : NH soja is favorable to turnover the expansion has been , originally "monthly turnaround" the fruit and even Tashi not amusing situation. Thorough an A / C check conducted ⇒Lo ss continuation of true of the reason the probe that committed. Or more

ผลลัพธ์ (อังกฤษ) 3:

Meeting the president was to the title at the JM obata Nakagawa yesterday in NH SOJA have so as to its contents, the following report.

■ date and time: 11 / 21) ：
- soja industry participants

■ H H ~ 12: Fujii president -- NH SOJA: Nishihara -- MD NASCO Takahashi: Akiyama

■ proceedings by minori industrial investment at any side of the ：
- Fujii minori president to formally request has already contributed reporting. In the current study of minori side. Equity: -- 20% and 15% of the purchase and THB M NASCO stocks to consider. She)

2Stock: stock prices calculation method for the US equity Nakagawa's head office, not Networth)
base (price) that would be reminded at 3, which is sold On the

【 】
(*) (Seat car interior ceiling). Soja industry and 10% with cross-shareholdings. Under the influence of domestic sales slump, Mitsubishi, and poor performance status. Current status of

(* NH SOJA equity falls below the level of some M THB 79, THB 15 percent for 20 M calculation atBase substantially corresponding to shareholders' equity.

(* on the contract, or J V calculation standards, as between the parties through consultation and. We need to challenge the policy decisions. Now, too -- a collection of soja soja industry Co., NH SOJA claims are huge reached as follows.
① and Loan by THB 30 M

② equipment sales and receivables and 144 M soja industry -- if I get to the Bank of China, the following Advice collection options. Recovery

②
① monthly fixed INV.Recovery

③ cross border THB construction loan repayment amount in accordance with the)/
direct loans from the Bank of China together with the parent company guarantee to soja (）

④ standby credit by a bank guarantee (Japanese local debt repayments on time and Merritt to soja ）

- ①/② than on the loan payments and interest rates with the development of its own funds to NH SOJA effects (especially ②）。 As

③, and will be the lender to foreign exchange risk, interest rate and the disadvantages. At