Bangkok--11 Dec--Siam Commercial Bank
Small and medium-size enterprises are the backbone of the Thai economy, and the best of them often perform as well as or better in key parameters than larger businesses. In recognition of these vital smaller companies, Siam Commercial Bank (SCB) and the Sasin Graduate Institute of Business Administration of Chulalongkorn University recently honored five outstanding local SMEs at the tenth annual presentation of the prestigious Bai Po Business Awards by Sasin. The award winners this year are President Automobile Industries Co., Ltd., Kanomthai Kao Peenong Co., Ltd., Thai Agricultural Machinery Co., Ltd., Thai Central Mechanics Co., Ltd., and Srichand United Dispensary Co., Ltd. The awards reflect the outstanding performance and strong future potential of these Thai SMEs. The award presentation ceremony was held at Siam Commercial Bank's Talad Noi Branch, and presided over by Mr. Anand Panyarachun, chairman of the Bank's Board of Directors.
The awards are intended not just to recognize merit among winners but to support the advancement of all Thai SMEs according to SCB Business Banking Group first executive vice president Vipon Vorasowharid. "The Bai Po Business Awards by Sasin honor successful SME entrepreneurs who continually improve their performance, thereby helping to raise standards for the overall industry. The Awards are a collaborative effort between Siam Commercial Bank and the Sasin Graduate Institute of Business Administration of Chulalongkorn University. Organized annually since 2008 to recognize Thai companies demonstrating distinction among peers, the Award program encourages SMEs to realize the importance of raising their standards in every way and keeping abreast of changes and prevailing market conditions to maintain sustainable competitiveness. We at SCB and Sasin are confidant that Thai SMEs can and will play an important role in driving sustainable economic growth in the long-term," Mr. Vipon remarked.
The Award selection process takes a close look at key performance factors among candidate businesses, said Sasin deputy director Gong Rungswang. "Award winners must meet primary evaluation criteria and demonstrate distinction in the qualifications critical to competitiveness, namely: 1) customer focus, 2) innovation, 3) quality, 4) adaptability to change, 5) value creation, 6) branding, 7) efficiency, 8) leadership & team building, 9) social responsibility, and 10) entrepreneurship. These criteria are crucial in developing strong SME businesses. In the Award selection, the Evaluation Committee Panel does not limit the number of entrants or winnners, and does not rank the winning companies against each other," Mr. Thiti explained.
Honorary chairman of the Thai Chamber of Commerce Dr. Ajva Taolananda, in his capacity as chairman of the Evaluation Committee Panel, announced the awards to the following companies:
President Automobile Industries Co., Ltd.: President Automobile Industries is a manufacturer of air condensers for automobiles and trucks. With a customer base spanning Asia, the Middle East, North America, and Africa, its focuses on the aftermarket with effective parts assemblies and prices. It is recognized as a manufacturer with the largest variety of condensers. President Automobile Industries won the Bai Po Award for its Quality and Entrepreneurship.
Kanomthai Kao Peenong Co., Ltd.: Kanomthai Kao Peenong is the country's largest manufacturer and seller of Thai sweets, including raw materials and ingredients used for making Thai desserts. The company is renowned for maintaining the intricate work and tastes of Thai desserts. Currently, about 80% of its revenues are generated from regular orders from hotels and airlines, including orders from abroad. The company won for its outstanding performance in terms of Quality, Value Creation, and Entrepreneurship.
Thai Agricultural Machinery Co.,Ltd.: As a manufacturer of rice combine harvesters, Thai Agricultural Machinery truly understands financial problems faced by customers when purchasing rice harvesting machines. It therefore established AEC Auction Co., Ltd. to serve as an intermediary in conducting auctions for all brands of agricultural machines as a means to boost turnover of used machines and provide installment loans to boost liquidity for farmers. The company won for its outstanding results in terms of Value Creation and Innovation.
Thai Central Mechanics Co., Ltd.: The company designs, produces, and installs all types of made-to-order conveyor systems and materials handling applications for the automobile, electronics, food, medical, steel and cement industries, industrial robot applications, and finishing systems and factory automation systems with robot support. It also cooperates with vocational schools in organizing bilateral courses to train students and stengthen personnel capabilities in this area. The award was granted for the company's distinction in Entrepreneurship, Customer Focus, and Social Responsibility.
Srichand United Dispensary Co., Ltd.: Srichand United Dispensary manufactures, markets, and imports various type of products which can be categorized into three main groups: pharmaceutical products, chemical products under the "Srichand Professional" trademark (including active pharmaceutical ingredients), and cosmetics products under the “Srichand Powder” brand. Srichand is a famous brand with a long heritage, which has been rebranded by the company and is still popular among the new generation. The award honors the company's distinction in Customer Focus, Adaptability to Changes, and Branding.
The five recipients of this year's Bai Po Business Awards by Sasin demonstrate the strong capabilities of Thai SMEs today. These companies are committed to growing sustainably by emphasizing key factors like leadership and team building, adaptability to change, customer focus, quality, branding, efficiency, social responsibility, value creation, and entrepreneurship.