MIRA
INFORM REPORT
|
Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
BANGKOK
GLASS INDUSTRY COMPANY
LIMITED |
|
|
|
|
Registered Office : |
32nd
Floor, Ocean Tower 1, 170/87 Ratchadapisek Road, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1974 |
|
|
|
|
Com. Reg. No.: |
0105517003019 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
& Distributor of
various kinds of
glass container products. |
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 |
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|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
name
BANGKOK GLASS INDUSTRY COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 32nd FLOOR, OCEAN TOWER
1, 170/87
RATCHADAPISEK ROAD, KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66]
2261-2357-66
FAX :
[66] 2261-2390
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1974
REGISTRATION NO.
: 0105517003019 [Former : 298/2517]
CAPITAL REGISTERED : BHT. 900,000,000
CAPITAL PAID-UP
: BHT. 900,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER
31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
DIBHYARAKS SUKHUM, THAI
CHIEF EXECUTIVE
OFFICER
NO. OF
STAFF : 2,100
LINES OF
BUSINESS : GLASS
CONTAINER PRODUCTS
MANUFACTURER
& DISTRIBUTOR
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 March 11, 1974
as a private limited company.
The subject was
formed by a
group of more
than 300 shareholders that include many
glass container users
such as Industrial Finance
Corporation OT Thailand [IFCT], DEG-German
Investment & Development
Company, Oberland Glas
AG., and others.
The subject
was found in
order to produce
glass containers. It was granted a promotional privilege
by The Board of Investment
[BOI].
There are
2 plants, located
at Thanyaburi District, Pathumthani
Province and Klaeng
District, Rayong Province. It
currently employs 2,100
staff.
The subject
is also the
first company in
Thailand to produce
various kinds of
glass block products for construction since
1993 under its
brand “BG”. The products has been received
the quality certificate
from 3 international
standard institutes include TIS 1395-2540 of
Thailand, DIN 18175
from MPA NRW,
Germany and BS
746: PART 22 : 1987 from
PSB institute in Singapore.
The subject’s registered address is 32nd Floor, Ocean Tower
1, 170/87 Ratchadapisek Rd., Klongtoey, Bangkok 10110, and this
is the subject’s current operating
address.
BOARD OF DIRECTORS
Name Nationality Age
Mr.
Dibhyaraks Sukhum : Chairman Thai 72
Mr.
Chai Sophonpanich Thai 63
Mr.
Chaleow Yoovidhya Thai 79
Mr. Chainarong Srifuengfung Thai 61
Mr.
Somchai Bulsuk [x] Thai 63
Mr.
Vichet Rangchaikul Thai 56
Mr.
Santi Pirompakdi Thai 59
Mr.
Wutha Pirompakdi [x] Thai 71
Mr.
Vapee Pirompakdi [x] Thai 71
Mr. Yongyuth
Taweekulwatana [x]
Thai 70
Mr.
Chamnong Pirompakdi Thai 81
Mr.
Piya Pirompakdi Thai 63
Mr.
Surasak Decharin [x] Thai 58
Mr.
Pong Sarasin Thai 73
Mr.
Kavee Tovichit [x]
Thai 61
Mrs. Preeya
Sriboonruang Thai 60
Mr. Jutinun
Pirompakdi [x]
Thai 58
Mr. Rojanarith
Thepakham [x]
Thai -
AUTHORIZED PERSON
Two of
the above directors can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Dibhyaraks Sukhum is the Chief Executive
Officer.
He is
Thai nationality with
the age of
72 years old.
Mr. Surasak
Decharin is
the Managing Director.
He is
Thai nationality with
the age of
58 years old.
Mr.
Panya Pliankajorn
is the Factory Manager [Pathumthani].
He is
Thai nationality.
Mr. Naris
Krairachsiri is the Factory Manager
[Rayong].
He is
Thai nationality.
Mrs. Narumol Wasrakchid is the Personnel Manager.
She is
Thai nationality.
Mr.
Supasin Leelasith
is the Marketing Manager.
He is
Thai nationality.
Mrs.
Laksana Wongrungrojkit
is the Purchasing Manager.
She is
Thai nationality.
Mr. Vorawat
Buranakarn is
the Export Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activities are
manufacturer, exporter &
distributor various kinds
of glass container
products. It has
produced around 120 different types
of hollow glass
containers made of
either amber or
flint glass for table wares, pharmaceuticals and cosmetics,
bottles for beer,
soft drinks, whisky,
fruit juice, jar
for medical and
food industries as
well as glass
block for construction industry.
The technology
know-how for production is provided by Oberland
Glas AG. Germany.
PRODUCTION
3,000,000
- 4,000,000 bottles/day [glass
container]
100,000 blocks/day [glass block]
Range of
Glass Bottle products
:
Bottle weight
range from 60
gm. - 1,000 gm.
Bottle capacity
range from 55
cc. - 1,000 ml. in
flint and amber.
Sizing of
Products:
Glass bottles :
750, 500 and 250 cm. [28m.m. Pilfer
Proff, 26 mm.
Crown, 30 mm.
MTO and MTB]
Glass block
: 190x190x80 mm.
and 190x190x100 mm.
PURCHASE
80% of
the raw materials
comprising around 50% recycled
glass in addition
to silica sand,
soda ash, limestone,
dolomite, feldspare, cullet
and other chemical
additives are purchased
from local suppliers.
IMPORT [COUNTRIES]
20% of
raw materials mainly
chemical, sand, cullet,
machinery and spare
parts are imported
form Malaysia, Taiwan,
Japan, Singapore, Germany
and United States of America.
MAJOR SUPPLIERS
Sera Color
Co., Ltd. : Thailand
Rayong Supplier
Co., Ltd. : Thailand
DISTRIBUTION
The products
are sold to approximate 5,000 customers
both domestic and
overseas. 80% of
its products is
sold locally by wholesale to
manufacturer & end-user,
the remaining 20% is
exported to Philippines, Korea,
Taiwan, Indonesia, Laos, Africa, Germany, Italy, Singapore,
Malaysia, Saudi Arabia,
Oman, Kuwait, Norway, Canada and etc.
MAJOR CUSTOMERS
Boon Rawd
Brewery Co., Ltd [60-70% of
the products] : Thailand
Serm Suk
Public Co., Ltd. :
Thailand
Green Spot
[Thailand] Co., Ltd. :
Thailand
Thai Pure
Drinks Co., Ltd. :
Thailand
Beer Thai
[1991] Public Co., Ltd. :
Thailand
AFFILIATES &
SUBSIDIARIES COMPANY
- Bangkok
Visypak Co., Ltd.
Business Type: Manufacturer of
corrugated containers.
Investment :
81.00%
- Petpak
Co., Ltd.
Business Type: Manufacturer of
pet bottles
Investment :
25.00%
- Bangkok
Moulds Co., Ltd.
Business Type: Manufacturer of metal moulds
Investment :
90.00%
- Bangkok
Casting Co., Ltd.
Business Type: Manufacturer of
casting steel
Investment :
90.00%
- Duangploy
Co., Ltd.
Business Type: Sand mine
Investment :
99.90%
- Sysmatics
Co., Ltd.
Business Type: Ceased operation
Investment
: 49.90%
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 on
the credits term
of 30-60-90 days.
Imports are
by L/C or T/T on
the credit term
of 180 days.
Exports are
against L/C at
sight or T/T.
BUSINESS TRANSACTION
The products
are sold by
credit, with the
maximum credit given
at 30-60 days.
The subject is found to have
1-2% late payment
problem from its
customers.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Bangkok
Bank Public Co., Ltd.
[Head Office : 333 Silom Rd., Silom,
Bangrak, Bangkok 10500]
Krung Thai
Bank Public Co., Ltd.
[Head Office : 35 Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok 10110]
EMPLOYMENT
The subject
employs 2,100 office
staff and factory
workers comprising:
Pathumthani Plant :
1,500
Rayong Plant
: 600
LOCATION DETAILS
The premise
is rented for
administrative office at
the heading address
in commercial area.
The factory I
is situated on 640,000 square
meters plot of land, which located at 47/1
Moo 2, Rangsit -
Nakornnayok Road, K.M.
7, Buengyeetho, Thanyaburi,
Pathumthani Province 12130
Tel. [66] 2533-1125-34 Fax: [66] 2533-1140.
The
factory II [Rayong Plant] is located
at 194 Moo 4, Nernmaihom
Rd., T. Krasaebon,
A. Klaeng, Rayong 21110
Tel : [66] 38 632-504-7, Fax : [66] 38 632-508.
COMMENT
The company
is the leading manufacturer for
glass industry. It
sees huge potential
for fast growing
sales of glassware
products due to
Thailand was selected
as the production base for
food and beverage,
pharmaceutical, cosmetic and
consumer products industries
by various international companies.
The
subject’s major customers are breweries companies which their sales have
significantly increased each year.
Rising demand of
glass containers especially for breweries has constantly increased while
the glass block for construction industry has significantly grown resulted
by improving of construction industry. This had prompted the company’s continuity of
substantial growth.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 50,000,000 divided
into 50,000 shares
of Bht. 1,000
each.
The capital
was increased later
as followings :
Bht. 330,000,000 on
April 23, 1982
Bht. 410,000,000 on
September 22, 1983
Bht. 451,000,000 on
October 31, 1989
Bht. 700,000,000 on
December 22, 1994
Bht. 900,000,000 on
December 29, 1995
The latest
registered capital was
increased to Bht.
900,000,000 divided into 9,000,000
shares of Bht.
100 each with
fully paid.
MAIN SHAREHOLDERS : [as
at April 21, 2006]
|
NAME |
HOLDING |
% |
|
Boon
Rawd Brewery Co.,
Ltd. Nationality:
Thai Address :
999 Samsen Rd.,
Bangkrabue, Dusit, Bangkok |
5,816,450 |
64.63 |
|
Saint-Gobain Oberland Glas AG. Nationality:
German Address : Wurzach, Germany |
364,303 |
4.05 |
|
Green
Spot [Thailand] Co., Ltd. Nationality:
Thai Address : 244
Srinakarin Rd., Huamark, Bangkapi, Bangkok |
327,370 |
3.64 |
|
Thai
Pure Drink Co.,
Ltd. Nationality:
Thai Address : Vibhavadee Rangsit Rd., Bangkhen,
Bangkok |
232,421 |
2.58 |
|
Srisiri
Enterprise Co., Ltd. Nationality:
Thai Address :
90/9 Sukhumvit 31
Rd., Klongtonnua, Wattana, Bangkok |
223,981 |
2.49 |
|
|
|
|
|
Bangkok
Insurance Public Co.,
Ltd. Nationality:
Thai Address :
25 South Sathorn
Rd., Thungmahamek, Sathorn, Bangkok |
211,316 |
2.35 |
|
Mr. Vapee Pirompakdi Nationality:
Thai Address :
999 Samsen Rd.,
Bangkrabue, Dusit, Bangkok |
158,254 |
1.76 |
|
Mr. Wutha Pirompakdi Nationality:
Thai Address : 999
Samsen Rd., Bangkrabue, Dusit, Bangkok |
133,765 |
1.49 |
|
Mr. Santi Pirompakdi Nationality:
Thai Address : 999
Samsen Rd., Bangkrabue, Dusit, Bangkok |
111,849 |
1.24 |
|
Others |
1,420,291 |
15.77 |
Total Shareholders
330
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mrs. Visutta
Jariyathanakorn No. 3853
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
183,606,666 |
76,300,058 |
|
Trade Accounts
Receivable |
|
|
|
-
Related Company |
540,695,119 |
560,645,493 |
|
-
Others |
147,639,812 |
118,710,710 |
|
Less: Allowance
for Doubtful Accounts |
[921,887] |
[2,761,653] |
|
|
|
|
|
Trade Accounts
Receivable - Net |
687,413,044 |
676,594,550 |
|
Inventories |
1,147,772,948 |
820,463,592 |
|
Refundable Value Added Tax |
93,084,980 |
86,614,901 |
|
Refundable Tax |
23,289,859 |
- |
|
Other Current
Assets |
15,273,589 |
23,503,066 |
|
|
|
|
|
Total
Current Assets |
2,150,441,086 |
1,683,476,167 |
|
Long-term Investment |
69,595,971 |
48,262,671 |
|
Advance & Loan to Related Company |
15,122,264 |
18,071,405 |
|
Non-operating Assets |
36,960,497 |
38,094,898 |
|
Fixed Assets |
4,932,878,736 |
4,440,681,190 |
|
Other Assets |
3,423,600 |
3,595,712 |
|
Total
Assets |
7,208,422,154 |
6,232,182,043 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Short Term
Loan from Financial
Institute |
380,000,000 |
490,000,000 |
|
Trade Accounts
Payable -
General |
329,747,010 |
193,794,376 |
|
-
Related company |
11,946,477 |
6,865,882 |
|
Short Term
Loan from Related
Company |
20,000,000 |
- |
|
Current Portion
of Long Term
Loan from Financial
Institute |
419,333,333 |
- |
|
Accrued Income
Tax |
1,817,778 |
63,062,778 |
|
Accrued Expenses |
188,317,545 |
235,027,664 |
|
Other Current
Liabilities |
94,444,488 |
66,860,087 |
|
|
|
|
|
Total
Current Liabilities |
1,445,606,631 |
1,055,610,787 |
|
Long Term
Loan from Financial
Institute |
1,680,666,667 |
1,000,000,000 |
|
Reserve for
Employees’ Welfare & Pension |
497,653,337 |
498,565,037 |
|
Total
Liabilities |
3,823,926,635 |
2,554,175,824 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 9,000,000
shares |
900,000,000 |
900,000,000 |
|
|
|
|
|
Capital Paid |
900,000,000 |
900,000,000 |
|
Surplus on
Share Capital |
4,000,000 |
4,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
90,000,000 |
90,000,000 |
|
Other
Reserve |
480,000,000 |
385,000,000 |
|
Unappropriated |
2,110,495,519 |
2,299,006,219 |
|
Total Shareholders' Equity |
3,584,495,519 |
3,678,006,219 |
|
Total Liabilities & Shareholders' Equity |
7,208,422,154 |
6,232,182,043 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales Income |
4,710,066,525 |
4,221,596,136 |
|
Interest Income |
4,489,164 |
6,444,305 |
|
Other Income |
82,857,810 |
81,844,313 |
|
Total
Revenues |
4,797,413,499 |
4,309,884,754 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
4,232,208,288 |
3,339,821,567 |
|
Selling &
Administrative Expenses |
262,489,594 |
263,207,325 |
|
Total Expenses
|
4,494,697,882 |
3,603,028,892 |
|
|
|
|
|
Profit
/ [Loss] before Interest
Expenses & Income
Tax |
302,715,617 |
706,855,862 |
|
Interest Expenses |
[56,117,457] |
[119,205] |
|
Income Tax |
[7,108,860] |
[135,434,779] |
|
Net
Profit / [Loss] |
239,489,300 |
571,301,878 |
FINANCE NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
407,752,120 |
231,289,156 |
|
Goods in
Progress |
112,755,936 |
45,053,143 |
|
Raw Material |
169,983,786 |
142,889,509 |
|
Goods in
Transit |
26,263,841 |
26,289,737 |
|
Spare Parts
& Factory Materials |
384,772,579 |
384,094,011 |
|
Bottling Mould |
100,477,313 |
72,905,892 |
|
Packaging
|
28,512,666 |
10,338,022 |
|
Less: Allowance for Obsolescence Stock
|
[82,745,293] |
[92,395,878] |
|
|
|
|
|
Total |
1,147,772,948 |
820,463,592 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
199,855,881 |
199,855,881 |
|
Building |
2,188,893,261 |
1,807,751,312 |
|
Factory Machinery
& Equipment |
8,184,466,552 |
6,466,236,615 |
|
Other Factory
Material |
402,707,512 |
369,092,199 |
|
Vehicle
|
232,187,574 |
229,572,972 |
|
Office Equipment & Furniture |
198,649,345 |
179,986,932 |
|
Works under
Construction |
47,392,837 |
2,344,821,873 |
|
Less:
Depreciation |
[6,521,274,226] |
[7,156,636,594] |
|
|
|
|
|
Total |
4,932,878,736 |
4,440,681,190 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
11.57 |
|
|
Operating
|
[10.32] |
|
|
Net Profit |
[58.08] |
|
|
Fixed Assets |
11.08 |
|
|
Total Assets |
15.66 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
89.85 |
79.11 |
|
Operating Profit
Margin |
10.15 |
20.89 |
|
S&A expenses |
5.57 |
6.23 |
|
Interest |
1.19 |
0.00 |
|
Other Revenues |
1.85 |
2.09 |
|
Net Profit
Margin |
5.08 |
13.53 |
|
Earning Per
Shares |
26.61 |
63.48 |
|
No. of
Shares |
9,000,000 |
9,000,000 |
Net Sales was increased by 11.57%, Operating Profit was decreased by 10.32%, Net Profit was decreased by 58.08%, Fixed Assets was increased by 11.08%, Total Assets was increased by 15.66%.
Compare each cost with sales, Cost of Goods Sold was increased from 79.11% to 89.85%, Operating Profit Margin was decreased from 20.89% to 10.15%, S & A Expenses were decreased from 6.23% to 5.57%, Interest Paid was increased from 0.00% to 1.19%, Other Revenues was decreased from 2.09% to 1.85%, Net Profit Margin was decreased from 13.53% to 5.08%.
Earning Per
Shares was decreased
from 63.48 baht
per share to
26.61 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.49 |
1.59 |
|
Quick
- assets ratio |
0.60 |
0.71 |
Current Ratio was decreased from 1.59 to 1.49, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 0.71 to 0.60, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.01 |
0.69 |
|
Times Interest
Earned |
3.84 |
5,189.10 |
D/E Ratio was increased from 0.69 to 1.01, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium and Times Interest Earned was decreased from 5,189.10 to 3.84, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
0.95 |
0.95 |
|
Total Assets
Turnover |
0.65 |
0.68 |
|
Return on
Assets |
3.32 |
9.17 |
|
Return on
Equity |
6.68 |
15.53 |
|
Day’s Payable |
28.44 |
21.18 |
|
Day’s Inventories |
68.99 |
89.67 |
|
Days’ Receivables |
11.44 |
10.26 |
Fixed Assets Turnover was stable at 0.95 times, Total Assets Turnover was decreased from 0.68 times to 0.65 times, show the company could not use Assets so efficiently, and Return on Assets was decreased from 9.17 to 3.32, Return on Equity was decreased from 15.53 to 6.68, capacity to use Assets to make profit was not good.
Day’s Payable
was increased from
22 days to
29 days, while
Day’s Inventories was
decreased from 90
days to 69
days, but Day’s
Receivables was increased
from 11 days
to 12 days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|