MIRA
INFORM REPORT
|
Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
GUARDFIRE LIMITED |
|
|
|
|
Registered Office : |
8th Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1990 |
|
|
|
|
Com. Reg. No.: |
0105533137016 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Engaged in importing, distributing
and exporting wide
range of fire
protection and detective
system and equipment, for various
industries, such as
petrochemical, oil &
gas offshore exploration, power
generation, semiconductor
and etc |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NAME
GUARDFIRE LIMITED
SUMMARY
BUSINESS
ADDRESS : 8th FLOOR,
42/2 MOO
10,
BANGNA,
TELEPHONE : [66] 2746-7030
FAX :
[66] 2746-7031
E-MAIL
ADDRESS : info@guardfire.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533137016
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUEBTRAKUL SUNTHORNTHAM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 90
LINES
OF BUSINESS : FIRE
PROTECTION AND DETECTIVE
SYSTEMS
AND EQUIPMENT
IMPORTER, DISTRIBUTOR
AND SERVICES
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on November 20,
1990 as a
private limited company under
the initially registered name “Guardfire [Thailand]
Limited” by Thai
groups. On October
12, 2001, subject
was changed its
name to be
GUARDFIRE LIMITED, with
the business objective
to provide fire
protection products and
detective systems to
local industries. It
currently employs approximately
90 staff.
Subject
is a joint
venture company between Loxley
Public Company Limited
and Kiddy Holding
[Thailand] Ltd.
The
subject’s registered address
is 42/2
Moo 10, Teo
Hong Bldg., Bangna-Trad
Rd., Bangna, Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Derek James Addison |
[x] |
British |
51 |
|
Mr. Mark Glin Davis |
[x] |
British |
42 |
|
Mr. Michael James Abbott |
|
British |
37 |
|
Mr. Suebtrakul Sunthorntham |
[-] |
Thai |
65 |
|
Mr. Suraphan Pasitnirand |
[-] |
Thai |
56 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can jointly sign
with one of
the directors [-]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Suebtrakul Sunthorntham is
the Managing Director.
He is Thai
nationality with the
age of 65
years old.
Mr. Suchat Suwattanodom is
the Sales Manager.
He is Thai
nationality.
Mr. Lee Collier is
the Export Sales
Manager.
He is British
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
wide range of
fire protection and
detective system and equipment, for
various industries, such
as petrochemical, oil & gas
offshore exploration, power
generation, semiconductor
and etc.
Its products are as
follows:
-
Foam &
equipment
-
Foam
concentrates
-
Foam & water
monitors
-
Deluge
valve assemblies and
skid units
-
Deluge
and water spray systems
-
Water
sprinkler systems
-
Gaseous
extinguishing systems
-
Dry
chemicals systems
-
Water
and foam nozzies,
fittings and appliances
-
Fire
hoses and accessories
-
Hose
station cabinets and
accessories
-
Portable
and wheeled extinguishers
-
Hydrants
and fittings, fire
main system
-
Fire
trucks and appliances
-
Valve
systems
-
Integrated
fire and gas
detection and control
systems
-
Toxic
and flammable gas
detection
-
Fire
detection, alarm and
control systems
-
Plant
siren and emergency
telephone systems
-
Electrical
equipment for hazardous
areas
-
etc.
The subject also
provides service of
fire protection system
installation and maintenance.
MAJOR BRANDS
“KIDDE”, “ONITY”, “LENEL”,
“CHUBB”, “FENWAL”, “ANGUS”,
“NATIONAL FOAM”, “DET-TRONICS”
and etc.
IMPORT
Most
of the products
are imported from
Singapore, Italy, Spain,
Germany, U.K. and
SALES
90% of the
products is sold
and serviced locally
by wholesale to
manufacturers and end-users.
EXPORT
10% of the
products is exported
to Middle East
countries.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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.
Hong Kong & Shanghai Banking
Corp.
EMPLOYMENT
The
subject employs approximately
90 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch
and showroom are
located at 420
Sukhumvit Rd., Huaypong,
Muang, Rayong province.
COMMENT
The
subject has attained
a solid business
status over years’
efforts. Its general
situation is favorable
and witnessing stable
growth in its business
turnover.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht. 100
each.
On
February 4, 1997,
the capital was
increased to Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kiddy Holding [ Nationality: Thai Address : 42/2
Moo 10, |
139,995 |
69.99 |
|
Loxley Public Company
Limited Nationality: Thai Address : |
60,000 |
30.00 |
|
Mr. Pisanu Dejsri Nationality: Thai Address : 77/283
Moo 7, Saimai,
|
1 |
|
|
Mr. Sawai Thongchote Nationality: Thai Address : 45/2
Moo 9, Bangkrasor,
Muang, Nonthaburi |
1 |
|
|
Mr. Teerachai Kaewnark Nationality: Thai Address : 20
Moo 6, Thachin,
Thasala,
Nakornsrithammarat |
1 |
= 0.01 |
|
Mr. Thanabodee Naksiang Nationality: Thai Address : 6
Moo 5, Kohkwang,
Muang, Chantaburi |
1 |
|
|
Mr. Waiwit Sanguanpong Nationality: Thai Address : 9/92
Moo 1, Dokmai,
Pravet, |
1 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Kajornkiat Arunpairojkul No. 3445
BALANCE SHEET [BAHT]
The latest financial figures published as
at December 31,
2006 & 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
27,075,252 |
17,467,489 |
|
Trade Accts. Receivable |
161,827,133 |
100,912,715 |
|
Related Company Receivable |
7,182,059 |
16,201,062 |
|
Inventories |
13,279,279 |
22,106,750 |
|
Other Current Assets
|
914,036 |
765,957 |
|
|
|
|
|
Total Current Assets
|
210,277,759 |
157,453,973 |
|
Fixed Assets |
3,720,559 |
3,192,928 |
|
Other Assets |
810,177 |
803,377 |
|
Total Assets |
214,808,495 |
161,450,278 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from Bank |
8,000,000 |
40,000,000 |
|
Trade Accts. Payable |
73,243,122 |
24,382,926 |
|
Advance Income from
Customers |
4,763,496 |
- |
|
Related Company Payable |
27,517,150 |
4,339,925 |
|
Loan from Related
Company |
44,664,268 |
47,459,459 |
|
Accrued Income Tax |
5,739,435 |
1,719,105 |
|
Accrued Expenses |
8,825,866 |
19,101,535 |
|
Other Current Liabilities |
2,037,211 |
4,051,222 |
|
|
|
|
|
Total Current Liabilities |
174,790,548 |
141,054,172 |
|
Total Liabilities |
174,790,548 |
141,054,172 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000 |
20,000,000 |
|
|
|
|
|
Capital Paid |
20,000,000 |
20,000,000 |
|
Unappropriated [Deficit] |
20,017,947 |
396,106 |
|
Total Shareholders' Equity |
40,017,947 |
20,396,106 |
|
Total Liabilities &
Shareholders' Equity |
214,808,495 |
161,450,278 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Service
Income |
400,047,921 |
355,606,203 |
|
Other Income |
248,776 |
264,584 |
|
Total Revenues |
400,296,697 |
355,870,787 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
316,287,352 |
287,754,790 |
|
Selling & Administrative Expenses |
51,364,271 |
49,164,556 |
|
Total Expenses |
367,651,623 |
336,919,346 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
32,645,074 |
18,951,441 |
|
Interest Income |
47,277 |
55,041 |
|
Interest Expenses |
[3,510,509] |
[2,816,946] |
|
Income Tax |
[9,560,001] |
[3,954,611] |
|
|
|
|
|
Net Profit / [Loss] |
19,621,841 |
12,234,925 |
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. |
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 |
|
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%)