MIRA
INFORM REPORT
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Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
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Name : |
WELLGROW GLASS INDUSTRY CO., LTD. |
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Registered Office : |
36 Moo 2, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
0105527036459 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and
servicing wide range
of glass bottles
and glass caps,
as well as
frosting and painting
services |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
WELLGROW GLASS INDUSTRY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 36
MOO 2,
T. PIMPA,
A. BANGPAKONG,
CHACHOENGSAO 24180
TELEPHONE : [66] 38
570-107-8
FAX : [66] 38
570-109
E-MAIL ADDRESS : market@wellgrowglass.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527036459 [Former : 3647/2527]
CAPITAL
REGISTERED : BHT.
150,000,000
CAPITAL
PAID-UP : BHT.
150,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAIWAT SOMBOON-ANANT, THAI
PRESIDENT
NO. OF
STAFF : 156
LINES OF
BUSINESS : GLASS
BOTTLES AND CAP
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 8,
1984 as a
private limited company under
the name style
JEERASITH RUAMTHUN CO.,
LTD., by Thai
groups.
On
October 16, 2000,
the subject was
changed its name
to WELLGROW GLASS INDUSTRIES
CO., LTD., and was
changed to the
current name WELLGROW GLASS
INDUSTRY CO., LTD.,
on March 7,
2003.
Its
business objective is a manufacture of glass bottles
and caps with the promotional privileges granted
by the Board
of Investment [BOI] under the
certificated No. 1072 [1]
/2545 for the
production. It currently
employs 156 staff.
The
subject’s registered address
is 36 Moo 2,
T. Pimpa, A. Bangpakong, Chachoengsao
24180, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
Mr. Saengchai Dechasathaporn |
|
Thai |
56 |
|
Mr. Chaiwat Somboon-anant |
|
Thai |
57 |
|
Mr. San Chankasemporn |
|
Thai |
66 |
|
Mr. Somsak Techapisarn |
|
Thai |
59 |
|
Mr. Prayoon Ovarttasnee |
|
Thai |
51 |
|
Mrs. Suwannee Thomanakorn |
|
Thai |
58 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chaiwat Somboon-anant is
the President.
He is Thai
nationality with the
age of 57
years old.
Mr. Vitoon Tangsaksathit is
the Managing Director.
He is Thai
nationality.
Mr. Prayoon Ovarttasnee
is the Deputy
Managing Director.
He is Thai
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing wide
range of glass
bottles and glass
caps, as well
as frosting and
painting services, under
customer’s requirement .
IMPORT
Some
of raw material
and machinery are
imported from United
States of America,
Germany and United
Kingdom.
SALES
60% of the
products is sold
and serviced locally
to manufacturers and
end-users.
EXPORT
40%
of its products
is exported to
United States of
America, Japan and
Singapore.
MAJOR CUSTOMERS
- Tang
Soon Huat Products
Co., Ltd. :
- Cap
and Cro Thai
Co., Ltd. :
RELATED/ASSOCIATED COMPANIES
Tang Soon
Huat Products Co., Ltd.
Business Type : Distributor of glass bottles.
Cap and
Cro Thai Co.,
Ltd.
Business Type :
Distributor of glass
bottles.
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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
156 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in upcountry.
REMARK
CREDIT
OF EUR 200,000
SHOULD BE ON SECURED BASIS.
COMMENT
Strong economic
growth in the past few years together with the improving economy of the
country’s industrial sector are the key factors behind the increasing of
industrial-related instrument and equipment. The subject posted its growth for
2005 at satisfactory rate. Despite
current economic slowdown,
consumption demand from
food and consumer
products have not
affected so much, therefore glass
bottle and cap
remains in steady
demand.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
700,000 divided into
7,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 100,000,000
on May 18,
2001
Bht. 150,000,000
on October 14,
2004
On
May 18, 2001,
the capital was
increased to Bht.
150,000,000 divided into
15,000 shares of
Bht. 10,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Udomsak
Tangsaksathit
Nationality: Thai Address : 29
Moo 14, Banghuasua,
Phrapradaeng, Samutprakarn |
4,500 |
30.00 |
Ms. Chittima
Tangsaksathit
Nationality: Thai Address : Pomprab, |
3,000 |
20.00 |
Mr. Ekapong
Tangsaksathit
Nationality: Thai Address : Pomprab, |
3,000 |
20.00 |
|
Mr. Chaiwat Somboon-anant Nationality: Thai Address : |
1,125 |
7.50 |
|
Mr.
Saengchai Techasathaporn Nationality: Thai Address :
Siyakmahanak, Dusit, |
1,125 |
7.50 |
|
Mr. Rod Foowongcharoen Nationality: Thai Address : 52/247 Moo 1, Bangbuathong, Nonthaburi |
1,125 |
7.50 |
|
Mrs.
Suwannee Thomanakarn Nationality: Thai Address : 703
Sukhumvit 77 Rd.,
Suanluang, |
1,125 |
7.50 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Kriengkrai Srisermsap No.
4936
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
2,763,402.08 |
217,049.88 |
|
Trade Accts. Receivable - Related
Company |
71,966,565.52 |
28,006,116.59 |
|
- Other
Company |
2,884,886.78 |
822,930.72 |
|
Inventories |
64,244,522.14 |
55,304,607.17 |
|
Revenue Department Receivable |
15,970,579.89 |
18,328,082.47 |
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Other Current Assets
|
25,923,965.26 |
20,627,472.70 |
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|
|
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Total Current
Assets |
183,753,921.67 |
123,306,259.53 |
|
Cash at Bank
pledged as a
Collateral |
2,414,634.72 |
1,798,444.00 |
|
Fixed Assets |
309,525,739.88 |
301,270,001.22 |
|
Deposit & Guarantee |
115,717.25 |
440,207.25 |
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Total Assets
|
495,810,013.52 |
426,814,912.00 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
34,869,382.17 |
30,821,807.52 |
|
Promissory Notes |
20,000,000.00 |
20,000,000.00 |
|
Trade Accts. Payable |
30,086,770.63 |
24,381,942.01 |
|
Other Payable |
9,810,371.09 |
11,932,005.90 |
|
Current Portion of
Hire-purchase Contract Payable |
684,166.88 |
684,166.88 |
|
Current Portion of
Long-term Loan |
34,272,301.63 |
43,594,404.82 |
|
Other Current Liabilities |
5,388,017.80 |
1,671,808.22 |
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Total Current
Liabilities |
135,111,010.20 |
133,086,135.35 |
|
Loan from Director |
128,789,728.94 |
79,236,342.22 |
|
Loan from Related
Company |
16,722,928.34 |
16,722,928.34 |
|
Long-term Loan from
Bank |
139,032,949.56 |
120,057,511.08 |
|
Total Liabilities |
419,656,617.04 |
349,102,916.99 |
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 15,000 shares |
150,000,000.00 |
150,000,000.00 |
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|
|
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Capital Paid |
150,000,000.00 |
150,000,000.00 |
|
Unappropriated [Deficit] |
[73,846,603.52] |
[72,288,004.99] |
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Total
Shareholders' Equity |
76,153,396.48 |
77,711,995.01 |
|
Total
Liabilities & Shareholders' Equity |
495,810,013.52 |
426,814,912.00 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
207,025,231.26 |
143,336,835.64 |
|
Other Income |
3,314,834.76 |
2,520,772.68 |
|
Total Revenues
|
210,340,066.02 |
145,857,608.32 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
168,034,357.34 |
117,788,169.21 |
|
Selling & Administrative Expenses |
28,731,293.16 |
25,998,746.58 |
|
Total Expenses |
196,765,650.50 |
143,786,915.79 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses |
13,574,415.52 |
2,070,692.53 |
|
Interest Expenses |
[15,133,014.05] |
[11,671,011.80] |
|
|
|
|
|
Net Profit / [Loss] |
[1,558,598.53] |
[9,600,319.27] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
44.43 |
|
|
Operating Profit |
353.88 |
|
|
Net Profit |
83.77 |
|
|
Fixed Assets |
2.74 |
|
|
Total Assets |
16.17 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
81.17 |
82.18 |
|
Operating Profit Margin |
6.56 |
1.44 |
|
S & A
Expenses |
13.88 |
18.14 |
|
Interest Paid |
7.31 |
8.14 |
|
Other Revenues |
1.60 |
1.76 |
|
Net Profit Margin |
[0.75] |
[6.70] |
|
Earning Per Shares |
[103.91] |
[640.02] |
|
No. of Shares |
15,000 |
15,000 |
Net Sales was
increased by 44.43%,
Operating Profit was increased by
353.88%, Net Profit
was increased by
83.77%, Fixed Assets
was increased by
2.74%, Total Assets
was increased by
16.17%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 82.18%
to 81.17%, Operating
Profit Margin was
increased from 1.44%
to 6.56%, S
& A Expenses
was decreased from
18.14% to 13.88%,
Interest Paid was decreased
from 8.14% to
7.31%, Other Revenues
was decreased from
1.76% to 1.60%,
Net Profit Margin
was increased from
-6.70% to -0.75%.
Earning Per Shares
was increased from
-640.02 baht per
share to -103.91 baht
per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.36 |
0.93 |
|
Quick-Assets Ratio |
0.57 |
0.22 |
Current Ratio was
increased from 0.93
to 1.36, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.22 to 0.57,
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 |
5.51 |
4.49 |
|
Times Interest Earned |
0.90 |
0.18 |
D/E Ratio was
increased from 4.49
to 5.51, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
0.18 to 0.90,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
0.67 |
0.48 |
|
Total Assets Turnover |
0.42 |
0.34 |
|
Return on Assets |
[0.31] |
[2.25] |
|
Return on Equity |
[2.05] |
[12.35] |
|
Day's Payable |
17.06 |
29.97 |
|
Day’s Inventories |
111.72 |
138.90 |
|
Day’s Receivables |
5.02 |
2.07 |
Fixed Assets Turnover
was increased from
0.48 times to
0.67 times, Total
Assets Turnover was
increased from 0.34
times to 0.42
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
-2.25 to -0.31,
Return on Equity
was increased from
-12.35 to -2.05,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 30
days to 18
days, and Day’s
Inventories was decreased
from 139 days
to 112 days,
while Day’s Receivables
was increased from
3 days to
6 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. |
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%)