MIRA
INFORM REPORT
|
Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
GUARDFIRE LIMITED |
|
|
|
|
Registered Office : |
8th Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1990 |
|
|
|
|
Com. Reg. No.: |
0105533137016 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
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 : |
Usually correct |
|
|
|
|
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, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
17,467,489 |
26,566,406 |
|
Trade Accts. Receivable |
100,912,715 |
58,261,126 |
|
Related Company Receivable |
16,201,062 |
18,100,657 |
|
Inventories [note 2] |
22,106,750 |
22,083,125 |
|
Other Current Assets
|
765,957 |
2,543,967 |
|
|
|
|
|
Total Current
Assets |
157,453,973 |
127,555,281 |
|
Fixed Assets [note 3] |
3,192,928 |
4,424,129 |
|
Other Assets |
803,377 |
512,800 |
|
Total Assets
|
161,450,278 |
132,492,210 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Short-term Loan from Bank |
40,000,000 |
26,000,000 |
|
Trade Accts. Payable |
24,382,926 |
32,751,892 |
|
Advance Income from
Customers |
- |
416,422 |
|
Related Company Payable |
4,339,925 |
7,852,498 |
|
Loan from Related
Company |
47,459,459 |
43,907,942 |
|
Accrued Income Tax |
1,719,105 |
- |
|
Accrued Expenses |
19,101,535 |
6,676,200 |
|
Other Current Liabilities |
4,051,222 |
6,726,075 |
|
|
|
|
|
Total Current
Liabilities |
141,054,172 |
124,331,029 |
|
Total Liabilities |
141,054,172 |
124,331,029 |
|
|
|
|
|
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] |
396,106 |
[11,838,819] |
|
Total
Shareholders' Equity |
20,396,106 |
8,161,181 |
|
Total
Liabilities & Shareholders' Equity |
161,450,278 |
132,492,210 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales & Service
Income |
355,606,203 |
268,762,350 |
|
Interest Income |
55,041 |
29,532 |
|
Other Income |
264,584 |
6,354,124 |
|
Total Revenues
|
355,925,828 |
275,146,006 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
287,754,790 |
224,046,794 |
|
Selling & Administrative Expenses |
49,164,556 |
37,081,656 |
|
Total Expenses |
336,919,346 |
261,128,450 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
19,006,482 |
14,017,556 |
|
Interest Expenses |
[2,816,946] |
[2,253,505] |
|
Income Tax |
[3,954,611] |
- |
|
|
|
|
|
Net Profit / [Loss] |
12,234,925 |
11,764,051 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accts. Receivable |
101,673,645 |
58,548,643 |
|
Less: Allowance for
Doubtful Account |
[760,930] |
[287,517] |
|
Total
|
100,912,715 |
58,261,126 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
9,353,294 |
6,785,073 |
|
Finished Goods in
Transit |
385,348 |
1,659,201 |
|
Work in Process |
13,594,787 |
14,724,310 |
|
Total |
23,333,429 |
23,168,584 |
|
Less: Allowance
for Obsolescent Stock |
[1,226,679] |
[1,085,459] |
|
Total
|
22,106,750 |
22,083,125 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building Improvement |
4,993,189 |
4,993,189 |
|
Furniture & Fitting |
1,499,326 |
1,459,812 |
|
Office Equipment |
12,973,802 |
11,961,981 |
|
Vehicle |
2,251,500 |
2,251,500 |
|
Total |
21,717,817 |
20,666,482 |
|
Less: Depreciation |
[18,524,889] |
[16,242,353] |
|
Total
|
3,192,928 |
4,424,129 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
32.31 |
|
|
Operating Profit |
2.48 |
|
|
Net Profit |
4.00 |
|
|
Fixed Assets |
[27.83] |
|
|
Total Assets |
21.86 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
80.92 |
83.36 |
|
Operating Profit Margin |
5.34 |
5.22 |
|
S & A
Expenses |
13.83 |
13.80 |
|
Interest Paid |
0.79 |
0.84 |
|
Other Revenues |
0.09 |
2.38 |
|
Net Profit Margin |
3.44 |
4.38 |
|
Earning Per Shares |
61.17 |
58.82 |
|
No. of Shares |
200,000 |
200,000 |
Net Sales was
increased by 32.31%,
Operating Profit was increased by
2.48%, Net Profit
was increased by
4.00%, Fixed Assets
was decreased by
27.83%, Total Assets
was increased by
21.86%.
Compare each cost with sales, Cost of Good Sold was decreased from 83.36% to 80.92%, Operating Profit Margin was increased from 5.22% to 5.34%, S & A Expenses was increased from 13.80% to 13.83%, Interest Paid was decreased from 0.84% to 0.79%, Other Revenues was decreased from 2.38% to 0.09%, Net Profit Margin was decreased from 4.38% to 3.44%.
Earning Per Shares
was increased from
58.82 baht per
share to 61.17
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.12 |
1.03 |
|
Quick-Assets Ratio |
0.95 |
0.83 |
Current Ratio was
increased from 1.03
to 1.12, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.83 to 0.95,
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 |
6.92 |
15.23 |
|
Times Interest Earned |
6.75 |
6.22 |
D/E Ratio was
decreased from 15.23
to 6.92, 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
6.22 to 6.75,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
111.37 |
60.75 |
|
Total Assets Turnover |
2.20 |
2.03 |
|
Return on Assets |
7.58 |
8.88 |
|
Return on Equity |
59.99 |
144.15 |
|
Day's Payable |
24.68 |
43.87 |
|
Day’s Inventories |
22.38 |
29.58 |
|
Day’s Receivables |
102.16 |
78.04 |
Fixed Assets Turnover
was increased from
60.75 times to
111.37 times, Total
Assets Turnover was
increased from 2.03
times to 2.20
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
8.88 to 7.58,
Return on Equity
was decreased from
144.15 to 59.99, capacity
to use Assets
to make profit
was good.
Day's Payable was
decreased from 44
days to 25
days, and Day’s
Inventories was decreased
from 30 days
to 23 days,
while Day’s Receivables
was increased from
79 days to
103 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 |
|
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%)