MIRA
INFORM REPORT
|
Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GOLDEN LIME CO., LTD. |
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Registered Office : |
5th
Floor, 481 Bondstreet Road, Bangpood, Pakkred, NonthaburI 11120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
02.10.2003 |
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Com. Reg. No.: |
0105546120206 [Former : 10554601121] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in manufacturing and distributing of
slaked lime products. |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
GOLDEN LIME CO., LTD.
SUMMARY
BUSINESS ADDRESS : 5th FLOOR, 481 BONDSTREET
ROAD, BANGPOOD,
PAKKRED,
NONTHABURI 11120, THAILAND
TELEPHONE : [66] 2960-2030-40
FAX : [66]
2960-2042
E-MAIL ADDRESS : mis@lq.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0105546120206 [Former : 10554601121]
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 : MRS. MATHUROS MONSERINUSORN, THAI
MANAGING
DIRECTOR
NO. OF STAFF
: 300
LINES OF
BUSINESS : SLAKED
LIME PRODUCTS
MANUFACTURER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on October
2, 2003 as
a private limited
company under the name
style GOLDEN LIME
CO., LTD., by
Thai groups, in order
to manufacture and
distribute slaked lime
products to both domestic and international markets.
It currently employs
approximately 300 staff.
The subject’s registered
address is 481
Bondstreet Rd., Bangpood,
Pakkred, Nonthaburi 11120,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mrs. Mathuros Monserinusorn
AUTHORIZED PERSON
The above
director can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Mathuros Monserinusorn is
the Managing Director.
She is
Thai nationality with
the age of
49 years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing of slaked lime
products, with the
production capacity approximately 800,000 tons per
annum, under the
name “GL” brand.
PURCHASE
Most of
raw materials are
purchased from local
supplier.
IMPORT
Some of raw
material and machinery
are imported from
Germany and U.S.A.
SALES [LOCAL]
90% of
the products is
sold locally by
wholesale to dealers
and end-users.
EXPORT
10% of
the products is
exported to Vietnam,
Singapore and Taiwan.
RELATED AND AFFILIATED COMPANY
Lime
Quality Co., Ltd.
Business Type
: Manufacturer of
industrial chemicals.
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
The
Siam Commercial Bank
Public Co., Ltd.
[Muang Thong
Thani Branch :
Chaengwattana Rd., Bangpood,
Pakkred, Nonthaburi]
EMPLOYMENT
The subject employs
approximately 300 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in
residential area.
Factory and warehouse
are located at
7 Moo 12, Soi 11,
Sai 3, New Saraburi-Lomsak Rd.,
Chongsarika, Pattananikom, Lopburi 15220.
Tel. [66] 36 436-178,
Fax. [66] 36
436-426.
Branch office :
- 61 Moo 1,
Phaholyothin Rd., T. Naphralan, A. Chalermprakiat,
Saraburi province.
COMMENT
The subject is
the leading manufacturer of Slaked Lime,
which has strong
demand from agricultural industry. Its product
has been widely
used in both
domestic and export
markets.
The subject is
doing good business
and expand aggressively.
FINANCIAL INFORMATION
The capital was registered at
Bht. 10,000,000 divided
into 2,000,000 shares
of Bht. 5
each.
The capital was
increased later as
following:
Bht. 50,000,000 on November 28,
2003
Bht. 90,000,000 on July 28,
2005
Bht. 100,000,000 on April 4,
2006
Bht. 150,000,000 on November 9,
2006
The latest registered
capital was increased
to Bht. 150,000,000 divided
into 30,000,000 shares
of Bht. 5
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
November 9, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Yingyos Monserinusorn Nationality: Thai Address :
81/77 Moo 3,
Bangsue, Bangkok |
8,750,001 |
29.17 |
|
Mr. Cherdkiat Monserinusorn Nationality: Thai Address :
236 Rimklongprapa Rd.,
Bangsue, Bangkok |
7,050,001 |
23.50 |
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Ms. Wallapa Monserinusorn Nationality: Thai Address :
52/14-15 Sukhumvit 11
Rd., Klongtoeynua, Wattana, Bangkok |
6,000,000 |
20.00 |
|
Mr. Sasit
Monserinusorn Nationality: Thai Address :
13/65 Sukhumvit 23
Rd., Klongtoeynua, Wattana, Bangkok |
4,000,001 |
13.33 |
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Ms. Natchanok Jesdanant Nationality: Thai Address :
126/1 Moo 1,
Deelang, Pattananikom, Lopburi |
2,999,994 |
9.99 |
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Mr. Santitawee Sarasart Nationality: Thai Address :
12/97 Moo 6,
Srinakarin Rd., Nongbon,
Pravet, Bangkok |
1,200,000 |
4.00 |
|
Ms. Thidarat Seewallop Nationality: Thai Address :
39/235 Moo 9,
Seekan, Donmuang, Bangkok |
1 |
|
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Mr. Panchalit Monserinusorn Nationality: Thai Address :
53/9 Moo 5,
Bangtalad, Pakkred, Nonthaburi |
1 |
= 0.01 |
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Mr. Kiatchai Monserinusorn Nationality: Thai Address :
99 Moo 3,
Tanay, Pakkred, Nonthaburi |
1 |
|
Total Shareholders
9
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Maj Gen.
Seri Sutthikul No.
0765
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]
|
29,347,598.18 |
8,700.86 |
|
Trade Accts.
& Notes Receivable |
64,985,492.84 |
- |
|
Other Current
Assets |
10,201,772.57 |
9,325,792.41 |
|
|
|
|
|
Total
Current Assets
|
104,534,863.59 |
9,334,493.27 |
|
Share Capital
Receivable |
- |
15,000,000.00 |
|
Fixed Assets [note 2] |
166,979,016.04 |
145,200,800.00 |
|
Other Assets |
10,620,000.00 |
11,515,565.98 |
|
Total
Assets |
282,133,879.63 |
181,050,859.25 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
|
- |
14,318,545.41 |
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Trade Accts.
Payable |
62,899,347.82 |
- |
|
Other Payable |
2,112,800.00 |
11,568,000.00 |
|
Accrued Expenses |
20,366,143.93 |
229,196.32 |
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|
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Total Current Liabilities |
85,378,291.75 |
26,115,741.73 |
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Long-term Loan |
104,210,273.27 |
107,468,545.70 |
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Total
Liabilities |
189,588,565.02 |
133,584,287.43 |
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Shareholders' Equity |
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Share capital : Baht 5 par value
authorized, issued and fully
paid share capital
18,000,000 & 10,000,000 shares in 2005
& 2004 respectively |
90,000,000.00 |
50,000,000.00 |
|
|
|
|
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Capital Paid |
90,000,000.00 |
50,000,000.00 |
|
Unappropriated |
2,545,314.61 |
[2,533,428.18] |
|
Total Shareholders' Equity |
92,545,314.61 |
47,466,571.82 |
|
Total Liabilities & Shareholders' Equity |
282,133,879.63 |
181,050,859.25 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Operating Income
|
197,443,680.43 |
4,000,000.00 |
|
Other Income |
36,123,087.36 |
362,850.17 |
|
Total
Revenues |
233,566,767.79 |
4,362,850.17 |
|
Expenses |
|
|
|
|
|
|
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Cost of
Goods Sold |
162,131,574.00 |
- |
|
Selling &
Administrative Expenses |
57,654,510.64 |
4,506,940.37 |
|
Total Expenses
|
219,786,084.64 |
4,506,940.37 |
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|
|
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Profit / [Loss]
before Interest Expenses
& Income
Tax |
13,780,683.15 |
[144,090.20] |
|
Interest Expenses |
[6,673,228.79] |
[1,287,809.85] |
|
Income Tax |
[2,028,711.57] |
- |
|
|
|
|
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Net Profit / [Loss] |
5,078,742.79 |
[1,431,900.05] |
|
Retained Earning [Deficit], beginning of
year |
[2,533,428.18] |
[1,101,528.13] |
|
Retained Earning [Deficit], end of
year |
2,545,314.61 |
[2,533,428.18] |
FINANCIAL NOTE
NOTE
1 Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in
hand |
118,450.10 |
8,000.00 |
|
Cash at
bank |
29,229,148.08 |
700.86 |
|
Total |
29,347,598.18 |
8,700.86 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building |
9,700,000.00 |
3,000,000.00 |
|
Machine |
109,296,000.00 |
107,296,000.00 |
|
Office Automation |
413,367.09 |
- |
|
Vehicle |
9,434,947.81 |
- |
|
Total |
128,844,314.90 |
110,296,000.00 |
|
Less:
Depreciation |
[24,175,541.33] |
[1,759,200.00] |
|
Total |
104,668,773.57 |
108,536,800.00 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
4,836.09 |
|
|
Operating |
[9,663.93] |
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|
Net Profit |
454.69 |
|
|
Fixed Assets |
15.00 |
|
|
Total Assets |
55.83 |
|
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Profitability |
|
|
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Cost of
Goods Sold |
82.12 |
0.00 |
|
Operating Profit
Margin |
0.07 |
[0.04] |
|
S&A expenses |
29.20 |
112.67 |
|
Interest |
3.38 |
32.20 |
|
Other Revenues |
18.30 |
9.07 |
|
Net Profit
Margin |
2.57 |
[35.80] |
|
Earning Per
Shares |
0.28 |
[0.14] |
|
No. of
Shares |
18,000,000 |
10,000,000 |
Net Sales was increased by 4,836.09%, Operating Profit was decreased by 9,663.93%, Net Profit was increased by 454.69%, Fixed Assets was increased by 15.00%, Total Assets was increased by 55.83%.
Compare each cost with sales, Cost of Goods Sold was increased from 0.00% to 82.12%, Operating Profit Margin was increased from -0.04% to 0.07%, S & A Expenses were decreased from 112.67% to 29.20%, Interest Paid was decreased from 32.20% to 3.38%, Other Revenues was increased from 9.07% to 18.30%, Net Profit Margin was increased from -35.80% to 2.57%.
Earning Per Shares was increased from -0.14 baht per share to 0.28 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.22 |
0.36 |
|
Quick -
assets ratio |
1.10 |
0.00 |
Current Ratio was increased from 0.36 to 1.22, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.00 to 1.10, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
2.05 |
2.81 |
|
Times Interest
Earned |
2.07 |
[0.11] |
D/E Ratio was decreased from 2.81 to 2.05, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium and Times Interest Earned was increased from -0.11 to 2.07, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1.18 |
0.03 |
|
Total Assets
Turnover |
0.70 |
0.02 |
|
Return on
Assets |
1.80 |
[0.79] |
|
Return on
Equity |
5.49 |
[3.02] |
|
Day’s Payable |
114.68 |
0.00 |
|
Days’ Receivables |
118.49 |
0.00 |
Fixed Assets Turnover was increased from 0.03 times to 1.18 times, Total Assets Turnover was increased from 0.02 times to 0.70 times, show the company could use Assets so efficiently, and Return on Assets was increased from -0.79 to 1.80, Return on Equity was increased from -3.02 to 5.49, capacity to use Assets to make profit was good.
Day’s Payable was increased from 0 days to 115 days, and Day’s Receivables was increased from 0 days to 119 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%)