MIRA
INFORM REPORT
|
Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BANGKOK GLASS INDUSTRY COMPANY LIMITED |
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Registered Office : |
32nd Floor, Ocean Tower
1, 170/87 Ratchadapisek Road, Klongtoey, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1974
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Com. Reg. No.: |
0105517003019 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, exporter &
distributor various kinds
of glass container
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 |
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
E-MAIL ADDRESS : natcha@bgiglass.com, sirinapa@bgiglass.com
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.
SURASAK DECHARIN, THAI
PRESIDENT
NO. OF
STAFF : 2,631
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 including 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
2,631 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 have been received
the quality certificates from 3 international standard institutes including
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 73
Mr. Chai Sophonpanich Thai 64
Mr. Chaleow Yoovidhya Thai 80
Mr. Chainarong Srifuengfung Thai 62
Mr. Somchai Bulsuk [x]
Thai 64
Mr. Vichet Rangchaikul Thai 57
Mr. Santi Bhirombhakdi Thai 60
Mr. Wutha Bhirombhakdi [x] Thai 72
Mr. Vapee Bhirombhakdi [x]
Thai 72
Mr. Yongyuth Taweekulwatana [x] Thai 71
Mr. Chamnong Bhirombhakdi Thai 82
Mr. Piya Bhirombhakdi Thai 64
Mr. Surasak Decharin [x]
Thai 59
Mr. Pong Sarasin Thai 74
Mr. Palis Bhirombhakdi [x]
Thai 41
Mrs. Preeya Sriboonruang Thai 61
Mr. Jutinun Bhirombhakdi [x]
Thai 59
Mr. Rojanarith Thepakham [x]
Thai 48
AUTHORIZED PERSON
Two of the above directors can jointly sign on
behalf of the subject with company’s
affixed.
MANAGEMENT
Mr. Surasak Decharin
is the President.
He is Thai nationality with
the age of
59 years old.
Mr. Pavin
Bhirombhakdi is the
Executive Vice President.
He is Thai nationality.
Mr. Mana Agrasuta
is the Executive Vice President
[Affiliated Group of
Companies].
He is Thai nationality.
Mr. Akapong Wongjirathiti is
the Executive Vice President [Industry & Planning].
He is Thai nationality.
Mrs. Suchitra Chupitaksin is
the Vice President
Office of President.
She is Thai nationality.
Mrs. Lacksana
Wongrungrojkit is the
Vice President [Human
Resources & Administration].
She is Thai nationality.
Mrs. Amarat Puvaveeranon is
the Chief Financial
Office.
She is Thai nationality.
Mr. Naris Krairachsiri is
the Chief Technical
Office.
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
8-12 millions
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
SUBSIDIARIES AND
AFFILIATED COMPANIES
- 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 2,631 office staff
and factory workers
comprising:
Pathumthani Plant : 1,979
Rayong Plant : 652
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 27,
2007]
|
NAME |
HOLDING |
% |
|
Boon Rawd
Brewery Co., Ltd.
Nationality: Thai Address : 999
Samsen Rd., Bangkrabue, Dusit, Bangkok |
4,916,450 |
54.63 |
|
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 |
327,450 |
3.64 |
|
Thai Pure
Drink Co., Ltd. Nationality: Thai Address : 214 Vibhavadee Rangsit Rd., Bangkhen,
Bangkok |
232,331 |
2.58 |
|
Srisiri Enterprise Co., Ltd. Nationality: Thai Address : 90/9
Sukhumvit 31 Rd.,
Klongtonnua, Wattana, Bangkok |
224,061 |
2.49 |
|
Bangkok Insurance
Public Co., Ltd. Nationality: Thai Address : 25
South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok |
211,316 |
2.35 |
|
Mr. Wutha Pirompakdi Nationality: Thai Address : 999 Samsen
Rd., Bangkrabue, Dusit, Bangkok |
124,765 |
1.39 |
|
Mr. Piya Pirompakdi Nationality: Thai Address : 999 Samsen
Rd., Bangkrabue, Dusit, Bangkok |
124,476 |
1.38 |
|
Bangkok Bank Public Co., Ltd. Nationality: Thai Address : 333 Silom
Rd., Silom, Bangrak, Bangkok |
112,760 |
1.25 |
|
Mr. Santi Pirompakdi Nationality: Thai Address : 999 Samsen
Rd., Bangkrabue, Dusit, Bangkok |
111,849 |
1.24 |
|
Others |
2,250,239 |
25.00 |
Total Shareholders
331
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Visutta Jariyathanakorn No. 3853
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
158,040,261 |
183,606,666 |
|
Trade Accts. Receivable - Related Company |
689,835,282 |
540,695,119 |
|
- Others |
228,996,265 |
147,639,812 |
|
Less: Allowance for
Doubtful Accounts |
[916,387] |
[921,887] |
|
|
|
|
|
Trade Accts. Receivable - Net |
917,915,160 |
687,413,044 |
|
Inventories |
1,070,581,288 |
1,147,772,948 |
|
Refundable Value Added Tax |
- |
93,084,980 |
|
Refundable Custom Tax |
23,289,859 |
23,289,859 |
|
Other Current Assets
|
25,137,714 |
15,273,589 |
|
|
|
|
|
Total Current
Assets |
2,194,964,282 |
2,150,441,086 |
|
Long-term Investment |
146,095,971 |
69,595,971 |
|
Advance & Loan
to Related Company |
12,391,750 |
15,122,264 |
|
Non-operating Assets |
35,832,633 |
36,960,497 |
|
Fixed Assets |
4,809,447,334 |
4,932,878,736 |
|
Other Assets |
1,581,161 |
3,423,600 |
|
Total Assets |
7,200,313,131 |
7,208,422,154 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from Bank |
157,999,750 |
380,000,000 |
|
Trade Accts. Payable - Others |
349,674,005 |
329,747,010 |
|
- Related Company |
10,168,731 |
11,946,477 |
|
Short-term Loan from
Related Company |
140,058,562 |
20,000,000 |
|
Current Portion of
Long-term Loan from Bank |
742,666,667 |
419,333,333 |
|
Accrued Income Tax |
44,839,831 |
1,817,778 |
|
Accrued Expenses |
244,800,867 |
188,317,545 |
|
Other Current Liabilities |
142,438,590 |
94,444,488 |
|
|
|
|
|
Total Current
Liabilities |
1,832,647,003 |
1,445,606,631 |
|
Long-term Loan from Bank
- Net of
Current Portion |
938,000,000 |
1,680,666,667 |
|
Reserve for Employee’s Retirement Welfare |
525,923,228 |
497,653,337 |
|
Total Liabilities |
3,296,570,231 |
3,623,926,635 |
|
|
|
|
|
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 |
|
Premium on Share Capital |
4,000,000 |
4,000,000 |
|
Retained Earning Appropriated for
- Statutory Reserve
|
90,000,000 |
90,000,000 |
|
- Other Reserve |
504,000,000 |
480,000,000 |
|
Unappropriated |
2,405,742,900 |
2,110,495,519 |
|
Total
Shareholders' Equity |
3,903,742,900 |
3,584,495,519 |
|
Total
Liabilities & Shareholders' Equity |
7,200,313,131 |
7,208,422,154 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
5,853,915,886 |
4,710,066,525 |
|
Interest Income |
3,303,124 |
4,489,164 |
|
Other Income |
204,333,635 |
82,857,810 |
|
Total Revenues
|
6,061,552,645 |
4,797,413,499 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,133,774,055 |
4,285,639,156 |
|
Selling & Administrative Expenses |
343,802,865 |
209,058,726 |
|
Total Expenses |
5,477,576,920 |
4,494,697,882 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
583,975,725 |
302,715,617 |
|
Interest Expenses |
[106,084,217] |
[56,117,457] |
|
Income Tax |
[68,644,127] |
[7,108,860] |
|
|
|
|
|
Net Profit / [Loss] |
409,247,381 |
239,489,300 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
24.29 |
|
|
Operating Profit |
55.22 |
|
|
Net Profit |
70.88 |
|
|
Fixed Assets |
[2.50] |
|
|
Total Assets |
[0.11] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
87.70 |
90.99 |
|
Operating Profit Margin |
9.98 |
6.43 |
|
S & A
Expenses |
5.87 |
4.44 |
|
Interest Paid |
1.81 |
1.19 |
|
Other Revenues |
3.55 |
1.85 |
|
Net Profit Margin |
6.99 |
5.08 |
|
Earning Per Shares |
45.47 |
26.61 |
|
No. of Shares |
9,000,000 |
9,000,000 |
Net Sales was
increased by 24.29%,
Operating Profit was
increased by 55.22%,
Net Profit was
increased by 70.88%,
Fixed Assets was
decreased by 2.50%,
Total Assets was
decreased by 0.11%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.99%
to 87.70%, Operating
Profit Margin was
increased from 6.43%
to 9.98%, S
& A Expenses
was increased from
4.44% to 5.87%,
Interest Paid was increased
from 1.19% to
1.81%, Other Revenues
was increased from
1.85% to 3.55%,
Net Profit Margin
was increased from
5.08% to 6.99%.
Earning Per Shares
was increased from
26.61 baht per
share to 45.47
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.20 |
1.49 |
|
Quick-Assets Ratio |
0.59 |
0.60 |
Current Ratio was
decreased from 1.49
to 1.20, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.60 to 0.59,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.84 |
1.01 |
|
Times Interest Earned |
5.50 |
5.39 |
D/E Ratio was
decreased from 1.01
to 0.84, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
5.39 to 5.50,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.22 |
0.95 |
|
Total Assets Turnover |
0.81 |
0.65 |
|
Return on Assets |
5.68 |
3.32 |
|
Return on Equity |
10.48 |
6.68 |
|
Day's Payable |
21.50 |
25.20 |
|
Day’s Inventories |
65.84 |
87.73 |
|
Day’s Receivables |
14.08 |
11.28 |
Fixed Assets Turnover
was increased from
0.95 times to
1.22 times, Total
Assets Turnover was
increased from 0.65
times to 0.81
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
3.32 to 5.68,
Return on Equity
was increased from
6.68 to 10.48,
capacity to use
Assets to make
profit was good.
Day's Payable
was decreased from
26 days to
22 days, and
Day’s Inventories was
decreased from 88
days to 66
days, while Day’s
Receivables was increased
from 12 days
to 15 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%)