MIRA
INFORM REPORT
|
Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI GLASS INDUSTRIES PUBLIC COMPANY LIMITED |
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Registered Office : |
15
Rajburana Road, Rajburana, Bangkok 10140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1972 |
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Com. Reg. No.: |
0107537000041 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturing contract of
glassware products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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
THAI GLASS INDUSTRIES PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 15
RAJBURANA ROAD, RAJBURANA,
BANGKOK 10140,
THAILAND
TELEPHONE : [66] 427-0060, 427-3798
FAX : [66] 427-6603,
427-1985
EMAIL ADDRESS : thiradac@bjc.co.th, thiradac@bjc.co.th,
Premwads@bjc.co.th, watcharu@bjc.co.th,
sutthipi@bjc.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1972
REGISTRATION NO.
: 0107537000041 [Former : BOR MOR
JOR 251]
CAPITAL
REGISTERED : BHT.
1,170,000,000
CAPITAL
PAID-UP : BHT.
1,170,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
PRASERT MEKWATANA, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 1,905
LINES OF
BUSINESS : GLASS CONTAINERS & GLASSWARES
MANUFACTURER
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 December 18,
1972 as a
private limited company under the registered name
THAI GLASS INDUSTRIES
CO., LTD. by
Thai groups. It
is one of Thailand’s leading
manufacturers of glassware.
It currently employs
1,905 staff.
On April 25,
1975, the subject
was listed on
the Stock Exchange
of Thailand and
its status was
converted to a
public limited company
under the name
THAI GLASS INDUSTRIES
PUBLIC COMPANY LIMITED
on January 3, 1994.
Later on December
29, 1998 the
subject was delisted
from the Stock
Exchange of Thailand.
The subject’ s registered
address is 15 Moo 1,
Rajburana Rd., Rajburana,
Bangkok 10140, and this
is the company’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Thapana Siriwatanapakdee Thai 32
Mr. Thirasak Natheekarnchanalarp Thai 61
Mr. Asawin Techacharoenvikul Thai 31
Mr. Sithichai Chaikriengkrai Thai 53
Mr. Nakorn Phraprasert Thai 55
Mr. Pornchai Athikomkulchai Thai 60
Mr. Narong Srisa-aarn Thai 79
Mr. Prasert Mekwatana Thai 61
Ms. Thapanee Siriwatanapakdee Thai 31
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prasert
Mekwatana is the Managing Director.
He is Thai nationality with
the age of
61 years old.
Mr. Colin
R. Jolly is
the Assistant Managing
Director [Technical].
He is Australian nationality.
He was formerly Managing Director
of ACI’s Indonesian
Subsidiary, KCI - P.T. Kangar
Consolidated Industries.
Ms. Prapaporn
Panatpornprasit is the Administration Manager.
She is Thai nationality.
Mr. Kitti
Nirutnapaphan is the
Commercial Director.
He is Thai nationality.
Mr. Sun
Indrapiromkul is the
Plant Manager 1.
He is Thai nationality.
Mr. Suwin
Intorn is the Plant Manager
2.
He is Thai nationality.
Ms. Pramont Pranuthon
is the Human Resources Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturing
contract of glassware
products, which divided
into 3 colors: green, flint
and amber. Its
products are supplied
to various industries,
such as beer,
whisky & wine, health drink,
food, soft drink
and medicine.
The subject is
the largest glassware
manufacturer in Thailand.
PRODUCTIONS
2,000 tons/day
MAJOR BRAND
“CROWN”
PURCHASE
80% of its raw materials
is purchased from
local suppliers.
IMPORT [COUNTRIES]
Machineries & furnaces
are imported from
United States of
America, Australia &
Germany.
MAJOR SUPPLIERS
ACI Pty. Ltd.
: Australia
Owens - Lionis Inc.
: United
States of America
SALES [LOCAL]
80% of its products is
sold locally. 80%
of them is
sold mainly to
Berli Jucker Public Co.,
Ltd., and the
remaining 20% is
to other manufacturers.
EXPORT [COUNTRIES]
20% of its products is
exported to United
States of America,
South Africa, Middle
East, Germany, Netherlands, Taiwan, Malaysia, Singapore,
Republic of China,
Australia and New
Zealand.
MAJOR CUSTOMERS
|
Company |
Country |
|
- Berli Jucker Public
Co., Ltd. |
Thailand |
|
- Boonrawd Brewery Co.,
Ltd. |
Thailand |
|
- Thai Pure Drinks
Co., Ltd. |
Thailand |
|
- Osoth Sapa Co., Ltd. |
Thailand |
|
- T.C. Pharmaceutical Industry
Ltd. |
Thailand |
|
- Carlsburg Brewery Co., Ltd. |
Thailand |
|
- North Star Public
Co., Ltd. |
Thailand |
|
- Sermsuk Public Co.,
Ltd. |
Thailand |
SUBSIDIARIES &
AFFILIATED COMPANIES
Vina Glass
Industries Co., Ltd.
Business Type: Manufacturer of
Glass package in
the South of
Vietnam
[100% of
investment]
TG Holding
Ltd.
Business Type: Property Rental
Service [99.93% of
investment]
O - I Pacific [Machinery and Distribution] Ltd
Business Type: Importer-Exporter
of machinery, equipment
and parts for
repairing
[30% of investment]
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 on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Imports are by
L/C at sight or on
the credit term
of 180 days.
Exports are against
L/C at sight.
BANKING
The Standard
Chartered Bank
[Bangkok Branch
: 990 Rama 4 Rd.,
Bangrak, Bangkok 10500]
The Siam
Commercial Bank Public
Co., Ltd.
[Suksawad Branch :
Suksawad Rd., Bangkok]
Kasikornbank Public
Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
Bangkok Bank
Public Co., Ltd.
[Head Office :
333 Silom Rd.,
Bangrak, Bangkok 10500]
Westpac Singapore
Ltd.
EMPLOYMENT
The subject employs
approximately 1,905 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office and factory
I on 40,000 square
meters of area
at the heading address in
an industrial area.
The factory II
is located at
78 Moo 9, Soi Wat
Srivaree Noi, Bangna-Trad
Road, K.M. 18,
Bangplee, Samutprakarn 10540
Thailand. Tel :
[66] 2337-1207-14, Fax
: [66] 2337-1221.
COMMENT
The subject has
been operating for
35 years and
is free to sell
its products to
many customers in
various major industries, i.e. beer, liquor, soft
drinks, health drinks and etc.
The subject’s products
are of high quality
and competitive in
price. It has
been enjoying a
high market share
and the business
is growing steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
12,000,000 divided into
120,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 80,000,000 on June 5,
1973
Bht. 100,000,000 on August 15,
1975
Bht. 130,000,000 on September 7,
1977
Bht. 195,000,000 on January 20,
1981
Bht. 260,000,000 on August 13,
1991
Bht. 585,000,000 in 1995
Bht. 1,170,000,000 in
2000
The present registered
capital was increased
to 1,170,000,000 divided
into 117,000,000 shares
of Bht. 10
each with fully
paid.
MAIN SHAREHOLDERS : [as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
Berli Jucker
Public Co., Ltd. Nationality : Thai Address : 99
Soi Rubia, Sukhumvit
42 Rd.,
Klongtoey, Bangkok |
115,335,229 |
98.58 |
|
Mr. Santi Pruekwatananont Nationality : Thai Address : 58
Sab Rd., Siphaya,
Bangrak, Bangkok |
242,090 |
0.20 |
|
Mrs. Onsa Pruekwatananont Nationality : Thai Address : 120/6
Moo 6, Tharaeng, Bangkhen,
Bangkok |
182,090 |
0.15 |
|
Mrs. Pasana Teng-amnuay Nationality : Thai Address : 307,
307/1 Charansanitwong 40
Rd.,
Bangplad, Bangkok |
137,000 |
0.12 |
|
Mrs. Vilai Pruekwatananont Nationality : Thai Address : 58
Sab Rd., Siphaya,
Bangrak, Bangkok |
102,000 |
0.09 |
|
Others |
1,001,591 |
0.86 |
Total Shareholders
226
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Vilai Buranakitisophon No. 3920
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
|
6,815,190 |
3,105,635 |
|
Trade Accts. Receivable |
1,126,684,598 |
825,080,824 |
|
Advance to Related
Companies |
24,672,775 |
25,826,987 |
|
Inventories |
777,017,876 |
785,490,162 |
|
Other Current Assets
|
10,977,953 |
15,454,533 |
|
|
|
|
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Total Current
Assets |
1,946,168,392 |
1,654,958,141 |
|
Investment accounted for under
Equity Method |
349,011,991 |
363,002,801 |
|
Fixed Assets |
3,419,474,444 |
3,486,799,307 |
|
Intangible Assets |
2,245,687 |
4,358,310 |
|
Deferred Income Tax |
107,694,101 |
127,556,715 |
|
Other Assets |
42,163,787 |
17,769,811 |
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Total Assets |
5,866,758,402 |
5,654,445,085 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from Bank |
892,500,000 |
559,000,000 |
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Trade Accts. Payable |
535,811,254 |
456,814,419 |
|
Current Portion of
Long-term Loan |
700,000,000 |
400,000,000 |
|
Short-term Loan &
Advance from Related Companies |
371,918,391 |
378,967,029 |
|
Assets Purchased Payable |
40,692,371 |
100,039,320 |
|
Accrued Income Tax |
- |
7,769,174 |
|
Accrued Expenses |
118,682,198 |
66,993,250 |
|
Other Current Liabilities |
39,045,581 |
40,366,752 |
|
|
|
|
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Total Current
Liabilities |
2,698,649,795 |
2,009,949,944 |
|
Long-term Loan from
Bank |
400,000,000 |
800,000,000 |
|
Reserve for Employees’ Bonus |
96,196,582 |
93,520,610 |
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Total Liabilities |
3,194,846,377 |
2,903,470,554 |
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 117,000,000 shares |
1,170,000,000 |
1,170,000,000 |
|
|
|
|
|
Capital Paid |
1,170,000,000 |
1,170,000,000 |
|
Adjustment in Value
of Risk Instrument |
[14,455,683] |
[6,099,888] |
|
Retained Earning Appropriated for
Statutory Reserve |
117,000,000 |
117,000,000 |
|
General Reserve |
4,000,000 |
4,000,000 |
|
Unappropriated |
1,395,367,708 |
1,466,074,419 |
|
Total
Shareholders' Equity |
2,671,912,025 |
2,750,974,531 |
|
Total
Liabilities & Shareholders' Equity |
5,866,758,402 |
5,654,445,085 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
4,654,211,127 |
4,476,410,752 |
|
Other Income |
18,744,417 |
28,843,634 |
|
Total Revenues
|
4,582,955,544 |
4,505,254,386 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
4,148,735,659 |
3,903,360,130 |
|
Selling & Administrative Expenses |
261,799,962 |
221,067,134 |
|
Loss from Diminution of Investment in
Subsidiaries |
13,990,810 |
2,268,274 |
|
Other Expenses |
456,336 |
3,667,936 |
|
Total Expenses |
4,424,982,767 |
4,130,363,474 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
157,972,777 |
374,890,912 |
|
Interest Expenses |
[91,816,874] |
[49,173,697] |
|
Income Tax |
[19,862,614] |
[97,987,217] |
|
|
|
|
|
Net Profit / [Loss] |
46,293,289 |
227,729,998 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
1.96 |
|
|
Operating Profit |
[55.60] |
|
|
Net Profit |
[79.67] |
|
|
Fixed Assets |
[1.93] |
|
|
Total Assets |
3.75 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.90 |
87.20 |
|
Operating Profit Margin |
3.78 |
8.51 |
|
S & A
Expenses |
5.74 |
4.94 |
|
Interest Paid |
2.01 |
1.10 |
|
Other Revenues |
0.41 |
0.64 |
|
Net Profit Margin |
1.01 |
5.09 |
|
Earning Per Shares |
0.40 |
1.95 |
|
No. of Shares |
117,000,000 |
117,000,000 |
Net Sales was
increased by 1.96%,
Operating Profit was
decreased by 55.60%,
Net Profit was
decreased by 79.67%,
Fixed Assets was
decreased by 1.93%,
Total Assets was
increased by 3.75%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 87.20%
to 90.90%, Operating
Profit Margin was
decreased from 8.51%
to 3.78%, S
& A Expenses
was increased from
4.94% to 5.74%,
Interest Paid was increased
from 1.10% to
2.01%, Other Revenues
was decreased from
0.64% to 0.41%,
Net Profit Margin
was decreased from
5.09% to 1.01%.
Earning Per Shares
was decreased from
1.95 baht per
share to 0.40
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.72 |
0.82 |
|
Quick-Assets Ratio |
0.43 |
0.42 |
Current Ratio was
decreased from 0.82
to 0.72, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.42 to 0.43,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.20 |
1.06 |
|
Times Interest Earned |
1.88 |
7.74 |
D/E Ratio was
increased from 1.06
to 1.20, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
7.74 to 1.88,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.33 |
1.28 |
|
Total Assets Turnover |
0.78 |
0.79 |
|
Return on Assets |
0.79 |
4.03 |
|
Return on Equity |
1.73 |
8.28 |
|
Day's Payable |
42.26 |
36.74 |
|
Day’s Inventories |
61.29 |
63.17 |
|
Day’s Receivables |
88.87 |
66.35 |
Fixed Assets Turnover
was increased from
1.28 times to
1.33 times, Total
Assets Turnover was
decreased from 0.79
times to 0.78
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 4.03 to
0.79, Return on
Equity was decreased
from 8.28 to
1.73, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 37
days to 43
days, while Day’s
Inventories was decreased
from 64 days
to 62 days, but Day’s
Receivables was increased
from 67 days
to 89 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%)