MIRA
INFORM REPORT
|
Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GSE
LINING TECHNOLOGY COMPANY
LIMITED |
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|
|
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Registered Office : |
26th Floor, Rasa Tower,
555 Phaholyothin Road, T.
Jatujak, A. Jatujak,
Bangkok 10900 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11.08.1999 |
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Com. Reg. No.: |
0105542058883 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Flexible
Membrane Liners |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
GSE
LINING TECHNOLOGY COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 26th FLOOR,
RASA TOWER,
555 PHAHOLYOTHIN ROAD, T. JATUJAK,
A.
JATUJAK, BANGKOK 10900
TELEPHONE : [66] 2937-0091
FAX : [66] 2937-0097
E-MAIL
ADDRESS : jsteinke@gseworld.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION NO. : 0105542058883
CAPITAL REGISTERED : BHT. 148,000,000
CAPITAL PAID-UP : BHT. 148,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. JAMES THOMAS STEINKE, AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 380
LINES
OF BUSINESS : FLEXIBLE MEMBRANE LINERS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 August 11, 1999
as a private limited company under the name style
GSE LINING TECHNOLOGY
COMPANY LIMITED by American
groups, with the
business objective to
manufacture and service flexible
membrane liners for
both domestic and
international markets. It
currently employs 380
staff. The subject
is a wholly owned subsidiary
of GSE International Inc., U.S.A.
It
achieved the ISO
9001:2000 and ISO
14001 certification.
The
subject’s registered address
is 555 Rasa Tower, Phaholyothin Rd., Jatujak, Bangkok
10900, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Carol Wayne Case |
|
American |
65 |
|
Mr. James Thomas Steinke |
|
American |
64 |
|
Mr. Chalermsak Puengvikrai |
|
Thai |
46 |
AUTHORIZED PERSON
One of the directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. James Thomas
Steinke is the Managing Director.
He is American nationality with
the age of
64 years old.
Mr.
Chalermsak Puengvikrai is
the General Manager.
He is Thai nationality with
the age of
46 years old.
Mr. Suwit Jariyawattanavijit is
the Sales Manager.
He is Thai nationality.
Mr. Boonchai Densakul
is the Domestic Sales Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and
servicing flexible membrane
liners, specialized HDPE
geo-membrane, with 7
meters wide, uses
for flooring construction of
dam, wastewater treatment
and others.
BRAND NAME
“GSE”
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining, as
well as machinery
and equipment are
imported from U.S.A.
and Germany.
MAJOR SUPPLIER
GSE
International Inc. : U.S.A.
SALES
Most of the
products are exported
to Hong Kong, Indonesia,
Philippines, Japan, Malaysia,
Myanmar, Singapore, Korea
and Laos, and
the remaining is
sold locally.
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
L/C at sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 380
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory
and warehouse is
located at 111/5
Moo 2, Nikompattana, Rayong 21180.
Tel. : [66]
38 897-142-3, Fax. :
[66] 38 636-638.
COMMENT
The
subject’s business is
likely to show
more sustained growth.
Its growth was
powered by exports,
while domestic consumption was slightly declined.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 148,000,000
divided into 1,480,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 23,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
GSE International Inc. Nationality: American Address : 19103
Gundle Rd., Houston,
Texas, U.S.A. |
1,479,993 |
100.00 |
|
Mr. James Thomas
Steinke Nationality: American Address : 4010 Heaven Pines Drive,
Kingwood, Texas, U.S.A. |
2 |
- |
|
Mr.
Prasopsak Thanhakorn Nationality: Thai Address : 9/458
Phaholyothin Rd., Jatujak,
Bangkok |
1 |
- |
|
Mr. Zamier T.
Badavee Nationality: American Address : 28
Paris, France |
1 |
- |
|
Mr. Edward Joseph
Zimmel Nationality: American Address : 31218
Copper Live Drive,
Spring, Texas, U.S.A. |
1 |
- |
|
Mr. Carol Wayne
Case Nationality: American Address : 1914
West Grey number
308, Houston, Texas, U.S.A. |
1 |
- |
|
Mr. Ernest Carols
English Nationality: American Address : 8710
Windhelm Village Drive,
Houston, Texas, U.S.A. |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Supannee Tariyanantakul No. 4498
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
35,965,291 |
18,045,147 |
|
Trade Accts. Receivable Related company |
51,174,602 |
- |
|
Other Company |
206,825,266 |
139,620,319 |
|
|
|
|
|
Trade Accts. Receivable - Net |
257,999,868 |
139,620,319 |
|
Inventories [note 1] |
134,839,997 |
194,457,358 |
|
Accounts Receivable &
Short-term Loan to
Related Company |
48,879,168 |
- |
|
Deferred Amortization of Assets |
- |
20,007,303 |
|
Other Current Assets
Refundable Input
Tax |
- |
7,866,414 |
|
Others |
2,992,970 |
617,843 |
|
|
|
|
|
Total Current
Assets |
480,677,294 |
380,614,384 |
|
Cash at Bank
pledged as a
Collateral |
2,482,653 |
- |
|
Fixed Assets |
205,817,577 |
195,665,109 |
|
Other Assets |
2,646,951 |
897,882 |
|
Total Assets |
691,624,475 |
577,177,375 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable Related Company |
13,841,656 |
58,211,468 |
|
Other Company |
211,527,126 |
176,848,255 |
|
|
|
|
|
Trade Accts. Payable
- Net |
225,368,782 |
235,059,723 |
|
Related Company Payable |
- |
15,012,765 |
|
Other Current Liabilities Accrued Expenses
|
21,108,574 |
17,217,432 |
|
Accrued Income
Tax |
10,085,965 |
6,522,500 |
|
Others |
13,472,840 |
12,073,386 |
|
|
|
|
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Total Current
Liabilities |
270,036,161 |
285,885,806 |
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|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 1,480,000 shares |
148,000,000 |
148,000,000 |
|
|
|
|
|
Capital Paid |
148,000,000 |
148,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
10,730,000 |
10,730,000 |
|
Unappropriated |
262,858,314 |
132,561,569 |
|
Total
Shareholders' Equity |
421,588,314 |
291,291,569 |
|
Total
Liabilities & Shareholders' Equity |
691,624,475 |
577,177,375 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,532,330,243 |
1,220,286,158 |
|
Other Income Gain on Exchange
Rate |
15,144,077 |
1,097,481 |
|
Others |
1,076,966 |
1,048,488 |
|
Total Revenues
|
1,548,551,286 |
1,222,432,127 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,240,366,005 |
928,967,778 |
|
Selling & Administrative Expenses |
178,591,883 |
153,555,494 |
|
Total Expenses |
1,418,957,888 |
1,082,523,272 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
129,593,398 |
139,908,855 |
|
Interest Expenses |
[2,989,068] |
[2,321,323] |
|
Income Tax |
[9,817,826] |
[10,317,573] |
|
|
|
|
|
Profit / [Loss] from Normal
Operation |
116,786,504 |
127,269,959 |
|
Extraordinary Item |
13,510,241 |
- |
|
|
|
|
|
Net Profit / [Loss] |
130,296,745 |
127,269,959 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
59,751,491 |
84,990,172 |
|
Goods in Process |
- |
111,669 |
|
Raw Material |
75,128,806 |
108,741,455 |
|
Packaging |
396,303 |
623,623 |
|
Machinery Spare Parts |
1,249,458 |
1,676,500 |
|
Total |
136,526,058 |
196,143,419 |
|
Less: Allowance
for Obsolescent Stock |
[1,686,061] |
[1,686,061] |
|
Total
|
134,839,997 |
194,457,358 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
25.57 |
|
|
Operating Profit |
[26.24] |
|
|
Net Profit |
2.38 |
|
|
Fixed Assets |
5.19 |
|
|
Total Assets |
19.83 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
80.95 |
76.13 |
|
Operating Profit Margin |
8.46 |
11.47 |
|
S & A
Expenses |
11.65 |
12.58 |
|
Interest Paid |
0.20 |
0.19 |
|
Other Revenues |
1.06 |
0.18 |
|
Net Profit Margin |
8.50 |
10.43 |
|
Earning Per Shares |
88.04 |
85.99 |
|
No. of Shares |
1,480,000 |
1,480,000 |
Net Sales was
increased by 25.57%,
Operating Profit was
decreased by 26.24%,
Net Profit was
increased by 2.38%,
Fixed Assets was
increased by 5.19%,
Total Assets was
increased by 19.83%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 76.13%
to 80.95%, Operating
Profit Margin was
decreased from 11.47%
to 8.46%, S
& A Expenses
was decreased from
12.58% to 11.65%,
Interest Paid was increased
from 0.19% to
0.20%, Other Revenues
was increased from
0.18% to 1.06%,
Net Profit Margin
was decreased from
10.43% to 8.50%.
Earning Per Shares
was increased from
85.99 baht per
share to 88.04
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.78 |
1.33 |
|
Quick-Assets Ratio |
1.09 |
0.55 |
Current Ratio was
increased from 1.33
to 1.78, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.55 to 1.09,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.64 |
0.98 |
|
Times Interest Earned |
43.36 |
60.27 |
D/E Ratio was
decreased from 0.98
to 0.64, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
60.27 to 43.36,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
7.45 |
6.24 |
|
Total Assets Turnover |
2.22 |
2.11 |
|
Return on Assets |
18.84 |
22.05 |
|
Return on Equity |
30.91 |
43.69 |
|
Day's Payable |
49.70 |
52.17 |
|
Day’s Inventories |
31.68 |
57.37 |
|
Day’s Receivables |
48.59 |
41.19 |
Fixed Assets Turnover
was increased from
6.24 times to
7.45 times, Total
Assets Turnover was
increased from 2.11
times to 2.22
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
22.05 to 18.84,
Return on Equity
was decreased from
43.69 to 30.91,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 53
days to 50
days, and Day’s
Inventories was decreased
from 58 days
to 32 days, while Day’s
Receivables was increased
from 42 days
to 49 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%)