MIRA
INFORM REPORT
|
Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LINH
GAS CYLINDER CO LTD |
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|
|
|
Registered Office : |
1309 Chan
Road, Thungwatdon,
Sathorn, Bangkok 10120 |
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|
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Country : |
Thailand |
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|
|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
0105520018650 |
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|
Legal Form : |
Private
Limited Company |
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|
|
|
Line of Business : |
Manufacturer and
Distributor of Gas Cylinder |
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 |
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|
|
|
Payment Behaviour : |
No complaints |
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|
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Litigation : |
Clear |
NAME
LINH GAS
CYLINDER CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1309
CHAN ROAD, THUNGWATDON,
SATHORN, BANGKOK
10120
TELEPHONE : [66] 2286-3081
FAX : [66] 2287-2430
E-MAIL ADDRESS : info@linhgas.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1977
REGISTRATION NO.
: 0105520018650 [Former : 1865/2520]
CAPITAL
REGISTERED : BHT. 25,625,000
CAPITAL
PAID-UP : BHT. 25,625,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SIRI LAOSIRICHON, THAI
MANAGING
DIRECTOR
NO. OF STAFF
: 300
LINES OF
BUSINESS : GAS
CYLINDER
MANUFACTURER
AND DISTRIBUTOR
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 December 19,
1977 as a
private limited company under the name style
LINH GAS CYLINDER
CO., LTD., by
Thai groups, with the
business objective to
manufacture wide range
of gas cylinder to domestic
market. It currently
employs approximately 300 staff.
The
subject’s registered address
is 1309 Chan
Rd., Thungwatdon, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Veera Laosirichon |
|
Thai |
62 |
|
Mr. Siri Laosirichon |
|
Thai |
47 |
|
Mrs. Suwadee Laosirichon |
|
Thai |
54 |
|
Ms. Salinee Laosirichon |
|
Thai |
56 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Siri Laosirichon is the Managing director
and Production Manager.
He is Thai nationality with
the age of
47 years old.
Mr. Veera Laosirichon is
the Sales & Marketing Manager.
He is Thai nationality with
the age of
62 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing wide
range of gas
cylinder [LPG/ NGV], as well as importing and
distributing of gas
cylinder equipment, specializes
gas supply control
system equipment, such
as pressure regulator, common rail injection system,
ECU electronic control
unit, under the brand names “DREAM
XXI N” and “OMVL” and
etc.
Subject also provides
installation service of
LPG and NGV
gas cylinder for
vehicle.
PURCHASE
Raw materials and components
are purchased from
local supplier.
IMPORT
Gas
cylinder control system
equipment are imported
from Italy.
MAJOR SUPPLIER
OMVL
Srl. :
Italy
SALES
The products is
sold locally by
wholesale to manufacturer, and end-users.
MAJOR CUSTOMERS
- CNG
Auto Co., Ltd.
- Thai
Ultimate Car Co.,
Ltd.
- Gas
Injection System Co.,
Ltd.
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.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 300 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory
and warehouse are
located at 88
Moo 12, Pracharaj-uthis Rd.,
Rajathewa, Bangplee, Samutprakarn 10540. Tel.: [66] 2312-4606-9.
COMMENT
The
subject’s sales were
slow down from
economic uncertain. However,
gas cylinder for
automobile have a
bright future prospect
when PTT Public
Co., Ltd. are
capable to supply
more NGV gas
for automobile in
the next two
years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 25,000,000
on August 29,
1970
Bht. 25,625,000
on August 8,
1990
The
latest registered capital
was increased to
Bht. 25,625,000 divided into
256,250 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Paen Laosirichon Nationality: Thai Address : 148/6
Nanglinchee Rd., Thungmahamek,
Sathorn, Bangkok |
31,250 |
12.19 |
|
Mr. Veera Laosirichon Nationality: Thai Address : 148/6
Nanglinchee Rd., Thungmahamek,
Sathorn, Bangkok |
31,250 |
12.19 |
|
Mr. Chatree Laosirichon Nationality: Thai Address : 148/6
Nanglinchee Rd., Thungmahamek,
Sathorn, Bangkok |
31,250 |
12.19 |
|
Mr. Virach Laosirichon Nationality: Thai Address : 144/121
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
31,250 |
12.19 |
|
Mr. Siri Laosirichon Nationality: Thai Address : 265/383
Sathupradit Rd., Chongnonsi, Yannawa,
Bangkok |
31,250 |
12.19 |
|
Ms. Salinee Laosirichon Nationality: Thai Address : 148/6
Nanglinchee Rd., Thungmahamek,
Sathorn, Bangkok |
31,250 |
12.19 |
|
Mr. Thatree Laosirichon Nationality: Thai Address : 1721/4
Chan Rd., Thungmahamek, Sathorn, Bangkok |
31,250 |
12.19 |
|
Mrs.
Suwadee Maneesunthorn Nationality: Thai Address : 120/44
Theparak Rd., Bangmuang, Muang, Samutprakarn |
31,050 |
12.13 |
|
Mr. Prateep Nilvichien Nationality: Thai Address : 33/72
Srinakarin Rd., Muang,
Samutprakarn |
6,250 |
2.45 |
|
Mr.
Veerachart Maneesunthorn Nationality: Thai Address : 120/44
Theparak Rd., Bangmuang, Muang, Samutprakarn |
200 |
0.09 |
Total Shareholders : 10
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO
Mr. Bantoon Reawraengkusol No.
1088
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
88,139,935.90 |
60,594,955.02 |
|
Trade Accts. Receivable |
167,782,384.46 |
188,865,013.27 |
|
Inventories [note 1] |
137,371,916.20 |
159,658,924.85 |
|
Other Current Assets
[note 2] |
17,694,825.55 |
12,293,502.85 |
|
|
|
|
|
Total Current
Assets |
410,989,062.11 |
421,412,395.99 |
|
Other Long-term Investment |
296,096.00 |
- |
|
Fixed Assets [note 3] |
41,026,884.78 |
43,971,531.87 |
|
Other Assets |
327,300.00 |
623,396.00 |
|
Total Assets |
452,639,342.89 |
466,007,323.86 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
240,149,327.73 |
294,622,601.37 |
|
Other Current Liabilities |
68,257,834.31 |
29,642,884.47 |
|
|
|
|
|
Total Current
Liabilities |
308,407,162.04 |
324,265,485.84 |
|
Other Long-term Loan |
30,000,000.00 |
39,600,000.00 |
|
Other Liabilities |
2,912,557.32 |
2,933,626.36 |
|
Total Liabilities |
341,319,719.36 |
366,799,112.20 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value authorized, issued
and fully paid share
capital 256 250 shares |
25,625,000.00 |
25,625,000.00 |
|
|
|
|
|
Capital Paid |
25,625,000.00 |
25,625,000.00 |
|
Retained Earning -
Unappropriated |
85,694,623.53 |
73,583,211.66 |
|
Total
Shareholders' Equity |
111,319,623.53 |
99,208,211.66 |
|
Total
Liabilities & Shareholders' Equity |
452,639,342.89 |
466,007,323.86 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
880,010,511.45 |
964,713,468.05 |
|
Other Income |
8,409,358.21 |
12,482,321.23 |
|
Total Revenues
|
888,419,869.66 |
977,195,789.28 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
808,578,591.16 |
899,319,855.08 |
|
Selling & Administrative Expenses |
49,777,971.41 |
49,994,737.39 |
|
Total Expenses |
858,356,562.57 |
949,314,592.47 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
30,063,307.09 |
27,881,196.81 |
|
Interest Expenses |
[12,515,432.60] |
[9,876,800.01] |
|
Income Tax |
[5,436,462.62] |
[5,525,755.72] |
|
|
|
|
|
Net Profit / [Loss] |
12,111,411.87 |
12,478,641.08 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
6,651,184.00 |
1,886,003.00 |
|
Goods in Process |
5,514,072.00 |
8,535,836.00 |
|
Raw Material |
125,206,660.20 |
149,237,085.85 |
|
Total
|
137,371,916.20 |
159,658,924.85 |
NOTE 2
Other Current Assets
|
|
2006 |
2005 |
|
|
|
|
|
Revenue Department Receivable |
12,061,482.06 |
7,824,696.96 |
|
Other Receivable |
1,139.08 |
207.93 |
|
Withholding Income Tax |
1,496,703.26 |
765,791.96 |
|
Refundable Business Tax |
90,101.97 |
- |
|
Deferred Business Tax |
- |
1,378.02 |
|
Deposit |
3,818,299.18 |
3,701,427.98 |
|
Prepaid Expenses |
227,100.00 |
- |
|
Total
|
17,694,825.55 |
12,293,502.85 |
NOTE 3
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Machine & Equipment |
164,308,686.52 |
156,489,093.52 |
|
Office Automation |
7,041,354.92 |
6,655,541.37 |
|
Hand Tools |
14,668,778.65 |
14,015,291.65 |
|
Factory Building |
65,289,810.42 |
65,289,810.42 |
|
Vehicle |
13,383,525.87 |
11,993,525.87 |
|
Total |
264,692,156.38 |
254,443,262.83 |
|
Less: Depreciation |
[223,665,271.60] |
[210,471,730.96] |
|
Total
|
41,026,884.78 |
43,971,531.87 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[8.78] |
|
|
Operating Profit |
18.20 |
|
|
Net Profit |
[2.94] |
|
|
Fixed Assets |
[6.70] |
|
|
Total Assets |
[2.87] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.88 |
93.22 |
|
Operating Profit Margin |
3.42 |
2.89 |
|
S & A
Expenses |
5.66 |
5.18 |
|
Interest Paid |
1.42 |
1.02 |
|
Other Revenues |
0.96 |
1.29 |
|
Net Profit Margin |
1.38 |
1.29 |
|
Earning Per Shares |
47.26 |
48.70 |
|
No. of Shares |
256,250 |
256,250 |
Net Sales was
decreased by 8.78%,
Operating Profit was
increased by 18.20%,
Net Profit was
decreased by 2.94%,
Fixed Assets was
decreased by 6.70%,
Total Assets was
decreased by 2.87%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 93.22%
to 91.88%, Operating
Profit Margin was
increased from 2.89%
to 3.42%, S
& A Expenses
was increased from
5.18% to 5.66%,
Interest Paid was increased
from 1.02% to
1.42%, Other Revenues
was decreased from
1.29% to 0.96%,
Net Profit Margin
was increased from
1.29% to 1.38%.
Earning Per Shares
was decreased from
48.70 baht per
share to 47.26
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.33 |
1.30 |
|
Quick-Assets Ratio |
0.83 |
0.77 |
Current Ratio was
increased from 1.30
to 1.33, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.77 to 0.83,
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 |
3.07 |
3.70 |
|
Times Interest Earned |
2.40 |
2.82 |
D/E Ratio was
decreased from 3.70
to 3.07, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
2.82 to 2.40,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
21.45 |
21.94 |
|
Total Assets Turnover |
1.94 |
2.07 |
|
Return on Assets |
2.68 |
2.68 |
|
Return on Equity |
10.88 |
12.58 |
|
Day's Payable |
98.24 |
109.94 |
|
Day’s Inventories |
56.20 |
59.58 |
|
Day’s Receivables |
68.64 |
70.48 |
Fixed Assets Turnover
was decreased from
21.94 times to
21.45 times, Total
Assets Turnover was
decreased from 2.07
times to 1.94
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 2.68 to
2.68, Return on
Equity was decreased from 12.58 to
10.88, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 110
days to 99
days, Day’s Inventories
was decreased from
60 days to
57 days, and
Day’s Receivables was
decreased from 71
days to 69
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%)