MIRA
INFORM REPORT
|
Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AGC FLAT GLASS
[THAILAND] PUBLIC COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
THAI-ASAHI GLASS PUBLIC
COMPANY LIMITED |
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|
Registered Office : |
200 Moo 1
Suksawad Road, T.
Pakklong Bangplakod, A.
Prasamutjedee, Samutprakarn 10290 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24.06.1963 |
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Com. Reg. No.: |
0107537002168 |
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|
Legal Form : |
Public Limited Company |
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|
|
|
Line of Business : |
Manufacturer of Flat
Glass and Related
Products |
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 |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
AGC
FLAT GLASS [THAILAND]
PUBLIC COMPANY LIMITED
[FORMER
: THAI-ASAHI GLASS
PUBLIC COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 200
MOO 1 SUKSAWAD ROAD, T.
PAKKLONG
BANGPLAKOD, A. PRASAMUTJEDEE,
SAMUTPRAKARN 10290, THAILAND
TELEPHONE : [66]
2425-8970, 815-5000
FAX : [66] 2425-8816
E-MAIL
ADDRESS : glass@th.agc-flatglass.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1963
REGISTRATION NO. : 0107537002168 [Former
: BOR MOR JOR.463]
CAPITAL
REGISTERED : BHT.
1,500,000,000
CAPITAL
PAID-UP : BHT.
1,500,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
HIROYUKI ITO, JAPANESE
PRESIDENT
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : MANUFACTURER OF
FLAT GLASS AND
RELATED PRODUCTS
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
originally formed on
June 24, 1963
as a private limited
company under the
registered name “Thai Glass
Co., Ltd.” by
Thai group. In
July, 1964, the
name was changed
to “Thai - Asahi Glass Co.,
Ltd.”. The initial
objective is to
produce only clear
and ground glass
products.
The subject was
listed on the
Stock Exchange of
Thailand on December
25, 1989 and
converted into public
company under the
name “Thai - Asahi Glass
Public Company Limited” on June 13,
1994. However, subject
was de-listed from
the Stock Exchange
of Thailand on
July 12, 2001.
On April 23,
2007, the subject
was finally changed
its name to
AGC FLAT GLASS
[THAILAND] PUBLIC COMPANY
LIMITED. AGC is
the first flat
glass manufacturer in
Thailand. It currently
employs 1,000 staff.
The subject’ s registered
address is 200
Moo 1, Suksawad Rd.,
T. Pakklong Bangplakod,
A. Prasamudjedee, Samutprakarn 10290, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hiroyuki Ito |
[x] |
Japanese |
51 |
|
Mr. Sanae Takeda |
[x] |
Japanese |
55 |
|
Mr. Tsungunori Koto |
|
Japanese |
38 |
|
Mr. Ko Tajima |
|
Japanese |
45 |
|
Mr. Akio Endo |
|
Japanese |
60 |
AUTHORIZED PERSON
One of the mentioned directors
[x] signs on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Hiroyuki Ito is
he President.
He is Japanese nationality with
age of 51 years old.
Mr. Sanae Takeda
is the Executive Vice President.
He is Japanese nationality with
the age of
55 years old.
Mr. Vitoon
Tejatussanasoontorn is the
Executive Vice President.
He is Thai nationality.
Mr. Ko
Tajima is the Senior Executive
Director.
He is Japanese nationality with
the age of 45 years
old.
Mr. Chartchai
Panichewa is the Executive Director.
He is Thai nationality.
Mr. Pairatpong
Meethaiwala is the Finance Senior
Division Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of flat
glass and fabricated
glass products, such
as mirror, reflective
glasses, tempered glass
for buildings and
insulating glass for
application in building
and construction works.
Sales are also
made to operators
in secondary industries
to use glass as raw
material for such
industries as automotive
tempered glass, decoration
glass, mirror, picture frame, furniture, photocopier, cooler,
refrigerator, clock, utensil
lid and others.
The subject’s glass
products are as
follows:
1. MIRROTAG :
Mirror
2. SOLARTAG :
Heat Reflective Glass
3. SolarTAG HARD
: Heat Reflective Glass
4. PairTAG :
Insulating Glass
5. TEMPTAG :
Tempered Glass
6. HEATTAG :
Heat Strengthened Glass
7. LAMITAG :
Laminated Glass
8. ASAHI WIRED
GLASS
9. ASAHI PATTERNED
GLASS
10. CLEAR FLOAT GLASS
11. TINTED FLOAT GLASS
12. ULTRA THIN
GLASS
BRAND NAME
“AGC”
PRODUCTIONS
Basic Glass : 3,300,000 cases per
year
Fabricated Glass :
43,380,000 square foot
per year
IMPORT [COUNTRIES]
80% of machinery and raw
material such as
soda ash, sodium
sulphate, metal oxides
like metal and
cobalt and etc.
are imported from
Japan, U.S.A. and
Germany. Whereas, 20%
of the rest such as
silica sand, dolomite
and feldspar etc.
are purchased from
local suppliers.
MAJOR SUPPLIER
Asahi Glass Co.,
Ltd. : Japan
EXPORT [COUNTRIES]
Its products are
exported to China,
Hong Kong, Singapore,
Taiwan, Japan, Korea,
Bangladesh, Middle East,
Europe, U.S.A., Malaysia
and Indonesia.
SALES [LOCAL]
Its products are
also sold locally
to wholesalers.
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Tang Nam Glass
Co., Ltd. |
Thailand |
|
Sahasilp Glass Co.,
Ltd. |
Thailand |
|
Kim Yoo Seng
Glass Co., Ltd. |
Thailand |
|
Glass Way Co.,
Ltd. |
Thailand |
|
Bangkok K.S. Nonsi
Co., Ltd. |
Thailand |
|
Chao Charoen Glass
Co., Ltd. |
Thailand |
|
Dee Chin [1982]
Co., Ltd. |
Thailand |
SUBSIDIARIES &
AFFILIATED COMPANIES
|
Name |
Type
of Business |
% of
Investment |
|
|
|
|
|
Glass Way Co.,
Ltd. |
Marketing of Integrated Glass Products and
Glass Equipments and being Contractor on
Glass Installation |
100.00 |
|
Bangkok Crystal Co.,
Ltd. |
Manufacturer & Distributor of Glass Block and
Glass Ware Products |
19.99 |
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
Purchasing terms are
by cash or
on the credits of 30-60-90
days.
Imports are by
L/C at sight.
Selling terms are
by cash or
on the credits of 30-60-90
days.
Exports are against
L/C at sight.
BANKING
Bank of
Tokyo - Mitsubishi Ltd.
[Bangkok Branch,
54 North Sathorn
Rd., Silom, Bangrak,
Bangkok]
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office : 9
Ratchadapisek Road, Jatujak,
Bangkok]
Bank of
America NT &
SA
[Bangkok Branch,
2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok]
Bangkok Bank
Public Co., Ltd. :
[Head Office
: 333 Silom Road, Silom,
Bangrak, Bangkok]
EMPLOYMeNT
The subject employs
approximately 1,000 staff comprising office staff
and factory workers.
LOCATION DETAILS
The premise and
factory I is
located at the
heading address in
residential/commercial area on
272,000 square meters.
Factory II is
located in Rayong
Province. Tel.: [66]
38 956-063-4.
Factory III is located
at 700/22 Amata
Nakorn Industrial Estate,
A. Muang, Chonburi
REMARK
CREDIT OF US$ 500,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The company currently
has 3 factories, located in
Samut Prakarn, Chonburi
Province and Rayong
provinces in the
Eastern Region of
Thailand. At present
it manufactures flat
glass for application
in installation works
for buildings and other
constructions as well
as supply basis
glass to fabricators of a number of
secondary fabricated industries
such as tempered
glass for automotive
industry, decoration glass
industry for construction and design, mirror
industry and others
like picture frames,
furniture, operators for
coolers, refrigerators, clocks,
utensils and etc.
Due to the products
mostly related to
construction sector, which
has declined significantly during these two
years. Nevertheless, other
industries could help
to offset slum
of its markets such as
automotive industry and
etc.
Subject’s performance remains
healthy, but growth
is likely to
be slower than
the previous years.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 12 million,
with fully paid.
The capital was
increased later as
followings:
Bht.
100 million in
1977
Bht.
400 million in
1982
Bht. 600 million
in 1985
Bht. 660 million
in 1988
Bht. 750 million
in 1989
Bht.
1,500 million in
2007
The latest capital
was divided into
150,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as at April 10,
2007]
|
NAME |
HOLDING |
% |
|
Asahi Glass
Co., Ltd. Nationality: Japanese Address : 1-2
Marunouchi 2, Chome,
Chiyoda-ku,
Tokyo, Japan |
148,030,966 |
98.69 |
|
Other Shareholders |
1,969,034 |
1.31 |
Total Shareholders : 1,802
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Unakorn Phruithithada No. 3257
PricewaterhouseCoopers ABAS Limited
BALANCE SHEET
The latest financial
figures published as
at December 31,
2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash on hand
and at banks |
1,451,499 |
5,540,672 |
|
Promissory Notes |
- |
1,950,000 |
|
Trade accounts receivable |
|
|
|
- Related company |
490,731,576 |
596,797,411 |
|
- Others |
815,433,612 |
923,997,864 |
|
Inventories |
1,360,041,809 |
1,744,537,261 |
|
Other current assets |
95,088,480 |
115,233,538 |
|
|
|
|
|
Total Current
Assets |
2,762,746,976 |
3,388,056,746 |
|
Other Non-Current Assets
|
|
|
|
Investment in
subsidiary |
9,237,329 |
9,071,478 |
|
Long term investment |
3,821,668 |
4,221,668 |
|
Loans to
employees |
1,308,595 |
1,474,792 |
|
Property, plant and
equipment, net |
5,060,533,638 |
5,289,389,982 |
|
Other assets |
114,358,374 |
101,052,828 |
|
Total Other
Non-Current Assets |
5,189,259,604 |
5,405,210,748 |
|
Total Assets |
7,952,006,580 |
8,793,267,494 |
LIABILITIES
& SHAREHOLDERS' EQUITY
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term loans
|
1,022,788,219 |
2,462,988,440 |
|
Trade accounts payable |
|
|
|
- Related company |
41,130,673 |
37,939,622 |
|
- Others |
424,859,144 |
487,785,379 |
|
Accrued expenses |
297,010,452 |
302,192,132 |
|
Other Current liabilities |
119,766,432 |
119,460,790 |
|
|
|
|
|
Total Current
Liabilities |
1,905,554,920 |
3,410,366,363 |
|
Other Non-Current Liabilities |
|
|
|
Loan from
subsidiaries & related
company |
27,000,000 |
27,000,000 |
|
Payable-related company |
733,983,822 |
733,983,822 |
|
Reserve for
employee benefits |
369,369,218 |
330,717,358 |
|
Total Other Non-Current Liabilities |
1,130,353,040 |
1,091,701,180 |
|
|
|
|
|
Total Liabilities |
3,035,907,960 |
4,502,067,543 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Share Capital : Registered, issued
and paid-up 150,000,000 ordinary shares
of Bht. 10
each. |
1,500,000,000 |
1,500,000,000 |
|
|
|
|
|
Capital Paid |
1,500,000,000 |
1,500,000,000 |
|
Share premium |
1,080,000,000 |
1,080,000,000 |
|
Revaluation surplus |
1,009,046,222 |
1,009,046,222 |
|
Appropriated retained earnings |
921,496,769 |
921,496,769 |
|
Unappropriated retained earnings
/ [Deficit] |
405,555,629 |
[219,343,040] |
|
Total
Shareholders' Equity |
4,916,098,620 |
4,291,199,951 |
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
7,952,006,580 |
8,793,267,494 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
7,151,360,749 |
7,459,621,960 |
|
Other Revenues |
40,491,583 |
72,190,368 |
|
Gain on Exchange Rate |
18,903,363 |
41,128,742 |
|
Share of Profit from
Investment |
165,851 |
477,744 |
|
Total Revenues
|
7,210,921,546 |
7,573,418,814 |
|
Expenses |
|
|
|
|
|
|
|
Cost of sales |
5,421,897,510 |
5,444,436,519 |
|
Selling and administrative expenses |
1,079,982,900 |
1,072,089,333 |
|
Discontinuing from temporarily closed down factory expenses |
- |
48,855,134 |
|
Other expenses |
13,501,613 |
7,321,432 |
|
Total Expenses |
6,515,382,023 |
6,572,702,418 |
|
|
|
|
|
Profit / [loss] before interest
expenses |
695,539,523 |
1,000,716,396 |
|
Interest expenses |
[70,640,854] |
[73,507,678] |
|
|
|
|
|
Net Profit / [Loss] |
624,898,669 |
927,208,718 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[4.13] |
|
|
Operating Profit |
[30.02] |
|
|
Net Profit |
[32.60] |
|
|
Fixed Assets |
[4.33] |
|
|
Total Assets |
[9.57] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
75.82 |
72.99 |
|
Operating Profit Margin |
9.91 |
14.17 |
|
S & A
Expenses |
15.10 |
14.37 |
|
Interest Paid |
0.99 |
0.99 |
|
Other Revenues |
0.83 |
1.53 |
|
Net Profit Margin |
8.74 |
12.43 |
|
Earning Per Shares |
4.17 |
6.18 |
|
No. of Shares |
150,000,000 |
150,000,000 |
Net Sales was
decreased by 4.13%,
Operating Profit was
decreased by 30.02%,
Net Profit was
decreased by 32.60%,
Fixed Assets was
decreased by 4.33%,
Total Assets was
decreased by 9.57%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 72.99%
to 75.82%, Operating
Profit Margin was
decreased from 14.17%
to 9.91%, S
& A Expenses
was increased from
14.37% to 15.10%,
Interest Paid was increased
from 0.99% to
0.99%, Other Revenues
was decreased from
1.53% to 0.83%,
Net Profit Margin
was decreased from
12.43% to 8.74%.
Earning Per Shares
was decreased from
6.18 baht per
share to 4.17
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.45 |
0.99 |
|
Quick-Assets Ratio |
0.69 |
0.45 |
Current Ratio was
increased from 0.99
to 1.45, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.45 to 0.69,
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 |
0.62 |
1.05 |
|
Times Interest Earned |
10.04 |
14.38 |
D/E Ratio was
decreased from 1.05
to 0.62, 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 14.38
to 10.04, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.41 |
1.41 |
|
Total Assets Turnover |
0.90 |
0.85 |
|
Return on Assets |
7.86 |
10.54 |
|
Return on Equity |
12.71 |
21.61 |
|
Day's Payable |
21.39 |
23.54 |
|
Day’s Inventories |
68.46 |
84.19 |
|
Day’s Receivables |
41.05 |
44.59 |
Fixed Assets Turnover
was increased from
1.41 times to
1.41 times, Total
Assets Turnover was
increased from 0.85
times to 0.90
times, show the company could use
Assets so efficiently, Return on Assets
was decreased from
10.54 to 7.86,
Return on Equity
was decreased from
21.61 to 12.71,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 24
days to 22
days, Day’s Inventories
was decreased from
85 days to
69 days, and
Day’s Receivables was
decreased from 45
days to 42
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%)