MIRA INFORM
REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUARDIAN
INDUSTRIES CORP LTD. |
|
|
|
|
Registered Office : |
42
Moo 7, T.
Nongplamoh, A. Nongkhae, Saraburi 18140 |
|
|
|
|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
01.05.2003 |
|
|
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Com. Reg. No.: |
0195546000332 |
|
|
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Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
& Exporter of clear
float glass and
mirror glass |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
GUARDIAN INDUSTRIES CORP LTD.
SUMMARY
BUSINESS
ADDRESS : 42
MOO 7, T.
NONGPLAMOH, A. NONGKHAE,
SARABURI 18140,
THAILAND
TELEPHONE : [66] 36
373-373
FAX :
[66] 36
373-345-7
E-MAIL
ADDRESS : info@guardian.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0195546000332 [Former
: 12454600033]
CAPITAL REGISTERED : BHT. 750,000,000
CAPITAL PAID-UP : BHT.
750,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
GREGORY SCOTT POULSON,
AMERICAN
GENERAL MANAGER/FACTORY MANAGER
NO.
OF STAFF : 520
LINES
OF BUSINESS : CLEAR
FLOAT GLASS AND
MIRROR GLASS
MANUFACTURER, DISTRIBUTOR
& 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 May 1, 2003
as a private
limited company under
the name style
GUARDIAN INDUSTRIES CORP
LTD. by American
groups, in order
to produce and
distribute clear float
glass and mirror
glass for domestic and
international markets. It
currently employs 520
staff.
Awards
Products Manufacturing
BSI -
Certificate Number: FM: 32648
ISO 9002 – The manufacture
and supply of
Clear Float Glass
in thickness ranging
from 2mm to 12 mm (October 1995)
ISO 9002 - The manufacture and supply
of Mirror (Silvered)
Glass in thickness ranging from 2mm to 6mm (April 1996)
TIS -
Certificate Number: (2) T 525-10/880
TIS 880 - 2532 for Clear
Float Glass (January 1998)
TIS 880 - 2532 for Frosted
Float Glass (May 1998)
At present, it is
a wholly owned subsidiary of
Guardian Industries [Nongkhae]
Ltd.
The
subject’s registered address
is 42 Moo 7,
T. Nongplamoh, A. Nongkhae
Saraburi 18140, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Charles Gregory
Croskey |
|
American |
64 |
|
Mr. Donnell Lindsay
Pettus, Jr. |
|
American |
54 |
|
Mr. Gregory Scott
Poulson |
|
American |
61 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Gregory Scott
Poulson is the
General Manager &
Factory Manager.
He is American
nationality with the
age of 61
years old.
Mr. Don Pettius
is the Marketing
& Sales Manager.
He is American
nationality.
Mr. Viwat Supratham
is the Production
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing, distributing
and exporting of
clear float glass
and mirror glass
with the promotional privileges
granted by the
Board of Investment [BOI].
PRODUCTION CAPACITY
390,000 tons per
annum
MAJOR BRAND
“GUARDIAN”
PURCHASE
Raw
materials are purchased
from suppliers both
local and overseas
in Japan, Taiwan,
Singapore, Germany and
France.
SALES
[LOCAL]
64%
of its products
is sold locally
by wholesale to
dealers and end-users
nationwide.
EXPORT
36% of its
products is exported
to United States of
America, Germany, Italy,
Sweden, United Kingdom, Taiwan,
Japan, Singapore, Malaysia, Korea,
Hong Kong, Indonesia
and Middle East
countries.
PARENT COMPANY
Guardian Industries [Nongkhae]
Ltd.
Address : 42 Moo 7,
Nongplamoh, Nongkhae, Saraburi
18140
RELATED COMPANY
Guardian Industries Rayong
Co., Ltd.
Business Type : Manufacturer of
color tinted float
glass
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 on negotiated
term.
Exports
are against L/C
at sight or
T/T on negotiated
term.
BANKING
Standard
Chartered Bank [Thai]
Public Co., Ltd.
[Bangkok
Branch : 990 Rama 4 Rd., Bangrak,
Bangkok 10500]
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 520
staff [office staff
and factory workers].
LOCATION
DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The subject is
Thailand’s leading producer of flat glass using the Float Process, which
incorporates the most advanced glass manufacturing technology available. This
technique permits the production of glass that is extremely even in thickness,
high in quality which are used in a
wide variety of
applications.
Economic
improvement has resulted with the growth
of construction industry
which has related
to demand of
flat glass. The subject still has a good
business trend.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 750,000,000 divided
into 7,500,000 shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [ as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Guardian Industries [Nongkhae]
Ltd. Nationality: Thai Address : 42 Moo 7,
T. Nongplamoh, A.
Nongkhae, Saraburi 18140 |
7,499,998 |
100.00 |
|
Mr. Peter Story
Walters Nationality: American Address : Michigan, U.S.A. |
1 |
- |
|
Mr. Michael Thomas
Morrison Nationality: American Address : Michigan, U.S.A. |
1 |
- |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichien Kingmontree No.
3977
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
1,145,200 |
6,482,136 |
|
Trade Accts. Receivable |
160,090,655 |
173,806,222 |
|
Receivable-Related Company |
44,371,678 |
34,109,567 |
|
Loan to Related
Company |
373,536,597 |
1,230,719,250 |
|
Inventories |
258,979,639 |
249,820,358 |
|
Other Current Assets
|
28,900,518 |
8,797,225 |
|
Total Current Assets
|
867,024,287 |
1,703,734,758 |
|
|
|
|
|
Fixed Assets |
705,856,449 |
493,352,040 |
|
Intangible Assets |
335,700 |
597,250 |
|
Deferred Income Tax |
1,482,464 |
398,378 |
|
Other Assets |
2,777,859 |
2,817,059 |
|
Total Assets |
1,577,476,759 |
2,200,899,485 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accts. Payable |
110,751,056 |
109,338,858 |
|
Payable-Related Company |
18,866,407 |
15,217,626 |
|
Accrued Income Tax |
117,860,817 |
112,039,108 |
|
Accrued Expenses |
111,839,115 |
76,451,995 |
|
Other Current Liabilities |
36,689,503 |
10,250,668 |
|
Total Current Liabilities |
396,006,898 |
323,298,255 |
|
Total Liabilities |
396,006,898 |
323,298,255 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 7,500,000 shares |
750,000,000 |
750,000,000 |
|
Capital Paid |
750,000,000 |
750,000,000 |
|
Statutory Reserve |
75,000,000 |
75,000,000 |
|
Retained Earning -
Unappropriated |
356,469,861 |
1,052,601,230 |
|
Total Shareholders' Equity |
1,181,469,861 |
1,877,601,230 |
|
Total Liabilities & Shareholders' Equity |
1,577,476,759 |
2,200,899,485 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
2,826,810,975 |
2,616,675,395 |
|
Other Income |
13,278,591 |
22,782,033 |
|
Total Sales |
2,840,089,566 |
2,639,457,428 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,786,823,100 |
1,682,837,822 |
|
Selling Expenses |
216,632,037 |
232,682,363 |
|
Administrative Expenses |
99,704,330 |
82,682,515 |
|
Profit/[Loss] on Exchange Rate |
16,197,977 |
10,265,542 |
|
Total Expenses |
2,119,357,444 |
2,008,468,242 |
|
Profit Before Income Tax |
720,732,122 |
651,520,270 |
|
Income Tax |
[216,863,491] |
[195,631,713] |
|
Net Profit / [Loss] |
503,868,631 |
455,888,557 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.19 |
5.27 |
|
QUICK RATIO |
TIMES |
1.46 |
4.47 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.00 |
5.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.79 |
1.19 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
52.90 |
54.18 |
|
INVENTORY TURNOVER |
TIMES |
6.90 |
6.74 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
20.67 |
24.24 |
|
RECEIVABLES TURNOVER |
TIMES |
17.66 |
15.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
22.62 |
23.72 |
|
CASH CONVERSION CYCLE |
DAYS |
50.95 |
54.71 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
63.21 |
64.31 |
|
SELLING & ADMINISTRATION |
% |
11.19 |
12.05 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
37.26 |
36.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
25.50 |
24.11 |
|
NET PROFIT MARGIN |
% |
17.82 |
17.42 |
|
RETURN ON EQUITY |
% |
42.65 |
24.28 |
|
RETURN ON ASSET |
% |
31.94 |
20.71 |
|
EARNING PER SHARE |
BAHT |
67.18 |
60.79 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.25 |
0.15 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.34 |
0.17 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
8.03 |
|
|
OPERATING PROFIT |
% |
14.22 |
|
|
NET PROFIT |
% |
10.52 |
|
|
FIXED ASSETS |
% |
43.07 |
|
|
TOTAL ASSETS |
% |
(28.33) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
37.26 |
Impressive |
Industrial Average |
14.64 |
|
Net Profit Margin |
17.82 |
Impressive |
Industrial
Average |
(1.39) |
|
Return on Assets |
31.94 |
Impressive |
Industrial
Average |
(1.17) |
|
Return on Equity |
42.65 |
Impressive |
Industrial
Average |
(0.47) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 37.26%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 17.82% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is 31.94%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient profit in a dominant
position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 42.65%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.19 |
Impressive |
Industrial
Average |
1.45 |
|
Quick Ratio |
1.46 |
|
|
|
|
Cash Conversion Cycle |
50.95 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.19 times in 2010, decrease from 5.27 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.46 times in 2010,
decrease from 4.47 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 51 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.25 |
Impressive |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
0.34 |
Impressive |
Industrial
Average |
1.92 |
|
Times Interest Earned |
- |
|
Industrial
Average |
3.27 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.25 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.00 |
Impressive |
Industrial
Average |
1.84 |
|
Total Assets Turnover |
1.79 |
Impressive |
Industrial
Average |
0.83 |
|
Inventory Conversion Period |
52.90 |
|
|
|
|
Inventory Turnover |
6.90 |
Impressive |
Industrial
Average |
2.67 |
|
Receivables Conversion Period |
20.67 |
|
|
|
|
Receivables Turnover |
17.66 |
Impressive |
Industrial
Average |
4.65 |
|
Payables Conversion Period |
22.62 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.05 |
|
UK Pound |
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.