MIRA INFORM REPORT
|
Report Date : |
14.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL
ARCHITECTURAL CO., LTD. |
|
|
|
|
Registered Office : |
700/379 Moo 6, Amata Nakorn Industrial Estate, T. Donhualor, A. Muang, Chonburi 20000 |
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
Date of Incorporation : |
21.12.1998 |
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|
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Com. Reg. No.: |
0105541078708 |
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|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Manufacturer, Design & Installation Service of Building Facade And Other Related Products |
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|
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No. of Employees
: |
550 persons |
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 |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
GLOBAL ARCHITECTURAL
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 700/379 MOO
6, AMATA NAKORN
INDUSTRIAL
ESTATE, T. DONHUALOR,
A. MUANG,
CHONBURI 20000,
THAILAND
TELEPHONE :
[66] 38
468-258-72
FAX :
[66] 38
463-381-2
E-MAIL
ADDRESS : info@permasteelisa.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541078708
CAPITAL REGISTERED : BHT. 110,000,000
CAPITAL PAID-UP : BHT.
110,000,000
SHAREHOLDER’S PROPORTION : SINGAPOREAN : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RAYMOND, LOH
THUANG TEE, SINGAPOREAN
GENERAL MANAGER
NO.
OF STAFF : 550
LINES
OF BUSINESS : BUILDING FACADE
AND OTHER RELATED
PRODUCTS
MANUFACTURER, DESIGN
& INSTALLATION
SERVICE
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 21,
1998 as a private limited company
under the registered
name style GLOBAL
ARCHITECTURAL CO., LTD.,
by Singaporean, with the business
objective to manufacture,
design and provide
installation service for
building facade and
other related products,
with BOI promoted.
It currently employs
approximate 550 staff.
The subject is
a wholly owned
subsidiary of Permasteelisa Pacific Holdings
Ltd.
in
Singapore.
The
subject’s registered address
is 700/379 Moo
6, Amata Nakorn
Industrial Estate,
T. Donhualor, A. Muang,
Chonburi 20000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Hubertus Johannes Marinus
Van Der Staak |
Dutch |
50 |
|
Mr. Raymond, Loh Thuang
Tee |
Singaporean |
53 |
|
Mr. Richard Gareth John |
British |
44 |
|
Ms. Nahathai Phosopsawad |
Thai |
41 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Raymond, Loh Thuang
Tee is the
General Manager.
He is Singaporean
nationality with the
age of 53
years old.
Ms. Nahathai Phosopsawad is the Assistant
Managing Director.
She is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
of building facades curtain wall,
metal and stone claddings,
internal walls, partitions
and other related
products under its
own brand “PERMASTEELISA”.
It is
also providing of
design, installation and project
management service for building
facade curtain wall
systems for prestigious
building, e.g. Suvarnabhumi
Airport and etc.
PURCHASE
Most of
its raw materials
are purchased from
local suppliers, the
remaining as well
as machinery are
imported from Italy,
Singapore, U.S.A., Netherlands
and Australia.
MAJOR
SUPPLIERS
Scheldebouw
B.V. : Netherlands
Permasteelisa Pty.
Ltd. : Australia
SALES
100% of the products
is sold locally through Permasteelisa [Thailand] Co., Ltd, the
related company.
RELATED AND AFFILIATED
COMPANIES
Permasteelisa [Thailand]
Co., Ltd
Business Type : Trading
company
Permasteelisa Projects
[Thailand] Co., Ltd
Business Type : Provider
of interior design
service
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.
Deutsch
Bank AG.
EMPLOYMENT
The subject
employs approximately 550
staff.
LOCATION
DETAILS
The premise is owned for administrative
office, factory and warehouse at
the heading address.
Premise is located
in industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,500,000.
COMMENT
The
company is a
subsidiary of Permasteelisa
Pacific Holdings Ltd.,
which is a well-known
global organization with 32
companies and production
plants and test
facilities in Europe, Asia, U.S.A. and Australia. The
company involved in the
production of pre-fabricated
building components, its
main specialties are unitized
curtain walls; metal and
stone claddings; internal
walls; partitions; and other
related products. With
strong support of
its parent company
has enabled the company
to better cope
with the growing
worldwide demand for
high-quality building components.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 200,000 shares of
Bht. 5 each with
fully paid.
On
September 21, 2005, the capital
was increased to Bht. 110,000,000 divided into
1,100,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
June 8, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Permasteelisa Pacific
Holdings Ltd. Nationality: Singaporean Address : 2
International Business Park,
Suite 11-11
Tower 1, The Strategy,
Singapore |
1,099,994 |
100.00 |
|
Ms. Supasiri Narkarat Nationality: Thai Address : 70/139
Prachachuen Rd., Thasai,
Muang, Nonthaburi |
1 |
- |
|
Ms. Saithip Mansri Nationality: Thai Address : 9/86
Ladprao Rd., Ladprao,
Bangkok |
1 |
- |
|
Mr. Raewat Chomsri Nationality: Thai Address : 47/37
Moo 8, Liebklongsong Rd.,
Bangchan, Minburi, Bangkok |
1 |
- |
|
Mrs. Orawan Chomsri Nationality: Thai Address : 47/37
Moo 8, Liebklongsong Rd.,
Bangchan, Minburi, Bangkok |
1 |
- |
|
Mr. Kasem Poompuang Nationality: Thai Address : 818
Moo 5, Samrongnua,
Muang,
Samutprakarn |
1 |
- |
|
Ms. Phanjaree Choomuang Nationality: Thai Address : 119/675
Moo 8, Bangkrasor,
Muang, Nonthaburi |
1 |
- |
Total Shareholders : 7
Share
Structure [as
at June 8,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
6 |
- |
|
Foreign - Singaporean |
1 |
1,099,994 |
100.00 |
|
Total |
7 |
1,100,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Unakorn Pruthithada No.
3257
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
79,759,432 |
138,493,454 |
|
Trade Accounts Receivable |
|
|
|
- Other company |
67,479,646 |
- |
|
- Related company |
149,720,962 |
88,292,925 |
|
Other Account Receivable-Related Company |
15,142,685 |
5,380,058 |
|
Inventories |
250,781,302 |
170,383,574 |
|
Refundable Value Added Tax |
9,207,953 |
3,464,813 |
|
Other Current Assets |
12,351,303 |
13,926,811 |
|
|
|
|
|
Total Current Assets
|
584,443,283 |
419,941,635 |
|
Cash at Bank
pledged as a
Collateral |
631,631 |
628,327 |
|
Investment in Subsidiaries |
19,084,834 |
17,646,855 |
|
Fixed Assets |
263,340,564 |
272,674,810 |
|
Intangible Assets |
1,564,842 |
2,110,052 |
|
Other Assets |
1,354,876 |
2,732,639 |
|
Total Assets |
870,420,030 |
715,734,318 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable & Other |
153,697,272 |
83,623,407 |
|
Other Account Payable |
16,152,639 |
11,856,930 |
|
Advance Received-Related Company |
17,602,193 |
42,591,718 |
|
Other Current Liabilities |
6,169,464 |
5,731,168 |
|
|
|
|
|
Total Current Liabilities |
193,621,568 |
143,803,223 |
|
|
|
|
|
Other Non-current Liabilities |
97,308,006 |
49,793,102 |
|
Total Liabilities |
290,929,574 |
193,596,325 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,100,000 shares |
110,000,000 |
110,000,000 |
|
|
|
|
|
Capital Paid |
110,000,000 |
110,000,000 |
|
Change in Justice Derivative
|
864,575 |
[1,623,638] |
|
Retained Earning-
Unappropriated |
468,625,881 |
413,761,631 |
|
Total Shareholders' Equity |
579,490,456 |
522,137,993 |
|
Total Liabilities & Shareholders' Equity |
870,420,030 |
715,734,318 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
865,456,544 |
976,519,995 |
|
Services Income |
22,054,999 |
13,692,915 |
|
Services & Other Income |
24,873,698 |
8,771,312 |
|
Gain on Exchange
Rate |
13,291,233 |
[1,353,036] |
|
Other Income |
26,497,533 |
21,063,786 |
|
Total Sales |
952,174,007 |
1,018,694,972 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
786,581,650 |
836,361,707 |
|
Selling Expenses |
18,374,254 |
9,432,435 |
|
Administrative Expenses |
89,218,288 |
70,973,146 |
|
Total Expenses |
894,174,192 |
916,767,288 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
57,999,815 |
101,927,684 |
|
Financial Cost |
[1,210,756] |
[1,336,135] |
|
Profit / [Loss] before Income
Tax |
56,789,059 |
100,591,549 |
|
Income Tax |
[1,924,809] |
[892,074] |
|
|
|
|
|
Net Profit / [Loss] |
54,864,250 |
99,699,475 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.02 |
2.92 |
|
QUICK RATIO |
TIMES |
1.61 |
1.61 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.46 |
3.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.05 |
1.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
116.37 |
74.36 |
|
INVENTORY TURNOVER |
TIMES |
3.14 |
4.91 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.00 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
13.52 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
71.32 |
36.49 |
|
CASH CONVERSION CYCLE |
DAYS |
72.05 |
37.86 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.21 |
83.72 |
|
SELLING & ADMINISTRATION |
% |
11.79 |
8.05 |
|
INTEREST |
% |
0.13 |
0.13 |
|
GROSS PROFIT MARGIN |
% |
18.15 |
18.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.36 |
10.20 |
|
NET PROFIT MARGIN |
% |
6.01 |
9.98 |
|
RETURN ON EQUITY |
% |
9.47 |
19.09 |
|
RETURN ON ASSET |
% |
6.30 |
13.93 |
|
EARNING PER SHARE |
BAHT |
49.88 |
90.64 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.33 |
0.27 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.50 |
0.37 |
|
TIME INTEREST EARNED |
TIMES |
47.90 |
76.29 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(8.67) |
|
|
OPERATING PROFIT |
% |
(43.10) |
|
|
NET PROFIT |
% |
(44.97) |
|
|
FIXED ASSETS |
% |
(3.42) |
|
|
TOTAL ASSETS |
% |
21.61 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
18.15 |
Satisfactory |
Industrial
Average |
22.21 |
|
Net Profit Margin |
6.01 |
Impressive |
Industrial
Average |
(0.42) |
|
Return on Assets |
6.30 |
Impressive |
Industrial
Average |
4.11 |
|
Return on Equity |
9.47 |
Impressive |
Industrial
Average |
8.57 |
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 18.15%. When
compared with the industry average, the ratio of the company was lower,
indicated that company was originated from the
problems with control over its costs.
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 6.01%, higher figure when 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 6.3%, 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 9.47%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
3.02 |
Deteriorated |
Industrial
Average |
30.53 |
|
Quick Ratio |
1.61 |
|
|
|
|
Cash Conversion Cycle |
72.05 |
|
|
|
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 3.02 times in 2010, increased from 2.92 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 lower.
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 1.6119 times in 2010,
decreased from 1.6145 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 73 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.33 |
Impressive |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
0.50 |
Impressive |
Industrial
Average |
1.31 |
|
Times Interest Earned |
47.90 |
Deteriorated |
Industrial
Average |
916.05 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 47.91 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.33 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.46 |
Deteriorated |
Industrial
Average |
4,855.41 |
|
Total Assets Turnover |
1.05 |
Acceptable |
Industrial
Average |
1.57 |
|
Inventory Conversion Period |
116.37 |
|
|
|
|
Inventory Turnover |
3.14 |
Deteriorated |
Industrial
Average |
8.43 |
|
Receivables Conversion Period |
27.00 |
|
|
|
|
Receivables Turnover |
13.52 |
Acceptable |
Industrial
Average |
19.57 |
|
Payables Conversion Period |
71.32 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.40 |
|
UK Pound |
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.70.44 |
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.