MIRA
INFORM REPORT
|
Report Date : |
08.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
GUARDIAN
INDUSTRIES RAYONG CO.,
LTD. |
|
|
|
|
Registered Office : |
116 Moo 3, T. Nonglalok, A. Bankhai, Rayong 21120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
31.07.1995 |
|
|
|
|
Com. Reg. No.: |
0105538090182 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor
and exporter of tinted
float glass |
|
|
|
|
No. of Employees : |
254 |
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 |
|
Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
RAYONG CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 116
MOO 3, T.
NONGLALOK, A. BANKHAI,
RAYONG 21120
TELEPHONE : [66] 38
892-111
FAX :
[66] 38
892-129-30
E-MAIL
ADDRESS : hrdepartment@guardian.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538090182
TAX
ID NO. : 3011614747
CAPITAL REGISTERED : BHT.
2,700,000,000
CAPITAL PAID-UP : BHT.
2,600,000,000
SHAREHOLDER’S PROPORTION : THAI : 100 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. GREGORY SCOTT
POULSON, AMERICAN
VICE PRESIDENT
NO.
OF STAFF : 254
LINES
OF BUSINESS : TINTED FLOAT
GLASS
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
July 31, 1995
as a private
limited company under
the originally registered name “Siam
Guardian Glass [Rayong]
Co., Ltd.” by
Thai-American groups. On November 1, 2001, subject’s name was
changed to GUARDIAN INDUSTRIES
RAYONG CO., LTD. Its business
objective is to
manufacture and supply
various kinds of glass
for automotive, building
and construction industry
both domestic and
overseas markets. It
currently employs 254
staff. Subject is
a wholly owned
subsidiary of Guardian
Industries Nongkae Ltd.
It
achieved ISO 9001 : 2000
by British Standard
Institute [BSI] in
January 2003.
The subject’s registered
address is 116 Moo 3, T. Nonglalok,
A. Bankhai, Rayong 21120,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Charles Gregory Croskey |
|
American |
65 |
|
Mr. Gregory Scott Poulson |
|
American |
50 |
|
Mr. Donnell Lindsay Pettus
Jr. |
|
American |
57 |
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 Vice
President.
He is American
nationality with the
age of 50
years old.
Ms. Arisa Poopanien is
the Operation Support
and Accounting Manager.
She is Thai
nationality.
Mr. Pornchai Boonsuk is
the Engineering Division
Manager.
He is Thai
nationality.
Mr. Suphat Pipitthawan is
the Plant Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing and distributing various kinds of
glass for automotive industry
and exterior construction,
as well as
furniture and interior
décor. Its products
are included clear
float glass, tinted
glass, mirror, reflective
glass, tempered glass,
heat strengthened glass,
laminated glass and
wired glass under
its own brand
GUARDIAN.
PURCHASE
Most of raw materials
and accessories are
purchased from local
suppliers, the
remaining, as well
as machinery are
imported from United
States of America,
Australia, Republic of
China, Japan and
Germany.
MAJOR SUPPLIERS
Guardian Industries Corporation
Ltd. : U.S.A.
Rayong International Sand
Supply Co., Ltd. : Thailand
SALES
50% of the
products is exported
to United States
of America, Japan,
Singapore,
Hong Kong and countries
in Europe and
Middle East, and
the remaining 50%
is
sold locally to
wholesalers.
RELATED AND AFFILIATED COMPANY
Guardian Industries Corp.
Ltd.
Business Type :
Manufacturer and distributor
of glass products
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 254
staff.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse on 160,000
square meters of
land at the
heading address. Premise
is located in
provincial.
COMMENT
The
subject is a
part of Guardian
Industries, a leading
float glass, fabricated
glass and the
world’s largest mirror manufacturing. Its products
are for the commercial
and residential construction
industries, as well as
automotive industry. The majority
of the production
has been exported
to the Asia Pacific
region, Asia Middle East,
Europe and the
Americas.
Subject
has been recorded
an outstanding operator
in glass industry,
as well as
continued growing steadily
from strong demand
of construction and automobile industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,100,000,000
divided into 11,000,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 1,800,000,000 on August 26,
1996
Bht. 2,700,000,000 on March 21,
1997
The
latest registered capital
was increased to
Bht. 2,700 million, divided
into 27 million,
shares of Bht.
100 each with
the current capital
paid-up at Bht. 2,600,000,000.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 27, 2012] at Bht.
2,600,000,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Guardian Industries Nongkae
Ltd. Nationality: Thai Address : 42 Moo
7, T. Nongplamor, A. Nongkae,
Saraburi |
26,999,998 |
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
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
26,999,998 |
100.00 |
|
Foreign-American |
2 |
2 |
- |
|
Total |
3 |
27,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichien Kingmontree No.
3977
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,777,494 |
1,653,626 |
|
Trade Accounts & Other Receivable |
175,281,377 |
237,114,748 |
|
Lending to Related
Company |
1,787,924,149 |
1,943,660,489 |
|
Inventories |
272,373,243 |
202,835,479 |
|
Other Current Assets
|
29,240,926 |
16,334,144 |
|
Total Current Assets
|
2,266,597,189 |
2,401,598,486 |
|
|
|
|
|
Long-term Investment |
830,461,134 |
830,461,134 |
|
Fixed Assets |
338,076,113 |
366,388,362 |
|
Intangible Assets |
2,598,899 |
3,779,238 |
|
Deferred Income Tax |
770,563 |
13,160 |
|
Other Assets - Deposit
|
795,500 |
625,500 |
|
Total Assets |
3,439,299,398 |
3,602,865,880 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
164,258,250 |
148,810,915 |
|
Accrued Income Tax |
124,612,443 |
133,666,339 |
|
Other Current Liabilities |
7,591,814 |
9,493,376 |
|
Total Current Liabilities |
296,462,507 |
291,970,630 |
|
Estimated Liabilities for
Employee’s Benefit |
3,008,405 |
- |
|
Total Liabilities |
299,470,912 |
291,970,630 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
27,000,000 shares |
2,700,000,000 |
2,700,000,000 |
|
Capital Paid |
2,600,000,000 |
2,600,000,000 |
|
Statutory Reserve |
270,000,000 |
270,000,000 |
|
Retained Earning -
Unappropriated |
269,828,486 |
440,895,250 |
|
Total Shareholders' Equity |
3,139,828,486 |
3,310,895,250 |
|
Total Liabilities & Shareholders' Equity |
3,439,299,398 |
3,602,865,880 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
2,412,230,186 |
2,540,022,016 |
|
Interest Income |
49,932,511 |
18,819,953 |
|
Gain from Exchange Rate |
- |
14,961,065 |
|
Other Income |
3,309,988 |
2,067,920 |
|
Total Revenues |
2,465,472,685 |
2,575,870,954 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,354,425,859 |
1,328,646,218 |
|
Selling Expenses |
279,249,266 |
318,404,077 |
|
Administrative Expenses |
73,435,434 |
61,034,349 |
|
Loss on Exchange Rate |
4,155,997 |
- |
|
Total Expenses |
1,711,266,556 |
1,708,084,644 |
|
Profit /[Loss] Before Income
Tax |
754,206,129 |
867,786,310 |
|
Income Tax |
[226,572,893] |
[229,679,324] |
|
Net Profit / [Loss] |
527,633,236 |
638,106,986 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
7.65 |
8.23 |
|
QUICK RATIO |
TIMES |
6.63 |
7.47 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.14 |
6.93 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.70 |
0.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
73.40 |
55.72 |
|
INVENTORY TURNOVER |
TIMES |
4.97 |
6.55 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.52 |
34.07 |
|
RECEIVABLES TURNOVER |
TIMES |
13.76 |
10.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.27 |
40.88 |
|
CASH CONVERSION CYCLE |
DAYS |
55.66 |
48.91 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
56.15 |
52.31 |
|
SELLING & ADMINISTRATION |
% |
14.62 |
14.94 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
46.06 |
49.10 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
31.27 |
34.16 |
|
NET PROFIT MARGIN |
% |
21.87 |
25.12 |
|
RETURN ON EQUITY |
% |
16.80 |
19.27 |
|
RETURN ON ASSET |
% |
15.34 |
17.71 |
|
EARNING PER SHARE |
BAHT |
20.29 |
24.54 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.09 |
0.08 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.10 |
0.09 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(5.03) |
|
|
OPERATING PROFIT |
% |
(13.09) |
|
|
NET PROFIT |
% |
(17.31) |
|
|
FIXED ASSETS |
% |
(7.73) |
|
|
TOTAL ASSETS |
% |
(4.54) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
46.06 |
Impressive |
Industrial Average |
16.96 |
|
Net Profit Margin |
21.87 |
Impressive |
Industrial Average |
3.27 |
|
Return on Assets |
15.34 |
Impressive |
Industrial Average |
4.13 |
|
Return on Equity |
16.80 |
Satisfactory |
Industrial Average |
16.84 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit Margin is 46.06%. 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. Net Profit Margin ratio is 21.87%,
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
15.34%, 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. When compared with the
industry average, it was lower, the company's figure is 16.8%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
7.65 |
Impressive |
Industrial Average |
1.06 |
|
Quick Ratio |
6.63 |
|
|
|
|
Cash Conversion Cycle |
55.66 |
|
|
|
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 7.65 times in 2011, decrease from 8.23 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 6.63 times in 2011,
decrease from 7.47 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 56 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.09 |
Impressive |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
0.10 |
Impressive |
Industrial Average |
2.17 |
|
Times Interest Earned |
- |
|
Industrial Average |
5.72 |
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 0.09 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.14 |
Impressive |
Industrial Average |
2.38 |
|
Total Assets Turnover |
0.70 |
Acceptable |
Industrial Average |
1.06 |
|
Inventory Conversion Period |
73.40 |
|
|
|
|
Inventory Turnover |
4.97 |
Impressive |
Industrial Average |
4.87 |
|
Receivables Conversion Period |
26.52 |
|
|
|
|
Receivables Turnover |
13.76 |
Impressive |
Industrial Average |
4.88 |
|
Payables Conversion Period |
44.27 |
|
|
|
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.55.50 |
|
UK Pound |
1 |
Rs.86.40 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.