MIRA INFORM REPORT
|
Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRACHINBURI
GLASS INDUSTRY COMPANY
LIMITED |
|
|
|
|
Registered Office : |
32nd Floor, Ocean Tower 1, 170/87 New Ratchadapisek Road, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
03.08.2007 |
|
|
|
|
Com. Reg. No.: |
0105550081694 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacture contractor
of glass bottles |
|
|
|
|
No. of Employees : |
165 |
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 |
|
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, 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
PRACHINBURI GLASS INDUSTRY
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 32nd FLOOR,
OCEAN TOWER 1,
170/87 NEW
RATCHADAPISEK ROAD,
KLONGTOEY, BANGKOK
10110
TELEPHONE : [66] 2648-6100
FAX :
[66] 2261-2390
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550081694
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT.
600,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SURASAK DECHARIN,
THAI
PRESIDENT
NO.
OF STAFF : 165
LINES
OF BUSINESS : GLASS
BOTTLES
MANUFACTURE CONTRACTOR
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 August 3,
2007 as a
private limited company
under the name
style PRACHINBURI GLASS INDUSTRY
COMPANY LIMITED, by
Thai groups, in order to
provide manufacturing service
various sizes of
glass bottles to
domestic market. It
currently employs 165
staff.
Subject
is a joint
venture between Bangkok
Glass Industry Co.,
Ltd. and T.C.
Pharmaceutical Industry Co.,
Ltd., Thailand.
The subject’s registered
address is 32nd Floor,
Ocean Tower 1, 170/87 New
Ratchadapisek Rd., Klongtoey,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surasak Decharin |
|
Thai |
63 |
|
Mr. Pawin Bhirombhakdee |
|
Thai |
36 |
|
Mrs. Amarat Puwaveeranin |
|
Thai |
54 |
|
Mr. Sarawuth Yoowithaya |
|
Thai |
36 |
|
Ms. Nucharee Yoowithaya |
|
Thai |
38 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Surasak Decharin is
the President.
He is Thai
nationality with the
age of 63
years old.
Mr. Pawin Bhirombhakdee is
the Managing Director.
He is Thai
nationality with the
age of 36
years old.
Mr. Man Suwannapintha is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing service various sizes
of glass bottles
[100 cc. & 150 cc.] for
energy drinks, with
the production capacity
of 30 million bottles
per month..
The
production has been
started in December
2008.
PURCHASE
Most of raw
material, chemical and
glass scrap are
purchased from local
suppliers, the remaining
is imported from
Germany, U.S.A., Japan
and Republic of
China.
MAJOR SUPPLIER
Bangkok Glass Industry Co., Ltd. : Thailand
SALES/SERVICES
100% of the
products is sold
and serviced locally
to T. C. Pharmaceutical Industry
Co., Ltd. [95%],
and other beverage
manufacturers and wholesalers
[5%].
MAJOR CUSTOMER
T. C. Pharmaceutical Industry
Co., Ltd.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is not found
to have any
subsidiary or 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 & services 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.
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
165 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
commercial area.
Factory
and warehouse is
located at 63
Moo 9, Bangkonak-Bansang Rd.,
T. Bangtaen, A. Bansang, Prachinburi
25150. Tel. [66] 37 415-100,
Fax [66] 37 415-120.
Premise is located
on the land
area of 395,200
square meters.
REMARK
MAXIMUM
CREDIT OF US$
1,000,000 SHOULD BE
IN ORDER.
COMMENT
The
subject was formed
in 2007 as
a manufacturing services
of glass bottles.
The subject is
a major supplier
of glass bottles
for RED BULL energy
drink. Its products
are priority served
to T.C. Pharmaceutical Industry
Co., Ltd., a
manufacture of RED BULL energy
drink, and the
rest to other
beverages manufacturers and
wholesalers.
The
subject’s operating performance
in 2010 was
satisfactory with an
increase in both
sales sale and
net profit comparing
to the same period
of 2009.
Subject’s
business has potential
due to demand of
glass bottles for
RED BULL remains strong.
Its business outlook
is bright.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 600,000,000
divided into 6,000,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 7, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Glass Industry
Co., Ltd. Nationality: Thai Address : 32nd Floor, Ocean
Tower 1, 170/87
New
Ratchadapisek Rd.,
Klongtoey, Bangkok |
3,059,997 |
51.00 |
|
T.C. Pharmaceutical Industry
Co., Ltd. Nationality: Thai Address : 39/13
Moo 8, Ekachai
Rd., Bangbon, Bangkok |
2,939,998 |
49.00 |
|
Mr. Surasak Decharin Nationality: Thai Address : 114
Soi Ramindra 67
Yaek 4, Kannayao, Bangkok |
1 |
- |
|
Mr. Pawin Bhirombhakdee Nationality: Thai Address : 563
Soi Ramkhamhaeng, Huamak,
Bangkapi, Bangkok |
1 |
- |
|
Mrs. Amarat Puwaveeranin Nationality: Thai Address : 98/160
Moo 5, Bangkuwieng, Bangkruay,
Nonthaburi |
1 |
- |
|
Mr. Sarawuth Yoowithaya Nationality: Thai Address : 39
Moo 8, Bangbon,
Bangkok |
1 |
- |
|
Ms. Nucharee Yoowithaya Nationality: Thai Address : 39
Moo 8, Bangbon,
Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Vissuta Jariyathanakorn No. 3853
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
3,523,036 |
5,023,450 |
|
Trade Account Receivable-Related
Company |
66,917,955 |
56,208,990 |
|
Account Receivable -
Parent Company |
1,611,232 |
1,559,399 |
|
Inventories |
57,002,014 |
54,477,400 |
|
Refundable Value Added
Tax |
- |
97,559,782 |
|
Refundable Import Duty
|
5,394,160 |
12,354,800 |
|
Other Current Assets
|
758,926 |
4,928,367 |
|
|
|
|
|
Total Current Assets
|
135,207,323 |
232,112,188 |
|
|
|
|
|
Fixed Assets |
1,320,560,038 |
1,407,091,411 |
|
Computer Programme |
1,215,973 |
1,364,406 |
|
Other Assets |
96,300 |
96,300 |
|
Total Assets |
1,457,079,634 |
1,640,664,305 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Bank |
340,000,000 |
329,000,000 |
|
Trade Accounts Payable |
48,362,424 |
45,704,673 |
|
Account Payable Parent Company
|
6,314,024 |
5,836,950 |
|
Short-term Loan from
Parent Company |
229,000,000 |
377,161,825 |
|
Current Portion of Long-term
Loan from Bank |
120,000,000 |
100,000,000 |
|
Accrued Expenses |
3,484,274 |
2,526,366 |
|
Other Current Liabilities |
3,325,610 |
1,688,309 |
|
|
|
|
|
Total Current Liabilities |
750,486,332 |
861,918,123 |
|
Long-term Loan from
Bank, net of Current Portion |
80,000,000 |
200,000,000 |
|
Total Liabilities |
830,486,332 |
1,061,918,123 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
6,000,000 shares |
600,000,000 |
600,000,000 |
|
|
|
|
|
Capital Paid |
600,000,000 |
600,000,000 |
|
Retained Earning -
Unappropriated |
26,593,302 |
[21,253,818] |
|
Total Shareholders' Equity |
626,593,302 |
578,746,182 |
|
Total Liabilities & Shareholders' Equity |
1,457,079,634 |
1,640,664,305 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
595,780,361 |
473,328,307 |
|
Gain on Exchange Rate |
381,859 |
1,835,819 |
|
Other Income |
1,692,440 |
1,144,398 |
|
Total Sale s |
597,854,660 |
476,278,524 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
505,051,174 |
452,686,931 |
|
Administrative Expenses |
1,441,074 |
1,092,120 |
|
Loss from Exchange
Rate |
16,726,939 |
9,241,066 |
|
Total Expenses |
523,219,187 |
463,020,117 |
|
|
|
|
|
Profit / [Loss] before Financial Expense |
74,635,473 |
13,258,407 |
|
Financial Expenses |
[26,666,553] |
[34,541,917] |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
47,968,920 |
[21,283,510] |
|
Income Tax |
[121,800] |
- |
|
|
|
|
|
Net Profit / [Loss] |
47,847,120 |
[21,283,510] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.18 |
0.27 |
|
QUICK RATIO |
TIMES |
0.10 |
0.07 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.45 |
0.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.41 |
0.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
41.20 |
43.92 |
|
INVENTORY TURNOVER |
TIMES |
8.86 |
8.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
34.95 |
36.85 |
|
CASH CONVERSION CYCLE |
DAYS |
6.24 |
7.07 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.77 |
95.64 |
|
SELLING & ADMINISTRATION |
% |
0.24 |
0.23 |
|
INTEREST |
% |
4.48 |
7.30 |
|
GROSS PROFIT MARGIN |
% |
15.58 |
4.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.53 |
2.80 |
|
NET PROFIT MARGIN |
% |
8.03 |
(4.50) |
|
RETURN ON EQUITY |
% |
7.64 |
(3.68) |
|
RETURN ON ASSET |
% |
3.28 |
(1.30) |
|
EARNING PER SHARE |
BAHT |
7.97 |
(3.55) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.33 |
1.83 |
|
TIME INTEREST EARNED |
TIMES |
2.80 |
0.38 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
25.87 |
|
|
OPERATING PROFIT |
% |
462.93 |
|
|
NET PROFIT |
% |
324.81 |
|
|
FIXED ASSETS |
% |
(6.15) |
|
|
TOTAL ASSETS |
% |
(11.19) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
15.58 |
Impressive |
Industrial Average |
5.59 |
|
Net Profit Margin |
8.03 |
Impressive |
Industrial Average |
(7.67) |
|
Return on Assets |
3.28 |
Impressive |
Industrial Average |
(6.75) |
|
Return on Equity |
7.64 |
Impressive |
Industrial Average |
4.28 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sale s 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 15.58%. 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
8.03%, 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
3.28%, 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 7.64%, 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 |
0.18 |
Risky |
Industrial Average |
0.98 |
|
Quick Ratio |
0.10 |
|
|
|
|
Cash Conversion Cycle |
6.24 |
|
|
|
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 0.18 times in 2010, decrease from 0.27 times, then the company may not be
efficiently using its current assets. 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 0.1 times in 2010,
increase from 0.07 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 7 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Impressive |
Industrial Average |
0.83 |
|
Debt to Equity Ratio |
1.33 |
Acceptable |
Industrial Average |
1.72 |
|
Times Interest Earned |
2.80 |
Impressive |
Industrial Average |
(2.02) |
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 2.8 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 0.57 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.45 |
Deteriorated |
Industrial Average |
8.71 |
|
Total Assets Turnover |
0.41 |
Acceptable |
Industrial Average |
0.71 |
|
Inventory Conversion Period |
41.20 |
|
|
|
|
Inventory Turnover |
8.86 |
Impressive |
Industrial Average |
4.49 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
20.59 |
|
Payables Conversion Period |
34.95 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
UK Pound |
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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.