MIRA
INFORM REPORT
|
Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
L.
LIGHTING GLASS COMPANY
LIMITED |
|
|
|
|
Registered Office : |
71/9
Moo 5, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.05.1989 |
|
|
|
|
Com. Reg. No.: |
0105532043077 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of
glass tubes |
|
|
|
|
No. of Employees : |
350 |
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, 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
L. LIGHTING GLASS
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 71/9
MOO 5, BANGNA-TRAD
ROAD, K.M. 52,
T. THAKAM,
A. BANGPAKONG,
CHACHOENGSAO 24130,
THAILAND
TELEPHONE : [66] 38
828-513-8, 38 573-118-9
FAX :
[66] 38 828-314-5, 38
573-120
E-MAIL ADDRESS : leg@loxinfo.co.th
supoj@legthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532043077
TAX
ID NO. : 3101621334
CAPITAL REGISTERED : BHT. 595,000,000
CAPITAL PAID-UP : BHT.
595,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMCHAI OVUTHITHAM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 350
LINES OF BUSINESS : GLASS
TUBES
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 10, 1989 as
a private limited
company under the
name style L. LIGHTING GLASS
COMPANY LIMITED, by Thai
groups, to manufacture
wide range of glass
tube for lighting production
to both domestic
and overseas markets.
It currently employs
approximate 350 staff.
The subject’s registered
address is 71/9 Moo 5, Bangna-Trad Rd.,
K.M. 52, T. Thakam, A. Bangpakong, Chachoengsao 24130,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai
Ovuthitham |
|
Thai |
50 |
|
Ms. Nattaya
Jitnasilp |
|
Thai |
44 |
|
Mr. Promchai
Jitnasilp |
|
Thai |
37 |
|
Mrs. Somporn
Srichainart |
|
Thai |
50 |
AUTHORIZED PERSON
Any two of the
above directors can jointly
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Somchai
Ovuthitham
is the Managing Director.
He is Thai
nationality with the
age of 50
years old.
Ms. Nattaya
Jitnasilp
is the Administration Manager.
She is Thai
nationality with the
age of 44
years old.
Mr. Supoj
Sukvilai
is the Marketing
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing various
kinds of glass
tubes for lighting
productions of fluorescent lamp, incandescent
lamp, decorative lamp, wedge
lamp, auto lamp,
miniature lamp, refrigerator lamp, microwave lamp, oven lamp and etc.
The products can
also be applied
for souvenir and
bottle products.
PRODUCTION CAPACITY
6,000 tons per
month
PURCHASE
Most of raw materials
and glass are
purchased from local
suppliers, the remaining
is imported from Republic of
China, Taiwan, Chile,
Japan, Germany and
Spain.
SALES
90% of the products
is exported to Japan,
Taiwan, Korea, Vietnam,
Malaysia, Singapore, India,
Republic of China, Indonesia, Hong Kong
and Europe, and
the remaining 10%
is sold locally.
MAJOR CUSTOMERS
Philips Electronics [Thailand]
Co., Ltd. : Thailand
Thai Toshiba Lighting
Co., Ltd. :
Thailand
LED Lighting Co.,
Ltd. : Thailand
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 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
T/T.
Exports are against
L/C & T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 350 staff.
LOCATION
DETAILS
The premise is owned for administrative
office, factory and warehouse at
the heading address.
Premise is located
in provincial.
COMMENT
The
subject was formed in 1989
as a
manufacturer, distributor and
exporter of glass
tubes for lighting productions,
e.g. florescent lamps and LCD
television. Its products are
mainly served to industrial
sectors both domestic and international
markets. The products
have been widely used
in many industries.
Though the subject’s
sales revenue and
net profit for
the year 2011
were slightly dropped
comparing to the previous
year, but its
business is still
promising and growing in
line with the
demand of the
products from related
industries.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 70,000,000
divided into 700,000 shares
of Bht.
100 each.
The
capital was increased
later as following:
Bht. 100,000,000
on September 18,
1998
Bht. 150,000,000
on January 25,
2005
Bht. 200,000,000
on June 16,
2006
Bht. 500,000,000
on December 20,
2006
Bht. 570,000,000
on September 5,
2007
Bht. 595,000,000
on December 15,
2010
The latest registered capital was
increased to Bht. 595 million, divided
into 5,950,000 shares of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai
Ovuthitham Nationality: Thai Address : 112 Soi Suksawad 29, Rajburana, Bangkok |
3,272,500 |
55.00 |
|
Ms. Nattaya
Jinasilp Nationality: Thai Address : 122 Soi Suksawad 29, Rajburana, Bangkok |
1,190,000 |
20.00 |
|
Ms. Yanattha
Ovuthitham Nationality: Thai Address : 114 Soi Suksawad 29, Rajburana, Bangkok |
297,500 |
5.00 |
|
Ms. Chittinand Ovuthitham Nationality: Thai Address : 112 Soi Suksawad 29, Rajburana, Bangkok |
297,500 |
5.00 |
|
Ms. Tatchamon Ovuthitham Nationality: Thai Address : 112 Soi Suksawad 29, Rajburana, Bangkok |
297,500 |
5.00 |
|
Master Teerapat Ovuthitham Nationality: Thai Address : 112 Soi Suksawad 29, Rajburana, Bangkok |
297,500 |
5.00 |
|
Master Vacharapol
Ovuthitham Nationality: Thai Address : 112 Soi Suksawad 29, Rajburana, Bangkok |
297,500 |
5.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
5,950,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
5,950,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Buppha
Chawapong
No. 7640
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
22,016,274.45 |
12,259,215.62 |
|
Trade Accounts & Notes Receivable |
187,707,513.68 |
182,824,032.04 |
|
Inventories |
331,655,216.01 |
311,290,961.16 |
|
Other Current Assets |
26,286,575.07 |
13,297,229.75 |
|
|
|
|
|
Total Current Assets
|
567,665,579.21 |
519,671,438.57 |
|
|
|
|
|
Fixed Assets |
1,214,526,152.52 |
1,209,938,879.55 |
|
Other Assets |
2,295,965.87 |
4,541,739.01 |
|
Total Assets |
1,784,487,697.60 |
1,734,152,057.13 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
104,538.30 |
21,379,455.72 |
|
Trade Accounts & Notes Payable |
209,373,245.35 |
97,337,072.05 |
|
Current Portion of Long-term Loans |
144,720,000.00 |
115,020,000.00 |
|
Other Current Liabilities |
72,170,416.07 |
67,322,562.06 |
|
|
|
|
|
Total Current Liabilities |
426,368,199.72 |
301,059,089.83 |
|
|
|
|
|
Long-term Loan from
Financial Institution, Net |
746,140,000.00 |
832,450,000.00 |
|
Estimated Liabilities from
Employee’s Benefit |
14,385,992.82 |
- |
|
Total Liabilities |
1,186,894,192.54 |
1,133,509,089.83 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 5,950,000 shares |
595,000,000.00 |
595,000,000.00 |
|
|
|
|
|
Capital Paid |
595,000,000.00 |
595,000,000.00 |
|
Retained Earning Appropriated - Statutory
Reserve |
6,464,665.89 |
6,464,665.89 |
|
Unappropriated |
[3,871,160.83] |
[821,698.59] |
|
Total Shareholders' Equity |
597,593,505.06 |
600,642,967.30 |
|
Total Liabilities &
Shareholders' Equity |
1,784,487,697.60 |
1,734,152,057.13 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
1,359,545,136.45 |
1,462,355,338.44 |
|
Other Income |
37,609,109.75 |
12,512,763.88 |
|
Total Revenues |
1,397,154,246.20 |
1,474,868,102.32 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,203,697,503.98 |
1,272,478,657.07 |
|
Selling Expenses |
95,474,576.80 |
91,063,976.53 |
|
Administrative Expenses |
49,396,410.46 |
56,884,217.00 |
|
Total Expenses |
1,348,568,491.24 |
1,420,426,850.60 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
48,585,754.96 |
54,441,251.72 |
|
Financial Cost |
[34,038,841.23] |
[29,564,074.78] |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
14,546,913.73 |
24,877,176.94 |
|
Income Tax |
[5,014,667.49] |
[9,110,791.25] |
|
|
|
|
|
Net Profit / [Loss] |
9,532,246.24 |
15,766,385.69 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.33 |
1.73 |
|
QUICK RATIO |
TIMES |
0.49 |
0.65 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.12 |
1.21 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.76 |
0.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
100.57 |
89.29 |
|
INVENTORY TURNOVER |
TIMES |
3.63 |
4.09 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.39 |
45.63 |
|
RECEIVABLES TURNOVER |
TIMES |
7.24 |
8.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
63.49 |
27.92 |
|
CASH CONVERSION CYCLE |
DAYS |
87.47 |
107.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.54 |
87.02 |
|
SELLING & ADMINISTRATION |
% |
10.66 |
10.12 |
|
INTEREST |
% |
2.50 |
2.02 |
|
GROSS PROFIT MARGIN |
% |
14.23 |
13.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.57 |
3.72 |
|
NET PROFIT MARGIN |
% |
0.70 |
1.08 |
|
RETURN ON EQUITY |
% |
1.60 |
2.62 |
|
RETURN ON ASSET |
% |
0.53 |
0.91 |
|
EARNING PER SHARE |
BAHT |
1.60 |
2.65 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.99 |
1.89 |
|
TIME INTEREST EARNED |
TIMES |
1.43 |
1.84 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(7.03) |
|
|
OPERATING PROFIT |
% |
(10.76) |
|
|
NET PROFIT |
% |
(39.54) |
|
|
FIXED ASSETS |
% |
0.38 |
|
|
TOTAL ASSETS |
% |
2.90 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.23 |
Acceptable |
Industrial
Average |
20.54 |
|
Net Profit Margin |
0.70 |
Deteriorated |
Industrial
Average |
2.95 |
|
Return on Assets |
0.53 |
Deteriorated |
Industrial
Average |
4.10 |
|
Return on Equity |
1.60 |
Deteriorated |
Industrial
Average |
7.41 |
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. The company's figure is 14.23%. When
compared with the industry average, the ratio of the company was lower. This
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 0.7%. When
compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 0.53%.
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 1.6%.
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 |
1.33 |
Acceptable |
Industrial
Average |
2.10 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
87.47 |
|
|
|
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 1.33 times in 2011, decrease from 1.73 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 0.49 times in 2011,
decrease from 0.65 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 88 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
1.99 |
Risky |
Industrial
Average |
0.60 |
|
Times Interest Earned |
1.43 |
Deteriorated |
Industrial
Average |
5.03 |
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 1.43 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 0.67 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.12 |
Deteriorated |
Industrial
Average |
3.84 |
|
Total Assets Turnover |
0.76 |
Acceptable |
Industrial
Average |
1.38 |
|
Inventory Conversion Period |
100.57 |
|
|
|
|
Inventory Turnover |
3.63 |
Satisfactory |
Industrial
Average |
4.56 |
|
Receivables Conversion Period |
50.39 |
|
|
|
|
Receivables Turnover |
7.24 |
Impressive |
Industrial
Average |
4.58 |
|
Payables Conversion Period |
63.49 |
|
|
|
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.56.92 |
|
UK Pound |
1 |
Rs.88.91 |
|
Euro |
1 |
Rs.71.25 |
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.