MIRA
INFORM REPORT
|
Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAYONG
GLASS INDUSTRY CO.,
LTD. |
|
|
|
|
Registered Office : |
32nd
Floor, Ocean Tower
1 Building, 170/87 New |
|
|
|
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Country : |
|
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
01.10.2010 |
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|
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Com. Reg. No.: |
0105553122057 |
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|
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|
Legal Form : |
Private
Limited Company |
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|
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Line of Business : |
Manufacturer and
distributor of glass containers |
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No. of Employees : |
700 employees |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
RAYONG GLASS INDUSTRY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 32nd FLOOR,
OCEAN TOWER 1
BUILDING,
170/87 NEW
RATCHADAPISEK ROAD, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2648-6100
FAX :
[66] 2648-6198
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553122057
TAX
ID NO. : 3034128498
CAPITAL REGISTERED : BHT. 2,100,000,000
CAPITAL PAID-UP : BHT.
2,008,519,483
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SURASAK DECHARIN,
THAI
PRESIDENT
NO.
OF STAFF : 700
LINES
OF BUSINESS : GLASS
CONTAINERS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 1,
2010 as a
private limited company under
the registered name
RAYONG GLASS INDUSTRY
CO., LTD., by
Thai groups, with
the business objective
to manufacture and
distribute glass containers
to domestic market.
It currently employs
approximate 700 staff.
It
is a wholly
owned subsidiary of
Bangkok Glass Industry Co.,
Ltd.
The
subject’s registered address
is 32nd Flr.,
Ocean Tower 1
Building, 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 |
64 |
|
Mr. Pawin Bhirombhakdi |
|
Thai |
37 |
|
Mrs. Amarat Puwaveeranin |
|
Thai |
55 |
|
Mr. Somporn Temudomsomboon |
|
Thai |
52 |
AUTHORIZED PERSON
Any two of the above
directors can 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 64 years
old.
Mr. Panya Cheakkajon is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
of glass containers
for various industries,
such as foods,
beverages [beer, liquor,
energy drink], pharmaceuticals and
insecticide.
PRODUCTION CAPACITY
920 tons [3-5 million bottles] per
day
PURCHASE
Most
of raw materials
such as glass
and chemical are
purchased from local
supplier, the remaining
is imported from
Germany, Republic of China and
India.
SALES
100% of the
products is sold
locally to manufacturers, and
end-users.
MAJOR CUSTOMER
The Boon Rawd
Group of companies
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial bank
Public Co., Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 700 office
staff and factory
workers.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime commercial
area.
Factory
and warehouse are
located at 194
Moo 4, Noenmaihom
Rd., T. Krasaebon, A. Klaeng,
Rayong 21110. Tel. : [66]
38 678-111-9, Fax. : [66] 38 672-804.
COMMENT
The
subject was formed
in 2010 as
a glass bottle
manufacture for beverage,
consumer, pharmaceutical and cosmetic
industries. Its products have
strong demand from
local industries. Since
its production has been
started in the
beginning of 2011,
subject strived for
work efficiency, product
quality, technical know-how
and innovation to
satisfy customers needs
in long term
prospect. Subject reported
a strong business
growth in 2011 and
continues expanding.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 2,100,000,000 divided into
21,000,000 shares of
Bht. 100 each.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 25, 2012]
at Bht. 2,008,519,483 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Glass Industry
Co., Ltd. Nationality: Thai Address : 170/87
New Ratchadapisek Rd.,
Klongtoey, Bangkok |
20,999,997 |
100.00 |
|
Mr. Surasak Decharin Nationality: Thai Address : 114
Soi Ramindra 67,
Kannayao, Bangkok |
1 |
- |
|
Mr. Pawin Bhirombhakdi Nationality: Thai Address : 563
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1 |
- |
|
Mrs. Amarat Puwaveeranin Nationality: Thai Address : 98/160
Moo 5, Bangkuveang,
Bangkruay, Nonthaburi |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 25,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
21,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
21,000,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Vissuta Jariyathanakorn No.
3853
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
405,057 |
- |
|
Trade Accounts Receivable |
377,442,971 |
- |
|
Inventories |
451,962,824 |
312,971,631 |
|
Other Current Assets
|
2,872,654 |
323,630 |
|
|
|
|
|
Total Current Assets
|
832,683,506 |
313,295,261 |
|
|
|
|
|
Fixed Assets |
1,810,786,833 |
1,981,371,775 |
|
Total Assets |
2,643,470,339 |
2,294,667,036 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
232,720,003 |
232,360,898 |
|
Accrued Income Tax |
1,329,912 |
94,089 |
|
Other Current Liabilities |
8,288,641 |
10,000 |
|
|
|
|
|
Total Current Liabilities |
242,338,556 |
232,464,987 |
|
Loan from Parent Company |
299,700,000 |
- |
|
Reserve for Employee’s Benefit |
72,821,529 |
53,463,025 |
|
Total Liabilities |
614,860,085 |
285,928,012 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital
21,000,000 shares |
2,100,000,000 |
2,100,000,000 |
|
|
|
|
|
Capital Paid |
2,008,519,483 |
2,008,519,483 |
|
Retained Earning - Unappropriated |
20,090,771 |
219,541 |
|
Total Shareholders' Equity |
2,028,610,254 |
2,008,739,024 |
|
Total Liabilities & Shareholders' Equity |
2,643,470,339 |
2,294,667,036 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2011 |
Oct. 1,
2010 – Dec. 31, 2010 |
|
|
|
|
|
Sales |
1,852,351,301 |
- |
|
Other Income |
5,267,629 |
323,630 |
|
Total Revenues |
1,857,618,930 |
323,630 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,698,222,556 |
- |
|
Selling Expenses |
45,611,100 |
- |
|
Administrative Expenses |
51,598,053 |
10,000 |
|
Reserve for Employee
Benefit |
28,178,000 |
- |
|
Total Expenses |
1,823,609,709 |
10,000 |
|
|
|
|
|
Profit before Financial Costs & Income Tax |
34,009,221 |
313,630 |
|
Financial Costs |
[11,829,028] |
- |
|
|
|
|
|
Profit before Income Tax |
22,180,193 |
313,630 |
|
Income Tax |
[2,308,963] |
[94,089] |
|
Net Profit / [Loss] |
19,871,230 |
219,541 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.44 |
1.35 |
|
QUICK RATIO |
TIMES |
1.56 |
- |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.02 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.70 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
97.14 |
- |
|
INVENTORY TURNOVER |
TIMES |
3.76 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
74.37 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
4.91 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.02 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
121.50 |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.68 |
- |
|
SELLING & ADMINISTRATION |
% |
5.25 |
- |
|
INTEREST |
% |
0.64 |
- |
|
GROSS PROFIT MARGIN |
% |
8.61 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.84 |
- |
|
NET PROFIT MARGIN |
% |
1.07 |
- |
|
RETURN ON EQUITY |
% |
0.98 |
0.01 |
|
RETURN ON ASSET |
% |
0.75 |
0.01 |
|
EARNING PER SHARE |
BAHT |
0.99 |
0.01 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.23 |
0.12 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.30 |
0.14 |
|
TIME INTEREST EARNED |
TIMES |
2.88 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
10,743.74 |
|
|
NET PROFIT |
% |
8,951.26 |
|
|
FIXED ASSETS |
% |
(8.61) |
|
|
TOTAL ASSETS |
% |
15.20 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.61 |
Acceptable |
Industrial
Average |
13.86 |
|
Net Profit Margin |
1.07 |
Deteriorated |
Industrial
Average |
4.01 |
|
Return on Assets |
0.75 |
Deteriorated |
Industrial
Average |
2.19 |
|
Return on Equity |
0.98 |
Deteriorated |
Industrial
Average |
4.61 |
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 8.61%. 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 1.07%.
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 0.75%.
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 0.98%.
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 |
3.44 |
Impressive |
Industrial
Average |
0.65 |
|
Quick Ratio |
1.56 |
|
|
|
|
Cash Conversion Cycle |
121.50 |
|
|
|
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 3.44 times in 2011, increased from 1.35 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 1.56 times in 2011,
increased from 0 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 122 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.23 |
Impressive |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
0.30 |
Impressive |
Industrial
Average |
1.09 |
|
Times Interest Earned |
2.88 |
Satisfactory |
Industrial
Average |
3.29 |
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 2.88 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 0.23 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.02 |
Impressive |
Industrial Average |
0.70 |
|
Total Assets Turnover |
0.70 |
Impressive |
Industrial Average |
0.59 |
|
Inventory Conversion Period |
97.14 |
|
|
|
|
Inventory Turnover |
3.76 |
Satisfactory |
Industrial Average |
3.94 |
|
Receivables Conversion Period |
74.37 |
|
|
|
|
Receivables Turnover |
4.91 |
Acceptable |
Industrial Average |
7.09 |
|
Payables Conversion Period |
50.02 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
UK Pound |
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
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.