MIRA
INFORM REPORT
|
Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
L. LIGHTING GLASS COMPANY LIMITED |
|
|
|
|
Registered Office : |
71/9 Moo 5, Chachoengsao 24130 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
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 : |
400 |
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 : |
Slow |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
|
Source
: CIA |
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 : 400
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 approximately
400 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 |
51 |
|
Ms. Nattaya Jitnasilp |
|
Thai |
45 |
|
Ms. Yanattha Ovuthitham |
|
Thai |
24 |
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 51
years old.
Ms. Nattaya Jitnasilp is
the Administration Manager.
She is Thai
nationality with the age of
45 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, Mexico, U.S.A.,
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
Philips Mexicana C/O : U.S.A.
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 400 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 2012
were dropped comparing
to the previous year
due to a
slowdown of the
global economy, its business
still remains promising
even though it might
encounter slow growth
from a decline in
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, 2013]
|
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, 2013]
|
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, 2012,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
15,433,978.47 |
22,016,274.45 |
12,259,215.62 |
|
Trade Accounts & Notes Receivable |
145,519,992.89 |
187,707,513.68 |
182,824,032.04 |
|
Inventories |
580,655,746.41 |
331,655,216.01 |
311,290,961.16 |
|
Other Current Assets |
13,333,677.77 |
26,286,575.07 |
13,297,229.75 |
|
|
|
|
|
|
Total Current Assets
|
754,943,395.54 |
567,665,579.21 |
519,671,438.57 |
|
|
|
|
|
|
Fixed Assets |
1,156,420,445.66 |
1,214,526,152.52 |
1,209,938,879.55 |
|
Other Non-current Assets |
19,462,225.13 |
2,295,965.87 |
4,541,739.01 |
|
Total Assets |
1,930,826,066.33 |
1,784,487,697.60 |
1,734,152,057.13 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
30,648,952.92 |
104,538.30 |
21,379,455.72 |
|
Trade Accounts & Notes Payable |
197,515,195.74 |
209,373,245.35 |
97,337,072.05 |
|
Current Portion of Long-term
Loans |
121,030,000.00 |
144,720,000.00 |
115,020,000.00 |
|
Other Current Liabilities |
51,305,541.37 |
72,170,416.07 |
67,322,562.06 |
|
|
|
|
|
|
Total Current Liabilities |
400,499,690.03 |
426,368,199.72 |
301,059,089.83 |
|
|
|
|
|
|
Long-term Loan from
Financial Institution, Net |
912,700,000.00 |
746,140,000.00 |
832,450,000.00 |
|
Estimated Liabilities from Employee’s Benefit |
16,425,113.88 |
14,385,992.82 |
- |
|
Total Liabilities |
1,329,624,803.91 |
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 |
595,000,000.00 |
|
|
|
|
|
|
Capital Paid |
595,000,000.00 |
595,000,000.00 |
595,000,000.00 |
|
Retained Earning Appropriated - Statutory Reserve |
6,464,665.89 |
6,464,665.89 |
6,464,665.89 |
|
Unappropriated |
[263,403.47] |
[3,871,160.83] |
[821,698.59] |
|
Total Shareholders' Equity |
601,201,262.42 |
597,593,505.06 |
600,642,967.30 |
|
Total Liabilities & Shareholders' Equity |
1,930,826,066.33 |
1,784,487,697.60 |
1,734,152,057.13 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
1,127,148,923.05 |
1,359,545,136.45 |
1,462,355,338.44 |
|
Other Income |
11,846,990.36 |
37,609,109.75 |
12,512,763.88 |
|
Total Revenues |
1,138,995,913.41 |
1,397,154,246.20 |
1,474,868,102.32 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
956,904,755.56 |
1,203,697,503.98 |
1,272,478,657.07 |
|
Selling Expenses |
85,188,439.78 |
95,474,576.80 |
91,063,976.53 |
|
Administrative Expenses |
51,519,329.38 |
49,396,410.46 |
56,884,217.00 |
|
Total Expenses |
1,093,612,524.72 |
1,348,568,491.24 |
1,420,426,850.60 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
45,383,388.69 |
48,585,754.96 |
54,441,251.72 |
|
Financial Cost |
[39,999,695.79] |
[34,038,841.23] |
[29,564,074.78] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
5,383,692.90 |
14,546,913.73 |
24,877,176.94 |
|
Income Tax |
[1,775,935.54] |
[5,014,667.49] |
[9,110,791.25] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,607,757.36 |
9,532,246.24 |
15,766,385.69 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.89 |
1.33 |
1.73 |
|
QUICK RATIO |
TIMES |
0.40 |
0.49 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.97 |
1.12 |
1.21 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.76 |
0.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
221.48 |
100.57 |
89.29 |
|
INVENTORY TURNOVER |
TIMES |
1.65 |
3.63 |
4.09 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.12 |
50.39 |
45.63 |
|
RECEIVABLES TURNOVER |
TIMES |
7.75 |
7.24 |
8.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.34 |
63.49 |
27.92 |
|
CASH CONVERSION CYCLE |
DAYS |
193.27 |
87.47 |
107.00 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.90 |
88.54 |
87.02 |
|
SELLING & ADMINISTRATION |
% |
12.13 |
10.66 |
10.12 |
|
INTEREST |
% |
3.55 |
2.50 |
2.02 |
|
GROSS PROFIT MARGIN |
% |
16.16 |
14.23 |
13.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.03 |
3.57 |
3.72 |
|
NET PROFIT MARGIN |
% |
0.32 |
0.70 |
1.08 |
|
RETURN ON EQUITY |
% |
0.60 |
1.60 |
2.62 |
|
RETURN ON ASSET |
% |
0.19 |
0.53 |
0.91 |
|
EARNING PER SHARE |
BAHT |
0.61 |
1.60 |
2.65 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.67 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.21 |
1.99 |
1.89 |
|
TIME INTEREST EARNED |
TIMES |
1.13 |
1.43 |
1.84 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(17.09) |
(7.03) |
|
|
OPERATING PROFIT |
% |
(6.59) |
(10.76) |
|
|
NET PROFIT |
% |
(62.15) |
(39.54) |
|
|
FIXED ASSETS |
% |
(4.78) |
0.38 |
|
|
TOTAL ASSETS |
% |
8.20 |
2.90 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -17.09%. Turnover has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
16.16 |
Acceptable |
Industrial Average |
21.75 |
|
Net Profit Margin |
0.32 |
Deteriorated |
Industrial Average |
3.32 |
|
Return on Assets |
0.19 |
Deteriorated |
Industrial Average |
4.73 |
|
Return on Equity |
0.60 |
Deteriorated |
Industrial Average |
8.36 |
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 16.16%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 0.32%.
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 0.19%.
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 0.6%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.89 |
Satisfactory |
Industrial Average |
2.22 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
193.27 |
|
|
|
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 1.89 times in 2012, decrease from 1.33 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 0.4 times in 2012,
decrease from 0.49 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 194 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Acceptable |
Industrial Average |
0.33 |
|
Debt to Equity Ratio |
2.21 |
Risky |
Industrial Average |
0.47 |
|
Times Interest Earned |
1.13 |
Deteriorated |
Industrial Average |
5.81 |
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 1.14 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 0.69 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 : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.97 |
Deteriorated |
Industrial Average |
4.23 |
|
Total Assets Turnover |
0.58 |
Deteriorated |
Industrial Average |
1.46 |
|
Inventory Conversion Period |
221.48 |
|
|
|
|
Inventory Turnover |
1.65 |
Deteriorated |
Industrial Average |
4.86 |
|
Receivables Conversion Period |
47.12 |
|
|
|
|
Receivables Turnover |
7.75 |
Impressive |
Industrial Average |
4.71 |
|
Payables Conversion Period |
75.34 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.75 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 101 days at the
end of 2011 to 221 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.63 times in year 2011 to 1.65 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.58 times and 0.76 times
in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.