MIRA INFORM REPORT
|
Report No. : |
325466 |
|
Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
PATHUMTHANI GLASS INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
32nd Floor, Ocean Tower 1, 170/87 New Ratchadapisek Road, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
06.05.2011 |
|
|
|
|
Com. Reg. No.: |
0105554060705 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject
is engaged in
manufacturing and distributing wide
range of glass
containers for various
industries, such as
foods and beverages,
pharmaceuticals and agro-chemical industries. |
|
|
|
|
No. of Employees : |
450 |
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 but correct |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company
name
PATHUMTHANI GLASS INDUSTRY
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 32nd FLOOR,
OCEAN TOWER 1,
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
: 2011
REGISTRATION
NO. : 0105554060705
TAX
ID NO. : 3034486383
CAPITAL REGISTERED : BHT. 1,700,000,000
CAPITAL PAID-UP : BHT.
1,586,353,243
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SURASAK DECHARIN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 450
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 May 6,
2011 as a private
limited company under
the registered name
PATHUMTHANI GLASS INDUSTRY
CO., LTD., by Thai group,
with the business
objective to manufacture
and distribute wide
range of glass
containers for various
industries. It currently
employs approximately 450
staff.
The
subject is a
wholly owned subsidiary
of Bangkok Glass
Public Company Limited.
The subject’s registered address is
32nd Floor, Ocean Tower 1, 170/87 New Ratchadapisek Road,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surasak Decharin |
|
Thai |
67 |
|
Mr. Pavin Bhirombhakdi |
|
Thai |
40 |
|
Mrs. Amarat Puvaveeranin |
|
Thai |
58 |
|
Mr. Somporn Temudomsomboon |
|
Thai |
55 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Surasak Decharin is
the Managing Director.
He is Thai
nationality with the
age of 67 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
wide range of
glass containers for
various industries, such
as foods and
beverages, pharmaceuticals and
agro-chemical industries.
PRODUCTION CAPACITY
910 tons
per day
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining is
imported from Japan,
Germany, Republic of
China and India.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
MAJOR CUSTOMERS
Bangkok Glass Public
Company Limited
Boon Rawd Group
of companies
KCG Corporation Group
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
according to 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.
EMPLOYMENT
The
subject employs approximately
450 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial area
Factory
and warehouse are
located at 47/1
Moo 2, Rangsit-Nakornnayok Road,
T. Buengsamphan, A. Thanyaburi, Pathumthani
12130.
Tel.
[66] 2834-7000, Fax.
[66] 2533-1140.
COMMENT
Though
the subject’s sales
revenue in 2013
was sharply increased
comparing to the
previous year, its business
is in line
with the growth
and development of
various industries. The
performance from some
industries seems to
be slow down
at the moment.
Nevertheless, the
subject’s business is
moderately grown.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,700,000,000 divided
into 17,000,000 shares
of Bht. 100
each, with the
current capital paid-up
at Bht. 1,586,353,243.
THE SHAREHOLDERS
LISTED WERE
[as
at April 4,
2014] at Bht.
1,586,353,243 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Glass Industry
Public Company Limited Nationality: Thai Address : 170/87
New Ratchadapisek Road,
Klongtoey, Bangkok |
16,999,997 |
100.00 |
|
Mr. Somporn Temudomsomboon Nationality: Thai Address : 96/1
Moo 6, T. Bangkuwat, A. Muang,
Pathumthani |
1 |
- |
|
Mr. Pavin Bhirombhakdi Nationality: Thai Address : 563
Ramkhamhaeng Road, Huamark,
Bangkapi, Bangkok |
1 |
- |
|
Mrs. Amarat Puvaveeranin Nationality: Thai Address : 98/160
Moo 5, T. Bangkuvieng, A.
Bangkruay, Nonthaburi |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 4,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
17,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
17,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Vissuta Jariyatanakorn
No. 3853
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
8,328,289 |
8,167,946 |
357,913 |
|
Trade Accounts &
Other Receivable |
518,416,784 |
601,033,883 |
1,289,526 |
|
Inventories |
958,419,977 |
617,218,859 |
576,797,690 |
|
Other Current Assets
|
2,904,434 |
11,944,796 |
- |
|
|
|
|
|
|
Total Current Assets
|
1,488,069,484 |
1,238,365,484 |
578,445,129 |
|
Fixed Assets |
1,227,597,972 |
1,434,899,116 |
1,198,120,145 |
|
Computer Programme |
2,020,870 |
126,220 |
- |
|
Deferred Income Tax
Assets |
25,228,503 |
10,833,793 |
- |
|
Total Assets |
2,742,916,829 |
2,684,224,613 |
1,776,565,274 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Short-term Loan
from Bank |
467,000,000 |
425,000,000 |
- |
|
Trade Accounts
& Other Payable |
404,373,411 |
433,032,234 |
10,000 |
|
Accrued Income
Tax |
9,324,684 |
14,274,868 |
497,828 |
|
Other Current
Liabilities |
4,845,591 |
2,425,183 |
680 |
|
|
|
|
|
|
Total Current
Liabilities |
885,543,686 |
874,732,285 |
508,508 |
|
Reserve for
Long-term Employee Benefit |
258,026,512 |
208,551,723 |
217,780,000 |
|
Total Liabilities |
1,143,570,198 |
1,083,284,008 |
218,288,508 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital
17,000,000 shares
|
1,700,000,000 |
1,700,000,000 |
1,700,000,000 |
|
|
|
|
|
|
Capital Paid |
1,586,353,243 |
1,586,353,243 |
1,586,353,168 |
|
Retained Earning - Unappropriated
[Deficit] |
12,993,388 |
14,587,362 |
[28,076,402] |
|
|
|
|
|
|
Total Shareholders' Equity |
1,599,346,631 |
1,600,940,605 |
1,558,276,766 |
|
Total Liabilities & Shareholders' Equity |
2,742,916,829 |
2,684,224,613 |
1,776,565,274 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
May 6,
2011 - Dec.
31, 2011 |
|
|
|
|
|
|
Sales |
2,949,590,893 |
2,741,073,752 |
- |
|
Other Income |
64,409,384 |
31,677,681 |
1,967,226 |
|
Total Revenues |
3,014,000,277 |
2,772,751,433 |
1,967,226 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,744,875,705 |
2,528,486,754 |
- |
|
Selling Expenses |
93,886,219 |
66,149,806 |
- |
|
Administrative Expenses |
97,148,026 |
96,416,114 |
307,800 |
|
Reserve for Long-term
Employee Benefits |
59,039,372 |
20,089,106 |
29,238,000 |
|
Total Expenses |
2,994,949,322 |
2,711,141,780 |
29,545,800 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
19,050,955 |
61,609,653 |
[27,578,574] |
|
Financial Cost |
[14,624,699] |
[8,740,645] |
- |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
4,426,256 |
52,869,008 |
[27,578,574] |
|
Income Tax |
[6,020,230] |
[22,547,020] |
[497,828] |
|
Net Profit / [Loss] |
[1,593,974] |
30,321,988 |
[28,076,402] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.68 |
1.42 |
1,137.53 |
|
QUICK RATIO |
TIMES |
0.59 |
0.70 |
3.24 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.40 |
1.91 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.08 |
1.02 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
127.45 |
89.10 |
- |
|
INVENTORY TURNOVER |
TIMES |
2.86 |
4.10 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.15 |
80.03 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
5.69 |
4.56 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.77 |
62.51 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
137.83 |
106.62 |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.06 |
92.24 |
- |
|
SELLING & ADMINISTRATION |
% |
6.48 |
5.93 |
- |
|
INTEREST |
% |
0.50 |
0.32 |
- |
|
GROSS PROFIT MARGIN |
% |
9.12 |
8.91 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.65 |
2.25 |
- |
|
NET PROFIT MARGIN |
% |
(0.05) |
1.11 |
- |
|
RETURN ON EQUITY |
% |
(0.10) |
1.89 |
(1.80) |
|
RETURN ON ASSET |
% |
(0.06) |
1.13 |
(1.58) |
|
EARNING PER SHARE |
BAHT |
(0.10) |
1.91 |
(1.77) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.42 |
0.40 |
0.12 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.72 |
0.68 |
0.14 |
|
TIME INTEREST EARNED |
TIMES |
1.30 |
7.05 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.61 |
- |
|
|
OPERATING PROFIT |
% |
(69.08) |
(323.40) |
|
|
NET PROFIT |
% |
(105.26) |
208.00 |
|
|
FIXED ASSETS |
% |
(14.45) |
19.76 |
|
|
TOTAL ASSETS |
% |
2.19 |
51.09 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 7.61%. Turnover has increased from THB
2,741,073,752.00 in 2012 to THB 2,949,590,893.00 in 2013. While net profit has decreased
from THB 30,321,988.00 in 2012 to THB -1,593,974.00 in 2013. And total assets
has increased from THB 2,684,224,613.00 in 2012 to THB 2,742,916,829.00 in
2013.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.12 |
Deteriorated |
Industrial
Average |
34.30 |
|
Net Profit Margin |
(0.05) |
Deteriorated |
Industrial
Average |
2.75 |
|
Return on Assets |
(0.06) |
Deteriorated |
Industrial
Average |
3.42 |
|
Return on Equity |
(0.10) |
Deteriorated |
Industrial
Average |
8.32 |
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 9.12%. 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 -0.05%.
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 -0.06%.
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 -0.1%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.68 |
Impressive |
Industrial
Average |
1.08 |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
137.83 |
|
|
|
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 1.68 times in 2013, increased from 1.42 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 0.59 times in 2013,
decreased from 0.7 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 138 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Stable
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.42 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.72 |
Impressive |
Industrial
Average |
1.39 |
|
Times Interest Earned |
1.30 |
Impressive |
Industrial
Average |
- |
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 1.31 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 0.42 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.40 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.08 |
Satisfactory |
Industrial
Average |
1.25 |
|
Inventory Conversion Period |
127.45 |
|
|
|
|
Inventory Turnover |
2.86 |
Deteriorated |
Industrial Average |
5.98 |
|
Receivables Conversion Period |
64.15 |
|
|
|
|
Receivables Turnover |
5.69 |
Impressive |
Industrial
Average |
4.36 |
|
Payables Conversion Period |
53.77 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.69 and 4.56 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2013
increased from 2012. This would suggest the company had good performance in the
management of its debt collections.
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 89 days at the
end of 2012 to 127 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 4.1 times in year 2012 to 2.86 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.08 times and 1.02
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.83 |
|
UK Pound |
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.