MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
CAPSULE PRODUCTS COMPANY LIMITED |
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Registered Office : |
19/11-14
Soi Wattana, Sukhumvit
19 Road, Klongtoey Nua,
Wattana, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1980
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Com. Reg. No.: |
0105523009961 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and
servicing empty hard
gelatin capsules size 0,1,2,3 and 4 for
pharmaceutical and supplement
food industries. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
CAPSULE PRODUCTS COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 19/11-14 SOI
WATTANA, SUKHUMVIT 19
ROAD,
KLONGTOEY NUA,
WATTANA,
TELEPHONE : [66] 2250-1586-7,
2250-1886-7
FAX : [66] 2250-2504
E-MAIL ADDRESS : capsule@capsuleproducts.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION NO. : 0105523009961 [Former : 998/2523]
CAPITAL
REGISTERED : BHT.
50,000,000
CAPITAL
PAID-UP : BHT.
50,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
APICHAI KITTIVORAVITKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 115
LINES OF
BUSINESS : HARD
GELATIN CAPSULES
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on June
10, 1980 as
a private limited
company under the
name style CAPSULE
PRODUCTS COMPANY LIMITED
by Thai groups,
in order to
produce empty hard
gelatin capsules to
both local and
overseas markets. It
has obtained quality
standard ISO 9002 certification
for the production.
It currently employs
115 staff.
The subject’s registered
address is 19/11-14
Soi Wattana, Sukhumvit
19 Rd., Klongtoey
Nua, Wattana, Bangkok
10110, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Apichai Kittivoravitkul |
[x] |
Thai |
64 |
|
Mr. Manas Hemastapath |
[x] |
Thai |
57 |
|
Mr. Boon Hemastapath
|
|
Thai |
78 |
|
Mr. Anake Nithipitikarn |
[x] |
Thai |
59 |
|
Mr. Pichai Nithipitikarn |
|
Thai |
68 |
|
Mr. Vichai Chaiamnuay |
|
Thai |
58 |
|
Mr. Praphon Kittivoravitkul |
|
Thai |
31 |
AUTHORIZED PERSON
Two of the
mentioned directors [x] can
jointly sign on
behalf of the subject with
company’s affixed.
MANAGEMENT
Mr. Apichai Kittivoravitkul is the
Managing Director.
He is Thai
nationality with the
age of 64
years old.
Mr. Manas
Hemastapath is the Deputy
Managing Director.
He is Thai
nationality with the
age of 57 years old.
Mrs. Varunee
Nanthana is the
Marketing Manager.
She is Thai
nationality.
Mrs. Chulee
Ariyapong is the
Account & Finance
Manager.
She is Thai
nationality.
Mr. Praphon
Kittivoravitkul is the
Factory Manager.
He is Thai
nationality with the
age of 31
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing empty
hard gelatin capsules
size 0,1,2,3 and 4 for pharmaceutical and
supplement food industries.
Its products are as
follows :
1. Hard Gelatin
Capsules Size “0”
Pack/carton :
Domestic 100,000 capsules
Export 100,000 capsules
2. Hard Gelatin
Capsules Size “1”
Pack/carton :
Domestic 100,000 capsules
Export 125,000 capsules
3. Hard Gelatin
Capsules Size “2”
Pack/carton :
Domestic 100,000 capsules
Export 125,000 capsules
4. Hard Gelatin
Capsules Size “3”
Pack/carton :
Domestic 100,000 capsules
Export 200,000 capsules
5. Hard Gelatin
Capsules Size “4”
Pack/carton :
Domestic 100,000 capsules
Export 200,000 capsules
PURCHASE
60% of raw
materials mainly gelatin
and packaging materials
are imported from United
States of America,
United Kingdom, Germany,
India & Japan,
and the remaining
40% mainly gelatin
is purchased locally.
SALES [LOCAL]
80% of the
products is sold
locally to Thai
Government, manufacturers, wholesalers
and end-users.
EXPORT [COUNTRY]
20% of the
products is exported
to overseas manufacturers
in Asian countries
such as Laos,
Republic of China,
Malaysia, Vietnam, Australia,
Taiwan, Singapore and
etc.
MAJOR CUSTOMER
The Government Pharmaceutical Organization :
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Krung Thai
Bank Public Co.,
Ltd.
[Head Office
:
Bangkok Bank
Public Co., Ltd.
[Head Office
:
Kasikornbank Public
Co., Ltd.
[Head Office
:
EMPLOYMENT
The subject employs
approximately 115 staff. [office staff,
sales staff and factory
workers].
LOCATION DETAILS
The premise is
owned for administrative office
in a 4
storey building of 4 row
shop houses at
the heading address.
Premise is located
in commercial/residential area.
Factory is located
at 131 Moo 14,
Sukhapibal 2 Rd.,
Onnuch, Praves, Bangkok
10250.
COMMENT
The pharmaceutical and
health products industry
has continued growing strong
with higher demand
each year, especially
vitamins and supplement
foods.
The company serves the
local and international markets with
its high quality
products for more
than two decades.
It has been
enjoying good business
and expanding steadily.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as follows :
Bht. 20,000,000
on August 7,
1980
Bht. 30,000,000
on April 14,
1982
Bht. 36,000,000
on September 22,
1982
Bht. 50,000,000
on December 1,
1983
The latest registered
capital was increased
to Bht. 50,000,000
divided into 500,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 29,
2006]
|
NAME |
HOLDING |
% |
|
Mr. Apichai
Kittivoravitkul Nationality: Thai Address : 49/1-2
Soi Prasanmitr,
Klongtoey, Prakanong, |
125,767 |
25.15 |
|
Mr. Manas
Hemastapath Nationality: Thai Address : 2
Soi Lertsin 2,
Prakanong, |
62,615 |
12.52 |
|
Mr. Anake
Nithipitakarn Nationality: Thai Address :
Samphantawong, |
53,006 |
10.60 |
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Mr. Pichai
Nithipitakarn Nationality: Thai Address :
Samphantawong, |
52,999 |
10.60 |
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Mrs.
Naowarat Kittivoravitkul Nationality: Thai Address : 49/1-2
Soi Prasanmitr,
Klongtoey, Prakanong, |
42,509 |
8.50 |
|
Mr. Yuen
Jiramongkollarp Nationality : Thai Address : |
29,466 |
5.89 |
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Mr. Vichai
Chaiamnuay Nationality: Thai Address : Pranakorn, |
25,000 |
5.00 |
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Mr. Boon
Hemastapath Nationality: Thai Address : 2
Soi Lertsin 2,
Prakanong, |
24,882 |
4.98 |
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Other Shareholders |
83,756 |
16.76 |
Total Shareholders
13
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr.
Piratchai Prakobsap No.
3082
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in hand
& at Bank
|
89,925.28 |
89,925.28 |
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Trade Accounts Receivable |
39,233,993.12 |
39,150,871.68 |
|
Short-term Loan to Person
or Related Company |
5,000,000.00 |
5,000,000.00 |
|
Inventories |
50,351,319.36 |
42,351,563.31 |
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Other Current Assets
|
4,890,556.07 |
1,061,675.60 |
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Total Current
Assets |
99,565,793.83 |
87,654,035.87 |
|
Fixed Assets |
106,428,381.15 |
71,017,147.20 |
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Total Assets
|
205,994,174.98 |
158,671,183.07 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft &
Short-term Loan from Bank |
27,571,043.97 |
15,966,351.55 |
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Trade Accounts Payable |
32,749,858.18 |
22,592,291.66 |
|
Other Current Liabilities |
3,660,164.19 |
5,266,370.40 |
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Total Current
Liabilities |
63,981,066.34 |
43,825,013.61 |
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Long-term Loan from
Financial Installation |
32,000,000.00 |
- |
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Total Liabilities |
95,981,066.34 |
43,825,013.61 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
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Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
55,013,108.64 |
59,846,169.46 |
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Total
Shareholders' Equity |
110,013,108.64 |
114,846,169.46 |
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Total
Liabilities & Shareholders' Equity |
205,994,174.98 |
158,671,183.07 |
PROFIT &
LOSS ACCOUNT
|
|
2005 |
2004 |
|
|
|
|
|
Sales |
115,822,100.00 |
114,093,299.07 |
|
Other Income |
359,371.04 |
431,117.32 |
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Total Revenues
|
116,181,471.04 |
114,524,416.39 |
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Expenses |
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Cost of Goods
Sold |
73,487,151.94 |
68,712,840.40 |
|
Selling & Administrative Expenses |
30,519,846.01 |
33,554,420.98 |
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Total Expenses |
104,006,997.95 |
102,267,261.38 |
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Profit / [Loss] before Interest Expenses & Income Tax |
12,174,473.09 |
12,257,155.01 |
|
Interest Expenses |
[1,355,071.59] |
[514,420.55] |
|
Income Tax |
[3,957,766.02] |
[3,758,654.63] |
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|
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Profit / [Loss] from Operation |
6,861,635.48 |
7,984,079.83 |
|
Extraordinary Item |
805,303.70 |
[381,017.17] |
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Net Profit / [Loss] |
7,666,939.18 |
7,603,062.66 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
1.52 |
|
|
Operating Profit |
[2.16] |
|
|
Net Profit |
0.84 |
|
|
Fixed Assets |
49.86 |
|
|
Total Assets |
29.82 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
63.45 |
60.23 |
|
Operating Profit Margin |
10.51 |
10.74 |
|
S & A
Expenses |
26.35 |
29.41 |
|
Interest Paid |
1.17 |
0.45 |
|
Other Revenues |
0.31 |
0.38 |
|
Net Profit Margin |
6.62 |
6.66 |
|
Earning Per Shares |
15.33 |
15.21 |
|
No. of Shares |
500,000 |
500,000 |
Net Sales was
increased by 1.52%,
Operating Profit was
decreased by 2.16%,
Net Profit was
increased by 0.84%,
Fixed Assets was
increased by 49.86%,
Total Assets was
increased by 29.82%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 60.23%
to 63.45%, Operating
Profit Margin was
decreased from 10.74%
to 10.51%, S
& A Expenses
was decreased from
29.41% to 26.35%,
Interest Paid was increased
from 0.45% to
1.17%, Other Revenues
was decreased from
0.38% to 0.31%,
Net Profit Margin
was decreased from
6.66% to 6.62%.
Earning Per Shares
was increased from
15.21 baht per
share to 15.33
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.56 |
2.00 |
|
Quick-Assets Ratio |
0.69 |
1.01 |
Current Ratio was
decreased from 2.00
to 1.56, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was good,
Quick-Assets Ratio was
decreased from 1.01
to 0.69, capacity
to pay Short
Term Loan was
not good, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.87 |
0.38 |
|
Times Interest Earned |
8.98 |
23.83 |
D/E Ratio was
increased from 0.38
to 0.87, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
23.83 to 8.98,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.09 |
1.61 |
|
Total Assets Turnover |
0.56 |
0.72 |
|
Return on Assets |
3.72 |
4.79 |
|
Return on Equity |
6.97 |
6.62 |
|
Day's Payable |
101.79 |
71.29 |
|
Day’s Inventories |
156.50 |
133.63 |
|
Day’s Receivables |
121.95 |
123.53 |
Fixed Assets Turnover
was decreased from
1.61 times to
1.09 times, Total
Assets Turnover was
decreased from 0.72
times to 0.56
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 4.79 to
3.72, Return on
Equity was increased
from 6.62 to
6.97, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 72
days to 102
days, and Day’s
Inventories was increased
from 134 days
to 157 days,
while Day’s Receivables
was decreased from
124 days to
122 days.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)