MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ADVANCE PACK SOLUTION CO., LTD. |
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Registered Office : |
39/4
Moo 9, Soi
Kaveevienrawee, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547085480 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and
exporting of plastic
packaging products |
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 : |
No Complaints |
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Litigation : |
Clear |
name
ADVANCE PACK SOLUTION CO., LTD.
SUMMARY
BUSINESS ADDRESS : 39/4
MOO 9, SOI KAVEEVIENRAWEE,
DONMUANG,
TELEPHONE : [66] 2996-9815-6
FAX : [66] 2996-9289
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547085480 [Former : 0108154711747]
CAPITAL
REGISTERED : BHT.
7,500,000
CAPITAL
PAID-UP : BHT.
7,500,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THAMMACHON LIMPSRIKIRATIKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 58
LINES OF
BUSINESS : PLASTIC PACKAGING
PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 25, 2004
as a private
limited company under the
name style ADVANCE
PACK SOLUTION CO.,
LTD., by Thai
and French groups, with
the business objective
to manufacture wide
range of plastic packaging products
for exports. It
currently employs 58
staff.
The
subject’s registered address
is 39/4 Moo
9, Vibhavadi-Rangsit Rd.,
Sikan, Donmuang, Bangkok
10210, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Michel Marcel Hannecart |
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French |
44 |
|
Mr. Phillipe Daniel Hannecart |
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French |
46 |
|
Mr. Thammachon Limpsrikiratikul |
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Thai |
47 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr.
Thammachon Limpsrikiratikul is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and exporting of
plastic packaging products,
mainly bags, including
zipper bags, zip
lock bags, self-seal
bags, reclosable bags,
self-adhesive envelope, packing
list bags, packing
list envelopes, adhesive
zipper bags, mail
bags and etc.
PURCHASE
100% of its
raw material and
accessories are purchased
from local supplier.
EXPORT
100% of the
products is exported
to U.S.A., Europe
and Oceania countries.
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
Local bills are
paid by cash
or on the
credits term of 30-60 days.
Exports are against
L/C at sight
or T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 58
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 256
Moo 5, T. Lamsai,
A. Wangmai, Ayudhya 13170.
Tel/ Fax. : [66]
35 272-536.
COMMENT
The
subject has been
enjoying its good
business as demand
for plastic packaging
products such as
plastic bags and reclosable
bag remains strong from
export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 7,500,000 divided into
75,000 shares of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
June 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Michel Marcel
Hannecart Nationality: French Address : |
33,750 |
45.00 |
|
Mr.
Phillipe Daniel Hannecart Nationality: French Address : |
33,750 |
45.00 |
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Mr.
Thammachon Limsrikiratikul Nationality: Thai Address : 39/4
Moo 9, Sikan,
Donmuang, |
7,460 |
9.95 |
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Mr.
Chakraphan Wattanaraj Nationality: Thai Address : 24/609
Moo 9, Sikan,
Donmuang, |
10 |
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Mr.
Sutisiri Lorkijcharoen Nationality: Thai Address : 178/2
Moo 9, Maeka,
Muang, Payao |
10 |
=0.05 |
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Mr.
Piyaphan Porngphai Nationality: Thai Address : 23/31
Moo 1, Thungsonghong, Laksi, |
10 |
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Mrs. Pranom Wattanaraj Nationality: Thai Address : 24/609
Moo 9, Sikan,
Donmuang, |
10 |
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Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Piyanont Wattanachanya
No. 5274
BALANCE SHEET [BAHT]
The 2006, financial
statement has not
yet available during
this current investigation.
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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Cash in hand
& at Bank
|
439,764.73 |
51,536.12 |
|
Trade Accts. Receivable |
1,185,742.66 |
1,691,111.63 |
|
Inventories |
1,383,268.54 |
2,779,631.60 |
|
Deferred Commission |
8,000,000.00 |
8,754,200.00 |
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Other Current Assets
|
1,464,961.15 |
630,565.91 |
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|
|
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Total Current
Assets |
12,473,737.08 |
13,907,045.26 |
|
Fixed Assets |
11,448,474.60 |
13,597,469.11 |
|
Withholding Income Tax |
262,626.00 |
- |
|
Other Assets |
331,200.00 |
331,200.00 |
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Total Assets
|
24,516,037.68 |
27,835,714.37 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Trade Accts. Payable |
1,077,872.26 |
4,698,152.21 |
|
Bank Overdraft |
667.15 |
- |
|
Accrued Expenses |
69,099.05 |
81,500.00 |
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Other Current Liabilities |
249,717.54 |
32,255.38 |
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Total Current
Liabilities |
1,397,356.00 |
4,811,907.59 |
|
Loan from Director |
15,800,000.00 |
14,770,000.00 |
|
Hire-purchase Payable -
Autosales Co., Ltd. |
180,088.60 |
514,538.82 |
|
Payable - Gold
Luminary Co., Ltd. |
- |
313,449.75 |
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Total Liabilities |
17,377,444.60 |
20,409,896.16 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 75,000 shares |
7,500,000.00 |
7,500,000.00 |
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Capital Paid |
7,500,000.00 |
7,500,000.00 |
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Unappropriated [Deficit] |
[361,406.92] |
[74,181.79] |
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Total
Shareholders' Equity |
7,138,593.08 |
7,425,818.21 |
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Total
Liabilities & Shareholders' Equity |
24,516,037.68 |
27,835,714.37 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
June
25, 2004 -
Dec. 31, 2004 |
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|
|
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Sales - Export |
13,892,645.68 |
9,371,284.66 |
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Commission Income |
8,000,000.00 |
8,754,200.00 |
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Total Revenues
|
21,892,645.68 |
18,125,484.66 |
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Expenses |
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Cost of Goods
Sold |
11,972,637.43 |
9,043,662.99 |
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Selling & Administrative Expenses |
10,185,117.01 |
9,156,003.46 |
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Total Expenses |
22,157,754.44 |
18,199,666.45 |
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|
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Profit / [Loss] before
Interest Expenses |
[265,108.76] |
[74,181.79] |
|
Interest Expenses |
[32,412.98] |
- |
|
|
|
|
|
Net Profit / [Loss] |
[297,521.74] |
[74,181.79] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
20.78 |
|
|
Operating Profit |
195.88 |
|
|
Net Profit |
[301.07] |
|
|
Fixed Assets |
[15.80] |
|
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Total Assets |
[11.93] |
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Profitability |
|
|
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Cost of Good
Sold |
54.69 |
49.89 |
|
Operating Profit Margin |
[1.21] |
[0.41] |
|
S & A
Expenses |
46.52 |
50.51 |
|
Interest Paid |
0.15 |
0.00 |
|
Net Profit Margin |
[1.36] |
[0.41] |
|
Earning Per Shares |
[3.97] |
[0.99] |
|
No. of Shares |
75,000 |
75,000 |
Net Sales was
increased by 20.78%,
Operating Profit was
increased by 195.88%,
Net Profit was
decreased by 301.07%,
Fixed Assets was
decreased by 15.80%,
Total Assets was
decreased by 11.93%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 49.89%
to 54.69%, Operating
Profit Margin was
decreased from -0.41%
to -1.21%, S &
A Expenses was
decreased from 50.51%
to 46.52%, Interest Paid
was increased from
0.00% to 0.15%,
Net Profit Margin
was decreased from
-0.41% to -1.36%.
Earning Per Shares
was decreased from
-0.99 baht per
share to -3.97
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
8.93 |
2.89 |
|
Quick-Assets Ratio |
1.16 |
0.36 |
Current Ratio was
increased from 2.89
to 8.93, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.36 to 1.16,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
2.43 |
2.75 |
|
Times Interest Earned |
[8.18] |
0.00 |
D/E Ratio was
decreased from 2.75
to 2.43, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
0.00 to -8.18, capacity
to pay interest
paid was not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.91 |
1.33 |
|
Total Assets Turnover |
0.89 |
0.65 |
|
Return on Assets |
[1.21] |
[0.27] |
|
Return on Equity |
[4.17] |
[1.00] |
|
Day's Payable |
17.72 |
93.31 |
|
Day’s Inventories |
22.75 |
55.21 |
|
Day’s Receivables |
19.50 |
33.59 |
Fixed Assets Turnover
was increased from
1.33 times to
1.91 times, Total
Assets Turnover was
increased from 0.65
times to 0.89 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from -0.27 to
-1.21, Return on
Equity was decreased
from -1.00 to
-4.17, capacity to
use Assets to
make profit was
not good.
Day's Payable was
decreased from 94
days to 18
days, Day’s Inventories
was decreased from
56 days to
23 days, and
Day’s Receivables was
decreased from 34
days to 20
days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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. |
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 |
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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%)