MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
CAPSUGEL [THAILAND] CO., LTD |
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Formerly Known As : |
INTERNATIONAL CAPSULE CO., LTD |
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Registered Office : |
1/82 Moo 5,
Rojana Industrial Estate, Rojana Road, T. Kanham,
A. Uthai, Ayutthaya
13210 |
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Country : |
Thailand |
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Financials (as on) : |
30.11.2006 |
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Date of Incorporation : |
17.02. 1983 |
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Com. Reg. No.: |
0105526006556 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Capsule Products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Note:
International Capsule
Co., Ltd and Capsugel [Thailand] Co.,
Ltd. is the same company
International Capsule Co., Ltd was the
company former name. Later, the name has been changed to Capsugel [Thailand]
Co., Ltd. which is the company’s
current name
name of the company
CAPSUGEL
[THAILAND] CO., LTD.
[FORMER : INTERNATIONAL CAPSULE
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 1/82
MOO 5, ROJANA INDUSTRIAL ESTATE,
ROJANA ROAD,
T. KANHAM, A.
UTHAI,
AYUTTHAYA 13210,
THAILAND
TELEPHONE : [66] 35
334-000, 35 334-050
FAX : [66] 35
334-001, 35 227-088
E-MAIL
ADDRESS : kriengsak.piyathanavong@pfizer.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION NO. : 0105526006556
[Former : 655/2526]
CAPITAL REGISTERED : BHT. 170,000,000
CAPITAL PAID-UP : BHT. 170,000,000
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
WANCHAI SANTIMANOCHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 205
LINES
OF BUSINESS : CAPSULE PRODUCTS
MANUFACTURER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on February
17, 1983 as
a private limited
company under the registered
name International Capsule Co., Ltd., by Thai and
Dutch Groups. On
February 12, 2002, the subject was changed its
name to be
CAPSUGEL [THAILAND] CO., LTD. It currently employs
205 staff.
The subject is
an affiliate of
Capsugel, the world’s
leading two-piece hard
gelatin capsule producer
and a division of Pfizer
Inc.
On February
1, 1999, the
subject received the
International Standard ISO
9002 certification to
manufacture of hard
gelatin capsules by
RWTUV, and ISO
14001 certificate for
environmental system by
RWTUV on March
7, 2003.
On October 25,
2000, the subject
was invested about
500 million baht
and 270 million
baht to produce
5,250 million of
gelatin capsules and
5,250 million of
hard gelatin capsules
per year respectively with BOI promoted.
The subject adopts the Acceptable Quality Level (AQL) standard, in
addition to the ISO 9001:2000 quality management system, to create quality
consciousness.
The subject’s registered
address is 1/82
Moo 5, Rojana Rd.,
T. Kamham, A. Uthai, Ayutthya
13210, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
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Mr. Kriengsak Piyatanawong |
Thai |
52 |
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Mr. Charles R. Donjout |
French |
64 |
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Ms. Vilaiporn Laochuwongse |
Thai |
55 |
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Mr. Wanchai Santimanochai |
Thai |
52 |
|
Mr. Guido Edouard
Driesen |
Belgian |
52 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Wanchai
Santimanochai is the
Managing Director.
He is Thai nationality with
the age of
52 years old.
Ms. Vilaiporn
Laochuwongse is the
Finance & Account
Manager.
She is Thai nationality with
the age of
55 years old.
Mr. Kriengsak
Piyatanawong is the
Marketing & Sales
Director.
He is Thai nationality with
the age of
52 years old.
Ms. Lu
Jin Hua is
the Factory Manager.
She is Chinese nationality.
Ms. Chotika
Pudpad is the Human Resources
Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities are
manufacturer and distributor
of gelatin capsule
and hard gelatin
capsules for pharmaceutical and dietary supplement
applications. Its products
include Coni-snap capsules,
Vcap capsules, Licaps
capsules, PCcaps capsules,
Press-fit capsules, DBcaps
capsules & NP
caps capsules, as
well as dietary
supplement applications.
IMPORT [COUNTRIES]
Most of its raw
materials for processing
such as gelatin
are imported from
Japan and the
others are from Germany, United
States of America, Netherlands, France
and United Kingdom.
MAJOR SUPPLIER
Pfizer Inc. : United States of
America
SALES [LOCAL]
70% of its products is
sold locally to
manufacturers, wholesalers and
end-users.
EXPORT [COUNTRY]
70% of its products is
exported to Malaysia,
Australia, New Zealand,
Vietnam, India, Singapore,
Philippines, Indonesia and
Pakistan.
MAJOR CUSTOMERS
Pharmaceutical
Organizations and manufactures
PARENT COMPANY
Pfizer B.V.
Address : Netherlands
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 30-60-90 days.
Imports are by
L/C at sight or T/T
on negotiated term.
Exports are against
L/C at sight or T/T
on negotiated term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Rojana Branch : Rojana Rd., Uthai,
Ayutthaya 13210]
Citibank, NA
[Bangkok Branch : 82 North
Sathorn Rd., Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 205 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office and factory
at the heading address. Premise
is located in
an industrial area.
COMMENT
The subject is a production
facility of Capsugel, a leading global manufacturer of capsules for
pharmaceutical and dietary supplement applications. With its headquarters in
New Jersey, U.S.A. Capsugel has nine
production plants in South Carolina (U.S.A.), Mexico, Brazil, Belgium,
France, Indonesia, Japan,
China and Thailand.
Capsugel (Thailand) Co., Ltd. adheres to strict Good Manufacturing
Practice (GMP) standards, in accordance with its parent company’s strict
quality policy, and utilizes state-of-the-art technology, equipment and
production techniques that have been proven effective around the globe.
The subject has become the group’s export center for the Asian market,
as well as Australia and New Zealand.
Local demand for
capsule products consumption
has significantly increased
due to pharmaceutical and health
food supplement industry
are growing in
high demand.
Local pharmaceutical and
food supplement industries
has shown strong
growth both local
and international markets.
The industry outlook is
soaring.
The subject has
maintained its leading
role in the industry
and expanding steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht.
30,000,000 on April
3, 1986
Bht. 70,000,000
on April 12,
1988
Bht. 90,000,000
on June 17,
1998
Bht. 170,000,000 on
June 17, 2004
The latest registered
capital was increased
to Bht. 170,000,000
divided into 1,700,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at March 30,
2007]
|
NAME |
HOLDING |
% |
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Pfizer B.V. Nationality: Dutch Address : Netherlands |
1,240,999 |
73.00 |
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O.C.T. [Thailand] Ltd. Nationality: Thai Address : 1/82 Moo 5,
Rojana Rd., T. Kanham, A.
Uthai, Ayutthaya 13210 |
458,996 |
27.00 |
|
Warner -
Lambert [Thai] Ltd. Nationality: Thai Address : 323 Silom Rd., Silom, Bangrak, Bangkok 10500 |
1 |
- |
|
Renroll LLC Nationality: American Address : 201
Tabor Rd., Morris
Plains, New Jersey, U.S.A. |
1 |
- |
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Solinor LLC Nationality: American Address : 201 Tabor
Rd., Morris Plains,
New Jersey, U.S.A. |
1 |
- |
|
International Affiliated Corporation LLC Nationality: American Address : 201
Tabor Rd., Morris
Plains, New Jersey, U.S.A. |
1 |
- |
|
Tebor Corporation Nationality: American Address : 201 Tabor
Rd., Morris Plains,
New Jersey, U.S.A. |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Vichien Thamtrakul
No. 3183
BALANCE SHEET [BAHT]
The
latest financial figures
published for November
30, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in Hand
& at Bank |
523,037 |
159,318 |
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Trade Accts. & Notes
Receivable |
299,809,511 |
248,629,420 |
|
Inventories |
80,926,926 |
68,725,239 |
|
Related Company Receivable |
4,023,100 |
4,331,288 |
|
Refundable Value Added
Tax |
36,012,866 |
27,348,285 |
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Other Current Assets
|
3,428,684 |
2,815,505 |
|
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Total Current
Assets |
424,724,124 |
352,009,055 |
|
Fixed Assets |
883,155,497 |
836,144,107 |
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Other Assets |
1,027,910 |
1,147,936 |
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Total Assets |
1,308,907,531 |
1,189,301,098 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
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Trade Accts. Payable |
141,560,322 |
92,387,045 |
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Related Company Payable |
11,922,759 |
4,214,417 |
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Short-term Loan from
Related Company |
258,000,000 |
440,000,000 |
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Accrued Expenses |
40,350,488 |
29,587,136 |
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Accrued Income Tax |
3,932,604 |
4,770,982 |
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Reserve for Expenses
for Goods Refund |
5,618,289 |
7,406,457 |
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Other Current Liabilities |
37,639,789 |
27,974,299 |
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Total Current
Liabilities |
499,024,251 |
606,340,336 |
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Total Liabilities |
499,024,251 |
606,340,336 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 1,700,000 shares |
170,000,000 |
170,000,000 |
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Capital Paid |
170,000,000 |
170,000,000 |
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Retained Earning Appropriated for
Statutory Reserve
|
17,000,000 |
17,000,000 |
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Unappropriated |
622,883,280 |
395,957,762 |
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Total
Shareholders' Equity |
809,883,280 |
582,957,762 |
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Total
Liabilities & Shareholders' Equity |
1,308,907,531 |
1,189,301,098 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
1,021,028,793 |
906,813,690 |
|
Other Income |
6,383,697 |
9,875,262 |
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Total Revenues
|
1,027,412,490 |
916,688,952 |
|
Expenses
|
|
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|
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Cost of Goods
Sold |
625,755,946 |
537,198,017 |
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Selling & Administrative Expenses |
144,043,072 |
132,091,065 |
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Total Expenses |
769,799,018 |
669,289,082 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
257,613,472 |
247,399,870 |
|
Interest Expenses |
[22,299,567] |
[9,250,486] |
|
Income Tax |
[8,388,387] |
[9,129,064] |
|
|
|
|
|
Net Profit / [Loss] |
226,925,518 |
229,020,320 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
12.60 |
|
|
Operating Profit |
[7.52] |
|
|
Net Profit |
[0.91] |
|
|
Fixed Assets |
5.62 |
|
|
Total Assets |
10.06 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
61.29 |
59.24 |
|
Operating Profit Margin |
25.23 |
27.28 |
|
S & A
Expenses |
14.11 |
14.57 |
|
Interest Paid |
2.18 |
1.02 |
|
Other Revenues |
0.63 |
1.09 |
|
Net Profit Margin |
22.23 |
25.26 |
|
Earning Per Shares |
133.49 |
134.72 |
|
No. of Shares |
1,700,000 |
1,700,000 |
Net Sales was
increased by 12.60%,
Operating Profit was
decreased by 7.52%,
Net Profit was
decreased by 0.91%,
Fixed Assets was
increased by 5.62%,
Total Assets was
increased by 10.06%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 59.24%
to 61.29%, Operating
Profit Margin was
decreased from 27.28%
to 25.23%, S
& A Expenses
was decreased from
14.57% to 14.11%,
Interest Paid was increased
from 1.02% to
2.18%, Other Revenues
was decreased from
1.09% to 0.63%,
Net Profit Margin
was decreased from
25.26% to 22.23%.
Earning Per Shares
was decreased from
134.72 baht per
share to 133.49
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.85 |
0.58 |
|
Quick-Assets Ratio |
0.60 |
0.41 |
Current Ratio was
increased from 0.58
to 0.85, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.41 to 0.60,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.62 |
1.04 |
|
Times Interest Earned |
11.55 |
26.74 |
D/E Ratio was
decreased from 1.04
to 0.62, 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
26.74 to 11.55,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.16 |
1.08 |
|
Total Assets Turnover |
0.78 |
0.76 |
|
Return on Assets |
17.34 |
19.26 |
|
Return on Equity |
28.02 |
39.29 |
|
Day's Payable |
49.91 |
36.68 |
|
Day’s Inventories |
28.53 |
27.28 |
|
Day’s Receivables |
105.71 |
98.70 |
Fixed Assets Turnover
was increased from
1.08 times to
1.16 times, Total
Assets Turnover was
increased from 0.76
times to 0.78
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
19.26 to 17.34,
Return on Equity
was decreased from
39.29 to 28.02,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 37
days to 50
days, Day’s Inventories
was increased from
28 days to
29 days, and
Day’s Receivables was
increased from 99
days to 106
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. |
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%)