MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
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, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.06. 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 : |
Manufacturer, Distributor and
Exporter of Hard Gelatin Capsules |
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 of the company
CAPSULE
PRODUCTS COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 19/11-14 SOI WATTANA, SUKHUMVIT
19 ROAD,
KLONGTOEY NUA,
WATTANA,
BANGKOK 10110,
THAILAND
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 : 95
LINES
OF BUSINESS : HARD
GELATIN CAPSULES
MANUFACTURER, DISTRIBUTOR & EXPORTER
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 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
95 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 |
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Nationality |
Age |
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Mr. Apichai Kittivoravitkul |
[x] |
Thai |
65 |
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Mr. Manas Hemastapath |
[x] |
Thai |
58 |
|
Mr. Boon Hemastapath |
|
Thai |
79 |
|
Mr. Anake Nithipitikarn |
[x] |
Thai |
60 |
|
Mr. Pichai Nithipitikarn |
|
Thai |
69 |
|
Mr. Vichai Chaiamnuay |
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Thai |
59 |
|
Mr. Praphon Kittivoravitkul |
|
Thai |
32 |
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
65 years old.
Mr. Manas
Hemastapath is the Deputy
Managing Director.
He is Thai nationality with
the age of
58 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
32 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, Indonesia,
Hong Kong, Singapore
and etc.
MAJOR CUSTOMER
The Government Pharmaceutical Organization : Thailand
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 : 35
Sukhumvit Rd., Klongtoey
Nua, Wattana, Bangkok
10110]
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok
10140]
EMPLOYMENT
The subject employs
approximately 95 staff.
consisting of 15 office
& sales staff and
80 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.
Tel : [66] 2329-1029-30 Fax
: [66] 2329-1550
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 27,
2007]
|
NAME |
HOLDING |
% |
|
Mr. Apichai
Kittivoravitkul Nationality: Thai Address : 49/1-2
Soi Prasanmitr, Sukhumvit
Rd.,
Klongtoey, Prakanong, Bangkok |
125,767 |
25.15 |
|
Mr. Manas
Hemastapath Nationality: Thai Address : 2
Soi Lertsin 2,
Sukhumvit Rd., Klongtoey, Prakanong,
Bangkok |
62,615 |
12.52 |
|
Mr. Anake
Nithipitakarn Nationality: Thai Address : 21/7
Chareonkrung Rd., Taladnoi,
Samphantawong, Bangkok |
53,006 |
10.60 |
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Mr. Pichai
Nithipitakarn Nationality: Thai Address : 21/7
Chareonkrung Rd., Taladnoi,
Samphantawong, Bangkok |
52,999 |
10.60 |
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Mrs.
Naowarat Kittivoravitkul Nationality: Thai Address : 49/1-2
Soi Prasanmitr, Sukhumvit
Rd., Klongtoey, Prakanong, Bangkok |
42,509 |
8.50 |
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Mr. Yuen
Jiramongkollarp Nationality: Thai Address : 303/52
Sathupradit Rd., Yannawa,
Bangkok |
29,466 |
5.89 |
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Mr. Vichai
Chaiamnuay Nationality: Thai Address : 16 Pahurad Rd., Wangburapapirom,
Pranakorn, Bangkok |
25,000 |
5.00 |
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Mr. Boon
Hemastapath Nationality: Thai Address : 2
Soi Lertsin 2,
Sukhumvit Rd., Klongtoey,
Prakanong, Bangkok |
24,882 |
4.98 |
|
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, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in hand
& at Bank
|
89,925.28 |
89,925.28 |
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Trade Accounts Receivable |
32,018,194.66 |
39,233,993.12 |
|
Short-term Loan to Person
or Related Company |
5,000,000.00 |
5,000,000.00 |
|
Inventories |
66,652,930.48 |
50,351,319.36 |
|
Other Current Assets |
2,400,541.73 |
4,890,556.07 |
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Total Current
Assets |
106,161,592.15 |
99,565,793.83 |
|
Fixed Assets |
96,738,014.80 |
106,428,381.15 |
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Total Assets |
202,899,606.95 |
205,994,174.98 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft &
Short-term Loan from Bank |
33,988,483.28 |
27,571,043.97 |
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Trade Accounts Payable |
33,990,685.64 |
32,749,858.18 |
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Other Current Liabilities |
3,699,089.89 |
3,660,164.19 |
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Total Current
Liabilities |
71,678,258.81 |
63,981,066.34 |
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Long-term Loan from
Financial Installation |
26,000,000.00 |
32,000,000.00 |
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Total Liabilities |
97,678,258.81 |
95,981,066.34 |
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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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|
|
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Capital Paid |
50,000,000.00 |
50,000,000.00 |
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Retained Earning Appropriated for
Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
50,221,348.14 |
55,013,108.64 |
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Total
Shareholders' Equity |
105,221,348.14 |
110,013,108.64 |
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Total
Liabilities & Shareholders' Equity |
202,899,606.95 |
205,994,174.98 |
PROFIT & LOSS ACCOUNT
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|
2006 |
2005 |
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Sales |
109,215,137.48 |
115,822,100.00 |
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Other Income |
381,864.21 |
359,371.04 |
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Total Revenues
|
109,597,001.69 |
116,181,471.04 |
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Expenses |
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Cost of Goods
Sold |
62,494,867.44 |
73,487,151.94 |
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Selling & Administrative Expenses |
35,008,041.60 |
30,519,846.01 |
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Total Expenses |
97,502,909.04 |
104,006,997.95 |
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Profit / [Loss] before Interest Expenses & Income Tax |
12,094,092.65 |
12,174,473.09 |
|
Interest Expenses |
[2,571,579.49] |
[1,355,071.59] |
|
Income Tax |
[3,638,439.81] |
[3,957,766.02] |
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Profit / [Loss] from Operation |
5,884,073.35 |
6,861,635.48 |
|
Extraordinary Item |
499,191.15 |
805,303.70 |
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Net Profit / [Loss] |
6,383,264.50 |
7,666,939.18 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[5.70] |
|
|
Operating Profit |
5.35 |
|
|
Net Profit |
[16.74] |
|
|
Fixed Assets |
[9.11] |
|
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Total Assets |
[1.50] |
|
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Profitability |
|
|
|
Cost of Good
Sold |
57.22 |
63.45 |
|
Operating Profit Margin |
11.07 |
10.51 |
|
S & A
Expenses |
32.05 |
26.35 |
|
Interest Paid |
2.35 |
1.17 |
|
Other Revenues |
0.35 |
0.31 |
|
Net Profit Margin |
5.84 |
6.62 |
|
Earning Per Shares |
12.77 |
15.33 |
|
No. of Shares |
500,000 |
500,000 |
Net Sales was
decreased by 5.70%,
Operating Profit was
increased by 5.35%,
Net Profit was
decreased by 16.74%,
Fixed Assets was
decreased by 9.11%,
Total Assets was
decreased by 1.50%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 63.45%
to 57.22%, Operating
Profit Margin was
increased from 10.51%
to 11.07%, S
& A Expenses
was increased from
26.35% to 32.05%,
Interest Paid was increased
from 1.17% to
2.35%, Other Revenues
was increased from
0.31% to 0.35%,
Net Profit Margin
was decreased from
6.62% to 5.84%.
Earning Per Shares
was decreased from
15.33 baht per
share to 12.77
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.48 |
1.56 |
|
Quick-Assets Ratio |
0.52 |
0.69 |
Current Ratio was
decreased from 1.56
to 1.48, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.69 to 0.52,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.93 |
0.87 |
|
Times Interest Earned |
4.70 |
8.98 |
D/E Ratio was
increased from 0.87
to 0.93, 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 8.98
to 4.70, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.13 |
1.09 |
|
Total Assets Turnover |
0.54 |
0.56 |
|
Return on Assets |
3.15 |
3.72 |
|
Return on Equity |
6.07 |
6.97 |
|
Day's Payable |
112.04 |
101.79 |
|
Day’s Inventories |
219.70 |
156.50 |
|
Day’s Receivables |
105.54 |
121.95 |
Fixed Assets Turnover
was increased from
1.09 times to
1.13 times, Total
Assets Turnover was
decreased from 0.56
times to 0.54
times, show the
company could use
Fixed Assets so efficiently, Return
on Assets was
decreased from 3.72
to 3.15, Return
on Equity was
decreased from 6.97
to 6.07, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 102
days to 113
days, and Day’s
Inventories was increased
from 157 days
to 220 days, while Day’s
Receivables was decreased
from 122 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%)