MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GENERAL CANDY
CO., LTD. |
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Registered Office : |
51/3
SOI Sritapan, Chaengwattana Road, Pakkred, Nonthaburi 11120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
29.03.1983 |
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Com. Reg. No.: |
0105526012521 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and
Distributor of Confectionery
Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
GENERAL CANDY CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 51/3
SOI SRITAPAN, CHAENGWATTANA ROAD,
PAKKRED, NONTHABURI
11120
THAILAND
TELEPHONE : [66]
2573-1166, 2574-5170, 2980-9206-12
FAX : [66] 2573-1095, 2980-9213, 2574-3394
E-MAIL ADDRESS : inter@generalgroup.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1983
REGISTRATION NO.
: 0105526012521 [Former
: 1254/2526]
CAPITAL REGISTERED
: BHT. 100,000,000
CAPITAL PAID-UP
: BHT. 100,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
PAISAL ANGKHASEKVILAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 600
LINES OF
BUSINESS : CONFECTIONERY PRODUCTS
MANUFACTURER, EXPORTER
& 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 March 29,
1983 as a
private limited company under the name style GENERAL
CANDY CO., LTD. by Thai groups, to
manufacture confectionery products for
local and oversea
markets.
The
subject firstly launched
the “Heartbeat Love
Candy” into the
Thai market, in
the shape of
heart under the
brand “Heartbeat”. It
currently employs approximately 600 staff.
The
subject’s registered address
is 51/3 Soi
Sritapan, Chaengwattana Rd.,
Pakkred, Nonthaburi 11120,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Paisal Angkhasekvilai |
|
Thai |
62 |
|
Mrs. Amornrat Angkhasekvilai |
|
Thai |
58 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Paisal Angkhasekvilai is
the Managing Director.
He is Thai nationality with
the age of
62 years old.
Mrs. Amornrat Angkhasekvilai is
the Deputy Managing
Director.
She is Thai nationality with
the age of
58 years old.
Ms. Achara Charoensin
is the Personnel Manager.
She is Thai nationality.
Mr. Nopadol Rungveerakul-anad is
the Marketing Manager.
He is Thai nationality.
Ms. Chitrapa Angkhasekvilai is
the Assistant Managing
Director & Oversea Manager.
She is Thai nationality.
Mr. Sommai Boonrod
is the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting & distributing various kinds of
confectionery products such
as hard candy,
deposited candy, soft
candy, licorice, bubble
gum, hard lollipops,
tablet and snacks.
HARD CANDY :
Heartbeat Normal [3.2 gms.], Heartbeat
Jumbo [6 gms.],
Heartbeat Jumbo Center-Filled
[6 gms.], Heartbeat Corazon [6 gms.],
Love
& Passion [6 gms.], Zour Bomb [5
gms.] & Tamarino [3.5 gms]
DEPOSITED CANDY :
Heart N’Cream [5 gms.], Prima [5
gms.]
LICORICE
: Sour punk [50 gms.], Extreme Z [60 gms.], Flying
Dragon [25 gms.],
Flying Dragon Mini [25 gms.] & Licorice Fruit
Gummy
BUBLE GUM : Bubble
Heart Tape Gum [60 gms.]
MAJOR BRAND
“Heartbeat”, “Arody”,
“Frit-C”, “Espresso” &
“Jumbo”
PURCHASE
70% of raw materials are
purchased from local
suppliers, and the
rest 30% is
imported from Spain,
Holland and Taiwan.
SALES
30% of its products is
sold locally by
wholesalers through G. C.
Distribution Co., Ltd..
EXPORT
70% of its products
is exported to
Hong Kong, Malaysia,
Indonesia, Republic of
China, Singapore, Korea,
Australia, United States of America, Africa,
Taiwan, Vietnam,
Philippines and Middle
East country.
SUBSIDIARY AND
AFFILIATED COMPANY
General Care Products
Co., Ltd.
Business Type : Manufacturer & distributor of
care products
G. C. Distribution Co.,
Ltd.
Business Type :
Distributor of consumer goods.
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 90 days.
Imports are by
L/C at sight or on
the credits term
of 60-90-120 days
or T/T.
Exports are against
L/C at sight.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok]
The Siam Commercial
Bank Public Co.,
Ltd.
[Chaengwattana Branch :
Chaengwattana Rd., Pakkred,
Bangkok]
EMPLOYMENT
The
subject employs 600
staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory & warehouse
at the heading address. Premise
is located in
residential area.
COMMENT
The subject
was established in
Thailand in 1983
and the success
has been towering,
the star product
of General Candy
is Heartbeat love
candy, unique product
with heat shaped
candy became well
known and broadly
accepted by consumers
locally and overseas.
The
company’s products are
sold in all
channels nationwide such
as convenience stores,
supermarket, hypermarket, retail
shops, wholesalers and
etc. For overseas
market, it has exported
the products to
more than 30
countries worldwide mostly
under exclusive basis.
All of its products
have become descriptive for a quality
product. It also
accepted private label products
manufacturing as well.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000 shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 10,000,000 on June 13,
1989
Bht. 75,000,000 on January 15,
2002
Bht. 95,000,000 on December 20,
2002
Bht. 100,000,000 on
May 1, 2006
The
latest registered capital
was increased to Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Paisal Angkhasekvilai Nationality: Thai Address : 85/5
Soi Prachumporn, Chaengwattana Rd., Bangkhen, Bangkok |
600,000 |
60.00 |
|
Mrs. Amornrat Angkhasekvilai Nationality: Thai Address : 85/5
Soi Prachumporn, Chaengwattana Rd.,
Bangkhen, Bangkok |
399,995 |
40.00 |
|
Ms. Chitradee Angkhasekvilai Nationality: Thai Address : 51/3
Chaengwattana Rd., Klongkua,
Pakkred, Bangkok |
1 |
- |
|
Ms. Chitrapa Angkhasekvilai Nationality: Thai Address : 51/3
Chaengwattana Rd., Klongkua,
Pakkred, Bangkok |
1 |
- |
|
Mr. Sampan Phanpanich Nationality: Thai Address : 42
Sukhumvit Rd., Bangchak,
Phrakanong, Bangkok |
1 |
- |
|
Ms. Chiraporn Angkhasekvilai Nationality: Thai Address : 51/3
Chaengwattana Rd., Klongkua,
Pakkred, Bangkok |
1 |
- |
|
Ms. Chintavee Angkhasekvilai Nationality: Thai Address : 51/3
Chaengwattana Rd., Klongkua,
Pakkred, Bangkok |
1 |
- |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sathien Sathienpanich No. 2893
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
189,356.69 |
438,440.77 |
|
Trade Accts. Receivable |
270,191,376.43 |
208,015,381.35 |
|
Inventories |
135,126,608.90 |
121,138,262.49 |
|
Other Current Assets |
83,349,657.57 |
56,136,680.37 |
|
Total Current Assets
|
488,856,999.59 |
385,728,764.98 |
|
Long Term Loan
to Person or
Related Company |
67,730,000.00 |
59,400,000.00 |
|
Fixed Assets |
326,949,189.86 |
348,629,952.81 |
|
Other Assets |
3,942,740.39 |
3,981,340.39 |
|
Total Assets |
887,478,929.87 |
797,740,058.18 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
373,529,662.90 |
350,204,900.44 |
|
Trade Accts. Payable |
149,359,548.86 |
90,294,435.98 |
|
Current Portion of Long
Term Loans |
72,969,342.43 |
75,093,382.72 |
|
Other Current Liabilities |
26,693,105.52 |
19,634,879.75 |
|
Total Current Liabilities |
622,551,659.71 |
535,227,598.89 |
|
Long-term Loan from Person or
Related Company |
11,424,040.00 |
4,852,000.00 |
|
Other Long Term
Loan |
119,494,054.81 |
127,887,002.96 |
|
Total Liabilities |
753,469,754.52 |
667,966,601.85 |
|
|
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Shareholders' Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
|
Land-Revaluation Surplus |
23,410,000.00 |
23,410,000.00 |
|
Retained Earning -
Unappropriated |
10,599,175.32 |
6,363,456.33 |
|
Total Shareholders' Equity |
134,009,175.32 |
129,773,456.33 |
|
Total Liabilities & Shareholders' Equity |
887,478,929.84 |
797,740,058.18 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
638,253,780.94 |
610,467,278.13 |
|
Other Income |
13,461,569.98 |
14,992,098.85 |
|
Total Revenues |
651,715,350.92 |
625,459,376.98 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
475,709,264.06 |
475,124,663.75 |
|
Selling & Administrative Expenses |
133,382,200.68 |
133,789,327.37 |
|
Total Expenses |
609,091,464.74 |
608,913,991.12 |
|
Profit / [Loss] Before Interest
Expenses |
42,623,886.18 |
16,545,385.86 |
|
Interest Expenses |
[38,388,167.19] |
[31,604,632.02] |
|
Net Profit / [Loss] |
4,235,718.99 |
[15,059,246.16] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
4.55 |
|
|
Operating Profit |
146.40 |
|
|
Net Profit |
128.13 |
|
|
Fixed Assets |
[6.22] |
|
|
Total Assets |
11.25 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
74.53 |
77.83 |
|
Operating Profit Margin |
6.68 |
2.71 |
|
S & A
Expenses |
20.90 |
21.92 |
|
Interest Paid |
6.01 |
5.18 |
|
Other Revenues |
2.11 |
2.46 |
|
Net Profit Margin |
0.66 |
[2.47] |
|
Earning Per Shares |
4.24 |
[15.06] |
|
No. of Shares |
1,000,000 |
1,000,000 |
Net Sales was
increased by 4.55%,
Operating Profit was
increased by 146.40%,
Net Profit was
increased by 128.13%,
Fixed Assets was
decreased by 6.22%,
Total Assets was
increased by 11.25%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 77.83%
to 74.53%, Operating
Profit Margin was
increased from 2.71%
to 6.68%, S
& A Expenses
was decreased from
21.92% to 20.90%,
Interest Paid was increased
from 5.18% to
6.01%, Other Revenues
was decreased from
2.46% to 2.11%,
Net Profit Margin
was increased from
-2.47% to 0.66%.
Earning Per Shares
was increased from
-15.06 baht per
share to 4.24
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.79 |
0.72 |
|
Quick-Assets Ratio |
0.43 |
0.39 |
Current Ratio was
increased from 0.72
to 0.79, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.39 to 0.43,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
5.62 |
5.15 |
|
Times Interest Earned |
1.11 |
0.52 |
D/E Ratio was
increased from 5.15
to 5.62, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
increased from 0.52
to 1.11, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
1.95 |
1.75 |
|
Total Assets Turnover |
0.72 |
0.77 |
|
Return on Assets |
0.48 |
[1.89] |
|
Return on Equity |
3.16 |
[11.60] |
|
Day's Payable |
84.24 |
53.25 |
|
Day’s Inventories |
76.22 |
71.44 |
|
Day’s Receivables |
152.40 |
122.67 |
Fixed Assets Turnover
was increased from
1.75 times to
1.95 times, Total
Assets Turnover was
decreased from 0.77
times to 0.72
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from -1.89 to
0.48, Return on
Equity was increased
from -11.60 to
3.16, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 54
days to 85
days, Day’s Inventories
was increased from
72 days to
77 days, and
Day’s Receivables was
increased from 123
days to 153
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
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%)