MIRA
INFORM REPORT
|
Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALCAN
PACKAGING STRONGPACK PUBLIC
COMPANY LIMITED |
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Formerly Known As : |
STRONGPACK PUBLIC COMPANY
LIMITED |
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Registered Office : |
91 Moo 13
Kingkaew Road, T. Rachadhewa,
A. Bangplee, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
30.08.1977 |
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Com. Reg. No.: |
0107536000501 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer of Flexible Packaging Materials for Food, Cosmetics, Pharmaceutical, Chemical and Consumer Goods. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
ALCAN
PACKAGING STRONGPACK PUBLIC
COMPANY LIMITED
[FORMER : STRONGPACK PUBLIC
COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 91
MOO 13 KINGKAEW ROAD,
T. RACHADHEWA,
A. BANGPLEE, SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2312-4122-9, 2312-4931-4
FAX : [66] 2312-4133,
2312-4679
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1977
REGISTRATION NO. : 0107536000501 [Former : BOR.MOR.JOR.124]
CAPITAL
REGISTERED : BHT.
330,000,000
CAPITAL
PAID-UP : BHT.
330,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
PALIT LIMPITI, THAI
PRESIDENT
NO.
OF STAFF : 500
LINES
OF BUSINESS : FLEXIBLE PACKAGING MATERIALS PRODUCER
FOR FOOD,
COSMETICS, PHARMACEUTICAL,
CHEMICAL AND OTHER CONSUMER
PRODUCTS
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
initially established on
August 30, 1977
as a private limited company
under the name
“Strongpack Co.,
Ltd.” by a
group of Thai investors
and the Industrial
Finance Corporation of
Thailand. On May
16, 1978, it
was listed on
the Stock Exchange of
Thailand. On June
17, 1993, its
status was converted
to public limited
company.
In 1984, the
subject’s first joint
venture with AB
Akerlund and Rausing
of Sweden.
In 1995, the
subject’s new joint
venture with VAW
Europack GmbH, the
second largest European
softpack company, comprising
prominent operators from
France, Germany and Italy.
VAW Europack GmbH
works continuously at the
cutting edge of
technology, providing technological inspiration to the subject.
In 1996, the
subject achieved ISO
9001 Certification and
has acquired Strong
Thai Pack Co., Ltd.,
another flexible packaging
manufacturer.
In 1999, VAW. Europack GmbH, has merged
its business with
VAW Aluminium AG.
and became to the
major suppliers of
the subject.
In 2000, Vaw
Aluminium AG. has
merged its business
with VAW Auslands-Beteiligungs GmbH,
and was changed
its name to
Hydro Aluminium Foreign
Holdings GmbH.
In May 2003, Hydro Aluminium
Foreign GmbH sold
the subject’s shares
to Alcan Inc., and
became to the
current major shareholder
of the subject.
On July 22,
2003, the subject’s
name was changed
to ALCAN PACKAGING
STRONGPACK PUBLIC COMPANY
LIMITED [APSP].
On November 29,
2005, the subject
was revoked its
name from the
Stock Exchanged of
Thailand [SET].
At present, the
major shareholders are
Alcan Packaging Petchburi
Co., Ltd., Thailand, and RTA Holdco 3
Limited, England. It
currently employs approximately 500 staff.
The subject’s registered
address is 91
Moo 13, Kingkaew Rd.,
Rachadhewa, Bangplee, Samutprakarn 10540, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Prof. Toemsakdi Krishnamra |
: Chairman |
Thai |
81 |
|
Mr. Anothai Techamontrikul |
: Vice Chairman |
Thai |
65 |
|
Mr. Rumpai Sukhyanga |
|
Thai |
65 |
|
Mr. Palit Limpiti |
|
Thai |
47 |
|
Mr. John-Paul Manzen |
|
French |
52 |
|
Mr. Udom Vichayabhai |
|
Thai |
73 |
|
Mr. Keith Graham Wilkins |
|
British |
62 |
|
Mr. Hervy Marian |
|
French |
41 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr. Palit
Limpiti is the President.
He is Thai Nationality with
the age of
47 years old.
Mr. Nathaphol Sirowatthanakul is
the Sales Manager.
He is Thai nationality.
Mr. Seree
Lokathajariya is the
Personnel Manager.
He is Thai nationality.
Ms. Anthika
Boonyasart is the Marketing &
Development Manager.
She is Thai nationality.
Mr. Chet
Patanakul is the Purchasing Manager.
He is Thai nationality.
Mr. Nopadol
Kanacharoen is the Factory Manager.
He is Thai nationality.
Mr. Vinai
Jitkham is the Engineering and
Products Development Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of flexible
packaging materials for
food, cosmetics, pharmaceutical, chemical and consumer
goods. The products include refills, portion
pack, pouch, bag,
wrapper, specialty film
and etc.
MAJOR BRANDS
Customers’ own brands
IMPORT [COUNTRIES]
30% of raw materials; flexible
film, paper, aluminium
foil, PVC resin and etc. are imported
from Singapore, Republic
of China, Taiwan,
India, Germany, France
and other European countries. The
majority of 70%
is purchased from
local suppliers.
MAJOR SUPPLIERS
|
Name |
Country |
|
|
|
|
- Dow Chemical Thailand
Ltd. |
Thailand |
|
- 3TM Plastics Co.,
Ltd. |
Thailand |
|
- Thai Film Industries Public Co., Ltd. |
Thailand |
|
- ICI 1996 [Thailand] Ltd. |
Thailand |
|
- Toyo Ink [Thailand] Co., Ltd. |
Thailand |
SALES [LOCAL]
90% of its products is
sold locally to
manufacturers.
EXPORT [COUNTRIES]
10 % of its products
is exported to Pakistan, Vietnam, Malaysia, Australia, New
Zealand, Sri Lanka,
Bangladesh and Iran.
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Unilever Thai Holding
Ltd. |
Thailand |
|
Proctor and Gamble
Manufacturer Co., Ltd. |
Thailand |
|
Frito Lay Thailand
Co., Ltd. |
Thailand |
|
Kao Industrial [Thailand] Co., Ltd. |
Thailand |
|
Saha Pathana Inter-Holding Co., Ltd. |
Thailand |
|
Pepsi-Cola Thai Trading
Co., Ltd. |
Thailand |
|
Nestle [Thailand] Co., Ltd. |
Thailand |
|
IP Manufacturing Co., Ltd. |
Thailand |
|
BIO Manufacturing Co., Ltd. |
Thailand |
|
Johnson & Johnson [Thailand] Co., Ltd. |
Thailand |
|
Colgate Palmolive [Thailand] Co., Ltd. |
Thailand |
SUBSIDIARIES &
AFFILIATED COMPANIES
Alcan Packaging
Strong Thaipack Co.,
Ltd.
Business Type : Manufacturer of
Flexible Packaging Materials
Investment : 99.99%
Alcan Packaging Petchburi
Co., Ltd.
Business Type : Manufacturer of
Flexible Packaging Materials
Investment : -
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 or T/T.
Local bills are
paid by cash
or on the credits of
30-60 days.
Imports are by
L/C on the credits of
30-60 days & T/T.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Siam City Bank
Public Co., Ltd.
Bank Thai Public
Co., Ltd.
The Standard Chartered
Bank
Citibank, NA
BNP Paribas Banking
Sumitomo-Mitsui Banking Corporation
EMPLOYMENT
The subject employs
approximately 500 staff
comprising office staff
and factory workers.
LOCATION DETAILS
The premise is
owned for administrative an office, factory
and warehouse on
80,000 square meters of
land at the
heading address. Premise
is located in
rural area.
COMMENT
During the last
two years has ushered in greater opportunity as well as greater
competition. The receptive business
environment of Thailand has prompted some multinationals in the food and
consumer goods sector to relocate their production bases to the Kingdom and
this trend provided for greater
opportunity to the subject.
The subject’s solid financial performance in 2006 can be attributed to
its commitment to create extra
value for its
customers through innovation, technology and expertise.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each.
On January 19,
1979, its capital
was increased to
Bht. 100,000,000 divided
into Bht. 1,000,000
shares of Bht.
100 each.
The latest capital
was increased to
Bht. 330,000,000 divided
into 33,000,000 shares
of Bht. 10
each with fully
paid.
MAIN SHAREHOLDERS : [as
at October 19,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Alcan Packaging
Petchburi Co., Ltd. Nationality: Thai Address : 91 Moo 13, Kingkaew
Rd., Rajathewa,
Bangplee, Samutprakarn |
16,633,242 |
50.40 |
|
RTA Holdco
3 Limited Nationality: British Address : A-L House
83 Tower Road
North Wormley, Bristol
B S 30 8 XP, England |
16,169,970 |
49.00 |
|
Others |
196,788 |
0.60 |
Total Shareholders : 122
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Prasit Yuengsrikul No. 4174
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
64,513,112 |
45,119,880 |
|
Trade Accts. Receivable - Other Company |
172,820,701 |
152,723,312 |
|
- Related Company |
248,268,348 |
187,226,437 |
|
Short-term Loan to
Related Company |
42,000,000 |
65,000,000 |
|
Related Company Receivable |
7,608,259 |
24,483,941 |
|
Inventories |
180,992,385 |
162,781,698 |
|
Accrued Dividend from
Subsidiary |
110,000,000 |
99,999,400 |
|
Other Receivable |
3,575,107 |
5,897,150 |
|
Other Current Assets
|
14,486,908 |
10,208,400 |
|
|
|
|
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Total Current
Assets |
844,264,820 |
753,440,218 |
|
Investment in Subsidiary |
171,540,052 |
161,699,000 |
|
Fixed Assets |
420,373,935 |
423,286,182 |
|
Other Assets |
1,068,003 |
1,068,117 |
|
Total Assets |
1,437,246,810 |
1,339,493,517 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
- |
87,433 |
|
Trade Accts. Payable - Other Company |
265,373,997 |
248,947,706 |
|
- Related Company |
36,594,240 |
28,043,455 |
|
Related Company Payable |
6,409,881 |
4,202,118 |
|
Other Current Liabilities |
45,744,024 |
22,064,565 |
|
|
|
|
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Total Current
Liabilities |
354,122,142 |
303,345,277 |
|
Liabilities from Employees’ Pension after Retirement |
1,238,317 |
2,148,892 |
|
Total Liabilities |
355,360,459 |
305,494,169 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 33,000,000 shares |
330,000,000 |
330,000,000 |
|
|
|
|
|
Capital Paid |
330,000,000 |
330,000,000 |
|
Surplus on Share
Capital |
137,314,000 |
137,314,000 |
|
Retained Earning Appropriated for Statutory Reserve |
33,000,000 |
33,000,000 |
|
Unappropriated |
581,572,351 |
533,685,348 |
|
Total
Shareholders' Equity |
1,081,886,351 |
1,033,999,348 |
|
Total
Liabilities & Shareholders' Equity |
1,437,246,810 |
1,339,493,517 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,745,980,458 |
1,520,234,892 |
|
Other Income |
51,301,534 |
31,620,722 |
|
Share of Profit
from Investment in
Subsidiary |
119,841,052 |
109,848,247 |
|
Total Revenues
|
1,917,123,044 |
1,661,703,861 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,581,498,583 |
1,413,321,818 |
|
Selling & Administrative Expenses |
173,674,462 |
138,440,708 |
|
Directors’ Remuneration |
890,880 |
773,760 |
|
Total Expenses |
1,756,063,925 |
1,552,536,286 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
161,059,119 |
109,167,575 |
|
Interest Expenses |
[947,238] |
[958,060] |
|
Income Tax |
[13,224,878] |
- |
|
|
|
|
|
Net Profit / [Loss] |
146,887,003 |
108,209,515 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
14.85 |
|
|
Operating Profit |
28.26 |
|
|
Net Profit |
35.74 |
|
|
Fixed Assets |
[0.69] |
|
|
Total Assets |
7.30 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.58 |
92.97 |
|
Operating Profit Margin |
9.28 |
7.23 |
|
S & A
Expenses |
9.95 |
9.11 |
|
Interest Paid |
0.05 |
0.06 |
|
Other Revenues |
9.80 |
9.31 |
|
Net Profit Margin |
8.41 |
7.12 |
|
Earning Per Shares |
4.45 |
3.28 |
|
No. of Shares |
33,000,000 |
33,000,000 |
Net Sales was
increased by 14.85%,
Operating Profit was
increased by 28.26%,
Net Profit was
increased by 35.74%,
Fixed Assets was
decreased by 0.69%,
Total Assets was
increased by 7.30%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 92.97%
to 90.58%, Operating
Profit Margin was
increased from 7.23%
to 9.28%, S
& A Expenses
was increased from
9.11% to 9.95%,
Interest Paid was decreased
from 0.06% to
0.05%, Other Revenues
was increased from
9.31% to 9.80%,
Net Profit Margin
was increased from
7.12% to 8.41%.
Earning Per Shares
was increased from
3.28 baht per
share to 4.45
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.38 |
2.48 |
|
Quick-Assets Ratio |
1.51 |
1.56 |
Current Ratio was
decreased from 2.48
to 2.38, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.56 to 1.51,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.33 |
0.30 |
|
Times Interest Earned |
170.97 |
114.75 |
D/E Ratio was
increased from 0.30
to 0.33, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
114.75 to 170.97,
capacity to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4.15 |
3.59 |
|
Total Assets Turnover |
1.21 |
1.13 |
|
Return on Assets |
10.22 |
8.08 |
|
Return on Equity |
13.58 |
10.47 |
|
Day's Payable |
54.72 |
58.95 |
|
Day’s Inventories |
37.32 |
38.55 |
|
Day’s Receivables |
35.63 |
36.17 |
Fixed Assets Turnover
was increased from
3.59 times to
4.15 times, Total
Assets Turnover was
increased from 1.13
times to 1.21
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
8.08 to 10.22,
Return on Equity
was increased from
10.47 to 13.58,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 59
days to 55
days, Day’s Inventories
was decreased from
39 days to
38 days, and
Day’s Receivables was
decreased from 37
days to 36
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
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%)