MIRA
INFORM REPORT
|
Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALCAN
PACKAGING STRONG THAIPACK
COMPANY LIMITED |
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Formerly Known As : |
STRONG
THAIPACK CO., LTD |
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Registered Office : |
91 Moo 13,
Wat Kingkaew Road, Rachathewa, A.
Bangplee, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
04.02.1988 |
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Com. Reg. No.: |
0105531008359 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Flexible Packaging Products |
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 STRONG THAIPACK
COMPANY LIMITED
[FORMER : STRONG THAIPACK CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 91
MOO 13, WAT
KINGKAEW ROAD,
RACHATHEWA, A.
BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2312-4122-8, 2312-4931-4
FAX : [66] 2312-4679,
2312-4133
REGISTRATION
ADDRESS : SAME
AS THE BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531008359 [Former
: 838/2531]
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.
PALIS LIMPITI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 130
LINES OF
BUSINESS : FLEXIBLE PACKAGING PRODUCTS
MANUFACTURER, DISTRIBUTOR & EXPORTER
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
February 4, 1988 as
a private limited
company under the registered
name K. MET CO., LTD., by Thai
group, in order to manufacture
flexible packaging products
for the various industries. It
currently employs 130
staff.
On
June 16, 1997,
the subject was
changed its name
to STRONG THAIPACK CO., LTD.,
and changed again to ALCAN
PACKAGING STRONG THAIPACK
COMPANY LIMITED on
July 29, 2003.
The subject is
a wholly owned
subsidiary of Alcan
Packaging Strongpack Public
Co., Ltd.
The subject’s registered address is at 91
Moo 13, Wat Kingkaew
Rd., T. Rachathewa, A. Bangplee, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Termsakdi Krisanamara |
|
Thai |
81 |
|
Mr. Palis Limpiti |
|
Thai |
47 |
|
Mr. Keith G. Wilkins |
|
- |
61 |
|
Mr. Udom Vichayapai |
|
Thai |
73 |
|
Mr. Rampai Sukhayang |
|
Thai |
65 |
|
Mr. Herve Marion |
|
Germany |
61 |
|
Mr. John Poul
Meausoone |
|
French |
52 |
AUTHORIZED PERSON
One of the above directors
signs on behalf
of the subject with company's
affixed.
MANAGEMENT
Mr. Palis Limpiti is
the Managing Director.
He is Thai nationality with
the age of
47 years old.
Mrs. Ampai Chamnanthongpairat is
the Deputy Managing
Director.
She is Thai nationality.
Ms. Anthika Boonyasarn is
the Marketing Manager.
She is Thai nationality.
Ms. Vasana Wannaboon
is the Finance Manager.
She is Thai nationality.
Mr. Nathapol Siroratanakul is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The
subject's activity is a manufacturer of flexible packaging and
printing products for
various industries such
as foods, consumers,
pharmaceutical and cosmetic
industries.
PURCHASE
90%
of its raw materials such
as flexible film,
printing ink and chemical
are purchased from
local suppliers, the
remaining 10% is imported from
Singapore, Germany, Indonesia,
Japan and Taiwan.
SALES
The
subject currently has
over 50 customers
both in domestic
and overseas countries.
80% of its products is
sold locally to
manufacturers and dealers,
the remaining 20% is exported
to Australia, Germany, Republic of
China, Taiwan, Hong Kong, Japan,
Korea, Indonesia and
Malaysia.
MAJOR CUSTOMERS
|
- Unilever Thai Holding
Co., Ltd. |
: Thailand |
|
- Thai President Food
Co., Ltd. |
: Thailand |
|
- President Rice Products
Public Co., Ltd. |
: Thailand |
|
- Procter & Gamble
Manufacturing [Thailand] Co.,
Ltd. |
: Thailand |
|
- Saha Pathanapibul Public
Co., Ltd. |
: Thailand |
|
- Nestle Group |
: Thailand |
PARENT COMPANY
Alcan Packaging Strongpack
Public Co., Ltd. : 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
Purchasing terms are
by cash or
on the credits of 30-60
days.
Imports are by
L/C at sight and T/T.
Selling terms are
by cash or
on the credits of 30-60
days.
Exports are against
L/C at sight and T/T.
BUSINESS TRANSACTION
The products are
sold by cash
and credit, with the maximum credit given at
30-60 days. There
are some delay
payment by the
subject, but they
negotiate.
BANKING
Citibank, NA.
[Bangkok Branch : 82 North
Sathorn Rd., Bangrak,
Bangkok 10500]
Siam City Bank
Public Co., Ltd.
[Sriracha Branch : 130/25 Sriracha, Cholburi]
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
130 staff.
LOCATION DETAILS
The
premise is rented
for administrative an
office at the
heading address. Premise
is located in
rural area.
Factory
is located on
the area of 12,800
square meters at 38/16
Moo 5, Laemchabang Industrial
Estate, T. Tungsukla, A. Sriracha, Cholburi 20110, Tel :
[66] 38 490-429-34.
REMARK
CREDIT
OF US$ 500,000 SHOULD BE
IN ORDER.
COMMENT
The company has maintained its
leadership in the printing and packaging industry by rebuilding advanced
technology and infrastructure network, as well as enhancing customer
relationship. Demand in the packaging segments has continuously risen in line
with strong domestic consumption and exports growth.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100.
The capital was
increase later as
followings:
Bht.
40,000,000 on May
16, 1988
Bht. 100,000,000 on August 13,
1997
The latest 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 28,
2008]
|
NAME |
HOLDING |
% |
|
Alcan Packaging Strongpack Public Co., Ltd. Nationality: Thai Address : 91 Moo 13, Kingdaew
Rd., Rachathewa,
Bangplee, Samutprakarn |
999,994 |
100.00 |
|
Mr. Rampai Sukhayang Nationality: Thai Address : 53 Rongmuang, Pathumwan, Bangkok 10330 |
1 |
- |
|
Mrs. Ampai Chamnanthongpairat Nationality: Thai Address : 205/234 Moo 8,
Bangmuang, Muang,
Samutprakran |
1 |
- |
|
Ms. Yuwadee Saovaparksopa Nationality: Thai Address : 15/109 Moo 9,
Ladprao, Bangkok 10310 |
1 |
- |
|
Mr. Rakchai Sakulteera Nationality: Thai Address : 17/105 Ramkhamhaeng 43/1 Rd.,
Wangthonglang, Bangkok |
1 |
- |
|
Mr. Siriporn Pinthu Nationality: Thai Address : 32/81 Moo 3, Klongsampravet, Ladkrabang,
Bangkok |
1 |
- |
|
Mr. Palis Limpiti Nationality: Thai Address : 40 Soi
Nawathanee, Kannayao, Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Prasit Yuengsrikul No. 4174
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
3,504,892 |
45,234,284 |
|
Trade Accts. Receivable |
|
|
|
- Other company |
287,980,503 |
329,285,214 |
|
- Related company |
89,311,446 |
36,278,590 |
|
Receivable-Related company |
555,157 |
3,736,189 |
|
Inventories |
160,778,977 |
156,999,747 |
|
Other Receivable |
6,515,321 |
14,656,067 |
|
Other Current Assets
|
10,065,563 |
22,310,847 |
|
Total Current Assets
|
558,711,859 |
608,500,938 |
|
|
|
|
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Fixed Assets |
175,517,891 |
203,966,705 |
|
Other Assets |
775,604 |
657,804 |
|
Total Assets |
735,005,354 |
813,125,447 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft |
- |
13,553 |
|
Trade Accts. Payable |
|
|
|
- Other company |
245,085,455 |
238,147,919 |
|
- Related company |
150,278,354 |
227,321,859 |
|
Payable - Related Company |
8,541,709 |
11,765,931 |
|
Accrued Dividend |
124,999,250 |
110,000,000 |
|
Loan from Parent
Company |
- |
27,000,000 |
|
Other Current Liabilities |
19,333,513 |
25,848,910 |
|
Total Current Liabilities |
548,238,281 |
640,098,172 |
|
Provident Fund |
2,563,993 |
1,488,362 |
|
Total Liabilities |
550,802,274 |
641,586,534 |
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|
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Shareholders' Equity |
|
|
|
|
|
|
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Statutory Reserve |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
74,203,080 |
61,538,913 |
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Total Shareholders' Equity |
184,203,080 |
171,538,913 |
|
Total Liabilities &
Shareholders' Equity |
735,005,354 |
813,125,447 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,906,767,785 |
1,604,924,425 |
|
Other Income |
20,614,670 |
26,806,659 |
|
Total Revenues |
1,927,382,455 |
1,631,731,084 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,638,111,673 |
1,345,774,877 |
|
Selling & Administrative Expenses |
134,541,453 |
142,437,823 |
|
Remuneration’s Director |
530,640 |
969,120 |
|
Total Expenses |
1,773,183,766 |
1,489,181,820 |
|
Profit / [Loss] from Operation |
154,198,689 |
142,549,264 |
|
Interest Expenses |
[1,195,310] |
[3,410,104] |
|
Income Tax |
[15,339,962] |
[14,407,300] |
|
Net Profit / [Loss] |
137,663,417 |
124,731,860 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
18.81 |
|
|
Operating Profit |
[9.26] |
|
|
Net Profit |
10.37 |
|
|
Fixed Assets |
[13.95] |
|
|
Total Assets |
[9.61] |
|
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Profitability |
|
|
|
Cost of Good
Sold |
85.91 |
83.85 |
|
Operating Profit Margin |
8.11 |
8.94 |
|
S & A
Expenses |
7.06 |
8.88 |
|
Interest Paid |
0.06 |
0.21 |
|
Other Revenues |
1.08 |
1.67 |
|
Net Profit Margin |
7.22 |
7.77 |
|
Earning Per Shares |
137.66 |
124.73 |
|
No. of Shares |
1,000,000 |
1,000,000 |
Net Sales was
increased by 18.81%,
Operating Profit was
decreased by 9.26%,
Net Profit was
increased by 10.37%,
Fixed Assets was
decreased by 13.95%,
Total Assets was
decreased by 9.61%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 83.85%
to 85.91%, Operating
Profit Margin was
decreased from 8.94%
to 8.11%, S
& A Expenses
was decreased from
8.88% to 7.06%,
Interest Paid was decreased
from 0.21% to
0.06%, Other Revenues
was decreased from
1.67% to 1.08%,
Net Profit Margin
was decreased from
7.77% to 7.22%.
Earning Per Shares
was increased from
124.73 baht per
share to 137.66
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.02 |
0.95 |
|
Quick-Assets Ratio |
0.70 |
0.65 |
Current Ratio was increased from
0.95 to 1.02,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
Quick-Assets Ratio was
increased from 0.65
to 0.70, capacity
to pay Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
2.99 |
3.74 |
|
Times Interest Earned |
129.45 |
42.09 |
D/E Ratio was
decreased from 3.74
to 2.99, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium, Times
Interest Earned was
increased from 42.09
to 129.45, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
10.86 |
7.87 |
|
Total Assets Turnover |
2.59 |
1.97 |
|
Return on Assets |
18.73 |
15.34 |
|
Return on Equity |
74.73 |
72.71 |
|
Day's Payable |
46.27 |
53.42 |
|
Day’s Inventories |
30.36 |
35.22 |
|
Day’s Receivables |
54.24 |
8.14 |
Fixed Assets Turnover
was increased from
7.87 times to
10.86 times, Total
Assets Turnover was
increased from 1.97
times to 2.59
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
15.34 to 18.73,
Return on Equity
was increased from
72.71 to 74.73,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 54
days to 47
days, and Day’s
Inventories was decreased
from 36 days
to 31 days, while Day’s
Receivables was increased
from 9 days to 55
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.71 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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%)