MIRA INFORM REPORT
|
Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
AUTOPACK
COMPANY LIMITED |
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Registered Office : |
98/50 Moo
11, Phutthamonthon Sai
5 Road, Raiking, Sampran,
Nakhonpathom 73210 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.07.1992 |
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Com. Reg. No.: |
0105535100306 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Industrial Machinery |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
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 |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
AUTOPACK COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 98/50
MOO 11, PHUTTHAMONTHON SAI
5 ROAD,
RAIKING, SAMPRAN,
NAKHONPATHOM 73210
TELEPHONE : [66] 2811-8340
FAX :
[66] 2811-8341
E-MAIL
ADDRESS : sales-th@autopack.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535100306
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP : BHT.
12,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
FOREIGN : 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BOGUMIL BUDZYNOWSKI,
AUSTRALIAN
PRESIDENT
NO.
OF STAFF : 100
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
MANUFACTURER, DISTRIBUTOR
AND 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 July 8,
1992 as a
private limited company under
the originally registered
name “Pack Technology
Co., Ltd.”, by
Thai groups. On March
9, 2005, its
registered name was changed to
AUTOPACK COMPANY LIMITED.
Subject’s business objective is a manufacture various industrial machineries to
both domestic and international markets. It
currently employs approximate 100 staff.
The subject’s registered
address is 98/50
Moo 11, Phutthamonthon Sai 5
Rd., Raiking, Sampran,
Nakhonpathom 73210, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bogumil Budzynowski |
|
Australian |
65 |
|
Mr. Apiwat Yamastian |
|
Thai |
59 |
|
Mr. Tan Geck Chung |
|
Singaporean |
70 |
|
Mr. Banjerd Sap-aran |
|
Thai |
49 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Bogumil Budzynowski is
the President.
He is Australian
nationality with the
age of 65
years old.
Mr. Banjerd Sap-aran is
the General Manager.
He is Thai
nationality with the
age of 49
years old.
Mr. June Pattaramool is
the Area Sales
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
various industrial machineries,
such as shrink
packaging machine, shrink
film wrapping machine,
shrink sleeving machine
and others, under
its own brand
“AUTOPACK”.
PURCHASE
Raw
materials and machineries
are purchased from
suppliers both domestic
and overseas, mainly
in Australia, Singapore
and U.S.A.
MAJOR
SUPPLIER
A.B.
Autopack Pty. Ltd. : Australia
SALES
60% of the
products is sold
locally to wholesalers,
and the remaining
40% is exported
to Australia, Japan,
Singapore, U.S.A. and
Europe.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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
T/T.
BANKING
The
subject was not
disclosed its banker’s
name.
EMPLOYMENT
The
subject employs approximately
100 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
300,000.
COMMENT
Subject’s
business performance remains
moderate as its
products have been
widely used in
the industries. Current
sale is stagnant
due to fuelled
by floods but it
is only
one-two months and would
appreciate high demand when
industrial revamp by
December 2011.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 3,000,000 divided into 30,000 shares of Bht. 100
each with fully
paid.
On
January 12, 2008, its
registered capital was
increased to Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
A.B. Autopack Pty.
Ltd. Nationality: Australian Address : 4/26
Mouth Street, Sydney,
Australia |
30,000 |
25.00 |
|
Mr. Banjerd Sap-aran Nationality: Thai Address : 1
Soi Chonburi-Banbung Rd.,
Banbung, Chonburi |
23,288 |
19.41 |
|
Modular Compound Co.,
Ltd. Nationality: Thai Address : 50/86
Moo 5, Petchkasem
Rd., Raiking, Sampran,
Nakhonpathom |
22,920 |
19.10 |
|
Mr. Tan Geck Suan Nationality: Singaporean Address : Singapore |
14,400 |
12.00 |
|
Mr. Tan Geck Chung Nationality: Singaporean Address : Singapore |
14,400 |
12.00 |
|
Mr. Apiwat Yamastian Nationality: Thai Address : 532/1
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
11,992 |
9.99 |
|
Sky Pass International Co.,
Ltd. Nationality: Thai Address : 29/27
Moo 3, Liebklongpasicharoen Fangnua Rd.,
Laksong, Bangkok |
3,000 |
2.50 |
Total Shareholders : 7
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
61,200 |
51.00 |
|
Foreign |
3 |
58,800 |
49.00 |
|
Total |
7 |
120,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Dusit Damrongthamwattana No.
6928
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
30,692,216.39 |
15,932,913.36 |
|
Short-term Investment |
15,335,711.65 |
- |
|
Trade Accounts Receivable |
27,064,379.96 |
59,652,903.47 |
|
Inventories |
34,108,176.01 |
28,224,585.14 |
|
Other Current Assets |
749,507.62 |
795,006.71 |
|
|
|
|
|
Total Current Assets
|
107,949,991.63 |
104,605,408.68 |
|
|
|
|
|
Fixed Assets |
11,975,391.33 |
12,253,068.60 |
|
Other Assets |
45,233.64 |
42,233.64 |
|
Total Assets |
119,970,616.60 |
116,900,710.92 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
21,679,717.83 |
24,329,827.95 |
|
Accrued Income Tax |
16,698.99 |
6,248,032.87 |
|
Other Payable |
- |
615,118.16 |
|
Other Current Liabilities |
29,564,575.28 |
15,219,323.61 |
|
|
|
|
|
Total Current Liabilities |
51,260,992.10 |
46,412,302.59 |
|
Total Liabilities |
51,260,992.10 |
46,412,302.59 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
|
|
|
|
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Statutory Reserve |
1,200,000.00 |
1,200,000.00 |
|
Retained Earning-
Unappropriated |
55,509,624.50 |
57,288,408.33 |
|
Total Shareholders' Equity |
68,709,624.50 |
70,488,408.33 |
|
Total Liabilities & Shareholders' Equity |
119,970,616.60 |
116,900,710.92 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
144,545,454.93 |
174,032,924.14 |
|
Other Income |
4,082,132.62 |
2,667,097.14 |
|
Total Revenues |
148,627,587.55 |
176,700,021.28 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
106,099,631.41 |
122,574,756.18 |
|
Selling Expenses |
12,043,082.61 |
9,456,698.54 |
|
Administrative Expenses |
22,845,758.47 |
15,399,358.11 |
|
Total Expenses |
140,988,472.49 |
147,430,811.83 |
|
Profit before Income Tax |
7,639,115.06 |
29,269,209.45 |
|
Income Tax |
[3,417,898.89] |
[8,768,125.99] |
|
|
|
|
|
Net Profit / [Loss] |
4,221,216.17 |
20,501,083.46 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.11 |
2.25 |
|
QUICK RATIO |
TIMES |
1.43 |
1.63 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.07 |
14.20 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.20 |
1.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
117.34 |
84.05 |
|
INVENTORY TURNOVER |
TIMES |
3.11 |
4.34 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
68.34 |
125.11 |
|
RECEIVABLES TURNOVER |
TIMES |
5.34 |
2.92 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
74.58 |
72.45 |
|
CASH CONVERSION CYCLE |
DAYS |
111.10 |
136.71 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
73.40 |
70.43 |
|
SELLING & ADMINISTRATION |
% |
24.14 |
14.28 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
29.42 |
31.10 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.28 |
16.82 |
|
NET PROFIT MARGIN |
% |
2.92 |
11.78 |
|
RETURN ON EQUITY |
% |
6.14 |
29.08 |
|
RETURN ON ASSET |
% |
3.52 |
17.54 |
|
EARNING PER SHARE |
BAHT |
35.18 |
170.84 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.40 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.75 |
0.66 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(16.94) |
|
|
OPERATING PROFIT |
% |
(73.90) |
|
|
NET PROFIT |
% |
(79.41) |
|
|
FIXED ASSETS |
% |
(2.27) |
|
|
TOTAL ASSETS |
% |
2.63 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
29.42 |
Impressive |
Industrial Average |
26.78 |
|
Net Profit Margin |
2.92 |
Impressive |
Industrial Average |
2.53 |
|
Return on Assets |
3.52 |
Impressive |
Industrial Average |
3.01 |
|
Return on Equity |
6.14 |
Satisfactory |
Industrial Average |
7.54 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 29.42%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is 2.92%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
3.52%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant
position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 6.14%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.11 |
Impressive |
Industrial Average |
1.98 |
|
Quick Ratio |
1.43 |
|
|
|
|
Cash Conversion Cycle |
111.10 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 2.11 times in 2010, decrease from 2.25 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.43 times in 2010,
decrease from 1.63 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 112 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial Average |
0.83 |
|
Debt to Equity Ratio |
0.75 |
Impressive |
Industrial Average |
2.06 |
|
Times Interest Earned |
- |
|
Industrial Average |
2.91 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.43 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.07 |
Impressive |
Industrial Average |
4.09 |
|
Total Assets Turnover |
1.20 |
Acceptable |
Industrial Average |
1.61 |
|
Inventory Conversion Period |
117.34 |
|
|
|
|
Inventory Turnover |
3.11 |
Acceptable |
Industrial Average |
4.30 |
|
Receivables Conversion Period |
68.34 |
|
|
|
|
Receivables Turnover |
5.34 |
Satisfactory |
Industrial Average |
5.37 |
|
Payables Conversion Period |
74.58 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.