MIRA INFORM REPORT
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Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
BACARDI
[ |
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Formerly Known As : |
CALDBECK
MACGREGOR [ |
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Registered Office : |
27th Floor,
U.M. Tower, 9 Ramkhamhaeng Road,
Suanluang, Bangkok 10240 |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
23.08.1967 |
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Com. Reg. No.: |
0105510003854 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer & distributor of beverage products |
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No. of Employees
: |
73 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
BACARDI [THAILAND] LIMITED
[ FORMER
: CALDBECK MACGREGOR
[THAILAND] LTD. ]
SUMMARY
BUSINESS
ADDRESS : 27th FLOOR,
U.M. TOWER,
9 RAMKHAMHAENG
ROAD, SUANLUANG,
BANGKOK 10240,
THAILAND
TELEPHONE :
[66] 2729-8888
FAX : [66]
2729-8720
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1967
REGISTRATION NO. : 0105510003854 [Former
: 448/2510]
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
SHAREHOLDER’S PROPORTION : FOREIGNER :
100%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
GAUTAM PRADEEP GANGOLI,
INDIAN
G.M./
SALES & MARKETING DIRECTOR
NO. OF STAFF : 73
LINES OF BUSINESS : BEVERAGE PRODUCTS
IMPORTER &
DISTRIBUTOR
cORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMEN
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was formed on
August 23, 1967
as a private limited company,
under the originally registered
name “Caldbeck Macgregor
[Thailand] Ltd.” On
April 1, 2004,
subject was changed
its name to be
BACARDI [THAILAND] LIMITED.
Its business objective is to
import and distribute wide range of
beverage [alcoholic]
products to domestic
market. It currently
employs 73 staff.
Subject
is a wholly
owned subsidiary of
Bacardi-Martini B.V., Netherlands.
The subject’s registered address was
initially located at 2160 Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok
10240.
In 2004, subject’s registered address was relocated
to 27th Floor, U.M. Tower, 9
Ramkhamhaeng Rd., Suanluang,
Bangkok 10250, and
this is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Lu Liu |
|
Canadian |
39 |
|
Mr. Mahesh Madhavan |
|
Indian |
50 |
|
Mr. Gautam Pradeep Gangoli |
|
Indian |
36 |
|
Mr. Robin Allan Smith
Campbell |
|
British |
54 |
AUTHORIZED PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Gautam Pradeep Gangoli is
the G.M., Sales &
Marketing Director.
He is Indian
nationality with the
age of 36
years old.
Mr. Sanit Sophitirapas is
the Senior Brands
Manager.
He is Thai
nationality.
Ms. Sasinan Buranatrakul is
the Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is an importer
and sole distributor
wide range of
beverage [alcoholic] products
with over 150
brands. Some of “BACARDI”
products has been
produced by local
manufacturing contractors.
The products are
as follows:
Product Brand
Spirit “BACARDI”
Scotch whisky “MARTINI”, “BACARDI”,
“BREEZER”. “DEWAR”,
“JACK DANIEL”,
“WILLIAM LAWSON’S”
Wines “MARTINI”,
“GRANDI AUGURI”, “MAGICI
STANTI”
Gin “BAMBAY
SAPPHIRE”
Rum “BACARDI”, “CASTILLO”,
“ESTOFF”
Vodka “GREY
GOOSE”, “ERISTOFF”
Cognac “OTARD”, “GASTON
DE LA GRANDGE”
Brandy “VIEJO VERGEL”
Tequila “CAZADORES”, “CORZO”,
“CUATRO”
Liquor “CHINA MARTINI”,
“NASSAU ROYALE”, “GET”, “B & B”
IMPORT
[COUNTRIES]
80% of its products is imported
from Germany, United Kingdom, Italy, Australia, France U.S.A.,
Netherlands, Spain, Republic
of China and
India.
MAJOR SUPPLIERS
Bacardi - Martini B.V.
: Netherlands
United Spirit Co.,
Ltd. :
Thailand
SALES
[LOCAL]
100% of its
products is sold
locally by wholesale
to traders and
end-users, such as
supermarket, convenience store,
hotel & restaurant, pub, bar
and etc..
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 credit term
of 30 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.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office : 9
Ratchadapisek Rd., Jatujak,
Bangkok]
EMPLOYMENT
The subject employs
73 staff. [office
and sales staff]
LOCATION DETAILS
The
premise is rented
for operating office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 5,000,000.
COMMENT
The subject was
formed in 1967
as an importer
and distributor of
wine and spirit. Its
names have being well known
in Thai market
for decades. Consumption of alcohol beverage
remains strong, as well
as subject’s business
has resumed its
aggressive marketing since
the New Year Festive season in
January 2012.
FINANCIAL INFORMATION
The capital was
registered at Bht.
200,000 divided into
200 shares of
Bht. 1,000 each.
The capital was
increased later as
followed:
Bht. 2,050,000
on December 3,
1999
Bht. 6,000,000
on June 27,
2007
The latest registered
capital was increased
to Bht. 6,000,000
divided into 6,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [
as of
March 28, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bacardi - Martini B.V. Nationality: Dutch Address : Groningenweg 8-101, 2803PV Goude, Amsterdam, Netherlands |
5,997 |
100.00 |
|
Mr. Mahesh Madhavan Nationality: Indian Address : 9
Ramkhamhaeng Rd., Suanluang,
Bangkok |
1 |
- |
|
Ms. Lu Liu Nationality: Canadian Address : 9 Ramkhamhaeng Rd.,
Suanluang, Bangkok |
1 |
- |
|
Mr. Dean Andrew
McHugh Nationality: Australian Address : 143-39
Samsung-Dong, Kangnam-gu, Seoul, Korea |
1 |
- |
Total Shareholders : 4
Share Structure [as
at March 28,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
4 |
6,000 |
100.00 |
|
Total |
4 |
6,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mrs. Anuthai Phumsurakul No.
3873
BALANCE SHEET [BAHT]
The latest financial figures published for March 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
80,000 |
80,000 |
|
Trade Accounts Receivable |
238,538,478 |
225,205,118 |
|
Related Company Receivable |
5,396,980 |
1,213,067 |
|
Inventories |
170,985,872 |
204,246,239 |
|
Other Current Assets
|
14,679,471 |
13,470,510 |
|
Total Current Assets
|
429,680,801 |
444,214,934 |
|
|
|
|
|
Fixed Assets |
6,538,234 |
9,291,035 |
|
Intangible Assets |
539,512 |
882,089 |
|
Other Assets |
1,693,118 |
21,673,438 |
|
Total Assets |
438,451,665 |
476,061,496 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
5,723,091 |
17,197,281 |
|
Short Term Loan
from Bank |
38,000,000 |
95,000,000 |
|
Trade Accounts Payable |
|
|
|
- Other company |
76,538,662 |
77,783,313 |
|
- Related company |
27,559,280 |
22,373,287 |
|
Accrued Advertising & Promotion Sales |
39,393,776 |
33,220,647 |
|
Related Company Payable |
1,100,790 |
2,359,682 |
|
Accrued Income Tax |
11,158,486 |
5,349,280 |
|
Other Current Liabilities |
44,362,375 |
51,494,474 |
|
Total Current Liabilities |
243,836,460 |
304,777,964 |
|
|
|
|
|
Estimated Liabilities for
Employees’ Benefit |
3,120,000 |
2,338,000 |
|
Total Liabilities |
246,956,460 |
307,115,964 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 6,000 shares |
6,000,000 |
6,000,000 |
|
Capital Paid |
6,000,000 |
6,000,000 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
600,000 |
600,000 |
|
- Unappropriated |
184,895,205 |
162,345,532 |
|
Total Shareholders' Equity |
191,495,205 |
168,945,532 |
|
Total Liabilities &
Shareholders' Equity |
438,451,665 |
476,061,496 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
1,166,604,545 |
1,060,814,787 |
|
Other Income |
3,554,621 |
3,335,250 |
|
Total Revenues |
1,170,159,166 |
1,064,150,037 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
822,648,885 |
758,628,710 |
|
Selling Expenses |
249,698,926 |
248,217,317 |
|
Administrative Expenses |
56,341,164 |
47,576,010 |
|
Other Expenses |
404,745 |
18,862 |
|
Total Expenses |
1,129,093,720 |
1,054,440,899 |
|
Profit Before Financial
Cost & Income Tax |
41,065,446 |
9,709,138 |
|
Financial Cost - Interest
Expenses |
[3,750,888] |
[3,541,541] |
|
Profit Before Income Tax |
37,314,558 |
6,167,597 |
|
Income Tax |
[14,764,885] |
[6,147,466] |
|
Net Profit / [Loss] |
22,549,673 |
20,131 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.76 |
1.46 |
|
QUICK RATIO |
TIMES |
1.00 |
0.74 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
178.43 |
114.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.66 |
2.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
75.86 |
98.27 |
|
INVENTORY TURNOVER |
TIMES |
4.81 |
3.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
74.63 |
77.49 |
|
RECEIVABLES TURNOVER |
TIMES |
4.89 |
4.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
33.96 |
37.42 |
|
CASH CONVERSION CYCLE |
DAYS |
116.54 |
138.33 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
70.52 |
71.51 |
|
SELLING & ADMINISTRATION |
% |
26.23 |
27.88 |
|
INTEREST |
% |
0.32 |
0.33 |
|
GROSS PROFIT MARGIN |
% |
29.79 |
28.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.52 |
0.92 |
|
NET PROFIT MARGIN |
% |
1.93 |
0.00 |
|
RETURN ON EQUITY |
% |
11.78 |
0.01 |
|
RETURN ON ASSET |
% |
5.14 |
0.00 |
|
EARNING PER SHARE |
BAHT |
3,758.28 |
3.36 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.56 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.29 |
1.82 |
|
TIME INTEREST EARNED |
TIMES |
10.95 |
2.74 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
9.97 |
|
|
OPERATING PROFIT |
% |
322.96 |
|
|
NET PROFIT |
% |
111,914.67 |
|
|
FIXED ASSETS |
% |
(29.63) |
|
|
TOTAL ASSETS |
% |
(7.90) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
29.79 |
Impressive |
Industrial
Average |
9.26 |
|
Net Profit Margin |
1.93 |
Impressive |
Industrial Average |
1.12 |
|
Return on Assets |
5.14 |
Acceptable |
Industrial
Average |
8.45 |
|
Return on Equity |
11.78 |
Deteriorated |
Industrial
Average |
29.13 |
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. The company’s figure is 29.79%. 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. The company’s figure is 1.93% 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. Return on Assets in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 5.14%.
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 11.78%.
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 |
1.76 |
Impressive |
Industrial
Average |
1.30 |
|
Quick Ratio |
1.00 |
|
|
|
|
Cash Conversion Cycle |
116.54 |
|
|
|
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 1.76 times in 2011, increased from 1.46 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 times in 2011,
increased from 0.74 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 117 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.56 |
Impressive |
Industrial
Average |
0.74 |
|
Debt to Equity Ratio |
1.29 |
Impressive |
Industrial
Average |
2.66 |
|
Times Interest Earned |
10.95 |
Impressive |
Industrial
Average |
10.10 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 10.95 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.56 greater than 0.5, most of the
company's assets are financed through debt.
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 |
178.43 |
Impressive |
Industrial
Average |
43.07 |
|
Total Assets Turnover |
2.66 |
Deteriorated |
Industrial
Average |
7.50 |
|
Inventory Conversion Period |
75.86 |
|
|
|
|
Inventory Turnover |
4.81 |
Deteriorated |
Industrial
Average |
21.49 |
|
Receivables Conversion Period |
74.63 |
|
|
|
|
Receivables Turnover |
4.89 |
Deteriorated |
Industrial
Average |
16.69 |
|
Payables Conversion Period |
33.96 |
|
|
|
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.50.56 |
|
UK Pound |
1 |
Rs.81.05 |
|
Euro |
1 |
Rs.67.49 |
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.