MIRA
INFORM REPORT
|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CANPAC BEVERAGES
LIMITED |
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|
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Registered Office : |
1153/29 Soi
Ladprao 101 [Watbuengthonglang],
Ladprao Road, Klongchan,
Bangkapi, Bangkok 10240, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.05.2006 |
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Com. Reg. No.: |
0105549060166 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer and Distributor of Alcohol Beverage Products |
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No. of Employees : |
70 |
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 : |
Slow |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
CANPAC
BEVERAGES LIMITED
SUMMARY
BUSINESS
ADDRESS : 1153/29 SOI
LADPRAO 101 [WATBUENGTHONGLANG],
LADPRAO ROAD,
KLONGCHAN, BANGKAPI,
BANGKOK 10240,
THAILAND
TELEPHONE : [66] 2736-9580,
2736-9656
FAX :
[66] 2736-9581
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549060166
TAX
ID NO. : 3032187909
CAPITAL REGISTERED : BHT. 52,500,000
CAPITAL PAID-UP : BHT.
52,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. EKACHAI MAHAGUNA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 70
LINES
OF BUSINESS : ALCOHOL BEVERAGE
PRODUCTS
IMPORTER AND
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 May 16, 2006
as a private
limited company under the
registered name CANPAC
BEVERAGES LIMITED, by
Thai groups, with the business
objective to import
and distribute various
brands of alcohol
beverage products. It currently
employs approximate 70 staff.
The
subject’s registered address
is 1153/29 Soi
Ladprao 101
[Watbuengthonglang], Ladprao Rd., Klongchan,
Bangkapi, Bangkok 10240,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Ekachai Mahaguna
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ekachai Mahaguna is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of alcohol beverage
products, such as
wine, champagne and other products, under various brand
names “BRUT”, “CHATEAU
SOUVERAIN” and others
with over 70
international brands.
PURCHASE
80% of the
products is imported
from France, Australia,
U.S.A., and Italy,
the remaining 20%
is purchased from
local supplier and
agents
MAJOR
SUPPLIER
Laurent-Perrier S.A. :
France
SALES
100% of the
products is sold
locally to wholesalers
and end-users such
as hotel, department
store, pub & restaurant and etc..
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
according 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
T/T on negotiated
terms.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
70 office and
sales staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
32 Soi Phokaew
3, Ladprao Rd.,
Klongchan, Bangkapi, Bangkok
10240.
COMMENT
Subject had
moderate performance. Domestic
consumption is in
accordance with overall
economic situation and
consumer purchasing power,
thus its business
has grown viable
in line with
consumption bulge.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100 each
with fully paid.
On
July 12, 2006,
the capital was
increased to Bht.
52,500,000 divided into
525,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Nuree Lee-arporn Nationality: Thai Address : 1153/29
Ladprao 101 Rd.,
Klongchan,
Bangkapi, Bangkok |
524,998 |
100.00 |
|
Mr. Ekachai Mahaguna Nationality: Thai Address : 1153/29
Ladprao 101 Rd.,
Klongchan, Bangkapi, Bangkok |
1 |
- |
|
Master Supawich Mahaguna Nationality: Thai Address : 1153/29
Ladprao 101 Rd.,
Klongchan,
Bangkapi, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
525,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
525,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Decha Wansawang No.
3301
Note:
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
3,525,091.00 |
544,845.11 |
|
Trade Accounts Receivable
|
102,893,196.13 |
138,651,790.53 |
|
Inventories |
69,042,224.83 |
24,139,340.94 |
|
Other Current Assets
|
3,094,467.99 |
3,221,702.52 |
|
|
|
|
|
Total Current Assets
|
178,554,979.95 |
166,557,679.10 |
|
|
|
|
|
Fixed Assets |
13,405,671.85 |
8,298,401.63 |
|
Total Assets |
191,960,651.80 |
174,856,080.73 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
43,952,614.66 |
11,209,393.74 |
|
Other Current Liabilities |
1,739,740.32 |
1,660,580.66 |
|
|
|
|
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Total Current Liabilities |
45,692,354.98 |
12,869,974.40 |
|
|
|
|
|
Long-term Loan from Related
Person |
90,801,528.72 |
107,225,231.53 |
|
Total Liabilities |
136,493,883.70 |
120,095,205.93 |
|
|
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Shareholders' Equity |
|
|
|
|
|
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|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 525,000 shares |
52,500,000.00 |
52,500,000.00 |
|
|
|
|
|
Capital Paid |
52,500,000.00 |
52,500,000.00 |
|
Retained Earning - Unappropriated |
2,966,768.10 |
2,260,874.80 |
|
Total Shareholders' Equity |
55,466,768.10 |
54,760,874.80 |
|
Total Liabilities & Shareholders' Equity |
191,960,651.80 |
174,856,080.73 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales & Service Income |
185,570,384.03 |
198,809,683.24 |
|
Other Income |
678,936.15 |
800,002.11 |
|
Total Revenues |
186,249,320.18 |
199,609,685.35 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
130,867,643.77 |
157,518,899.00 |
|
Selling Expenses |
12,071,687.53 |
9,821,515.97 |
|
Administrative Expenses |
35,547,323.44 |
28,941,158.76 |
|
Total Expenses |
178,486,654.74 |
196,281,573.73 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
7,762,665.44 |
3,328,111.62 |
|
Financial Costs |
[6,754,246.44] |
[2,257,172.28] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,008,419.00 |
1,070,939.34 |
|
Income Tax |
[302,525.70] |
[321,281.80] |
|
Net Profit / [Loss] |
705,893.30 |
749,657.54 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.91 |
12.94 |
|
QUICK RATIO |
TIMES |
2.33 |
10.82 |
|
|
|
|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
13.84 |
23.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
1.14 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
192.56 |
55.94 |
|
INVENTORY TURNOVER |
TIMES |
1.90 |
6.53 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
202.38 |
254.55 |
|
RECEIVABLES TURNOVER |
TIMES |
1.80 |
1.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
122.59 |
25.97 |
|
CASH CONVERSION CYCLE |
DAYS |
272.36 |
284.52 |
|
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
70.52 |
79.23 |
|
SELLING & ADMINISTRATION |
% |
25.66 |
19.50 |
|
INTEREST |
% |
3.64 |
1.14 |
|
GROSS PROFIT MARGIN |
% |
29.84 |
21.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.18 |
1.67 |
|
NET PROFIT MARGIN |
% |
0.38 |
0.38 |
|
RETURN ON EQUITY |
% |
1.27 |
1.37 |
|
RETURN ON ASSET |
% |
0.37 |
0.43 |
|
EARNING PER SHARE |
BAHT |
1.34 |
1.43 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.46 |
2.19 |
|
TIME INTEREST EARNED |
TIMES |
1.15 |
1.47 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(6.66) |
|
|
OPERATING PROFIT |
% |
133.25 |
|
|
NET PROFIT |
% |
(5.84) |
|
|
FIXED ASSETS |
% |
61.55 |
|
|
TOTAL ASSETS |
% |
9.78 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.84 |
Impressive |
Industrial Average |
9.72 |
|
Net Profit Margin |
0.38 |
Deteriorated |
Industrial Average |
1.42 |
|
Return on Assets |
0.37 |
Deteriorated |
Industrial Average |
9.47 |
|
Return on Equity |
1.27 |
Deteriorated |
Industrial Average |
32.24 |
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 29.84%. 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 0.38%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 0.37%.
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 1.27%.
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 |
3.91 |
Impressive |
Industrial Average |
1.33 |
|
Quick Ratio |
2.33 |
|
|
|
|
Cash Conversion Cycle |
272.36 |
|
|
|
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 3.91 times in 2010, decrease from 12.94 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 2.33 times in 2010,
decrease from 10.82 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 273 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial Average |
0.70 |
|
Debt to Equity Ratio |
2.46 |
Acceptable |
Industrial Average |
2.48 |
|
Times Interest Earned |
1.15 |
Deteriorated |
Industrial Average |
11.32 |
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 1.15 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 0.71 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 |
13.84 |
Deteriorated |
Industrial Average |
39.42 |
|
Total Assets Turnover |
0.97 |
Deteriorated |
Industrial Average |
6.67 |
|
Inventory Conversion Period |
192.56 |
|
|
|
|
Inventory Turnover |
1.90 |
Deteriorated |
Industrial Average |
22.72 |
|
Receivables Conversion Period |
202.38 |
|
|
|
|
Receivables Turnover |
1.80 |
Deteriorated |
Industrial Average |
15.15 |
|
Payables Conversion Period |
122.59 |
|
|
|
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.55.14 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.