MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CAPSUGEL
[THAILAND] CO., LTD. |
|
|
|
|
Formerly Known As : |
INTERNATIONAL
CAPSULE CO., LTD. |
|
|
|
|
Registered Office : |
18th Floor, Serm-Mit Tower, 159 Sukhumvit 21 [Asoke] Road, Klongtoeynua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.11.2011 |
|
|
|
|
Date of Incorporation : |
17.02.1983 |
|
|
|
|
Com. Reg. No.: |
0105526006556 [Former : 655/2526] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer,
distributor and re-exporter of empty gelatin
capsule products |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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
CAPSUGEL
[THAILAND] CO., LTD.
[FORMER : INTERNATIONAL CAPSULE
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 18th FLOOR,
SERM-MIT TOWER,
159 SUKHUMVIT 21 [ASOKE]
ROAD,
KLONGTOEYNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2260-3810-8
FAX :
[66] 2260-3819
E-MAIL
ADDRESS : kriengsak.piyathanavong@capsugel.com
REGISTRATION
ADDRESS : 1/82
MOO 5, ROJANA
INDUSTRIAL ESTATE,
ROJANA ROAD,
T. KANHAM, A.
UTHAI,
AYUTTHAYA 13210,
THAILAND
ESTABLISHED
: 1983
REGISTRATION
NO. : 0105526006556 [Former : 655/2526]
TAX
ID NO. : 3101221138
CAPITAL REGISTERED : BHT. 170,000,000
CAPITAL PAID-UP : BHT.
170,000,000
SHAREHOLDER’S PROPORTION : FOREIGN : 100%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KRIENGSAK PIYATHANAVONG, THAI
GENERAL MANAGER / MARKETING & SALES
MANAGER
NO.
OF STAFF : 20
LINES
OF BUSINESS : EMPTY
GELATIN CAPSULE PRODUCTS
IMPORTER, DISTRIBUTOR AND
RE-EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject was
established on February
17, 1983 as
a private limited
company under the registered
name “International Capsule
Co., Ltd.” by Thai
and Dutch Groups.
On February 12,
2002, the subject’s name was
changed to CAPSUGEL [THAILAND]
CO., LTD. It
currently employs approximately
20 staff.
The subject is
an affiliate of
Capsugel, the world’s
leading two-piece hard
gelatin capsule producer
and a division
of Pfizer Inc.
On February 1,
1999, the subject received the
International Standard ISO 9002
certification to manufacture hard
gelatin capsules by
RWTUV, and ISO
14001 certificate for
environmental system by
RWTUV on March
7, 2003.
On October 25,
2000, the subject
was invested about
500 million baht
and 270 million
baht to produce
5,250 million of gelatin capsules
and 5,250 million
of hard gelatin
capsules per year
respectively with BOI
promoted.
On August 1,
2011, the subject
has become a
wholly owned subsidiary
of Capsugel Belgium
BVBA, in Belgium.
The subject adopts the Acceptable Quality Level (AQL) standard, in
addition to the ISO 9001:2000
quality management system,
to create quality consciousness.
In October 2011,
its plant was
inundated by the
massive floods in Thailand.
This has forced
the subject to stop
production. However, it
expected to resume
the production in
late 2012. At
present, the subject
is an importer
and distributor of
empty gelatin capsule
products to customers
in both domestic
and international markets.
The subject’s registered
address is 1/82
Moo 5, Rojana Industrial
Estate, Rojana Rd.,
T. Kamham, A. Uthai, Ayutthaya
13210, while the
subject’s current operation
address is at 18th Floor,
Serm-Mit Tower, 159
Sukhumvit 21 [Asoke]
Rd., Klongtoeynua, Wattana,
Bangkok 10110.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kriengsak Piyathanavong |
|
Thai |
56 |
|
Ms. Vilaiporn Laochuwongse |
|
Thai |
59 |
|
Mrs. Siriporn Sridej |
|
Thai |
47 |
|
Mr. Guido Edouard
Driesen |
|
Belgian |
56 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kriengsak Piyathanavong is
the G.M. / Marketing &
Sales Manager.
He is Thai
nationality with the
age of 56
years old.
Ms. Vilaiporn Laochuwongse is
the Finance &
Account Manager.
She is Thai
nationality with the
age of 59 years
old.
BUSINESS OPERATIONS
The subject’s current
activities are engaged
in importing, distributing
and re-exporting wide range of
empty gelatin capsule products for pharmaceutical and
dietary supplement applications. Its products
include hard gelatin capsules, plus
HPMC capsules, DR caps
gastro resistant capsules,
flexible gelcaps, liquid capsules, over
encapsulation capsules,
pre-clinical capsules, pullulan
capsules, gelatin capsules,
fish gelatin capsules
and pearlescent capsules.
IMPORT [COUNTRIES]
100% of the
products is imported
from Japan, Indonesia,
Republic of China, India
and Europe.
SALES
Its products are
sold to manufacturers, wholesalers
and end-users, both
local and overseas,
mainly in Singapore,
Philippines, Malaysia, Vietnam,
Australia, and Pakistan.
MAJOR CUSTOMER
Thai Government Pharmaceutical Organization
PARENT COMPANY
Capsugel Belgium BVBA
Business Address :
Rijksweg 11, 2880
Bornem, Belgium
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
Bangkok Bank Public
Co., Ltd.
[Rojana Branch : Rojana Rd., Uthai,
Ayutthaya 13210]
Citibank, NA
[Bangkok Branch : 82
North Sathorn Rd.,
Bangrak, Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 20 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
Growth of capsule products
consumption remains strong
from dietary supplement products,
for health, skin
and weight control. Pharmaceutical
and food supplement industries
have shown stable
growth both local
and international markets.
However, its business
slump has seen
since October of 2011 due
to the production
facilities has been
stopped from severe
floods.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as
followings :
Bht. 30,000,000
on April 3,
1986
Bht. 70,000,000
on April 12,
1988
Bht. 90,000,000
on June 17,
1998
Bht. 170,000,000 on
June 17, 2004
The latest registered
capital was increased
to Bht. 170,000,000 divided into 1,700,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at May 28,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Capsugel Belgium BVBA Nationality: Belgian Address : Rijksweg
11, 2880 Bornem,
Belgium |
1,699,998 |
100.00 |
|
Capsugel FinanceCo S.a.r.L. Nationality: Luxembourg Address : 63
Rue de Rollinggergrund, L-2440,
Luxembourg |
1 |
- |
|
Capsugel FinanceCo II
S.a.r.L. Nationality: Luxembourg Address : 63
Rue de Rollinggergrund, L-2440,
Luxembourg |
1 |
- |
Total Shareholders : 3
Share Structure [as
at May 28,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
1,700,000 |
100.00 |
|
Total |
3 |
1,700,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichien Thamtrakul
No. 3183
BALANCE SHEET [BAHT]
The latest financial
figures published for
November 30, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash Equivalents |
358,052,619 |
785,394,623 |
|
Trade Accounts &
Notes Receivable |
200,533,141 |
320,737,423 |
|
Receivable from Person or Related Company |
7,277,003 |
6,145,567 |
|
Advance Payment to
Person or Related Company |
154,550,000 |
- |
|
Inventories |
37,973,523 |
95,025,612 |
|
Refundable Value Added
Tax |
69,268,693 |
59,781,356 |
|
Other Current Assets
|
5,556,466 |
44,353,679 |
|
|
|
|
|
Total Current Assets
|
833,211,445 |
1,311,438,260 |
|
Fixed Assets |
41,043,425 |
562,187,414 |
|
Other Assets |
158,618 |
158,618 |
|
Total Assets |
874,413,488 |
1,873,784,292 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Trade Accounts &
Other Payable |
234,848,846 |
136,088,650 |
|
Payable to Person or Related Company
|
8,263,097 |
17,256,847 |
|
Accrued Expenses |
27,136,610 |
27,840,849 |
|
Accrued Income Tax |
14,443,247 |
22,939,983 |
|
Advance Money from Insurance Company |
154,550,000 |
- |
|
Other Current Liabilities |
6,025,375 |
4,964,655 |
|
|
|
|
|
Total Current Liabilities |
445,267,175 |
209,090,984 |
|
Obligation for Employee
Benefits |
52,235,150 |
43,880,670 |
|
Total Liabilities |
497,502,325 |
252,971,654 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,700,000 shares |
170,000,000 |
170,000,000 |
|
|
|
|
|
Capital Paid |
170,000,000 |
170,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
17,000,000 |
17,000,000 |
|
Unappropriated |
189,911,163 |
1,433,812,638 |
|
Total Shareholders' Equity |
376,911,163 |
1,620,812,638 |
|
Total Liabilities & Shareholders' Equity |
874,413,488 |
1,873,784,292 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales |
937,652,429 |
1,084,281,200 |
|
Gain on Exchange
Rate |
12,242,287 |
- |
|
Other Income |
13,024,201 |
6,064,232 |
|
Total Revenues |
962,918,917 |
1,090,345,432 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
575,414,626 |
683,092,265 |
|
Selling Expenses |
142,958,828 |
120,201,701 |
|
Administrative Expenses |
73,781,712 |
54,421,752 |
|
Loss from Flood |
690,298,662 |
- |
|
Loss on Exchange Rate |
- |
33,704,018 |
|
Total Expenses |
1,482,453,828 |
891,419,736 |
|
|
|
|
|
Profit before Finance Cost & Income
Tax |
[519,534,911] |
198,925,696 |
|
Finance Cost |
[3,204,143] |
[3,166,157] |
|
Income Tax |
[50,162,421] |
[60,260,740] |
|
|
|
|
|
Net Profit / [Loss] |
[572,901,475] |
135,498,799 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.87 |
6.27 |
|
QUICK RATIO |
TIMES |
1.62 |
5.32 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
22.85 |
1.93 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.07 |
0.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
24.09 |
50.78 |
|
INVENTORY TURNOVER |
TIMES |
15.15 |
7.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
78.06 |
107.97 |
|
RECEIVABLES TURNOVER |
TIMES |
4.68 |
3.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
148.97 |
72.72 |
|
CASH CONVERSION CYCLE |
DAYS |
(46.82) |
86.03 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
61.37 |
63.00 |
|
SELLING & ADMINISTRATION |
% |
23.12 |
16.10 |
|
INTEREST |
% |
0.34 |
0.29 |
|
GROSS PROFIT MARGIN |
% |
41.33 |
37.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(55.41) |
18.35 |
|
NET PROFIT MARGIN |
% |
(61.10) |
12.50 |
|
RETURN ON EQUITY |
% |
(152.00) |
8.36 |
|
RETURN ON ASSET |
% |
(65.52) |
7.23 |
|
EARNING PER SHARE |
BAHT |
(337.00) |
79.71 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.14 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.32 |
0.16 |
|
TIME INTEREST EARNED |
TIMES |
(162.14) |
62.83 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(13.52) |
|
|
OPERATING PROFIT |
% |
(361.17) |
|
|
NET PROFIT |
% |
(522.81) |
|
|
FIXED ASSETS |
% |
(92.70) |
|
|
TOTAL ASSETS |
% |
(53.33) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
41.33 |
Impressive |
Industrial
Average |
21.87 |
|
Net Profit Margin |
(61.10) |
Deteriorated |
Industrial
Average |
5.71 |
|
Return on Assets |
(65.52) |
Deteriorated |
Industrial
Average |
7.89 |
|
Return on Equity |
(152.00) |
Deteriorated |
Industrial
Average |
16.28 |
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 41.33%. 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 -61.1%.
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 -65.52%.
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 -152%.
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 |
1.87 |
Impressive |
Industrial
Average |
1.59 |
|
Quick Ratio |
1.62 |
|
|
|
|
Cash Conversion Cycle |
(46.82) |
|
|
|
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 1.87 times in 2011, decreased from 6.27 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 1.62 times in 2011,
decreased from 5.32 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 -47 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial
Average |
0.46 |
|
Debt to Equity Ratio |
1.32 |
Risky |
Industrial
Average |
0.92 |
|
Times Interest Earned |
(162.14) |
Risky |
Industrial
Average |
6.11 |
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 -162.15 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.57 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
22.85 |
Impressive |
Industrial
Average |
2.77 |
|
Total Assets Turnover |
1.07 |
Satisfactory |
Industrial
Average |
1.37 |
|
Inventory Conversion Period |
24.09 |
|
|
|
|
Inventory Turnover |
15.15 |
Impressive |
Industrial
Average |
3.68 |
|
Receivables Conversion Period |
78.06 |
|
|
|
|
Receivables Turnover |
4.68 |
Impressive |
Industrial
Average |
2.76 |
|
Payables Conversion Period |
148.97 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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.