MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CAPSULE PRODUCTS COMPANY LIMITED |
|
|
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Registered Office : |
19/11-14 Soi Wattana, Sukhumvit 19 Road, Klongtoey Nua, Wattana, Bangkok 10110 |
|
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Country : |
Thailand |
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|
|
Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.06.1980 |
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Com. Reg. No.: |
0105523009961 |
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|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacturer, Distributor & Exporter of Gelatin Capsule Products |
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No. of Employees : |
120 |
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 |
|
Payment Behaviour : |
No Complaints |
|
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
CAPSULE
PRODUCTS COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 19/11-14 SOI
WATTANA, SUKHUMVIT 19
ROAD,
KLONGTOEY NUA,
WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2250-1586-7,
2250-1886-7
FAX :
[66] 2250-2504
E-MAIL
ADDRESS : capsule@capsuleproducts.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1980
REGISTRATION
NO. : 0105523009961 [Former : 998/2523]
TAX
ID NO. : 3101164541
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
APICHAI KITTIVORAVITKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : GELATIN CAPSULE
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 June
10, 1980 as
a private limited
company under the
name style CAPSULE
PRODUCTS COMPANY LIMITED by
Thai groups, in
order to produce
wide range of
gelatin capsules products
to both local
and overseas markets,
with GMP and
HACCP practice. It
has obtained quality standard
ISO 9001 : 2008
certification for the
production by UKAS
and SGS. It
currently employs approximate
120 staff.
The subject’s registered
address is 19/11-14
Soi Wattana, Sukhumvit
19 Rd., Klongtoey
Nua, Wattana, Bangkok
10110, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Apichai
Kittivoravitkul |
[x] |
Thai |
69 |
|
Mr. Manas Hemastapath |
[x] |
Thai |
62 |
|
Mr. Boon Hemastapath
|
|
Thai |
83 |
|
Mr. Anake Nithipitikarn |
[x] |
Thai |
64 |
|
Mr. Pichai Nithipitikarn |
|
Thai |
73 |
|
Mr. Vichai Chaiamnuay |
|
Thai |
63 |
|
Mr. Patrapong Kittivoravitkul |
|
Thai |
36 |
AUTHORIZED PERSON
Two of the
mentioned directors [x] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Apichai Kittivoravitkul is the
Managing Director.
He is Thai
nationality with the
age of 69
years old.
Mr. Manas Hemastapath
is the Deputy
Managing Director.
He is Thai
nationality with the
age of 62 years
old.
Mr. Prawit Laovitthayanurak is
the Marketing Manager.
He is Thai nationality.
Mrs. Chulee Ariyapong
is the Account
& Finance Manager.
She is Thai
nationality.
Mr. Praphon Kittivoravitkul is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service wide range
of capsule products
including empty hard
gelatin capsules and
transparent capsules with
size 0, 1, 2, 3 and 4, as
well as pearl
capsules, flavor capsules,
capsules for food
and dietary supplement,
CPV-caps and printing capsules, under
its own brand
“CP” for pharmaceutical, herbal
medicine, herbal foods
and supplement industries.
PURCHASE
60% of raw
materials mainly gelatin
and packaging materials
are imported from
United States of
America, United Kingdom,
Germany, Canada, India,
Japan and Republic
of China, and
the remaining 40%
is purchased from
local suppliers.
SALES [LOCAL]
85% of the products
is sold locally
to Thai Government,
manufacturers, wholesalers and end-users.
EXPORT [COUNTRY]
15% of the
products is exported
to overseas manufacturers
in Asian countries
such as Laos,
Republic of China, Malaysia, Vietnam, Australia, Taiwan, Pakistan,
India, South Africa, Indonesia, Hong
Kong, Singapore and
etc.
MAJOR CUSTOMER
The Government Pharmaceutical Organization : Thailand
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
L/C at sight
or T/T.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Rd., Klongtoey Nua,
Wattana, Bangkok 10110]
Bangkok Bank Public Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 120 office
staff and factory
workers.
LOCATION DETAILS
The premise is
owned for administrative office
in a 4
storey building of
4 row shop
houses at the
heading address. Premise
is located in
commercial/residential area.
Factory is on
16,000 square meters
plot of land,
at 131 Moo 14,
Sukhapibal 2 Rd.,
Onnuch, Praves, Bangkok
10250.Tel : [66] 2329-1029-30
Fax : [66]
2329-1550
COMMENT
The pharmaceutical and health
products industry has continued growing strong with
higher demand each
year, especially vitamins
and supplement foods.
The company serves the
local and international markets with
its high quality
products for more
than two decades. It
has been enjoying
good business and
expanding steadily. Consumption
of gelatin capsule
remains strong from
domestic supplement and
pharmaceutical industries.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
follows :
Bht. 20,000,000
on August 7,
1980
Bht. 30,000,000
on April 14,
1982
Bht. 36,000,000
on September 22,
1982
Bht. 50,000,000
on December 1,
1983
The latest registered
capital was increased
to Bht. 50,000,000 divided into 500,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
Mr. Apichai Kittivoravitkul Nationality: Thai Address : 49/1-2
Soi Prasanmitr, Sukhumvit
Rd.,
Klongtoey, Prakanong, Bangkok |
220,305 |
44.06 |
|
Mr. Manas Hemastapath
Nationality: Thai Address : 2
Soi Lertsin 2,
Sukhumvit Rd., Klongtoey,
Prakanong, Bangkok |
76,715 |
15.34 |
|
Mr. Anake Nithipitakarn Nationality: Thai Address : 21/7
Chareonkrung Rd., Taladnoi,
Samphantawong, Bangkok |
53,006 |
10.60 |
|
Mr. Pichai Nithipitakarn Nationality: Thai Address : 21/7
Chareonkrung Rd., Taladnoi,
Samphantawong, Bangkok |
52,999 |
10.60 |
|
Mrs. Naowarat Kittivoravitkul Nationality: Thai Address : 49/1-2
Soi Prasanmitr, Sukhumvit
Rd., Klongtoey, Prakanong,
Bangkok |
42,509 |
8.50 |
|
Ms. Poraya Khunathien Nationality: Thai Address : 91/46
Moo 5, Thakharm, Bangkhunthien, Bangkok |
29,466 |
5.90 |
|
Mr. Vichai Chaiamnuay Nationality: Thai Address : 16
Pahurad Rd., Wangburapapirom,
Pranakorn, Bangkok |
25,000 |
5.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr.
Piratchai Prakobsap No.
3082
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
505,996.03 |
325,485.03 |
|
Trade Accounts Receivable |
39,020,007.92 |
25,416,834.14 |
|
Inventories |
113,699,518.74 |
107,305,435.52 |
|
Other Current Assets
|
7,348,615.48 |
4,743,730.60 |
|
|
|
|
|
Total Current Assets
|
160,574,138.17 |
137,791,485.29 |
|
Fixed Assets |
71,065,679.89 |
67,626,743.72 |
|
Total Assets |
231,639,818.06 |
205,418,229.01 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
51,194,860.34 |
41,000,377.45 |
|
Trade Accounts Payable |
25,902,671.35 |
33,970,730.89 |
|
Other Current Liabilities |
3,994,700.32 |
3,702,132.01 |
|
|
|
|
|
Total Current Liabilities |
81,092,232.01 |
78,673,240.35 |
|
|
|
|
|
Long-term Loan from
Financial Installation |
47,310,141.90 |
24,870,051.90 |
|
Total Liabilities |
128,402,373.91 |
103,543,292.25 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
48,237,444.15 |
46,874,936.76 |
|
Total Shareholders' Equity |
103,237,444.15 |
101,874,936.76 |
|
Total Liabilities &
Shareholders' Equity |
231,639,818.06 |
205,418,229.01 |
PROFIT &
LOSS ACCOUNT
|
|
2011 |
2010 |
|
|
|
|
|
Sales |
126,468,177.75 |
103,840,973.77 |
|
Other Income |
29,662.21 |
27,204.25 |
|
Total Revenues |
126,497,839.96 |
103,868,178.02 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
93,360,400.08 |
74,111,031.75 |
|
Selling and Administrative Expenses |
27,059,519.06 |
27,940,572.97 |
|
Total Expenses |
120,419,919.14 |
102,051,604.72 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses & Income Tax |
6,077,920.82 |
1,816,573.30 |
|
Interest Expenses |
[3,668,831.84] |
[2,717,655.61] |
|
Income Tax |
[1,370,504.73] |
[1,025,642.82] |
|
|
|
|
|
Profit / [Loss] from Operation |
1,038,584.25 |
[1,926,725.13] |
|
Extraordinary Item |
323,923.14 |
2,146,761.56 |
|
|
|
|
|
Net Profit / [Loss] |
1,362,507.39 |
220,036.43 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.98 |
1.75 |
|
QUICK RATIO |
TIMES |
0.49 |
0.33 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.78 |
1.54 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.55 |
0.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
444.52 |
528.48 |
|
INVENTORY TURNOVER |
TIMES |
0.82 |
0.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
112.62 |
89.34 |
|
RECEIVABLES TURNOVER |
TIMES |
3.24 |
4.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
101.27 |
167.31 |
|
CASH CONVERSION CYCLE |
DAYS |
455.86 |
450.52 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
73.82 |
71.37 |
|
SELLING & ADMINISTRATION |
% |
21.40 |
26.91 |
|
INTEREST |
% |
2.90 |
2.62 |
|
GROSS PROFIT MARGIN |
% |
26.20 |
28.66 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.81 |
1.75 |
|
NET PROFIT MARGIN |
% |
1.08 |
0.21 |
|
RETURN ON EQUITY |
% |
1.32 |
0.22 |
|
RETURN ON ASSET |
% |
0.59 |
0.11 |
|
EARNING PER SHARE |
BAHT |
2.73 |
0.44 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.24 |
1.02 |
|
TIME INTEREST EARNED |
TIMES |
1.66 |
0.67 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
21.79 |
|
|
OPERATING PROFIT |
% |
234.58 |
|
|
NET PROFIT |
% |
519.22 |
|
|
FIXED ASSETS |
% |
5.09 |
|
|
TOTAL ASSETS |
% |
12.76 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.20 |
Impressive |
Industrial
Average |
21.87 |
|
Net Profit Margin |
1.08 |
Deteriorated |
Industrial
Average |
5.71 |
|
Return on Assets |
0.59 |
Deteriorated |
Industrial
Average |
7.89 |
|
Return on Equity |
1.32 |
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 26.2%. 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 1.08%, 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 0.59%.
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 1.32%.
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 |
1.98 |
Impressive |
Industrial
Average |
1.59 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
455.86 |
|
|
|
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 1.98 times in 2011, increased from 1.75 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 0.49 times in 2011, increased
from 0.33 times, then the company has not enough current assets
that presumably can be quickly converted to cash for pay financial
obligations.
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 456 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Acceptable |
Industrial
Average |
0.46 |
|
Debt to Equity Ratio |
1.24 |
Risky |
Industrial
Average |
0.92 |
|
Times Interest Earned |
1.66 |
Deteriorated |
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 1.66 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 0.55 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 |
1.78 |
Acceptable |
Industrial Average |
2.77 |
|
Total Assets Turnover |
0.55 |
Deteriorated |
Industrial Average |
1.37 |
|
Inventory Conversion Period |
444.52 |
|
|
|
|
Inventory Turnover |
0.82 |
Deteriorated |
Industrial Average |
3.68 |
|
Receivables Conversion Period |
112.62 |
|
|
|
|
Receivables Turnover |
3.24 |
Impressive |
Industrial Average |
2.76 |
|
Payables Conversion Period |
101.27 |
|
|
|
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.55.99 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.