MIRA INFORM
REPORT
|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CANPAC
BEVERAGES LIMITED |
|
|
|
|
Registered Office : |
1153/29 Soi Ladprao 101 [Watbuengthonglang], Ladprao Road, Klongchan, Bangkapi, Bangkok 10240 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.05.2006 |
|
|
|
|
Com. Reg. No.: |
0105549060166 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
importer
and distributor of
alcohol beverage products
such as wine, champagne |
|
|
|
|
No. of Employees : |
70 |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
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
E-MAIL
ADDRESS : wines@canpacbev.com
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 approximately 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
signs 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 53
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
alcohol beverage products,
such as wine, champagne
and others, under
various brands “BRUT”,
“CHATEAU SOUVERAIN”, “LOUIS
JADOT”, “BODEGA NORTON’S”,
“LAURENT-PERRIER” and etc.,
with over 70
international brands.
PURCHASE
80% of the
products is imported
from France, Austria,
U.S.A., and Italy,
the remaining 20%
is purchased from
local supplier and
agents.
MAJOR
SUPPLIERS
Laurent-Perrier S.A. : France
Bodega Norton Wine
Bodega GmbH. : Austria
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 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
T/T.
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
a good business in
2012. However, domestic
consumption is relatively
slow from economic
uncertainty. Subject currently
has slight impact
from slow market.
However, its products
are for niche
market in which
its consumers are
high-end group.
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 22,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Kanchana Vithee Nationality: Thai Address : 77
Moo 16, T. Huayyang, A. Muang, Sakolnakorn
|
524,998 |
100.00 |
|
Ms. Chompunuch Boonfueng Nationality: Thai Address : 18/85
Moo 8, Klongkum,
Buengkum, Bangkok |
1 |
- |
|
Ms. Supawich Mahaguna Nationality: Thai Address : 1153/29
Ladprao 101 Rd.,
Klongchan,
Bangkapi, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 22,
2013]
|
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
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
and 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
403,077.38 |
123,527.53 |
3,525,091.00 |
|
Trade Accounts & Other Receivable |
167,447,443.51 |
142,853,459.15 |
102,893,196.13 |
|
Inventories |
33,901,573.00 |
44,589,767.78 |
69,042,224.83 |
|
Other Current Assets
|
257,634.31 |
119,238.23 |
3,094,467.99 |
|
|
|
|
|
|
Total Current Assets
|
202,009,728.20 |
187,685,992.69 |
178,554,979.95 |
|
|
|
|
|
|
Fixed Assets |
11,551,001.73 |
12,523,987.10 |
13,405,671.85 |
|
Total Assets |
213,560,729.93 |
200,209,979.79 |
191,960,651.80 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
5,420,641.85 |
4,737,527.55 |
- |
|
Trade Accounts & Other Payable |
48,501,614.10 |
41,110,327.49 |
43,952,614.66 |
|
Short-term Loan from Related
Person |
600,000.00 |
- |
- |
|
Other Current Liabilities |
2,694,394.87 |
983,692.44 |
1,739,740.32 |
|
|
|
|
|
|
Total Current Liabilities |
57,216,650.82 |
46,831,547.48 |
45,692,354.98 |
|
|
|
|
|
|
Long-term Loan from Related
Person |
98,821,072.00 |
97,110,830.00 |
90,801,528.72 |
|
Total Liabilities |
156,037,722.82 |
143,942,377.48 |
136,493,883.70 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 525,000 shares |
52,500,000.00 |
52,500,000.00 |
52,500,000.00 |
|
|
|
|
|
|
Capital Paid |
52,500,000.00 |
52,500,000.00 |
52,500,000.00 |
|
Retained Earning -
Unappropriated |
5,023,007.11 |
3,767,602.31 |
2,966,768.10 |
|
Total Shareholders' Equity |
57,523,007.11 |
56,267,602.31 |
55,466,768.10 |
|
Total Liabilities &
Shareholders' Equity |
213,560,729.93 |
200,209,979.79 |
191,960,651.80 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Service Income |
231,672,810.61 |
205,920,605.46 |
185,570,384.03 |
|
Other Income |
783,417.24 |
792,803.19 |
678,936.15 |
|
Total Revenues |
232,456,227.85 |
206,713,408.65 |
186,249,320.18 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
178,493,009.88 |
150,525,508.59 |
130,867,643.77 |
|
Selling Expenses |
11,163,596.40 |
14,982,849.46 |
12,071,687.53 |
|
Administrative Expenses |
40,625,329.43 |
34,594,574.53 |
35,547,323.44 |
|
Total Expenses |
230,281,935.71 |
200,102,932.58 |
178,486,654.74 |
|
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
2,174,292.14 |
6,610,476.07 |
7,762,665.44 |
|
Financial Costs |
[420,785.63] |
[5,237,056.24] |
[6,754,246.44] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,753,506.51 |
1,373,419.83 |
1,008,419.00 |
|
Income Tax |
[498,101.71] |
[572,585.62] |
[302,525.70] |
|
Net Profit / [Loss] |
1,255,404.80 |
800,834.21 |
705,893.30 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.53 |
4.01 |
3.91 |
|
QUICK RATIO |
TIMES |
2.93 |
3.05 |
2.33 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
20.06 |
16.44 |
13.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.08 |
1.03 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
69.33 |
108.12 |
192.56 |
|
INVENTORY TURNOVER |
TIMES |
5.27 |
3.38 |
1.90 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
263.81 |
253.21 |
202.38 |
|
RECEIVABLES TURNOVER |
TIMES |
1.38 |
1.44 |
1.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
99.18 |
99.69 |
122.59 |
|
CASH CONVERSION CYCLE |
DAYS |
233.96 |
261.65 |
272.36 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.05 |
73.10 |
70.52 |
|
SELLING & ADMINISTRATION |
% |
22.35 |
24.08 |
25.66 |
|
INTEREST |
% |
0.18 |
2.54 |
3.64 |
|
GROSS PROFIT MARGIN |
% |
23.29 |
27.29 |
29.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.94 |
3.21 |
4.18 |
|
NET PROFIT MARGIN |
% |
0.54 |
0.39 |
0.38 |
|
RETURN ON EQUITY |
% |
2.18 |
1.42 |
1.27 |
|
RETURN ON ASSET |
% |
0.59 |
0.40 |
0.37 |
|
EARNING PER SHARE |
BAHT |
2.39 |
1.53 |
1.34 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.72 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.71 |
2.56 |
2.46 |
|
TIME INTEREST EARNED |
TIMES |
5.17 |
1.26 |
1.15 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.51 |
10.97 |
|
|
OPERATING PROFIT |
% |
(67.11) |
(14.84) |
|
|
NET PROFIT |
% |
56.76 |
13.45 |
|
|
FIXED ASSETS |
% |
(7.77) |
(6.58) |
|
|
TOTAL ASSETS |
% |
6.67 |
4.30 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 12.51%. Turnover has increased from THB
205,920,605.46 in 2011 to THB 231,672,810.61 in 2012. While net profit has
increased from THB 800,834.21 in 2011 to THB 1,255,404.80 in 2012. And total
assets has increased from THB 200,209,979.79 in 2011 to THB 213,560,729.93 in
2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.29 |
Impressive |
Industrial Average |
6.15 |
|
Net Profit Margin |
0.54 |
Deteriorated |
Industrial Average |
1.86 |
|
Return on Assets |
0.59 |
Deteriorated |
Industrial Average |
8.95 |
|
Return on Equity |
2.18 |
Deteriorated |
Industrial Average |
33.40 |
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 23.29%. When
compared with the industry average, the ratio of the company was higher,
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 0.54%.
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 2.18%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.53 |
Impressive |
Industrial Average |
1.34 |
|
Quick Ratio |
2.93 |
|
|
|
|
Cash Conversion Cycle |
233.96 |
|
|
|
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 3.53 times in 2012, decreased from 4.01 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 2.93 times in 2012,
decreased from 3.05 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 234 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial Average |
0.68 |
|
Debt to Equity Ratio |
2.71 |
Risky |
Industrial Average |
2.41 |
|
Times Interest Earned |
5.17 |
Impressive |
Industrial Average |
(0.34) |
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 5.17 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 0.73 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 Downtrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
20.06 |
Impressive |
Industrial Average |
(6.82) |
|
Total Assets Turnover |
1.08 |
Deteriorated |
Industrial Average |
4.22 |
|
Inventory Conversion Period |
69.33 |
|
|
|
|
Inventory Turnover |
5.27 |
Deteriorated |
Industrial Average |
17.76 |
|
Receivables Conversion Period |
263.81 |
|
|
|
|
Receivables Turnover |
1.38 |
Deteriorated |
Industrial Average |
5.34 |
|
Payables Conversion Period |
99.18 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.38 and 1.44 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 108 days at the
end of 2011 to 69 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 3.38 times in year 2011 to 5.27 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.08 times and 1.03
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
|
UK Pound |
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.87.75 |
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.