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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MYANMAR CARLSBERG CO., LTD |
|
|
|
|
Registered Office : |
Building No.7/8, Bahosi Housing, Bogyoke Aung San Rd., Lanmadaw Tsp., Yangon |
|
|
|
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Country : |
Myanmar |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
|
Date of Incorporation : |
01.02.2013 |
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|
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Legal Form : |
Company limited by shares |
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Line of Business : |
Subject is engaged in manufacture of beer |
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No. of Employees : |
3,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New company |
|
Payment Behaviour : |
Unknown |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Myanmar |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MYANMAR CARLSBERG
CO., LTD
ADDRESSES:
Main Address: Building No.7/8,
Bahosi Housing, Bogyoke Aung San Rd., Lanmadaw Tsp.
Zip code/City: Yangon, Myanmar
Telephone: +95 1 223415
+95 1
501338
Profile
Established: 2013
Line of Business: Drinks
Industry Division: Manufacturing
Industry-code (NACE): 1105
Manufacture of beer
Banks: Unknown.
Employees: 3,000
CNPJ: -
Board of
Directors:
Manager Dean Aung
Director Daniel Sjogrem
Official
Administration:
Chief Executive U Thant ZinTun
Public
information:
-
Legal form: Company
limited by shares
Incorporation date: 01.02.2013
Balance sheet filing date: -
Tax Contributor Number (CNPJ): -
Legal status: active
Responsible Register: State
Register of Myanmar
Entry Deleted Name
active Myanmar
Carlsberg Co., Ltd
Import and Export:
-
Payment history:
No payment history is available.
Owners/-s:
Class: 50-100%
Type: direct, Group-Level 1
Name: CARLSBERG
AS
City/Country: COPENHAGEN
V, Denmark/DK
Interest: 51,00%
voting right, 51,00% capital interest (since 2013)
Class: 40-49%
Type: direct
Name: MGS
Breweries Co., Ltd.
City/Country: Yangon,
Myanmar/MM
Interest: 49,00%
voting right, 49,00% capital interest
MGS Breweries and Carlsberg have formed a Joint Venture – Myanmar Carlsberg
Co., Ltd. – with plans to set up a new greenfield brewery and distribute
Carlsberg beers in the local market. The joint venture is 51% owned by
Carlsberg.
MGS Breweries Co., Ltd. holds 49% and is a subsidiary of Myanmar Golden
Star (MGS) Co, Ltd. - a leading and well-established company in Myanmar with
diverse businesses and operations such as food, alcoholic and non-alcoholic
beverages, banking, medical services, farming, agricultural and natural
resources, mining, aviation, telecommunications, consumer electronics trading
and distribution, retail business, hotel and real estate, foundation, and media
advertising.
Financial
Data CARLSBERG AS
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2013 31.12.2012
Number
of months: 12 12
Currency: mil.
DKK mil. DKK
Balance
Sheet
Intangible
fixed assets 91,895.0 91,216.0
Land
and buildings 13,344.0 12,855.0
Other
tangible fixed assets 20,138.0 19,136.0
Tangible
fixed assets 33,482.0 31,991.0
Financial
fixed assets 2,359.0 6,241.0
other
fixed assets 3,268.0 3,378.0
Fixed
assets 131,004.0 132,826.0
Stocks 4,762.0 4,541.0
Trade
accounts receivable 7,888.0 7,828.0
Liquid
assets 3,714.0 5,760.0
other
trade accounts 2,204.0 2,153.0
Accruals 1,566.0 853.0
Other
current assets 7,484.0 8,766.0
Current
assets 20,134.0 21,135.0
Total
assets 151,138.0 153,961.0
Capital 3,051.0 3,051.0
Other
shareholders funds 64,760.0 67,210.0
Total
shareholders equity 67,811.0 70,261.0
Minority
interests 3,688.0 3,389.0
long
term debt (financial debts) 30,686.0 36,706.0
Provisions 1,278.0 1,230.0
Other non currentliabilities 13,284.0 14,840.0
Non currentliabilities 45,248.0 52,776.0
short
term debt (financial debts) 9,525.0 3,352.0
Trade
accounts payable 12,927.0 11,862.0
Provisions 530.0 619.0
other
accounts payable 11,409.0 11,702.0
other
current liabilities 11,939.0 12,321.0
Current
liabilities 34,391.0 27,535.0
Shareh.
equity, min. interests + liabilities 151,138.0 153,961.0
Profit and
loss account
Sales 93,732.0 92,367.0
Reduction
of proceeds 27,180.0 25,899.0
Net
sales 66,552.0 66,468.0
Other
operating revenue 17.0 230.0
Operating
revenue 66,569.0 66,698.0
Cost
of goods sold 33,622.0 33,831.0
Gross
profit 32,947.0 32,867.0
Other
operating expenses 23,685.0 23,097.0
Operating
result 9,262.0 9,770.0
Interest
revenues 307.0 345.0
other
financial revenues 530.0 663.0
Financial
income 837.0 1,008.0
Interest
expenses 1,726.0 1,905.0
other
financial expenses 528.0 767.0
Financial
expenses 2,254.0 2,672.0
Financial
result -1,417.0 -1,664.0
Result
before extraordinary items 7,845.0 8,106.0
Result
before taxes 7,845.0 8,106.0
Taxes 1,894.0 1,861.0
Result
before minority interests 5,951.0 6,245.0
minority
interests 480.0 638.0
Result
for the financial year 5,471.0 5,607.0
Cash flow
Depreciation 3,733.0 3,752.0
Cash
flow 9,684.0 9,997.0
Cash
flow from operating activities 9,083.0 9,871.0
Investments
in tangible fixed assets 5,788.0 5,067.0
Cash
flow from investing activities -8,883.0 -3,974.0
Cash
flow from financing activities -1,778.0 -3,589.0
Others -165.0 -84.0
Change
in liquidity -1,743.0 2,224.0
Liquidity
at beginning of the year 5,059.0 2,835.0
Liquidity
at end ot the year 3,316.0 5,059.0
Notes
Added
value 13,304.0 13,763.0
Working
Capital -277.0 507.0
Sales
per Employee 708.0 707.1
Gross
cost land and buildings 19,354.0 18,625.0
Gross
cost other tangible fixed assets 44,153.0 43,569.0
Gross
cost total 63,507.0 62,194.0
Employees average 40,435 41,708
Financial
information:
Private companies in Myanmar are not required to disclose financial
statements. These have been requested from the company but they have not been
made available as the subject regards this information as strictly
confidential.
For completeness sake we include the latest filed figures of the parent
company Carlsberg AS, Denmark.
Exchange rate:
US$ 1,00
= MMK 945.800 -
Official rate on 03.05.2014
Main Activities:
The company is engaged in manufacture of beer.
The company is part of the Carlsberg Group. The Carlsberg Group is one
of the leading brewery groups in the world, with a large portfolio of beer and
other beverage brands. Our flagship brand – Carlsberg – is one of the best-known
beer
brands in the world and the Baltika, Carlsberg, and Tuborg brands are
among the eight biggest
brands in Europe. More than 41,000 people work for the Carlsberg Group,
and our products are
sold in more than 150 markets. In 2011, the Carlsberg Group sold more
than 115 million hectolitres
of beer, which is about 34 billion bottles of beer.
The factory has been established on 54 acres of land at Nyaung Inn
Village in Bago Industrial Zone. It will use purified water and Bago’s high
standard rice, while materials such as hops and barley will be imported from
abroad.
The factory is expected to employ 3,000 employees and will be managed by
the brewers from Carlsberg Group and skilled local practitioners.
Operations & branches:
At the address, Building No. 7/8, Bahosi Housing, Bogyoke Aung San Rd.,
Lanmadaw Tsp., Yangon, we find the company's head office.
Factory in Bago.
Staff:
3,000
We have contacted an employee who was unwilling to cooperate with the interview
on grounds of confidentiality.
No e-mail contact was provided in the interview.
We suggest you seek guarantees from the parent company Carlsberg AS,
Denmark when dealing with subject matter.
"Carlsberg Group announces a new joint venture in Myanmar
Carlsberg Group announced today that it has signed a strategic
partnership agreement with a local privately-owned leading beverage company,
Myanmar Golden Star (MGS) Breweries, to brew and market Carlsberg beers in
Myanmar.
Under this agreement, MGS Breweries and Carlsberg have formed a Joint
Venture – Myanmar Carlsberg Co., Ltd. – with plans to set up a new greenfield
brewery and distribute Carlsberg beers in the local market. The joint venture
is 51% owned by Carlsberg.
“We have followed the developments in Myanmar closely and are encouraged
by the recent political developments in the country. We believe that the timing
is right for us to invest in the country. We expect that the Myanmar beer
market will grow strongly in coming years as the economy expands. MGS Breweries
is one of the leading soft drinks producers in Myanmar and a partner we have
known for many years. This partnership is a pivotal development in expanding
our presence in the country,” said Roy Bagattini, Sr. Vice President of
Carlsberg Asia Region.
“We are delighted to partner with Carlsberg, bringing together one of
the world’s leading brewery groups to combine with MGS Group of Companies – one
of Myanmar’s leading industrial groups. This collaboration provides us with the
opportunity to play a key role in developing the beer category in Myanmar. As
an industry leader, Carlsberg is bringing in its expertise, innovation and
international standards. This, combined with MGS Group’s already
well-established capabilities and local position in the market, will enable us
to capitalize on the significant growth potential of the beer category,”
commented Thant ZinTun, Vice Chairman of MGS Group of Companies.
To initiate the new partnership, Carlsberg and MGS Breweries today are
holding a joint venture inauguration ceremony in Yangon, attended by several
senior government representatives including the Yangon Prime Minister.
“Indochina is an important growth region for Carlsberg in Asia. We enjoy
leading positions in Laos and Cambodia and hold a strong presence in Vietnam.
In Thailand we have recently established a collaboration agreement with the
leading brewery group, Singha Corporation. Our entry into Myanmar is a
significant milestone for us and reinforces our ambitions to expand our
presence in the region,” added Bagattini.
As a responsible global brewer, Carlsberg is putting an emphasis on its
commitment to support the country’s continued development and economic growth.
“We firmly believe that Myanmar is a market that offers great potential
and we are looking forward to starting up operations soon,” concluded
Bagattini."
In Carlsberg Group Press Release February 2, 2013
"Carlsberg enters
Myanmar with MGS deal
Carlsberg Group, the world’s fourth-largest brewery group, has announced
its entry into the Myanmar market.
The Danish brewer signed a strategic partnership agreement with Myanmar
Golden Star (MGS) Breweries in Yangon on February 1. Carlsberg will be 51
percent owner of the newly formed Myanmar Carlsberg Co Ltd. Under the agreement
Carlsberg plans to brew and market beer in the country under its world-renowned
label.
“We have followed the developments in Myanmar closely and are encouraged
by the recent political developments in the country,” Roy Bagattini, senior
vice president of Carlsberg for Asia, said in a statement released by the
company on February 1. “We believe that the timing is right for us to invest in
the country. We expect that the Myanmar beer market will grow strongly in
coming years as the economy expands.”
Jorgen Buhl Rasmussen, Carlsberg’s chief executive officer, told The
Myanmar Times that the company will build a production facility in Bago Region
capable of producing 1 million hectolitres of beer a year. The investment for
the project would be about US$50 million, he said. The area in Bago will be
developed into a larger industrial zone with a strategic position near the
proposed Hantharwaddy International Airport.
“The most important thing for us was that the plan with the area is to
turn it into an industrial area, and it means that everything for the factory,
such as water supplies and electricity, is going to be there,” said Mr
Rasmussen of the location.
Carlsberg’s Myanmar partner, MGS Group of Companies, is privately owned
by U Thein Tun. MGS Beverages produces the carbonated soft drink brands Quench,
Crusher and Star Cola, as well as Popa brand bottled water.
In 1991, a partnership with MGS brought PepsiCo to Myanmar for the first
time.
“As an industry leader, Carlsberg is bringing in its expertise,
innovation and international standards. This, combined with MGS Group’s already
well-established capabilities and local position in the market, will enable us
to capitalise on the significant growth potential of the beer category,” said U
Thant ZinTun, vice chairman of MGS Group of Companies, who was named executive
director of Myanmar Carlsberg.
U Thant ZinTun said construction of the brewery is to begin in three
months and he expects it will be finished by June or July 2014. Though Mr
Rasmussen said that he did not want to put a figure on the number of jobs the
project would create, U Thant ZinTun estimated that the brewery and its
distribution network would result in about 2500 new jobs.
He added that Carlsberg beer would be marketed as a premium product,
while two to three other beers would be developed to compete with local brands
such as Myanmar Beer and Mandalay Beer.
U Thant ZinTun said the partnership is the culmination of a year-long
process, but MGS and Carlsberg have a relationship that dates back two decades.
The two companies began working together in 1993 but Carlsberg was
forced to leave the country three years later under mounting pressure from
human rights activists and threats of a boycott of the brand.
Mr Rasmussen said MGS was the only company that Carlsberg considered for
the new venture.
“We know MGS from before and there is a good relationship. It is one thing
to figure out how to do business together. Another thing is that the
relationships and the chemistry have to work, which it certainly does in this
partnership,” said Mr Rasmussen.
In 2011 Carlsberg did 18pc of its business in Asia. Prior to its Myanmar
announcement, Carlsberg’s last large scale move in Asia came in 2010 when the
company purchased a 12.5pc stake in China’s Chongquing Brewery for $338.3
million."
In Myanmar Times by Tim McLaughlin and Maria Danmark, February 1, 2013
"Carlsberg Signs JV
for Bago Brewery
Danish beer giant Carlsberg has formed a joint-venture with Myanmar
Golden Star Breweries (MGS) to build an international-standard brewery in Bago.
“We will establish the highest quality brewery, which will combine the
local people’s good skill with international standards to produce and
distribute Carlsberg beer in Myanmar,” said Daniel Sjogrem, managing director,
Myanmar Carlsberg Co Ltd.
The factory has been established on 54 acres of land at Nyaung Inn
Village in Bago Industrial Zone. It will use purified water and Bago’s high
standard rice, while materials such as hops and barley will be imported from
abroad.
The factory is expected to employ 3,000 employees and will be managed by
the brewers from Carlsberg Group and skilled local practitioners.
“Myanmar has a population of 60 million and drinks 4 litres per person
per year, making it the lowest beer drinking country in Asia. This creates good
potential for a strong domestic beer market,” said U Thant ZinTun, a board
director from Myanmar Carlsberg Co Ltd.
The initial investment for the factory is $37 million, with that figure
expected to increase to $50 million.
Carlsberg is the fifth largest brewery group in the world and also brews
Tuborg as well as a range of local beers in Europe.
Carlsberg’s entry into Myanmar will be seen as a welcome relief for the
country’s beer drinkers who, until now have been limited in their choice of
beers."
In Myanmar Business Today by PhyuThitLwin, October 24, 2013
"Myanmar Carlsberg
company prepares to start operation
BAGO – Myanmar Carlsberg company is preparing to invest in Bago
industrial zone, sources say.
Myanmar Carlsberg’s Finance and Business Planning Director Mr. Dheeraj
Mishra met with Director General of Directorate of Investment and Companies
Administration (DICA) Aung NaingOo on December 18 to discuss about the required
rules and regulations to make investment.
Myanmar Carlsberg company is a joint venture company of Carlsberg Group
and MGS Breweries company registered in December 14, 2012. The joint venture
company has been allowed by Myanmar Investment Commission (MIC) in accord with
Foreign Investment Law to operate on February 26, 2013.
Myanmar Carlsberg is planning to import its products manufactured in
Myanmar to EU market and planned to invest between US$ 35 million and US$50
million, sources from Carlsberg Group say.
The Carlsberg Group is founded in 1847 and its headquarters is located
in Copenhagen, Denmark. It produces beer, soft drinks and soda and its products
are distributed in US, Europe and Asia markets, sources say.
Source: ELEVEN Myanmar"
In Consult Myanmar December 23, 2013
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.