MIRA
INFORM REPORT
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Report No. : |
334015 |
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Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
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Name : |
CG PACKAGING CO., LTD. |
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Formerly Known As : |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
17.10.2008 |
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Com. Reg. No.: |
0105551117668 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in importing and distributing of industrial packaging products and packaging machinery, such as vacuum packaging machine, food packaging products and machinery |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Thailand |
B1 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand has historically had a strong economy due in part to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai baht has remained stable.
|
Source
: CIA |
Company Name
CG PACKAGING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 3rd
FLOOR, OLYMPIA THAI TOWER,
444
RATCHADAPISEK
ROAD, SAMSENNOK,
HUAYKWANG, BANGKOK 10320, THAILAND
TELEPHONE : [66] 2541-4357
FAX :
[66] 2541-4357
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : 134
PANWADEE PLACE, SOI LADPRAO 64,
LADPRAO
ROAD, WANGTHONGLANG,
BANGKOK
10310, THAILAND
ESTABLISHED
: 2008
REGISTRATION NO. : 0105551117668
TAX ID NO. : 3033256062
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : AMERICAN :
100%
FISCAL YEAR CLOSING DATE : JUNE 30
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. MANEEWAT TONYOOPAIBOON, THAI
GENERAL MANAGER
NO. OF STAFF : 6
LINES OF BUSINESS : PACKAGING
PRODUCTS AND MACHINERY
IMPORTER AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : FAIR WITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on October 17,
2008 as a
private limited company
under the originally
registered name “Greenfield Global
Company Limited” by American group. On
May 26, 2009,
its registered name
was changed to CG PACKAGING
CO., LTD. Its
business objective was
declared to the
Commercial Registration Department
to distribute printing
and packaging products.
Its currently employs
6 staff.
The
subject’s registered address
is 134 Panwadee
Place, Soi Ladprao
64, Ladprao Road,
Wangthonglang, Bangkok 10310,
while the current
operation address is 3rd
Floor, Olympia Thai Tower, 444 Ratchadapisek Road, Samsennok,
Huaykwang, Bangkok 10320.
THE BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
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|
|
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Mr. Smith Lee Lankford |
American |
43 |
|
Mr. Gerard Paul Lux
Junior |
American |
58 |
|
Mr. Alan Boyd Parnell |
American |
49 |
|
Mr. John Andrew Riley |
American |
61 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Meenawat Tonyoopaiboon is
the General Manager.
He is Thai
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of industrial packaging
products and packaging
machinery, such as
vacuum packaging machine,
food packaging products
and machinery.
PURCHASE
80% of its
products is purchased
from local suppliers
and agents, the
remaining is imported
from U.S.A.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
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 to 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
Bangkok Bank Public Co., Ltd.
EMPLOYMENT
The subject currently employs
6 staff.
LOCATION DETAILS
The premise is rented for administrative
office at the heading address. Premise
is located in
commercial/residential area.
COMMENT
Subject reported slowdown its sales in 2014
due to economy sluggish and industrial downturn. Business environment in
the country was negative impacted and this led to a slowdown in private expansion
and investment.
FINANCIAL INFORMATION
The capital was registered at Bht. 3,000,000 divided into 30,000 shares of Bht 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at October 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Smith Lee Lankford Nationality: American Address : 46
Sukhumvit 3 Road,
Klongtoeynua,
Wattana, Bangkok |
7,500 |
25.00 |
|
Mr. Gerard Paul Lux
Junior Nationality: American Address : 46
Sukhumvit 3 Road,
Klongtoeynua,
Wattana, Bangkok |
7,500 |
25.00 |
|
Mr. Alan Boyd Parnell Nationality: American Address : 46
Sukhumvit 3 Road,
Klongtoeynua,
Wattana, Bangkok |
7,500 |
25.00 |
|
Mr. John Andrew Riley Nationality: American Address : 46
Sukhumvit 3 Road,
Klongtoeynua,
Wattana, Bangkok |
7,500 |
25.00 |
Total Shareholders : 4
Share Structure [as at October
30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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Thai |
- |
- |
- |
|
Foreign - American |
4 |
30,000 |
100.00 |
|
Total |
4 |
30,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Duangporn Leelamaenthep No. 10855
Note
The June 30,
2015 financial statement
has not yet
available during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published
as at June
30, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,505,780 |
1,679,229 |
2,812,289 |
|
Trade Accounts &
Other Receivable |
|
|
|
|
Trade Accounts
Receivable |
3,829,542 |
8,542,093 |
4,705,925 |
|
Trade Accounts
Receivable - Related company |
1,159,058 |
1,111,540 |
1,136,664 |
|
Other Receivable - Related company |
2,514,352 |
2,207,959 |
1,411,044 |
|
Other Receivable
|
1,778,280 |
3,972,908 |
1,325,862 |
|
Inventories |
10,800 |
- |
- |
|
|
|
|
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Total Current Assets
|
13,797,812 |
17,513,729 |
11,391,784 |
|
|
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Equipment |
141,371 |
140,136 |
179,366 |
|
Deposits |
104,728 |
42,428 |
42,428 |
|
Total Assets |
14,043,911 |
17,696,293 |
11,613,578 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
|
Trade Accounts
Payable |
3,241,525 |
5,002,827 |
1,887,200 |
|
Other Payable
|
1,083,260 |
3,855,141 |
2,173,742 |
|
Other Payable - Related company |
1,682,075 |
1,548,115 |
1,071,402 |
|
Accrued Income Tax |
- |
- |
409,826 |
|
|
|
|
|
|
Total Current Liabilities |
6,006,860 |
10,406,083 |
5,542,170 |
|
Total Liabilities |
6,006,860 |
10,406,083 |
5,542,170 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000 |
3,000,000 |
3,000,000 |
|
|
|
|
|
|
Capital Paid |
3,000,000 |
3,000,000 |
3,000,000 |
|
Retained Earning Unappropriated |
5,037,051 |
4,290,210 |
3,071,408 |
|
Total Shareholders' Equity |
8,037,051 |
7,290,210 |
6,071,408 |
|
Total Liabilities & Shareholders' Equity |
14,043,911 |
17,696,293 |
11,613,578 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
46,227,941 |
52,537,669 |
71,656,053 |
|
Other Income |
96,423 |
3,467 |
93,043 |
|
Total Revenues |
46,324,364 |
52,541,136 |
71,749,096 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
35,910,142 |
40,776,811 |
54,536,201 |
|
Selling Expenses |
3,339,168 |
4,027,931 |
6,825,607 |
|
Administrative Expenses |
6,124,652 |
5,988,678 |
5,317,696 |
|
Total Expenses |
45,373,962 |
50,793,420 |
66,679,504 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
950,402 |
1,747,716 |
5,069,592 |
|
Financial Cost |
- |
[164,856] |
[113,297] |
|
Income Tax |
[203,561] |
[364,058] |
[1,248,096] |
|
|
|
|
|
|
Net Profit / [Loss] |
746,841 |
1,218,802 |
3,708,199 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.30 |
1.68 |
2.06 |
|
QUICK RATIO |
TIMES |
2.30 |
1.68 |
2.06 |
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ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
327.00 |
374.90 |
399.50 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.29 |
2.97 |
6.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.11 |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
3,325.01 |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
30.24 |
59.35 |
23.97 |
|
RECEIVABLES TURNOVER |
TIMES |
12.07 |
6.15 |
15.23 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
32.95 |
44.78 |
12.63 |
|
CASH CONVERSION CYCLE |
DAYS |
(2.60) |
14.56 |
11.34 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.68 |
77.61 |
76.11 |
|
SELLING & ADMINISTRATION |
% |
20.47 |
19.07 |
16.95 |
|
INTEREST |
% |
- |
0.31 |
0.16 |
|
GROSS PROFIT MARGIN |
% |
22.53 |
22.39 |
24.02 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.06 |
3.33 |
7.07 |
|
NET PROFIT MARGIN |
% |
1.62 |
2.32 |
5.17 |
|
RETURN ON EQUITY |
% |
9.29 |
16.72 |
61.08 |
|
RETURN ON ASSET |
% |
5.32 |
6.89 |
31.93 |
|
EARNING PER SHARE |
BAHT |
24.89 |
40.63 |
123.61 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.59 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.75 |
1.43 |
0.91 |
|
TIME INTEREST EARNED |
TIMES |
- |
10.60 |
44.75 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.01) |
(26.68) |
|
|
OPERATING PROFIT |
% |
(45.62) |
(65.53) |
|
|
NET PROFIT |
% |
(38.72) |
(67.13) |
|
|
FIXED ASSETS |
% |
0.88 |
(21.87) |
|
|
TOTAL ASSETS |
% |
(20.64) |
52.38 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -12.01%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.53 |
Impressive |
Industrial
Average |
7.01 |
|
Net Profit Margin |
1.62 |
Impressive |
Industrial
Average |
0.71 |
|
Return on Assets |
5.32 |
Impressive |
Industrial
Average |
1.08 |
|
Return on Equity |
9.29 |
Impressive |
Industrial
Average |
2.02 |
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 22.53%. 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 1.62%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
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. Return on Assets ratio is 5.32%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
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. Return on Equity ratio is 9.29%, higher figure when compared
with those of its average competitors in the same industry, indicated that business
was an efficient profit in a dominant
position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
2.30 |
Impressive |
Industrial
Average |
1.07 |
|
Quick Ratio |
2.30 |
|
|
|
|
Cash Conversion Cycle |
(2.60) |
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|
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 2.3 times in 2014, increased from 1.68 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 2.3 times in 2014,
increased from 1.68 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 -3 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial
Average |
0.49 |
|
Debt to Equity Ratio |
0.75 |
Impressive |
Industrial
Average |
0.93 |
|
Times Interest Earned |
- |
|
Industrial
Average |
- |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.43 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
327.00 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.29 |
Impressive |
Industrial
Average |
1.17 |
|
Inventory Conversion Period |
0.11 |
|
|
|
|
Inventory Turnover |
3,325.01 |
Impressive |
Industrial Average |
3.37 |
|
Receivables Conversion Period |
30.24 |
|
|
|
|
Receivables Turnover |
12.07 |
Impressive |
Industrial
Average |
3.88 |
|
Payables Conversion Period |
32.95 |
|
|
|
The company's Account Receivable Ratio is calculated as 12.07 and
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. Inventory turnover has increased from 0 times in year 2013 to
3325.01 times in year 2014.
The company's Total Asset Turnover is calculated as 3.29 times and 2.97
times in 2014 and 2013 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
UK Pound |
1 |
Rs.99.71 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.