MIRA INFORM REPORT
|
Report No. : |
326114 |
|
Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
GEMPACK ASIA LIMITED |
|
|
|
|
Registered Office : |
500/48 Moo 3, Hemaraj Eastern Seaboard, Industrial Estate, T. Tasith, A. Pluakdaeng, Rayong 21140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
21.07.2008 |
|
|
|
|
Com. Reg. No.: |
0105551078778 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Plastic Injection. |
|
|
|
|
No. of Employees : |
220 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 has had a strong economy due in part to industrial and agriculture exports
- mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand attracts nearly 2.5 million migrant workers from
neighboring countries. 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 economy has
weathered both internal and external economic shocks in recent years. The
global economic recession severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the country faced political uncertainty and a coup in May 2014. The interim
government is implementing a special $11 billion short-term stimulus package
and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
Name
GEMPACK ASIA LIMITED
SUMMARY
BUSINESS
ADDRESS : 500/48 MOO
3, HEMARAJ EASTERN
SEABOARD
INDUSTRIAL ESTATE, T. TASITH,
A. PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 38
950-030-2
FAX :
[66] 38
950-039
E-MAIL
ADDRESS : info@gempackasia.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551078778
TAX
ID NO. : 3033138580
CAPITAL REGISTERED : BHT. 130,000,015
CAPITAL PAID-UP : BHT.
130,000,015
SHAREHOLDER’S PROPORTION : AUSTRALIAN : 100%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MURRAY JOHN HAMILTON,
AUSTRALIAN
MANAGING DIRECTOR
NO.
OF STAFF : 220
LINES
OF BUSINESS : PLASTIC INJECTION
MANUFACTURER, DISTRIBUTOR
AND 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 July 21,
2008 as a
private limited company under
the registered name
GEMPACK ASIA LIMITED by Australian groups. Its
business objective is to manufacture plastic injection of
various products to both
domestic and overseas markets.
It currently employs
approximately 220 staff.
It
is a wholly
owned subsidiary of
Pact Group Pty.
Ltd., in Australia.
The
subject’s registered address
is 500/48 Moo
3, Hemaraj Eastern
Seaboard Industrial
Estate, T. Tasith, A. Pluakdaeng, Rayong
21140, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nicholas David Perkins |
|
Australian |
43 |
|
Mr. Raphael Geminder |
|
Australian |
55 |
|
Mr. Murray John Hamilton |
|
Australian |
58 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Murray John Hamilton
is the Managing
Director.
He is Australian
nationality with the
age of 58
years old.
BUSINESS
OPERATIONS
The subject is engaged in manufacturing plastic injection and distributing of
plastic packaging products,
mainly plastic ware
and packaging, such
as plastic bottle,
plastic cup, plastic
jars and jerry
cans, plastic closures and
sprays, cap & seal
and etc., used
in foods & beverage and
consumer products industries.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining are
imported from Australia,
Republic of China
and Germany.
MAJOR SUPPLIER
Pact
Group Pty. Ltd. : Australia
SALES
The products are
sold to both
local and overseas
customers mainly in
Australia,
New Zealand, Indonesia,
India and the
countries in Europe.
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
220 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
COMMENT
The
subject reported slow
sales in the
year 2013 compared
to the previous
year. The market
slowdown has seen
since the last
quarter of 2013,
as well as
current business is
likely contracted with
slow consumption from
both local and
export markets.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht. 15
divided into 3
shares of Bht. 5
each with fully
paid.
On
December 19, 2008, the
capital was increased to Bht. 130,000,015 divided into
26,000,003 shares of
Bht. 5 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at December
16, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Pact Group Pty.
Ltd. Nationality: Australian Address : Level
16, 644 Chapel
Street, South Yarra,
Victoria 3141, Australia |
26,000,001 |
100.00 |
|
MTWO Pty. Ltd. Nationality: Australian Address : Level
16, 644 Chapel
Street, South Yarra,
Victoria 3141, Australia |
1 |
- |
|
Skyson Pty. Ltd. Nationality: Australian Address : Level
16, 644 Chapel
Street, South Yarra,
Victoria 3141, Australia |
1 |
- |
Total Shareholders : 3
Share Structure [as
at December 16,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Australian |
3 |
26,000,003 |
100.00 |
|
Total |
3 |
26,000,003 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Termpong Opanaphan No.
4501
Note:
The 2014 financial
statement has not
been submitted to
the Commercial Registration
Department during investigation.
BALANCE
SHEET [BAHT]
The
latest financial figures
published for June
30, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
2,516,258 |
2,169,444 |
4,906,359 |
|
Trade Accounts Receivable |
20,882,899 |
23,874,139 |
7,288,359 |
|
Inventories |
14,672,467 |
13,638,977 |
24,338,274 |
|
Other Current Assets
|
789,775 |
810,577 |
1,026,823 |
|
|
|
|
|
|
Total Current Assets
|
38,861,399 |
40,493,137 |
37,559,815 |
|
Cash at Bank
pledged as a
collateral |
1,025,049 |
1,025,049 |
1,025,049 |
|
Building & Equipment
Improvement |
234,309,171 |
241,352,053 |
270,722,907 |
|
Deposit |
3,647,737 |
3,647,737 |
3,643,000 |
|
Total Assets |
277,843,356 |
286,517,976 |
312,950,771 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts
& Other Payable |
14,353,655 |
22,125,937 |
29,701,828 |
|
Short-term Loan
from Related Company |
312,251,964 |
251,752,773 |
214,743,935 |
|
Other Current
Liabilities |
860,308 |
485,291 |
526,514 |
|
|
|
|
|
|
Total Current Liabilities
|
327,465,927 |
274,364,001 |
244,972,277 |
|
Employee Benefit
Obligation |
940,792 |
1,406,036 |
935,526 |
|
Total Liabilities |
328,406,719 |
275,770,037 |
245,907,803 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 5
par value Authorized &
issued share capital
26,000,003 shares
|
130,000,015 |
130,000,015 |
130,000,015 |
|
|
|
|
|
|
Capital Paid |
130,000,015 |
130,000,015 |
130,000,015 |
|
Retained Earning - Unappropriated
[Deficit] |
[180,563,378] |
[119,252,076] |
[62,957,047] |
|
|
|
|
|
|
Total Shareholders' Equity |
[50,563,363] |
10,747,939 |
67,042,968 |
|
Total Liabilities & Shareholders' Equity |
277,843,356 |
286,517,976 |
312,950,771 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
142,007,728 |
199,399,651 |
196,567,664 |
|
Other Income |
1,217,571 |
3,676,255 |
4,568,980 |
|
Total Revenues |
143,225,299 |
203,075,906 |
201,136,644 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
158,625,387 |
196,594,532 |
189,534,501 |
|
Selling Expenses |
13,061,258 |
19,003,274 |
17,972,580 |
|
Administrative Expenses |
23,667,792 |
35,475,936 |
23,013,208 |
|
Total Expenses |
195,354,437 |
251,073,742 |
230,520,289 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
[52,129,138] |
[47,997,836] |
[29,383,645] |
|
Financial Cost |
[9,182,164] |
[8,297,193] |
[4,360,618] |
|
Net Profit / [Loss] |
[61,311,302] |
[56,295,029] |
[33,744,263] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.12 |
0.15 |
0.15 |
|
QUICK RATIO |
TIMES |
0.07 |
0.09 |
0.05 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.61 |
0.83 |
0.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.51 |
0.70 |
0.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.76 |
25.32 |
46.87 |
|
INVENTORY TURNOVER |
TIMES |
10.81 |
14.41 |
7.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.67 |
43.70 |
13.53 |
|
RECEIVABLES TURNOVER |
TIMES |
6.80 |
8.35 |
26.97 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
33.03 |
41.08 |
57.20 |
|
CASH CONVERSION CYCLE |
DAYS |
54.41 |
27.94 |
3.20 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
111.70 |
98.59 |
96.42 |
|
SELLING & ADMINISTRATION |
% |
25.86 |
27.32 |
20.85 |
|
INTEREST |
% |
6.47 |
4.16 |
2.22 |
|
GROSS PROFIT MARGIN |
% |
(10.84) |
3.25 |
5.90 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(36.71) |
(24.07) |
(14.95) |
|
NET PROFIT MARGIN |
% |
(43.17) |
(28.23) |
(17.17) |
|
RETURN ON EQUITY |
% |
- |
(523.78) |
(50.33) |
|
RETURN ON ASSET |
% |
(22.07) |
(19.65) |
(10.78) |
|
EARNING PER SHARE |
BAHT |
(2.36) |
(2.17) |
(1.30) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.18 |
0.96 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
(6.49) |
25.66 |
3.67 |
|
TIME INTEREST EARNED |
TIMES |
(5.68) |
(5.78) |
(6.74) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(28.78) |
1.44 |
|
|
OPERATING PROFIT |
% |
8.61 |
63.35 |
|
|
NET PROFIT |
% |
(8.91) |
(66.83) |
|
|
FIXED ASSETS |
% |
(2.92) |
(10.85) |
|
|
TOTAL ASSETS |
% |
(3.03) |
(8.45) |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -28.78%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(10.84) |
Deteriorated |
Industrial
Average |
34.30 |
|
Net Profit Margin |
(43.17) |
Deteriorated |
Industrial
Average |
2.75 |
|
Return on Assets |
(22.07) |
Deteriorated |
Industrial
Average |
3.42 |
|
Return on Equity |
- |
|
Industrial
Average |
8.32 |
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 -10.84%. When compared
with the industry average, the ratio of the company was lower. This indicated
that company may have problems with control over its costs.
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 -43.17%.
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 -22.07%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.12 |
Risky |
Industrial
Average |
1.08 |
|
Quick Ratio |
0.07 |
|
|
|
|
Cash Conversion Cycle |
54.41 |
|
|
|
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 0.12 times in 2013, decreased from 0.15 times, then the company may
not be efficiently using its current assets. When compared with the industry
average, the ratio of the company was lower.
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 0.07 times in 2013,
decreased from 0.09 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 55 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Stable
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.18 |
Risky |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
(6.49) |
Risky |
Industrial Average |
1.39 |
|
Times Interest Earned |
(5.68) |
Risky |
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -5.68 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 1.18 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.61 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.51 |
Deteriorated |
Industrial
Average |
1.25 |
|
Inventory Conversion Period |
33.76 |
|
|
|
|
Inventory Turnover |
10.81 |
Impressive |
Industrial
Average |
5.98 |
|
Receivables Conversion Period |
53.67 |
|
|
|
|
Receivables Turnover |
6.80 |
Impressive |
Industrial
Average |
4.36 |
|
Payables Conversion Period |
33.03 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.80 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. The inventory turnover in days has increased from 25 days at the
end of 2012 to 34 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 14.41 times in year 2012 to 10.81
times in year 2013.
The company's Total Asset Turnover is calculated as 0.51 times and 0.7
times in 2013 and 2012 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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.94 |
|
|
1 |
Rs.98.27 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.