MIRA INFORM REPORT
|
Report No. : |
347192 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
AUTOPACK COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
PACK TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
98/50 Moo 11, Phutthamonthon Sai 5 Road, Raiking,
Sampran, Nakhonpathom 73210 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
08.07.1992 |
|
|
|
|
Com. Reg. No.: |
0105535100306 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Industrial
Machinery. |
|
|
|
|
No. of Employees : |
90 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive 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 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, 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
AUTOPACK COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 98/50
MOO 11, PHUTTHAMONTHON SAI
5 ROAD,
RAIKING, SAMPRAN,
NAKHONPATHOM 73210,
THAILAND
TELEPHONE : [66] 2811-8340
FAX :
[66] 2811-8341
E-MAIL
ADDRESS : sales-th@autopack.com
bb@autopack.com.au
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535100306
TAX
ID NO. : 3011063200
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP : BHT.
12,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BOGUMIL BUDZYNOWSKI,
AUSTRALIAN
PRESIDENT
NO.
OF STAFF : 90
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
MANUFACTURER, DISTRIBUTOR AND 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 July 8,
1992 as a
private limited company under
the originally registered
name “Pack Technology
Co., Ltd.”, by
Thai groups. On
March 9, 2005, its
registered name was changed to
AUTOPACK COMPANY LIMITED.
Subject’s business objective is
to manufacture various industrial
machineries to both domestic and international markets. It
currently employs approximately
90 staff.
The subject’s registered
address is 98/50
Moo 11, Phutthamonthon Sai 5
Rd., Raiking, Sampran,
Nakhonpathom 73210, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bogumil Budzynowski |
|
Australian |
69 |
|
Mr. Apiwat Yamastian |
|
Thai |
63 |
|
Mr. Tan Geck Chung |
|
Singaporean |
74 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Bogumil Budzynowski is
the President.
He is Australian
nationality with the
age of 69 years old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, assembling and
distributing various industrial
machineries, such as
shrink packaging machine,
shrink film wrapping
machine, shrink sleeving
machine, automation bundle
wrappers, tray packing
machine and others,
under its own
brand “AUTOPACK”, used
in pharmaceuticals, foods & beverage and
cosmetic industries.
PURCHASE
Raw
materials, machine parts
and spare parts
are purchased from
suppliers both domestic
and overseas, mainly
in Australia, Singapore,
Taiwan, Japan and
Republic of China.
MAJOR
SUPPLIER
A.B.
Autopack Pty. Ltd. : Australia
SALES
The products are
sold to both
local and overseas in
Australia, Japan, Vietnam,
India, Malaysia, Hong Kong,
Singapore, U.S.A. and Europe.
MAJOR CUSTOMERS
Tipco Food Public
Company Limited :
Thailand
The Peace Canning [1958] Co.,
Ltd. : Thailand
Universal Food Public
Company Limited :
Thailand
Siam Food Public
Company Limited :
Thailand
Thai Agri Foods
Public Company Limited : Thailand
Tropical Food Industries
Co., Ltd. : Thailand
Malee Sampran Public
Company Limited :
Thailand
Yan Wal Yun
Co., Ltd. : Thailand
Pathum Vegetable Oil
Co., Ltd. :
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
according 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
90 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
COMMENT
Subject
reported moderate sales
in 2014. However,
its business performance
has been slowing
down from industrial
downward. Business growth
is rare while
domestic industries remains
gloom, as well
as export markets
has been slowly
improved.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 3,000,000 divided into 30,000 shares of Bht. 100
each with fully
paid.
On January
12, 2008, its
registered capital was
increased to Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE :
[as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
A.B. Autopack Pty.
Ltd. Nationality: Australian Address : 4/26
Mouth Street, Sydney,
Australia |
30,000 |
25.00 |
|
Modular Compound Co.,
Ltd. Nationality: Thai Address : 50/86
Moo 5, Petchkasem
Rd., Raiking, Sampran, Nakhonpathom |
25,920 |
21.60 |
|
Mr. Apiwat Yamastian Nationality: Thai Address : 532/1
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
20,880 |
17.40 |
|
Mr. Banjerd Sap-aran Nationality: Thai Address : 1
Soi Chonburi-Banbung Rd.,
Banbung, Chonburi |
14,400 |
12.00 |
|
Mr. G. S. Tan [Tan
Geck Suan] Nationality: Singaporean Address : Singapore |
14,400 |
12.00 |
|
Mr. G. C. Tan [Tan
Geck Chung] Nationality: Singaporean Address : Singapore |
14,400 |
12.00 |
Total Shareholders : 6
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
61,200 |
51.00 |
|
Foreign |
3 |
58,800 |
49.00 |
|
Total |
6 |
120,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Dusit Dumrongthumwattana No.
6928
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalent |
31,073,417.93 |
33,660,365.05 |
34,343,413.33 |
|
Short-term Investment |
55,409,250.00 |
70,635,850.00 |
50,565,529.56 |
|
Trade Accounts Receivable |
37,622,841.03 |
27,426,053.23 |
34,072,663.22 |
|
Inventories |
44,536,742.01 |
47,097,236.65 |
62,421,368.63 |
|
Other Current Assets |
1,815,210.74 |
3,368,639.94 |
1,083,835.08 |
|
|
|
|
|
|
Total Current Assets
|
170,457,461.71 |
182,188,144.87 |
182,486,809.82 |
|
|
|
|
|
|
Fixed Assets |
8,949,657.12 |
9,872,847.36 |
11,275,304.47 |
|
Intangible Assets |
2,411,038.65 |
73,119.90 |
- |
|
Other Non-current Assets |
440,110.29 |
38,933.64 |
42,433.64 |
|
Total Assets |
182,258,267.77 |
192,173,045.77 |
193,804,547.93 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
24,497,103.70 |
19,745,323.53 |
31,122,594.68 |
|
Accrued Income Tax |
744,714.98 |
2,977,724.30 |
8,113,531.14 |
|
Other Current Liabilities |
15,134,540.85 |
22,564,540.76 |
14,032,089.48 |
|
|
|
|
|
|
Total Current Liabilities |
40,376,359.53 |
45,287,588.59 |
53,268,215.30 |
|
Provision for Employee Benefits
|
384,485.01 |
326,084.40 |
196,955.95 |
|
Total Liabilities |
40,760,844.54 |
45,613,672.99 |
53,465,171.25 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
120,000 shares |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
|
|
|
|
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
Statutory Reserve |
1,200,000.00 |
1,200,000.00 |
1,200,000.00 |
|
Retained Earning-
Unappropriated |
128,297,423.23 |
133,359,372.78 |
127,139,376.68 |
|
Total Shareholders' Equity |
141,497,423.23 |
146,559,372.78 |
140,339,376.68 |
|
Total Liabilities &
Shareholders' Equity |
182,258,267.77 |
192,173,045.77 |
193,804,547.93 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
193,391,007.02 |
204,367,402.75 |
271,700,067.24 |
|
Other Income |
4,709,078.05 |
5,344,400.47 |
4,432,068.38 |
|
Total Revenues |
198,100,085.07 |
209,711,803.22 |
276,132,135.62 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
136,724,824.98 |
144,162,532.28 |
174,400,454.48 |
|
Selling Expenses |
20,979,858.57 |
14,255,912.62 |
17,494,504.84 |
|
Administrative Expenses |
21,660,798.30 |
18,560,937.34 |
18,016,219.40 |
|
Total Expenses |
179,365,481.85 |
176,979,382.24 |
209,911,178.72 |
|
Profit before Income Tax |
18,734,603.22 |
32,732,420.98 |
66,220,956.90 |
|
Income Tax |
[3,796,552.77] |
[6,512,424.88] |
[15,045,805.42] |
|
|
|
|
|
|
Net Profit / [Loss] |
14,938,050.45 |
26,219,996.10 |
51,175,151.48 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.22 |
4.02 |
3.43 |
|
QUICK RATIO |
TIMES |
3.07 |
2.91 |
2.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
21.61 |
20.70 |
24.10 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.06 |
1.06 |
1.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
118.90 |
119.24 |
130.64 |
|
INVENTORY TURNOVER |
TIMES |
3.07 |
3.06 |
2.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
71.01 |
48.98 |
45.77 |
|
RECEIVABLES TURNOVER |
TIMES |
5.14 |
7.45 |
7.97 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
65.40 |
49.99 |
65.14 |
|
CASH CONVERSION CYCLE |
DAYS |
124.51 |
118.23 |
111.28 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
70.70 |
70.54 |
64.19 |
|
SELLING & ADMINISTRATION |
% |
22.05 |
16.06 |
13.07 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
31.74 |
32.07 |
37.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.69 |
16.02 |
24.37 |
|
NET PROFIT MARGIN |
% |
7.72 |
12.83 |
18.84 |
|
RETURN ON EQUITY |
% |
10.56 |
17.89 |
36.47 |
|
RETURN ON ASSET |
% |
8.20 |
13.64 |
26.41 |
|
EARNING PER SHARE |
BAHT |
124.48 |
218.50 |
426.46 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.24 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.29 |
0.31 |
0.38 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.37) |
(24.78) |
|
|
OPERATING PROFIT |
% |
(42.76) |
(50.57) |
|
|
NET PROFIT |
% |
(43.03) |
(48.76) |
|
|
FIXED ASSETS |
% |
(9.35) |
(12.44) |
|
|
TOTAL ASSETS |
% |
(5.16) |
(0.84) |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -5.37%. Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
31.74 |
Impressive |
Industrial
Average |
26.47 |
|
Net Profit Margin |
7.72 |
Impressive |
Industrial
Average |
5.37 |
|
Return on Assets |
8.20 |
Impressive |
Industrial
Average |
5.64 |
|
Return on Equity |
10.56 |
Satisfactory |
Industrial
Average |
11.78 |
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 31.74%. 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 7.72%, 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 8.2%, 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. When compared with the
industry average, it was lower, the company's figure is 10.56%.
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 |
4.22 |
Impressive |
Industrial
Average |
1.57 |
|
Quick Ratio |
3.07 |
|
|
|
|
Cash Conversion Cycle |
124.51 |
|
|
|
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 4.22 times in 2014, increased from 4.02 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 3.07 times in 2014,
increased from 2.91 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 125 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
0.29 |
Impressive |
Industrial
Average |
1.11 |
|
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 0.22 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
21.61 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.06 |
Impressive |
Industrial
Average |
1.05 |
|
Inventory Conversion Period |
118.90 |
|
|
|
|
Inventory Turnover |
3.07 |
Impressive |
Industrial
Average |
2.66 |
|
Receivables Conversion Period |
71.01 |
|
|
|
|
Receivables Turnover |
5.14 |
Impressive |
Industrial
Average |
4.18 |
|
Payables Conversion Period |
65.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.14 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 is
119 days at the end of 2013, same number
of days as
in 2014. And Inventory turnover
has increased from 3.06 times in year 2013 to 3.07 times in year 2014.
The company's Total Asset Turnover is calculated as 1.06 times and 1.06
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
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.