MIRA
INFORM REPORT
|
Report Date : |
21st
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
SHIWA
CHEMICALS COMPANY LIMITED |
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Registered Office : |
34/1
Soi Prompong, Sukhumvit
39 Road, Klongtonnua, Wattana,
Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
1962 |
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Com. Reg. No.: |
0105505002268 [Former: 337/2505] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The
subject is engaged in distributing a broad range of local and international
brands of pharmaceuticals |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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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sStatus : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name
SHIWA CHEMICALS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 34/1 SOI
PROMPONG, SUKHUMVIT 39
ROAD,
KLONGTONNUA, WATTANA,
BANGKOK 10110
TELEPHONE : [66] 2258-0586-9
FAX :
[66] 2258-3795
E-MAIL ADDRESS : contact@shiwa.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1962
REGISTRATION NO.
: 0105505002268 [Former: 337/2505]
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP
: BHT. 10,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SUPUNNEE
RATTAKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 25
LINES OF
BUSINESS : PHARMACEUTICALS
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 December 25,
1962 as a
private limited company under the original name
style “New Ruamsahai Co.,
Ltd.”, by Thai
groups. On March
10, 1969, the subject
was changed its
name to be
SHIWA CHEMICALS CO.,
LTD. Its business
objective is a
distributor broad range
of local and
international brands of
pharmaceuticals to domestic
market. It currently
employs approximately 25
staff.
The subject’s
registered address is
34/1 Sukhumvit 39
Rd., Klongtonnua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
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|
Mrs.
Supunnee Rattakul |
|
Thai |
55 |
|
Mr.
Saendee Rattakul |
|
Thai |
52 |
|
Mr.
Supassorn Rattakul |
|
Thai |
31 |
|
Mrs.
Peng Eiamsakulrat |
|
Thai |
70 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Supunnee Rattakul is the Managing Director.
She is
Thai nationality with
the age of
55 years old.
Mr. Sombat
Hataipeamsuk is the Sales Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
distributing a broad
range of local
and international brands
of pharmaceuticals, which can
be divided into
4 business groups
as follows:
·
Pharmaceuticals and
systems
·
Nutraceuticals and
Cosmaceuticals
·
Hygiene and
Specialty products
·
Culinary applications
PURCHASE
80% of
the products is
imported from France,
United Kingdom, Germany
& Sweden, the
remaining 20% is
purchased locally.
SALES
100% of
the products is sold locally
by wholesale to
dealers and end-users,
mainly hospitals, clinics
and drug stores.
REVENUE
In
2005, the subject’s
revenue was increased
around 20% from
the previous year.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
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 L/C
at sight or
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
Kasikornbank Public
Co., Ltd.
The Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 25 staff
LOCATION DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in commercial/ residential area.
COMMENT
Since the subject was established in 1962, its products have been
promoted and well accepted from local market.
The
market of pharmaceuticals has
grown impressively because of
growing of healthcare
industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 4,000,000 on April
1, 1974
Bht. 10,000,000 on August
7, 1984
The
latest registered capital
was increased to
Bht. 10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2005 ]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mrs. Supunnee Rattakul Nationality: Thai Address :
34 Sukhumvit 39
Rd., Klongtonnua, Wattana, Bangkok |
54,500 |
54.50 |
|
Mr. Saendee Rattakul Nationality: Thai Address :
34 Sukhumvit 39
Rd., Klongtonnua, Wattana, Bangkok |
20,000 |
20.00 |
|
Mrs. Peng
Eiamsakulrat Nationality: Thai Address :
34 Sukhumvit 39
Rd., Klongtonnua, Wattana, Bangkok |
10,000 |
10.00 |
|
Mrs. Ladda Mudjanathongsuk Nationality: Thai Address :
15/6 Klongtonnua, Wattana,
Bangkok |
5,000 |
5.00 |
|
Mr. Supassorn Rattakul Nationality: Thai Address :
34 Sukhumvit 39
Rd., Klongtonnua, Wattana, Bangkok |
5,000 |
5.00 |
|
Ms. Duangporn Mudjanathongsuk Nationality: Thai Address :
15/6 Klongtonnua, Wattana,
Bangkok |
5,000 |
5.00 |
|
Ms. Chanida Mudjanathongsuk Nationality: Thai Address :
15/6 Klongtonnua, Wattana,
Bangkok |
500 |
0.50 |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mrs.
Traporn Thawanwong No.
2860
SHIWA CHEMICALS CO., LTD.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in hand & at
Bank |
666,672.40 |
2,475,529.54 |
|
Short Term
Investment |
1,001,460.60 |
1,001,455.13 |
|
Trade Accts.
Receivable |
8,399,110.12 |
9,866,040.91 |
|
Inventories |
4,702,040.73 |
4,639,692.93 |
|
Other Current
Assets [note 1] |
565,611.00 |
480,345.49 |
|
Total
Current Assets |
15,334,894.85 |
18,463,064.00 |
|
|
|
|
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Fixed
Assets [note 3] |
1,131,097.37 |
1,234,446.14 |
|
Other
Assets [note 2] |
359,152.85 |
411,507.63 |
|
Total
Assets |
16,825,145.07 |
20,109,017.74 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts.
Payable |
3,442,199.54 |
4,742,799.00 |
|
Other Current
Liabilities |
414,872.51 |
398,270.33 |
|
Total Current Liabilities |
3,857,072.05 |
5,141,069.33 |
|
Long Term
Loan from Related
Person |
7,200,000.00 |
7,700,000.00 |
|
Other Long
Term Loan |
8,000,000.00 |
8,000,000.00 |
|
Total
Liabilities |
19,057,072.05 |
20,841,069.33 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 100,000
shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning - Unappropriated |
[12,231,926.98] |
[10,732,051.59] |
|
Total Shareholders' Equity |
[2,231,926.98] |
[732,051.59] |
|
Total Liabilities &
Shareholders' Equity |
16,825,145.07 |
20,109,017.74 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
22,831,335.04 |
31,575,460.07 |
|
Other Income |
225.77 |
857.50 |
|
Interest Income |
4,924.67 |
10,862.24 |
|
Total
Revenues |
22,836,482.48 |
31,587,179.81 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
9,299,715.10 |
14,010,428.49 |
|
Selling &
Administrative Expenses |
14,256,642.77 |
17,539,206.89 |
|
Total Expenses
|
23,556,357.87 |
31,549,635.38 |
|
Profit
/ [Loss] Before Interest
Expenses |
[719,875.39] |
37,544.43 |
|
Interest Expenses |
[780,000.00] |
[825,000.00] |
|
Net
Profit / [Loss] |
[1,499,875.39] |
[787,455.57] |
FINANCIAL NOTE
NOTE
1 Other Current
Assets
|
|
2004 |
2003 |
|
|
|
|
|
Deferred Income |
178.08 |
328.80 |
|
Receivable-Revenue Department |
- |
49,422.52 |
|
Prepaid Expenses |
119,619.04 |
86,943.47 |
|
Guarantee |
270,323.00 |
80,920.00 |
|
Advanced Paid |
51,232.00 |
105,472.00 |
|
Withholding Income
Tax |
124,258.88 |
157,258.70 |
|
Total |
565,611.00 |
480,345.49 |
NOTE 2
Other Assets
|
|
2004 |
2003 |
|
|
|
|
|
Deposit
|
38,800.00 |
38,800.00 |
|
Withholding Income
Tax |
320,852.85 |
372,707.63 |
|
Total |
359,652.85 |
411,507.63 |
NOTE
3 Fixed Assets
|
|
2004 |
|
|
|
|
Improvement
|
80,390.81 |
|
Office Automation |
2,827,559.50 |
|
Vehicle
|
4,195,552.06 |
|
Total |
7,103,502.37 |
|
Less:
Depreciation |
[5,972,405.00] |
|
Total |
1,131,097.37 |
SHIWA CHEMICALS CO., LTD.
FINANCIAL
ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
[27.69] |
|
|
Operating |
[3.27] |
|
|
Net Profit |
[90.47] |
|
|
Fixed Assets |
[8.37] |
|
|
Total Assets |
[16.33] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
40.73 |
44.37 |
|
Operating Profit
Margin |
59.27 |
55.63 |
|
S&A expenses |
62.44 |
55.55 |
|
Interest |
3.42 |
2.61 |
|
Other Revenues |
0.02 |
0.04 |
|
Net Profit
Margin |
[6.57] |
[2.49] |
|
Earning Per
Shares |
[15.00] |
[7.87] |
|
No. of
Shares |
100,000 |
100,000 |
Net
Sales was decreased
by 27.69%, Operating
Profit was decreased
by 3.27%, Net
Profit was decreased
by 90.47%, Fixed
Assets was decreased
by 8.37%, Total
Assets was decreased
by 16.33%.
Compare
each cost with
sales, Cost of
Goods Sold was
decreased from 44.37%
to 40.73%, Operating
Profit Margin was
increased from 55.63%
to 59.27%, S
& A Expenses
were increased from
55.55% to 62.44%,
Interest Paid was
increased from 2.61%
to 3.42%, Other
Revenues was decreased
from 0.04% to
0.02%, Net Profit
Margin was decreased
from -2.49% to -6.57%.
Earning
Per Shares was
decreased from -7.87
baht per share
to -15.00 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
3.98 |
3.59 |
|
Quick
- assets ratio |
2.61 |
2.60 |
Current Ratio
was increased from
3.59 to 3.98,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
2.60 to 2.61,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
[8.54] |
[28.47] |
|
Times Interest
Earned |
[0.93] |
0.03 |
D/E
Ratio was increased
from -28.47 to
-8.54, show the
company had fund
from Loan more
than fund from
Equity, investment risked
of the company is high
and Times Interest
Earned was decreased
from 0.03 to
-0.93, capacity to
pay interest paid
was not good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets
Turnover |
20.19 |
25.58 |
|
Total Assets
Turnover |
1.36 |
1.57 |
|
Return on
Assets |
[8.91] |
[3.92] |
|
Return on
Equity |
[67.20] |
[107.57] |
|
Day’s Payable |
135.10 |
123.56 |
|
Day’s Inventories |
184.55 |
120.87 |
|
Days’ Receivables |
134.27 |
114.05 |
Fixed
Assets Turnover was
decreased from 25.58
times to 20.19
times, Total Assets
Turnover was decreased
from 1.57 times
to 1.36 times,
show the company
could not use
Assets so efficiently, and Return on
Assets was decreased
from -3.92 to
-8.91, Return on
Equity was increased
from -107.57 to
-67.20, capacity to
use Assets to
make profit was
not good.
Day’s
Payable was increased
from 124 days
to 136 days, Day’s Inventories
was increased from
121 days to
185 days, and
Day’s Receivables was
increased from 115
days to 135
days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |