MIRA
INFORM REPORT
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Report Date : |
31.10.2006 |
IDENTIFICATION
DETAILS
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Name : |
T. O. CHEMICALS
[1979] LTD. |
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Registered Office : |
280 Soi Sabaijai, Suthisarnvinijchai Road, Samsennok, Huaykwang, Bangkok 10320 |
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Country : |
Thailand
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
0105522009488 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing
and Distributing of pharmaceuticals. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
T. O. CHEMICALS
[1979] LTD.
SUMMARY
BUSINESS ADDRESS : 280 SOI
SABAIJAI,
SUTHISARNVINIJCHAI ROAD,
SAMSENNOK, HUAYKWANG,
BANGKOK 10320
TELEPHONE : [66]
2275-6053-9
FAX :
[66] 2277-7350
E-MAIL ADDRESS : customers@tochemicals.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1979
REGISTRATION NO.
: 0105522009488 [Former:
955/2522]
CAPITAL REGISTERED : BHT. 196,000,000
CAPITAL PAID-UP
: BHT. 196,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VORATHEP KORN-ANANSIRI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 390
LINES OF
BUSINESS : PHARMACEUTICAL PRODUCTS
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 May 11,
1979 as a
private limited company under the name style
T. O. CHEMICALS [1979]
LTD., by Thai
groups, in order
to manufacture pharmaceutical products with quality
and approved from international standard such as
GMP and ISO
9000 certificates recognized
as benchmarks for
the industry in
U.S.A. and the
United Kingdom. It
currently employs approximately 390 staff.
The
subject’s registered address
is 280 Soi
Sabaijai,
Suthisarnvinijchai Rd., Samsennok,
Huaykwang, Bangkok 10320,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr.
Jirasak Pavitrapok |
[x] |
Thai |
58 |
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Mr.
Suwan Pavitrapok |
|
Thai |
79 |
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Mr.
Jirawee Pavitrapok |
|
Thai |
32 |
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Mr.
Vorathep Korn-anansiri |
[-] |
Thai |
57 |
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Ms.
Petcharat Korn-anansiri |
|
Thai |
26 |
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Mr.
Vorakarn Thamsangkeeti |
|
Thai |
59 |
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Mr.
Sawad Chokepipatporn |
|
Thai |
63 |
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Mr.
Pongchit Prasathanakorn |
|
Thai |
49 |
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Mr.
Surachet Yuwathavorn |
|
Thai |
57 |
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Mr.
Surakij Changkagoon |
|
Thai |
73 |
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Mrs.
Sumana Pinyosinwat |
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Thai |
62 |
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Ms.
Harithaya Tasanavipas |
|
Thai |
28 |
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Mr. Suchai
Achavananthakul |
[-] |
Thai |
47 |
AUTHORIZED PERSON
The mentioned
director [x] can jointly
sign with one
of the directors [-] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vorathep Korn-anansiri is the Managing Director.
He is
Thai nationality with
the age of
57 years old.
Mr. Yongyut
Pravitrapok is
the Customer Relationship Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing of pharmaceuticals such
as Amoxicillin 250/500,
Aspirin 60/300 mg.,
Atenolol 50/100 mg,
Clotrimazole 1%, Cetrizin
1 mg/ml, Ciprofioxacin 250 mg, Omeprazole
20 ng, Fluconazole 200 mg,
Betahistine mesylate 6
m, Carbocysteine 250
mg/5 and etc.
PURCHASE
Raw chemicals
are purchased from
suppliers both domestic
and overseas in
Taiwan, Republic of
China, Japan and
Singapore.
SALES
80% of
the products is
sold locally by
wholesale to dealers
and end-users; hospitals
and clinics.
EXPORT
20% of
the products is
exported to Malaysia,
Vietnam, Singapore and
Philippines.
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.
Exports are
against L/C at
sight or T/T.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
Kasikornbank Public Co., Ltd.
United
Oversea Bank [Thai]
Public Co., Ltd.
[Head
Office : 191
South Sathorn Rd.,
Yannawa, Sathorn, Bangkok]
EMPLOYMENT
The
subject employs approximately 390 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory
and warehouse :
-
147 Suthisarnvinijchai Rd., Samsennok, Huaykwang,
Bangkok 10320.
-
124 Soi
Sawasdikarn, Ladprao Rd.,
Wangthonglang, Bangkok 10310.
COMMENT
Thai
pharmaceutical industry has
grown significantly during
this 4 to 5 years
according to strong
growth of Thai
healthcare industry. Subject
is one of the
leading pharmaceutical manufacturers of high quality
standard medicines. Domestic
consumption are increasing
more on medical
and health related
activities, including physical
exercise, medical check-ups
and pharmaceutical consuming.
Pharmaceutical industry in 2006
remains bright.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 6,000,000
divided into 6,000
shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht. 28,000,000 on October 5,
1990
Bht. 56,000,000 on June 25,
1997
Bht. 112,000,000 on April 19,
2001
Bht. 196,000,000 on September 15,
2005
The
latest registered capital
was increased to
Bht. 196,000,000 divided into
196,000 shares of
Bht. 1,000 each
with fully paid.
MAIN SHAREHOLDERS : [as
at April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr. Vorathep Korn-anansiri Nationality: Thai Address :
123/213 Rajvithee Rd.,
Vajira, Dusit, Bangkok |
26,810 |
13.68 |
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Mr. Suwan
Pavitrapok Nationality: Thai Address :
308 Moo 2,
Bangbor, Samutprakarn |
21,462 |
10.95 |
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Mrs. Punnee Tasanavipas Nationality: Thai Address :
246/1 Pradipat Rd.,
Samsennai, Phyathai, Bangkok |
13,720 |
7.00 |
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Mr. Torchak Pinyosinwat Nationality: Thai Address :
275/2 Sathupradit Rd.,
Chongnonsee, Yannawa, Bangkok |
11,302 |
5.77 |
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Mr. Vitoon Tasanavipas Nationality: Thai Address :
246/1 Pradipat Rd.,
Samsennai, Phyathai, Bangkok |
10,920 |
5.57 |
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Mr. Jirasak Pavitrapok Nationality: Thai Address :
25 Sukhumvit 71
Rd., Prakanong,
Klongtoey, Bangkok |
10,388 |
5.30 |
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Mr. Banjong Phaobanchong Nationality: Thai Address :
200 Prachaneramit Rd.,
Bangkla, Chachoengsao |
7,840 |
4.00 |
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Mr. Suthus Pavitrapok Nationality: Thai Address :
308/1 Moo 2,
Bangbor, Samutprakarn |
7,140 |
3.64 |
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Others |
86,418 |
44.09 |
Total Shareholders
35
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr.
Morakot Laoamnuaychai No.
4106
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
8,885,519.14 |
544,441.64 |
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Trade Accts.
& Notes Receivable |
181,709,019.04 |
154,041,112.67 |
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Inventories |
238,271,111.55 |
232,066,244.37 |
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Other Current
Assets |
4,763,146.44 |
3,078,145.22 |
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Total
Current Assets |
433,628,796.17 |
389,729,943.90 |
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Long Term
Investment |
1,357,296.02 |
1,350,608.15 |
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Fixed
Assets |
111,165,769.90 |
56,644,278.80 |
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Other
Assets |
920,473.90 |
330,199.37 |
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Total
Assets |
547,072,335.99 |
448,055,030.22 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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Bank Overdraft |
- |
33,872,077.42 |
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Trade Accts.
& Notes Payable |
93,834,042.18 |
63,614,827.90 |
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Post Dated
Cheque |
18,929,057.84 |
21,165,147.97 |
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Promissory Notes |
20,000,000.00 |
20,000,000.00 |
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Other Current
Liabilities |
16,815,416.33 |
5,004,700.30 |
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Total Current Liabilities |
149,578,516.35 |
143,656,753.59 |
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Total
Liabilities |
149,578,516.35 |
143,656,753.59 |
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Shareholders' Equity |
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Share
capital : Baht 1,000 par
value authorized, issued and fully
paid
share capital 112,000
shares in 2004 & 196,000 shares in 2005 |
196,000,000.00 |
112,000,000.00 |
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Capital Paid |
196,000,000.00 |
112,000,000.00 |
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Statutory Reserve |
19,600,000.00 |
3,732,330.10 |
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Retained Earning - Unappropriated |
181,893,819.64 |
188,665,946.53 |
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Total Shareholders' Equity |
397,493,819.64 |
304,398,276.63 |
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Total Liabilities &
Shareholders' Equity |
547,072,335.99 |
448,055,030.22 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
552,276,025.62 |
437,329,315.47 |
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Less: Discount
Paid |
[540,632.47] |
[411,045.19] |
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Interest income |
41,756.35 |
7,815.88 |
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Other Income |
855,866.95 |
423,252.09 |
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Total
Revenues |
552,633,016.45 |
437,349,338.25 |
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Expenses |
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Cost of
Goods Sold |
427,431,015.96 |
325,882,144.51 |
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Selling &
Administrative Expenses |
96,705,174.21 |
88,083,444.57 |
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Total Expenses
|
524,136,190.17 |
413,965,589.08 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
28,496,826.28 |
23,383,749.17 |
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Interest Expenses |
[1,411,378.02] |
[1,540,882.10] |
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Income Tax |
[8,189,905.25] |
[6,570,768.69] |
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Net Profit / [Loss] |
18,895,543.01 |
15,272,098.38 |
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Retained
Earning, beginning of
year |
188,665,946.53 |
173,393,848.15 |
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Less: Dividend |
[9,800,000.00] |
- |
|
Statutory Reserve |
[15,867,669.90] |
- |
|
Retained
Earning, end of
year |
181,893,819.64 |
188,665,946.53 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
26.28 |
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Operating |
[0.19] |
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Net Profit |
23.73 |
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Fixed Assets |
96.25 |
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Total Assets |
22.10 |
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Profitability |
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Cost of
Goods Sold |
77.39 |
74.52 |
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Operating Profit
Margin |
22.61 |
25.48 |
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S&A expenses |
17.51 |
20.14 |
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Interest |
0.26 |
0.35 |
|
Other Revenues |
0.06 |
0.00 |
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Net Profit
Margin |
3.42 |
3.49 |
|
Earning Per
Shares |
96.41 |
136.36 |
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No. of
Shares |
196,000 |
112,000 |
Net Sales was increased by 26.28%, Operating Profit was decreased by 0.19%, Net Profit was increased by 23.73%, Fixed Assets was increased by 96.25%, Total Assets was increased by 22.10%.
Compare each cost with sales, Cost of Goods Sold was increased from 74.52% to 77.39%, Operating Profit Margin was decreased from 25.48% to 22.61%, S & A Expenses were decreased from 20.14% to 17.51%, Interest Paid was decreased from 0.35% to 0.26%, Other Revenues was increased from 0.00% to 0.06%, Net Profit Margin was decreased from 3.49% to 3.42%.
Earning Per Shares was decreased from 136.36 baht per share to 96.41 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.90 |
2.71 |
|
Quick
- assets ratio |
1.27 |
1.08 |
Current Ratio
was increased from
2.71 to 2.90,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
1.08 to 1.27,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.38 |
0.47 |
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Times Interest
Earned |
19.94 |
15.16 |
D/E Ratio was decreased from 0.47 to 0.38, show the company had fund from Equity more than fund from Loan, investment risked of the company is low and Times Interest Earned was increased from 15.16 to 19.94, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
4.97 |
7.72 |
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Total Assets
Turnover |
1.01 |
0.98 |
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Return on
Assets |
3.45 |
3.41 |
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Return on
Equity |
4.75 |
5.02 |
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Day’s Payable |
80.13 |
71.25 |
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Day’s Inventories |
203.47 |
259.92 |
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Days’ Receivables |
120.09 |
128.56 |
Fixed Assets Turnover was decreased from 7.72 times to 4.97 times, Total Assets Turnover was increased from 0.98 times to 1.01 times, show the company could use Assets so efficiently, and Return on Assets was increased from 3.41 to 3.45, Return on Equity was decreased from 5.02 to 4.75, capacity to use Assets to make profit was good.
Day’s Payable was increased from 72 days to 81 days, while Day’s Inventories was decreased from 260 days to 204 days, and Day’s Receivables was decreased from 129 days to 121 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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