MIRA
INFORM REPORT
|
Report Date : |
13.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SHERWOOD CHEMICALS PUBLIC CO., LTD. |
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Registered Office : |
1061-9
SRINAKARIN ROAD,
SUANLUANG, BANGKOK 10250 |
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Country : |
Thailand
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
0107574700345 |
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Legal Form : |
Public Limited
Company |
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Line of Business : |
Manufacturing more
than 100 products
of public health,
household insecticide, termite control chemical and
related products |
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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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
name
SHERWOOD CHEMICALS PUBLIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1061-9
SRINAKARIN ROAD,
SUANLUANG, BANGKOK
10250
TELEPHONE :
[66] 2320-2288
FAX :
[66] 2320-2670
E-MAIL ADDRESS : veera@sherwood.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO.
: 0107574700345
[Former : 2930/2538]
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP
: BHT. 150,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. VORASITH
KEHASATHIEN, THAI
MANAGING DIRECTOR
& FACTORY MANAGER
NO. OF
STAFF : 133
LINES OF
BUSINESS : PUBLIC
HEALTHS AND HOUSEHOLD
INSECTICIDE
PRODUCTS
MANUFACTURER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was initially established
on December 1,
1995 as a
private limited company under the registered
name “Sherwood Chemicals
Co., Ltd.” by Thai
group, Tangkarawakun
family, in order to manufacture
various kinds of
public health, household
insecticide and related
products to both local
and overseas markets.
Most of the
chemical production equipment
had been purchased
and transferred from
Shell Company of
Thailand Ltd. since
1997.
On April
9, 2004 the
subject registered for
a conversion of
its status to
a public limited
company under the name
SHERWOOD CHEMICALS PUBLIC
CO., LTD. It
currently employs 133
staff.
On October
18, 2004, subject
was listed on
SET.
The subject
achieved the international quality standards: ISO 9001:2000 and ISO: 14001,
as well as
GMP Certificate from
The Food and
Drug Administration.
At present,
it is an affiliated company
of TOA Paint [Thailand] Ltd.
which is a
member of TOA
group of companies,
the leading manufacturers of paint products
in Thailand.
The registered
address was initially
located at 733/4 Sukhumvit
55 Rd., North Klongton,
Wattana, Bangkok 10110.
In May
2005 the registered
address was relocated
to 1061-1069 Srinakarin
Rd. Suanluang, Bangkok
10250, and this
is the company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachak
Tangkarawakun |
[x] |
Thai |
64 |
|
Mr. Vorasith
Kehasathien |
[-] |
Thai |
52 |
|
Mr. Veera
Chinkanokrat |
[-] |
Thai |
52 |
|
Mr. Thavach
Ungsuprasert |
[-] |
Thai |
62 |
|
Mr. Nathawuth
Tangkarawakun |
[x] |
Thai |
33 |
|
Mr. Jatuphat
Tangkarawakun |
[x] |
Thai |
35 |
|
Mr. Manu
Liewpairoj |
|
Thai |
64 |
|
Mr. Paisal
Pipathanakul |
|
Thai |
64 |
|
Mr. Thongchai
Tharavanich |
|
Thai |
65 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] and [-] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Vorasith Kehasathien
is the Managing Director &
Factory Manager.
He is
Thai nationality with
the age of
52 years old.
Mr.
Veera Chinkanokrat
is the Deputy Managing Director
& acting Factory
Manager.
He is
Thai nationality with
the age of
52 years old.
Ms. Wannee
Chirathawatchai is the Administration and
Treasury Director.
She is
Thai nationality.
Mr. Sukhun
Tanticharoensathien is the Product Development
& Industrial Market
Director. He is
Thai nationality.
Mr. Sa-ard
Suebsamarn is
the Resources Management
Director.
He is
Thai nationality.
Mr. Dhana
Kriengvanich is the Marketing &
Sales Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing more than
100 products of
public health, household insecticide, termite control
chemical and related products under
70 registered brands.
It can be divided into
4 products group
business as follows:
1.
Wood Preservative Product Group
2.
Insecticide Product
Group
3.
Sanitary and
Cleaner Product Group
4.
Other Products
The products
are as the followings:
|
Products |
Brand |
|
|
|
|
Wood Preservative Products |
“CHAINDRITE”, “PREMAX” |
|
Industrial Wood
Preservatives |
“DEVATERN”, “KOPPER” |
|
Household Insecticides |
“CHAINDRITE” |
|
Mosquito Killers |
“CHAINDRITE” |
|
Multipurpose Liquid
Detergent |
“TEEPOL” |
|
Dish Washing
Liquid |
“TEELIME” |
|
Auto Cleaning
Shampoo |
“DEFENSE GROSSY” |
|
Anti Tick
and Flea Dog
Shampoo |
“CHAINGARD” |
|
Medicated Shampoo |
“CHAINGARD” |
|
Transparent Wood
Coloring |
“CHAINDRITE” |
|
Clear Matt
Finishing |
“CHAINDRITE WOOD
STAIN” |
|
& etc. |
|
PRODUCTION
7-8 million
liters/year
MAJOR BRANDS
“CHAINDRITE”, “CHAINGARD”, “TEEPOL”,
“SHERWOOD”, “VAPONA” “DEVATERN”
and etc.
PURCHASE
80% of
the raw material
is purchased from
local suppliers and
agents, and the
remaining 20% , mainly
LPG and solvent
are imported from United
States of America,
Germany, Taiwan, Republic
of China, India,
Japan, Singapore, Malaysia
and European countries.
SALES
The products
are marketed locally to modern trades nationwide, which are approximately 3,000
dealers in Bangkok
and 19 Provinces in the
Middle region through
Victor Marketing Co.,
Ltd., as well
as approximately 2,000
dealers throughout the
country through TOA
Paint [Thailand] Co.,
Ltd.
STRUCTURE OF
REVENUE [2005]
Product’s
group Million [Baht] %
Wood Preservative Product Group 128.36 23.51
Insecticide Product
Group 320.33 58.68
Sanitary and
Cleaner Product Group 89.58 16.41
Other Products 6.75 1.24
Total
Sales 545.01 99.84
Other income 0.89 0.16
Total
revenue 545.90 100.00
PARENT COMPANY
TOA
Paint [Thailand] Ltd.
Business Type :
Distributor of TOA
paint products
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
on the credits term of
30-60 days.
Local bills
are paid by
cash or on
the credits term
of 30-60-90 days.
Imports are
by L/C at sight, D/A
or T/T on negotiated term.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
[Thonglor Branch
: Sukhumvit 55
Rd., North Klongton,
Wattana, Bangkok 10110]
EMPLOYMENT
The subject
employs 133 office
staff and factory
workers.
LOCATION DETAILS
The premise
is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory &
warehouse are located
on the land area of
16,000 square meters
at 90/1 Moo
9, Wellgrow Industrial
Estate, K.M. 36,
Bangna-Trad Rd., T.
Bangwua, A. Bangpakong,
Chachoengsao 24180. Tel.:
[66] 38 522-302
Fax: [66] 38
522-311
REMARK
CREDIT OF
US$ 150,000 AGAINST
D/A TERMS SHOULD
BE IN ORDER.
COMMENT
The subject
manufactures various kinds of quality products from insecticide control to
detergent. Its products has been
marketed in domestic for a
decade and well accepted in cleaning service, household
used and construction industry
and etc. Chemical
products for wood
have been widely
used by local
construction works.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 30,000,000
divided into 300,000
shares of Bht.
100 each.
The capital
was increased later
as followings:
Bht. 60,000,000 on August 13,
2002
Bht. 120,000,000
on March 16,
2004
Bht. 150,000,000
on April 9,
2004
The latest
registered capital was
increased to Bht.
150,000,000 divided into
150,000,000 shares of
Bht. 1 each with fully
paid.
THE SHAREHOLDERS LISTED WERE :
[as at November
27, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TOA
Paint [Thailand] Co.,
Ltd. Nationality
: Thai Address :
104 Moo 1,
Rodfai Saikao Rd.,
Samrongtai, Phrapradaeng, Samutprakarn |
53,997,600 |
36.00 |
|
Mr.
Thavach Ungsuprasert Nationality
: Thai Address :
74/14 Sukhumvit 71
Rd., Phrakanongnua, Wattana, Bangkok
10110 |
24,952,500 |
16.64 |
|
Mr.
Vorasith Kehasathien Nationality
: Thai Address :
151/9 Moo 3,
Saphansung, Bangkok |
14,999,600 |
10.00 |
|
Mr.
Veera Chinkanokrat Nationality
: Thai Address :
1 Soi Watananives 5, Samsennok, Huaykwang,
Bangkok 10310 |
11,000,000 |
7.33 |
|
Mr. Paisal Pisutvacharakul Nationality
: Thai Address :
- |
7,000,000 |
4.67 |
|
Mr.
Kajorn Trisukosol Nationality
: Thai Address :
296 Surawong Rd., Siphya, Bangrak, Bangkok 10500 |
6,000,000 |
4.00 |
|
Mr.
Sukhun Tanticharoenkiat Nationality
: Thai Address :
7/36 Moo 9,
Salathamsop, Taweewatana, Bangkok
|
6,000,000 |
4.00 |
|
Mr.
Niphon Komolsuwan Nationality : Thai Address : Bangkok |
4,756,500 |
3.17 |
|
|
|
|
|
Ms.
Wannee Jiratawatchai Nationality
: Thai Address :
247/110 Moo 3,
Saphansung, Bangkok |
3,026,000 |
2.02 |
|
Others |
18,267,800 |
12.17 |
Total Shareholders
195
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs. Vilairat Rojnakarin No. 3104
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2005 & 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
22,138,165.07 |
40,299,052.62 |
|
Short-term Investment |
183,313.25 |
10,059,755.32 |
|
Trade Accts.
Receivable |
92,545,852.85 |
122,872,356.01 |
|
Inventories [note 1] |
82,184,610.90 |
57,183,021.81 |
|
Other Current
Assets Prepaid
Expenses |
427,487.39 |
416,032.03 |
|
Other
Deposits |
264,127.50 |
- |
|
Others |
61,762.41 |
10,714.84 |
|
|
|
|
|
Total
Current Assets |
197,805,319.37 |
230,840,932.63 |
|
Fixed
Assets [note 2] |
251,932,044.57 |
214,123,016.05 |
|
Loan to Cooperation |
500,000.00 |
500,000.00 |
|
Other
Assets |
1,658,000.00 |
314,780.00 |
|
Total
Assets |
451,895,363.94 |
445,778,728.68 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Short-term Loan
from Bank |
6,917,750.00 |
- |
|
Trade Accts.
Payable |
129,384,462.38 |
105,612,356.80 |
|
Current portion
of Long-term Liabilities |
- |
25,000,000.00 |
|
Other Current
Liabilities Accrued
Income Tax |
6,021,766.77 |
11,158,436.43 |
|
Accrued
Advertising |
6,659,631.32 |
2,772,165.33 |
|
Assets
Payable |
- |
8,818,917.14 |
|
Others |
8,512,116.79 |
7,768,688.34 |
|
|
|
|
|
Total Current Liabilities |
157,495,727.26 |
161,130,564.04 |
|
Total
Liabilities |
157,495,727.26 |
161,130,564.04 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1 & 5
par value authorized, issued and fully
paid
share capital 150,000,00 & 30,000,000 shares
in 2005 &
2004 respectively |
150,000,000.00 |
150,000,000.00 |
|
|
|
|
|
Capital Paid |
150,000,000.00 |
150,000,000.00 |
|
Surplus on
Share Capital |
87,600,000.00 |
87,600,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
11,450,000.00 |
9,150,000.00 |
|
Unappropriated |
45,349,636.68 |
37,898,164.64 |
|
Total Shareholders' Equity |
294,399,636.68 |
284,648,164.64 |
|
Total Liabilities & Shareholders' Equity |
451,895,363.94 |
445,778,728.68 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
545,013,464.64 |
529,829,516.09 |
|
Other Income |
890,884.12 |
568,895.94 |
|
Total
Revenues |
545,904,348.76 |
530,398,412.03 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
381,714,131.54 |
332,987,911.81 |
|
Selling &
Administrative Expenses |
107,873,320.76 |
104,332,086.68 |
|
Total Expenses
|
489,587,452.30 |
437,319,998.49 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
& Income
Tax |
56,316,896.46 |
93,078,413.54 |
|
Interest Expenses |
[1,061,042.73] |
[3,915,034.94] |
|
Income Tax |
[11,004,381.69] |
[26,163,790.92] |
|
|
|
|
|
Net
Profit / [Loss] |
44,251,472.04 |
62,999,587.68 |
FINANCIAL NOTES
NOTE
1 : Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
16,003,679.77 |
14,293,211.02 |
|
Works in
Process |
169,129.55 |
95,029.36 |
|
Raw Material |
44,095,163.22 |
31,259,447.74 |
|
Packaging |
21,916,638.36 |
11,535,333.69 |
|
Total |
82,184,610.90 |
57,183,021.81 |
NOTE
2 : Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
106,450,500.00 |
106,450,500.00 |
|
Factory Building |
115,630,822.05 |
70,714,626.75 |
|
Vehicle |
10,214,000.00 |
10,044,000.00 |
|
Office Automation |
5,551,519.31 |
4,047,892.29 |
|
Furniture, Fitting
|
1,391,787.57 |
873,275.10 |
|
Laboratory
Equipment |
12,005,164.18 |
9,578,660.18 |
|
Machine
& Equipment |
71,250,052.06 |
37,416,299.41 |
|
Factory Furniture |
1,508,687.39 |
1,082,885.33 |
|
Factory Automation |
3,882,354.71 |
3,202,802.94 |
|
Total |
327,884,887.27 |
243,410,942.00 |
|
Less:
Depreciation |
[75,997,842.71] |
[62,769,960.08] |
|
Plus :
Works under Construction |
45,000.01 |
33,482,034.13 |
|
Total |
251,932,044.57 |
214,123,016.05 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
2.87 |
|
|
Operating |
[41.18] |
|
|
Net Profit |
[29.76] |
|
|
Fixed Assets |
17.66 |
|
|
Total Assets |
1.37 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
70.04 |
62.85 |
|
Operating Profit
Margin |
10.33 |
17.57 |
|
S&A expenses |
19.79 |
19.69 |
|
Interest |
0.19 |
0.74 |
|
Other Revenues |
0.16 |
0.11 |
|
Net Profit
Margin |
8.12 |
11.89 |
|
Earning Per
Shares |
0.30 |
2.10 |
|
No. of
Shares |
150,000,000 |
30,000,000 |
Net Sales was increased by 2.87%, Operating Profit was decreased by 41.18%, Net Profit was decreased by 29.76%, Fixed Assets was increased by 17.66%, Total Assets was increased by 1.37%.
Compare each cost with sales, Cost of Goods Sold was increased from 62.85% to 70.04%, Operating Profit Margin was decreased from 17.57% to 10.33%, S & A Expenses were increased from 19.69% to 19.79%, Interest Paid was decreased from 0.74% to 0.19%, Other Revenues was increased from 0.11% to 0.16%, Net Profit Margin was decreased from 11.89% to 8.12%.
Earning Per Shares was decreased from 2.10 baht per share to 0.30 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.26 |
1.43 |
|
Quick
- assets ratio |
0.73 |
1.08 |
Current Ratio was decreased from 1.43 to 1.26, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 1.08 to 0.73, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.53 |
0.57 |
|
Times Interest
Earned |
53.08 |
23.77 |
D/E Ratio was decreased from 0.57 to 0.53, 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 23.77 to 53.08, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
2.16 |
2.47 |
|
Total Assets
Turnover |
1.21 |
1.19 |
|
Return on
Assets |
9.79 |
14.13 |
|
Return on
Equity |
15.03 |
22.13 |
|
Day’s Payable |
85.46 |
71.76 |
|
Day’s Inventories |
54.29 |
38.85 |
|
Days’ Receivables |
61.13 |
83.49 |
Fixed Assets Turnover was decreased from 2.47 times to 2.16 times, Total Assets Turnover was increased from 1.19 times to 1.21 times, show the company could use Assets so efficiently, and Return on Assets was decreased from 14.13 to 9.79, Return on Equity was decreased from 22.13 to 15.03, capacity to use Assets to make profit was not good.
Day’s Payable was increased from 72 days to 86 days, and Day’s Inventories was increased from 39 days to 55 days, while Day’s Receivables was decreased from 84 days to 62 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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|