MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SHIWA CHEMICALS CO., LTD. |
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Registered Office : |
34/1
Soi Prompong, Sukhumvit
39 Road, Klongtonnua, Wattana,
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1962 |
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Com. Reg. No.: |
0105505002268 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in distributing a
broad range of
local and international brands
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
SHIWA CHEMICALS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 34/1
SOI PROMPONG, SUKHUMVIT
39 ROAD,
KLONGTONNUA, WATTANA,
TELEPHONE : [66] 2258-0586-9
FAX : [66] 2258-3795
E-MAIL ADDRESS : contact@shiwa.co.th, support@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 : 29
LINES OF
BUSINESS : PHARMACEUTICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
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 29 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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Mrs. Supunnee Rattakul |
|
Thai |
56 |
|
Mr. Saendee Rattakul |
|
Thai |
53 |
|
Mr. Supassorn Rattakul |
|
Thai |
32 |
|
Mrs. Peng Eiamsakulrat |
|
Thai |
71 |
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 56
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
The subject also
distributes cooking wares
and kitchen equipment.
MAJOR BRANDS
“CALPHALON”, “MAUVIEL”, “RUBBER
MAID” and etc.
PURCHASE
80% of the
products is imported
from France, United
Kingdom, Germany, U.S.A.
and
SALES
100% of the
products is sold
locally by wholesale
to dealers and
end-users, mainly hospitals,
clinics and drug
stores.
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 29
office and sales
staff.
LOCATION DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
REMARK
MAXIMUM CREDIT
SHOULD BE GRANTED
AT EUR 50,000.
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.
The subject’s sales
remains healthy, and
continue expanding its
market.
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, 2006]
|
NAME |
HOLDING |
% |
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Mrs.
Supunnee Rattakul Nationality: Thai Address : 34
Sukhumvit 39 Rd.,
Klongtonnua, Wattana, |
54,500 |
54.50 |
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Mr. Saendee Rattakul Nationality: Thai Address : 34
Sukhumvit 39 Rd.,
Klongtonnua,
Wattana, |
20,000 |
20.00 |
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Mrs. Peng Eiamsakulrat Nationality: Thai Address : 34
Sukhumvit 39 Rd.,
Klongtonnua, Wattana, |
10,000 |
10.00 |
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Mrs. Ladda Mudjanathongsuk Nationality: Thai Address : 15/6
Klongtonnua, Wattana, |
5,000 |
5.00 |
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Mr.
Supassorn Rattakul Nationality: Thai Address : 34
Sukhumvit 39 Rd.,
Klongtonnua, Wattana, |
5,000 |
5.00 |
|
Ms.
Duangporn Mudjanathongsuk Nationality: Thai Address : 15/6
Klongtonnua, Wattana, |
5,000 |
5.00 |
|
Ms. Chanida Mudjanathongsuk Nationality: Thai Address : 15/6
Klongtonnua, Wattana, |
500 |
0.50 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Surapol Prataksithorn No.
2590
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
|
1,487,897.30 |
666,672.40 |
|
Short Term Investment |
1,001,467.92 |
1,001,460.60 |
|
Trade Accts. Receivable |
11,697,806.25 |
8,399,110.12 |
|
Inventories |
7,582,273.73 |
4,702,040.73 |
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Other Current Assets
|
2,175,527.80 |
565,611.00 |
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Total Current
Assets |
23,944,973.00 |
15,334,894.85 |
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|
|
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Fixed Assets |
1,054,737.39 |
1,131,097.37 |
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Other Assets |
281,517.58 |
359,152.85 |
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Total Assets
|
25,281,227.97 |
16,825,145.07 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
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Trade Accts. Payable |
4,368,167.03 |
3,442,199.54 |
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Other Current Liabilities |
907,520.76 |
414,872.51 |
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Total Current
Liabilities |
5,275,687.79 |
3,857,072.05 |
|
Long Term Loan
from Related Person |
23,000,000.00 |
7,200,000.00 |
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Other Long Term Loan |
- |
8,000,000.00 |
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Total Liabilities |
28,275,687.79 |
19,057,072.05 |
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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 |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
[12,994,459.82] |
[12,231,926.98] |
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Total
Shareholders' Equity |
[2,994,459.82] |
[2,231,926.98] |
|
Total Liabilities &
Shareholders' Equity |
25,281,227.97 |
16,825,145.07 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales |
29,822,684.24 |
22,831,335.04 |
|
Other Income |
195.12 |
225.77 |
|
Interest Income |
5,814.82 |
4,924.67 |
|
Gain on Exchange
Rate |
233,938.41 |
- |
|
Total Revenues
|
30,062,632.59 |
22,836,482.48 |
|
Expenses |
|
|
|
|
|
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Cost of
Goods Sold |
13,055,641.86 |
9,299,715.10 |
|
Selling & Administrative Expenses |
17,412,023.57 |
14,256,642.77 |
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Total Expenses |
30,467,665.43 |
23,556,357.87 |
|
Profit / [Loss] Before Interest
Expenses |
[405,032.84] |
[719,875.39] |
|
Interest Expenses |
[357,500.00] |
[780,000.00] |
|
Net Profit / [Loss] |
[762,532.84] |
[1,499,875.39] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
30.62 |
|
|
Operating Profit |
[56.93] |
|
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Net Profit |
49.16 |
|
|
Fixed Assets |
[6.75] |
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Total Assets |
50.26 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
43.78 |
40.73 |
|
Operating Profit Margin |
[1.36] |
[3.15] |
|
S & A
Expenses |
58.39 |
62.44 |
|
Interest Paid |
1.20 |
3.42 |
|
Other Revenues |
0.80 |
0.02 |
|
Net Profit Margin |
[2.56] |
[6.57] |
|
Earning Per Shares |
[7.63] |
[15.00] |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
increased by 30.62%,
Operating Profit was
decreased by 56.93%,
Net Profit was
increased by 49.16%,
Fixed Assets was
decreased by 6.75%,
Total Assets was
increased by 50.26%.
Compare each cost with sales, Cost
of Good Sold
was increased from
40.73% to 43.78%,
Operating Profit Margin
was increased from
-3.15% to -1.36%,
S & A
Expenses was decreased
from 62.44% to
58.39%, Interest Paid was
decreased from 3.42%
to 1.20%, Other
Revenues was increased
from 0.02% to
0.80%, Net Profit
Margin was increased
from -6.57% to
-2.56%.
Earning Per Shares
was increased from
-15.00 baht per
share to -7.63
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
4.54 |
3.98 |
|
Quick-Assets Ratio |
2.69 |
2.61 |
Current Ratio was
increased from 3.98
to 4.54, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of the company
was good, Quick-Assets
Ratio was increased
from 2.61 to
2.69, 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 |
[9.44] |
[8.54] |
|
Times Interest Earned |
[1.13] |
[0.92] |
D/E Ratio was
decreased from -8.54
to -9.44, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
-0.92 to -1.13,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
28.27 |
20.19 |
|
Total Assets Turnover |
1.18 |
1.36 |
|
Return on Assets |
[3.02] |
[8.91] |
|
Return on Equity |
[25.46] |
[67.20] |
|
Day's Payable |
52.73 |
54.28 |
|
Day’s Inventories |
91.53 |
74.14 |
|
Day’s Receivables |
141.21 |
132.44 |
Fixed Assets Turnover was increased from 20.19 times to 28.27 times, Total Assets Turnover was decreased from 1.36 times to 1.18 times, show the company could use Fixed Assets so efficiently, Return on Assets was increased from -8.91 to -3.02, Return on Equity was increased from -67.20 to -25.46, capacity to use Assets to make profit was not good.
Day's Payable was
decreased from 55
days to 53
days, while Day’s
Inventories was increased
from 75 days
to 92 days,
and Day’s Receivables
was increased from
133 days to
142 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 |
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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%)