MIRA INFORM REPORT
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Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SATHORN CHEM CO
LTD |
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Registered Office : |
142/31 Soi Suksavidhya, North Sathorn Road, Silom, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1988
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Com. Reg. No.: |
0105531042298 [Former : 4233/2531]
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer & Distributor of Textile Chemical |
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 : |
No Complaints |
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Litigation : |
Clear |
Name
SATHORN
CHEM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 142/31 SOI SUKSAVIDHYA,
NORTH SATHORN
ROAD, SILOM, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2892-0920
FAX : [66] 2892-0598
E-MAIL
ADDRESS : vpc@vpc-group.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION NO. : 0105531042298 [Former : 4233/2531]
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
PRAPAT PIMPRAPOCH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 28
LINES
OF BUSINESS : TEXTILE CHEMICAL
IMPORTER &
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 June
9, 1988 as
a private limited
company under the registered
name SATHORN CHEM
CO., LTD., by
Thai groups, in
order to import
and distribute various
kinds of textile
chemicals to domestic market.
It currently employs
28 staff.
The subject’s registered
address is 142/31
Soi Suksavidhaya, North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Prapat Pimprapoch Thai -
Mr. Suchart Chavalitthara Thai -
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Prapat Pimprapoch
is the Managing Director.
He is Thai nationality.
Mr. Suchart Chavalitthara is
the Deputy Managing
Director & General
Manager.
He is Thai nationality.
Mr. Somchai Winyooviriyawong is
the Sales Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer and
distributor various kinds
of textile chemicals
and dyestuffs, including
sodium alginate, fixing
agents, free sourcing
agents, thickeners, yarn
lubricants, modified starch,
silicone hydrophile, softener, special
hydrophile silicone and
etc.
MAJOR BRANDS
“REWIN”, “LAVOTAN”, “CONTAVAN”,
“PRISULON”, “LUSTRAFFIN”, “EMPRINT”,
“EMCOL”, “EMSIZE”, “TREVIRA”
and etc.
IMPORT [COUNTRIES]
100% of its
products is imported
from Germany, Japan, India, Taiwan, Republic of China, U.S.A.
and Netherlands.
MAJOR SUPPLIERS
- CHT R. Beitlich
GmbH : Germany
- Vianovaresins GmbH. :
Germany
SALES [LOCAL]
100% of its
products is sold
locally by wholesale
to manufacturers and
end-users.
RELATED & AFFILIATED COMPANIES
V P C Chemical Co.,
Ltd.
Business Type: Distributor of
Textile Chemical
Thai Innovation Chemical
Co., Ltd.
Business Type :
Importer and distributor
of industrial chemicals.
T. N. H. Import and
Export Co., Ltd.
Business Type : Service provider
of textile bleaching & dyeing, printing
and finishing.
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
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok
10140]
EMPLOYMENT
The subject employs
28 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
rented for administrative office and
warehouse at the
heading address. Premise
is located in
commercial area.
COMMENT
Growth of textile
industry had gradually
declined during this
few years. However, subject’
business performance has
slightly grown in
2006- 2007, but may be
slow down this year due to economic uncertainties.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided into 3,000 shares of Bht.
1,000 each with
fully paid.
The
capital was increased
later as follows:
Bht. 6,000,000
on November 4,
1996
Bht.
30,000,000 on August 6, 1999
The
latest registered capital
was increased to
Bht. 30,000,000 divided into 30,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WARE :
[as at April 30, 2008]
|
NAME |
HOLDING |
% |
|
Mr. Prapat Pimprapoch Nationality: Thai Address : 62 Charoennakorn 58 Rd., Bukkalo,
Thonburi, Bangkok |
29,099 |
84.98 |
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Ms. Natthita Pimprapote Nationality: Thai Address : 14/47 Moo 9,
Rama 2 Rd., Bangmod,
Jomthong, Bangkok |
300 |
5.00 |
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Mrs. Suchada Kaewpluek Nationality: Thai Address : 14/47 Moo 9,
Rama 2 Rd., Bangmod,
Jomthong, Bangkok |
150 |
2.50 |
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Mr. Suchart Chavalitthara Nationality: Thai Address : 3/152 Moo 2,
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok |
150 |
2.50 |
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Ms. Suthaporn Jarusakul Nationality: Thai Address : 111/18 Thatapao,
Muang, Chumporn |
150 |
2.50 |
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Mr. Sorachai Siriphophankul Nationality: Thai Address : 112/1698 Sukhumvit
Rd., Bangna, Bangkok |
150 |
2.50 |
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Ms. Rattikarn Chuensuk Nationality: Thai Address : 6/45 Ladprao 25 Rd., Ladyao, Jatujak,
Bangkok |
1 |
0.02 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Ratana Pongputhipoon No. 3250
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in Hand & at Bank |
225,563.03 |
1,842,859.69 |
|
Short Term Investment |
12,480.00 |
27,053.06 |
|
Trade Accts. Receivable |
36,303,264.49 |
37,123,195.26 |
|
Inventories |
11,291,683.96 |
5,976,810.40 |
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Other Current Assets |
53,802,223.71 |
52,004,348.94 |
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Total Current Assets
|
101,635,215.19 |
96,974,267.35 |
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Fixed Assets |
5,329,069.68 |
4,940,403.71 |
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Other Assets |
53,076.64 |
43,076.64 |
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Total Assets |
107,017,361.51 |
101,957,747.70 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
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Bank Overdraft & Short Term Loan |
8,896,153.15 |
10,000,000.00 |
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Trade Accts. Payable |
39,046,863.89 |
29,850,686.87 |
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Current Portion of
Hire Purchase - Payable |
214,550.00 |
91,062.50 |
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Other Current Liabilities |
7,310,451.06 |
17,766,612.88 |
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Total Current Liabilities |
55,468,018.10 |
57,708,362.25 |
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Hire Purchase-Payable Net
of Current Portion |
572,133.33 |
- |
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Total Liabilities |
56,040,151.43 |
57,708,362.25 |
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Shareholders' Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 30,000 shares |
30,000,000.00 |
30,000,000.00 |
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Capital Paid |
30,000,000.00 |
30,000,000.00 |
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Retained Earning -
Unappropriated |
20,977,210.08 |
14,249,385.45 |
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Total Shareholders' Equity |
50,977,210.08 |
44,249,385.45 |
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Total Liabilities & Shareholders' Equity |
107,017,361.51 |
101,957,747.70 |
PROFIT & LOSS ACCOUNT
|
Sales |
2007 |
2006 |
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Sales |
144,079,496.96 |
142,192,782.92 |
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Interest Income |
11,300.00 |
295.16 |
|
Other Income |
752.53 |
- |
|
Gain on Sale
of Assets |
- |
30,152.35 |
|
Gain on Exchange Rate |
1,087,641.56 |
2,475,228.12 |
|
Total Saless |
145,179,191.05 |
144,698,458.55 |
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Expenses |
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Cost of Goods
Sold |
119,243,711.98 |
115,851,864.19 |
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Selling & Administrative Expenses |
15,118,928.01 |
14,128,760.47 |
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Total Expenses |
134,362,639.99 |
129,980,624.66 |
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Profit / [Loss] from Operation |
10,816,551.06 |
14,717,833.89 |
|
Interest Expenses |
[1,195,804.80] |
[1,042,338.96] |
|
Income Tax |
[2,892,921.63] |
[4,038,608.73] |
|
Net Profit / [Loss] |
6,727,824.63 |
9,636,886.20 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
1.33 |
|
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Operating Profit |
[27.47] |
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Net Profit |
[30.19] |
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Fixed Assets |
7.87 |
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Total Assets |
4.96 |
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Profitability |
|
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Cost of Good
Sold |
82.76 |
81.48 |
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Operating Profit Margin |
7.51 |
10.35 |
|
S & A
Expenses |
10.49 |
9.94 |
|
Interest Paid |
0.83 |
0.73 |
|
Other Saless |
0.76 |
1.76 |
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Net Profit Margin |
4.67 |
6.78 |
|
Earning Per Shares |
224.26 |
321.23 |
|
No. of Shares |
30,000 |
30,000 |
Net Sales was
increased by 1.33%,
Operating Profit was
decreased by 27.47%,
Net Profit was
decreased by 30.19%,
Fixed Assets was
increased by 7.87%,
Total Assets was
increased by 4.96%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 81.48%
to 82.76%, Operating
Profit Margin was
decreased from 10.35%
to 7.51%, S
& A Expenses
was increased from
9.94% to 10.49%,
Interest Paid was increased
from 0.73% to
0.83%, Other Saless
was decreased from
1.76% to 0.76%,
Net Profit Margin
was decreased from
6.78% to 4.67%.
Earning Per Shares
was decreased from
321.23 baht per
share to 224.26
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.83 |
1.68 |
|
Quick-Assets Ratio |
0.66 |
0.68 |
Current Ratio was
increased from 1.68
to 1.83, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.68 to 0.66,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.10 |
1.30 |
|
Times Interest Earned |
9.05 |
14.12 |
D/E Ratio was
decreased from 1.30
to 1.10, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium, Times
Interest Earned was
decreased from 14.12
to 9.05, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
27.04 |
28.78 |
|
Total Assets Turnover |
1.35 |
1.39 |
|
Return on Assets |
6.29 |
9.45 |
|
Return on Equity |
13.20 |
21.78 |
|
Day's Payable |
97.56 |
75.58 |
|
Day’s Inventories |
28.21 |
15.13 |
|
Day’s Receivables |
90.71 |
93.99 |
Fixed Assets Turnover
was decreased from
28.78 times to
27.04 times, Total
Assets Turnover was
decreased from 1.39
times to 1.35
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased from 9.45 to
6.29, Return on
Equity was decreased
from 21.78 to
13.20, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 76
days to 98
days, and Day’s
Inventories was increased
from 16 days
to 29 days, while Day’s
Receivables was decreased
from 94 days
to 91 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.71 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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 |
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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 |
|
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. |
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%)