MIRA INFORM REPORT
|
Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
PQ
CHEMICALS [THAILAND] LTD. |
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Registered Office : |
Room 02, 26th Floor, Time Square Building, 246 Sukhumvit Road, Klongtoey, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.03.1991 |
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Com. Reg. No.: |
0105534021950 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, Distributor
and Exporter of Industrial
Chemicals |
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No. of Employees
: |
200 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
PQ CHEMICALS
[THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
02, 26th FLOOR,
TIME SQUARE BUILDING,
246
SUKHUMVIT
ROAD, KLONGTOEY,
BANGKOK
10110
TELEPHONE : [66] 2229-4691-4
FAX :
[66] 2229-4689
E-MAIL
ADDRFESS : prasongk@pqthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534021950
CAPITAL REGISTERED : BHT.
337,500,000
CAPITAL PAID-UP : BHT.
337,500,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHRISTIANUS MATHEUS
PETRUS ANTONIUS
VAN DAM,
DUTCH
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
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 established on March 7, 1991 as a
private limited company under
the originally registered
name “PQ-Haco Chemicals
Ltd.” by Danish and American investors. On
March 11, 1994,
its registered name
was changed to
PQ CHEMICALS [THAILAND]
LTD. Its business
objective is to manufacture and distribute industrial
chemicals to both domestic and
international markets. It currently employs
approximate 200 staff.
The
subject is a
wholly owned subsidiary
of PQ Europe
APS, in Denmark.
The subject’s registered address is Room
02, 26th Flr., Time Square
Building, 246 Sukhumvit Rd.,
Klongtoey, Bangkok, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. David Michael Reilly |
|
American |
67 |
|
Mr. Christianus Matheus Petrus
Antonius Van Dam |
|
Dutch |
57 |
|
Mr. Chairat Suwanprasert |
|
Thai |
51 |
|
Mr. William James Sicko |
|
American |
57 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Christianus Matheus Petrus
Antonius Van Dam
is the Managing
Director.
He is Dutch
nationality with the
age of 57 years
old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing,
distributing and exporting of
specialty chemicals including
Silicates, Zeolite and
etc., for detergent
production industry.
PRODUCTION CAPACITY
60,000 tons per
annum
PURCHASE
Raw
materials are purchased
from suppliers both
domestic and overseas,
mainly in U.S.A.,
Republic of China and
Denmark.
MAJOR
SUPPLIER
PQ
Corporation : U.S.A.
SALES
The products are
sold by wholesale
to customers both
local and overseas in
U.S.A., Japan, Singapore
and the countries
in Europe.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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 on
negotiated terms.
Exports are against
T/T.
BANKING
Kasikornbank Public
Co., Ltd.
[Nana Nua
Branch, Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok]
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at the
heading address. Premise
is located in
a prime commercial
area.
Factory
and warehouse are
located at 38/13
Moo 5, Laemchabang
Industrial Estate, Sukhumvit
Rd., Thungsukhla, Sriracha,
Chonburi 20110.
Tel.
[66] 38 490-261-5,
Fax. [66] 38 490-471.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,500,000.
COMMENT
Subject
is a manufacturer, distributor and exporter of
industrial chemicals. The products
are for detergent production industry.
In 2010, subject
was found a
slightly decrease in
its sales sales
comparing to the
previous year’s level
from slow exports.
However,
in 2011 overall
industrial conditions have subsequently improved,
as well as demand
of chemicals has
significantly increased with the positive
growth outlook.
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. 100,000,000
on June 25,
1992
Bht. 137,000,000
on December 9,
1994
Bht. 337,500,000
on October 26,
2009
The
latest registered capital
was increased to Bht. 337,500,000 divided into 337,500
shares of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PQ Europe Aps Nationality: Danish Address : Copenhagen,
Denmark |
337,498 |
100.00 |
|
Mr. David Michael Reilly Nationality: American Address : Florida,
U.S.A. |
1 |
- |
|
Mr. William James Sichko Nationality: American Address : Kansas,
U.S.A. |
1 |
- |
Total Shareholders : 3
Share
Structure [as
at April 30,
2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
337,500 |
100.00 |
|
Total |
3 |
337,500 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
49,661,966 |
35,327,142 |
|
Trade Accounts Receivable - Other company |
119,274,036 |
116,656,390 |
|
- Related company |
1,469,108 |
3,125,404 |
|
Inventories |
102,063,851 |
60,921,870 |
|
Other Current Assets |
4,267,168 |
339,714 |
|
|
|
|
|
Total Current Assets
|
276,736,129 |
216,370,520 |
|
|
|
|
|
Fixed Assets |
85,026,738 |
107,301,855 |
|
Intangible Assets |
646,097 |
372,770 |
|
Other Assets |
1,322,187 |
1,124,712 |
|
Total Assets |
363,731,151 |
325,169,857 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
98,422,442 |
46,619,621 |
|
Other Payable |
10,347,028 |
8,901,870 |
|
Related Company Payable |
4,332,904 |
8,013,133 |
|
Accrued Income Tax |
8,758,306 |
15,202,736 |
|
Accrued Expenses |
21,226,752 |
22,414,376 |
|
Other Current Liabilities |
1,921,121 |
1,905,917 |
|
|
|
|
|
Total Current Liabilities |
145,008,553 |
103,057,653 |
|
Total Liabilities |
145,008,553 |
103,057,653 |
|
Shareholders’ Equity |
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 337,500 shares |
337,500,000 |
337,500,000 |
|
Capital Paid |
187,500,000 |
187,500,000 |
|
Retained Earning : |
|
|
|
Appropriated for Statutory Reserve |
18,350,000 |
13,750,000 |
|
Unappropriated |
12,872,598 |
20,862,204 |
|
Total Shareholders' Equity |
218,722,598 |
222,112,204 |
|
Total Liabilities & Shareholders' Equity |
363,731,151 |
325,169,857 |
PROFIT & LOSS ACCOUNT
|
Sales |
2010 |
2009 |
|
|
|
|
|
Sales Income |
761,817,096 |
827,616,459 |
|
Other Income |
979,663 |
2,356,333 |
|
Total Saless |
762,796,759 |
829,972,792 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
565,639,588 |
583,673,264 |
|
Selling Expenses |
50,548,989 |
45,494,782 |
|
Administrative Expenses |
51,184,810 |
51,465,571 |
|
Other Expenses |
3 |
19,788 |
|
Total Expenses |
667,373,390 |
680,653,405 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
95,423,369 |
149,319,387 |
|
Financial Cost |
[2,073] |
[13,320] |
|
Profit / [Loss] before Income
Tax |
95,421,296 |
149,306,067 |
|
Income Tax |
[21,509,335] |
[30,476,898] |
|
|
|
|
|
Net Profit / [Loss] |
73,911,961 |
118,829,169 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.91 |
2.10 |
|
QUICK RATIO |
TIMES |
1.18 |
1.51 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.96 |
7.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.09 |
2.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
65.86 |
38.10 |
|
INVENTORY TURNOVER |
TIMES |
5.54 |
9.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.15 |
51.45 |
|
RECEIVABLES TURNOVER |
TIMES |
6.39 |
7.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
63.51 |
29.15 |
|
CASH CONVERSION CYCLE |
DAYS |
59.50 |
60.39 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
74.25 |
70.52 |
|
SELLING & ADMINISTRATION |
% |
13.35 |
11.72 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
25.88 |
29.76 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.53 |
18.04 |
|
NET PROFIT MARGIN |
% |
9.70 |
14.36 |
|
RETURN ON EQUITY |
% |
33.79 |
53.50 |
|
RETURN ON ASSET |
% |
20.32 |
36.54 |
|
EARNING PER SHARE |
BAHT |
394.20 |
633.76 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.40 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.66 |
0.46 |
|
TIME INTEREST EARNED |
TIMES |
46,031.53 |
11,210.16 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(7.95) |
|
|
OPERATING PROFIT |
% |
(36.09) |
|
|
NET PROFIT |
% |
(37.80) |
|
|
FIXED ASSETS |
% |
(20.76) |
|
|
TOTAL ASSETS |
% |
11.86 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
25.88 |
Impressive |
Industrial Average |
19.53 |
|
Net Profit Margin |
9.70 |
Impressive |
Industrial Average |
5.68 |
|
Return on Assets |
20.32 |
Impressive |
Industrial Average |
5.54 |
|
Return on Equity |
33.79 |
Impressive |
Industrial Average |
10.70 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from saless after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 25.88%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin is 9.7%, higher
figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
20.32%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 33.79%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.91 |
Satisfactory |
Industrial Average |
1.99 |
|
Quick Ratio |
1.18 |
|
|
|
|
Cash Conversion Cycle |
59.50 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.91 times in 2010, decrease from 2.1 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.18 times in 2010,
decrease from 1.51 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash is
tied up in the production and sales process of its operations and the benefit
from payment terms from its creditors. It meant the company could survive when
no cash inflow was received from sale for 60 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.40 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.66 |
Impressive |
Industrial Average |
1.18 |
|
Times Interest Earned |
46,031.53 |
Impressive |
Industrial Average |
5.79 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 46031.54 higher than 1, so the company can pay interest expenses
on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.4 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.96 |
Impressive |
Industrial Average |
2.28 |
|
Total Assets Turnover |
2.09 |
Impressive |
Industrial Average |
1.38 |
|
Inventory Conversion Period |
65.86 |
|
|
|
|
Inventory Turnover |
5.54 |
Acceptable |
Industrial Average |
7.97 |
|
Receivables Conversion Period |
57.15 |
|
|
|
|
Receivables Turnover |
6.39 |
Satisfactory |
Industrial Average |
7.01 |
|
Payables Conversion Period |
63.51 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.39 |
|
UK Pound |
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.