MIRA INFORM
REPORT
|
Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
QUALITY
MINERALS PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
9/13-17
Yarnphaholyothin Road, Chatuchak,
Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
09.11.1995 |
|
|
|
|
Com. Reg. No.: |
0107547000770 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of calcium carbonates and related products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
QUALITY MINERALS PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 9/13-17 YARNPHAHOLYOTHIN ROAD,
CHATUCHAK, BANGKOK
10900
TELEPHONE : [66] 2618-4700
FAX :
[66] 2618-4701
E-MAIL
ADDRESS : mungkorn@qmin.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0107547000770 [Former
: 0107574700774]
CAPITAL REGISTERED : BHT. 365,750,000
CAPITAL PAID-UP : BHT.
267,750,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. MUNGKORN KRIENGWATANA, THAI
PRESIDENT
NO.
OF STAFF : 450
LINES
OF BUSINESS : CALCIUM CARBONATES
AND RELATED 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 established
on November 9,
1995, as a
private limited company under
the registered name “Quality Minerals
Co., Ltd.”, by Thai groups, in order to manufacture
wide range of
calcium carbonates and
related products with
the promotional privilege
granted by the Board
of Investment [BOI]. The
products are supplied
to both domestic
and international markets.
On August 20, 2004, the subject
became to be
public company under the
name QUALITY MINERALS PUBLIC
COMPANY LIMITED. It
currently employs 450
staff.
The
subject achieved ISO 9001:2000
certificate from Anglo
Japanese American Registrar
Ltd. [AJA], in 2002.
The
subject’s registered address
is 9/13-17 Yarnphaholyothin Rd.,
Chatuchak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Krieng Kriengwatana |
[x] |
Thai |
89 |
|
Mr. Mungkorn Kriengwatana |
[x] |
Thai |
58 |
|
Mr. Montri Kriengwatana |
[x] |
Thai |
53 |
|
Mr. Varodom Panyavanich |
[x] |
Thai |
61 |
|
Ms. Busaba Chaivaranont |
[x] |
Thai |
57 |
|
Mr. Pisith Leeartham |
|
Thai |
60 |
|
Mrs. Kalyapas Hongladarompa |
|
Thai |
56 |
|
Mr. Chokedee Boonlong |
|
Thai |
57 |
AUTHORIZED PERSON
Two of the mentioned directors [x] can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Mungkorn Kriengwatana is
the President.
He is Thai
nationality with the
age of 58 years old.
Mr. Veerakiat Nimkittikul is
the Sales Manager.
He is Thai
nationality.
Mr. Seeharach Dangtipramnakul is
the Production Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
full range of plastic
chemicals. Its product
and brand are
included “Q-MIN” ground calcium carbonates,
“Q-PLAS” calcium master batch,
“Q-PLAS” white titanium dioxide
master batch and
“Q-PLAS EW” polyethylene
wax. Its products
are used for
industrial applications,
basically fillers, such
as ink for paper printing,
paints, electrical parts, automotive parts, pharmaceuticals, packaging, injection
parts and others.
PRODUCTION
150,000 tons/year
PURCHASE
Raw materials are purchased
from suppliers and
agents both domestic
and overseas mainly
Germany, Taiwan, Japan
and Singapore.
MAJOR SUPPLIERS
Chemical Commerce Co., Ltd. : Thailand
Liack Seng Trading
Co., Ltd. : Thailand
Louist T. Leonowen
[Thailand] Co., Ltd. :
Thailand
SALES
80% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining 20% is exported to
Brazil, Germany, Republic of
China, Korea, Australia, India,
Taiwan, Bangladesh,
Pakistan, Philippines, Vietnam,
Myanmar and etc.
SUBSIDIARY AND
AFFILIATED COMPANY
Q. M. Invent Co., Ltd. [Former : Q.
M. Ishihara Co.,
Ltd.]
Business Type :
Manufacturer and distributor
of plastic parts.
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
T/T.
BANKING
Bank of Ayudhya
Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
450 staff comprising
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 Location : 31 Moo
12, Saitor Rd.,
T. Koktoom, A. Muang, Lopburi
15210.
Tel
: [66] 36
658-333-8 Fax: [66]
36 658-339
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
Subject
is engaged in producing
of high quality
Ground Calcium Carbonate for
various industries. The products
are served both
domestic industrial sector and export
markets. Its sales
were strong in
2010, while current
market is also increased
from economic recovering
which stated since
the beginning of 2010. It is also
estimated a better
outcome for this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000 divided
into 300,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht. 125,000,000
on March 15,
1996
Bht.
155,000,000 on
November 12, 1997
Bht. 175,000,000
on June 2,
1999
Bht. 223,125,000
on April 5,
2004
Bht. 295,000,000
in 2004
Bht. 353,625,000
on November 29,
2005
Bht. 365,750,000
on February 12,
2007
The
latest registered capital was
increased to Bht. 365,750,000 divided
into 73,150,000 shares of
Bht. 5 each.
THE
SHAREHOLDERS LISTED WERE
: [as at April
22, 2011] at
Bht. 267,750,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mungkorn Kriengwatana Nationality: Thai Address : 1486
Moo 2, Sukhumvit Rd.,
Samrongnua, Muang, Samutprakarn |
16,173,456 |
30.20 |
|
Mr. Montri Kriengwatana Nationality: Thai Address : 35/279
Moo 3, Sukhumvit Rd.,
Bangna, Bangkok |
16,173,432 |
30.20 |
|
Mr. Krieng Kriengwatana Nationality: Thai Address : 1486
Moo 2, Sukhumvit Rd.,
Samrongnua,
Muang, Samutprakarn |
8,867,904 |
16.56 |
|
Kriengwatana Enterprise Co., Ltd. Nationality: Thai Address : 35/279
Moo 3, Sukhumvit Rd.,
Bangna, Bangkok |
5,649,096 |
10.55 |
|
Bank of Ayudhya
Public Co., Ltd. Nationality: Thai Address : 1222
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
4,505,856 |
8.41 |
|
Mr. Chokedee Boonlong Nationality: Thai Address : 25
Charansanitwong 84 Rd.,
Bang-or,
Bangplad, Bangkok |
1,338,720 |
2.50 |
|
Mrs. Petcharapun Hongladarompa Nationality: Thai Address : 71/20-21
Senanikom Rd., Ladprao,
Bangkok |
535,464 |
0.99 |
|
Mr. Varodom Kriengwatana Nationality: Thai Address : 88
Moo 4, Ramindra Rd.,
Klongthanon, Saimai, Bangkok |
306,000 |
0.57 |
|
Other Shareholders |
72 |
0.02 |
Total Shareholders : 11
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Saifon Inkaew No.
4434
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash & Cash
Equivalents |
1,385,526 |
592,670 |
|
Trade Accounts Receivable |
100,576,715 |
114,156,450 |
|
Inventories |
127,248,946 |
105,832,930 |
|
Other Current Assets
|
|
|
|
Other Receivable-Subsidiaries Company |
542,133 |
346,092 |
|
Sale Department
Receivable |
14,198,343 |
11,198,822 |
|
Others |
3,319,111 |
2,385,977 |
|
|
|
|
|
Total Current Assets
|
247,270,774 |
234,512,941 |
|
Investment in Subsidiaries |
13,049,080 |
11,999,285 |
|
Property, Plant and
Equipment |
419,197,550 |
446,805,318 |
|
Intangible Assets |
1,253,526 |
1,251,043 |
|
Other Assets |
738,688 |
800,245 |
|
Total Assets |
681,509,618 |
695,368,832 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
- |
9,794,311 |
|
Trade Accounts Payable |
54,009,301 |
42,334,906 |
|
Current Portion of
Long-term Liabilities : |
|
|
|
- Card Concession
Payable |
124,783 |
117,167 |
|
- Long-term Loan |
- |
4,224,868 |
|
Short-term Loan from Subsidiaries Company |
30,700,000 |
75,500.00 |
|
Accrued Income Tax |
2,174,721 |
- |
|
Other Current Liabilities |
|
|
|
Account Payable
Assets |
878,790 |
2,628,831 |
|
Hire-purchase of Forward Contract |
318,456 |
84,701 |
|
Others |
34,353,969 |
35,895,009 |
|
|
|
|
|
Total Current Liabilities |
122,560,020 |
170,579,793 |
|
|
|
|
|
Card Concession Payable,
Net |
132,893 |
257,676 |
|
Total Liabilities |
122,692,913 |
170,837,469 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 5
par value authorized, issued
and fully paid share
capital 73,150,000 shares
|
365,750,000 |
365,750,000 |
|
|
|
|
|
Capital Paid |
267,750,000 |
267,750,000 |
|
Retained Earning Appropriated for Statutory Reserve |
36,575,000 |
36,575,000 |
|
Unappropriated |
254,491,705 |
220,206,363 |
|
Total Shareholders' Equity |
558,816,705 |
524,531,363 |
|
Total Liabilities &
Shareholders' Equity |
681,509,618 |
695,368,832 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
640,400,070 |
638,865,417 |
|
Services Income |
6,062,427 |
3,883,035 |
|
Other Income |
|
|
|
Dividend Income |
17,159,505 |
519,985 |
|
Gain on
Exchange Rate |
3,018,756 |
1,069,589 |
|
Others |
1,720,657 |
3,865,664 |
|
Total Sale s |
668,361,415 |
648,203,690 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
440,039,148 |
416,002,332 |
|
Cost of Services |
4,050,970 |
2,611,013 |
|
Selling Expenses |
86,141,518 |
81,511,622 |
|
Administrative Expenses |
52,013,304 |
51,505,228 |
|
Remuneration’s Directors |
3,110,000 |
3,160,000 |
|
Total Expenses |
585,354,940 |
554,790,195 |
|
Profit Before Finance Cost & Income Tax |
83,006,475 |
93,413,495 |
|
Finance Cost |
[739,004] |
[4,023,111] |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
82,267,471 |
89,390,384 |
|
Income Tax |
[7,819,629] |
- |
|
|
|
|
|
Net Profit / [Loss] |
74,447,842 |
89,390,384 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.02 |
1.37 |
|
QUICK RATIO |
TIMES |
0.83 |
0.67 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.54 |
1.44 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.95 |
0.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
104.59 |
92.28 |
|
INVENTORY TURNOVER |
TIMES |
3.49 |
3.96 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.79 |
64.83 |
|
RECEIVABLES TURNOVER |
TIMES |
6.43 |
5.63 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.39 |
36.91 |
|
CASH CONVERSION CYCLE |
DAYS |
116.98 |
120.19 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
68.70 |
65.13 |
|
SELLING & ADMINISTRATION |
% |
21.37 |
20.70 |
|
INTEREST |
% |
0.11 |
0.63 |
|
GROSS PROFIT MARGIN |
% |
34.69 |
35.72 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.84 |
14.53 |
|
NET PROFIT MARGIN |
% |
11.52 |
13.91 |
|
RETURN ON EQUITY |
% |
13.32 |
17.04 |
|
RETURN ON ASSET |
% |
10.92 |
12.86 |
|
EARNING PER SHARE |
BAHT |
1.39 |
1.67 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.22 |
0.33 |
|
TIME INTEREST EARNED |
TIMES |
112.32 |
23.22 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
0.58 |
|
|
OPERATING PROFIT |
% |
(11.14) |
|
|
NET PROFIT |
% |
(16.72) |
|
|
FIXED ASSETS |
% |
(6.18) |
|
|
TOTAL ASSETS |
% |
(1.99) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
34.69 |
Impressive |
Industrial Average |
12.55 |
|
Net Profit Margin |
11.52 |
Impressive |
Industrial Average |
4.42 |
|
Return on Assets |
10.92 |
Impressive |
Industrial Average |
5.83 |
|
Return on Equity |
13.32 |
Impressive |
Industrial Average |
10.02 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sale s after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 34.69%. 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. The company’s figure is 11.52% 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 in
10.92%, 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 13.32%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.02 |
Impressive |
Industrial Average |
1.46 |
|
Quick Ratio |
0.83 |
|
|
|
|
Cash Conversion Cycle |
116.98 |
|
|
|
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 2.02 times in 2010, increase from 1.37 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 0.83 times in 2010,
increase from 0.67 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 117 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
0.22 |
Impressive |
Industrial Average |
0.73 |
|
Times Interest Earned |
112.32 |
Impressive |
Industrial Average |
3.49 |
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 112.33 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 0.18 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.54 |
Satisfactory |
Industrial Average |
1.95 |
|
Total Assets Turnover |
0.95 |
Satisfactory |
Industrial Average |
1.23 |
|
Inventory Conversion Period |
104.59 |
|
|
|
|
Inventory Turnover |
3.49 |
Deteriorated |
Industrial Average |
8.74 |
|
Receivables Conversion Period |
56.79 |
|
|
|
|
Receivables Turnover |
6.43 |
Satisfactory |
Industrial Average |
7.98 |
|
Payables Conversion Period |
44.39 |
|
|
|
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.45.05 |
|
UK Pound |
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.64.37 |
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.