MIRA INFORM REPORT
|
Report No. : |
345680 |
|
Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
Q PLUS CONCEPT
CO., LTD. |
|
|
|
|
Registered Office : |
139
Moo 8, T. Buapaktha, A. Banglen, Nakornpathom 73130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Year of Establishment : |
1999 |
|
|
|
|
Com. Reg. No.: |
0125542007626 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing
and supplying variety
of food chemicals
and food additive
products, including functional
seafood additives such
as functional seafood
processing aid for
shrimp, fish and
cephalopods |
|
|
|
|
No. of Employee : |
90 |
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 : |
Slow but correct |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
Q PLUS
CONCEPT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 139
MOO 8, T. BUAPAKTHA,
A. BANGLEN,
NAKORNPATHOM 73130,
THAILAND
TELEPHONE : [66] 34
993-117-8
FAX :
[66] 34
993-119
E-MAI8L
ADDRESS : sales@qplusfood.com
info@qplusfood.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0125542007626 [Former
: nor bor. 8402]
TAX
ID NO. : 3030015914
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHREHOLDER’S
PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMKIAT WONGPRASERT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 90
LINES
OF BUSINESS : FOOD
CHEMICALS AND RELATED
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on December 9,
1999 as a
private limited company under
the registered name Q PLUS CONCEPT CO., LTD., by
Thai groups, with the business
objective to manufacture
and supply variety of
food chemicals and
related products to
food industry of both domestic and international markets.
It currently employs approximately 90 staff.
The
subject’s registered address
is 139 Moo
8, T. Buapaktha, A.
Banglen,
Nakornpathom
73130, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somkiat Wongprasert |
|
Thai |
43 |
|
Mrs. Pornphan Wongprasert |
|
Thai |
45 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somkiat Wongprasert is
the Managing Director.
He is Thai
nationality with the
age of 43 years
old.
Mrs. Pornphan Wongprasert is
the Sales & Marketing Manager.
She is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and supplying
variety of food
chemicals and food
additive products, including
functional seafood additives
such as functional
seafood processing aid
for shrimp, fish
and cephalopods under
its brand “QUALIMAX” and
“ZEAFORCE”, as well
as food additives
and modified starch.
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
remaining is imported
from Germany, Spain,
Italy and Japan.
SALES [LOCAL]
80% of the
products is sold
locally by wholesale
to traders, manufacturers
and
end-users.
EXPORT
20% of the
products is exported
to Vietnam, India,
Malaysia, Hong Kong,
Indonesia, Singapore and Republic
of China.
RELATED AND
AFFILIATED COMPANY
Q Plus Foods
Co., Ltd.
Business Type :
Manufacturer and distributor
of food ingredients
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
90 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
COMMENT
Poor
economic outlook has
resulted to slowdown
of many industries
which has affected
new investment and
expansion since the year
2013. Also, flat
domestic demand based
on weak purchasing
power amid a
continuous poor country’s
economic outlook would
erode the subject’s
sales for this
entire year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht. 100
each with fully
paid.
On
May 6, 2008, the
capital was increased
to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somkiat Wongprasert Nationality: Thai Address : 139
Moo 8, T. Buapaktha, A. Banglen,
Nakornpathom |
15,101 |
50.34 |
|
Mrs. Pornphan Wongprasert Nationality: Thai Address : 100/171
Moo 8, T. Bangkuwat, A.
Muang, Pathumthani |
13,096 |
43.65 |
|
Mr. Songkran Wongprasert Nationality: Thai Address : 257
Soi Rangsit-Nakornnayok 44, T.
Parchathipat, A. Thanyaburi, Pathumthani |
900 |
3.00 |
|
Mr. Withan Wongprasert Nationality: Thai Address : 100/171
Moo 8, T. Bangkuwat, A.
Muang, Pathumthani |
900 |
3.00 |
|
Mr. Kachane Kaewkul Nationality: Thai Address : 222/2
Moo 2, T. Banpetch, A.
Bamnejnarong, Chaiyaphum |
1 |
|
|
Mrs. Pornphan Kaewkul Nationality: Thai Address : 16-17/1-2
Moo 2, T.
Banpetch, A. Bamnejnarong, Chaiyaphum |
1 |
= 0.01 |
|
Ms. Soparat Srisook Nationality: Thai Address : 199
Moo 8, T. Buapaktha, A. Banglen, Nakornpathom |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Piron Kongkalai No.
7682
FINANCIALS
Q PLUS CONCEPT
CO., LTD.
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
529,410.66 |
1,816,914.25 |
1,499,816.37 |
|
Trade Accounts &
Other Receivable |
17,829,813.66 |
8,364,511.98 |
13,891,464.88 |
|
Inventories |
3,104,977.93 |
3,414,517.43 |
4,640,318.74 |
|
Loan to Person & Related Company |
809,424.91 |
- |
- |
|
Other Current Assets
|
1,594,416.23 |
1,188,661.86 |
285,328.92 |
|
|
|
|
|
|
Total Current Assets
|
23,868,043.39 |
14,784,605.52 |
20,316,928.91 |
|
|
|
|
|
|
Fixed Assets |
30,456,921.36 |
35,443,133.03 |
39,832,585.17 |
|
Other Non-current Assets |
901,700.00 |
935,100.00 |
901,700.00 |
|
Total Assets |
55,226,664.75 |
51,162,838.55 |
61,051,214.08 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
8,501,209.16 |
7,730,587.99 |
8,060,687.34 |
|
Short-term Loan from Financial Institutions |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Trade Accounts & Other
Payable |
13,820,133.41 |
6,123,654.94 |
6,602,685.93 |
|
Accrued Income Tax |
- |
- |
56,561.72 |
|
Current Portion of
Long-term Loans from Financial Institutions |
3,840,000.00 |
3,980,044.14 |
4,860,000.00 |
|
Current Portion of
Financial Lease Liabilities |
- |
474,841.08 |
671,166.78 |
|
Other Current Liabilities |
1,148,270.78 |
1,965,309.53 |
6,060,102.24 |
|
|
|
|
|
|
Total Current Liabilities |
37,309,613.35 |
30,274,437.68 |
36,311,204.01 |
|
Long-term Loan from Financial Institutions |
1,064,456.54 |
4,612,883.51 |
8,089,123.60 |
|
Loans from Person & Related Company |
511,565.00 |
- |
- |
|
Financial Lease Liabilities |
- |
- |
474,841.08 |
|
Total Liabilities |
38,885,634.89 |
34,887,321.19 |
44,875,168.69 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
13,341,029.86 |
13,275,517.36 |
13,176,045.39 |
|
Total Shareholders' Equity |
16,341,029.86 |
16,275,517.36 |
16,176,045.39 |
|
Total Liabilities & Shareholders' Equity |
55,226,664.75 |
51,162,838.55 |
61,051,214.08 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Services Income |
46,973,604.43 |
36,341,049.29 |
87,006,618.53 |
|
Other Income |
116,500.00 |
219,341.55 |
204,272.29 |
|
Total Revenues |
47,090,104.43 |
36,560,390.84 |
87,210,890.82 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
36,260,589.91 |
25,483,392.97 |
67,518,649.62 |
|
Selling and Administrative
Expenses |
9,200,921.47 |
9,200,177.45 |
17,172,383.16 |
|
Total Expenses |
45,461,511.38 |
34,683,570.42 |
84,691,032.78 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
1,628,593.05 |
1,876,820.42 |
2,519,858.04 |
|
Financial Cost |
[1,507,993.39] |
[1,689,947.18] |
[1,465,278.66] |
|
Profit before Income
Tax |
120,599.66 |
186,873.24 |
1,054,579.38 |
|
Income Tax |
[55,087.16] |
[87,401.27] |
[283,181.36] |
|
|
|
|
|
|
Net Profit / [Loss] |
65,512.50 |
99,471.97 |
771,398.02 |
Q PLUS
CONCEPT CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.64 |
0.49 |
0.56 |
|
QUICK RATIO |
TIMES |
0.49 |
0.34 |
0.42 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.54 |
1.03 |
2.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
0.71 |
1.43 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.25 |
48.91 |
25.09 |
|
INVENTORY TURNOVER |
TIMES |
11.68 |
7.46 |
14.55 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
138.54 |
84.01 |
58.28 |
|
RECEIVABLES TURNOVER |
TIMES |
2.63 |
4.34 |
6.26 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
139.11 |
87.71 |
35.69 |
|
CASH CONVERSION CYCLE |
DAYS |
30.68 |
45.21 |
47.67 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.19 |
70.12 |
77.60 |
|
SELLING & ADMINISTRATION |
% |
19.59 |
25.32 |
19.74 |
|
INTEREST |
% |
3.21 |
4.65 |
1.68 |
|
GROSS PROFIT MARGIN |
% |
23.05 |
30.48 |
22.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.47 |
5.16 |
2.90 |
|
NET PROFIT MARGIN |
% |
0.14 |
0.27 |
0.89 |
|
RETURN ON EQUITY |
% |
0.40 |
0.61 |
4.77 |
|
RETURN ON ASSET |
% |
0.12 |
0.19 |
1.26 |
|
EARNING PER SHARE |
BAHT |
2.18 |
3.32 |
25.71 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.68 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.38 |
2.14 |
2.77 |
|
TIME INTEREST EARNED |
TIMES |
1.08 |
1.11 |
1.72 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
29.26 |
(58.23) |
|
|
OPERATING PROFIT |
% |
(13.23) |
(25.52) |
|
|
NET PROFIT |
% |
(34.14) |
(87.10) |
|
|
FIXED ASSETS |
% |
(14.07) |
(11.02) |
|
|
TOTAL ASSETS |
% |
7.94 |
(16.20) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 29.26%.
Turnover has increased from THB 36,341,049.29 in 2013 to THB 46,973,604.43 in
2014. While net profit has decreased from THB 99,471.97 in 2013 to THB 65,512.50
in 2014. And total assets has increased from THB 51,162,838.55 in 2013 to THB
55,226,664.75 in 2014.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.05 |
Impressive |
Industrial
Average |
18.17 |
|
Net Profit Margin |
0.14 |
Deteriorated |
Industrial
Average |
1.61 |
|
Return on Assets |
0.12 |
Deteriorated |
Industrial
Average |
1.94 |
|
Return on Equity |
0.40 |
Deteriorated |
Industrial
Average |
3.17 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 23.05%. When compared with the industry
average, the ratio of the company was higher, 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 0.14%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 0.12%.
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. When compared with the
industry average, it was lower, the company's figure is 0.4%.
Trend of the average
competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.64 |
Risky |
Industrial
Average |
1.64 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
30.68 |
|
|
|
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 0.64 times in 2014, increase from 0.49 times, then the company may not be
efficiently using its current assets. 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 0.49 times in 2014,
decrease from 0.34 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 31 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial
Average |
0.38 |
|
Debt to Equity Ratio |
2.38 |
Risky |
Industrial
Average |
0.61 |
|
Times Interest Earned |
1.08 |
Impressive |
Industrial
Average |
- |
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.08 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 0.7 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.54 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.85 |
Acceptable |
Industrial
Average |
1.21 |
|
Inventory Conversion Period |
31.25 |
|
|
|
|
Inventory Turnover |
11.68 |
Impressive |
Industrial
Average |
7.04 |
|
Receivables Conversion Period |
138.54 |
|
|
|
|
Receivables Turnover |
2.63 |
Acceptable |
Industrial
Average |
5.13 |
|
Payables Conversion Period |
139.11 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.63 and 4.34 in
2014 and 2013 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2014
decreased from 2013. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 49 days at the
end of 2013 to 31 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 7.46 times in year 2013 to 11.68
times in year 2014.
The company's Total Asset Turnover is calculated as 0.85 times and 0.71
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
|
|
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.73.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.