MIRA
INFORM REPORT
|
Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AGRO FIBER CO., LTD. |
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Registered Office : |
138
Moo 7, T. Thatoom, A. Srimahapote, Prachinburi
Province 25140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0255547000319 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and marketing of
Medium Density Fiber
Board. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
AGRO FIBER CO., LTD.
SUMMARY
BUSINESS ADDRESS : 138
MOO 7, T. THATOOM, A.
SRIMAHAPOTE,
PRACHINBURI PROVINCE
25140
TELEPHONE : [66] 37 208-800-40
FAX : [66] 37
208-586
E-MAIL ADDRESS : webmaster@agrofiber.net
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO.
: 0255547000319
CAPITAL
REGISTERED : BHT. 400,000,000
CAPITAL
PAID-UP : BHT. 400,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. DECHA PANYASAWAD, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : MEDIUM DENSITY FIBER BOARD
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The
subject was established
on May 3,
2004 as a
private limited company under the registered name
style AGRO FIBER
CO., LTD., by
Thai groups, with
the business objective
to manufacture and
distribute medium density
fiber boards to
both domestic and
international markets. It
currently employs approximately 300 staff.
It
has been granted
a promotional privilege by the Board of
Investment [BOI] for
the production, under
the promotion certificate
No. 1367/2548.
Subject is
a wholly owned
subsidiary of Advance
Property Synergies Public Company
Limited.
The
subject’s registered address
is 138 Moo 7, T. Thatoom, A. Srimahapote, Prachinburi 25140, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Decha Panyasawad |
|
Thai |
42 |
|
Mrs. Sriwan Champachoke |
|
Thai |
- |
|
Mr. Nophakorn Chaisomboon |
|
Thai |
50 |
|
Ms. Sasikarn Vanichsri |
|
Thai |
44 |
|
Mrs. Angkana Punnaphum |
|
Thai |
49 |
|
Mr. Poolsak Sutanthavibul |
|
Thai |
- |
|
Mr. Somanus Bodhisat |
|
Thai |
- |
|
Ms. Somsri Saelor |
|
Thai |
52 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Decha Panyasawad
is the Managing Director.
He is Thai nationality with
the age of
42 years old.
Mr. Torsak U-Paiboon
is the Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing and marketing
of Medium Density
Fiber Board [MDF Board]
made from Eucalyptus
wood.
PURCHASE
Most of raw
materials, mainly eucalyptus
wood and chemicals
are purchased from
local suppliers, the
remaining as well
as machinery and
spare parts are
imported from Germany,
Sweden, Switzerland and
Italy.
SALES
The products is
sold by wholesale
to customer both
in domestic and
overseas, mainly in
Korea, Republic of
China, Taiwan, Philippines
and Hong Kong.
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.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 300 staff.
LOCATION DETAILS
The
premise is owned
for administrative office, factory
and warehouse at
the heading address.
Premise is located
in provincial.
COMMENT
The subject
is a manufacturer of Medium
Density Fiber Board.
Its products have
been used in
furniture and decorative
industry. Its sales
have significantly grown
from both domestic
and export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into
100,000 shares of Bht. 10
each.
The
capital was increased
later as following:
Bht. 145,000,000 on March 17,
2005
Bht. 400,000,000 on July 15,
2006
The
latest registered capital
was increased to
Bht. 400 million, divided into 40,000,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Advance Property
Synergies Public Company
Limited Nationality: Thai Address : 10
Thatoom, Srimahapote, Prachinburi |
39,999,994 |
99.99 |
|
Mr. Monthop Rojanavisuth Nationality: Thai Address : 126/275
Moo 2, Thatoom,
Srimahapote, Prachinburi |
1 |
|
|
Mr. Chukiat Lertsupanand Nationality: Thai Address : 746/7
Rama 5 Rd.,
Thanon Nakornchaisri, Dusit, Bangkok |
1 |
|
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Mr. Somchai Pongsathaporn Nationality: Thai Address : 88/223
Chuaploerng Rd., Chongnonsi,
Yannawa, Bangkok |
1 |
|
|
Mr.
Nophakorn Chaisomboon Nationality: Thai Address : 110/206
Moo 2, Bangsamak, Bangpakong, Chachoengsao |
1 |
= 0.01 |
|
Ms.
Sasikarn Vanichsri Nationality: Thai Address : 232/8
Ladprao 93 Rd.,
Wangthonglang, Bangkok |
1 |
|
|
Mr. Jarine Eiamsupasit Nationality: Thai Address : 244/224
Moo 9, Seekan,
Donmuang, Bangkok |
1 |
|
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Buppha Chawapong No.
7640
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
20,048,935.29 |
15,928,768.35 |
|
Trade Accts. Receivable |
83,046,390.79 |
62,681,242.25 |
|
Inventories |
81,344,838.37 |
141,238,407.30 |
|
Other Current Assets
|
38,686,107.47 |
54,013,651.67 |
|
Total Current
Assets |
223,126,271.92 |
273,862,069.57 |
|
Long Term Investment |
14,999,392.00 |
14,999,392.00 |
|
Fixed Assets |
729,228,594.98 |
727,366,571.71 |
|
Other Assets |
34,000.00 |
34,000.00 |
|
Total Assets
|
967,388,258.90 |
1,016,262,033.28 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
124,531,452.86 |
161,268,209.67 |
|
Other Payable |
19,419,340.26 |
230,408,246.39 |
|
Short Term Loan
from Related Company |
225,000,000.00 |
503,869,929.86 |
|
Current Portion of Liabilities under Finance Lease Contract |
406,104.48 |
- |
|
Deposit |
186,915,887.85 |
- |
|
Other Current Liabilities |
16,123,108.00 |
14,463,986.27 |
|
Total Current
Liabilities |
572,395,893.45 |
910,010,372.19 |
|
Liabilities under Finance
Lease Contract Net of Current Portion
|
710,682.96 |
- |
|
Total Liabilities |
573,106,576.41 |
910,010,372.19 |
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 40,000,000 & 14,500,000 shares in
2006 & 2005 |
400,000,000.00 |
145,000,000.00 |
|
Capital Paid |
400,000,000.00 |
145,000,000.00 |
|
Retained Earning -
Unappropriated |
[5,718,317.51] |
[38,748,338.91] |
|
Total
Shareholders' Equity |
394,281,682.49 |
106,251,661.09 |
|
Total Liabilities &
Shareholders' Equity |
967,388,258.90 |
1,016,262,033.28 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
902,461,075.18 |
512,113,763.13 |
|
Other Income |
14,270,754.07 |
1,726,347.49 |
|
Total Revenues
|
916,731,829.25 |
513,840,110.62 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
760,746,841.43 |
491,403,315.90 |
|
Selling & Administrative Expenses |
113,440,311.26 |
54,355,175.89 |
|
Total Expenses |
874,187,152.69 |
545,758,491.79 |
|
Profit / [Loss] Before Interest
Expenses |
42,544,676.56 |
[31,918,381.17] |
|
Interest Expenses |
[9,514,655.16] |
[6,699,612.02] |
|
Net Profit / [Loss] |
33,030,021.40 |
[38,617,993.19] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
76.22 |
|
|
Operating Profit |
[175.64] |
|
|
Net Profit |
185.53 |
|
|
Fixed Assets |
0.26 |
|
|
Total Assets |
[4.81] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.30 |
95.96 |
|
Operating Profit Margin |
4.71 |
[6.23] |
|
S & A
Expenses |
12.57 |
10.61 |
|
Interest Paid |
1.05 |
1.31 |
|
Other Revenues |
1.58 |
0.34 |
|
Net Profit Margin |
3.66 |
[7.54] |
|
Earning Per Shares |
0.83 |
[2.66] |
|
No. of Shares |
40,000,000 |
14,500,000 |
Net Sales was increased by
76.22%, Operating Profit
was decreased by
175.64%, Net Profit
was increased by
185.53%, Fixed Assets
was increased by
0.26%, Total Assets
was decreased by
4.81%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 95.96%
to 84.30%, Operating
Profit Margin was
increased from -6.23%
to 4.71%, S
& A Expenses
was increased from
10.61% to 12.57%,
Interest Paid was decreased
from 1.31% to
1.05%, Other Revenues
was increased from
0.34% to 1.58%,
Net Profit Margin
was increased from
-7.54% to 3.66%.
Earning Per Shares
was increased from
-2.66 baht per
share to 0.83
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.39 |
0.30 |
|
Quick-Assets Ratio |
0.18 |
0.09 |
Current Ratio was
increased from 0.30
to 0.39, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not good, Quick-Assets Ratio was increased
from 0.09 to
0.18, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.45 |
8.56 |
|
Times Interest Earned |
4.47 |
[4.76] |
D/E Ratio was
decreased from 8.56
to 1.45, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the company is
medium, Times Interest
Earned was increased
from -4.76 to
4.47, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.24 |
0.70 |
|
Total Assets Turnover |
0.93 |
0.50 |
|
Return on Assets |
3.41 |
[3.80] |
|
Return on Equity |
8.38 |
[36.35] |
|
Day's Payable |
49.68 |
113.37 |
|
Day’s Inventories |
32.45 |
99.29 |
|
Day’s Receivables |
33.13 |
44.06 |
Fixed Assets Turnover
was increased from
0.70 times to
1.24 times, Total
Assets Turnover was
increased from 0.50
times to 0.93
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-3.80 to 3.41,
Return on Equity
was increased from
-36.35 to 8.38,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 114
days to 50
days, Day’s Inventories
was decreased from
100 days to
33 days, and
Day’s Receivables was
decreased from 45
days to 34
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. |
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 |
|
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%)