MIRA
INFORM REPORT
|
Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
MP
PARTICLE BOARD CO., LTD. |
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Registered Office : |
25th Floor, Ploenchit Center
Building, 2 Sukhumvit Road,
Klongtoey, Bangkok 10110, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.10.2005 |
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Date of Incorporation : |
07.11.1990 |
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Com. Reg. No.: |
0105533132324 [Former : 13232/2533] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged
in manufacturing wide range of plain particle 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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
MP PARTICLE
BOARD CO., LTD.
SUMMARY
BUSINESS ADDRESS : 25th FLOOR,
PLOENCHIT CENTER BUILDING,
2
SUKHUMVIT 2
ROAD, KLONGTOEY,
BANGKOK 10110, THAILAND
TELEPHONE : [66] 2656-8527-32
FAX :
[66] 2656-8533-4
E-MAIL ADDRESS : sales@panelplus.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO.
: 0105533132324 [Former : 13232/2533]
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP
: BHT. 600,000,000
FISCAL YEAR CLOSING
DATE : OCTOBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. AMPORN KANCHANAKAMNERD, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 190
LINES OF
BUSINESS : PLAIN PARTICLE BOARD
MANUFACTURER, DISTRIBUTOR AND EXPORTER
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 November 7,
1990 as a
private limited company under the originally registered
name “M.P. Board
Co., Ltd.,” by
Thai groups. On
April 8, 1992,
subject was changed
its name to
be MP PARTICLE BOARD CO.,
LTD., with the
business objective to
manufacture and market
plain particle board
products. It currently
employs 190 staff.
The
subject was granted
the investment privilege
promotional from Board
Of Investment [BOI],
with the promotion
certificate No. 1014/2534 for
the production.
The
subject’s registered address
is 2 Ploenchit Center Bldg.,
Sukhumvit 2 Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Sunthorn Wongkusolkij |
[x] |
Thai |
69 |
|
Mr.
Isara Wongkusolkij |
[x] |
Thai |
59 |
|
Mr.
Atthapol Wongkusolkij |
|
Thai |
35 |
|
Mr.
Veerajate Wongkusolkij |
[x] |
Thai |
42 |
|
Mr.
Padung Techasarin |
[x] |
Thai |
67 |
|
Mrs.
Amporn Kanchanakamnerd |
[x] |
Thai |
42 |
|
Mr.
Sukhakarn Watthanavekin |
|
Thai |
51 |
AUTHORIZED PERSON
Two
of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Amporn
Kanchanakamnerd is the Managing Director.
She is
Thai nationality with
the age of
42 years old.
Mr. Prathana Kitjanont is the Marketing Manager.
He is
Thai nationality.
Ms. Siriporn Larpsomjai is the Assistant Managing
Director.
She is
Thai nationality.
Mr. Somchai
Leelas is
the Chief of
Account & Finance.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing wide range
of plain particle
board, under the
brand name “PANEL PLUS”.
PRODUCTION
100,000 cubic
meters per annum
PURCHASE
Most of
raw materials are
purchased from local
suppliers, and the
remaining as well
as machinery are
imported from Japan,
Taiwan and Germany.
EXPORT
60% of
the products is
exported to Republic
of China, Korea,
Japan, Vietnam, Philippines, Taiwan and Malaysia.
SALES
40% of
the products is sold locally
by wholesale to
dealers, manufacturers and
end-users.
PARENT COMPANY
United Farmer and Industry
Co., Ltd. : Thailand
RELATED AND AFFILIATED COMPANIES
Furnish
Board Co., Ltd.
Business Type : Manufacturer of
particle boards.
Panel
Plus Co., Ltd.
Business Type : Manufacturer of
particle boards.
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 or
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
The Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 190
office staff and
factory workers.
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 39
Moo 10, Chumpae-Phuvieng Rd., Koksa-ard, Phukeaw,
Chaiyaphum province 36110.
Tel.
: [66]
44 881-088-9, Fax.
: [66] 44 881-100.
COMMENT
Domestic
demand of particle board
has declined in
line with construction industry slow down,
however export markets
of such products
remains healthy.
The subject
is doing moderate
business, but trend
would slow down
from earlier year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 180,000,000
divided into 1,800,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 250,000,000 on March 20,
1991
Bht. 350,000,000 on April 7,
1995
Bht. 600,000,000 on April 30,
2006
The
latest registered capital
was increased to
Bht. 600 million divided
into 6,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at February 28, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
United
Farmer and Industry
Co., Ltd. Nationality: Thai Address :
2 Sukhumvit 2
Rd., Klongtoey, Bangkok |
5,999,994 |
99.99 |
|
Mr. Kamol
Wongkusolkij Nationality: Thai Address :
44 Moo 3,
Krubyai, Banpong, Ratchaburi |
1 |
|
|
Mr. Sunthorn Wongkusolkij Nationality: Thai Address :
54/1 Moo 16,
Thapha, Banpong, Ratchaburi |
1 |
|
|
Mr. Vitoon Wongkusolkij Nationality: Thai Address :
102 Sukhumvit Rd.,
Klongton, Prakanong, Bangkok |
1 |
=
0.01 |
|
Mr. Issara Wongkusolkij Nationality: Thai Address :
230/6 Sukhumvit 1
Rd., Klongtoeynua, Klongtoey, Bangkok |
1 |
|
|
Mr. Chanin Wongkusolkij Nationality: Thai Address :
682/6 Mangkorn Rd.,
Pomprab, Bangkok |
1 |
|
|
Mr. Kajorn Theppatipat Nationality: Thai Address :
133 Dindaeng Rd.,
Dindaeng, Huaykwang, Bangkok |
1 |
|
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Supachai Panyawatthano
No. 3930
BALANCE SHEET [BAHT]
The latest
financial figures published as
at October 31,
2005 & 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
14,405,152 |
24,366,270 |
|
Trade Accts.
Receivable Related
Companies |
22,017,770 |
3,977,944 |
|
Non-related Companies |
61,445,774 |
68,389,852 |
|
Short-term Loan
to Related Companies |
20,000,000 |
- |
|
Inventories [note 1] |
30,823,595 |
24,677,692 |
|
Other Current
Assets |
6,701,545 |
2,515,258 |
|
|
|
|
|
Total
Current Assets |
155,393,836 |
123,927,016 |
|
Investment in
Related Companies Investment in Non-market Securities |
664,295,775 |
592,328,382 |
|
Investment in Marketable Securities available for
Sale |
294,835,100 |
305,364,925 |
|
Investment in
Other Companies |
14,850,000 |
- |
|
Fixed
Assets [note 2] |
338,613,132 |
366,696,574 |
|
Other
Assets |
38,182 |
38,182 |
|
Total
Assets |
1,468,026,025 |
1,388,355,079 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Short-term Loan from
Bank |
100,000,000 |
70,049,352 |
|
Trade Accts.
Payable Related
Companies |
30,308,062 |
22,547,093 |
|
Non-related Companies |
30,309,232 |
26,016,351 |
|
Current Portion
of Long-term Loan |
68,750,000 |
11,250,000 |
|
Related Companies
Payable |
530,000 |
- |
|
Other Current
Liabilities Accrued
Income Tax |
1,537,198 |
24,778,237 |
|
Accrued
Expenses |
11,717,961 |
14,203,125 |
|
Others |
585,757 |
1,760,161 |
|
|
|
|
|
Total Current Liabilities |
243,738,210 |
170,604,319 |
|
Long-term Loan
- Net of
Current Portion |
156,250,000 |
75,000,000 |
|
Total
Liabilities |
399,988,210 |
245,604,319 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued and fully
paid
share capital 6,000,000 shares |
600,000,000 |
600,000,000 |
|
|
|
|
|
Capital Paid
|
600,000,000 |
600,000,000 |
|
Unrealized Gain
of Investment in Securities available
for Sale |
220,090,752 |
232,818,028 |
|
Retained Earning Appropriated for Statutory Reserve |
60,000,000 |
60,000,000 |
|
Unappropriated |
187,947,063 |
249,932,732 |
|
Total Shareholders' Equity |
1,068,037,815 |
|
|
Total Liabilities & Shareholders' Equity |
1,468,026,025 |
1,388,355,079 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
389,874,678 |
484,047,452 |
|
Other Income
Gain
from Sale of
Investment |
26,390,200 |
22,596,108 |
|
Dividend |
38,997,249 |
21,792,634 |
|
Others |
7,407,885 |
13,949,849 |
|
Total
Revenues |
462,670,012 |
542,386,043 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
299,926,612 |
283,513,685 |
|
Selling &
Administrative Expenses |
105,680,613 |
95,036,080 |
|
Total Expenses
|
405,607,225 |
378,549,765 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
& Income
Tax |
57,062,787 |
163,836,278 |
|
Interest Expenses |
[10,282,243] |
[8,841,348] |
|
Income Tax |
[6,766,213] |
[41,947,407] |
|
|
|
|
|
Net
Profit / [Loss] |
40,014,331 |
113,047,523 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
6,431,839 |
4,169,629 |
|
Goods in
Process |
2,651,444 |
1,134,429 |
|
Finished Goods |
5,957,514 |
5,954,995 |
|
Material Supplies |
15,782,798 |
12,921,421 |
|
Goods in
Transit |
- |
497,218 |
|
Total |
30,823,595 |
24,677,692 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land Improvement |
54,784,265 |
54,472,352 |
|
Building
|
119,029,245 |
117,719,525 |
|
Equipment &
Machine |
572,429,006 |
556,703,742 |
|
Utility System |
37,159,224 |
36,673,853 |
|
Office Automation |
15,500,165 |
14,664,231 |
|
Vehicle |
18,297,510 |
19,144,567 |
|
Works in
Construction |
9,054,279 |
13,926,463 |
|
Total |
826,253,694 |
813,307,733 |
|
Less:
Depreciation |
[487,640,562] |
[446,608,159] |
|
Total |
338,613,132 |
366,696,574 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[19.46] |
|
|
Operating |
[56.76] |
|
|
Net Profit |
[64.60] |
|
|
Fixed Assets |
[7.66] |
|
|
Total Assets |
5.74 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
76.93 |
58.57 |
|
Operating Profit
Margin |
14.64 |
33.85 |
|
S&A expenses |
27.11 |
19.63 |
|
Interest |
2.64 |
1.83 |
|
Other Revenues |
18.67 |
12.05 |
|
Net Profit Margin |
10.26 |
23.35 |
|
Earning Per
Shares |
6.67 |
18.84 |
|
No. of
Shares |
6,000,000 |
6,000,000 |
Net Sales was
decreased by 19.46%,
Operating Profit was
decreased by 56.76%,
Net Profit was
decreased by 64.60%,
Fixed Assets was
decreased by 7.66%,
Total Assets was
increased by 5.74%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
58.57% to 76.93%,
Operating Profit Margin
was decreased from
33.85% to 14.64%,
S & A
Expenses were increased
from 19.63% to
27.11%, Interest Paid
was increased from
1.83% to 2.64%,
Other Revenues was
increased from 12.05%
to 18.67%, Net
Profit Margin was
decreased from 23.35%
to 10.26%.
Earning Per
Shares was decreased
from 18.84 baht
per share to
6.67 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.64 |
0.73 |
|
Quick
- assets ratio |
0.48 |
0.57 |
Current Ratio
was decreased from
0.73 to 0.64,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets Ratio was decreased
from 0.57 to
0.48, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.37 |
0.21 |
|
Times Interest
Earned |
5.55 |
18.53 |
D/E Ratio was
increased from 0.21
to 0.37, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was decreased
from 18.53 to
5.55, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1.15 |
1.32 |
|
Total Assets
Turnover |
0.27 |
0.35 |
|
Return on
Assets |
2.73 |
8.14 |
|
Return on
Equity |
3.75 |
9.89 |
|
Day’s Payable |
27.99 |
19.35 |
|
Day’s Inventories |
28.46 |
18.35 |
|
Days’ Receivables |
56.74 |
50.86 |
Fixed Assets Turnover
was decreased from
1.32 times to
1.15 times, Total
Assets Turnover was
decreased from 0.35
times to 0.27
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 8.14
to 2.73, Return
on Equity was
decreased from 9.89
to 3.75, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was increased from
20 days to
28 days, Day’s
Inventories was increased
from 19 days
to 29 days, and Day’s
Receivables was increased
from 51 days
to 57 days.
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[19.46] |
|
|
Operating |
[56.76] |
|
|
Net Profit |
[64.60] |
|
|
Fixed Assets |
[7.66] |
|
|
Total Assets |
5.74 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
76.93 |
58.57 |
|
Operating Profit
Margin |
14.64 |
33.85 |
|
S&A expenses |
27.11 |
19.63 |
|
Interest |
2.64 |
1.83 |
|
Other Revenues |
18.67 |
12.05 |
|
Net Profit
Margin |
10.26 |
23.35 |
|
Earning Per
Shares |
6.67 |
18.84 |
|
No. of
Shares |
6,000,000 |
6,000,000 |
Net Sales was
decreased by 19.46%,
Operating Profit was
decreased by 56.76%,
Net Profit was
decreased by 64.60%,
Fixed Assets was
decreased by 7.66%,
Total Assets was
increased by 5.74%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
58.57% to 76.93%,
Operating Profit Margin
was decreased from
33.85% to 14.64%,
S & A
Expenses were increased
from 19.63% to
27.11%, Interest Paid
was increased from
1.83% to 2.64%,
Other Revenues was
increased from 12.05%
to 18.67%, Net
Profit Margin was
decreased from 23.35%
to 10.26%.
Earning Per
Shares was decreased
from 18.84 baht
per share to
6.67 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.64 |
0.73 |
|
Quick
- assets ratio |
0.48 |
0.57 |
Current Ratio
was decreased from
0.73 to 0.64,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets Ratio was decreased
from 0.57 to
0.48, capacity to
pay Short Term
Loan was not
good too, because
Current Assets with
out Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.37 |
0.21 |
|
Times Interest
Earned |
5.55 |
18.53 |
D/E Ratio was
increased from 0.21
to 0.37, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is to
low and Times
Interest Earned was
decreased from 18.53
to 5.55, capacity
to pay interest paid was
so good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1.15 |
1.32 |
|
Total Assets
Turnover |
0.27 |
0.35 |
|
Return on
Assets |
2.73 |
8.14 |
|
Return on
Equity |
3.75 |
9.89 |
|
Day’s Payable |
27.99 |
19.35 |
|
Day’s Inventories |
28.46 |
18.35 |
|
Days’ Receivables |
56.74 |
50.86 |
Fixed Assets Turnover
was decreased from
1.32 times to
1.15 times, Total
Assets Turnover was
decreased from 0.35
times to 0.27
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 8.14
to 2.73, Return
on Equity was
decreased from 9.89
to 3.75, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was increased from
20 days to
28 days, Day’s
Inventories was increased
from 19 days
to 29 days, and Day’s
Receivables was increased
from 51 days
to 57 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/normal. |
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 |
|