MIRA
INFORM REPORT
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Report Date : |
14.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PANEL PLUS CO., LTD. |
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Registered Office : |
25th Floor, |
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Country : |
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Financials (as on) : |
31.10.2005 |
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Date of Incorporation : |
16.01.2004 |
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Com. Reg. No.: |
0105547007217 [Former:
0107554700985] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in
manufacturing of plain
particle board and melamine faced
chipboard. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Regular |
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Litigation : |
Clear |
Company Name
PANEL PLUS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 25th FLOOR,
2
SUKHUMVIT 2 ROAD,
KLONGTOEY,
TELEPHONE : [66] 2656-8527
FAX
: [66]
2656-8533-4
E-MAIL ADDRESS : benjarkt@panelplus.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547007217 [Former:
0107554700985]
CAPITAL REGISTERED : BHT. 335,000,000
CAPITAL PAID-UP
: BHT. 335,000,000
FISCAL YEAR CLOSING
DATE : OCTOBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOONTHORN WONGKUSOLKIJ,
THAI
MANAGING
DIRECTOR
NO. OF STAFF : 411
LINES OF
BUSINESS : PARTICLE BOARD
AND RELATED PRODUCTS
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 16,
2004 as a
private limited company under
the initially registered
name “Hatyai panel Co.,
Ltd.” by Thai groups. On
September 1, 2005,
it was changed
the name to
PANEL PLUS CO.,
LTD. Subject is
a wholly owned
subsidiary of Mitr
Phol Sugar Co.,
Ltd.
The
business objective is to
manufacture particle boards
and related products
for domestic and
oversea markets. It
currently employs 411 staff.
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 |
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Nationality |
Age |
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Mrs.
Amporn Kanchanakamnerd |
[x] |
Thai |
43 |
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Mr.
Soonthorn Wongkusolkij |
[x] |
Thai |
69 |
|
Mr.
Isara Wongkusolkij |
[x] |
Thai |
59 |
|
Mr.
Atthapol Wongkusolkij |
|
Thai |
35 |
|
Mr.
Veerajate Wongkusolkij |
[x] |
Thai |
42 |
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Mr.
Padung Techasarin |
[x] |
Thai |
66 |
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Mr.
Sukkarn Wathanavekin |
|
Thai |
51 |
AUTHORIZED PERSON
Two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Soonthorn Wongkusolkij
is the Managing
Director.
He is
Thai nationality with
the age of
69 years old.
Ms. Prathana
Kijjanont is
the Deputy Managing
Director.
She is
Thai nationality.
Mr. Nakorn Puakvilai
is the Factory
Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing of plain
particle board and
melamine faced chipboard,
with the production
capacity of 400,000
cubic meters and 30
million square meters
per annum respectively,
under the brand
name PANEL PLUS.
PURCHASE
Raw materials,
mainly Parawood and
Rubberwood are purchased
from local suppliers.
IMPORT
Machinery
and spare parts
are imported from
Germany, Taiwan and
Japan.
SALES
80% of
the products is
sold locally by
wholesale to dealers
and end-users.
EXPORT
20% of
the products is
exported to Japan,
Taiwan, Singapore, Malaysia,
Hong Kong, Vietnam, Philippines
and Korea.
RELATED AND
AFFILIATED COMPANY
MP
Particle Board Co.,
Ltd.
Business Type
: Manufacturer of
particle board.
Furnish
Board Co., Ltd.
Business Type
: Manufacturer of
particle board.
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
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.
The Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 411
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 417/14
Karnchanavanich Rd., Phatong,
Hadyai, Songkhla 90230.
Tel. ; [66] 74 291-130-4,
Fax. : [66] 74 291-020.
COMMENT
Slow growth
of the construction
industry in domestic market
has seen since
the beginning of
the year especially
from the private
sector. There are
factors that lead to
declining like higher fuel
price, increase utility, strong inflation, higher labor
cost as well as
higher cost of
construction materials.
However, the
subject would be
able to maintain its
growth in domestic
market, while exports
markets have strong
sales due to
demand of particle
board and panel in
internationals markets remain
healthy and expanding
steadily.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
100,000 divided into
1,000 shares of
Bht. 100 each.
On
February 26, 2004,
the capital was
increased to Bht. 335,000,000 divided
into 3,350,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at October
25, 2006]
|
NAME |
HOLDING |
% |
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Mitr
Phol Sugar Co.,
Ltd. Nationality: Thai Address :
2 Sukhumvit 2
Rd., Klongtoey, |
3,349,994 |
99.99 |
|
Mr. Soonthorn Wongkusolkij Nationality: Thai Address :
54/1 Moo 16,
Thapha, Banpong, Ratchburi |
1 |
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Mr. Vitoon
Wongkusolkij Nationality: Thai Address : |
1 |
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Mr. Isara
Wongkusolkij Nationality: Thai Address :
230/6 Sukhumvit 1
Rd., Klongtoeynua, Wattana, |
1 |
=0.01 |
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Mr. Chanin
Wongkusolkij Nationality: Thai Address :
125/220 Moo 5,
Pakkred, Nonthaburi |
1 |
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Mr. Veerajate Wongkusolkij Nationality: Thai Address :
27 Sukhumvit 43
Rd., Klongtonnua, Wattana, |
1 |
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Mrs. Amporn Kanchanakamnerd Nationality: Thai Address : Phyathai, |
1 |
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Total
Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr.
Suphachai Panyawattano No. 3930
BALANCE SHEET [BAHT]
The latest
financial figures published
for October 31,
2005 & 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
21,035,559 |
30,352,885 |
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Trade Accts.
Receivable |
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-Related
company |
40,597,736 |
7,090,373 |
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-Non-related company |
79,542,445 |
85,763,100 |
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Receivable-Revenue Department |
21,675,801 |
9,723,911 |
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Inventories [note 1] |
199,553,875 |
47,986,042 |
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Other Current
Assets |
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Refundable
for Claim of
Fire |
- |
191,804,844 |
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Refundable
Value Added Tax |
53,534,845 |
21,356,706 |
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Other
Receivable |
- |
4,191,115 |
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Other |
23,677,003 |
2,100,508 |
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Total
Current Assets |
439,617,264 |
400,369,484 |
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Fixed
Assets [note 2] |
1,136,148,294 |
922,371,256 |
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Other
Assets |
119,000 |
50,000 |
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Total
Assets |
1,575,884,558 |
1,322,790,740 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft
& Short Term
Loan from Financial Institute |
167,494,540 |
178,407,960 |
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Trade Accts.
Payable |
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- Related
company |
586,598 |
1,368,126 |
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- Non-related company |
187,493,335 |
238,933,554 |
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Current Portion of
Long Term Loans |
97,000,000 |
50,000,000 |
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Short Term
Loan from Related
Company |
20,000,000 |
- |
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Other Current
Liabilities |
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Other Payable |
416,963 |
24,306,452 |
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Pre-receipt
from Custom |
13,567,818 |
15,926,471 |
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Other |
30,005,669 |
20,931,209 |
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Total Current Liabilities |
516,564,923 |
529,873,772 |
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Long Term
Loan Net of
Current Portion |
685,450,000 |
450,000,000 |
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Total
Liabilities |
1,202,014,923 |
979,873,772 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized,
issued and fully
paid
share capital 335,000
shares |
335,000,000 |
335,000,000 |
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Capital Paid |
335,000,000 |
335,000,000 |
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Premium on
Share-Capital |
35,500,000 |
33,500,000 |
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Retained Earning - Unappropriated |
5,369,635 |
[25,583,032] |
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Total Shareholders' Equity |
373,869,635 |
342,916,968 |
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Total Liabilities &
Shareholders' Equity |
1,575,884,558 |
1,322,790,740 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Oct. 31, 2005 |
Jan. 16, 2004- Oct. 31, 2004 |
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Sales |
1,178,937,032 |
117,399,440 |
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Gain on
Exchange Rate |
25,504,862 |
10,491,417 |
|
Other Income |
14,513,121 |
3,002,387 |
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Total
Revenues |
1,218,955,015 |
130,893,244 |
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Expenses |
|
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Cost of
Goods Sold |
884,444,614 |
84,388,295 |
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Selling &
Administrative Expenses |
194,180,812 |
55,361,141 |
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Total Expenses
|
1,078,625,426 |
139,749,436 |
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Profit
/ [Loss] from Operation
|
140,329,589 |
[8,856,192] |
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Interest Expenses |
[36,785,826] |
[16,726,840] |
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Extraordinary |
[72,591,096] |
- |
|
Net
Profit / [Loss] |
30,952,667 |
[25,583,032] |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
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Raw Material |
54,161,096 |
23,454,822 |
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Goods in
Process |
64,110,132 |
9,608,554 |
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Finished Goods |
34,600,972 |
6,235,906 |
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Factory Material |
46,681,675 |
8,686,760 |
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Total |
199,553,875 |
47,983,042 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
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Land & Land
Improvement |
78,276,982 |
67,768,100 |
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Building
|
137,270,807 |
119,335,104 |
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Factory Equipment & Machine |
978,014,056 |
718,978,636 |
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Office Equipment & Furniture |
7,090,563 |
3,060,125 |
|
Vehicle |
9,630,234 |
1,555,877 |
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Machine under
Installation |
10,809,845 |
22,259,361 |
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Total |
1,221,092,487 |
932,957,203 |
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Less:
Depreciation |
[84,944,193] |
[10,585,947] |
|
Total |
1,136,148,294 |
922,371,256 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
904.21 |
|
|
Operating |
[257.79] |
|
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Net Profit |
220.99 |
|
|
Fixed Assets |
23.18 |
|
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Total Assets |
19.13 |
|
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Profitability |
|
|
|
Cost of
Goods Sold |
75.02 |
71.88 |
|
Operating Profit
Margin |
11.90 |
[7.54] |
|
S&A expenses |
16.47 |
47.16 |
|
Interest |
3.12 |
14.25 |
|
Other Revenues |
3.39 |
11.49 |
|
Net Profit
Margin |
2.63 |
[21.79] |
|
Earning Per
Shares |
92.40 |
[76.37] |
|
No. of
Shares |
335,000 |
335,000 |
Net Sales was
increased by 904.21%,
Operating Profit was
decreased by 257.79%,
Net Profit was
increased by 220.99%,
Fixed Assets was
increased by 23.18%,
Total Assets was
increased by 19.13%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
71.88% to 75.02%,
Operating Profit Margin
was increased from
-7.54% to 11.90%,
S & A
Expenses were decreased
from 47.16% to
16.47%, Interest Paid
was decreased from
14.25% to 3.12%,
Other Revenues was
decreased from 11.49%
to 3.39%, Net
Profit Margin was
increased from -21.79%
to 2.63%.
Earning Per
Shares was increased
from -76.37 baht
per share to
92.40 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.85 |
0.76 |
|
Quick
- assets ratio |
0.32 |
0.58 |
Current Ratio
was increased from
0.76 to 0.85,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets
Ratio was decreased
from 0.58 to
0.32, 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 |
3.22 |
2.86 |
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Times Interest
Earned |
3.81 |
[0.53] |
D/E Ratio was
increased from 2.86
to 3.22, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high
and Times Interest
Earned was increased
from -0.53 to
3.81, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1.04 |
0.13 |
|
Total Assets
Turnover |
0.75 |
0.09 |
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Return on
Assets |
1.96 |
[1.93] |
|
Return on
Equity |
8.28 |
[7.46] |
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Day’s Payable |
57.25 |
732.68 |
|
Day’s Inventories |
60.94 |
147.15 |
|
Days’ Receivables |
24.29 |
262.99 |
Fixed Assets Turnover
was increased from
0.13 times to
1.04 times, Total
Assets Turnover was
increased from 0.09
times to 0.75
times, show the
company could use
Assets so efficiently,
and Return on
Assets was increased
from -1.93 to
1.96, Return on
Equity was increased
from -7.46 to
8.28, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
733 days to
58 days, Day’s
Inventories was decreased
from 148 days
to 61 days,
and Day’s Receivables
was decreased from
263 days to
25 days.
RATING EXPLANATIONS
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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 |
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