MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
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) : |
31.10.2006 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547007217 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
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 |
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.
537,212,200
CAPITAL
PAID-UP : BHT.
537,212,200
FISCAL
YEAR CLOSING DATE : OCTOBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOONTHORN WONGKUSOLKIJ,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 430
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.
On
October 25, 2006,
Subject has become
a 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 430 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 |
|
Nationality |
Age |
|
|
|
|
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|
Mrs. Amporn Kanchanakamnerd |
[x] |
Thai |
43 |
|
Mr. Soonthorn 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 |
66 |
|
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, Singapore, 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
The Panel
Plus group, consists
of:
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 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.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 430
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 is the
market leader of
Asia for wood
substitution products as
well as 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.
The
capital was increased
later as follows:
Bht. 335,000,000
on February 26,
2004
Bht. 537,212,200
on February 10,
2005
The
latest registered capital
was increased to
Bht. 537,212,200 divided into
5,372,122 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
February 27,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitr Phol Sugar
Co., Ltd. Nationality: Thai Address : 2
Sukhumvit 2 Rd.,
Klongtoey, |
4,703,846 |
87.56 |
|
Eastern Sugar
Co., Ltd. Nationality: Thai Address : |
481,971 |
8.97 |
|
Mr. Preecha Chai-anand Nationality: Thai Address : 33
Moo 1, Wangkanai,
Thamuang, Kanchanaburi |
77,857 |
1.45 |
|
Mrs. Pradit Kanchanakamnerd Nationality: Thai Address : 35/1
Moo 1, Thamaka,
Kanchanaburi |
51,904 |
0.97 |
|
Mrs. Vimol Lanchanakkamnerd Nationality: Thai Address : 35/1
Moo 1, Thamaka,
Kanchanaburi |
51,904 |
0.97 |
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Mr. Sukkarn Wathanavekin Nationality: Thai Address : |
3,257 |
0.06 |
|
Mrs.
Natthika Wathanavekin Nationality: Thai Address : |
1,377 |
0.02 |
|
Other Shareholders |
6 |
- |
Total Shareholders
13
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Somchai Kurujitkosol No.
3277
BALANCE SHEET [BAHT]
The
latest financial figures
published for October
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
26,303,351.01 |
21,035,559.00 |
|
Trade Accts. Receivable |
|
|
|
-Related company |
5,256,048.84 |
40,597,735.50 |
|
-Non-related company |
190,299,834.88 |
79,542,444.89 |
|
Receivable-Revenue Department |
79,143,488.61 |
21,675,800.80 |
|
Inventories |
238,571,649.68 |
199,553,875.09 |
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Other Current Assets
|
|
|
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Refundable Value
Added Tax |
94,789,218.82 |
53,534,845.18 |
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Other |
10,637,148.07 |
23,677,002.74 |
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Total Current
Assets |
645,000,739.91 |
439,617,263.20 |
|
|
|
|
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Investment in Subsidiaries Company |
84,390,133.22 |
- |
|
Fixed Assets |
1,104,512,346.40 |
1,124,961,808.03 |
|
Assets Non-Operation |
25,629,706.00 |
11,186,486.00 |
|
Other Assets |
5,591,072.65 |
119,000.00 |
|
Total Assets
|
1,865,123,998.18 |
1,575,884,557.23 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
329,277,489.89 |
215,020,111.16 |
|
Trade Accts. Payable |
|
|
|
- Related company |
4,955,223.25 |
586,598.59 |
|
- Non-related company |
162,576,634.77 |
113,433,373.42 |
|
Current Portion of Long
Term Loans |
164,011,375.95 |
97,000,000.00 |
|
Short Term Loan
from Related Company |
80,000,000.00 |
20,000,000.00 |
|
Other Current Liabilities |
|
|
|
Other Payable-Related Company |
83,390,833.22 |
- |
|
Other Payable |
38,118,132.86 |
26,951,352.74 |
|
Accrued Dividend |
36,621,338.18 |
- |
|
Pre-receipt from
Custom |
31,292,578.46 |
26,362,074.69 |
|
Other |
6,615,451.20 |
17,211,411.72 |
|
Total Current
Liabilities |
936,859,057.78 |
516,564,922.32 |
|
Long Term Loan
Net of Current
Portion |
539,000,000.00 |
685,450,000.00 |
|
Total Liabilities |
1,475,859,057.78 |
1,202,014,922.32 |
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|
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,350,000 shares |
335,000,000.00 |
335,000,000.00 |
|
Capital Paid |
335,000,000.00 |
335,000,000.00 |
|
Premium on Share-Capital |
33,500,000.00 |
35,500,000.00 |
|
Statutory Reserve |
1,927,477.00 |
- |
|
Retained Earning -
Unappropriated |
18,837,463.40 |
5,369,634.91 |
|
Total
Shareholders' Equity |
389,264,940.40 |
373,869,634.91 |
|
Total
Liabilities & Shareholders' Equity |
1,865,123,998.18 |
1,575,884,557.23 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,985,841,975.19 |
1,178,937,031.54 |
|
Gain on Sales
of Assets |
5,709,053.16 |
25,504,862.49 |
|
Other Income |
15,050,894.00 |
14,513,120.79 |
|
Total Revenues
|
2,006,601,922.35 |
1,218,955,014.82 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,526,780,234.35 |
884,444,613.66 |
|
Selling & Administrative Expenses |
374,931,993.11 |
194,180,811.83 |
|
Total Expenses |
1,901,712,227.46 |
1,078,625,425.49 |
|
Profit / [Loss] from Operation
|
104,889,694.89 |
140,329,589.33 |
|
Interest Expenses |
[52,873,051.22] |
[36,785,825.66] |
|
Extraordinary Fine Damaged |
- |
[72,591,096.30] |
|
Net Profit / [Loss] |
52,016,643.67 |
30,952,667.37 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Raw Material |
72,406,154.90 |
55,463,980.50 |
|
Goods in Process |
34,814,899.63 |
64,110,131.61 |
|
Finished Goods |
68,093,248.38 |
34,600,971.94 |
|
Factory Material |
65,947,346.77 |
45,378,791.04 |
|
Total |
241,261,649.68 |
199,553,875.09 |
|
Less: Allowance
for Obsolescent Stock |
[2,690,000.00] |
- |
|
Total
|
238,571,649.68 |
199,553,875.09 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
68.44 |
|
|
Operating Profit |
[55.63] |
|
|
Net Profit |
68.05 |
|
|
Fixed Assets |
[1.82] |
|
|
Total Assets |
18.35 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
76.88 |
75.02 |
|
Operating Profit Margin |
5.28 |
11.90 |
|
S & A
Expenses |
18.88 |
16.47 |
|
Interest Paid |
2.66 |
3.12 |
|
Other Revenues |
1.05 |
3.39 |
|
Net Profit Margin |
2.62 |
2.63 |
|
Earning Per Shares |
15.53 |
9.24 |
|
No. of Shares |
3,350,000 |
3,350,000 |
Net Sales was
increased by 68.44%,
Operating Profit was
decreased by 55.63%,
Net Profit was
increased by 68.05%,
Fixed Assets was
decreased by 1.82%,
Total Assets was
increased by 18.35%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 75.02%
to 76.88%, Operating
Profit Margin was
decreased from 11.90%
to 5.28%, S
& A Expenses
was increased from
16.47% to 18.88%,
Interest Paid was decreased
from 3.12% to
2.66%, Other Revenues
was decreased from
3.39% to 1.05%,
Net Profit Margin
was decreased from
2.63% to 2.62%.
Earning Per Shares
was increased from
9.24 baht per
share to 15.53
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.69 |
0.85 |
|
Quick-Assets Ratio |
0.32 |
0.32 |
Current Ratio was
decreased from 0.85
to 0.69, show Current
Assets can not
cover Current Liabilities,
Liquidity Ratio of
the company was
not good, Quick-Assets
Ratio was increased
from 0.32 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 |
2006 |
2005 |
|
D/E Ratio |
3.79 |
3.22 |
|
Times Interest Earned |
1.98 |
3.81 |
D/E Ratio was
increased from 3.22
to 3.79, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
3.81 to 1.98,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.80 |
1.05 |
|
Total Assets Turnover |
1.06 |
0.75 |
|
Return on Assets |
2.79 |
1.96 |
|
Return on Equity |
13.36 |
8.28 |
|
Day's Payable |
29.47 |
34.64 |
|
Day’s Inventories |
43.25 |
60.94 |
|
Day’s Receivables |
34.50 |
24.29 |
Fixed Assets Turnover
was increased from
1.05 times to
1.80 times, Total
Assets Turnover was
increased from 0.75
times to 1.06
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
1.96 to 2.79,
Return on Equity
was increased from
8.28 to 13.36,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 35
days to 30
days, and Day’s
Inventories was decreased
from 61 days
to 44 days,
while Day’s Receivables
was increased from
25 days to
35 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 |
|
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%)