MIRA
INFORM REPORT
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Report Date : |
05.10.2007 |
IDENTIFICATION DETAILS
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Name : |
METRO M. D. F. CO., LTD. |
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Registered Office : |
99/9 Moo
5, 71120 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
0715536000245 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and
servicing of veneer
MDF board for
furniture production industry. |
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
METRO M. D. F. CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99/9
MOO 5,
T. WAINNEO,
A. THAMAKA,
KARNCHANBURI 71120
TELEPHONE : [66] 34
542-396, 34 541-254-6
FAX : [66] 34
541-254
E-MAIL ADDRESS : mdf@metroply.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0715536000245 [Former : KOR
JOR. 341]
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. PIYA PIYASOMBATKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : VENEER MDF
BOARDS
MANUFACTURER, DISTRIBUTOR
AND
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on June 29,
1993 as a
private limited company under
the name style
METRO M. D. F. CO.,
LTD., by Thai
groups, in order to
manufacture veneer MDF
board products to
both domestic and
international markets. It
currently employs approximately
300 staff.
The
subject’s registered address
is 99/9 Moo
5, Wainneo-Dongsak Rd.,
Waineo, Thamaka, Karnchanaburi
71120, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
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Mr. Narong Piyasombatkul |
|
Thai |
49 |
|
Mr. Chatchai Piyasombatkul |
|
Thai |
47 |
|
Mr. Piya Piyasombatkul |
|
Thai |
42 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Piya Piyasombatkul is
the Managing Director.
He is Thai
nationality with the
age of 42
years old.
Mr. Sompoch Piyasombatkul is
the Factory Manager.
He is Thai
nationality.
Mr. Narong Piyasombatkul is
the Financial &
Accounting Manager.
He is Thai
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing of
veneer MDF board
for furniture production
industry, with the
production capacity of
99,000 square meters.
PURCHASE
100% of its
raw material, mainly
rubber & Eucalyptus wood is purchased from
planters and supplier.
SALES
80% of the
products is sold
locally by wholesale to
manufacturers and end-users,
and the remaining
20% is exported
to many countries
in Asia; Japan,
Korea, Taiwan, Hong Kong
and Republic of
China, and in
Middle East.
RELATED AND
AFFILIATED COMPANY
Metropolitan Plywood
Co., Ltd.
Business Type : Manufacturer of
plywood.
Metro Veneer
Co., Ltd.
Business Type : Manufacturer
& distributor of teak wood veneer
products.
Metro Topwood
Co., Ltd.
Business Type : Manufacturer
& distributor of veneer
surfaced board.
Metro Panel
Co., Ltd.
Business Type : Manufacturer of
fiber board & hard board.
H. T. L. Sawmill
Co., Ltd.
Business Type : Manufacturer of
wooden products.
NC-Ply Co.,
Ltd.
Business Type : Manufacturer of
door skin and
door products.
Piyasombat Property
Co., Ltd.
Business Type : Property business.
Piyasombat Land
Co., Ltd.
Business Type : Property business.
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.
Exports are against
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
300 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in rural
area.
Bangkok
Office : 18th Flr., Vorasombat
Bldg., 100/1 Rama 9 Rd.,
Huaykwang,
COMMENT
Piyasombatkul family
has been involved
in wooden products
for many years.
The subject is
one in the
group companies which
produces veneer MDF boards.
Its business performance
has drastically improved
and expand steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000
divided into 2,000,000
shares of Bht.
100 each.
On
December 22, 1998,
the capital was
divided into 4,000,000
shares of Bht.
50 each with
fully paid.
On
January 20, 1999,
the capital was
increased to Bht. 400,000,000, divided
into 8,000,000 shares
of Bht. 50 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Narong Piyasombatkul Nationality: Thai Address : 262/8
Soi Prachanukul, Bangsue,
|
1,700,000 |
21.25 |
|
Mr.
Chatchai Piyasombatkul Nationality: Thai Address : 74
Moo 2, Nonthaburi
1 Rd., Bangkrasor, Muang, Nonthaburi |
1,700,000 |
21.25 |
|
Mr. Piya Piyasombatkul Nationality: Thai Address : 99/9
Moo 5, Waineo,
Thamaka, Karnchanburi |
1,700,000 |
21.25 |
|
Mr. Ong-arj Piyasombatkul Nationality: Thai Address :
55/5 Moo 14, |
1,300,000 |
16.25 |
|
Ms.
Laksamee Piyasombatkul Nationality: Thai Address : 39/3
Moo 4, Saiyai,
Sainoi, Nonthaburi |
1,000,000 |
12.50 |
|
Mr. Vorawit Piyasombatkul Nationality: Thai Address : 617
Pracharaj 1 Rd.,
Bangsue, |
400,000 |
5.00 |
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Ms.
Thaviwan Piyasombatkul Nationality: Thai Address : 55/5
Moo 14, |
200,000 |
2.50 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Pornchai Kittipanyangam No.
2778
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
15,927,676.07 |
23,427,657.24 |
|
Trade Accts. & Notes
Receivable |
180,159,313.00 |
165,291,644.26 |
|
Inventories |
131,187,493.72 |
85,674,420.36 |
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Other Current Assets
|
|
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Advanced Receivable |
2,981,070.00 |
1,780,206.00 |
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Other |
5,552,785.04 |
2,133,263.35 |
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Total Current
Assets |
335,808,337.83 |
278,307,191.21 |
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|
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|
18,638,499.57 |
- |
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Fixed Assets |
508,760,534.79 |
528,413,746.60 |
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Other Assets |
1,011,100.00 |
1,799,344.53 |
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Total Assets
|
864,218,472.19 |
808,520,282.34 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Bank Overdraft & Short
Term Loan from Financial
Institute |
26,875,394.49 |
- |
|
Trade Accts. & Notes
Payable |
67,170,128.56 |
48,566,497.30 |
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Current Portion of Long
Term Loans |
- |
3,000,000.00 |
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Other Current Liabilities |
|
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Accrued Expenses |
3,925,570.73 |
3,135,739.73 |
|
Value Added
Tax |
1,509,941.29 |
1,382,940.33 |
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Accrued Income
Tax |
3,211,996.49 |
10,892,942.41 |
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Other |
3,355,228.65 |
3,076,256.58 |
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Total Current
Liabilities |
106,048,260.21 |
70,054,376.35 |
|
Total Liabilities |
106,048,260.21 |
70,054,376.35 |
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Shareholders'
Equity |
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Share capital : Baht 50
par value authorized, issued
and fully paid share
capital 8,000,000 shares |
400,000,000.00 |
400,000,000.00 |
|
Capital Paid |
400,000,000.00 |
400,000,000.00 |
|
Retained Earning -
Unappropriated |
358,170,211.98 |
338,465,905.99 |
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Total
Shareholders' Equity |
758,170,211.98 |
738,465,905.99 |
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Total
Liabilities & Shareholders' Equity |
864,218,472.19 |
808,520,282.34 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales & Services Income
|
783,396,248.35 |
722,662,617.78 |
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Interest Income |
313,423.14 |
265,523.01 |
|
Other Income |
3,576,963.98 |
3,062,737.06 |
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Total Revenues
|
787,286,635.47 |
725,990,877.85 |
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Expenses |
|
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Cost of Goods
Sold & Services |
681,075,930.03 |
532,105,784.46 |
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Selling & Administrative Expenses |
77,865,754.81 |
117,529,118.91 |
|
Loss on Raw
Material Assets |
- |
1,043,981.52 |
|
Total Expenses |
758,941,684.84 |
657,574,414.15 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
28,344,950.63 |
68,416,463.70 |
|
Interest Expenses |
[29,243.88] |
[38,292.21] |
|
Income Tax |
[8,611,400.76] |
[21,018,097.92] |
|
Net Profit / [Loss] |
19,704,305.99 |
47,360,073.57 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
8.40 |
|
|
Operating Profit |
[65.76] |
|
|
Net Profit |
[58.39] |
|
|
Fixed Assets |
[3.72] |
|
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Total Assets |
6.89 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
86.94 |
73.63 |
|
Operating Profit Margin |
3.62 |
10.57 |
|
S & A
Expenses |
9.94 |
16.26 |
|
Interest Paid |
0.00 |
0.01 |
|
Other Revenues |
0.50 |
0.46 |
|
Net Profit Margin |
2.52 |
6.55 |
|
Earning Per Shares |
2.46 |
5.92 |
|
No. of Shares |
8,000,000 |
8,000,000 |
Net Sales was
increased by 8.40%,
Operating Profit was
decreased by 65.76%,
Net Profit was
decreased by 58.39%,
Fixed Assets was
decreased by 3.72%,
Total Assets was
increased by 6.89%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 73.63%
to 86.94%, Operating
Profit Margin was
decreased from 10.57%
to 3.62%, S
& A Expenses
was decreased from
16.26% to 9.94%,
Interest Paid was decreased
from 0.01% to
0.00%, Other Revenues
was increased from
0.46% to 0.50%,
Net Profit Margin
was decreased from
6.55% to 2.52%.
Earning Per Shares
was decreased from
5.92 baht per
share to 2.46
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
3.17 |
3.97 |
|
Quick-Assets Ratio |
1.85 |
2.69 |
Current Ratio was
decreased from 3.97
to 3.17, show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company
was good, Quick-Assets
Ratio was decreased
from 2.69 to
1.85, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.14 |
0.09 |
|
Times Interest Earned |
969.26 |
1,994.03 |
D/E Ratio was
increased from 0.09
to 0.14, show
the company had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low, Times Interest
Earned was decreased
from 1,994.03 to
969.26, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.54 |
1.37 |
|
Total Assets Turnover |
0.91 |
0.89 |
|
Return on Assets |
2.28 |
5.86 |
|
Return on Equity |
2.60 |
6.41 |
|
Day's Payable |
30.87 |
24.19 |
|
Day’s Inventories |
60.29 |
42.68 |
|
Day’s Receivables |
82.79 |
82.34 |
Fixed Assets Turnover
was increased from
1.37 times to
1.54 times, Total
Assets Turnover was
increased from 0.89
times to 0.91
times, show the
company could use Assets so
efficiently, Return on
Assets was decreased
from 5.86 to
2.28, Return on
Equity was decreased
from 6.41 to
2.60, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 25
days to 31
days, and Day’s
Inventories was increased
from 43 days
to 61 days,
while Day’s Receivables
was stable at
83 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. |
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%)