MIRA
INFORM REPORT
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Report Date : |
25.10.2007 |
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) : |
2006 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547007217 [Former: 0107554700985] |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Particle Board
and Related Products |
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,
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 |
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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 |
% |
|
|
|
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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 |
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Mr. Preecha Chai-anand Nationality: Thai Address : 33
Moo 1, Wangkanai,
Thamuang, Kanchanaburi |
77,857 |
1.45 |
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Mrs. Pradit Kanchanakamnerd Nationality: Thai Address : 35/1
Moo 1, Thamaka,
Kanchanaburi |
51,904 |
0.97 |
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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 |
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Mrs. Natthika Wathanavekin Nationality: Thai Address : |
1,377 |
0.02 |
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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 |
|
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Cash in hand
& at Bank
|
26,303,351.01 |
21,035,559.00 |
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Trade Accts. Receivable |
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-Related company |
5,256,048.84 |
40,597,735.50 |
|
-Non-related company |
190,299,834.88 |
79,542,444.89 |
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Receivable-Revenue Department |
79,143,488.61 |
21,675,800.80 |
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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 |
- |
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Fixed Assets |
1,104,512,346.40 |
1,124,961,808.03 |
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Assets Non-Operation |
25,629,706.00 |
11,186,486.00 |
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Other Assets |
5,591,072.65 |
119,000.00 |
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Total Assets |
1,865,123,998.18 |
1,575,884,557.23 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
329,277,489.89 |
215,020,111.16 |
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Trade Accts. Payable |
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|
- Related company |
4,955,223.25 |
586,598.59 |
|
- Non-related company |
162,576,634.77 |
113,433,373.42 |
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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 |
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Other Current Liabilities |
|
|
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Other Payable-Related Company |
83,390,833.22 |
- |
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Other Payable |
38,118,132.86 |
26,951,352.74 |
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Accrued Dividend |
36,621,338.18 |
- |
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Pre-receipt from
Custom |
31,292,578.46 |
26,362,074.69 |
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Other |
6,615,451.20 |
17,211,411.72 |
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Total Current Liabilities |
936,859,057.78 |
516,564,922.32 |
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Long Term Loan
Net of Current
Portion |
539,000,000.00 |
685,450,000.00 |
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Total Liabilities |
1,475,859,057.78 |
1,202,014,922.32 |
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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 |
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Capital Paid |
335,000,000.00 |
335,000,000.00 |
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Premium on Share-Capital |
33,500,000.00 |
35,500,000.00 |
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Statutory Reserve |
1,927,477.00 |
- |
|
Retained Earning -
Unappropriated |
18,837,463.40 |
5,369,634.91 |
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Total Shareholders' Equity |
389,264,940.40 |
373,869,634.91 |
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Total Liabilities & Shareholders' Equity |
1,865,123,998.18 |
1,575,884,557.23 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
1,985,841,975.19 |
1,178,937,031.54 |
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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 |
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Expenses |
|
|
|
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|
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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. |
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%)