MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PANEL DECOR 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 : |
2006 |
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Com. Reg. No.: |
0105549086122 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing of
melamine faced paper
for wooden surfaced used in
furniture industry. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
PANEL DECOR CO., LTD.
SUMMARY
BUSINESS ADDRESS : 25th FLOOR,
2 SUKHUMVIT
2 ROAD, KLONGTOEY,
TELEPHONE : [66] 2656-8527
FAX :
[66] 2656-8533-4
E-MAIL ADDRESS : benjarakt@panelplus.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2006
REGISTRATION NO. : 0105549086122
CAPITAL
REGISTERED : BHT.
60,000,000
CAPITAL
PAID-UP : BHT.
60,000,000
FISCAL
YEAR CLOSING DATE : OCTOBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOONTHORN WONGKUSOLKIJ,
THAI
PRESIDENT
NO. OF
STAFF : 100
LINES OF
BUSINESS : MELAMINE FACED
PAPER PRODUCTS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 19,
2006 as a
private limited company under
the name style
PANEL DECOR CO.,
LTD., by Thai
groups, with the business
objective to manufacture melamine faced paper for furniture
industry. It currently employs
approximately 100 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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Mr. Soonthorn Wongkusolkij |
[x] |
Thai |
69 |
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Mr. Issara Wongkusolkij |
[x] |
Thai |
59 |
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Mr. Atthapol Wongkusolkij |
|
Thai |
35 |
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Mr. Veerajate Wongkusolkij |
[x] |
Thai |
43 |
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Mr. Padung Techasarin |
[x] |
Thai |
67 |
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Mrs. Amporn Kanchanakamnerd |
[x] |
Thai |
43 |
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Mr. Sukhakarn 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 President.
He is Thai
nationality with the
age of 69
years old.
Mrs. Amporn Kanchanakamnerd is
the Executive Director.
She is Thai
nationality with the
age of 43
years old.
Mr. Veerajate Wongkusolkij is
the Managing Director.
He is Thai
nationality with the
age of 43
years old.
Ms. Pathana Kijjanont
is the Sales
& Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing of melamine
faced paper for
wooden surfaced used in
furniture industry. The
subject has started
its activity in
January 2007.
BRAND NAME
“PANEL PLUS”
PURCHASE
Raw materials and
components are purchased
from local suppliers,
as well as
machinery and parts
are imported from
Germany, Japan and
Taiwan.
MAJOR SUPPLIER
Panel Plus Group :
SALES
100% of the
products is sold
locally through Furnish
Board Co., Ltd.
PARENT COMPANY
Panel Plus Co.,
Ltd. :
RELATE AND
AFFILIATED COMPANIES
MP Particle
Board Co., Ltd.
Business : Manufacturer
of particle boards.
Furnish Board
Co., Ltd.
Business Type :
Distributor of melamine
faced papers.
Hatyai Panel
Co., Ltd.
Business : Manufacturer
of melamine faced
chipboard.
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 credit 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.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
100 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
is located at
417/116 Kanchanavanich Rd.,
T. Patong, A. Hadyai, Songkhla
90230. Tel. : [66]
74 291-130-4, Fax. :
[66] 74 291-020.
COMMENT
The
subject declared no
income in 2006
due to a new
player in its
business line, however
its products have not
yet been launched
into the market,
therefore any business
engagement should be
on secured basis
only.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
On
December 29, 2006,
the capital was
increased to Bht.
60,000,000 divided into
600,000 shares of
Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS
: [as at
February 27,
2007]
|
NAME |
HOLDING |
% |
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Panel Plus
Co., Ltd. Nationality: Thai Address : 2
Sukhumvit 2 Rd.,
Klongtoey, |
360,000 |
60.00 |
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Mr. Kamol Wongkusolkij Nationality: Thai Address : 44
Moo 3, Krubyai,
Banpong, Ratchburi |
40,000 |
6.67 |
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Mr.
Soonthorn Wongkusolkij Nationality: Thai Address : 27
Sukhumvit 43 Rd.,
Klongtonnua, Wattana, |
28,000 |
4.67 |
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Mr. Issara Wongkusolkij Nationality: Thai Address : 230/6
Sukhumvit 1 Rd.,
Klongtoeynua, Wattana, |
28,000 |
4.67 |
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Mr. Vitoon Wongkusolkij Nationality: Thai Address : 102
Sukhumvit 33 Rd., Klongtoeynua, Wattana, |
28,000 |
4.67 |
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Dr.
Laksamee Wongkusolkij Nationality: Thai Address : 14/1
Phaholyothin 30 Rd.,
Chankasem, Jatujak, |
25,000 |
4.17 |
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Eastern Sugar
Co., Ltd. Nationality: Thai Address : 78
Charoenkrung 30 Rd.,
Bangrak, |
21,740 |
3.62 |
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Mrs. Vimol Kanchanakamnerd Nationality: Thai Address : 35/1
Moo 10, Thamaka,
Kanchanaburi |
20,000 |
3.33 |
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Others |
49,260 |
8.20 |
Total Shareholders
20
NAME OF
AUDITOR CERTIFICATED PUBLIC
ACCOUNTANT NO.
Mr. Somchai Kurujitkosol No. 3277
BALANCE SHEET [BAHT]
The
latest financial figures
published for October
31, 2006 was:
ASSETS
|
Current Assets |
2006 |
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Cash in hand
& at Bank
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2,181,459.48 |
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Other Current Assets
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9,459,219.36 |
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Total Current
Assets |
11,640,678.84 |
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Fixed Assets |
117,969,983.91 |
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Total Assets
|
129,610,662.75 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
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Current Portion of Long
Term Loans |
6,000,000.00 |
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Short Term Loan
from Related Company
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3,000,000.00 |
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Other Current Liabilities |
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Other Payable-Assets |
15,653,389.19 |
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Other Payable-Related Company |
56,303,925.97 |
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Others |
1,509,127.41 |
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Total Current
Liabilities |
82,466,442.57 |
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Long Term Loan |
47,047,257.22 |
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Total Liabilities |
129,513,699.79 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
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Retained Earning -
Unappropriated |
[903,037.04] |
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Total
Shareholders' Equity |
96,962.96 |
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Total
Liabilities & Shareholders' Equity |
129,610,662.75 |
PROFIT &
LOSS ACCOUNT
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Revenue |
July
19, 2006- Oct.
31, 2006 |
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Sales |
- |
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Total Revenues
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- |
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Expenses |
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Selling & Administrative Expenses |
895,639.78 |
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Total Expenses |
895,639.78 |
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Profit / [Loss] Before Interest
Expenses |
[895,639.78] |
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Interest Expenses |
[7,397.26] |
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Net Profit / [Loss] |
[903,037.04] |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)