MIRA
INFORM REPORT
|
Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
METRO M. D.
F. CO., LTD. |
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|
|
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Registered Office : |
99/9 Moo 5, Waineo-Dongsak Road, T.
Wainneo, A. Thamaka,
Karnchanburi 71120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
29.06.1993 |
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Com. Reg. No.: |
0715536000245 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Veneer MDF
Boards |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
METRO M. D.
F. CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99/9
MOO 5, WAINEO-DONGSAK ROAD,
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 : 450
LINES OF
BUSINESS : VENEER MDF BOARDS
MANUFACTURER, DISTRIBUTOR
AND E XPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
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 to both
domestic and international markets. It currently
employs approximately 450 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 |
|
|
|
|
|
|
Mr. Narong Piyasombatkul |
|
Thai |
50 |
|
Mr. Chatchai Piyasombatkul |
|
Thai |
48 |
|
Mr. Piya Piyasombatkul |
|
Thai |
43 |
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
43 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
50 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
per year.
PURCHASE
100% of its
raw material, mainly
rubber & eucalyptus
wood are 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, Vietnam
and Republic of
China and in
Middle East.
RELATED AND AFFILIATED COMPANIES
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 450 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
provincial.
Bangkok
Office : 18th Flr., Vorasombat
Bldg., 100/1 Rama
9 Rd., Huaykwang,
Bangkok 10320.
Tel. [66] 2645-1062,
Fax. [66] 2645-1064.
Branch
office : 99/9
Moo 8, T. Ratniyom, A.
Sainoi, Nonthaburi 11150.
:
214 Moo 5,
T. Tharongchang, A. Punpin, Suratthani
province.
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 July
9, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Narong Piyasombatkul Nationality: Thai Address : 262/8
Soi Prachanukul, Bangsue,
Bangkok |
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, Prachachuen Rd., Bangsue, Bangkok |
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, Bangkok |
400,000 |
5.00 |
|
Ms. Thaviwan Piyasombatkul Nationality: Thai Address : 55/5
Moo 14, Prachachuen Rd., Bangsue, Bangkok |
200,000 |
2.50 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Maneerat Boonthanakorn No. 8921
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
29,848,804.88 |
15,927,676.07 |
|
Trade Accts. & Notes Receivable |
238,618,353.80 |
182,994,813.00 |
|
Inventories |
228,670,226.47 |
131,187,493.72 |
|
Revenue Department Receivable |
1,387,812.51 |
- |
|
Other Current Assets
|
9,362,409.55 |
5,531,952.73 |
|
Total Current Assets
|
507,887,607.21 |
335,641,935.52 |
|
|
|
|
|
Non-Operation Land |
18,638,499.57 |
18,638,499.57 |
|
Fixed Assets |
494,110,448.85 |
508,760,534.79 |
|
Other Assets |
196,344.55 |
1,177,502.31 |
|
Total Assets |
1,020,832,900.18 |
864,218,472.19 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft & Short
Term Loan from Financial
Institute |
135,000,000.00 |
26,875,394.49 |
|
Trade Accts. & Notes Payable |
87,037,315.24 |
67,170,128.56 |
|
Accrued Expenses |
1,002,405.66 |
3,925,570.73 |
|
Value Added Tax |
411,766.01 |
1,509,941.29 |
|
Accrued Income Tax |
3,140,097.93 |
3,211,996.49 |
|
Other Current Liabilities |
12,192,164.59 |
3,355,228.65 |
|
Total Current Liabilities |
238,783,749.43 |
106,048,260.21 |
|
Total Liabilities |
238,783,749.43 |
106,048,260.21 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
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 |
382,049,150.75 |
358,170,211.98 |
|
Total Shareholders' Equity |
782,049,150.75 |
758,170,211.98 |
|
Total Liabilities & Shareholders' Equity |
1,020,832,900.18 |
864,218,472.19 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales & Services Income
|
917,520,772.31 |
783,396,248.35 |
|
Interest Income |
323,323.80 |
313,423.14 |
|
Other Income |
1,251,164.78 |
3,576,963.98 |
|
Total Revenues |
919,095,260.89 |
787,286,635.47 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
793,635,502.21 |
681,075,930.03 |
|
Selling & Administrative Expenses |
88,218,848.02 |
77,865,754.81 |
|
Loss on Raw
Material Assets |
709,018.04 |
- |
|
Total Expenses |
882,563,368.27 |
758,941,684.84 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
36,531,892.62 |
28,344,950.63 |
|
Interest Expenses |
[594,851.40] |
[29,243.88] |
|
Income Tax |
[12,058,102.45] |
[8,611,400.76] |
|
Net Profit / [Loss] |
23,878,938.77 |
19,704,305.99 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
17.12 |
|
|
Operating Profit |
12.18 |
|
|
Net Profit |
21.19 |
|
|
Fixed Assets |
[2.88] |
|
|
Total Assets |
18.12 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
86.50 |
86.94 |
|
Operating Profit Margin |
4.06 |
3.62 |
|
S & A
Expenses |
9.61 |
9.94 |
|
Interest Paid |
0.06 |
0.00 |
|
Other Revenues |
0.17 |
0.50 |
|
Net Profit Margin |
2.60 |
2.52 |
|
Earning Per Shares |
2.98 |
2.46 |
|
No. of Shares |
8,000,000 |
8,000,000 |
Net Sales was
increased by 17.12%,
Operating Profit was
increased by 12.18%,
Net Profit was
increased by 21.19%,
Fixed Assets was
decreased by 2.88%,
Total Assets was
increased by 18.12%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 86.94%
to 86.50%, Operating
Profit Margin was
increased from 3.62%
to 4.06%, S
& A Expenses
was decreased from
9.94% to 9.61%,
Interest Paid was increased
from 0.00% to
0.06%, Other Revenues
was decreased from
0.50% to 0.17%,
Net Profit Margin
was increased from
2.52% to 2.60%.
Earning Per Shares
was increased from
2.46 baht per
share to 2.98
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
2.13 |
3.16 |
|
Quick-Assets Ratio |
1.12 |
1.88 |
Current Ratio was
decreased from 3.16
to 2.13, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.88 to 1.12,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.31 |
0.14 |
|
Times Interest Earned |
62.61 |
969.26 |
D/E Ratio was
increased from 0.14
to 0.31, 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 969.26
to 62.61, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
1.86 |
1.54 |
|
Total Assets Turnover |
0.90 |
0.91 |
|
Return on Assets |
2.34 |
2.28 |
|
Return on Equity |
3.05 |
2.60 |
|
Day's Payable |
34.15 |
30.87 |
|
Day’s Inventories |
89.72 |
60.29 |
|
Day’s Receivables |
93.62 |
84.09 |
Fixed Assets Turnover
was increased from
1.54 times to
1.86 times, Total
Assets Turnover was
decreased from 0.91
times to 0.90
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 2.28 to
2.34, Return on
Equity was increased
from 2.60 to
3.05, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 31
days to 35
days, Day’s Inventories
was increased from
61 days to
90 days, and
Day’s Receivables was
increased from 85
days to 94
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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%)