MIRA INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
METRO PARTICLE CO
LTD. |
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Registered Office : |
39/5
Moo 4, Richuphan
Road, Saiyai, Sainoi, Nonthaburi Province 11150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
0125545007309 [Former : 11754500727] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Particle Boards |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
No Complaints |
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Litigation : |
Clear |
Name
METRO
PARTICLE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 39/5
MOO 4, RICHUPHAN ROAD, SAIYAI,
SAINOI, NONTHABURI
PROVINCE 11150
TELEPHONE : [66] 2985-5433-40
FAX : [66] 2985-5441
E-MAIL
ADDRESS : manopmetro@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION NO. : 0125545007309 [Former : 11754500727]
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. NARONG PIYASOMBATKUL, THAI
PRESIDENT
NO.
OF STAFF : 324
LINES
OF BUSINESS : PARTICLE BOARDS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established on August 19, 2002
as a private limited company under the name style
METRO PARTICLE CO.,
LTD., by Thai
group, the Piyasombatkul family, with the
business objective to
manufacture and distribute
particle boards to
both domestic and
international markets. It
currently employs 324
staff.
The subject’s registered address is
39/5 Moo 4, Richuphan
Rd., Saiyai, Sainoi,
Nonthaburi 11150, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
|
Mr. Narong Piyasombatkul |
|
Thai |
50 |
|
Mr. Chatchai Piyasombatkul |
|
Thai |
48 |
|
Ms. Laksamee Piyasombatkul |
|
Thai |
44 |
|
Mr. Piya Piyasombatkul |
|
Thai |
43 |
|
Ms. Yaowalak Piyasonbatkul |
|
Thai |
38 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Narong Piyasombatkul is
the President.
He is Thai nationality with the age of
50 years old.
Mr. Chatchai Piyasombatkul is
the Managing Director.
He is Thai nationality with
the age of
48 years old.
Ms. Laksamee Piyasombatkul is
the General Manager.
She is Thai nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing various sizes of
particle board and
melamine faced chipboard
products, with the
production capacity of
300,000 square meters
per annum.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining as
well as machinery
and spare parts
are imported from
Germany and U.S.A.
SALES
60% of the products is
sold locally to
wholesalers, and the
remaining 40% is
exported to Singapore,
Vietnam, Taiwan, Europe,
U.S.A. and Australia.
RELATED AND AFFILIATED COMPANY
Metro Panel Co.,
Ltd.
Business Type :
Manufacturer of wooden
door.
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.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 324
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
on 800,000 square meters
of land, at
the heading address.
Premise is located
in residential area.
COMMENT
The
subject was formed
in 2002 as a manufacturer, distributor and exporter
of particle boards.
Its products have
been used in
various industries particularly for knockdown furniture.
The subject has
advantage processing technology
competing in global
markets. Its products
remain relative in
strong demand from
both domestic and
export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 400,000,000 divided
into 400,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Narong Piyasombatkul Nationality: Thai Address : 70
Bangsue, Bangkok |
60,000 |
15.00 |
|
Mr. Chatchai Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor, Muang, Nonthaburi |
60,000 |
15.00 |
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Ms. Laksamee Piyasombatkul Nationality: Thai Address : 39/3
Moo 4, Saiyai,
Sainoi, Nonthaburi |
60,000 |
15.00 |
|
Mr. Piya Piyasombatkul Nationality: Thai Address : 99/9
Moo 5, Waineaw,
Thamaka, Kanchanaburi |
60,000 |
15.00 |
|
Ms. Yaowalak Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor, Muang, Nonthaburi |
60,000 |
15.00 |
|
Mrs. I-yee Sae-harn Nationality: Thai Address : 617
Pracharaj 1 Rd.,
Bangsue, Bangkok |
50,000 |
12.50 |
|
Mrs. Chantana Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor, Muang, Nonthaburi |
50,000 |
12.50 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Anupong
Techa-amnuayporn No. 3700
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
80,382,009.38 |
79,145,102.93 |
|
Trade Accts. Receivable |
261,697,396.63 |
200,818,570.06 |
|
Inventories |
153,329,558.18 |
154,730,403.12 |
|
Loan to Related
Company |
- |
11,000,000.00 |
|
Other Current Assets
|
23,706,750.61 |
18,869,931.83 |
|
Total Current Assets
|
519,115,714.80 |
464,564,007.94 |
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|
|
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Fixed Assets |
1,459,757,889.79 |
1,574,891,322.10 |
|
Other Assets |
29,782,510.78 |
582,359.84 |
|
Total Assets |
2,008,656,115.37 |
2,040,037,689.88 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
1,410,000,000.00 |
1,000,000,000.00 |
|
Trade Accts. Payable |
257,788,465.37 |
196,700,864.70 |
|
Current Portion of Long
Term Loans |
129,000,000.00 |
168,000,000.00 |
|
Other Current Liabilities |
48,810,403.84 |
26,908,381.56 |
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Total Current Liabilities |
1,845,598,869.21 |
1,391,609,246.26 |
|
Long Term Loan
Net of Current
Portion |
- |
504,000,000.00 |
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Total Liabilities |
1,845,598,869.21 |
1,895,609,246.26
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Shareholders' Equity |
|
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 400,000 shares |
400,000,000.00 |
400,000,000.00 |
|
Capital Paid |
400,000,000.00 |
400,000,000.00 |
|
Retained Earning -
Unappropriated |
[236,942,753.84] |
[255,571,556.38]
|
|
Total Shareholders' Equity |
163,057,246.16 |
144,428,443.62 |
|
Total Liabilities & Shareholders' Equity |
2,008,656,115.37 |
2,040,037,689.88 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,528,775,296.58 |
1,359,174,252.90 |
|
Gain on Exchange
Rate |
2,131,937.50 |
- |
|
Interest Income & Other Income |
3,399,192.49 |
3,285,351.46 |
|
Total Revenues |
1,534,306,426.57 |
1,362,459,604.36 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
1,317,474,117.22 |
1,178,541,474.29 |
|
Selling & Administrative Expenses |
167,197,152.65 |
141,186,820.37 |
|
Loss on Exchange
Rate |
- |
2,529,286.64 |
|
Total Expenses |
1,484,671,269.87 |
1,322,257,581.30 |
|
Profit / [Loss] Before Interest
Expenses |
49,635,156.70 |
40,202,023.06 |
|
Interest Expenses |
[31,006,354.16] |
[29,590,268.67] |
|
Net Profit / [Loss] |
18,628,802.54 |
10,611,754.39 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
12.48 |
|
|
Operating Profit |
3.27 |
|
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Net Profit |
75.55 |
|
|
Fixed Assets |
[7.31] |
|
|
Total Assets |
[1.54] |
|
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Profitability |
|
|
|
Cost of Good
Sold |
86.18 |
86.71 |
|
Operating Profit Margin |
3.25 |
3.14 |
|
S & A
Expenses |
10.94 |
10.39 |
|
Interest Paid |
2.03 |
2.18 |
|
Other Revenues |
0.36 |
0.24 |
|
Net Profit Margin |
1.22 |
0.78 |
|
Earning Per Shares |
46.57 |
26.53 |
|
No. of Shares |
400,000 |
400,000 |
Net Sales was increased by 12.48%, Operating Profit was increased by 3.27%, Net Profit was increased by 75.55%, Fixed Assets was decreased by 7.31%, Total Assets was decreased by 1.54%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 86.71%
to 86.18%, Operating
Profit Margin was
increased from 3.14%
to 3.25%, S
& A Expenses
was increased from
10.39% to 10.94%,
Interest Paid was decreased
from 2.18% to
2.03%, Other Revenues
was increased from
0.24% to 0.36%,
Net Profit Margin
was increased from
0.78% to 1.22%.
Earning Per Shares
was increased from
26.53 baht per
share to 46.57
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.28 |
0.33 |
|
Quick-Assets Ratio |
0.19 |
0.20 |
Current Ratio was
decreased from 0.33
to 0.28, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.20 to 0.19,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
11.32 |
13.12 |
|
Times Interest Earned |
1.60 |
1.44 |
D/E Ratio was
decreased from 13.12
to 11.32, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
1.44 to 1.60,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
1.05 |
0.86 |
|
Total Assets Turnover |
0.76 |
0.67 |
|
Return on Assets |
0.93 |
0.52 |
|
Return on Equity |
11.42 |
7.35 |
|
Day's Payable |
60.70 |
52.10 |
|
Day’s Inventories |
36.11 |
40.98 |
|
Day’s Receivables |
61.63 |
53.19 |
Fixed Assets Turnover
was increased from
0.86 times to
1.05 times, Total
Assets Turnover was
increased from 0.67
times to 0.76
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.52 to 0.93,
Return on Equity
was increased from
7.35 to 11.42,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 53
days to 61
days, while Day’s
Inventories was decreased
from 41 days
to 37 days, but Day’s
Receivables was increased
from 54 days
to 62 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
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%)