MIRA INFORM REPORT
|
Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
PANEL
PLUS CO., LTD. |
|
|
|
|
Formerly Known As : |
Hatyai Panel
Co., Ltd |
|
|
|
|
Registered Office : |
25th
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.10.2009 |
|
|
|
|
Date of Incorporation : |
16.01.2004 |
|
|
|
|
Com. Reg. No.: |
0105547007217 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
and Exporter of particle board
and related products |
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 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
company name
PANEL
PLUS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 25th FLOOR,
2 SUKHUMVIT
2 ROAD, KLONGTOEY,
TELEPHONE : [66] 2656-8527,
2636-8188
FAX
: [66] 2656-8533-4
E-MAIL
ADDRESS : benjarkt@panelplus.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547007217
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 : MRS.
AMPORN KANCHANAKAMNERD, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 700
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
GOOD 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, the
name was changed
to PANEL PLUS
CO., LTD.
On
October 25, 2006,
Subject became 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
approximate 700 staff.
The
subject’s registered address
is 25th Floor,
Ploenchit Center Bldg.,
2 Sukhumvit 2
Rd., Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Amporn Kanchanakamnerd |
[x] |
Thai |
47 |
|
Mr. Isara Wongkusolkij |
[x] |
Thai |
63 |
|
Mr. Atthapol Wongkusolkij |
|
Thai |
39 |
|
Ms. Teeranart Wongkusolkij |
|
Thai |
40 |
|
Mr. Padung Techasarin |
[x] |
Thai |
70 |
|
Mr. Sukkarn Wathanavekin |
|
Thai |
55 |
|
Mr. Krisada Monthienvichienchai |
[x] |
Thai |
53 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Amporn Kanchanakamnerd is
the Managing Director.
She is Thai
nationality with the
age of 47
years old.
Mr. Nakorn Puakvilai is
the Factory Manager [Hatyai].
He is Thai
nationality.
Mr. Arthit Prasobsong is
the Factory Manager [Chaiyaphum].
He is Thai
nationality.
Ms. Chonnee Noobutr is
the Account & Finance Manager.
She is Thai
nationality.
Mr. Thana Chongluemtham is
the Sales & Marketing Manager
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing plain particle board
and melamine faced
chipboard under the
brand name “PANEL
PLUS”, with the
production capacity of
400,000 cubic meters
and 30 million
square meters per
annum respectively.
PURCHASE
Raw materials mainly
rubber woods are
purchased from local
suppliers.
IMPORT
Machinery
and spare parts
are imported from Germany, U.S.A., Singapore,
Taiwan, Japan and
Republic of China.
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, Laos,
Cambodia, Hong Kong,
Vietnam, Philippines, Indonesia
and Korea.
RELATED AND AFFILIATED COMPANIES
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.
Panel Décor Co.,
Ltd.
Business Type :
Manufacturer of melamine
coated papers
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
700 staff.
LOCATION DETAILS
The
premise is rented
for administrative office at
the heading address.
Premise is located
in a prime
commercial area.
Factory and
Warehouse:
-
Tel. : [66] 74 291-130-4,
Fax. : [66] 74 291-020.
-
39 Moo 10,
T. Koksa-ard, A.
Phookiew, Chaiyaphum 36110.
-
53/3
Moo 5, T. Nadee,
A. Muang, Samutsakorn 74000.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT 500,000.
COMMENT
The subject is
a manufacturer, distributor
and exporter of
particle board and melamine
faced chipboard. Demand
of the products
are depending upon consumption from
furniture and related
industries. Meanwhile growth
in domestic and
exports markets have gradually
improved due to economic improvement.
Subject’s current business performance
is healthy.
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 24, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
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 |
|
Mr. Preecha Chai-anand Nationality: Thai Address : 33
Moo 1, Wangkanai,
Thamuang,
Kanchanaburi |
77,857 |
1.45 |
|
Mrs. Pradit Kanchanakamnerd Nationality: Thai Address : 35/1
Moo 1, Thamaka,
Kanchanaburi |
51,904 |
0.97 |
|
Mrs. Vimol Lanchanakkamnerd Nationality: Thai Address : 35/1
Moo 1, Thamaka,
Kanchanaburi |
51,904 |
0.97 |
|
Mr. Sukkarn Wathanavekin Nationality: Thai Address : |
3,257 |
0.06 |
|
Mrs. Natthika Wathanavekin Nationality: Thai Address : |
1,377 |
0.02 |
|
Other Shareholders |
6 |
- |
Total Shareholders : 13
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Supachai Panyawattano
No. 3930
BALANCE SHEET [BAHT]
The latest financial figures published for October 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
30,641,792 |
34,460,175 |
|
Short-term Investment |
30,054,648 |
- |
|
Trade Accounts Receivable |
|
|
|
-Related company |
44,581,403 |
52,837,199 |
|
-Non-related company |
221,408,638 |
145,866,767 |
|
Total Trade Accounts
Receivable |
265,990,041 |
198,703,966 |
|
Receivable-Sale Department |
3,711,782 |
845,672 |
|
Inventories |
343,920,109 |
392,507,002 |
|
Other Current Assets
|
|
|
|
Refundable Value
Added Tax |
7,020,428 |
19,095,464 |
|
Other |
18,274,144 |
17,292,637 |
|
Total Current Assets
|
699,612,944 |
662,904,916 |
|
|
|
|
|
Investment in Subsidiaries Company |
119,390,833 |
119,390,833 |
|
Fixed Assets |
1,902,209,923 |
2,179,609,099 |
|
Intangible Assets |
|
|
|
Computer Programme |
2,731,769 |
3,097,094 |
|
Other Assets |
5,662,863 |
5,501,703 |
|
Total Assets |
2,729,608,332 |
2,970,503,645 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
- Related company |
72,073,800 |
80,491,276 |
|
- Non-related company |
51,619,077 |
56,116,642 |
|
Total Trade Accounts Payable |
123,692,877 |
136,607,918 |
|
Related Company Payable |
4,761,148 |
10,242,972 |
|
Account Payable Assets- Related
Company |
50,840,556 |
76,440,556 |
|
Short Term Loan
from Related Company |
246,000,000 |
127,000,000 |
|
Current Portion of Long
Term Loans |
20,000,000 |
90,000,000 |
|
Current Portion of Lease Financial Institution under Contract Liabilities |
20,872,855 |
16,592,948 |
|
Other Current Liabilities |
|
|
|
Accrued Expenses |
56,282,469 |
61,679,353 |
|
Other |
27,284,199 |
40,565,952 |
|
Total Current Liabilities |
549,734,104 |
559,129,699 |
|
Long Term Loan
Net of Current
Portion |
615,709,081 |
715,709,081 |
|
Lease Financial
Institution under Contract Liabilities Net of Current
Portion |
36,936,724 |
56,237,103 |
|
Total Liabilities |
1,202,379,909 |
1,331,075,883 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 5,372,122 shares
|
537,212,200 |
537,212,200 |
|
Capital Paid |
537,212,200 |
537,212,200 |
|
Premium on Share-Capital |
33,500,000 |
33,500,000 |
|
Surplus on Assets
Appraisal |
949,138,020 |
1,111,496,627 |
|
Statutory Reserve |
1,927,477 |
1,927,477 |
|
Retained Earning -
Unappropriated |
5,450,726 |
[44,708,542] |
|
Total Shareholders' Equity |
1,527,228,423 |
1,639,427,762 |
|
Total Liabilities & Shareholders' Equity |
2,729,608,332 |
2,970,503,645 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
1,832,471,016 |
1,994,228,227 |
|
Other Income |
|
|
|
Administrative Income |
17,800,000 |
22,569,400 |
|
Others |
32,725,514 |
41,996,162 |
|
Total Sales |
1,882,996,530 |
2,058,793,789 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,407,138,222 |
1,613,238,565 |
|
Selling Expenses |
287,117,548 |
276,915,050 |
|
Administrative Expenses |
90,454,788 |
108,761,318 |
|
Loss on Diminution
of Assets |
- |
17,273,200 |
|
Total Expenses |
1,784,710,558 |
2,016,188,133 |
|
Profit Before Interest Expenses
|
98,285,972 |
42,605,656 |
|
Interest Expenses |
[48,126,704] |
[54,396,654] |
|
Net Profit / [Loss] |
50,159,268 |
[11,790,998] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.27 |
1.19 |
|
QUICK RATIO |
TIMES |
0.60 |
0.42 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.96 |
0.91 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.67 |
0.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
89.21 |
88.81 |
|
INVENTORY TURNOVER |
TIMES |
4.09 |
4.11 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.10 |
26.70 |
|
RECEIVABLES TURNOVER |
TIMES |
8.28 |
13.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.39 |
12.70 |
|
CASH CONVERSION CYCLE |
DAYS |
119.92 |
102.81 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.79 |
80.90 |
|
SELLING & ADMINISTRATION |
% |
20.60 |
19.34 |
|
INTEREST |
% |
2.63 |
2.73 |
|
GROSS PROFIT MARGIN |
% |
25.97 |
22.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.36 |
2.14 |
|
NET PROFIT MARGIN |
% |
2.74 |
(0.59) |
|
RETURN ON EQUITY |
% |
3.28 |
(0.72) |
|
RETURN ON ASSET |
% |
1.84 |
(0.40) |
|
EARNING PER SHARE |
BAHT |
9.34 |
(2.19) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.45 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.79 |
0.81 |
|
TIME INTEREST EARNED |
TIMES |
2.04 |
0.78 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(8.11) |
|
|
OPERATING PROFIT |
% |
130.69 |
|
|
NET PROFIT |
% |
525.40 |
|
|
FIXED ASSETS |
% |
(12.73) |
|
|
TOTAL ASSETS |
% |
(8.11) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
25.97 |
Impressive |
Industrial Average |
14.37 |
|
Net Profit Margin |
2.74 |
Impressive |
Industrial Average |
1.37 |
|
Return on Assets |
1.84 |
Acceptable |
Industrial Average |
2.74 |
|
Return on Equity |
3.28 |
Impressive |
Industrial Average |
(58.18) |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales after accounting for the cost of
goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit Margin is 25.97%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin is 2.74%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator in a dominant position within its
industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 1.84%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity is
3.28%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant
position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.27 |
Impressive |
Industrial Average |
0.83 |
|
Quick Ratio |
0.60 |
|
|
|
|
Cash Conversion Cycle |
119.92 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 1.27 times in 2009, increase from 1.19 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.6 times in 2009,
increase from 0.42 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 120 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
0.79 |
Impressive |
Industrial Average |
(17.91) |
|
Times Interest Earned |
2.04 |
Impressive |
Industrial Average |
1.89 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.05 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.44 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average
competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.96 |
Acceptable |
Industrial Average |
1.91 |
|
Total Assets Turnover |
0.67 |
Acceptable |
Industrial Average |
1.24 |
|
Inventory Conversion Period |
89.21 |
|
|
|
|
Inventory Turnover |
4.09 |
Satisfactory |
Industrial Average |
4.62 |
|
Receivables Conversion Period |
44.10 |
|
|
|
|
Receivables Turnover |
8.28 |
Satisfactory |
Industrial Average |
9.43 |
|
Payables Conversion Period |
13.39 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.41 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.