MIRA
INFORM REPORT
|
Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
METRO PARTICLE CO., LTD. |
|
|
|
|
Registered Office : |
39/5 Moo 4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
19.08.2002 |
|
|
|
|
Com. Reg. No.: |
0125545007309 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Particle Boards |
|
|
|
|
No. of Employees : |
335 |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
METRO
PARTICLE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 39/5
MOO 4,
SAINOI, NONTHABURI
11150
TELEPHONE : [66] 2985-5433-40, 2968-0800
FAX :
[66] 2985-5441,
2526-6106
E-MAIL
ADDRESS : metro@metroply.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0125545007309 [Former : 11754500727]
CAPITAL REGISTERED : BHT. 800,000,000
CAPITAL PAID-UP : BHT.
800,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NARONG PIYASOMBATKUL, THAI
PRESIDENT
NO.
OF STAFF : 335
LINES
OF BUSINESS : PARTICLE BOARDS
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 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 approximate
335 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 |
|
|
|
|
|
|
Mr. Narong Piyasombatkul |
|
Thai |
54 |
|
Mr. Chatchai Piyasombatkul |
|
Thai |
52 |
|
Ms. Laksamee Piyasombatkul |
|
Thai |
48 |
|
Mr. Piya Piyasombatkul |
|
Thai |
47 |
|
Ms. Yaowalak Piyasombatkul |
|
Thai |
42 |
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 54
years old.
Mr. Chatchai Piyasombatkul is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
Ms. Laksamee Piyasombatkul is
the General Manager.
She is Thai
nationality with the
age of 48
years old.
Mrs. Patra Chaiyosburana is
the Sales Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing various sizes
of particle board,
melamine faced chipboard,
medium density fiberboard, veneered door skin, paper overlayed
MDF/PB, plywood and
hardboard.
PRODUCTION CAPACITY
420,000 square meters
per annum.
MAJOR BRAND
“METRO”
PURCHASE
Most of raw materials are
purchased from local
suppliers, the remaining
as well as
wood are imported
from Germany, Myanmar, Laos,
Malaysia and Australia.
SALES
The products are sold
to both local and
overseas customers in
Singapore, Taiwan, Korea, Vietnam, Republic of China, Malaysia,
Australia, United States of America, and many countries
in Middle East
and Europe.
MAJOR
CUSTOMERS
S.B.
Furniture Co., Ltd. :
Thailand
Modern
Form Group Public
Co., Ltd. : Thailand
Scanwolf
[Thailand] Co., Ltd. : Thailand
Saithong
Plywood Limited Partnership : Thailand
Ne
Wood Co., Ltd. : Thailand
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 335
staff. [office, sales
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.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 10,000,000.
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 market. Its products
remain in strong
demand from both
domestic and export
markets. Strong growth
of its business
is also expected
after massive floods
in the last
quarter of 2011 from replacement
market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 400,000,000 divided
into 400,000 shares
of Bht. 1,000
each with fully
paid.
On
December 29, 2009, the capital
was increased to Bht. 800,000,000
divided into 800,000
shares of Bht.
1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Laksamee Piyasombatkul Nationality: Thai Address : 39/3
Moo 4, Saiyai,
Sainoi, Nonthaburi |
192,000 |
24.00 |
|
Ms. Yaowalak Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor,
Muang, Nonthaburi |
192,000 |
24.00 |
|
Mr. Vipas Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor,
Muang, Nonthaburi |
136,000 |
17.00 |
|
Mr. Narong Piyasombatkul Nationality: Thai Address : 70
Bangsue, Bangkok |
60,000 |
7.50 |
|
Mr. Chatchai Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor,
Muang, Nonthaburi |
60,000 |
7.50 |
|
Mr. Piya Piyasombatkul Nationality: Thai Address : 99/9
Moo 5, Waineaw,
Thamaka,
Kanchanaburi |
60,000 |
7.50 |
|
Mrs. I-yee Sae-harn Nationality: Thai Address : 617
Pracharaj 1 Rd.,
Bangsue, Bangkok |
50,000 |
6.25 |
|
Mrs. Chantana Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor,
Muang, Nonthaburi |
50,000 |
6.25 |
Total Shareholders : 8
Share Structure : [as at
April 30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
800,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Anupong Techa-amnuayporn No.
3700
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalents |
28,605,893.32 |
67,958,159.31 |
|
Trade Account Receivable
|
199,178,008.23 |
251,266,277.59 |
|
Inventories |
245,847,165.21 |
229,065,750.29 |
|
Other Current Assets
|
56,447,368.07 |
273,041,882.32 |
|
Total Current Assets
|
530,078,434.83 |
821,332,069.51 |
|
|
|
|
|
Fixed Assets |
3,200,118,396.00 |
1,323,125,590.08 |
|
Other Assets |
433,269,498.66 |
1,345,919.40 |
|
Total Assets |
4,163,466,329.49 |
2,145,803,578.99 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial Institution |
2,376,758,979.37 |
1,200,000,000.00 |
|
Trade Account Payable |
376,575,706.87 |
205,029,154.98 |
|
Current Portion of Long-term Loans |
100,000,000.00 |
- |
|
Other Current Liabilities |
80,608,277.68 |
37,310,869.39 |
|
Total Current Liabilities |
2,933,942,963.92 |
1,442,340,024.37 |
|
Long-term Loan from financial Institution |
340,000,000.00 |
- |
|
Total Liabilities |
3,273,942,963.92 |
1,442,340,024.37 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized,
issued and fully
paid share
capital 800,000 shares |
800,000,000.00 |
800,000,000.00 |
|
Capital Paid |
800,000,000.00 |
712,800,000.00 |
|
Retained Earning -
Unappropriated |
89,523,365.57 |
[9,336,445.38] |
|
Total Shareholders' Equity |
889,523,365.57 |
703,463,554.62 |
|
Total Liabilities & Shareholders' Equity |
4,163,466,329.49 |
2,145,803,578.99 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
1,615,318,214.46 |
1,522,355,162.81 |
|
Compensation Export Income |
4,684,116.20 |
3,386,142.46 |
|
Interest Income |
124,966.11 |
- |
|
Gain on Exchange Rate |
- |
- |
|
Other Income |
167,774.21 |
568,367.29 |
|
Total Revenues |
1,620,295,070.98 |
1,526,309,672.56 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,265,869,792.00 |
1,216,595,429.71 |
|
Selling Expenses |
147,237,754.79 |
128,127,363.59 |
|
Administrative Expenses |
107,044,319.05 |
40,019,719.37 |
|
Total Expenses |
1,520,151,865.84 |
1,384,742,512.67 |
|
Profit / [Loss] before Interest
Expenses |
100,143,205.14 |
141,567,159.89 |
|
Interest Expenses |
[1,283,394.19] |
[1,608,328.10] |
|
Net Profit / [Loss] |
98,859,810.95 |
139,958,831.79 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.18 |
0.57 |
|
QUICK RATIO |
TIMES |
0.08 |
0.22 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.50 |
1.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.39 |
0.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
70.89 |
68.72 |
|
INVENTORY TURNOVER |
TIMES |
5.15 |
5.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.01 |
60.24 |
|
RECEIVABLES TURNOVER |
TIMES |
8.11 |
6.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
108.58 |
61.51 |
|
CASH CONVERSION CYCLE |
DAYS |
7.31 |
67.46 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
78.37 |
79.92 |
|
SELLING & ADMINISTRATION |
% |
15.74 |
11.05 |
|
INTEREST |
% |
0.08 |
0.11 |
|
GROSS PROFIT MARGIN |
% |
21.94 |
20.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.20 |
9.30 |
|
NET PROFIT MARGIN |
% |
6.12 |
9.19 |
|
RETURN ON EQUITY |
% |
11.11 |
19.90 |
|
RETURN ON ASSET |
% |
2.37 |
6.52 |
|
EARNING PER SHARE |
BAHT |
123.57 |
196.35 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.68 |
2.05 |
|
TIME INTEREST EARNED |
TIMES |
78.03 |
88.02 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
6.11 |
|
|
OPERATING PROFIT |
% |
(29.26) |
|
|
NET PROFIT |
% |
(29.37) |
|
|
FIXED ASSETS |
% |
141.86 |
|
|
TOTAL ASSETS |
% |
94.03 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
21.94 |
Impressive |
Industrial Average |
14.53 |
|
Net Profit Margin |
6.12 |
Impressive |
Industrial Average |
(16.80) |
|
Return on Assets |
2.37 |
Impressive |
Industrial Average |
0.03 |
|
Return on Equity |
11.11 |
Impressive |
Industrial Average |
10.97 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 21.94%. When
compared with the industry average, the ratio of the company was higher. This 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 ratio is 6.12%,
higher figure when 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. Return on Assets ratio is
2.37%, 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.
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 ratio
is 11.11%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.18 |
Risky |
Industrial Average |
9.89 |
|
Quick Ratio |
0.08 |
|
|
|
|
Cash Conversion Cycle |
7.31 |
|
|
|
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 0.18 times in 2010, decrease from 0.57 times, then the company may not be
efficiently using its current assets. When compared with the industry average,
the ratio of the company was lower.
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 0.08 times in 2010,
decrease from 0.22 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 8 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Impressive |
Industrial Average |
0.95 |
|
Debt to Equity Ratio |
3.68 |
Risky |
Industrial Average |
1.86 |
|
Times Interest Earned |
78.03 |
Impressive |
Industrial Average |
17.53 |
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 78.03 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 0.79 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.50 |
Deteriorated |
Industrial Average |
5.06 |
|
Total Assets Turnover |
0.39 |
Deteriorated |
Industrial Average |
1.03 |
|
Inventory Conversion Period |
70.89 |
|
|
|
|
Inventory Turnover |
5.15 |
Satisfactory |
Industrial Average |
6.31 |
|
Receivables Conversion Period |
45.01 |
|
|
|
|
Receivables Turnover |
8.11 |
Acceptable |
Industrial Average |
11.89 |
|
Payables Conversion Period |
108.58 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.60 |
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 |
|
-- |
NB |
New Business |
-- |
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.