MIRA INFORM REPORT
|
Report Date : |
22.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIAM FIBREBOARD COMPANY LIMITED |
|
|
|
|
Registered Office : |
417/112-113 Moo 1, Kanjanavanit Road, T. Patong, A. Hadyai, Songkhla 90230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.01.2004 |
|
|
|
|
Com. Reg. No.: |
0105547007195 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of MDF Board and Particle Board |
|
|
|
|
No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SIAM
FIBREBOARD COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 417/112-113 MOO
1, KANJANAVANIT ROAD,
T. PATONG,
A. HADYAI, SONGKHLA
90230
TELEPHONE : [66] 74
291-111, 085-898-0141
FAX :
[66] 74
370-253-4, 74 291-111
EXT. 739
E-MAIL
ADDRESS : pranee@siamfibreboard.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547007195
TAX
ID NO. : 3031259898
CAPITAL REGISTERED : BHT. 367,000,000
CAPITAL PAID-UP : BHT.
367,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KUO JEN
CHANG, CHINESE
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : MDF
BOARD AND PARTICLE
BOARD
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 January 16,
2004 as a
private limited company under
the registered name SIAM
FIBREBOARD COMPANY LIMITED
by Evergreen Fibreboard Berhad,
Malaysia and MP
Particle Board Co.,
Ltd., Thailand, with
the business objective to
manufacture MDF board
and particle board
to both domestic
and international markets.
It currently employs
approximate 300 staff.
At
present, the subject
is a wholly
owned subsidiary of
Evergreen Fibreboard Berhad,
Malaysia.
The
subject’s registered address
is 417/112-113 Moo 1, Kanjanavanit
Rd., T. Patong,
A. Hadyai, Songkhla
90230, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kuo Jen Chang |
[x] |
Chinese |
48 |
|
Mr. Chieng Heng Nang |
[x] |
Malaysian |
42 |
|
Mr. Kuo Jen Chlu |
|
Singaporean |
45 |
|
Ms. Kuo Huel Chen |
|
Singaporean |
51 |
|
Mrs. Phansiri Sungsong |
|
Thai |
60 |
|
Mr. Lee Kwok Choy |
|
Malaysian |
58 |
Note:
Mrs. Phansiri Sungsong
changed her last name
from Mrs. Phansiri
Kanchanadecha on September
19, 2008.
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign or
any of the
mentioned directors [x]
can jointly sign
with anyone of
the rest directors
on behalf of the
subject
with company’s affixed.
MANAGEMENT
Mr. Kuo Jen Chang
is the Managing
Director.
He is Chinese
nationality with the
age of 48
years old.
Mr. Chieng Heng Nang
is the Deputy
Managing Director.
He is Malaysian
nationality with the
age of 42
years old.
Mr. Yongyuth Sirinam is
the Factory Manager.
He is Thai
nationality.
Ms. Wannipa Saisalam is
the Sales & Marketing Manager.
She is Thai
nationality.
Mrs. Phansiri Sungsong is
the Office Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting
and distributing wide
range of Medium
Density Fibre Board [MDF]
and Particle Board,
which are made
from rubber wood.
PRODUCTION CAPACITY
250,000 cubic meters
per annum.
PURCHASE
Most of raw
material mainly rubber
wood is purchased
from local suppliers,
and the remaining
is imported from
Malaysia, Myanmar and Indonesia.
MAJOR
SUPPLIER
Evergreen Fibreboard
Sdn. Bhd. : Malaysia
EXPORT [COUNTRIES]
90% of the
products is exported
to Malaysia, Singapore,
Republic of China,
Indonesia, Hong Kong,
Taiwan, Vietnam, Philippines,
South Korea, Australia
and Europe.
SALES [LOCAL]
10% of the
products is also
sold locally to
manufactures, wholesalers and end-users.
SUBSIDIARY AND AFFILIATED
COMPANIES
Gre Energy Co.,
Ltd.
Business Type : Power
plant
Eco Generation Co.,
Ltd.
Business Type : Power plant
Asian Oak Co.,
Ltd.
Business Type : Distributor
of furniture
Dynea Krabi Co.,
Ltd.
Business Type : Manufacturer
of chemicals
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.
Thanachart
Bank Public Co.,
Ltd. : Hadyai
Branch
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial,
in the Southern
region.
COMMENT
MDF Board
has been used
in various industries
such as furniture,
decoration and construction.
During the past
few years demand
of MDF Board
has rapidly grown
from strong demand
of construction industry
and property business.
The subject
has strong business
growth and positive
outlook.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
100,000 divided into
1,000 shares of Bht. 100
each.
The
capital was increased / decreased as the followings:
Bht.
367,000,000 on February
26, 2004
Bht.
330,300,000 on May
18, 2011
Bht.
367,000,000 on August
26, 2011
The
latest registered capital
was increased to Bht. 367,000,000
divided into 3,670,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
May 15, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Evergreen Fibreboard Berhad Nationality: Malaysian Address : Suite 6.1A Level 6, Jalan Menara Pelangi, Kuning,
Taman Pelangi, 80400 Johor Bahru, Johor, Malaysia |
3,669,998 |
100.00 |
|
Mr. Chieng Heng Nang Nationality: Malaysian Address : 123
Soi 10 Petchkasem
Rd., T. Hadyai,
A. Hadyai,
Songkhla |
1 |
- |
|
Mrs. Phansiri Sungsong Nationality: Thai Address : 168
Moo 3, T.
Thakam, A. Hadyai,
Songkhla |
1 |
- |
Total Shareholders : 3
Share Structure [as
at May 15,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign - Malaysian |
2 |
3,669,999 |
100.00 |
|
Total |
3 |
3,670,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Yanyong Methapanich No.
4002
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash Equivalents |
138,200,358.24 |
282,375,598.25 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
331,850.22 |
392,557.26 |
|
- Other company |
169,719,386.85 |
195,256,739.55 |
|
Short-term Lending &
Current Portion of
Long- term Lending to
Related Company |
121,000,000.00 |
62,000,000.00 |
|
Inventories |
243,065,184.84 |
201,693,081.04 |
|
Other Current Assets
|
|
|
|
Other Receivable - Related
Company |
20,787,017.74 |
22,468,757.80 |
|
Advanced Payment |
30,704,744.63 |
27,665,770.35 |
|
Deferred Value Added
Tax |
11,716,266.68 |
32,831,501.77 |
|
Others |
19,771,928.30 |
20,542,262.61 |
|
Total Current Assets
|
755,296,737.50 |
845,226,268.63 |
|
Investment in Subsidiaries |
79,999,700.00 |
- |
|
Real Estate for
Investment |
9,520,150.49 |
- |
|
Fixed Assets |
2,300,622,643.76 |
2,404,506,708.07 |
|
Deposit for Land, Building & Equipment |
- |
10,000,000.00 |
|
Intangible Assets |
2,011,625.38 |
2,107,628.36 |
|
Guarantee - Related company |
21,000,000.000 |
21,000,000.00 |
|
Total Assets |
3,168,450,857.13 |
3,282,840,605.06
|
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Short-term Loan from
Financial Institution |
200,000,000.00 |
50,000,000.00 |
|
Trade Accounts Payable |
|
|
|
- Related company |
180,877,793.11 |
110,485,903.04 |
|
- Other company |
57,140,691.65 |
74,268,147.44 |
|
Current Portion of Hire-purchase Payable |
2,740,746.71 |
4,496,847.70 |
|
Current Portion of Long-term
Loan |
117,600,000.00 |
240,000,000.00 |
|
Other Current Liabilities |
|
|
|
Other Payable |
|
|
|
- Related
Company |
12,669,886.59 |
2,101,294.41 |
|
- Other Company |
42,395,113.48 |
41,842,654.25 |
|
Advance Income
from Goods |
28,221,509.82 |
25,026,472.70 |
|
Accrued Income Tax |
- |
4,973,211.36 |
|
Other |
24,075,347.28 |
13,567,532.18 |
|
Total Current Liabilities |
665,721,088.64 |
566,762,063.08 |
|
Hire-purchase Payable, Net |
64,986.46 |
2,805,733.19 |
|
Long-term Loan, Net |
433,702,098.75 |
596,239,578.62 |
|
Obligation for Employee
Benefits |
2,589,655.00 |
2,078,654.00 |
|
Total Liabilities |
1,102,077,828.85 |
1,167,886,028.89 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,670,000 |
367,000,000.00 |
367,000,000.00 |
|
|
|
|
|
Capital Paid |
367,000,000.00 |
367,000,000.00 |
|
Premium on Share Capital |
36,700,000.00 |
36,700,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
3,000,000.00 |
3,000,000.00 |
|
Unappropriated |
1,659,673,028.28 |
1,708,254,576.17 |
|
Total Shareholders' Equity |
2,066,373,028.28 |
2,114,954,576.17 |
|
Total Liabilities & Shareholders' Equity |
3,168,450,857.13 |
3,282,840,605.06 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales |
3,689,160,204.82 |
3,443,944,686.47 |
|
Gain on Exchange
Rate |
20,096,514.37 |
39,557,153.91 |
|
Other Income |
18,074,801.25 |
18,362,579.06 |
|
Total Revenues |
3,727,331,520.44 |
3,501,864,419.44 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,096,170,656.21 |
2,620,203,012.62 |
|
Selling Expenses |
586,309,589.85 |
619,959,374.90 |
|
Administrative Expenses |
57,282,317.84 |
54,403,506.94 |
|
Total Expenses |
3,739,762,563.90 |
3,294,565,894.46 |
|
Profit / [Loss] before Financial
Cost & Income Tax |
[12,431,043.46] |
207,298,524.98 |
|
Financial Cost |
[35,227,369.37] |
[31,746,106.10] |
|
Income Tax |
[923,135.06] |
[15,407,689.07] |
|
Net Profit / [Loss] |
[48,581,547.89] |
160,144,729.81 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
1.49 |
|
QUICK RATIO |
TIMES |
0.64 |
0.95 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.60 |
1.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.16 |
1.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
28.65 |
28.10 |
|
INVENTORY TURNOVER |
TIMES |
12.74 |
12.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
16.79 |
20.69 |
|
RECEIVABLES TURNOVER |
TIMES |
21.74 |
17.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
6.74 |
10.35 |
|
CASH CONVERSION CYCLE |
DAYS |
38.71 |
38.44 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.93 |
76.08 |
|
SELLING & ADMINISTRATION |
% |
17.45 |
19.58 |
|
INTEREST |
% |
0.95 |
0.92 |
|
GROSS PROFIT MARGIN |
% |
17.11 |
25.60 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.34) |
6.02 |
|
NET PROFIT MARGIN |
% |
(1.32) |
4.65 |
|
RETURN ON EQUITY |
% |
(2.35) |
7.57 |
|
RETURN ON ASSET |
% |
(1.53) |
4.88 |
|
EARNING PER SHARE |
BAHT |
(13.24) |
43.64 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.35 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.53 |
0.55 |
|
TIME INTEREST EARNED |
TIMES |
(0.35) |
6.53 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
7.12 |
|
|
OPERATING PROFIT |
% |
(106.00) |
|
|
NET PROFIT |
% |
(130.34) |
|
|
FIXED ASSETS |
% |
(4.32) |
|
|
TOTAL ASSETS |
% |
(3.48) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.11 |
Impressive |
Industrial Average |
16.36 |
|
Net Profit Margin |
(1.32) |
Deteriorated |
Industrial Average |
2.48 |
|
Return on Assets |
(1.53) |
Deteriorated |
Industrial Average |
1.73 |
|
Return on Equity |
(2.35) |
Deteriorated |
Industrial Average |
(2.44) |
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. The company’s figure is 17.11%. 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. The company's figure is -1.32%.
When compared with the industry average, the ratio of the company was lower.
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 -1.53%.
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 -2.35%, 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 |
1.13 |
Satisfactory |
Industrial Average |
1.33 |
|
Quick Ratio |
0.64 |
|
|
|
|
Cash Conversion Cycle |
38.71 |
|
|
|
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 1.13 times in 2011, decreased from 1.49 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 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 0.64 times in 2011, decreased
from 0.95 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 39 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.35 |
Impressive |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
0.53 |
Impressive |
Industrial Average |
0.01 |
|
Times Interest Earned |
(0.35) |
Risky |
Industrial Average |
3.16 |
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 -0.36 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.35 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.60 |
Impressive |
Industrial Average |
1.28 |
|
Total Assets Turnover |
1.16 |
Impressive |
Industrial Average |
0.81 |
|
Inventory Conversion Period |
28.65 |
|
|
|
|
Inventory Turnover |
12.74 |
Impressive |
Industrial Average |
3.50 |
|
Receivables Conversion Period |
16.79 |
|
|
|
|
Receivables Turnover |
21.74 |
Impressive |
Industrial Average |
6.19 |
|
Payables Conversion Period |
6.74 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
|
1 |
Rs.87.39 |
|
Euro |
1 |
Rs.68.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.