MIRA
INFORM REPORT
|
Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
METRO
M.D.F. CO., LTD. |
|
|
|
|
Registered Office : |
99/9 Moo 5, Waineo-Dongsak Road, T. Waineo, A. Thamaka, Karnchanaburi 71120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.06.1993 |
|
|
|
|
Com. Reg. No.: |
0715536000245 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of veneer mdf boards |
|
|
|
|
No. of Employees : |
500 employees |
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 : |
Good |
|
|
|
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as
it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source : CIA |
Company name
METRO M.D.F.
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 99/9
MOO 5, WAINEO-DONGSAK ROAD,
T. WAINEO,
A. THAMAKA,
KARNCHANABURI 71120
TELEPHONE : [66] 34
542-396, 34 541-254-6
FAX :
[66] 34
541-254, 34 542-391
E-MAIL
ADDRESS : mdf@metroply.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0715536000245 [Former : KOR
JOR. 341]
TAX
ID NO. : 3721003497
CAPITAL REGISTERED : BHT. 400,000,000
CAPITAL PAID-UP : BHT.
400,000,000
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 : 500
LINES
OF BUSINESS : VENEER MDF
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 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 approximate 500
staff.
The
subject’s registered address
is 99/9 Moo
5, Waineo-Dongsak Rd.,
T. Waineo,
A. Thamaka,
Karnchanaburi 71120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Narong Piyasombatkul |
|
Thai |
55 |
|
Mr. Chatchai Piyasombatkul |
|
Thai |
53 |
|
Mr. Piya Piyasombatkul |
|
Thai |
48 |
AUTHORIZED PERSON
Any of the
above directors can
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 55
years old.
Mr. Sompoch Piyasombatkul is
the Vice President
[Factory Manager].
He is Thai
nationality.
Mr. Piya Piyasombatkul is
the Vice President
[Sales & Marketing Manager].
He is Thai
nationality with the
age of 48
years old.
Mr. Chatchai Piyasombatkul is
the Vice President
[Financial & Accounting
Manager].
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing, distributing
and exporting of
Medium Density Fiber
Board, Veneer MDF board,
particle board and
laminated floor for
furniture production.
BRAND NAME
“MDF BOARD”
PRODUCTION CAPACITY
150,000 cubic meters
per year
PURCHASE
100% of raw
materials, mainly rubber
and eucalyptus woods
are purchased from
local planters and
suppliers.
SALES
80% of the
products is sold
locally by wholesale to
manufacturers and end-users,
and the remaining
20% is exported
to countries in Asia, e.g. Japan, Korea,
Singapore, Malaysia, Indonesia,
Myanmar, Taiwan, Hong
Kong, Vietnam, Republic
of China and
Middle East countries.
RELATED AND AFFILIATED
COMPANIES
Metropolitan Plywood Co.,
Ltd.
usiness 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 &
distributor of wooden
door.
Metro Fiber Co.,
Ltd.
Business Type : Manufacturer of
fiber board &
hard board.
H. T. L. Sawmill Co.,
Ltd.
Business Type : Manufacturer of
wooden product.
NC-Ply Co., Ltd.
Business Type : Manufacturer of
door skin and
door.
Piyasombat Property Co.,
Ltd.
Business Type : Property business.
Piyasombat Land Co.,
Ltd.
Business Type : Property business.
Advance Fiber Co.,
Ltd.
Business Type: Manufacture
of fiber board.
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
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
500 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in provincial.
Warehouse
:
214 Moo 5,
T. Tharongchang, A.
Punpin, Suratthani 84180
Bangkok Office: 18th Flr., Vorasombat
Bldg., 100/1 Rama 9 Rd.,
Huaykwang,
Bangkok 10320. Tel. :
[66] 2645-1062-8, Fax. :
[66] 2645-1064, 2245-6444
COMMENT
The
subject was formed
in 1993 as a manufacturer, distributor
and exporter of
veneer MDF board for
flooring and furniture production.
Piyasombatkul family has
involved in wooden
products for many years. With long
term experience and production
technology have enabled subject to
be a leading
company producing veneer MDF
boards in the
country.
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. Windfall by flood has increased demand from
residential both floor and
furniture. Subject’s business
outlook for the
year 2012 is excellent.
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
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Narong Piyasombatkul Nationality: Thai Address : 70
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,
Karnchanaburi |
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
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
8,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
8,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Nithichai Chuenmun No.
6763
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents
|
52,455,909.62 |
86,735,740.51 |
|
Short-term Investment |
- |
10,091,072.30 |
|
Trade Accounts & Notes Receivable |
351,018,097.68 |
206,370,329.67 |
|
Inventories |
346,357,137.47 |
220,502,740.82 |
|
Other Current Assets
|
13,129,983.04 |
11,641,475.51 |
|
Total Current Assets
|
762,961,127.81 |
535,341,358.81 |
|
|
|
|
|
Other Long-term Investment |
35,093,524.25 |
50,607,521.34 |
|
Fixed Assets |
399,411,822.70 |
423,967,947.77 |
|
Other Non-current Assets |
32,088,081.19 |
24,266,591.78 |
|
Total Assets |
1,229,554,555.95 |
1,034,183,419.70 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial
Institutions |
632,001.94 |
9,416,356.85 |
|
Trade Accounts & Other Payable |
429,337,475.49 |
226,504,728.67 |
|
Accrued Income Tax |
142,638.77 |
1,264,959.38 |
|
Other Current Liabilities |
775,876.08 |
494,813.29 |
|
Total Current Liabilities |
430,887,992.28 |
237,680,858.19 |
|
Total Liabilities |
430,887,992.28 |
237,680,858.19 |
|
|
|
|
|
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 |
398,666,563.67 |
396,502,561.51 |
|
Total Shareholders' Equity |
798,666,563.67 |
796,502,561.51 |
|
Total Liabilities & Shareholders' Equity |
1,229,554,555.95 |
1,034,183,419.70 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services Income
|
1,248,335,902.05 |
1,036,718,369.58 |
|
Other Income |
15,464,728.45 |
19,383,592.75 |
|
Total Revenues |
1,263,900,630.50 |
1,056,101,962.33 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
1,124,247,067.25 |
920,559,023.36 |
|
Selling and Administrative Expenses |
136,160,522.41 |
124,025,920.95 |
|
Total Expenses |
1,260,407,589.66 |
1,044,584,944.31 |
|
Profit/ [Loss] before Financial Cost
& Income Tax |
3,493,040.84 |
11,517,018.02 |
|
Financial Cost |
[683.87] |
[171.30] |
|
Profit/ [Loss] before
Income Tax |
3,492,356.97 |
11,516,846.72 |
|
Income Tax |
[1,328,354.81] |
[3,934,079.76] |
|
Net Profit / [Loss] |
2,164,002.16 |
7,582,766.96 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.77 |
2.25 |
|
QUICK RATIO |
TIMES |
0.94 |
1.28 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.13 |
2.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.02 |
1.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
112.45 |
87.43 |
|
INVENTORY TURNOVER |
TIMES |
3.25 |
4.17 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
102.63 |
72.66 |
|
RECEIVABLES TURNOVER |
TIMES |
3.56 |
5.02 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
139.39 |
89.81 |
|
CASH CONVERSION CYCLE |
DAYS |
75.69 |
70.28 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.06 |
88.80 |
|
SELLING & ADMINISTRATION |
% |
10.91 |
11.96 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
11.19 |
13.07 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.28 |
1.11 |
|
NET PROFIT MARGIN |
% |
0.17 |
0.73 |
|
RETURN ON EQUITY |
% |
0.27 |
0.95 |
|
RETURN ON ASSET |
% |
0.18 |
0.73 |
|
EARNING PER SHARE |
BAHT |
0.27 |
0.95 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.35 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.54 |
0.30 |
|
TIME INTEREST EARNED |
TIMES |
5,107.76 |
67,233.03 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
20.41 |
|
|
OPERATING PROFIT |
% |
(69.67) |
|
|
NET PROFIT |
% |
(71.46) |
|
|
FIXED ASSETS |
% |
(5.79) |
|
|
TOTAL ASSETS |
% |
18.89 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.19 |
Acceptable |
Industrial Average |
16.36 |
|
Net Profit Margin |
0.17 |
Deteriorated |
Industrial Average |
2.48 |
|
Return on Assets |
0.18 |
Deteriorated |
Industrial Average |
1.73 |
|
Return on Equity |
0.27 |
Impressive |
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 11.19%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
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 0.17%.
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 0.18%.
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 0.27%, 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 |
1.77 |
Impressive |
Industrial Average |
1.33 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
75.69 |
|
|
|
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 1.77 times in 2011, decrease from 2.25 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 0.94 times in 2011,
decrease from 1.28 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 76 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 |
0.54 |
Impressive |
Industrial Average |
0.01 |
|
Times Interest Earned |
5,107.76 |
Impressive |
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 5107.76 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 0.35 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 |
3.13 |
Impressive |
Industrial Average |
1.28 |
|
Total Assets Turnover |
1.02 |
Impressive |
Industrial Average |
0.81 |
|
Inventory Conversion Period |
112.45 |
|
|
|
|
Inventory Turnover |
3.25 |
Satisfactory |
Industrial Average |
3.50 |
|
Receivables Conversion Period |
102.63 |
|
|
|
|
Receivables Turnover |
3.56 |
Acceptable |
Industrial Average |
6.19 |
|
Payables Conversion Period |
139.39 |
|
|
|
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.54.63 |
|
UK Pound |
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.