MIRA INFORM REPORT
|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
METRO
FIBER CO., LTD. |
|
|
|
|
Registered Office : |
99/9
Moo 5, Waineo-Dongsak Road, Waineo, Thamaka,
Karnchanburi 71120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
10.03.1989 |
|
|
|
|
Com. Reg. No.: |
0105532022053 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of wooden board products |
|
|
|
|
No. of Employees
: |
320 Persons |
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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
METRO FIBER
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 99/9
MOO 5, WAINEO-DONGSAK ROAD,
WAINEO, THAMAKA,
KARNCHANBURI 71120
TELEPHONE : [66] 34
542-396, 34 541-254-6
FAX :
[66] 34
542-391
E-MAIL
ADDRESS : metro@metroply.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532022053 [Former : 2201/2532]
CAPITAL REGISTERED : BHT.
280,000,000
CAPITAL PAID-UP : BHT.
280,000,000
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 : 320
LINES
OF BUSINESS : WOODEN BOARD
PRODUCTS
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 March
10, 1989 as
a private limited
company under the name style METRO FIBER CO., LTD., by Thai groups, in
order to manufacture and service
wide range of wooden
board products to both
domestic and international markets.
It currently employs
approximately 320 staff.
The subject’s registered address
is 99/9 Moo 5, Waineo-Dongsak Rd.,
Waineo, Thamaka, Karnchanaburi
71120, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Narong Piyasombatkul |
|
Thai |
53 |
|
Mr. Chatchai Piyasombatkul |
|
Thai |
51 |
|
Mrs. Naiyana Piyasombatkul |
|
Thai |
75 |
|
Mr. Piya Piyasombatkul |
|
Thai |
46 |
|
Mrs. I-yee Sae Harn |
|
Thai |
77 |
AUTHORIZED PERSON
One 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 53 years
old.
Mr. Piya Piyasombatkul is
the Managing Director.
He is Thai
nationality with the
age of 46
years old.
Mr. Sompoth Maneeratana is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and
servicing wide range
of wooden board
products, such as
fiber board, MDF
board, and hard
board for furniture
production industry.
PURCHASE
100% of raw
material mainly timber [rubber wood]
is purchased from
planters and suppliers.
SALES
90% of the
products is sold
locally by wholesale
to manufacturers, and
the remaining 10%
is exported to
Japan, Korea, Singapore,
Malaysia, Hong Kong,
Republic of China,
Vietnam, Taiwan, Indonesia,
and Middle East
countries.
RELATED AND AFFILIATED
COMPANIES
Metropolitan Plywood Co.,
Ltd.
Business 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 MDF Co.,
Ltd.
Business Type : Manufacturer
of veneer MDF
board.
Metro Panel Co.,
Ltd.
Business Type : Manufacturer of
wooden door.
H. T. L. Sawmill Co.,
Ltd.
Business Type : Manufacturer of
wooden products.
NC-Ply Co., Ltd.
Business Type : Manufacturer of
door skin and
doors.
Piyasombat Property Co.,
Ltd.
Business Type : Property business.
Piyasombat Land Co.,
Ltd.
Business Type : Property business.
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.
EMPLOYMENT
The
subject employs approximately
320 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
Bangkok
Office : 18th Flr., Vorasombat
Bldg., 100/1 Rama 9 Rd.,
Huaykwang,
Bangkok 10320.
Tel. [66] 2645-1062, Fax. [66] 2645-1064.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
Piyasombatkul family
has been involved
in wooden products
for decades. The
subject is one of the
leading companies in
the group, which produces
various type of
wooden boards. Its business
has significantly improved
and expanded during
the past several years
when construction was
booming. Market of construction and related
business is seemed
to contract caused by economic
sluggish and flood crisis during September
- November 2011.
After the flood
recedes, the subject
expects a better
performance from house repair
and furniture replacement
in the next
coming year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 80,000,000
divided into 80,000
shares of Bht.
1,000 each.
On
March 28, 2000,
the capital was
increased to Bht. 280,000,000 divided
into 280,000 shares
of Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Piya Piyasombatkul Nationality: Thai Address : 99/9
Moo 5, Waineo,
Thamaka,
Karnchanburi |
69,000 |
24.65 |
|
Mr. Narong Piyasombatkul Nationality: Thai Address : 617
Pracharaj 1 Rd.,
Bangsue, Bangkok |
69,000 |
24.65 |
|
Mr. Chatchai Piyasombatkul Nationality: Thai Address : 74
Moo 2, Nonthaburi
1 Rd.,
Bangkrasor, Muang, Nonthaburi |
69,000 |
24.65 |
|
Mr. Ong-arj Piyasombatkul Nationality: Thai Address : 55/5
Moo 14, Prachachuen
Rd., Bangsue, Bangkok |
50,000 |
17.86 |
|
Mrs. Naiyana Piyasombatkul Nationality: Thai Address : 55/5
Moo 14, Prachachuen
Rd.,
Bangsue, Bangkok |
19,000 |
6.79 |
|
Mrs. I-yee Piyasombatkul Nationality: Thai Address : 617
Pracharaj 1 Rd.,
Bangsue, Bangkok |
1,000 |
0.35 |
|
Ms. Laksamee Piyasombatkul Nationality: Thai Address : 39/3
Moo 4, Saiyai,
Sainoi, Nonthaburi |
1,000 |
0.35 |
|
Mr. Vorawit Piyasombatkul Nationality: Thai Address : 617
Pracharaj 1 Rd.,
Bangsue, Bangkok |
1,000 |
0.35 |
|
Ms. Thaviwan Piyasombatkul Nationality: Thai Address : 55/5
Moo 14, Prachachuen
Rd., Bangsue, Bangkok |
1,000 |
0.35 |
Total Shareholders : 9
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
280,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
280,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Veerawan Boonrueng No.
2701
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
54,661,629.03 |
48,689,155.63 |
|
Trade Accounts Receivable
|
263,120,001.87 |
284,516,373.88 |
|
Inventories |
178,961,351.22 |
117,192,782.05 |
|
Other Current Assets
|
19,707,545.98 |
7,724,859.84 |
|
Total Current Assets
|
516,450,528.10 |
458,123,171.40 |
|
|
|
|
|
Fixed Assets |
508,289,221.04 |
573,462,593.50 |
|
Other Assets |
1,452,712.66 |
2,649,286.58 |
|
Total Assets |
1,026,192,461.80 |
1,034,235,051.48 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial Institution |
330,000,000.00 |
370,000,000.00 |
|
Trade Accounts Payable |
88,205,883.10 |
53,026,759.80 |
|
Other Current Liabilities |
30,281,190.33 |
42,947,576.41 |
|
Total Current Liabilities |
448,487,073.43 |
465,974,336.21 |
|
Total Liabilities |
448,487,073.43 |
465,974,336.21 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par
value authorized, issued
and fully paid share
capital 280,000 shares |
280,000,000.00 |
280,000,000.00 |
|
Capital Paid |
280,000,000.00 |
280,000,000.00 |
|
Retained Earning : Appropriated for
Statutory Reserve |
28,000,000.00 |
28,000,000.00 |
|
Unappropriated |
269,705,388.37 |
260,260,715.27 |
|
Total Shareholders' Equity |
577,705,388.37 |
568,260,715.27 |
|
Total Liabilities & Shareholders' Equity |
1,026,192,461.80 |
1,034,235,051.48 |
pROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
986,814,925.43 |
1,004,715,683.71 |
|
Other Income |
6,699,758.56 |
1,967,855.14 |
|
Total Sales |
993,514,683.99 |
1,006,683,538.85 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
905,013,713.42 |
895,277,029.77 |
|
Selling Expenses |
48,330,577.04 |
63,483,393.27 |
|
Administrative Expenses |
23,474,857.38 |
21,321,013.28 |
|
Other Expenses - [Loss] from Exchange Rate |
- |
7,360,296.22 |
|
Total Expenses |
976,819,147.84 |
987,441,732.54 |
|
Profit / [Loss] before Financial Expenses & Income Tax |
16,695,536.15 |
19,241,806.31 |
|
Financial Expenses |
[3,003,691.86] |
[2,664,070.36] |
|
Profit / [Loss] before Income
Tax |
13,691,844.29 |
16,577,735.95 |
|
Income Tax |
[4,247,171.19] |
[5,202,686.27] |
|
Net Profit / [Loss] |
9,444,673.10 |
11,375,049.68 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.15 |
0.98 |
|
QUICK RATIO |
TIMES |
0.71 |
0.72 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.94 |
1.75 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.96 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
72.18 |
47.78 |
|
INVENTORY TURNOVER |
TIMES |
5.06 |
7.64 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
97.32 |
103.36 |
|
RECEIVABLES TURNOVER |
TIMES |
3.75 |
3.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.57 |
21.62 |
|
CASH CONVERSION CYCLE |
DAYS |
133.92 |
129.52 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.71 |
89.11 |
|
SELLING & ADMINISTRATION |
% |
7.28 |
8.44 |
|
INTEREST |
% |
0.30 |
0.27 |
|
GROSS PROFIT MARGIN |
% |
8.97 |
11.09 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.69 |
1.92 |
|
NET PROFIT MARGIN |
% |
0.96 |
1.13 |
|
RETURN ON EQUITY |
% |
1.63 |
2.00 |
|
RETURN ON ASSET |
% |
0.92 |
1.10 |
|
EARNING PER SHARE |
BAHT |
33.73 |
40.63 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.45 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.78 |
0.82 |
|
TIME INTEREST EARNED |
TIMES |
5.56 |
7.22 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(1.78) |
|
|
OPERATING PROFIT |
% |
(13.23) |
|
|
NET PROFIT |
% |
(16.97) |
|
|
FIXED ASSETS |
% |
(11.36) |
|
|
TOTAL ASSETS |
% |
(0.78) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.97 |
Deteriorated |
Industrial
Average |
18.48 |
|
Net Profit Margin |
0.96 |
Deteriorated |
Industrial
Average |
4.55 |
|
Return on Assets |
0.92 |
Deteriorated |
Industrial
Average |
4.37 |
|
Return on Equity |
1.63 |
Deteriorated |
Industrial
Average |
12.86 |
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. The company's figure is 8.97%. 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 0.96%.
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 0.92%.
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. When compared with the
industry average, it was lower, the company's figure is 1.63%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.15 |
Satisfactory |
Industrial
Average |
1.31 |
|
Quick Ratio |
0.71 |
|
|
|
|
Cash Conversion Cycle |
133.92 |
|
|
|
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 1.15 times in 2010, increase from 0.98 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 0.71 times in 2010,
decrease from 0.72 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 134 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 |
0.92 |
|
Debt to Equity Ratio |
0.78 |
Impressive |
Industrial
Average |
2.54 |
|
Times Interest Earned |
5.56 |
Impressive |
Industrial
Average |
3.53 |
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 5.56 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.94 |
Satisfactory |
Industrial Average |
2.11 |
|
Total Assets Turnover |
0.96 |
Acceptable |
Industrial Average |
1.39 |
|
Inventory Conversion Period |
72.18 |
|
|
|
|
Inventory Turnover |
5.06 |
Satisfactory |
Industrial Average |
5.85 |
|
Receivables Conversion Period |
97.32 |
|
|
|
|
Receivables Turnover |
3.75 |
Deteriorated |
Industrial Average |
9.98 |
|
Payables Conversion Period |
35.57 |
|
|
|
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.49.25 |
|
UK Pound |
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.