MIRA
INFORM REPORT
|
Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PANEL
DECOR CO., LTD. |
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Registered Office : |
25th Floor, |
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Country : |
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Financials (as on) : |
31.10.2011 |
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Date of Incorporation : |
19.07.2006 |
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Com. Reg. No.: |
0105549086122 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer & distributor of melamine faced
paper products |
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No. of Employees : |
60 |
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 |
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Payment Behaviour : |
No Complaints |
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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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
PANEL DECOR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 25th FLOOR, PLOENCHIT
CENTER BUILDING,
2 SUKHUMVIT
2 ROAD, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2656-8527,
2656-8188
FAX :
[66] 2656-8533-4
E-MAIL
ADDRESS : benjarakt@panelplus.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549086122
TAX
ID NO. : 3032292672
CAPITAL REGISTERED : BHT. 60,000,000
CAPITAL PAID-UP : BHT.
60,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : OCTOBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. AMPORN KANJANAKAMNURD, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : MELAMINE FACED
PAPER PRODUCTS
MANUFACTURER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on July 19,
2006 as a
private limited company
under the name
style PANEL DECOR CO.,
LTD., by Thai
groups, with the business objective
to manufacture melamine faced paper
and melamine faced chipboard for
furniture industry. It
currently employs approximate
60 staff.
The subject’s registered
address is 25th Flr.,
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 |
|
|
|
|
|
|
Mr. Krisda Monthienvichienchai |
[x] |
Thai |
54 |
|
Mr. Isara Vongkusolkit |
[x] |
Thai |
61 |
|
Mr. Attapol Vongkusolkit |
|
Thai |
37 |
|
Mrs. Amporn Kanjanakamnurd |
[x] |
Thai |
45 |
|
Mr. Sukkarn Wattanavekin |
|
Thai |
53 |
|
Ms. Teeranart Vongkusolkit |
|
Thai |
42 |
AUTHORIZED PERSON
Two of the mentioned directors
[x] can jointly sign on behalf of
the subject with company’s
affixed.
MANAGEMENT
Mrs. Amporn Kanjanakamnurd is
the Managing Director.
She is Thai
nationality with the
age of 45
years old.
Mr. Thanaphan Thavakarn is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing of melamine faced paper and melamine faced
chipboard for wooden surface
used in furniture
industry.
BRAND NAME
“PANEL PLUS”
PRODUCTION CAPACITY
23,500,000 square
meters per year
PURCHASE
Raw materials and components
are purchased from
local suppliers, the
remaining including chemical are imported from Germany, United
States of America, Malaysia, Republic of China, Japan
and Taiwan.
SALES
100% of the
products is sold
locally by wholesale
to wholesalers.
MAJOR CUSTOMERS
Panel Plus Co.,
Ltd . : Thailand
Furnish Board Co.,
Ltd. : Thailand
Modernform Group Public
Company Limited : Thailand
S.B Furniture Industry
Co., Ltd. :
Thailand
PARENT COMPANY
Panel Plus Co.,
Ltd. : Thailand
RELATED AND AFFILIATED COMPANY
Furnish Board Co.,
Ltd.
Business Type :
Distributor of melamine
faced paper
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.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
60 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
is located at 417/116
Kanjanavanich Rd., T. Patong, A. Hadyai, Songkhla
90230. Tel. : [66]
74 291-130-4, Fax. :
[66] 74 291-019-20.
COMMENT
The
subject was formed
in 2006 as
a manufacturer of
melamine faced paper products and chipboard for wooden
surface. The products
are mainly for
domestic industrial users especially furniture industry. Since
economy started improvement
in the mid of
2010 sales of
furniture has also improved,
this indicated that
furniture related products also
have been in
demand.
FINANCIAL INFORMATION
The
capital was initially registered at
Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each.
On
December 29, 2006, the
capital was increased
to Bht. 60,000,000 divided
into 600,000 shares
of Bht. 100
each with fully
paid.
MAIN
SHAREHOLDERS : [as
at February 23, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Panel Plus Co.,
Ltd. Nationality: Thai Address : 2
Sukhumvit 2 Rd.,
Klongtoey, Bangkok |
360,000 |
60.00 |
|
Mr. Kamol Vongkusolkit Nationality: Thai Address : 44
Moo 3, Krubyai,
Banpong, Ratchburi |
40,000 |
6.67 |
|
Mr. Soonthorn Vongkusolkit Nationality: Thai Address : 27
Sukhumvit 43 Rd.,
Klongtonnua,
Wattana, Bangkok |
28,000 |
4.67 |
|
Mr. Isara Vongkusolkit Nationality: Thai Address : 230/6
Sukhumvit 1 Rd.,
Klongtoeynua, Wattana,
Bangkok |
28,000 |
4.67 |
|
Mr. Vitoon Vongkusolkit Nationality: Thai Address : 102
Sukhumvit 33 Rd., Klongtoeynua,
Wattana, Bangkok |
28,000 |
4.67 |
|
Wg. Cdr. Laksamee Vongkusolkit Nationality: Thai Address : 14/1
Phaholyothin 30 Rd.,
Chankasem,
Jatujak, Bangkok |
25,000 |
4.17 |
|
Eastern Sugar Co.,
Ltd. Nationality: Thai Address : 78
Charoenkrung 30 Rd.,
Bangrak, Bangkok |
21,740 |
3.62 |
|
Mrs. Vimol Kanjanakamnerd Nationality: Thai Address : 35/1
Moo 10, Thamaka,
Kanchanaburi |
20,000 |
3.33 |
|
Others |
49,260 |
8.20 |
Total Shareholders : 20
Share Structure [as
at February 23,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
20 |
600,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
20 |
600,000 |
100.00 |
NAME OF AUDITOR
CERTIFICATED PUBLIC
ACCOUNTANT NO.
Mr. Supachai Panyawathano No.
3930
BALANCE SHEET [BAHT]
The latest financial figures published for October 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents
|
9,322,654 |
28,988,437 |
|
Trade Accounts Receivable-Related Company |
64,082,159 |
52,613,644 |
|
Inventories |
100,369,114 |
82,237,015 |
|
Other Current Assets
Prepayment for
Goods |
2,084,565 |
5,425,464 |
|
Others |
86,732 |
95,963 |
|
|
|
|
|
Total Current Assets
|
175,945,224 |
169,360,523 |
|
|
|
|
|
Fixed Assets |
134,879,795 |
144,275,619 |
|
Other Assets |
4,000 |
4,000 |
|
Total Assets |
310,829,019 |
313,640,142 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
Related Company |
11,004,765 |
10,755,065 |
|
Non Related Company |
11,209,337 |
28,260,992 |
|
Related Company Payable |
1,811,159 |
1,434,566 |
|
Short-term Loan from Related Company |
65,000,000 |
111,000,000 |
|
Other Current Liabilities |
3,218,334 |
2,222,858 |
|
|
|
|
|
Total Current Liabilities |
92,243,595 |
153,673,481 |
|
Total Liabilities |
92,243,595 |
153,673,481 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized & issued
share capital 600,000 shares |
60,000,000 |
60,000,000 |
|
|
|
|
|
Capital Paid |
60,000,000 |
60,000,000 |
|
Surplus on Assets
Appraisal |
3,390,003 |
3,403,449 |
|
Retained Earning Appropriated - Statutory
Reserve |
6,000,000 |
3,092,340 |
|
Unappropriated |
149,195,421 |
93,470,872 |
|
Total Shareholders' Equity |
218,585,424 |
159,966,661 |
|
Total Liabilities & Shareholders' Equity |
310,829,019 |
313,640,142 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
314,579,749 |
271,506,242 |
|
Others Income |
6,941,325 |
496,023 |
|
Total Revenues |
321,521,074 |
272,002,265 |
|
Expenses |
|
|
|
Cost of Goods
Sold |
213,082,366 |
197,288,895 |
|
Selling Expenses |
1,687,683 |
1,189,089 |
|
Administrative Expenses |
1,038,765 |
7,451,875 |
|
Total Expenses |
215,808,814 |
205,929,859 |
|
|
|
|
|
Profit before Financial Expenses |
105,712,260 |
66,072,406 |
|
Financial Expenses |
[2,080,051] |
[3,452,926] |
|
Net Profit / [Loss] |
103,632,209 |
62,619,480 |
FINANCIAl ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.91 |
1.10 |
|
QUICK RATIO |
TIMES |
0.80 |
0.53 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.33 |
1.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.01 |
0.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
171.93 |
152.14 |
|
INVENTORY TURNOVER |
TIMES |
2.12 |
2.40 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.20 |
52.29 |
|
CASH CONVERSION CYCLE |
DAYS |
152.73 |
99.86 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
67.74 |
72.66 |
|
SELLING & ADMINISTRATION |
% |
0.87 |
3.18 |
|
INTEREST |
% |
0.66 |
1.27 |
|
GROSS PROFIT MARGIN |
% |
34.47 |
27.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
33.60 |
24.34 |
|
NET PROFIT MARGIN |
% |
32.94 |
23.06 |
|
RETURN ON EQUITY |
% |
47.41 |
39.15 |
|
RETURN ON ASSET |
% |
33.34 |
19.97 |
|
EARNING PER SHARE |
BAHT |
172.72 |
104.37 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.49 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.96 |
|
TIME INTEREST EARNED |
TIMES |
50.82 |
19.14 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.86 |
|
|
OPERATING PROFIT |
% |
59.99 |
|
|
NET PROFIT |
% |
65.50 |
|
|
FIXED ASSETS |
% |
(6.51) |
|
|
TOTAL ASSETS |
% |
(0.90) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.47 |
Impressive |
Industrial Average |
7.37 |
|
Net Profit Margin |
32.94 |
Impressive |
Industrial
Average |
1.22 |
|
Return on Assets |
33.34 |
Impressive |
Industrial
Average |
1.31 |
|
Return on Equity |
47.41 |
Impressive |
Industrial
Average |
2.31 |
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 34.47%. 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 32.94%,
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
33.34%, 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 47.41%, 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 |
1.91 |
Impressive |
Industrial
Average |
1.16 |
|
Quick Ratio |
0.80 |
|
|
|
|
Cash Conversion Cycle |
152.73 |
|
|
|
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 1.91 times in 2011, increased from 1.1 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 0.8 times in 2011,
increased from 0.53 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 153 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial
Average |
1.03 |
|
Times Interest Earned |
50.82 |
Impressive |
Industrial Average |
1.81 |
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 50.83 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 0.3 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 |
2.33 |
Impressive |
Industrial
Average |
1.93 |
|
Total Assets Turnover |
1.01 |
Satisfactory |
Industrial
Average |
1.13 |
|
Inventory Conversion Period |
171.93 |
|
|
|
|
Inventory Turnover |
2.12 |
Deteriorated |
Industrial
Average |
5.10 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
4.75 |
|
Payables Conversion Period |
19.20 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.71 |
|
UK Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.69.23 |
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.