MIRA
INFORM REPORT
|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAYONG
MDF CO., LTD. |
|
|
|
|
Registered Office : |
1/31 Moo 3, Mabyai Road, T. Tangkwean, A. Klaeng, Rayong 21110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.04.2010 |
|
|
|
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Com. Reg. No.: |
0215553001593 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
manufacturer,
distributor and exporter of Medium
Density Fiber [MDF] boards.
Most of the
products are supplied
to furniture production
industry |
|
|
|
|
No. of Employees : |
200 |
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 |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
RAYONG MDF CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1/31
MOO 3, MABYAI
ROAD, T. TANGKWEAN,
A.
KLAENG, RAYONG 21110,
THAILAND
TELEPHONE : [66] 38
678-140-1
FAX :
[66] 38
671-216
E-MAIL
ADDRESS : rayongpb@ksc.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0215553001593
TAX
ID NO. : 3033895629
CAPITAL REGISTERED : BHT. 500,000,000
CAPITAL PAID-UP : BHT.
500,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMPORN PISOLPOOL,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : MEDIUM DENSITY
FIBER [MDF] BOARD
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 8, 2010 as
a private limited
company under the registered name RAYONG MDF CO., LTD.,
by Thai groups, with the
business objective to
manufacture medium density
fiber [MDF] boards
for furniture production
industry both domestic
and international markets.
It currently employs
approximately 200 staff.
The
subject’s registered address
is 1/31 Moo 3, Mabyai
Road, T. Tangkwean, A. Klaeng,
Rayong 21110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somporn Pisolpool |
|
Thai |
64 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somporn Pisolpool is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of Medium
Density Fiber [MDF] boards.
Most of the
products are supplied
to furniture production
industry. Its production
has started in
the beginning of
2013.
PRODUCTION CAPACITY
256,700 cubic
meters per annum
PURCHASE
80%
of raw materials;
rubber wood, eucalyptus
wood and chemical
are purchased from
local supplier, the
remaining 20% is
imported from Germany,
Japan and Republic
of China.
SALES
Most of the
products is exported
to Taiwan, Hong Kong,
Republic of China, Philippines, Hong
Kong, Korea, Indonesia,
Singapore, Malaysia and
Australia, the remaining
is sold locally.
RELATED AND AFFILIATED
COMPANY
Rayong Panel Co.,
Ltd.
Business Type :
Manufacturer and distributor
of particle boards
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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 200 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse at the heading
address. Premise is
located in provincial.
COMMENT
The subject
has started its
production in the
beginning of 2013.
No income from
sales has yet
been reported, any business
engagement should be
on secured basis
only.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000,000 divided
into 500,000 shares
of Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somporn Pisolpool Nationality: Thai Address : 1/6
Moo 3, T. Tangkwean, A. Klaeng, Rayong |
499,998 |
99.99 |
|
Ms. Vilaijit Pisolpool Nationality: Thai Address : 1/29
Moo 3, T. Tamkwean, A. Klaeng, Rayong |
1 |
= 0.01 |
|
Mrs. Pornphan Pisolpool Nationality: Thai Address : 1/6
Moo 3, T. Tangkwean, A. Klaeng, Rayong |
1 |
|
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sinchai Jaturantanont No.
7196
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
20,443,410.23 |
184,200.00 |
413,253.94 |
|
Trade Accounts & Other Receivable |
155,728,319.57 |
155,627,484.51 |
200,184,856.68 |
|
Short-term Lending |
- |
20,600,000.00 |
292,300,000.00 |
|
Other Current Assets
|
4,410,443.46 |
12,585,642.94 |
2,434,088.58 |
|
|
|
|
|
|
Total Current Assets
|
180,582,173.23 |
188,997,327.45 |
495,332,199.20 |
|
|
|
|
|
|
Fixed Assets |
1,778,007,684.75 |
1,455,420930.81 |
25,954,553.38 |
|
Other Non-current Assets |
123,906.25 |
- |
- |
|
Total Assets |
1,958,713,764.23 |
1,644,418,258.26 |
521,286,752.58 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
39,020,031.86 |
183,684,614.41 |
- |
|
Trade Accounts & Other Payable
|
185,347,332.42 |
335,189,447.34 |
20,628,452.55 |
|
Short-term Loan |
351,695,500.15 |
- |
- |
|
Accrued Income Tax |
- |
- |
197,443.40 |
|
|
|
|
|
|
Total Current Liabilities |
576,062,864.43 |
518,874,061.75 |
20,825,895.95 |
|
Long-term Loan |
899,042,808.88 |
626,879,000.00 |
- |
|
Total Liabilities |
1,475,105,673.31 |
1,145,753,061.75 |
20,825,895.95 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
500,000,000.00 |
500,000,000.00 |
500,000,000.00 |
|
|
|
|
|
|
Capital Paid |
500,000,000.00 |
500,000,000.00 |
500,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[16,391,909.08] |
[1,334,803.49] |
460,856.63 |
|
Total Shareholders' Equity |
483,608,090.92 |
498,665,196.51 |
500,460,856.63 |
|
Total Liabilities & Shareholders' Equity |
1,958,713,764.23 |
1,644,418,258.26 |
521,286,752.58 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
April 8, 2010- Dec.
31, 2010 |
|
Other Income |
21,094.24 |
744,078.70 |
1,061,532.69 |
|
Total Revenues |
21,094.24 |
744,078.70 |
1,061,532.69 |
|
Expenses |
|
|
|
|
Administrative Expenses |
14,965,747.89 |
2,539,738.82 |
403,166.08 |
|
Total Expenses |
14,965,747.89 |
2,539,738.82 |
403,166.08 |
|
Profit / [Loss] before Income Tax |
[14,944,653.65] |
[1,795,660.12] |
658,366.61 |
|
Income Tax |
[112,451.94] |
- |
[197,509.98] |
|
|
|
|
|
|
Net Profit / [Loss] |
[15,057,105.59] |
[1,795,660.12] |
460,856.63 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.31 |
0.36 |
23.78 |
|
QUICK RATIO |
TIMES |
0.31 |
0.34 |
23.67 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
- |
|
NET PROFIT MARGIN |
% |
- |
- |
- |
|
RETURN ON EQUITY |
% |
(3.11) |
(0.36) |
0.09 |
|
RETURN ON ASSET |
% |
(0.77) |
(0.11) |
0.09 |
|
EARNING PER SHARE |
BAHT |
(3.01) |
(0.36) |
0.09 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.70 |
0.04 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.05 |
2.30 |
0.04 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
732.27 |
(372.74) |
|
|
NET PROFIT |
% |
(738.53) |
(489.64) |
|
|
FIXED ASSETS |
% |
22.16 |
5,507.57 |
|
|
TOTAL ASSETS |
% |
19.11 |
215.45 |
|
ANNUAL GROWTH :
SATISFACTORY
While net profit has decreased from THB -1,795,660.12 in 2011 to
THB -15,057,105.59 in 2012. And total
assets has increased from THB 1,644,418,258.26 in 2011 to THB 1,958,713,764.23
in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
10.48 |
|
Net Profit Margin |
- |
|
Industrial Average |
2.52 |
|
Return on Assets |
(0.77) |
Deteriorated |
Industrial Average |
1.45 |
|
Return on Equity |
(3.11) |
Deteriorated |
Industrial Average |
(1.36) |
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 -0.77%.
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 -3.11%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.31 |
Risky |
Industrial Average |
1.19 |
|
Quick Ratio |
0.31 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 0.31 times in 2012, decreased from 0.36 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 0.31 times in 2012,
decreased from 0.34 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
3.05 |
Risky |
Industrial Average |
0.26 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.91 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.75 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
0.12 |
|
Total Assets Turnover |
- |
|
Industrial Average |
0.66 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
3.02 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
1.83 |
|
Payables Conversion Period |
- |
|
|
|
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.61.41 |
|
UK Pound |
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
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.