MIRA
INFORM REPORT
|
Report Date : |
5th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
DRIESSEN AIRCRAFT INTERIOR SYSTEMS [ASIA] LTD |
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Registered Office : |
139/6
Moo 17, Bangplee
Industrial Estate, Bangna-Trad Road, Bangsaothong, Samutprakarn 10540, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
0105529012930 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturers
of aircraft interior equipment |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
name
DRIESSEN AIRCRAFT INTERIOR SYSTEMS [ASIA] LTD.
SUMMARY
BUSINESS ADDRESS : 139/6 MOO
17, BANGPLEE INDUSTRIAL
ESTATE,
BANGNA-TRAD ROAD,
BANGSAOTHONG,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2315-1157-9
FAX :
[66] 2315-1160
E-MAIL ADDRESS : supachai.w@driessen.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO.
: 0105529012930 [Former : 1294/2529]
CAPITAL REGISTERED : BHT. 70,000,000
CAPITAL PAID-UP
: BHT. 70,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
DIRK JAN DE GRAAFF, DUTCH
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : AIRCRAFT INTERIOR
EQUIPMENT
MANUFACTURER
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 April 16, 1986
as a private limited company under the originally registered
name “Driessen Galley Equipment Ltd.” by Dutch groups. On February 19,
1987, subject was
changed its name
to be DRIESSEN AIRCRAFT INTERIOR
SYSTEMS [ASIA] LTD.,
with the business
objective to manufacture
aircraft interior equipment
for international markets.
It currently employs
approximately 100 staff.
Subject
is a wholly owned subsidiary
of Driessen Aircraft
[Holding] BV., of
The Netherlands.
The
subject’s registered address
is 139/6 Moo
17, Bangna-Trad Rd.,
Bangsaothong, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr.
Dirk Jan De Graaff |
|
Dutch |
58 |
|
Mr.
Gijsbert Jan Koudijs |
|
Dutch |
50 |
|
Mr.
Ulf Bertil Thepper |
|
Swedish |
65 |
|
Mr.
Richard Anthony Hall |
|
British |
43 |
|
Mr.
Cornelis De Ruiter |
|
Dutch |
61 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Dirk
Jan De Graaff is the Managing Director.
He is
Dutch nationality with
the age of
58 years old.
Mr. Richard
Anthony Hall
is the Deputy Managing Director.
He is
British nationality with
the age of
43 years old.
Mr. Supachai Wongngern is the Maintenance Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing various kinds
of aircraft interior
equipment such as
trolley, jugs &
cups, product range,
galleys and etc.
PURCHASE
Raw
material and component
are purchased from
suppliers and agents
both in domestic
and overseas, mainly
in United States
of America and
Netherlands.
EXPORT
100% of
the products is
exported to United States of America, Netherlands, United Kingdom, Sweden
and France.
REVENUE
In 2005,
the subject’s revenue
was increased around
5-10 % from the
previous year.
RELATED AND AFFILIATED COMPANY
Driessen
Aircraft Interior Systems
[Thailand] Ltd.
Business Type
: Manufacturer of
aircraft equipment.
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
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 or
T/T.
BANKING
None
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
COMMENT
The
subject has been
in the business line for
over 20 years.
However, its business
has been halted
from declining order
from some customers
due to the cheap labor
cost countries has
boosted up its
competitiveness in order
to serve strong
demand from potential
customers in airline
industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht.
10,000,000 on February
19, 1987
Bht.
20,000,000 on July
25, 1989
Bht.
70,000,000 on February
15, 2001
The
latest registered capital
was increased to
Bht. 70,000,000 divided into
700,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 29, 2005]
|
NAME |
HOLDING |
% |
|
|
|
|
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Driessen
Aircraft [Holding] BV. Nationality: Dutch Address :
Vieringerverf, Netherlands |
699,994 |
100.00 |
|
Mr. John
Geradus Driessen Nationality: Dutch Address :
Limmen. Netherlands |
1 |
- |
|
Mr. Anna
Kuntherman Nationality: Dutch Address :
Limmen, Netherlands |
1 |
- |
|
Mr. Alloyhiers Maria Thiadorus Nationality: Dutch Address :
Limmen, Netherlands |
1 |
- |
|
Mr. Gijsbert Jan Koudijs Nationality: Dutch Address :
Vieringerverf, Netherlands |
1 |
- |
|
Mr. Yorts
Cornelis Glade Nationality: Dutch Address :
Gulle, Netherlands |
1 |
- |
|
Mr. Ulf
Bertil Thepper Nationality: Dutch Address :
207/2 Moo 3,
Mae-aie, Muang, Chiangmai |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Prasit Yerngsrikul No. 4174
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2004 & 2003
were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in
hand & at
Bank |
7,405,280 |
14,598,293 |
|
Trade Accts.
Receivable |
239,652 |
- |
|
Trade Accts.
Receivable - Related
Companies |
81,337,154 |
36,071,060 |
|
Other Receivable - Related Companies |
1,563,153 |
7,238,042 |
|
Advance to
Related Companies |
399,086 |
87,037,547 |
|
Inventories [note 1] |
61,405,641 |
88,959,743 |
|
Other Current
Assets |
88,017 |
1,054,952 |
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|
|
|
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Total
Current Assets |
152,437,983 |
234,959,637 |
|
Fixed
Assets [note 2] |
20,113,232 |
26,865,117 |
|
Other
Assets |
198,300 |
2,651,800 |
|
Total
Assets |
172,749,515 |
264,476,554 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts.
Payable |
2,250,486 |
8,885,914 |
|
Trade Accts.
Payable - Related
Companies |
4,599,397 |
290,025 |
|
Accrued Income
Tax |
4,988,508 |
3,754,338 |
|
Other Current
Liabilities |
2,895,145 |
1,487,899 |
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|
|
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Total Current Liabilities |
14,733,536 |
14,418,176 |
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Hire-purchase Contract
Liabilities |
705,359 |
917,599 |
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Total
Liabilities |
15,438,895 |
15,335,775 |
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Shareholders' Equity |
|
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Share capital : Baht 100 par value
authorized, issued and fully
paid
share capital 700,000
shares |
70,000,000 |
70,000,000 |
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|
|
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Capital Paid |
70,000,000 |
70,000,000 |
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Retained Earning Appropriated for Statutory Reserve |
7,000,000 |
7,000,000 |
|
Unappropriated |
80,310,620 |
172,140,779 |
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Total Shareholders' Equity |
157,310,620 |
249,140,779 |
|
Total Liabilities & Shareholders' Equity |
172,749,515 |
264,476,554 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
170,659,897 |
340,120,001 |
|
Other Income |
12,448,228 |
22,017,303 |
|
Total
Revenues |
183,108,125 |
362,137,304 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
123,866,250 |
205,210,764 |
|
Selling &
Administrative Expenses |
12,463,983 |
29,626,708 |
|
Total Expenses
|
136,330,233 |
234,837,472 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
& Income
Tax |
46,777,892 |
127,299,832 |
|
Interest Expenses |
[51,955] |
[18] |
|
Income Tax |
[14,135,094] |
[4,764,724] |
|
|
|
|
|
Net
Profit / [Loss] |
32,590,843 |
122,535,090 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2004 |
2003 |
|
|
|
|
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Raw Material |
47,581,169 |
63,473,089 |
|
Works in
Process |
6,564,696 |
4,972,626 |
|
Factory Material & Packaging |
3,705,786 |
3,821,592 |
|
Finished Goods |
3,092,574 |
8,957,924 |
|
Raw Material
in Transit |
1,661,416 |
8,734,512 |
|
Total |
62,605,641 |
89,959,743 |
|
Less:
Depreciation |
[1,200,000] |
[1,000,000] |
|
Total |
61,405,641 |
88,959,743 |
NOTE
2 Fixed Assets
|
|
2004 |
2003 |
|
|
|
|
|
Land |
6,656,610 |
6,656,610 |
|
Building
Improvement & Improvement |
40,346,880 |
40,262,880 |
|
Machine
& Equipment |
71,814,069 |
74,859,971 |
|
Office Automation & Equipment |
20,739,856 |
20,539,915 |
|
Vehicle |
1,707,346 |
1,707,346 |
|
Equipment under
Installation |
29,040 |
29,040 |
|
Total |
141,293,801 |
144,055,762 |
|
Less:
Depreciation |
[121,180,569] |
[117,190,645] |
|
Total |
20,113,232 |
26,865,117 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
[49.82] |
|
|
Operating |
[10.02] |
|
|
Net Profit |
[73.40] |
|
|
Fixed Assets |
[25.13] |
|
|
Total Assets |
[34.68] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
72.58 |
60.33 |
|
Operating Profit
Margin |
27.42 |
39.67 |
|
S&A expenses |
7.30 |
8.71 |
|
Interest |
0.03 |
0.00 |
|
Other Revenues |
7.29 |
6.47 |
|
Net Profit
Margin |
19.10 |
36.03 |
|
Earning Per
Shares |
46.56 |
175.05 |
|
No. of
Shares |
700,000 |
700,000 |
Net Sales was
decreased by 49.82%,
Operating Profit was
decreased by 10.02%,
Net Profit was
decreased by 73.40%,
Fixed Assets was
decreased by 25.13%,
Total Assets was
decreased by 34.68%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
60.33% to 72.58%,
Operating Profit Margin
was decreased from
39.67% to 27.42%,
S & A
Expenses were decreased
from 8.71% to
7.30%, Interest Paid
was increased from
0.00% to 0.03%,
Other Revenues was
increased from 6.47%
to 7.29%, Net
Profit Margin was
decreased from 36.03%
to 19.10%.
Earning Per
Shares was decreased
from 175.05 baht
per share to
46.56 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
10.35 |
16.30 |
|
Quick
- assets ratio |
6.17 |
10.05 |
Current Ratio
was decreased from
16.30 to 10.35,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
10.05 to 6.17,
capacity to pay
Short Term Loan
was good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
0.10 |
0.06 |
|
Times Interest
Earned |
660.76 |
5,849,029.39 |
D/E Ratio was
increased from 0.06
to 0.10, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was decreased
from 5,849,029.39 to
660.76, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets
Turnover |
8.48 |
12.66 |
|
Total Assets
Turnover |
0.99 |
1.29 |
|
Return on
Assets |
18.87 |
46.33 |
|
Return on
Equity |
20.72 |
49.18 |
|
Day’s Payable |
6.63 |
15.81 |
|
Day’s Inventories |
180.95 |
158.23 |
|
Days’ Receivables |
0.51 |
0.00 |
Fixed Assets Turnover
was decreased from
12.66 times to
8.48 times, Total
Assets Turnover was
decreased from 1.29
times to 0.99
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 46.33
to 18.87, Return
on Equity was
decreased from 49.18
to 20.72, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was decreased from
16 days to
7 days, while
Day’s Inventories was
increased from 159
days to 181
days, and Day’s
Receivables was increased
from 0 days to 1
days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |