MIRA
INFORM REPORT
|
Report Date : |
16th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BOMBARDIER TRANSPORTATION
SIGNAL [THAILAND] LTD |
|
|
|
|
Registered Office : |
6th Floor, Manorom
Building, 3354/16-19 Rama 4 Road,
Klongton, Klongtoey, Bangkok
10110 |
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Country : |
Thailand |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0105540061216 |
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Legal Form : |
Private
Limited Company |
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|
|
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Line of Business : |
Engaged
in the business of designing and installation contractor railway
signaling system |
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 : |
Usually
Correct |
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Litigation : |
Clear |
NAME
BOMBARDIER TRANSPORTATION SIGNAL [THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 6th
FLOOR, MANOROM BUILDING,
3354/16-19 RAMA
4 ROAD, KLONGTON,
KLONGTOEY, BANGKOK
10110
TELEPHONE : [66] 2672-8290
FAX :
[66] 2249-8519
E-MAIL ADDRESS : pjuanch@th.transport.bombardier.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0105540061216
[Former: [5] 1023/2540]
CAPITAL REGISTERED : BHT. 233,760,000
CAPITAL PAID-UP
: BHT. 233,760,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
YONTRAKIJ CHANPRASIT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 150
LINES OF
BUSINESS : RAILWAY SIGNALING
SYSTEM
DESIGNING AND
INSTALLATION CONTRACTOR
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 8,
2001 as a
private limited company under the originally registered
name “ABB Daimler-Benz Transportation
[Signal] Ltd.” by Thai
and German groups.
On June 23,
1999, subject was
changed its name
to “Daimler Chrysler Rail
Systems [Signal] Ltd.”,
and changed to
be the present name Bombardier Transportation Signal [Thailand] Ltd.
on June 8,
2001.
The
subject’s business objective is to provide design and
installation service for
railway signaling system
in Thailand. It
currently employs approximately 150 staff.
It
is a joint venture between
Bombardier Transportation Holdings
[Thailand] Ltd. and
Bombardier Transportation GmbH,
Germany.
The
subject’s registered address
is 3354/16-19 Rama
4 Rd., Klongton, Klongtoey, Bangkok
10110, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Yontrakij Chanprasit |
|
Thai |
57 |
|
Mrs.
Yuwaree Julaya |
|
Thai |
44 |
|
Mr.
David William Penhorwood |
|
Canadian |
52 |
|
Mr.
Hans Peter Albexon |
|
Swedish |
55 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Yontrakij Chanprasit is the Managing Director.
He is
Thai nationality with
the age of
57 years old.
BUSINESS OPERATIONS
The subject’s
activities are bidder
and contractor for
railway signaling system
design and installation, as well as
after sales services
of maintenance. The
present project is
railway signal system
installation for The
State Railway of
Thailand.
IMPORT
Most
of electronic equipment,
hardware and software
are imported from
Germany.
MAJOR SUPPLIER
Bombardier
Transportation GmbH. : Germany
REVENUE
In 2005,
the subject’s revenue
was increased around
10-15 % from the
previous year.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
affiliated company here
in Thailand.
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.
[Sirinrat Building
Branch : Rama 4
Rd., Klongtoey, Bangkok]
[Account No.
096-211-079-7]
EMPLOYMENT
The
subject employs approximately 150 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a
prime commercial area.
COMMENT
The
subject’s business has
gradually improved with
expansion of works
from the State
Railway of Thailand.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 12,000,000
divided into 120,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht.
30,000,000 on November 17, 1997
Bht.
233,760,000 on February 4, 1999
The
latest registered capital
was increased to
Bht. 233,760,000 divided into
2,337,600 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE : [as at April 29,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bombardier Transportation
Holdings [Thailand] Ltd. Nationality: Thai Address :
3354/16-19 Rama 4
Rd., Klongton, Klongtoey, Bangkok |
1,192,173 |
51.02 |
|
Bombardier Transportation GmbH. Nationality: German Address :
43 Berlin, Germany |
1,145,422 |
48.98 |
|
Mr. Pairach Rojanapanyapong Nationality: Thai Address :
73/13 Sukhumvit 46
Rd., Prakanong, Klongtoey, Bangkok |
1 |
- |
|
Mrs. Yuwaree Julaya Nationality: Thai Address :
128/31 Moo 3,
Pracha-utis Rd., Thungkru, Bangkok |
1 |
- |
|
Mr. Yontrakij Chanprasit Nationality: Thai Address :
120/234 Nonsee Rd.,
Chongnonsi, Yannawa, Bangkok |
1 |
- |
|
Mr. Hans
Peter Albexon Nationality: Swedish Address :
Wasderas, Sweden |
1 |
- |
|
Mr. David
William Penhorwood Nationality: Canadian Address :
Reeding, England |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs.
Saifon Inkaew No. 4434
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 |
72,538,573 |
5,289,937 |
|
Trade Accts.
Receivable Related
Companies |
24,442,048 |
35,117,423 |
|
Other
Companies |
42,845,898 |
- |
|
|
|
|
|
Trade Accts.
Receivable - Net |
67,287,946 |
35,117,423 |
|
Short-term Loan
& Deferred Interest
from Parent
Company |
- |
373,860 |
|
Deferred Completed
Construction Value |
506,855,726 |
- |
|
Advance to
Sub-contractor |
68,893,489 |
- |
|
Work Guarantee |
18,930,278 |
- |
|
Inventories |
15,344,819 |
- |
|
Withholding Income
Tax |
4,332,811 |
107,554 |
|
Refundable Input
Tax |
18,482,130 |
1,335,326 |
|
Deferred Income |
5,849,206 |
2,438,975 |
|
Other Current
Assets |
14,192,063 |
6,521,203 |
|
|
|
|
|
Total
Current Assets |
792,707,041 |
51,184,278 |
|
Building for
Rent Improvement &
Equipment [note 1] |
6,526,728 |
3,722,067 |
|
Computer Programme |
1,875,035 |
4,503,233 |
|
Deposits |
3,237,279 |
2,224,060 |
|
Total
Assets |
804,346,083 |
61,633,638 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts.
Payable |
|
|
|
Related
Companies |
147,739,828 |
276,088 |
|
Other
Companies |
176,258,548 |
376,349 |
|
|
|
|
|
Trade Accts.
Payable - Net |
323,998,376 |
652,437 |
|
Related Companies
Payable |
30,604,746 |
9,656,137 |
|
Short-term Loan
& Accrued Interest
to Related
Companies |
288,480,365 |
268,684,066 |
|
Advance from
Customers under Construction Contract |
279,067,837 |
- |
|
Other Current
Liabilities |
28,491,679 |
18,943,407 |
|
|
|
|
|
Total Current Liabilities |
950,643,003 |
297,936,047 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued and fully
paid
share capital 2,337,600
shares |
233,760,000 |
223,760,000 |
|
|
|
|
|
Capital Paid |
233,760,000 |
223,760,000 |
|
Unappropriated [Deficit] |
[380,056,920] |
[470,062,409] |
|
Total Shareholders' Equity [Deficit] |
[146,296,920] |
[236,302,409] |
|
Total Liabilities & Shareholders' Equity |
804,346,083 |
61,633,638 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Construction Income |
696,158,503 |
- |
|
Services Income |
81,533,688 |
85,691,777 |
|
Gain on
Exchange Rate |
1,555,496 |
- |
|
Other Income |
3,062,781 |
3,199,090 |
|
Total
Revenues |
782,310,468 |
88,890,867 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Construction |
558,738,456 |
- |
|
Cost of
Services |
109,984,002 |
99,908,419 |
|
Selling &
Administrative Expenses |
20,750,647 |
37,969,654 |
|
Loss on
Exchange Rate |
- |
13,214,901 |
|
Total Expenses
|
689,473,105 |
151,092,974 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
& Income
Tax |
92,837,363 |
[62,202,107] |
|
Interest Expenses |
[2,831,874] |
[3,380,880] |
|
|
|
|
|
Net
Profit / [Loss] |
90,005,489 |
[65,582,987] |
FINANCIAL NOTE
NOTE
1 Fixed Assets
|
|
2004 |
2003 |
|
|
|
|
|
Building Improvement |
12,942,516 |
10,050,703 |
|
Equipment
& Hand Tools |
446,166 |
446,166 |
|
Office Furniture |
5,352,972 |
5,040,509 |
|
Office Equipment |
7,108,385 |
6,341,396 |
|
Vehicle
|
1,858,237 |
781,040 |
|
Total |
27,708,276 |
22,659,814 |
|
Less:
Depreciation |
[21,181,548] |
[18,937,747] |
|
Total |
6,526,728 |
3,722,067 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
807.55 |
|
|
Operating |
69.10 |
|
|
Net Profit |
237.24 |
|
|
Fixed Assets |
75.35 |
|
|
Total Assets |
1,205.04 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
85.99 |
116.59 |
|
Operating Profit
Margin |
14.01 |
[16.59] |
|
S&A expenses |
2.67 |
44.31 |
|
Interest |
0.36 |
3.95 |
|
Other Revenues |
0.59 |
3.73 |
|
Net Profit
Margin |
11.57 |
[76.53] |
|
Earning Per
Shares |
38.50 |
[28.06] |
|
No. of
Shares |
2,337,600 |
2,337,600 |
Net Sales was
increased by 807.55%,
Operating Profit was
increased by 69.10%,
Net Profit was
increased by 237.24%,
Fixed Assets was
increased by 75.35%,
Total Assets was
increased by 1,205.04%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
116.59% to 85.99%,
Operating Profit Margin
was increased from -16.59% to 14.01%, S
& A Expenses
were decreased from
44.31% to 2.67%,
Interest Paid was
decreased from 3.95%
to 0.36%, Other
Revenues was decreased
from 3.73% to
0.59%, Net Profit
Margin was increased
from -76.53% to
11.57%.
Earning Per
Shares was increased
from -28.06 baht
per share to
38.50 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
0.83 |
0.17 |
|
Quick
- assets ratio |
0.77 |
0.14 |
Current Ratio
was increased from
0.17 to 0.83,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets Ratio was increased
from 0.14 to
0.77, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
[6.50] |
[1.26] |
|
Times Interest
Earned |
31.15 |
[15.44] |
D/E Ratio was
decreased from -1.26
to -6.50, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high
and Times Interest
Earned was increased
from -15.44 to
31.15, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets
Turnover |
119.15 |
23.02 |
|
Total Assets
Turnover |
0.97 |
1.39 |
|
Return
on
Assets |
11.19 |
[106.41] |
|
Return on
Equity |
61.52 |
[27.75] |
|
Day’s Payable |
176.84 |
2.38 |
|
Day’s Inventories |
8.38 |
0.00 |
|
Days’ Receivables |
31.58 |
149.58 |
Fixed Assets Turnover
was increased from
23.02 times to
119.15 times, Total
Assets Turnover was
decreased from 1.39
times to 0.97
times, show the
company could use
Fixed Assets so
efficiently, and Return
on Assets was
increased from -106.41
to 11.19, Return
on Equity was
increased from -27.75
to 61.52, capacity
to use Assets to make
profit was good.
Day’s Payable
was increased from
3 days to 177 days,
and Day’s Inventories
was increased from
0 days to 9 days,
while Day’s Receivables
was decreased from
150 days to
32 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 |