MIRA INFORM REPORT
|
Report Date : |
2nd May 2006 |
IDENTIFICATION DETAILS
|
Name : |
DRIESSEN AIR
CARGO EQUIPMENT LTD. |
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|
|
|
Registered Office : |
Bangplee Industrial Estate, 139/
2-3 Moo 17, Bangna-Trad, Road,
Bangsaothong, Samutprakarn 10540 |
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Date of Incorporation : |
1999 |
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|
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Com. Reg. No.: |
0115542006271 |
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|
|
|
Legal Form : |
Private
Limited Company |
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|
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Line of Business : |
Manufacturer
and exporter cargo containers |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NAME
DRIESSEN AIR CARGO EQUIPMENT LTD.
SUMMARY
BUSINESS ADDRESS : BANGPLEE INDUSTRIAL ESTATE,
139/ 2-3 MOO 17, BANGNA-TRAD ROAD, BANGSAOTHONG,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2315-1157-9
FAX : [66] 2315-1160
E-MAIL ADDRESS : bangkok@driessen.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0115542006271 [FORMER : SOR
POR. 9276]
CAPITAL REGISTERED : BHT. 85,000,000
CAPITAL PAID-UP : BHT. 85,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. RICHARD ANTONY HALL,
BRITISH
GENERAL MANAGER
NO. OF STAFF : 45
LINES OF BUSINESS : CARGO CONTAINERS
MANUFACTURER 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 December 1, 1999 as a private limited company under the registered name “Van Riemdijk Bangkok Ltd.” by Thai and foreign groups. On November 7, 2003, subject was changed its name to be DRIESSEN AIR CARGO EQUIPMENT LTD., with the business objective to manufacture air cargo containers for exports. It currently employs approximately 45 staff.
The subject’s registered address is 139/ 2-3 Bangna-Trad Rd., Bangsaothong, Samutprakarn 10540, and this is the subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Dirk Jan De Graaff |
|
Dutch |
58 |
|
Mr. Gijsbert Jan Koudijs |
|
Dutch |
50 |
|
Mr. Ulf Bertil Thepper |
|
Swedish |
65 |
|
Mr. Richard Antony Hall |
|
British |
53 |
|
Mr. Cornelis De Ruiter |
|
Dutch |
62 |
AUTHORIZED PERSON
One of the above directors can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Richard Antony Hall is the General Manager.
He is British nationality with the age of 53 years old.
Ms. Bonnyeesa Noimor is the Export Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing service of cargo container, according to customers requirement. The products are supplied to airlines and the related businesses.
IMPORT
Raw materials and component, especially aluminium and fiberglass board, as well as machinery spare parts are imported from United States of America, Germany, France and Spain.
EXPORT
100% of
the products is
exported to many
countries in Middle
East, Europe and
South America.
REVENUE
In 2005, the subject’s revenue was increased around 20 % from the previous year.
PARENT COMPANY
Driessen Aircraft [Holding] B.V. : Netherlands
SUBSIDIARY AND AFFILIATED COMPANY
Driessen Aircraft Interior
Systems [Thailand] Ltd.
Business Type : Manufacturer of plastic products for aircraft.
Driessen Aircraft Interior
System [Asia] Ltd.
Business Type : Manufacturer of catering products
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 at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom Rd., Silom, Bangrak, Bangkok]
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn Lane, Rajburana Rd., Rajburana, Bangkok]
EMPLOYMENT
The subject employs 45 staff.
LOCATION DETAILS
The premise is rented for administrative office, factory and warehouse at the heading address. Premise is located in industrial area.
COMMENT
Subject’s operating result was positive as demand for cargo container remained high from further growth of exports in the past year.
However, it
is likely to
slow down from
declining exports predicted
earlier this year.
FINANCIAL INFORMATION
The capital was registered at Bht. 30,000,000 divided into 300,000 shares of Bht. 100 each.
The capital was increased later as following:
Bht. 50,000,000 on April 19, 2004
Bht. 70,000,000 on June 22, 2004
Bht. 85,000,000 on December 24, 2004
The latest registered capital was increased to Bht. 85,000,000 divided into 850,000 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 29,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Driessen Aircraft
[Holding] B.V. Nationality: Dutch Address : Netherlands |
849,993 |
99.99 |
|
Mr. Ulf Bertil
Thepper Nationality: Swedish Address : 68/2 Moo 4, Banklang, Muang, Lamphun |
1 |
|
|
Mr. Prasart Yuniphan Nationality: Thai Address : 25 Sukhumvit Rd., Klongtoey, Bangkok |
1 |
|
|
Mr. Manit Yaem-uthai Nationality: Thai Address : 407 Sukhapiban 1 Rd., Klongchan, Bangkapi, Bangkok |
1 |
|
|
Mr. Sompong Sinprasit Nationality: Thai Address : 437/20 Charansanitwong Rd., Bangkhunsri, Bangkoknoi, Bangkok |
1 |
=0.01 |
|
Mr. Lersan Limchitti Nationality: Thai Address : 128/91 Moo 2, Thasai, Muang, Nonthaburi |
1 |
|
|
Ms. Patcharin Petchtawee Nationality: Thai Address : 25/11 Isaraparp Rd., Wad Thaphra, Bangkokyai, Bangkok |
1 |
|
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Ms.
Chumnumporn Ratanarom Nationality: Thai Address : 179/5 Isaraparp Rd., Wad Thaphra,
Bangkokyai, Bangkok |
1 |
|
Total Shareholders : 8
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Prasit Yuengsrikul No. 4174
BALANCE SHEET
[BAHT]
The latest financial figures published for December 31, 2004 & 2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in hand & at Bank |
9,309,113 |
5,584,307 |
|
Trade Accts. Receivable-Related Company |
16,812,821 |
30,413,338 |
|
Inventories [note 1] |
62,620,684 |
26,050,888 |
|
Other Current Assets |
1,056,164 |
1,185,523 |
|
Total Current Assets |
89,798,782 |
63,234,056 |
|
|
|
|
|
Fixed Assets [note 2] |
37,703,493 |
38,460,520 |
|
Other Assets |
272,900 |
313,900 |
|
Total Assets |
127,775,175 |
102,008,476 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts. Payable |
22,331,881 |
4,726,944 |
|
Trade Accts. Payable-Related Company |
10,620,086 |
27,332,626 |
|
Accrued Interest- Related Company |
2,507,517 |
7,535,994 |
|
Advanced Receipt from Related Company |
399,086 |
87,037,547 |
|
Short Term Loan from Parent Company |
81,292,336 |
3,978,518 |
|
Other Current Liabilities |
1,232,661 |
366,821 |
|
Total Current Liabilities |
118,383,567 |
130,978,450 |
|
Total Liabilities |
118,383,567 |
130,978,450 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value authorized, issued and fully paid share capital 850,000 shares |
85,000,000 |
85,000,000 |
|
Capital Paid |
85,000,000 |
85,000,000 |
|
Retained Earning - Unappropriated |
[75,608,392] |
[58,969,974] |
|
Total Shareholders' Equity |
9,391,608 |
[28,969,974] |
|
Total
Liabilities & Shareholders' Equity |
127,775,175 |
102,008,476 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
83,388,881 |
53,365,085 |
|
Other Income |
720,472 |
2,691,857 |
|
Total Revenues |
84,109,353 |
56,056,942 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold |
73,709,514 |
65,157,853 |
|
Selling & Administrative Expenses |
21,970,454 |
6,403,434 |
|
Total Expenses |
95,679,968 |
71,561,287 |
|
Profit / [Loss] Before Interest Expenses |
[11,570,615] |
[15,504,345] |
|
Interest Expenses |
[5,067,803] |
[5,208,948] |
|
Net Profit / [Loss] |
[16,638,418] |
[20,713,293] |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2004 |
2003 |
|
|
|
|
|
Raw Material |
49,798,501 |
20,103,017 |
|
Works in Process |
2,032,717 |
4,119,672 |
|
Finished Goods |
3,447,817 |
343,055 |
|
Goods in Transit |
7,641,649 |
1,485,144 |
|
Total |
62,920,684 |
26,050,888 |
|
Less: Allowance for Obsolescent Stock |
[300,000] |
- |
|
Total |
62,620,684 |
26,050,888 |
NOTE 2
Fixed Assets
|
|
2004 |
2003 |
|
|
|
|
|
Land |
21,420,000 |
21,420,000 |
|
Building & Building Improvement |
8,536,110 |
8,134,770 |
|
Machine & Equipment |
18,207,234 |
15,653,396 |
|
Office Automation & Equipment |
1,372,372 |
1,076,833 |
|
Vehicle |
1,114,000 |
1,114,000 |
|
Works in Construction |
561,399 |
34,486 |
|
Total |
51,211,115 |
47,433,485 |
|
Less: Depreciation |
[13,507,622] |
[8,972,965] |
|
Total |
37,703,493 |
38,460,520 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2004 |
2003 |
|
Sales |
56.26 |
|
|
Operating |
15.18 |
|
|
Net Profit |
19.67 |
|
|
Fixed Assets |
[1.97] |
|
|
Total Assets |
25.26 |
|
|
Profitability |
|
|
|
Cost of Goods Sold |
88.39 |
122.10 |
|
Operating Profit Margin |
11.61 |
[22.10] |
|
S&A expenses |
26.35 |
12.00 |
|
Interest |
6.08 |
0.98 |
|
Other Revenues |
0.86 |
5.04 |
|
Net Profit Margin |
[19.95] |
[38.81] |
|
Earning Per Shares |
[19.57] |
[24.37] |
|
No. of Shares |
850,000 |
850,000 |
Net Sales was
increased by 56.26%,
Operating Profit was
increased by 15.18%,
Net Profit was
increased by 19.67%,
Fixed Assets was
decreased by 1.97%,
Total Assets was
increased by 25.26%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
122.10% to 88.39%,
Operating Profit Margin
was increased from
-22.10% to 11.61%,
S & A
Expenses were increased
from 12.00% to
26.35%, Interest Paid
was increased from
0.98% to 6.08%,
Other Revenues was
decreased from 5.04%
to 0.86%, Net
Profit Margin was increased from -38.81%
to -19.95%.
Earning Per Shares was increased from -24.37 baht per share to -19.57 baht per share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
0.76 |
0.48 |
|
Quick - assets ratio |
0.22 |
0.27 |
Current Ratio was increased from 0.48 to 0.76, show Current Assets can not cover Current Liabilities, Liquidity Ratio of the company was not good, and Quick-assets Ratio was decreased from 0.27 to 0.22, 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 |
12.61 |
[4.52] |
|
Times Interest Earned |
[2.43] |
[34.93] |
D/E Ratio was
increased from -4.52
to 12.61, 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
-34.93 to -2.43, capacity
to pay interest paid was
not good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets Turnover |
2.21 |
1.39 |
|
Total Assets Turnover |
0.65 |
0.52 |
|
Return on Assets |
[13.02] |
[20.31] |
|
Return on Equity |
[177.16] |
[71.50] |
|
Day’s Payable |
110.58 |
26.48 |
|
Day’s Inventories |
310.09 |
145.93 |
|
Days’ Receivables |
73.59 |
208.02 |
Fixed Assets Turnover
was increased from
1.39 times to
2.21 times, Total
Assets Turnover was
increased from 0.52
times to 0.65
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from -20.31 to
-13.02, Return on
Equity was decreased
from -71.50 to -177.15,
capacity to use
Assets to make
profit was not
good.
Day’s Payable was increased from 27 days to 111 days, and Day’s Inventories was increased from 146 days to 311 days, while Day’s Receivables was decreased from 209 days to 74 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 |