MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AEROWORKS COMPOSITES [ASIA] LTD. |
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Registered Office : |
226 Moo 3,
Laem Chabang Industrial Estate, Thungsukhla,
Sriracha, Chonburi 20110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2006 |
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Com. Reg. No.: |
0205549023588 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and contractor
of chair and
related equipment for
aircraft. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
AEROWORKS COMPOSITES [ASIA] LTD.
SUMMARY
BUSINESS ADDRESS : 226
MOO 3, LAEM CHABANG INDUSTRIAL
ESTATE,
THUNGSUKHLA, SRIRACHA,
CHONBURI 20110
TELEPHONE : [66] 38 491-281-6
FAX : [66] 38 491-287
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2006
REGISTRATION NO.
: 0205549023588
CAPITAL
REGISTERED : BHT. 5,000,000
CAPITAL
PAID-UP : BHT. 5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ALEX BEYSEN, BELGIAN
MANAGING DIRECTOR
NO. OF
STAFF : 50
LINES OF
BUSINESS : AIRCRAFT CHAIR AND EQUIPMENT
MANUFACTURER AND
CONTRACTOR
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 September 1, 2006
as a private limited company under the name style
AEROWORK COMPOSITES [ASIA]
LTD., by Thai and
Dutch groups, with
the business objective
to manufacture of aircraft
chair and equipment.
It currently employs
approximately 50 staff.
The
subject’s registered address
is 226 Moo 3, Laem
Chabang Industrial Estate,
226 Moo 3,
T. Thungsukhla, A.
Sriracha, Chonburi 20110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Alex Beysen |
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Belgian |
37 |
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Mr. Jacque De Freeze |
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Dutch |
52 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Alex Beysen
is Managing Director.
He is Belgian nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer and
contractor of chair
and related equipment
for aircraft. The
production has been
started in the
beginning of 2007.
PURCHASE
Most of raw
materials and components
are purchased from
local suppliers.
IMPORT
Some of raw
materials, mainly fiberglass
and accessories are
imported from France,
United Kingdom, Republic of
China, Taiwan and
Japan.
SALES
The products are
sold and serviced
to both local
and oversea countries
in Europe, Asia
and Middle East.
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.
Exports are against
T/T.
BANKING
United Overseas Bank
[Thai] Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 50 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in industrial area
in provincial.
COMMENT
The
subject has started
its production this
year. Its business
has grown very
well since its
commencement. The subject
has strong potential
in its business as the
airline industry has expanded rapidly, as well
as Thailand is
the best place
for manufacturing aircraft
chair and equipment
due to its high quality
of workmanship and
low production cost.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 50,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
May 7, 2007]
|
NAME |
HOLDING |
% |
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Aerowork Composite
BV. Nationality: Dutch Address : Netherlands |
3,993 |
79.86 |
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Siam Aviation
Industries Ltd. Nationality: Thai Address : 49/39
Moo 5, Thungsukhla, Sriracha, Chonburi |
1,000 |
20.00 |
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Mr. Jacque De
Freeze Nationality: Dutch Address : Netherlands |
1 |
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Mrs. Degier Wisma
Nibb Nationality: Dutch Address : Netherlands |
1 |
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Mr. Alex Beysen Nationality: Dutch Address : 151/5
Moo 7, T. Surasak, Sriracha, Chonburi |
1 |
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Mr.
Robertus Petrus Stam Nationality: Thai Address : 132/4
Moo 6, Naklua,
Banglamung, Chonburi |
1 |
=0.14 |
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Ms. Pichaya Ruaypirom Nationality: Thai Address : 9/15
Moo 7, Plutaluang, Sattahip, Chonburi |
1 |
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Mrs. Anchalee
Praditphol Nationality: Thai Address : 772/2
Borkham Rd., Chaam,
Petchburi |
1 |
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Ms. Metta
Chankaew Nationality: Thai
Address :
149/4 Moo 17 T.
Takor, A. Paisalee,
Nakornsawan |
1 |
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Total Shareholders
9
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Vorasilp Songthis No. 1080
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 was:
ASSETS
|
Current Assets |
2006 |
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Cash in hand
& at Bank
|
2,415,728.72 |
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Other Receivable |
4,963,734.00 |
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Inventories |
2,042,948.17 |
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Other Current Assets
|
63,605.25 |
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Total Current
Assets |
9,486,016.14 |
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Fixed Assets |
9,685,634.82 |
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Total Assets |
19,171,650.96 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
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Trade Accts. & Notes Payable |
13,899,501.18 |
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Other Current Liabilities- Accrued Expenses
|
272,149.78 |
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Total Current
Liabilities |
14,171,650.96 |
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Total Liabilities |
14,171,650.96 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 5,000 shares |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
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Retained Earning -
Unappropriated |
- |
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Total Shareholders'
Equity |
5,000,000.00 |
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Total
Liabilities & Shareholders' Equity |
19,171,650.96 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Sept.
1, 2006- Dec. 31,
2006 |
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Operation Income |
1,249,912.36 |
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Other Income |
4,963,802.72 |
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Total Revenues
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6,213,715.08 |
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Expenses |
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Cost of Goods
Sold |
2,137,400.89 |
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Selling & Administrative Expenses |
3,914,479.31 |
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Other Expenses-Loss on Exchange Rate |
161,834.88 |
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Total Expenses |
6,213,715.08 |
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Net Profit / [Loss] |
- |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)