MIRA
INFORM REPORT
|
Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLOWPRO
ASIA PACIFIC LTD. |
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Registered Office : |
69/19, 26 Moo
6, Kingkaew 54
Road, T. Rachathewa, A.
Bangplee, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
02.07.2003 |
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Com. Reg. No.: |
0105546077114 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Ventilation System Service
Provider |
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
FLOWPRO ASIA
PACIFIC LTD.
SUMMARY
BUSINESS
ADDRESS : 69/19, 26 MOO 6,
KINGKAEW 54 ROAD,
T.
RACHATHEWA, A. BANGPLEE,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2738-3883
FAX : [66] 2738-3773
E-MAIL
ADDRESS : roeland.bos@flowpro.hl
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION NO. : 0105546077114
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT. 2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MS. SUREEMAS YUENYAO,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : VENTILATION SYSTEM
SERVICE
PROVIDER
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 July 2,
2003 as a
private limited company under the name style
FLOWPRO ASIA PACIFIC
LTD., by Thai and
foreign groups, with
the business objective
to provide installation and maintenance services for
ventilation System. It currently
employs approximately 10 staff.
The
subject’s registered address
is 69/19, 26
Moo 6, Kingkaew 54 Rd.,
Rachathewa, Bangplee, Samutprakarn 10540, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Sureemas Yuenyao |
|
Thai |
44 |
|
Mr. Francois Anna Jean
Wilhelm Gerrits |
|
Dutch |
45 |
|
Mr. Harmen Roeland Bos |
|
Dutch |
35 |
|
Mr. Jonathan Christopher Taylor |
|
British |
41 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Sureemas Yuenyao
is the Managing Director.
She is Thai nationality with
the age of
44 years old.
Mr. Harmen Roeland
Bos is the Executive Director.
He is Dutch nationality with
the age of
35 years old.
Mr. Francois
Anna Jean Wilhelm
Gerrits is the Executive Director.
He is Dutch nationality with
the age of
45 years old.
BUSINESS OPERATIONS
The subject is
engaged in providing
service of installation and maintenance of ventilation
system, as well
as importing and
distributing various kinds
of equipment and
parts for ventilation systems, such
as damper, tunnel,
heat exchangers, fan
and accessories.
IMPORT
Most
of the products are imported
from Netherlands, Republic
of China, Japan,
Taiwan, Germany and
France.
MAJOR SUPPLIER
Flowpro
Nederland B.V. :
Netherlands
SALES/SERVICES
The products and
projects are sold
and serviced locally
to end-users.
REFERENCE PROJECTS
Mass Rapid Transit
Authority of Thailand
[MRTA]
Suvarnabhumi International Airport
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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
industrial area.
COMMENT
The
subject’s business performance
has been slowing
down from less
demand from industrial
sector. Its business trend
is likely to
grow at slow
pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 10,000
shares of Bht.
200 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms.
Sureemas Yuenyao Nationality: Thai Address : 220/22
Ratchadapisek Rd., Bangsue,
Bangkok |
5,097 |
50.97 |
Mr. Harmen Roeland
Bos
Nationality: Dutch Address : 21
Netherlands |
2,000 |
20.00 |
|
Mr. Greze Brendt
Porost Nationality: Dutch Address : Netherlands |
1,200 |
12.00 |
Mr. Jonathan Christopher Taylor
Nationality: British Address : England |
900 |
9.00 |
Mr. Francois Anna
Jean Wilhelm Gerrits
Nationality: Dutch Address : Netherlands |
800 |
8.00 |
|
Mr. Anusorn Yuenyao Nationality: Thai Address : 220/22
Ratchadapisek Rd., Bangsue,
Bangkok |
1 |
0.01 |
|
Ms.
Chanapak Atthakij Nationality: Thai Address : 220/22
Ratchadapisek Rd., Bangsue,
Bangkok |
1 |
0.01 |
|
Ms. Amporn Kaewjai Nationality: Thai Address : 165
Moo 1, Chomphu,
Muang, Lampang |
1 |
0.01 |
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Yuthana Vorawejthanakul No. 4683
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
645,388.54 |
983,362.99 |
|
Trade Accts. Receivable & Deferred Income |
1,992,261.25 |
1,175,000.00 |
|
Inventories [note 1] |
653,995.53 |
644,217.09 |
|
Other Current Assets
[note 2] |
164,635.81 |
69,666.60 |
|
Total Current
Assets |
3,456,281.13 |
2,872,246.68 |
|
|
|
|
|
Fixed Assets |
787,807.89 |
1,021,845.89 |
|
Other Assets |
210,600.00 |
214,600.00 |
|
Total Assets |
4,454,689.02 |
4,108,692.57 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
764,829.30 |
185,597.56 |
|
Other Current Liabilities |
738,372.47 |
495,498.51 |
|
Total Current
Liabilities |
1,503,201.77 |
681,096.07 |
|
Total Liabilities |
1,503,201.77 |
681,096.07 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 200 par value
authorized, issued
and fully paid share
capital 10,000 shares |
2,000,000.00 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
951,487.25 |
1,427,596.50 |
|
Total
Shareholders' Equity |
2,951,487.25 |
3,427,596.50 |
|
Total
Liabilities & Shareholders' Equity |
4,454,689.02 |
4,108,692.57 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
2,627,739.01 |
8,248,899.00 |
|
Services Income |
5,005,780.64 |
5,768,038.04 |
|
Other Income |
77,160.59 |
294,204.63 |
|
Total Revenues
|
7,710,680.24 |
14,311,141.67 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold & Services |
5,209,640.70 |
10,611,829.82 |
|
Selling & Administrative Expenses |
2,977,148.79 |
3,285,045.81 |
|
Total Expenses |
8,186,789.49 |
13,896,875.63 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[476,109.25] |
414,266.04 |
|
Interest Expenses |
- |
[6,254.23] |
|
Income Tax |
- |
[130,584.21] |
|
Net Profit / [Loss] |
[476,109.25] |
277,427.60 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Raw Material |
411,394.45 |
200,666.82 |
|
Goods in Transit |
148,493.60 |
181,114.26 |
|
Material Supplies |
94,107.48 |
262,436.01 |
|
Total
|
653,995.53 |
644,217.09 |
NOTE 2
Other Current Assets
|
|
2006 |
2005 |
|
|
|
|
|
Revenue Department Receivable |
- |
65,073.93 |
|
Prepaid Income Tax |
144,947.25 |
- |
|
Prepaid Expenses |
3,888.56 |
4,592.67 |
|
Deposit |
15,800.00 |
- |
|
Total
|
164,635.81 |
69,666.60 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[45.54] |
|
|
Operating Profit |
[311.04] |
|
|
Net Profit |
[271.62] |
|
|
Fixed Assets |
[22.90] |
|
|
Total Assets |
8.42 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
68.25 |
75.71 |
|
Operating Profit Margin |
[6.24] |
2.96 |
|
S & A
Expenses |
39.00 |
23.44 |
|
Interest Paid |
0.00 |
0.04 |
|
Other Revenues |
1.01 |
2.10 |
|
Net Profit Margin |
[6.24] |
1.98 |
|
Earning Per Shares |
[47.61] |
27.74 |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
decreased by 45.54%,
Operating Profit was
decreased by 311.04%,
Net Profit was
decreased by 271.62%,
Fixed Assets was
decreased by 22.90%,
Total Assets was
increased by 8.42%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 75.71%
to 68.25%, Operating
Profit Margin was
decreased from 2.96%
to -6.24%, S
& A Expenses
was increased from
23.44% to 39.00%,
Interest Paid was decreased
from 0.04% to
0.00%, Other Revenues
was decreased from
2.10% to 1.01%,
Net Profit Margin
was decreased from
1.98% to -6.24%.
Earning Per Shares
was decreased from
27.74 baht per
share to -47.61 baht
per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.30 |
4.22 |
|
Quick-Assets Ratio |
1.75 |
3.17 |
Current Ratio was
decreased from 4.22
to 2.30, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
3.17 to 1.75,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.51 |
0.20 |
|
Times Interest Earned |
0.00 |
66.24 |
D/E Ratio was
increased from 0.20
to 0.51, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
66.24 to 0.00,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
9.69 |
13.72 |
|
Total Assets Turnover |
1.71 |
3.41 |
|
Return on Assets |
[10.69] |
6.75 |
|
Return on Equity |
[16.13] |
8.09 |
|
Day's Payable |
36.07 |
4.77 |
|
Day’s Inventories |
30.84 |
16.55 |
|
Day’s Receivables |
93.96 |
30.18 |
Fixed Assets Turnover
was decreased from
13.72 times to
9.69 times, Total
Assets Turnover was
decreased from 3.41
times to 1.71
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 6.75 to
-10.69, Return on
Equity was decreased
from 8.09 to
-16.13, capacity to
use Assets to
make profit was
not good.
Day's Payable was
increased from 5
days to 37
days, Day’s Inventories
was increased from
17 days to
31 days, and
Day’s Receivables was
increased from 31
days to 94
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
|
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%)