MIRA
INFORM REPORT
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Report Date : |
25.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
HEIL ASIA LIMITED |
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Formerly Known As : |
C. P. – HEIL
LIMITED |
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Registered Office : |
Bangpa-In
Industrial Estate,168 Moo
16, Udomsorayut, Road, Bangkrasan, Bangpa-In, Ayudhya 13160,
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Country : |
Thailand |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
22.02.1995 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturer, Exporter & Distributor of Industrial Container |
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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
HEIL ASIA LIMITED
[FORMER : C. P. – HEIL LIMITED]
SUMMARY
BUSINESS ADDRESS : BANGPA-IN INDUSTRIAL ESTATE,168 MOO 16, UDOMSORAYUT
ROAD, BANGKRASAN, BANGPA-IN,
AYUDHYA 13160, THAILAND
TELEPHONE : [66] 35 221-090-8
FAX : [66] 35 221-099
E-MAIL ADDRESS : jeffrey@heilasia.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538023353 [Former : [1] 553/2538]
CAPITAL REGISTERED : BHT. 341,153,000
CAPITAL PAID-UP : BHT. 341,153,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. WILLIAM J. BRININSTOOL, AMERICAN
MANAGING DIRECTOR
NO. OF STAFF : 194
LINES OF BUSINESS : INDUSTRIAL CONTAINER
MANUFACTURER, EXPORTER & DISTRIBUTOR
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 February
22, 1995 as
a private limited
company by a
joint venture between
Kasetphand Industry Co., Ltd.
a member of
Charoen Pokphand group
Thailand and The Heil
Company in U.S.A.,
under the registered
name “C.P. - Heil Limited”.
On January 6, 2000, the subject has been invested 100% by The Heil Company, U.S.A., and has changed its name to be HEIL ASIA LIMITED.
The Heil Company is a member of Heil Trailer International Ltd., which corporate headquarters in Chattanooga Tennessee, U.S.A.
In 1998, the subject received the standard ISO 9001 certificated by BVQI, U.K., and is under the processing ISO 14001 certificated achievement.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
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|
|
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Mr. Clenon A. Fincher |
American |
37 |
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Mr. Steven Mark Slaughter |
American |
45 |
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Mr. William John Brininstool |
American |
61 |
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Mr. James F. Sanko |
American |
60 |
AUTHORIZED PERSON
One of the above directors can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. William John Brininstool is the Managing Director.
He is American nationality with the age of 61 years old.
Mr. Jeffery Edward is the Marketing & Sales Manager.
He is American nationality.
Mr. Karl Johnson is the Products & Service Manager.
He is American nationality.
Mr. Amornthep Bamrungchit is the Q.A. Manager.
He is Thai nationality.
Mr. Sairung Chaken is the Engineering Manager.
He is Thai nationality.
Mr. Maitree Panich is the General Manager.
He is Thai nationality.
Mr. Boonlue Jittreesri is the Factory Manager.
He is Thai nationality
BUSINESS OPERATIONS
The subject is engaged in a manufacturing services of chemical tank, petroleum tank, dry bulk and refuse tankers, under customer’s order.
MAJOR BRAND
“HEIL”
IMPORT [COUNTRIES]
70% of raw material mainly steel sheet, tank trailer equipment, aluminum sheet & machinery are imported from United States of America, Germany, Australia and Japan.
MAJOR SUPPLIERS
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Company |
Country
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Products |
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The Heil Company |
U.S.A. |
Tank trailer equipment |
SALES [LOCAL]
30% of its products is sold locally to Thai government & wholesalers.
EXPORT [COUNTRIES]
70% of its products is exported to China, Taiwan, Myanmar, Indonesia, Laos, Vietnam, Malaysia, Singapore, Hong Kong and Cambodia.
MAJOR CUSTOMERS
|
Company |
Country
|
|
|
|
|
Shell Company of Thailand Ltd. |
Thailand |
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ESSO [Thailand] Public Co., Ltd. |
Thailand |
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Caltex Oil [Thailand] Co., Ltd. |
Thailand |
|
Mobile Oil [Thailand] Ltd. |
Thailand |
PARENT COMPANY
The Heil Company
Address: PO.Box 8676 5751] Cornellion 64000 B. Building, Chattanooga,
Tennessee 37411, U.S.A.
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 30-60-90-120 days.
Local bills are paid by cash or on the credits term of 30-60-90 days.
Imports are by L/C at sight or on the credit term of 90 days & T/T.
Exports are against L/C at sight & T/T.
BANKING
Bangkok Bank Public Co., Ltd. : [Trokchan Branch]
Siam Commercial Bank Public Co., Ltd. : [Bangpa-in Branch]
EMPLOYMENT
The subject employs 194 office staff and factory workers.
LOCATION DETAILS
The premise is owned for operating office & factory on 33,600 square meters of area at the heading address in provincial.
COMMENT
The company is positioned as the only supplier of world standard tank trailer equipment in domestic market. These world class trailers carry petroleum, chemical, edible, dry bulk, waste and oil field products.
Its business performance has strongly grown and continues to set world-class standards in tanker technology in the long run.
FINANCIAL INFORMATION
The capital was registered at Bht. 10,000,000 divided into 10,000 shares of Bht. 1,000 each.
The capital was increased later as follows :
Bht. 185,000,000 on April 24, 1995
Bht. 341,153,000 on July 26, 2000
The latest registered capital was increased to Bht. 341,153,000 divided into 341,153 shares of Bht. 1,000 each with fully paid.
THE SHAREHOLDERS LISTED :
[as at April 30, 2006]
|
NAME |
HOLDING |
% |
|
The Heil Company Nationality: American Address : Chattanooga, Tennessee 37411, U.S.A. |
341,147 |
100.00 |
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Mr. Steven Mark Slaughter Nationality: American Address : 168 Moo 16, Udomsorayuth Rd., Bangpa-in, Ayuthaya |
1 |
- |
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Mr. James F. Sanko Nationality: American Address : Chattanooga, Tennessee 37411, U.S.A. |
1 |
- |
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Mr. John P. Snodgrass Nationality: American Address : Chattanooga, Tennessee 37411, U.S.A. |
1 |
- |
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Mr. William John Brininstool Nationality: American Address : Chattanooga, Tennessee 37411, U.S.A. |
1 |
- |
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Mr. Clenon A. Fincher Nationality: American Address : 168 Moo 16, Udomsorayuth Rd., Bangpa-in, Ayuthaya |
1 |
- |
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Mr. Karl Johnson Nationality: American Address : 168 Moo 16, Udomsorayuth Rd., Bangpa-in, Ayuthaya |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERFIFIED PUBLIC ACCOUNTANT
NO :
Ms. Varaporn Vorathitikul No. 4474
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2006 & 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
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|
Cash in hand & at Bank [note 1] |
7,940,333 |
3,872,828 |
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Trade Accts. Receivable [note 2] |
100,462,848 |
57,419,307 |
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Inventories [note 3] |
156,407,524 |
101,560,037 |
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Deferred Value Added Tax |
24,089,890 |
6,430,752 |
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Other Current Assets |
14,605,533 |
5,818,756 |
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Total Current Assets |
303,506,128 |
175,101,680 |
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|
|
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Fixed Assets |
112,525,848 |
113,212,706 |
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Computer Programme |
551,027 |
770,933 |
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Other Assets |
88,517 |
88,517 |
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Total Assets |
416,671,520 |
289,173,836 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accts. Payable |
56,779,088 |
32,758,088 |
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Short Term Loan from Parent Company |
78,000,000 |
7,000,000 |
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Accrued Expenses |
9,337,635 |
9,922,054 |
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Other Current Liabilities |
7,484,486 |
7,626,957 |
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Total Current Liabilities |
151,601,209 |
57,307,099 |
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Deferred Auditor Free |
4,998,934 |
3,866,686 |
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Total Liabilities |
156,600,143 |
61,173,785 |
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Shareholders' Equity |
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Share capital : Baht 1,000 par value authorized, issued and fully paid share capital 341,153 shares |
341,153,000 |
341,153,000 |
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Capital Paid |
341,153,000 |
341,153,000 |
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Retained Earning - Unappropriated |
[81,081,623] |
[113,152,949] |
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Total Shareholders' Equity |
260,071,377 |
228,000,051 |
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Total Liabilities & Shareholders' Equity |
416,671,520 |
289,173,836 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales & Services |
446,243,368 |
254,902,853 |
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Other Income |
8,755,061 |
9,477,499 |
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Total Revenues |
454,998,429 |
264,380,352 |
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Expenses |
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Cost of Goods Sold & Services |
321,504,855 |
191,509,085 |
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Selling & Administrative Expenses |
101,388,138 |
56,266,292 |
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Total Expenses |
422,892,993 |
247,775,377 |
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Profit / [Loss] Before Interest Expenses |
32,105,436 |
16,604,975 |
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Interest Expenses |
[34,110] |
[17,879] |
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Net Profit / [Loss] |
32,071,326 |
16,587,096 |
FINANCIAL NOTE
NOTE 1 Cash in Hand & at Bank
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|
2006 |
2005 |
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Sales & Services |
70,591 |
81,191 |
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Other Revenues |
7,869,742 |
3,791,637 |
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Total Revenues |
7,940,333 |
3,872,828 |
NOTE 2 Trade Accts. Receivable
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|
2006 |
2005 |
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Trade Accts. Receivable-Person |
99,566,585 |
56,202,796 |
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Less: Allowance for Doubtful Account |
[367,187] |
- |
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Trade Accts. Receivable-Related Person |
99,199,398 |
56,202,796 |
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Trade Accts. Receivable-Related Company |
1,263,450 |
1,216,511 |
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Total Revenues |
100,462,848 |
57,419,307 |
NOTE 3 Inventories
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|
2006 |
2005 |
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|
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Raw Material |
74,790,436 |
69,153,244 |
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Material Supplies |
678,016 |
689,668 |
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Work in Process |
26,432,805 |
13,480,401 |
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Finished Goods |
44,468,995 |
12,457,346 |
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Total |
146,370,252 |
95,780,659 |
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Less: Allowance for Obsolescent Stock |
[1,428,346] |
[1,177,433] |
|
Allowance for Cost Lower |
[949,524] |
- |
|
|
143,992,382 |
94,603,226 |
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Goods in Transit |
12,415,142 |
6,956,811 |
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Total Revenues |
156,407,524 |
101,560,037 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
75.06 |
|
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Operating Profit |
10.44 |
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Net Profit |
93.35 |
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Fixed Assets |
[0.61] |
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Total Assets |
44.09 |
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Profitability |
|
|
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Cost of Good Sold |
72.05 |
75.13 |
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Operating Profit Margin |
7.19 |
6.51 |
|
S & A Expenses |
22.72 |
22.07 |
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Interest Paid |
0.01 |
0.01 |
|
Other Revenues |
1.96 |
3.72 |
|
Net Profit Margin |
7.19 |
6.51 |
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Earning Per Shares |
94.01 |
48.62 |
|
No. of Shares |
341,153 |
341,153 |
Net Sales was increased by 75.06%, Operating Profit was increased by 10.44%, Net Profit was increased by 93.35%, Fixed Assets was decreased by 0.61%, Total Assets was increased by 44.09%.
Compare each cost with sales, Cost of Good Sold was decreased from 75.13% to 72.05%, Operating Profit Margin was increased from 6.51% to 7.19%, S & A Expenses was increased from 22.07% to 22.72%, Interest Paid was increased from 0.01% to 0.01%, Other Revenues was decreased from 3.72% to 1.96%, Net Profit Margin was increased from 6.51% to 7.19%.
Earning Per Shares was increased from 48.62 baht per share to 94.01 baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.00 |
3.06 |
|
Quick-Assets Ratio |
0.72 |
1.07 |
Current Ratio was decreased from 3.06 to 2.00, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was so good, Quick-Assets Ratio was decreased from 1.07 to 0.72, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.60 |
0.27 |
|
Times Interest Earned |
941.23 |
928.74 |
D/E Ratio was increased from 0.27 to 0.60, show the company had fund from Equity more than fund from Loan, investment risked of the company is low, Times Interest Earned was increased from 928.74 to 941.23, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.97 |
2.25 |
|
Total Assets Turnover |
1.07 |
0.88 |
|
Return on Assets |
7.70 |
5.74 |
|
Return on Equity |
12.33 |
7.28 |
|
Day's Payable |
45.81 |
46.26 |
|
Day’s Inventories |
126.18 |
143.43 |
|
Day’s Receivables |
81.05 |
81.09 |
Fixed Assets Turnover was increased from 2.25 times to 3.97 times, Total Assets Turnover was increased from 0.88 times to 1.07 times, show the company could use Assets so efficiently, Return on Assets was increased from 5.74 to 7.70, Return on Equity was increased from 7.28 to 12.33, capacity to use Assets to make profit was good.
Day's Payable was decreased from 47 days to 46 days, and Day’s Inventories was decreased from 144 days to 127 days, while Day’s Receivables was stable at 82 days.
RATING
EXPLANATIONS
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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 |
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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%)