MIRA
INFORM REPORT
|
Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DRIESSEN
AIR CARGO EQUIPMENT
LTD. |
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Formerly Known As : |
VAN RIEMDIJK BANGKOK
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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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.12. 1999 |
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Com. Reg. No.: |
0115542006271 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Cargo Containers |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
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. BJORN PIETER ZUTT, DUTCH
GENERAL MANAGER
NO.
OF STAFF : 103
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 103 staff.
The subject’s registered address is 139/2-3
Moo 17, Bangna-Trad Rd., Bangsaothong,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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Mr. Jerry Van Vive |
|
Dutch |
36 |
|
Mr. Paulus Wilhelmus Verheul |
|
Dutch |
47 |
|
Mr. Friso Cristiaan Horstmeier |
|
Dutch |
36 |
|
Mr. Bjorn Pieter Zutt |
|
Dutch |
34 |
|
Mr. Roberting Peter Heinze |
|
Dutch |
43 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Bjorn Pieter
Zutt is the General Manager.
He is Dutch nationality with
the age of
34 years old.
Ms. Bonnyeesa Noimor
is the Import-Export Supervisor.
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
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, Asia
and South America.
PARENT COMPANY
Driessen Aircraft
[Holding] B.V. : Netherlands
SUBSIDIARY AND
AFFILIATED COMPANIES
Driessen Aircraft
Interior Systems [Thailand]
Ltd.
Business Type :
Manufacturer of plastic
products for aircraft.
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 103
staff.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
COMMENT
Though
the subject had
an increase in
its sales revenue
in 2006 comparing
to the previous year,
it obtained a
massive net loss
at the end of year.
This was mainly
due to higher cost of
goods sold which
had an effect on the
subject’s profit margin.
Generally, the subject’s operating
result was sluggish due
to a weakening of US Dollar
which is not
favourable to the
exporters.
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 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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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 |
|
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Mr. Prasart Yuniphan Nationality: Thai Address : 25
Sukhumvit Rd., Klongtoey, Bangkok |
1 |
|
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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 |
|
|
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, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
24,801,779 |
30,512,193 |
|
Trade Accts. Receivable -Other company |
21,087,706 |
- |
|
-Related company |
12,693 |
11,330 |
|
Receivable-Related Company |
36,272 |
- |
|
Inventories |
304,735,933 |
165,726,337 |
|
Value Added Tax Receivable |
7,219,740 |
1,867,597 |
|
Other Current Assets
|
664,826 |
786,490 |
|
Total Current
Assets |
358,558,949 |
198,903,947 |
|
|
|
|
|
Fixed Assets |
83,853,984 |
45,746,731 |
|
Other Assets |
515,900 |
313,900 |
|
Total Assets |
442,928,833 |
244,964,578 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable - Other Company |
49,967,631 |
48,404,900 |
|
- Related Company |
82,063,671 |
53,965,499 |
|
Payable-Related Company |
64,689,451 |
14,924,066 |
|
Accrued Interest- Related Company |
8,169,522 |
5,489,341 |
|
Advanced Receipt from
Related Company |
194,924,965 |
41,593,631 |
|
Short Term Loan
from Parent Company |
64,967,336 |
66,571,728 |
|
Other Payable |
19,007,333 |
7,124,287 |
|
Other Current Liabilities |
7,240,216 |
3,146,229 |
|
Total Current
Liabilities |
491,030,125 |
241,219,681 |
|
Total Liabilities |
491,030,125 |
241,219,681 |
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|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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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 |
[133,101,292] |
[81,255,103] |
|
Total
Shareholders' Equity |
[48,101,292] |
3,744,897 |
|
Total
Liabilities & Shareholders' Equity |
442,928,833 |
244,964,578 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
453,437,355 |
143,537,204 |
|
Gain on Exchange Rate |
15,940,448 |
8,067,715 |
|
Other Income |
6,966,612 |
1,558,197 |
|
Total Revenues
|
476,344,415 |
153,163,116 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
460,986,037 |
128,338,829 |
|
Selling & Administrative Expenses |
63,941,313 |
26,955,115 |
|
Total Expenses |
524,927,350 |
155,293,944 |
|
Profit / [Loss] Before Interest
Expenses |
[48,582,935] |
[2,130,828] |
|
Interest Expenses |
[3,263,254] |
[3,515,883] |
|
Net Profit / [Loss] |
[51,846,189] |
[5,646,711] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
215.90 |
|
|
Operating Profit |
621.74 |
|
|
Net Profit |
[818.17] |
|
|
Fixed Assets |
83.30 |
|
|
Total Assets |
80.81 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
101.66 |
89.41 |
|
Operating Profit Margin |
[10.71] |
[1.48] |
|
S & A
Expenses |
14.10 |
18.78 |
|
Interest Paid |
0.72 |
2.45 |
|
Other Revenues |
5.05 |
6.71 |
|
Net Profit Margin |
[11.43] |
[3.93] |
|
Earning Per Shares |
[61.00] |
[6.64] |
|
No. of Shares |
850,000 |
850,000 |
Net Sales was
increased by 215.90%,
Operating Profit was
increased by 621.74%,
Net Profit was
decreased by 818.17%,
Fixed Assets was
increased by 83.30%,
Total Assets was increased by
80.81%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.41%
to 101.66%, Operating
Profit Margin was
decreased from -1.48%
to -10.71%, S
& A Expenses
was decreased from
18.78% to 14.10%,
Interest Paid was decreased
from 2.45% to
0.72%, Other Revenues
was decreased from
6.71% to 5.05%,
Net Profit Margin
was decreased from
-3.93% to -11.43%.
Earning Per Shares
was decreased from
-6.64 baht per share to
-61.00 baht per
share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.73 |
0.82 |
|
Quick-Assets Ratio |
0.09 |
0.13 |
Current Ratio was
decreased from 0.82
to 0.73, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.13 to 0.09,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
[10.21] |
64.41 |
|
Times Interest Earned |
[14.89] |
[0.61] |
D/E Ratio was
decreased from 64.41
to -10.21, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
-0.61 to -14.89,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
5.41 |
3.14 |
|
Total Assets Turnover |
1.02 |
0.59 |
|
Return on Assets |
[11.71] |
[2.31] |
|
Return on Equity |
[107.79] |
[150.78] |
|
Day’s Inventories |
241.94 |
415.65 |
|
Day’s Receivables |
16.74 |
0.00 |
Fixed Assets Turnover
was increased from
3.14 times to
5.41 times, Total
Assets Turnover was
increased from 0.59
times to 1.02
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
-2.31 to -11.71,
Return on Equity
was increased from
-150.78 to -107.79,
capacity to use
Assets to make
profit was not
good.
Day’s Inventories was
decreased from 416
days to 242
days, while Day’s
Receivables was increased
from 0 days to 17
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%)