crane : annual report 2007

Download CRANE : Annual Report 2007

Post on 24-Mar-2016

215 views

Category:

Documents

0 download

Embed Size (px)

DESCRIPTION

Annual Report 2007

TRANSCRIPT

  • CHU KAI PUBLIC COMPANY LIMITED ()

    2550 Annual Report 2007

    0

    Contents

    Our Vision

    Financial Highlights 1 Message from the Chairman 2 Message from the Chief Executive Officer 3 Audit Committees Report 4 General Information 5 Corporate Information 6 Company Background 7 Business Operation 9 Risk Factors 13 Major Shareholders 15 Organization Chart 16 Management Structure 17 Corporate Governance 24 Internal Information Control 29 Internal Control 30 Dividend Policy 31 Related Transactions 32 Management Discussion and Analysis 36 Auditors Report & Financial Report 40

  • CHU KAI PUBLIC COMPANY LIMITED ()

    2550 Annual Report 2007

    1

    Financial Highlights Unit : Million Baht

    2007 Consolidate

    + / - (%)

    2006 Common Control

    + / - (%)

    2005 Common control

    + / - (%)

    Current Assets Total Assets Current Liabilities Total Liabilities Total Shareholders Equity

    277.53 1,651.59

    497.29 954.02 697.57

    - 3.95 + 3.77 + 3.76 - 1.94

    + 12.74

    288.93 1,591.65

    479.28 972.91 618.75

    - 24.30 - 0.70

    - 70.75 - 50.00

    - 280.38

    381.69 1,602.80 1,638.56 1,945.83

    ( 343.03)

    Balance Sheets

    + 14.48 - 14.66

    - 3.28 + 1.51

    + 788.56 Revenue from sales Revenue from rental and transportation services Other income Cost of sales Cost of rental and transportation services Gross profit Selling and administrative expenses Interest expenses - from liability under debt restructuring agreement - from other debts Extraordinary items - Loss from discount of debt other related company -Gain of debt restructuring Income tax Net profit

    253.86 467.45 741.60

    89.42 338.96 292.93 142.66

    0.00

    74.14

    0.00 0.00

    17.59 78.82

    + 1.86 - 2.15 - 1.28

    - 32.01 - 3.77

    + 20.47 + 1.46

    - 100.00 + 47.07

    - 100.00 - 100.00 - 60.98 + 261.03

    249.22 477.71 751.23 131.53 352.24 243.16 140.60

    25.83 50.41

    ( 101.30 )

    962.86 45.09 21.83

    - 19.30 - 2.56 - 9.82

    - 27.68 + 4.46

    - 13.15 - 10.67

    - 36.79 + 42.69

    - 66.39

    + 2,177.18 - 18.93 - 16.75

    308.82 490.24 833.02 181.87 337.20 279.99 157.40

    40.86 35.33

    ( 301.38 )

    42.28 55.61 26.23

    - 31.82 + 32.82 - 10.22 - 35.19 + 48.85 - 11.09 - 22.89

    - 51.85 + 77.91

    n/a n/a

    + 36.07 + 7.76

    Current ratio (times) Debts to Equity (times) Return on Equity (%) Gross Profit Margin (%) Net Profit Margin (%)

    Statements of Income

    Financial Ratio Analysis

    0.56 0.60 0.23 1.37 1.57 5.33

    11.98 4.44 7.45 40.61 33.45 35.04 10.63 2.91 3.15

  • CHU KAI PUBLIC COMPANY LIMITED ()

    2550 Annual Report 2007

    2

    Massage from the Chairman Dear All Shareholders 2007 was the great important year of Chu Kai Pubic Company Limited (The Company) for the strong and dynamic growth and continuous development. The achievement was commenced from the successful of debt restructuring of The Crane Services Company Limited in the fourth quarter of the year 2006, resulting Chu Kai Public Company Limited and its four subsidiaries namely The Crane Rayong Company Limited, The Crane Laem Chabang Company Limited, The Crane Heavy Lift Company Limited and The Crane Services Company Limited recorded outstanding performance in the year 2007. Moreover, The Company has been approved for Initial Public Offering (IPO) and listed in the Market for Alternative Investment (MAI) in the first quarter of the year 2008. The successful achievement was mainly from the company fundamental and the unity of our employees. With this opportunity, The Company has realized the responsibilities to all shareholders; therefore, Board of Directors shall carefully pay attention in managing business for better performance afterwards. Moreover, I strongly believed that proceed from IPO shall support the opportunity for strong and continuous growth.

    ...................................................

    (Pol.Maj.Gen. Phitak Jarusombuti) Chairman

  • CHU KAI PUBLIC COMPANY LIMITED ()

    2550 Annual Report 2007

    3

    Message from the Chief Executive Officer Dear All Shareholders Chu Kai Public Company Limited was firstly incorporated in 1990 under the name of The Crane Services Company Limited (one of Chu Kai Public Company Limited s four subsidiary companies) to engage in the major business of crane rental services. Since its first establishment, we have struggled to effectively cope with a number of obstacles. However, our strong commitment and intention to generate business by Thai corporation and be the potential shelter of other small and large industrial factories and other infrastructure construction in our country to have the best possible services with appropriate costs and maintain cash from services providing to be in Thais hands. Chu Kai Public Company Limited and its subsidiaries have total revenues for over 700.00 Million Baht per year. Although the total revenues are not significant amount compared to other businesses; Chu Kai Public Company Limited is recognized as a leader in providing services of lifting, assembling and installing huge machines and heavy equipment by cranes, forklifts, and container handlers including transportation services by trailers and trucks. In addition, the company also plays important role in importing used machines from abroad especially from Japan to modify and sell to minor enterprises, general construction companies including companies in other industrial groups and clients in port business. The Initial Public Offering (IPO) for Baht 280.00 million of fund raising during the first quarter of the year 2008 has supported the future expansion of The Company especially for importing used cranes from abroad. Moreover, Chu Kai Public Company Limited plans to extend our services to other neighboring countries as we had already commenced in Laos and Vietnam. We also have sufficient machines available for more international sale. The executives and all employees have therefore strongly intended and committed to promote Chu Kai Public Company Limited to become and maintain the strong, excellent performance and be the leading company in this business for the years to come.

    .............................................. (Mr. Thongchai Praerangsi)

    Chief Executive Officer

  • CHU KAI PUBLIC COMPANY LIMITED ()

    2550 Annual Report 2007

    4

    Audit Committees Report The Audit Committee of Chu Kai Public Company Limited comprises of 3 persons as follows: Mr. Vacharin Duangdara, Pol.Maj.Gen Phitak Jarusombuti, and Mrs. Werawan Boonkwan. All audit committee are independent directors and have qualification as designated by SET During the year, audit committee performs the duties assigned by the companys board of directors by holding 8 meetings under the cooperation with management, internal and external auditors. The scope of duties and responsibilities are summarized as follows: 1. Verifying the accuracy and adequacy of financial statement Verified quarterly and yearly financial statement for the year 2007 with the cooperation of external auditor and management as well as provided suggestion and opinion regarding financial report. 2. Reviewing the appropriate and effective of internal system. Reviewed and revised internal audit system such as financing department, purchasing department, engineering department and etc. 3. Reviewing the adequacy of risk management