MIRA
INFORM REPORT
|
Report Date : |
20.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
PREMIER TECH
CHRONOS LIMITED |
|
|
|
|
Formerly Known As : |
CHRONOS
|
|
|
|
|
Registered Office : |
93 Moo 9, Samutprakarn 10540 |
|
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Country : |
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|
|
|
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Financials (as on) : |
29.02.2012 |
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|
|
Date of Incorporation : |
18.03.1992 |
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|
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Com. Reg. No.: |
0105535049149 |
|
|
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|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor & Service Provider of Industrial Machinery |
|
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|
No. of Employees : |
50 |
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 |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
PREMIER
TECH CHRONOS LIMITED
[FORMER
: CHRONOS RICHARDSON [THAILAND] LTD.]
SUMMARY
BUSINESS
ADDRESS : 93
MOO 9, BANGNA-TRAD
ROAD, K.M. 19,
T.
BANGCHALONG, A. BANGPLEE,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2740-5001
FAX :
[66] 2312-6837-8
E-MAIL
ADDRESS : info@premiertechchronos.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535049149
TAX
ID NO. : 3011126424
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP : BHT.
8,000,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : FEBRUARY 29
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CORNELIS ANTONIE
VAN DRENT, DUTCH
MANAGING DIRECTOR
NO. OF
STAFF : 50
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
IMPORTER, DISTRIBUTOR & SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on March
18, 1992 as
a private limited
company under the originally
registered name “Chronos
Richardson [Thailand] Ltd.” by
foreign groups. On
September 27, 2000,
its registered name
was changed to “BMH
Chronos Richardson
[Thailand] Ltd.” and changed
back to the name “Chronos Richardson
[Thailand] Ltd.” on
February 28, 2003.
On March 2,
2010, its registered
name was finally
changed to PREMIER
TECH CHRONOS LIMITED.
Its business objective
is to import
and distribute wide
range of industrial
machineries to domestic
market. It currently
employs approximate 50
staff. The subject
is a wholly
owned subsidiary of
Premier Tech Holding Europe
NV., the Dutch
company.
The
subject’s registered address
is 93 Moo
9, Bangna-Trad Rd.,
K.M. 19, T. Bangchalong, A. Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Julian Charles Jones |
|
British |
61 |
|
Mr. Cornelis Antonie Van
Drent |
|
Dutch |
69 |
|
Mr. Andre Noreau |
|
Canadian |
49 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Cornelis Antonie Van
Drent is the
Managing Director.
He is Dutch
nationality with the
age of 69 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, authorized distributing
and installation service
wide range of
industrial machinery for
various industries, such as foods,
feeds, pet foods,
seeds, agricultural, horticulture,
minerals, chemicals, wood
products and construction
materials. Its products
and brands are
as follows:
Product Brand
Weighing System “Chrono-Weigh”, “Chrono-Tronic”
Feeding System “Chrono-Feed”
Bagging System “Chrono-Bag”
- Open
Mouth Bagging System “Chrono-Fill”
- Valve
Bagging System “Chrono-Val”
- Form, Fill
and Seal System “Chrono-Form”
- Bulk
Bag Filling System “Chrono-Max”
Palletising System “Chrono-Pal”
- Robot
Palletiser
- Compact
Palletiser
- High
Level Palletiser
- High
Speed Palletiser
Load Securing
System “Chrono-Stretch”
- Stretch
Hood System
The subject also
provides after sales
services.
PURCHASE
90%
of the products
is imported from
Germany, Netherlands and
Republic of China,
and the remaining
10% is purchased
from local suppliers.
MAJOR
SUPPLIERS
Premier Tech Chronos
Ltd. : Republic
of China
Chronos BTH B.V. : Netherlands
Chronos BTH GmbH. : Germany
SALES
100% of the
products is sold
locally to manufacturers
and end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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
according 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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 50 staff.
LOCATION
DETAILS
The
premise is rented for administrative
office at the
heading address. Premise
is located in
industrial area.
COMMENT
The
subject operates as
an importer and
distributor of industrial machineries.
Product manufacturers and
suppliers whose factories
were hurt by last year’s
flood are buying
more high-tech machines
to replace damaged
ones. More than
600 factories were damaged
by the floods. Many
of them wanted
to by new machines
as they received
insurance claims.
Subject estimated
to get a
better results this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,500,000 divided
into 45,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 6,000,000
on July 1,
2004
Bht. 8,000,000
on August 1,
2007
The
latest registered capital
was increased to
Bht. 8,000,000 divided
into 80,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
June 29, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Premier Tech Holding
Europe NV. Nationality: Dutch Address : Rotterdam,
Netherlands |
79,994 |
99.99 |
|
Premier Tech Ltd. Nationality: Canadian Address : Quebec,
Canada |
4 |
= 0.01 |
|
Premier Tech Technologies Ltd. Nationality: Canadian Address : Quebec,
Canada |
2 |
|
Total Shareholders : 3
Share Structure [as
at June 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
80,000 |
100.00 |
|
Total |
3 |
80,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Termpong Opanaphan No.
4501
BALANCE SHEET [BAHT]
The
latest financial figures
published for February
29, 2012 &
February 28, 2011 were:
ASSETS
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash in Hand
& at Bank |
38,490,605 |
20,336,728 |
|
Trade Accounts &
Other Receivable |
76,762,869 |
91,816,514 |
|
Lending to Director
& Deferred Interest |
6,783,827 |
6,727,586 |
|
Inventories |
45,394,638 |
72,463,154 |
|
Other Current Assets |
4,314,822 |
3,254,904 |
|
|
|
|
|
Total Current Assets
|
171,746,761 |
194,598,886 |
|
Cash at Bank pledged
as a Collateral |
5,527,807 |
5,527,807 |
|
Building Improvement &
Equipment |
8,810,053 |
11,726,098 |
|
Other Non-current Assets
|
2,506,757 |
2,434,707 |
|
Total Assets |
188,591,378 |
214,287,498 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
|
|
|
|
|
Trade Accounts & Other
Payable |
68,104,592 |
88,941,571 |
|
Current Portion of Finance
Lease Contract Liabilities |
1,018,295 |
1,368,557 |
|
Accrued Income Tax |
6,755,723 |
13,042,058 |
|
Reserve for Goods
Warranty |
3,000,000 |
2,896,176 |
|
Other Current Liabilities |
5,941,807 |
18,691,541 |
|
|
|
|
|
Total Current Liabilities |
84,820,417 |
124,939,903 |
|
Finance Lease Contract
Liabilities |
756,119 |
1,792,413 |
|
Reserve for Long-term
Employee Benefits |
782,057 |
669,325 |
|
Total Liabilities |
86,358,593 |
127,401,641 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000 |
8,000,000 |
|
|
|
|
|
Capital Paid |
8,000,000 |
8,000,000 |
|
Retained Earning -
Unappropriated |
94,232,785 |
78,885,857 |
|
Total Shareholders' Equity |
102,232,785 |
86,885,857 |
|
Total Liabilities & Shareholders' Equity |
188,591,378 |
214,287,498 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Feb. 29, 2012 |
Feb. 28, 2011 |
|
|
|
|
|
Sales |
271,271,693 |
254,386,350 |
|
Service Income |
2,354,640 |
3,855,534 |
|
Accrued Right [Reversal] |
- |
15,705,584 |
|
Gain on Exchange
Rate |
2,568,831 |
- |
|
Other Income |
3,881,544 |
3,803,979 |
|
Total Revenues |
280,076,708 |
277,751,447 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
153,099,245 |
145,840,336 |
|
Selling Expenses |
40,441,453 |
23,682,047 |
|
Administrative Expenses |
62,048,507 |
58,673,925 |
|
Loss on Exchange
Rate |
- |
3,919,336 |
|
Total Expenses |
255,589,205 |
232,115,644 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
24,487,503 |
45,635,803 |
|
Financial Cost |
[99,853] |
[135,305] |
|
Income Tax |
[9,040,722] |
[16,093,946] |
|
|
|
|
|
Net Profit / [Loss] |
15,346,928 |
29,406,552 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.02 |
1.56 |
|
QUICK RATIO |
TIMES |
1.44 |
0.95 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
31.06 |
22.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.45 |
1.21 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
108.22 |
181.36 |
|
INVENTORY TURNOVER |
TIMES |
3.37 |
2.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
102.40 |
129.77 |
|
RECEIVABLES TURNOVER |
TIMES |
3.56 |
2.81 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
162.37 |
222.60 |
|
CASH CONVERSION CYCLE |
DAYS |
48.25 |
88.53 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
55.95 |
56.47 |
|
SELLING & ADMINISTRATION |
% |
37.46 |
31.89 |
|
INTEREST |
% |
0.04 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
46.41 |
51.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.95 |
17.67 |
|
NET PROFIT MARGIN |
% |
5.61 |
11.39 |
|
RETURN ON EQUITY |
% |
15.01 |
33.85 |
|
RETURN ON ASSET |
% |
8.14 |
13.72 |
|
EARNING PER SHARE |
BAHT |
191.84 |
367.58 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.84 |
1.47 |
|
TIME INTEREST EARNED |
TIMES |
245.24 |
337.28 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.96 |
|
|
OPERATING PROFIT |
% |
(46.34) |
|
|
NET PROFIT |
% |
(47.81) |
|
|
FIXED ASSETS |
% |
(24.87) |
|
|
TOTAL ASSETS |
% |
(11.99) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
46.41 |
Impressive |
Industrial
Average |
36.07 |
|
Net Profit Margin |
5.61 |
Impressive |
Industrial
Average |
(1.41) |
|
Return on Assets |
8.14 |
Impressive |
Industrial
Average |
(1.42) |
|
Return on Equity |
15.01 |
Impressive |
Industrial
Average |
(4.89) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure
is 46.41%. When compared with the industry average, the ratio of the
company was higher, this indicated that company was more profitable than the
same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure
is 5.61%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is 8.14%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 15.01%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.02 |
Impressive |
Industrial
Average |
1.93 |
|
Quick Ratio |
1.44 |
|
|
|
|
Cash Conversion Cycle |
48.25 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.02 times in 2012, increased from 1.56 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.44 times in 2012,
increased from 0.95 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could survive
when no cash inflow was received from sale for 49 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Impressive |
Industrial
Average |
1.06 |
|
Debt to Equity Ratio |
0.84 |
Impressive |
Industrial
Average |
3.06 |
|
Times Interest Earned |
245.24 |
Impressive |
Industrial
Average |
1.10 |
Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors
and obligors have committed to the company versus what the shareholders have
committed. A lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 245.24 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.46 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
31.06 |
Impressive |
Industrial
Average |
3.42 |
|
Total Assets Turnover |
1.45 |
Impressive |
Industrial
Average |
1.18 |
|
Inventory Conversion Period |
108.22 |
|
|
|
|
Inventory Turnover |
3.37 |
Impressive |
Industrial
Average |
2.40 |
|
Receivables Conversion Period |
102.40 |
|
|
|
|
Receivables Turnover |
3.56 |
Acceptable |
Industrial
Average |
5.42 |
|
Payables Conversion Period |
162.37 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.96 |
|
|
1 |
Rs.87.49 |
|
Euro |
1 |
Rs.70.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.