MIRA INFORM REPORT
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Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
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Name : |
PRESMANN [ |
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Registered Office : |
47/9 Moo 9,
Soi Naweesathien, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
0105537054077 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor & Service Provider and Supplies of Foods & Beverage Equipment |
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No. of Employees : |
10 |
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 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
PRESMANN
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 47/9
MOO 9, SOI
NAWEESATHIEN,
CHAENGWATTANA ROAD,
T. BANGPOOD,
A.
PAKKRED, NONTHABURI 11120,
THAILAND
TELEPHONE : [66] 2962-1151
FAX : [66] 2962-1152
E-MAIL
ADDRESS : presmann@thailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537054077
TAX
ID NO. : 3011422366
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.25%
DANISH :
48.75%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOREN PRESMANN,
DANISH
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : FOODS
& BEVERAGE EQUIPMENT
AND SUPPLIES
IMPORTER, DISTRIBUTOR
& 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 May
10, 1994 as a
private limited company under
the registered name
PRESMANN [THAILAND] CO.,
LTD., by Thai
and Danish groups,
with the business
objective to supply
products and provide
service for foods
and beverage equipments
to domestic and
international markets. It currently
employs approximate 10 staff.
The
subject’s registered address
is 47/9 Moo
9, Soi Naweesathien,
Chaengwattana Rd., T. Bangpood,
A. Pakkred, Nonthaburi 11120,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Soren Presmann |
|
Danish |
49 |
|
Ms. Nucharee Boon-in |
|
Thai |
49 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Soren Presmann is
the Managing Director.
He is Danish
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject
is engaged in
supplying various equipments
and accessories for
foods and beverage
industries. The products
are as follows:
Importing and distributing of
food processing and
beverage equipment comprising:
·
Draught beer
and beverage equipments
-“UNIQUE
DESIGN” ice bank cooler and
glycol cooler
-“CELLI”
Beverage dispensing equipment
-“DRAFT
MORE” automatic beer
regulator
-“JG
SPEEDFIT” push-in fitting tube & other fluid
control products
-“MISA”
dispensing towers &
accessories
-“SAMEC & SABER” agitator
pump
-“TM
DESANAMAX” chemical &
cleaning products
- Accessories: CO2 regulator,
beer pumps, taps,
stainless steel dip
trays & etc.
- Food
processing equipments
-“BECK-LINER” beck
fish fillet liners
-“MUNKFORS”
food sawing & cutting
-“LUTZ”
knives, scissors and
razors
- Food
processing equipment
-“WIRCON”
wire dispensing system
and equipment
The subject is
also a commission
agent to provide
and distribute wide
range of foods,
non-foods and related
equipments for Presmann
[Danmark] Aps, Denmark
and Scandinavian countries.
Its products are
as follows:
- Raw
materials for food
processing, such as
fruits, vegetables and herbs.
- Grocery
products for retailers, such
as spices, dehydrated fruits,
canned fruits, vegetable, sauces
and specialties.
- Fresh
vegetables and fruits,
such as fresh
baby corn, green
asparagus, lemon grass,
galangal, okra, turmeric, dragon
fruits and etc.
- Non-food
products, such as
printed matters and
packaging [both based on
paper/ cardboard &
plastics]
PURCHASE
90% of the
products is imported
from Denmark, U.K.,
Italy, Germany and
U.S.A., the remaining
10% is purchased
from local suppliers
and agents.
MAJOR SUPPLIERS
Celli S.P.A. : Italy
Draftmore APS. : Denmark
John Guest Ltd. : U.K.
Misa Vertriebs GmbH. : Germany
Wircon A/S :
Denmark
Munkfors : Germany
Thonhauser Inc. : U.S.A.
Unique Design : U.S.A.
Beck Pack System
A/S : Denmark
SALES
100% of the
products is sold
locally to wholesalers,
retailers 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
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.
EMPLOYMENT
The
subject currently employs
approximately 10 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in residential
area.
COMMENT
The
subject is an importer and distributor of food and beverage
equipment and tools. Its
business performance is
in line with
the demand of
the products from
local market, which seem
to grow considerably.
The subject’s business
in 2011 was
moderate. Its business
outlook is promising and
profitable.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 20, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Soren Presmann Nationality: Danish Address : Denmark
|
9,750 |
48.75 |
|
Ms. Nucharee Boon-in Nationality: Thai Address : 47/9
Moo 9, Chaengwattana Rd.,
T.
Bangpood, A. Pakkred,
Nonthaburi |
9,750 |
48.75 |
|
Ms. Sesilia Presmann Nationality: Thai Address : 47/9
Moo 9, Chaengwattana Rd.,
T.
Bangpood, A. Pakkred,
Nonthaburi |
500 |
2.50 |
Total Shareholders : 3
Share Structure [as
at April 20,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
10,250 |
51.25 |
|
Foreign-Danish |
1 |
9,750 |
48.75 |
|
Total |
3 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Patcharin Pisanu-arthorn
No. 6211
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,772,217.00 |
2,164,369.55 |
|
Trade Accounts Receivable
|
3,266,360.97 |
4,825,231.59 |
|
Inventories |
3,154,251.56 |
2,837,700.42 |
|
Other Receivable |
151,802.21 |
176,802.21 |
|
Other Current Assets
|
142,669.68 |
87,536.32 |
|
|
|
|
|
Total Current Assets
|
8,487,301.42 |
10,091,640.09 |
|
|
|
|
|
Fixed Assets |
3,951,595.42 |
2,007,291.45 |
|
Royalties |
1,140,000.16 |
1,330,000.12 |
|
Other Assets |
91,500.00 |
91,500.00 |
|
Total Assets |
13,670,397.00 |
13,520,431.66 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
1,943,064.80 |
2,385,428.57 |
|
Loan Payable to
Director |
1,500,000.00 |
500,000.00 |
|
Current Portion of Liabilities |
330,468.72 |
330,468.72 |
|
Accrued Expenses |
1,497,544.86 |
2,318,290.61 |
|
Other Current Liabilities |
468,186.70 |
213,216.12 |
|
|
|
|
|
Total Current Liabilities |
5,739,265.08 |
5,747,404.02 |
|
|
|
|
|
Hire-purchase Payable - Vehicle
|
385,576.96 |
716,015.68 |
|
Total Liabilities |
6,124,842.04 |
6,463,419.70 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
200,000.00 |
200,000.00 |
|
Unappropriated |
5,345,554.96 |
4,937,011.96 |
|
Total Shareholders' Equity |
7,545,554.96 |
7,057,011.96 |
|
Total Liabilities & Shareholders' Equity |
13,670,397.00 |
13,520,431.66 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
39,571,483.51 |
43,142,126.80 |
|
Services Income |
2,264,239.63 |
2,151,715.92 |
|
Interest Income |
79,494.08 |
8,545.28 |
|
Total Revenues |
41,915,217.22 |
45,302,388.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
19,620,009.07 |
21,878,048.11 |
|
Selling Expenses |
14,945,544.99 |
16,547,351.38 |
|
Administrative Expenses |
6,172,998.11 |
5,742,478.52 |
|
Loss on Exchange
Rate |
1,895.89 |
21,116.54 |
|
Total Expenses |
40,740,448.06 |
44,188,994.55 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
1,174,769.16 |
1,113,393.45 |
|
Financial Costs |
[68,749.28] |
[60,289.46] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,106,019.88 |
1,053,103.99 |
|
Income Tax |
[217,476.88] |
[184,267.11] |
|
Net Profit / [Loss] |
888,543.00 |
868,836.88 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.48 |
1.76 |
|
QUICK RATIO |
TIMES |
0.88 |
1.22 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.59 |
22.56 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.06 |
3.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
58.68 |
47.34 |
|
INVENTORY TURNOVER |
TIMES |
6.22 |
7.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
28.50 |
38.88 |
|
RECEIVABLES TURNOVER |
TIMES |
12.81 |
9.39 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.15 |
39.80 |
|
CASH CONVERSION CYCLE |
DAYS |
51.03 |
46.43 |
|
|
|
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|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
46.90 |
48.30 |
|
SELLING & ADMINISTRATION |
% |
50.48 |
49.21 |
|
INTEREST |
% |
0.16 |
0.13 |
|
GROSS PROFIT MARGIN |
% |
53.29 |
51.72 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.81 |
2.46 |
|
NET PROFIT MARGIN |
% |
2.12 |
1.92 |
|
RETURN ON EQUITY |
% |
11.78 |
12.31 |
|
RETURN ON ASSET |
% |
6.50 |
6.43 |
|
EARNING PER SHARE |
BAHT |
4.44 |
4.34 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.45 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.81 |
0.92 |
|
TIME INTEREST EARNED |
TIMES |
17.09 |
18.47 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(7.63) |
|
|
OPERATING PROFIT |
% |
5.51 |
|
|
NET PROFIT |
% |
2.27 |
|
|
FIXED ASSETS |
% |
96.86 |
|
|
TOTAL ASSETS |
% |
1.11 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
53.29 |
Impressive |
Industrial
Average |
9.25 |
|
Net Profit Margin |
2.12 |
Impressive |
Industrial Average |
0.35 |
|
Return on Assets |
6.50 |
Impressive |
Industrial
Average |
1.84 |
|
Return on Equity |
11.78 |
Impressive |
Industrial
Average |
5.53 |
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 53.29%. 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
2.12%, 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
6.5%, 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 11.78%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.48 |
Impressive |
Industrial
Average |
1.32 |
|
Quick Ratio |
0.88 |
|
|
|
|
Cash Conversion Cycle |
51.03 |
|
|
|
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 1.48 times in 2011, decreased from 1.76 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 0.88 times in 2011,
decreased from 1.22 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 52 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.45 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
0.81 |
Impressive |
Industrial
Average |
1.91 |
|
Times Interest Earned |
17.09 |
Impressive |
Industrial
Average |
0.90 |
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 17.09 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 0.45 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.59 |
Satisfactory |
Industrial Average |
10.93 |
|
Total Assets Turnover |
3.06 |
Acceptable |
Industrial Average |
4.78 |
|
Inventory Conversion Period |
58.68 |
|
|
|
|
Inventory Turnover |
6.22 |
Acceptable |
Industrial Average |
11.54 |
|
Receivables Conversion Period |
28.50 |
|
|
|
|
Receivables Turnover |
12.81 |
Impressive |
Industrial Average |
7.84 |
|
Payables Conversion Period |
36.15 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.