MIRA
INFORM REPORT
|
Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PARAGON WORLDWIDE
CO., LTD. |
|
|
|
|
Registered Office : |
117 Soi Chokechaijongjamroen, Rama
3 Road, Bangpongpang, Yannawa,
Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.04.2005 |
|
|
|
|
Com. Reg. No.: |
0105548057552 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and
Exporter of Jewelry Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
PARAGON
WORLDWIDE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 117
SOI CHOKECHAIJONGJAMROEN, RAMA
3 ROAD,
BANGPONGPANG, YANNAWA,
BANGKOK 10120
TELEPHONE : [66] 2295-2171
FAX :
[66] 2295-2170
E-MAIL
ADDRESS : sales@paragon-worldwide.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548057552
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BOONYAKIAT MANUSSATHIT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on April 28,
2005 as a
private limited company under
the registered name style PARAGON WORLDWIDE
CO., LTD., by
Thai groups. Its business objective is to
manufacture and export of gold & silver
jewelry products. It
currently employs approximate
150 staff.
The subject’s registered address is 117 Soi
Chokechaijongjamroen, Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Napasri Manussathit |
|
Thai |
42 |
|
Mr. Boonyakiat Manussathit |
|
Thai |
41 |
|
Mr. Boonyarith Manussathit |
|
Thai |
44 |
|
Mrs. Sirithip Wongthitiroj |
|
Thai |
47 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Boonyakiat Manussathit is
the Managing Director.
He is Thai
nationality with the
age of 41
years old.
Mr. Soonthorn Kongpakdeesuk is
the General Manager.
He is Thai
nationality.
Mr. Boonsong Teerachanthaseth is
the Production Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and exporting of
jewelry products with
10k, 14k and 18k
gold and silver.
PURCHASE
Raw
materials mainly diamonds,
gemstones and accessories
are purchased from
both local and overseas
suppliers in India,
Hong Kong, Japan
and Pakistan.
EXPORT
100%
of the products
is exported to
Japan, Hong Kong,
Canada, Australia, U.S.A.,
and the countries
in Europe.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T on negotiated
terms.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 150
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/ residential area.
Factory
is located at 28,
31, 114 Moo 9,
Mitraphap Rd., T. Klangdong,
A. Pakchong,
Nakornratchasima 30320. Tel. [66]
44 362-241-2, Fax. [66]
44 362-250.
REMARK
CREDIT
OF US$ 10,000,000
AGAINST D/A TERM
IS NOT RECOMMENDED.
COMMENT
The subject is a manufacturer of jewelry products
under the experience of its
experts. It manufactures the
products of high standard quality
incorporation sophisticate designs. Its main
products are diamond jewelry with
gold and silver.
With expertise skill in this field,
the subject becomes one of the
jewelry manufacturers that has
been recognized among customers
in world markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 15,000,000
on July 5,
2005
Bht. 20,000,000
on March 8,
2011
The latest
registered capital was
increased to Bht.
20 million, divided into 200,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Boonyakiat Manussathit Nationality: Thai Address : 23/4
Silom Rd., Silom,
Bangrak, Bangkok |
54,000 |
27.00 |
|
Ms. Sirirat Manussathit Nationality: Thai Address : 23/4
Silom Rd., Silom,
Bangrak, Bangkok |
54,000 |
27.00 |
|
Mrs. Napasri Manussathit Nationality: Thai Address : 23/4
Silom Rd., Silom,
Bangrak, Bangkok |
20,000 |
10.00 |
|
Mr. Boonyarith Manussathit Nationality: Thai Address : 23/4
Silom Rd., Silom,
Bangrak, Bangkok |
20,000 |
10.00 |
|
Mr. Thanai Manussathit Nationality: Thai Address : 23/4
Silom Rd., Silom,
Bangrak, Bangkok |
10,000 |
5.00 |
|
Mr. Wasin Manussathit Nationality: Thai Address : 23/4
Silom Rd., Silom,
Bangrak, Bangkok |
10,000 |
5.00 |
|
Mr. Teeranop Wongthitiroj Nationality: Thai Address : 382
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
6,000 |
3.00 |
|
Ms. Thanyaporn Wongthitiroj Nationality: Thai Address : 382
Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok |
6,000 |
3.00 |
|
Ms. Varisara Wongthitiroj Nationality: Thai Address : 382
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
6,000 |
3.00 |
|
Mrs. Sirithip Wongthitiroj Nationality: Thai Address : 382
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
5,000 |
2.50 |
|
Mr. Annop Wongthitiroj Nationality: Thai Address : 382
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
5,000 |
2.50 |
|
Mrs. Bang-orn Manussathit Nationality: Thai Address : 23/4
Silom Rd., Silom,
Bangrak, Bangkok |
4,000 |
2.00 |
Total Shareholders : 12
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Jirapong Kuakij No. 5149
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
2,198,642.53 |
1,247,196.88 |
|
Trade Accounts Receivable |
14,218,875.47 |
35,050,185.00 |
|
Inventories |
20,523,032.21 |
13,462,066.12 |
|
Other Current Assets |
1,417,912.35 |
988,951.34 |
|
|
|
|
|
Total Current Assets
|
38,358,462.56 |
50,748,399.34 |
|
Cash at Bank
pledged as a
Collateral |
635,743.61 |
631,231.73 |
|
Fixed Assets |
12,692,340.80 |
14,281,365.83 |
|
Other Assets |
78,094.82 |
131,914.82 |
|
Total Assets |
51,764,641.79 |
65,792,911.72 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
5,031,063.55 |
7,747,597.72 |
|
Loan from Directors |
42,700,000.00 |
41,000,000.00 |
|
Deposit Goods |
960,514.93 |
30,979.94 |
|
Revenue Department Payable |
121,396.52 |
126,130.33 |
|
Other Current Liabilities |
2,815,623.94 |
3,196,075.38 |
|
|
|
|
|
Total Current Liabilities |
51,628,598.94 |
52,100,783.37 |
|
Total Liabilities |
51,628,598.94 |
52,100,783.37 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Statutory Reserve |
1,500,000.00 |
1,500,000.00 |
|
Retained Earning-
Unappropriated |
[16,363,957.15] |
[2,807,871.65] |
|
Total Shareholders' Equity |
136,042.85 |
13,692,128.35 |
|
Total Liabilities & Shareholders' Equity |
51,764,641.79 |
65,792,911.72 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
108,065,406.77 |
126,804,023.55 |
|
Other Income |
12,674.17 |
186,920.69 |
|
Total Revenues |
108,078,080.94 |
126,990,944.24 |
|
Expenses |
|
|
|
|
|
|
|
Raw Material and Material Supplies |
69,289,047.55 |
81,350,862.44 |
|
Change in Finished Goods and Work
in Process |
553,534.15 |
[841,438.92] |
|
Employees Expenses |
34,851,596.27 |
38,906,337.16 |
|
Depreciation |
4,017,570.77 |
4,412,294.62 |
|
Salary |
992,749.58 |
1,267,223.29 |
|
Vehicle & Transit |
1,370,391.22 |
1,674,497.32 |
|
Rental |
1,512,000.00 |
1,440,000.00 |
|
Advertising & Sales Promotion |
961,656.04 |
1,974,823.02 |
|
Unity System |
2,127,699.97 |
2,036,582.13 |
|
Other Expenses |
5,957,920.89 |
5,527,040.48 |
|
Total Expenses |
121,634,166.44 |
137,748,221.54 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
[13,556,085.50] |
[10,757,277.30] |
|
Financial Cost |
- |
- |
|
|
|
|
|
Net Profit / [Loss] |
[13,556,085.50] |
[10,757,277.30] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.74 |
0.97 |
|
QUICK RATIO |
TIMES |
0.32 |
0.70 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.51 |
8.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.09 |
1.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
108.11 |
60.40 |
|
INVENTORY TURNOVER |
TIMES |
3.38 |
6.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.03 |
100.89 |
|
RECEIVABLES TURNOVER |
TIMES |
7.60 |
3.62 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
26.50 |
34.76 |
|
CASH CONVERSION CYCLE |
DAYS |
129.63 |
126.53 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
64.12 |
64.15 |
|
SELLING & ADMINISTRATION |
% |
47.93 |
45.14 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
35.89 |
35.99 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(12.54) |
(8.48) |
|
NET PROFIT MARGIN |
% |
(12.54) |
(8.48) |
|
RETURN ON EQUITY |
% |
(9,964.57) |
(78.57) |
|
RETURN ON ASSET |
% |
(26.19) |
(16.35) |
|
EARNING PER SHARE |
BAHT |
(90.37) |
(71.72) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.00 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
379.50 |
3.81 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(14.78) |
|
|
OPERATING PROFIT |
% |
26.02 |
|
|
NET PROFIT |
% |
(26.02) |
|
|
FIXED ASSETS |
% |
(11.13) |
|
|
TOTAL ASSETS |
% |
(21.32) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
35.89 |
Impressive |
Industrial
Average |
13.22 |
|
Net Profit Margin |
(12.54) |
Deteriorated |
Industrial
Average |
0.24 |
|
Return on Assets |
(26.19) |
Deteriorated |
Industrial
Average |
0.32 |
|
Return on Equity |
(9,964.57) |
Deteriorated |
Industrial
Average |
0.71 |
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 35.89%. 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 -12.54%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is -26.19%.
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. When compared with the
industry average, it was lower, the company's figure is -9964.57%.
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 |
0.74 |
Risky |
Industrial
Average |
1.61 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
129.63 |
|
|
|
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 0.74 times in 2010, decrease from 0.97 times, then the company may not be
efficiently using its current assets. When compared with the industry average,
the ratio of the company was lower.
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 0.32 times in 2010,
decrease from 0.7 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 130 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.00 |
Risky |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
379.50 |
Risky |
Industrial
Average |
1.32 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.59 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 1 greater than 0.5, most of the company's
assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.51 |
Impressive |
Industrial
Average |
5.41 |
|
Total Assets Turnover |
2.09 |
Impressive |
Industrial
Average |
1.52 |
|
Inventory Conversion Period |
108.11 |
|
|
|
|
Inventory Turnover |
3.38 |
Impressive |
Industrial
Average |
2.65 |
|
Receivables Conversion Period |
48.03 |
|
|
|
|
Receivables Turnover |
7.60 |
Impressive |
Industrial Average |
3.92 |
|
Payables Conversion Period |
26.50 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.51 |
|
Euro |
1 |
Rs.64.76 |
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.