MIRA INFORM
REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PARWEL
INTERNATIONAL CO., LTD |
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Registered Office : |
87-88 Moo 6,
Soi Pinnakorn 4, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
11.04.1995 |
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Com. Reg. No.: |
0105538046001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer & Distributor of Industrial Chemicals |
RATING & COMMENTS
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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 |
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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 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
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 |
Company name
PARWEL
INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 87-88
MOO 6, SOI
PINNAKORN 4,
TELEPHONE : [66] 2434-3671-4
FAX :
[66] 2434-3674
E-MAIL
ADDRESS : pwco5599@ksc.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538046001 [Former
: [1] 1027/2538]
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP : BHT.
8,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VINIJ MEK-AREEYA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on April
11, 1995 as
a private limited
company under the name
style PARWEL INTERNATIONAL
CO., LTD., by
Thai groups, with
the business objective
to import and
distribute wide range
of industrial chemicals
to domestic market.
It currently employs
approximately 30 staff.
The subject’s registered and business
address was initially
located at 667/15
Ataboon Building, Charansanitwong Rd.,
Arun-Amarin, Bangkoknoi, Bangkok
10700.
On February 1,
2007, subject’s registered
address was relocated
to 87-88 Moo
6, Soi Pinnakorn
4, Boromratchonnee Rd.,
Talingchan, Bangkok 10170,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vinij Mek-areeya
|
|
Thai |
52 |
|
Mrs. Danupa Mek-areeya |
|
Thai |
49 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vinij Mek-areeya is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject’s activities are importer & distributor various
kinds of industrial chemicals,
mainly for agricultural, foods, water
works, rubber, consumer
goods, cleaning, waste water
purifications, paints, swimming
pools and pharmaceuticals.
Its products include
chlorine, water treatment
chemical, minor & trace mineral
for paint, food & feed additive
chemical, aquaculture chemical,
agro-chemical and etc.
PURCHASE
90% of its
products is imported
from U.S.A., Germany,
India, Japan,
Republic of China,
Italy & United Kingdom,
and the remaining
10% is purchased
from local suppliers.
SALES
[LOCAL]
The products are
sold locally to
wholesalers, manufacturers and
end-users.
SUBSIDIARY/AFFILIATED COMPANIES
Agro-Biomed Co., Ltd.
Business Type :
Importer and distributor
of agro-chemicals.
Asia Royal Seafood
Co., Ltd.
Business Type :
Importer and distributor
of seafood products.
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
TMB Bank
Public Co., Ltd.
[Head
Office :
Bangkok Bank Public Co., Ltd.
[Head
Office :
Kasikornbank Public Co., Ltd.
[Head
Office :
EMPLOYMENT
The subject employs
approximately 30 staff.
[office and sales
staff ]
LOCATION DETAILS
The premise is
rented for operating
office at the
heading address in
commercial/ residential area.
REMARK
CREDIT OF US$
125,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
Subject
is an importer
and distributor of
industrial chemicals. It
has performed well
since the products
are varies for
industrial users. Strong consumption
is the key
factor to drive
its growth.
FINANCIAL INFORMATION
The capital was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht.
100 each.
On June 9,
2004, the 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
April 30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vinij Mek-areeya
Nationality: Thai Address :
Arun-Amarin, Bangkoknoi, |
54,996 |
68.74 |
|
Mrs. Somsong Mek-areeya
Nationality: Thai Address : 42/10
Moo 3, Chimplee,
Talingchan, |
20,000 |
25.00 |
|
Mrs. Danupa Mek-areeya Nationality: Thai Address : Chiangmai |
5,000 |
6.25 |
|
Ms. Nartwadee Anutchalakom Nationality: Thai Address : 86/7
Premjairaj Rd., Saensuk,
Muang, Chonburi |
1 |
|
|
Ms. Parichart Sukhantang
Nationality: Thai Address : |
1 |
= 0.01 |
|
Mrs. Ajcharaporn Kengsakul
Nationality: Thai Address : |
1 |
|
|
Mr. Pawuth Anutchalakom Nationality: Thai Address : 86/7
Premjairaj Rd., Saensuk,
Muang, Chonburi |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Varee Chayuti No.
7282
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash
Equivalent |
4,350,446.47 |
4,196,864.94 |
|
Trade Accounts &
Notes Receivable |
27,186,787.74 |
24,309,776.34 |
|
Inventories |
33,131,908.67 |
33,415,974.41 |
|
Other Current Assets |
254,328.80 |
125,550.47 |
|
|
|
|
|
Total Current Assets
|
64,923,471.68 |
62,048,166.16 |
|
Other Investment |
2,000,000.00 |
2,000,000.00 |
|
Fixed Assets |
21,019,556.41 |
22,172,438.06 |
|
Other Assets |
153,722.90 |
125,100.00 |
|
Total Assets |
88,096,750.99 |
86,345,704.22 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
4,533,842.11 |
3,598,704.87 |
|
Trade Accounts Payable |
30,998,258.18 |
31,252,850.59 |
|
Current Portion of Lease
Contract Liabilities |
194,425.00 |
194,425.00 |
|
Other Current Liabilities |
2,403,008.67 |
2,449,517.68 |
|
|
|
|
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Total Current Liabilities |
38,129,533.96 |
37,495,498.14 |
|
Other Long-term Loan |
4,642,500.00 |
6,394,500.00 |
|
Lease Contract Liabilities, net
of Current Portion |
291,637.56 |
486,062.52 |
|
Total Liabilities |
43,063,671.52 |
44,376,060.66 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
|
|
|
|
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning-
Unappropriated |
37,033,079.47 |
33,969,643.56 |
|
Total Shareholders' Equity |
45,033,079.47 |
41,969,643.56 |
|
Total Liabilities & Shareholders' Equity |
88,096,750.99 |
86,345,704.22 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
160,715,667.66 |
180,801,635.91 |
|
Other Income |
1,139,698.09 |
1,669,387.06 |
|
Total Sales |
161,855,365.75 |
182,471,022.97 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
130,075,231.01 |
148,153,430.91 |
|
Selling Expenses |
1,879,265.82 |
1,735,660.02 |
|
Administrative Expenses |
23,616,806.16 |
23,724,301.83 |
|
Other Expenses |
68,752.44 |
67,840.39 |
|
Total Expenses |
155,640,055.43 |
173,681,233.15 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
6,215,310.32 |
8,789,789.82 |
|
Financial Cost |
[1,837,036.95] |
[2,854,406.02] |
|
Income Tax |
[1,314,837.46] |
[1,778,738.29] |
|
|
|
|
|
Net Profit / [Loss] |
3,063,435.91 |
4,156,645.51 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.70 |
1.65 |
|
QUICK RATIO |
TIMES |
0.83 |
0.76 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.65 |
8.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.82 |
2.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
92.97 |
82.33 |
|
INVENTORY TURNOVER |
TIMES |
3.93 |
4.43 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
61.74 |
49.08 |
|
RECEIVABLES TURNOVER |
TIMES |
5.91 |
7.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
86.98 |
77.00 |
|
CASH CONVERSION CYCLE |
DAYS |
67.73 |
54.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.94 |
81.94 |
|
SELLING & ADMINISTRATION |
% |
15.86 |
14.08 |
|
INTEREST |
% |
1.14 |
1.58 |
|
GROSS PROFIT MARGIN |
% |
19.77 |
18.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.87 |
4.86 |
|
NET PROFIT MARGIN |
% |
1.91 |
2.30 |
|
RETURN ON EQUITY |
% |
6.80 |
9.90 |
|
RETURN ON ASSET |
% |
3.48 |
4.81 |
|
EARNING PER SHARE |
BAHT |
38.29 |
51.96 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.51 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.96 |
1.06 |
|
TIME INTEREST EARNED |
TIMES |
3.38 |
3.08 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(11.11) |
|
|
OPERATING PROFIT |
% |
(29.29) |
|
|
NET PROFIT |
% |
(26.30) |
|
|
FIXED ASSETS |
% |
(5.20) |
|
|
TOTAL ASSETS |
% |
2.03 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
19.77 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
1.91 |
Impressive |
Industrial Average |
1.37 |
|
Return on Assets |
3.48 |
Satisfactory |
Industrial Average |
3.50 |
|
Return on Equity |
6.80 |
Acceptable |
Industrial Average |
10.32 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from Sales after accounting for the cost of
goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit Margin is 19.77%. When compared with
the industry average, the ratio of the company was higher, 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. Net Profit Margin is 1.91%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operators 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. When compared with the
industry average, its was lower, the
company's figure is 3.48%.
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, its was lower, the company's figure is 6.8%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.70 |
Impressive |
Industrial Average |
1.41 |
|
Quick Ratio |
0.83 |
|
|
|
|
Cash Conversion Cycle |
67.73 |
|
|
|
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 1.7 times in 2009, increase from 1.65 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 0.83 times in 2009,
increase from 0.76 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 68 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.96 |
Impressive |
Industrial Average |
1.74 |
|
Times Interest Earned |
3.38 |
Impressive |
Industrial Average |
2.23 |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt obligations.
Ratio is 3.39 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 0.49 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 |
7.65 |
Acceptable |
Industrial Average |
10.31 |
|
Total Assets Turnover |
1.82 |
Acceptable |
Industrial Average |
2.56 |
|
Inventory Conversion Period |
92.97 |
|
|
|
|
Inventory Turnover |
3.93 |
Acceptable |
Industrial Average |
7.30 |
|
Receivables Conversion Period |
61.74 |
|
|
|
|
Receivables Turnover |
5.91 |
Impressive |
Industrial Average |
4.60 |
|
Payables Conversion Period |
86.98 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
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.