MIRA
INFORM REPORT
|
Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARAME COLD STORAGE CO., LTD. |
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Formerly Known As : |
PARAGON ARCTIC COLD STORAGE CO., LTD.] |
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Registered Office : |
133 Moo 5, T. Fahham, A. Muang,
Chiangmai 50000 |
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Country : |
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Financials (as on) : |
31.09.2012 |
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Date of Incorporation : |
25.10.2002 |
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Com. Reg. No.: |
0505545004101 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in Cold Storage Services. |
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No. of Employees : |
9 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
Source
: CIA
Company Name
PARAME COLD
STORAGE CO., LTD.
[FORMER:
PARAGON ARCTIC COLD STORAGE CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 133
MOO 5, T. FAHHAM,
A. MUANG,
CHIANGMAI 50000,
THAILAND
TELEPHONE : [66] 53 241-600,
53 854-800, 089
700-4442
FAX :
[66] 53
241-700
E-MAIL
ADDRESS : parame@paramegroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0505545004101
TAX
ID NO. : 3030760944
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : SEPTEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. NATCHA SURADITANGWARA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : COLD
STORAGE SERVICE
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 October 25,
2002 as a
private limited company under the originally
registered name “Thai Mark
Keeper Co., Ltd.” by Thai group. On November 19,
2004, its registered
name was changed
to “Parada Coldstorage Co.,
Ltd.”, and was
changed again to “Paragon
Arctic Cold Storage
Co., Ltd.” on
September 24, 2007.
Eventually, it was
changed to PARAME COLD STORAGE CO., LTD.,
on November 11,
2009. Its business
objective is to
provide cold storage
service. It currently
employs 9 staff.
The subject
is a member of the Parame Group
of companies, with
the core business is logistics
and transportation services,
mainly for frozen
food products.
The
subject’s registered address
is 133 Moo 5, T. Fahham,
A. Muang, Chiangmai 50000,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Natcha Suraditangwara |
|
Thai |
43 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Natcha Suraditangwara is
the Managing Director.
She is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject
is engaged in
cold storage services
for frozen foods products with
24 hour service.
Its facilities
are located in two Northern
provinces, comprising 5,200 square
meters of total
space with the
temperature of -18oC located in
Chiangmai province, and
1,465 square meters
of total space
with the temperature
of -18oC in
Phitsanuloke province.
PURCHASE
100%
of purchasing is
from local suppliers.
SERVICES
100% of the
products is serviced
locally to end-users.
RELATED AND AFFILIATED COMPANIES
The Parame Group
consists of:
Parame Southern Co.,
Ltd.
Business Type :
Cold storage service
Parame Logistics Co.,
Ltd.
Business Type :
Logistics service
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 to the
past two years.
CREDIT
Services are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
15-30 days.
BANKING
Islamic
Bank of Thailand : Chiangmai Branch
EMPLOYMENT
The subject
currently employs 9
staff.
LOCATION DETAILS
The
premise is owned for
administrative office and
cold storage at
the heading address.
Premise is located
in the Northern
province.
Branch [Cold
Storage] :
- 29/111
Singhawat Road, T.
Naimuang, A. Muang,
Phitsanuloke 65000.
COMMENT
The
subject was formed
in 2002 providing cold storage service for
frozen food products. Slow expansion of industrial sector has
affected subject’s business with slow sales
in the past year.
However,
local food industry condition
is improving, and estimated
the subject’s business would
grow moderately this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 1,000 shares of Bht. 10,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
January 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Natcha Suraditangwara Nationality: Thai Address : 133
Moo 5, T. Fahham,
A. Muang,
Chiangmai |
950 |
95.00 |
|
Mr. Ramin Suraditangwara Nationality: Thai Address : 204/204
Moo 6, T. Fahham,
A. Muang,
Chiangmai |
40 |
4.00 |
|
Parame Logistics Co.,
Ltd. Nationality: Thai Address : 133
Moo 5, T. Fahham,
A. Muang,
Chiangmai |
5 |
0.50 |
|
Sea Again Co.,
Ltd. Nationality: Thai Address : 148/31
Kallapapuek Road, Banghwa,
Pasicharoen, Bangkok |
4 |
0.40 |
|
Mr. Choeng Muangmai Nationality: Thai Address : 229
Moo 3, T.
Maefaek, A. Sansai,
Chiangmai |
1 |
0.10 |
Total Shareholders : 5
Share Structure
[as at January
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
1,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
1,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Sorasak Srichandorn No.
9062
BALANCE SHEET [BAHT]
The latest financial figures published
as at September
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,595,155.27 |
25,859,216.31 |
1,064,522.10 |
|
Trade Accounts Receivable
|
91,030.57 |
39,590.00 |
733,467.62 |
|
Inventories |
5,514,664.10 |
5,067,862.90 |
- |
|
Withholding Income Tax |
102,272.58 |
157,180.88 |
208,814.20 |
|
Other Current Assets
|
90,471.76 |
- |
20,839.43 |
|
|
|
|
|
|
Total Current Assets
|
7,393,594.28 |
31,123,850.09 |
2,027,643.35 |
|
|
|
|
|
|
Cash at Bank pledged as a Collateral |
5,252,000.00 |
5,252,000.00 |
5,252,000.00 |
|
Fixed Assets |
41,129,201.70 |
42,915,974.23 |
41,064,589.38 |
|
Intangible Assets |
636,000.00 |
636,000.00 |
- |
|
Other Non-current Assets |
- |
- |
636,000.00 |
|
Total Assets |
54,410,795.98 |
79,927,824.32 |
48,980,232.73 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
26,808,134.12 |
51,998,658.07 |
13,942,041.58 |
|
Current Portion of
Long-term Loans |
4,818,000.00 |
4,579,000.00 |
3,949,246.15 |
|
Trade Accounts Payable
|
8,045,435.01 |
3,321,013.90 |
- |
|
Payable Director-Non Interest |
- |
- |
1,852,000.00 |
|
Other Current Liabilities |
299,258.89 |
334,389.93 |
438,065.87 |
|
|
|
|
|
|
Total Current Liabilities |
39,970,828.02 |
60,233,061.90 |
20,181,353.60 |
|
|
|
|
|
|
Long-term Loan from Financial Institution |
11,834,355.27 |
16,892,200.51 |
22,101,507.70 |
|
Total Liabilities |
51,805,183.29 |
77,125,262.41 |
42,282,861.30 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 1,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[7,394,387.31] |
[7,107,438.09] |
[3,302,628.57] |
|
Total Shareholders' Equity |
2,605,612.69 |
2,802,561.91 |
6,697,371.43 |
|
Total Liabilities & Shareholders' Equity |
54,410,795.98 |
79,927,824.32 |
48,980,232.73 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
86,504,256.69 |
93,382,457.55 |
102,634,261.18 |
|
Other Income |
14,453.47 |
54,096.21 |
632.63 |
|
Total Revenues |
86,518,710.16 |
93,436,553.76 |
102,634,893.81 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
81,425,280.47 |
90,560,441.27 |
96,870,061.59 |
|
Administrative Expenses |
1,383,018.00 |
1,942,691.46 |
2,030,929.03 |
|
Total Expenses |
82,808,298.47 |
92,503,132.73 |
98,900,990.62 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
3,710,411.69 |
933,421.13 |
3,733,903.19 |
|
Financial Cost |
[3,907,360.91] |
[4,828,230.55] |
1,890,783.69 |
|
Profit / [Loss] before Income Tax |
[196,949.22] |
[3,894,809.52] |
1,843,119.50 |
|
Income Tax |
- |
- |
[236,506.00] |
|
|
|
|
|
|
Net Profit / [Loss] |
[196,949.22] |
[3,894,809.52] |
1,606,613.50 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.18 |
0.52 |
0.10 |
|
QUICK RATIO |
TIMES |
0.04 |
0.43 |
0.09 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.10 |
2.18 |
2.50 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.59 |
1.17 |
2.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
24.72 |
20.43 |
- |
|
INVENTORY TURNOVER |
TIMES |
14.77 |
17.87 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.38 |
0.15 |
2.61 |
|
RECEIVABLES TURNOVER |
TIMES |
950.28 |
2,358.74 |
139.93 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.06 |
13.39 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(10.96) |
7.20 |
2.61 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.13 |
96.98 |
94.38 |
|
SELLING & ADMINISTRATION |
% |
1.60 |
2.08 |
1.98 |
|
INTEREST |
% |
4.52 |
5.17 |
1.84 |
|
GROSS PROFIT MARGIN |
% |
5.89 |
3.08 |
5.62 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.29 |
1.00 |
3.64 |
|
NET PROFIT MARGIN |
% |
(0.23) |
(4.17) |
1.57 |
|
RETURN ON EQUITY |
% |
(7.56) |
(138.97) |
23.99 |
|
RETURN ON ASSET |
% |
(0.36) |
(4.87) |
3.28 |
|
EARNING PER SHARE |
BAHT |
(196.95) |
(3,894.81) |
1,606.61 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.95 |
0.96 |
0.86 |
|
DEBT TO EQUITY RATIO |
TIMES |
19.88 |
27.52 |
6.31 |
|
TIME INTEREST EARNED |
TIMES |
0.95 |
0.19 |
1.97 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(7.37) |
(9.01) |
|
|
OPERATING PROFIT |
% |
297.51 |
(75.00) |
|
|
NET PROFIT |
% |
94.94 |
(342.42) |
|
|
FIXED ASSETS |
% |
(4.16) |
4.51 |
|
|
TOTAL ASSETS |
% |
(31.93) |
63.18 |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales growth is -7.37%. Turnover has decreased from THB
93,382,457.55 in 2011 to THB 86,504,256.69 in 2012. While net profit has increased
from THB -3,894,809.52 in 2011 to THB -196,949.22 in 2012. And total assets has
decreased from THB 79,927,824.32 in 2011 to THB 54,410,795.98 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.89 |
Acceptable |
Industrial Average |
8.94 |
|
Net Profit Margin |
(0.23) |
Deteriorated |
Industrial Average |
(0.11) |
|
Return on Assets |
(0.36) |
Deteriorated |
Industrial Average |
(0.30) |
|
Return on Equity |
(7.56) |
Deteriorated |
Industrial Average |
(2.94) |
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 5.89%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 -0.23%.
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 -0.36%.
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 -7.56%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.18 |
Risky |
Industrial Average |
0.95 |
|
Quick Ratio |
0.04 |
|
|
|
|
Cash Conversion Cycle |
(10.96) |
|
|
|
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 0.18 times in 2012, decreased from 0.52 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 0.04 times in 2012,
decreased from 0.43 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 -11 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.95 |
Acceptable |
Industrial Average |
0.82 |
|
Debt to Equity Ratio |
19.88 |
Risky |
Industrial Average |
4.52 |
|
Times Interest Earned |
0.95 |
Risky |
Industrial Average |
- |
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 0.95 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.95 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.10 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.59 |
Acceptable |
Industrial Average |
2.74 |
|
Inventory Conversion Period |
24.72 |
|
|
|
|
Inventory Turnover |
14.77 |
Impressive |
Industrial Average |
3.90 |
|
Receivables Conversion Period |
0.38 |
|
|
|
|
Receivables Turnover |
950.28 |
Impressive |
Industrial Average |
3.05 |
|
Payables Conversion Period |
36.06 |
|
|
|
The company's Account Receivable Ratio is calculated as 950.28 and 2,358.74
in 2012 and 2011 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2012 decreased from 2011. This would suggest the company had deteriorated in
the management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 20 days at the
end of 2011 to 25 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 17.87 times in year 2011 to 14.77
times in year 2012.
The company's Total Asset Turnover is calculated as 1.59 times and 1.17
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
|
|
1 |
Rs.100.63 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.