MIRA INFORM REPORT
|
Report Date : |
28.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
PARAME COLD STORAGE CO., LTD. |
|
|
|
|
Formerly Known As : |
PARAGON ARCTIC COLD STORAGE CO., LTD. |
|
|
|
|
Registered Office : |
133 Moo 5, T. Fahham,
A. Muang, Chiangmai 50000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
25.10.2002 |
|
|
|
|
Com. Reg. No.: |
0505545004101 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in cold
storage services for
frozen foods products with
24 hour service,
as well as
importing and distributing of
frozen Mackerel. |
|
|
|
|
No of Employees : |
12 |
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 : |
Slow but correct |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage, and
an additional $75 billion for infrastructure over the following seven years.
This was expected to lead to an economic upsurge but growth has remained slow,
in part due to ongoing political unrest and resulting uncertainties. Spending
on infrastructure will require re-approval once a new government is seated.
|
Source
: CIA |
Company name & address
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,
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 : 12
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,
as well as
import and distribute
frozen Mackerel. It
currently employs 12
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 |
44 |
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 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in cold
storage services for
frozen foods products with
24 hour service,
as well as
importing and distributing
of frozen Mackerel.
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
Most of the
products are imported
from Indonesia, India,
Republic of China,
Malaysia, Vietnam, Myanmar
and Pakistan, the
remaining is purchased
from local suppliers.
SALES/SERVICES
100% of the
products is sold
and serviced locally
to wholesalers and
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
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Islamic Bank of
Thailand : Chiangmai Branch
EMPLOYMENT
The subject currently
employs 12 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.
- 204/204 Moo 6, T. Fahham,
A. Muang, Chiangmai 50000
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
previous year, while its current
business performance is
relatively slow.
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, 2014]
|
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,
2014]
|
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 30, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
527,435.80 |
1,595,155.27 |
25,859,216.31 |
|
Trade Accounts & Other Receivable |
452,869.89 |
181,502.33 |
39,590.00 |
|
Inventories |
4,812,809.05 |
5,514,664.10 |
5,067,862.90 |
|
Withholding Income Tax |
231,063.52 |
102,272.58 |
157,180.88 |
|
|
|
|
|
|
Total Current Assets
|
6,024,178.26 |
7,393,594.28 |
31,123,850.09 |
|
|
|
|
|
|
Cash at Bank pledged as a Collateral |
- |
5,252,000.00 |
5,252,000.00 |
|
Fixed Assets |
40,376,337.18 |
41,129,201.70 |
42,915,974.23 |
|
Intangible Assets |
- |
636,000.00 |
636,000.00 |
|
Total Assets |
46,400,515.44 |
54,410,795.98 |
79,927,824.32 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
22,096,007.68 |
26,808,134.12 |
51,998,658.07 |
|
Current Portion of
Long-term Loans |
3,360,000.00 |
4,818,000.00 |
4,579,000.00 |
|
Trade Accounts & Other Payable |
6,587,412.94 |
8,344,693.90 |
3,321,013.90 |
|
Other Current Liabilities |
- |
- |
334,389.93 |
|
|
|
|
|
|
Total Current Liabilities |
32,043,420.62 |
39,970,828.02 |
60,233,061.90 |
|
|
|
|
|
|
Long-term Loan from Financial Institution |
12,198,991.76 |
11,834,355.27 |
16,892,200.51 |
|
Total Liabilities |
44,242,412.38 |
51,805,183.29 |
77,125,262.41 |
|
|
|
|
|
|
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] |
[7,841,896.94] |
[7,394,387.31] |
[7,107,438.09] |
|
Total Shareholders' Equity |
2,158,103.06 |
2,605,612.69 |
2,802,561.91 |
|
Total Liabilities & Shareholders' Equity |
46,400,515.44 |
54,410,795.98 |
79,927,824.32 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services Income |
45,441,461.06 |
86,504,256.69 |
93,382,457.55 |
|
Other Income |
4,007.55 |
14,453.47 |
54,096.21 |
|
Total Revenues |
45,445,468.61 |
86,518,710.16 |
93,436,553.76 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
42,313,221.15 |
81,425,280.47 |
90,560,441.27 |
|
Administrative Expenses |
1,568,539.51 |
1,383,018.00 |
1,942,691.46 |
|
Total Expenses |
43,881,760.66 |
82,808,298.47 |
92,503,132.73 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,563,707.95 |
3,710,411.69 |
933,421.13 |
|
Financial Cost |
[2,011,217.58] |
[3,907,360.91] |
[4,828,230.55] |
|
Profit / [Loss] before Income Tax |
[447,509.63] |
[196,949.22] |
[3,894,809.52] |
|
Income Tax |
- |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[447,509.63] |
[196,949.22] |
[3,894,809.52] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.19 |
0.18 |
0.52 |
|
QUICK RATIO |
TIMES |
0.03 |
0.04 |
0.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.13 |
2.10 |
2.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.98 |
1.59 |
1.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
41.52 |
24.72 |
20.43 |
|
INVENTORY TURNOVER |
TIMES |
8.79 |
14.77 |
17.87 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
3.64 |
0.77 |
0.15 |
|
RECEIVABLES TURNOVER |
TIMES |
100.34 |
476.60 |
2,358.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.82 |
37.41 |
13.39 |
|
CASH CONVERSION CYCLE |
DAYS |
(11.67) |
(11.92) |
7.20 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.12 |
94.13 |
96.98 |
|
SELLING & ADMINISTRATION |
% |
3.45 |
1.60 |
2.08 |
|
INTEREST |
% |
4.43 |
4.52 |
5.17 |
|
GROSS PROFIT MARGIN |
% |
6.89 |
5.89 |
3.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.44 |
4.29 |
1.00 |
|
NET PROFIT MARGIN |
% |
(0.98) |
(0.23) |
(4.17) |
|
RETURN ON EQUITY |
% |
(20.74) |
(7.56) |
(138.97) |
|
RETURN ON ASSET |
% |
(0.96) |
(0.36) |
(4.87) |
|
EARNING PER SHARE |
BAHT |
(447.51) |
(196.95) |
(3,894.81) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.95 |
0.95 |
0.96 |
|
DEBT TO EQUITY RATIO |
TIMES |
20.50 |
19.88 |
27.52 |
|
TIME INTEREST EARNED |
TIMES |
0.78 |
0.95 |
0.19 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(47.47) |
(7.37) |
|
|
OPERATING PROFIT |
% |
(57.86) |
297.51 |
|
|
NET PROFIT |
% |
(127.22) |
94.94 |
|
|
FIXED ASSETS |
% |
(1.83) |
(4.16) |
|
|
TOTAL ASSETS |
% |
(14.72) |
(31.93) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -47.47%. Turnover has decreased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.89 |
Impressive |
Industrial Average |
(0.67) |
|
Net Profit Margin |
(0.98) |
Deteriorated |
Industrial Average |
(1.03) |
|
Return on Assets |
(0.96) |
Deteriorated |
Industrial Average |
(2.37) |
|
Return on Equity |
(20.74) |
Deteriorated |
Industrial Average |
(11.02) |
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 6.89%. 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. The company’s figure is -0.98%, 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
-0.96%, 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. When compared with the
industry average, it was lower, the company's figure is -20.74%.
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 |
0.19 |
Risky |
Industrial Average |
1.12 |
|
Quick Ratio |
0.03 |
|
|
|
|
Cash Conversion Cycle |
(11.67) |
|
|
|
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 0.19 times in 2013, increased from 0.18 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 0.03 times in 2013,
decreased from 0.04 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 -12 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 |
0.79 |
|
Debt to Equity Ratio |
20.50 |
Risky |
Industrial Average |
3.64 |
|
Times Interest Earned |
0.78 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 0.78 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.13 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.98 |
Deteriorated |
Industrial Average |
2.29 |
|
Inventory Conversion Period |
41.52 |
|
|
|
|
Inventory Turnover |
8.79 |
Impressive |
Industrial Average |
3.06 |
|
Receivables Conversion Period |
3.64 |
|
|
|
|
Receivables Turnover |
100.34 |
Impressive |
Industrial Average |
4.26 |
|
Payables Conversion Period |
56.82 |
|
|
|
The company's Account Receivable Ratio is calculated as 100.34 and
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 25 days at the
end of 2012 to 42 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 14.77 times in year 2012 to 8.79
times in year 2013.
The company's Total Asset Turnover is calculated as 0.98 times and 1.59
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.97.69 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.