MIRA
INFORM REPORT
|
Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
COOL-TECH SOLUTIONS CO., LTD. |
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Registered Office : |
79 Suksawad Road, Rajburana, Bangkok 10140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.11.2009 |
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Com. Reg. No.: |
0105552124978 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Cooling Machinery and Equipment |
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No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
COOL-TECH
SOLUTIONS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 79
SUKSAWAD ROAD, RAJBURANA,
BANGKOK 10140,
THAILAND
TELEPHONE : [66] 2873-1823-4,
081 351-1846, 085
862-2028
FAX :
[66] 2873-1825
E-MAIL
ADDRESS : sales@cooltechbkk.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552124978
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SIVAKORN SIRISUVICHAK,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : COOLING MACHINERY
AND EQUIPMENT
IMPORTER AND
DISTRIBUTOR
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 November
17, 2009 as
a private limited
company under the registered
name COOL-TECH SOLUTIONS
CO., LTD., by
Thai groups, with the business objective to provide products
and service for cooling systems
and equipment in
domestic market. It
currently employs 15
staff.
The
subject’s registered address
is 79 Suksawad Rd.,
Rajburana, Bangkok 10140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sivakorn Sirisuvichak |
|
Thai |
35 |
|
Ms. Tassanee Teekakul |
|
Thai |
37 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sivakorn Sirisuvichak is
the Managing Director.
He is Thai
nationality with the
age of 35
years old.
Mr. Anuthip Rodsa is the
Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and servicing
of cooling system,
such as ice
making machine and parts, commercial refrigerators, water
filters, shelving products,
as well as
installation and maintenance services for
ice making machine.
MAJOR BRANDS
“ICE-O-MATIC”, “COOL-TECH”,
“METRO”, “FOSTER” and etc.
PURCHASE
Its products are
purchased from suppliers
both domestic and
overseas, mainly in
U.K. and U.S.A.
MAJOR
SUPPLIERS
Foster Refrigerator Ltd. : U.K.
Inter Metro Industries
Corporation : U.S.A.
SALES
100% of the
products is sold
locally to retailers,
manufacturers and end-users,
such as restaurant,
food center, and
food processing industry.
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 & 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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 15
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
20,000.
COMMENT
Subject
was formed in
2009 as a supplier and
service provider of cooling
machine and equipments. The products
are mainly served to industrial
users. Subject’s business
performance is related
to economic conditions and
industrial consumption,
which had been
risen from industrial
upturn in 2010-2011.
However,
its business has gradually
improved at slow
pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sivakorn Sirisuvichak Nationality: Thai Address : 150/19
Moo 4, Prachauthis
72 Rd.,
Thungkru, Bangkok |
9,998 |
99.98 |
|
Ms. Ampika Banluesak Nationality: Thai Address : 267
Soi Kudeejeen, Wadkalaya,
Thonburi, Bangkok |
1 |
0.01 |
|
Mr. Suthee Chotechuang Nationality: Thai Address : 646/7
Moo 1, Thungkru, Bangkok |
1 |
0.01 |
Total Shareholders : 3
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Puntarika Marksuriwong
No. 8557
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
80,277.21 |
1,002,303.26 |
|
Trade Accounts Receivable |
312,035.01 |
79,701.05 |
|
Short-term Loan from
Related Person |
1,800,000.00 |
- |
|
Raw Material |
18,300.00 |
- |
|
Other Current Assets |
4,500.00 |
285.00 |
|
|
|
|
|
Total Current Assets |
2,215,112.11 |
1,082,289.31 |
|
|
|
|
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Fixed Assets |
48,851.86 |
3,548.85 |
|
Other Assets |
285.00 |
- |
|
Total Assets |
2,264,249.08 |
1,085,838.16 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
150,955.60 |
- |
|
Other Current Liabilities |
664,872.19 |
26,383.46 |
|
|
|
|
|
Total Current Liabilities |
815,827.79 |
26,383.46 |
|
Total Liabilities |
815,827.79 |
26,383.46 |
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Shareholders’ Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
448,421.29 |
59,454.70 |
|
Total Shareholders' Equity |
1,448,421.29 |
1,059,454.70 |
|
Total Liabilities & Shareholders' Equity |
2,264,249.08 |
1,085,838.16 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
Nov. 17,
2009 – Dec. 31,
2009 |
|
|
|
|
|
Sales & Services
Income |
3,789,139.63 |
83,986.96 |
|
Other Income |
35,566.48 |
0.26 |
|
Total Revenues |
3,824,706.11 |
83,987.22 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
2,817,975.71 |
16,943.93 |
|
Selling Expenses |
506,460.00 |
- |
|
Administrative Expenses |
65,159.50 |
7,588.59 |
|
Total Expenses |
3,389,595.21 |
24,532.52 |
|
Profit before Income Tax |
435,110.90 |
59,454.70 |
|
Income Tax |
[46,144.31] |
- |
|
|
|
|
|
Net Profit / [Loss] |
388,966.59 |
59,454.70 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.72 |
41.02 |
|
QUICK RATIO |
TIMES |
2.69 |
41.01 |
|
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|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
77.56 |
23.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.67 |
0.08 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
2.37 |
- |
|
INVENTORY TURNOVER |
TIMES |
153.99 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
30.06 |
346.37 |
|
RECEIVABLES TURNOVER |
TIMES |
12.14 |
1.05 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.55 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
12.88 |
346.37 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
74.37 |
20.17 |
|
SELLING & ADMINISTRATION |
% |
15.09 |
9.04 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
26.57 |
79.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.48 |
70.79 |
|
NET PROFIT MARGIN |
% |
10.27 |
70.79 |
|
RETURN ON EQUITY |
% |
26.85 |
5.61 |
|
RETURN ON ASSET |
% |
17.18 |
5.48 |
|
EARNING PER SHARE |
BAHT |
38.90 |
5.95 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.02 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.56 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4,411.58 |
|
|
OPERATING PROFIT |
% |
631.84 |
|
|
NET PROFIT |
% |
554.22 |
|
|
FIXED ASSETS |
% |
1,276.55 |
|
|
TOTAL ASSETS |
% |
108.53 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.57 |
Impressive |
Industrial
Average |
24.11 |
|
Net Profit Margin |
10.27 |
Impressive |
Industrial
Average |
(3.25) |
|
Return on Assets |
17.18 |
Impressive |
Industrial
Average |
0.87 |
|
Return on Equity |
26.85 |
Impressive |
Industrial
Average |
7.66 |
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 26.57%. 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 10.27%, 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
17.18%, 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 26.85%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.72 |
Deteriorated |
Industrial
Average |
23.06 |
|
Quick Ratio |
2.69 |
|
|
|
|
Cash Conversion Cycle |
12.88 |
|
|
|
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 2.72 times in 2010, decreased from 41.02 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 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 2.69 times in 2010,
decreased from 41.01 times, although excluding inventory so the company still
have good short-term financial strength.
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 13 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.36 |
Impressive |
Industrial
Average |
0.83 |
|
Debt to Equity Ratio |
0.56 |
Impressive |
Industrial
Average |
1.67 |
|
Times Interest Earned |
- |
|
Industrial
Average |
1,070.63 |
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 0.36 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
77.56 |
Deteriorated |
Industrial
Average |
9,576.08 |
|
Total Assets Turnover |
1.67 |
Satisfactory |
Industrial
Average |
2.07 |
|
Inventory Conversion Period |
2.37 |
|
|
|
|
Inventory Turnover |
153.99 |
Impressive |
Industrial
Average |
25.24 |
|
Receivables Conversion Period |
30.06 |
|
|
|
|
Receivables Turnover |
12.14 |
Acceptable |
Industrial
Average |
20.23 |
|
Payables Conversion Period |
19.55 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
|
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.63.57 |
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.