MIRA INFORM REPORT
|
Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
V-KOOL
CORPORATION CO., LTD. |
|
|
|
|
Formerly Known As : |
V-KOOL
CORPORATE SALES CO.,
LTD |
|
|
|
|
Registered Office : |
1662
Bangna-Trad Road, Bangna, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
13.09.2010 |
|
|
|
|
Com. Reg. No.: |
0105553112361 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of ultraviolet ray protection films |
|
|
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 30th, 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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
V-KOOL CORPORATION
CO., LTD.
[FORMER :
V-KOOL CORPORATE SALES
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 1662
BANGNA-TRAD ROAD, BANGNA,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2746-7979
FAX :
[66] 2746-7978
E-MAIL
ADDRESS : anny@v-koolcorp.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553112361
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KONTON JATURAPATTARAPANIT, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 15
LINES
OF BUSINESS : ULTRAVIOLET RAY PROTECTION FILMS
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 September 13,
2010 as a
private limited company
under the originally
registered name “V-Kool
Corporate Sales Co.,
Ltd.” by Thai groups,
with the business objective
to distribute Ultraviolet Ray Protection films
as well as
related products for
local market. On
January 10, 2011,
its registered name
was changed to
V-KOOL CORPORATION CO.,
LTD. It currently
employs 15 staff.
The
subject’s registered address
is 1662 Bangna-Trad Rd., Bangna, Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Konton Jaturapattarapanit
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Konton Jaturapattarapanit is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 46
years old.
Mr. Dallas Douangdara
is the Co-Chief
Executive Officer.
He is Thai
nationality.
Mr. Tommy Yeo
is the General
Manager.
He is Singaporean
nationality.
BUSINESS OPERATIONS
The subject’s
activities are importer
and distributor of
Ultraviolet Ray Protection
films for automobile, home, office
and etc., under
the well-known brands
“V-KOOL” and “IQ”.
The subject also
provides installation service.
PURCHASE
100%
of the products
is imported from
U.S.A. and Germany.
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
RELATED AND AFFILIATED
COMPANY
Huper Optik Corporation
Co., Ltd.
Business Type :
Importer and distributor
of Nano-ceramic Huper
Optic films.
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.
Imports are by
L/C on the
credits term of
30-60 days and T/T.
BANKING
The
banker’s name was not
disclosed.
EMPLOYMENT
The
subject employs 15
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
100,000.
COMMENT
The
subject was formed in
September 2010 as an
importer, distributor and
service provider of Ultraviolet
Ray Protection films. Subject
reported moderate sales of
its first few months
operation in 2010.
However, increasing demand
of protection films
from construction and
automobile industry has
spurred sales in 2011.
Protection film in local
market has growth
potential due to
the climate change
thus V Kool brand has
become well known among
local consumers followed
3M brand which is
the leading brand
in local market
for a long
time.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
On December
22, 2010, the
capital was increased
to Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Konton Jaturapattarapanit Nationality: Thai Address : 14/117
Pattanakarn 51 Rd.,
Suanluang, Bangkok |
49,998 |
100.00 |
|
Mrs. Jutirat Jaturapattarapanit Nationality: Thai Address : 14/17
Pattanakarn 51 Rd.,
Suanluang, Bangkok |
1 |
- |
|
Mrs. Bang-orn Srithong Nationality: Thai Address : 14/17
Pattanakarn 51 Rd.,
Suanluang, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nanthaporn Kamnuengkarn No.
9187
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 was :
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash and Cash Equivalent |
5,742,270.52 |
|
Trade Accounts Receivable & Postdated Cheque |
8,313,868.64 |
|
Inventories |
596,524.81 |
|
Other Current Assets |
921,644.45 |
|
|
|
|
Total Current Assets
|
15,574,308.42 |
|
Fixed Assets |
2,811,575.63 |
|
Other Assets |
137,905.50 |
|
Total Assets |
18,523,789.55 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
|
|
|
|
Trade Accounts Payable
& Postdated Cheque |
8,243,054.62 |
|
Current Portion of Hire-purchase Payable |
656,859.81 |
|
Short-term Loan from Related Person |
309,800.20 |
|
Other Current Liabilities |
1,854,424.57 |
|
|
|
|
Total Current Liabilities |
11,064,139.20 |
|
|
|
|
Hire-purchase Payable, Net
of Current Portion |
1,758,841.11 |
|
Other Non-current Liabilities |
207,000.00 |
|
Total Liabilities |
13,029,980.31 |
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
|
|
|
|
Capital Paid |
5,000,000.00 |
|
Retained Earning Unappropriated |
493,809.24 |
|
Total Shareholders' Equity |
5,493,809.24 |
|
Total Liabilities & Shareholders' Equity |
18,523,789.55 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Sep. 13,
2010 – Dec. 31, 2010 |
|
|
|
|
Sales Income |
10,861,056.44 |
|
Services Income |
1,346,083.92 |
|
Other Income |
70,050.80 |
|
Total Revenues |
12,277,191.16 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold & Services |
6,059,900.94 |
|
Selling Expenses |
2,680,744.06 |
|
Administrative Expenses |
2,977,264.89 |
|
Total Expenses |
11,717,909.89 |
|
Profit / [Loss] before Income
Tax |
559,281.27 |
|
Income Tax |
[65,472.03] |
|
|
|
|
Net Profit / [Loss] |
493,809.24 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
1.41 |
|
QUICK RATIO |
TIMES |
1.27 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
35.93 |
|
INVENTORY TURNOVER |
TIMES |
10.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
248.59 |
|
RECEIVABLES TURNOVER |
TIMES |
1.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
496.50 |
|
CASH CONVERSION CYCLE |
DAYS |
(211.98) |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
49.64 |
|
SELLING & ADMINISTRATION |
% |
46.35 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
50.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.58 |
|
NET PROFIT MARGIN |
% |
4.05 |
|
RETURN ON EQUITY |
% |
8.99 |
|
RETURN ON ASSET |
% |
2.67 |
|
EARNING PER SHARE |
BAHT |
9.88 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.37 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY RATIO
|
Gross Profit Margin |
50.93 |
Impressive |
Industrial Average |
21.09 |
|
Net Profit Margin |
4.05 |
Impressive |
Industrial Average |
2.87 |
|
Return on Assets |
2.67 |
Acceptable |
Industrial Average |
4.62 |
|
Return on Equity |
8.99 |
Impressive |
Industrial Average |
8.89 |
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 50.93%. 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 4.05%, 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. When compared with the
industry average, it was lower, the company's figure is 2.67%.
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 8.99%, 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 |
1.41 |
Acceptable |
Industrial Average |
2.09 |
|
Quick Ratio |
1.27 |
|
|
|
|
Cash Conversion Cycle |
(211.98) |
|
|
|
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 1.41 times in 2010, increased from 0 time, 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 1.27 times in 2010,
increased from 0 time, 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 -212 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
2.37 |
Risky |
Industrial Average |
1.00 |
|
Times Interest Earned |
- |
|
Industrial Average |
2.91 |
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 0.7 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.34 |
Impressive |
Industrial Average |
3.75 |
|
Total Assets Turnover |
0.66 |
Deteriorated |
Industrial Average |
1.61 |
|
Inventory Conversion Period |
35.93 |
|
|
|
|
Inventory Turnover |
10.16 |
Impressive |
Industrial Average |
5.41 |
|
Receivables Conversion Period |
248.59 |
|
|
|
|
Receivables Turnover |
1.47 |
Deteriorated |
Industrial Average |
6.83 |
|
Payables Conversion Period |
496.50 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
UK Pound |
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.