MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE COOL COMPANY LIMITED |
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Registered Office : |
88/88 Moo 7, Soi Bangna Garden, Bangna-Trad Highway, K.M. 26, T. Bangbor, A. Bangbor, Samutprakarn 10560 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.06.2008 |
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Com. Reg. No.: |
0115551006335 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in
distributing and exporting
various types of
freezers and cooler
products, such as
supermarket cabinet, ice
cream chest freezer,
upright cooler, gelato
cabinet, multi-deck cabinet,
serve over counter, counter
top and combination
freezer |
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|
|
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No of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 & address
THE COOL COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 88/88 MOO 7,
SOI BANGNA GARDEN,
BANGNA-TRAD HIGHWAY,
K.M. 26,
T. BANGBOR, A. BANGBOR,
SAMUTPRAKARN 10560,
THAILAND
TELEPHONE : [66] 2181-8888
FAX : [66] 2181-8118
E-MAIL ADDRESS : sales@coolinspired.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2008
REGISTRATION NO. : 0115551006335
TAX ID NO. : 3033150681
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. PRACHA PRAKOONSUKSAPAN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 100
LINES OF BUSINESS : FREEZERS AND
COOLERS
DISTRIBUTOR AND
EXPORTER
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on June
27, 2008 as
a private limited
company under the
registered name THE
COOL COMPANY LIMITED,
by Thai groups,
with the business
objective to distribute
and export freezers
and cooler products
to both local
and overseas markets.
It currently employs
approximately 100 staff.
The subject is
a wholly owned
subsidiary of The
Cool Group Co.,
Ltd.
The subject’s registered address
was initially at 14th Floor,
Lake Ratchada Complex, 193/53
Ratchadapisek Rd., Klongtoey,
Bangkok 10110.
On August 16,
2012, the subject’s
registered address was
relocated to 88/88
Moo 7, Soi Bangna
Garden, Bangna-Trad Highway, K.M. 26,
T. Bangbor, A. Bangbor, Samutprakarn
10560, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pracha Prakoonsuksapan |
[x] |
Thai |
47 |
|
Ms. Siriluck Asawarat |
|
Thai |
44 |
AUTHORIZED PERSON
The above director
[x] signs on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pracha Prakoonsuksapan is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
Mr. Thana Boonprasit is
the General Manager
[Service].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing and
exporting various types
of freezers and
cooler products, such
as supermarket cabinet,
ice cream chest
freezer, upright cooler,
gelato cabinet, multi-deck
cabinet, serve over counter,
counter top and
combination freezer, under
its brands “COOLINSPIRED” and
“FRAMEC”.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIER
The Cool Manufacturing
Co., Ltd.
SALES
70% of the
products is sold
locally to wholesalers
and end-users, such
as supermarket, convenience
store, hotel &
restaurant and etc.,
the remaining 30%
is exported to
Singapore, Indonesia, Malaysia,
Vietnam, Korea, Philippines
and Pakistan.
MAJOR CUSTOMERS
Surapon Food Public
Company Limited : Thailand
Unilever Thai Trading
Co., Ltd. :
Thailand
S & P Syndicate Public
Company Limited : Thailand
Pacific Fish Processing
Co., Ltd. :
Thailand
Chomthana Co., Ltd. : Thailand
PFP Trading Co.,
Ltd. : Thailand
RELATED AND AFFILIATED
COMPANIES
The Cool Service
Co., Ltd.
Business Type :
Freezer maintenance service
The Cool Manufacturing
Co., Ltd.
Business Type :
Manufacturer and distributor
of freezers and
coolers
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
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 100 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in a provincial, on the
outskirts of Bangkok.
COMMENT
The subject is
doing good business
and continued expanding.
With high efficiency products and services
have enabled its
reputation in food
and storage industries.
Its current business
outlook remains positive.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
On June 2,
2009, 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, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
The Cool Group
Co., Ltd. Nationality: Thai Address :
88/88 Moo 7,
Bangna-Trad Highway, K.M. 26,
T. Bangbor, A. Bangbor,
Samutprakarn |
49,998 |
100.00 |
|
Mr. Pracha Prakoonsuksapan Nationality: Thai Address : 94, 96
Yenchit Rd., Thungwatdon,
Sathorn, Bangkok |
1 |
- |
|
Ms. Siriluck Asawarat Nationality: Thai Address : 26
Kwaeng Klongtoey, Khet
Klongtoey, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30, 2014]
|
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. :
Mr. Ekachai Teowongthai No.
5850
THE COOL COMPANY
LIMITED
BALANCE SHEET
[BAHT]
The latest financial
figures published for December 31, 2013,
2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalent |
15,761,866.50 |
4,177,757.66 |
13,443,072.63 |
|
Trade Accounts and
Other Receivable |
207,664,122.66 |
132,960,087.56 |
108,293,432.05 |
|
Inventories |
46,058,422.58 |
165,918.48 |
847,778.88 |
|
Other Current Assets |
45,547,242.47 |
32,358,477.63 |
29,652,023.69 |
|
|
|
|
|
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Total Current Assets
|
315,031,654.21 |
169,662,241.33 |
152,236,307.25 |
|
Investment in Subsidiaries |
34,845,095.46 |
32,911,824.63 |
21,012,030.02 |
|
Fixed Assets |
5,772,858.55 |
6,539,551.94 |
7,225,467.69 |
|
Other Assets-Deposit
|
113,990.85 |
296,663.17 |
1,087,268.31 |
|
Total Assets |
355,763,599.07 |
209,410,281.04 |
181,561,073.27 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Account & Other
Payable |
205,463,295.09 |
87,570,303.49 |
71,840,192.22 |
|
Long-term Loan from Person and Related Company |
68,823,472.61 |
73,785,759.75 |
55,522,456.37 |
|
Accrued Expenses |
51,206,451.78 |
25,807,811.45 |
27,735,010.35 |
|
Accrued Income Tax |
2,046,150.80 |
6,503.82 |
607,232.93 |
|
Other Current Liabilities |
3,621,917.48 |
8,288,045.84 |
12,001,453.40 |
|
|
|
|
|
|
Total Current Liabilities |
331,161,287.76 |
195,458,424.35 |
167,706,345.27 |
|
|
|
|
|
|
Employee Benefits Obligation |
3,163,730.00 |
1,650,484.00 |
1,892,492.00 |
|
Total Liabilities |
334,325,017.76 |
197,108,908.35 |
169,598,837.27 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares
|
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning-
Unappropriated |
16,438,581.31 |
7,301,372.72 |
6,962,236.00 |
|
Total Shareholders' Equity |
21,438,581.31 |
12,301,372.72 |
11,962,236.00 |
|
Total Liabilities &
Shareholders' Equity |
355,763,599.07 |
209,410,281.07 |
181,561,073.27 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
503,039,152.83 |
361,591,992.26 |
388,424,454.14 |
|
Services Income |
10,873,460.60 |
10,616,622.45 |
8,264,630.82 |
|
Other Income |
18,745,951.09 |
11,143,619.61 |
9,909,135.75 |
|
Total Revenues |
532,658,564.52 |
383,352,234.32 |
406,598,220.71 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
411,947,757.92 |
317,392,167.19 |
332,873,751.11 |
|
Selling Expenses |
37,534,906.83 |
12,735,276.69 |
19,044,764.47 |
|
Administrative Expenses |
68,602,117.87 |
50,420,481.40 |
50,389,816.17 |
|
Financial Cost |
2,576,004.86 |
1,856,531.53 |
1,634,249.57 |
|
Total Expenses |
520,660,787.48 |
382,404,456.81 |
403,942,581.32 |
|
Profit Before Income Tax |
11,997,777.04 |
947,777.51 |
2,655,639.39 |
|
Income Tax |
[2,860,568.45] |
[608,640.79] |
[1,165,837.38] |
|
|
|
|
|
|
Net Profit / [Loss] |
9,137,208.59 |
339,136.72 |
1,489,802.01 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.95 |
0.87 |
0.91 |
|
QUICK RATIO |
TIMES |
0.67 |
0.70 |
0.73 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
89.02 |
56.92 |
54.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.44 |
1.78 |
2.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.81 |
0.19 |
0.93 |
|
INVENTORY TURNOVER |
TIMES |
8.94 |
1,912.94 |
392.64 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
147.49 |
130.39 |
99.64 |
|
RECEIVABLES TURNOVER |
TIMES |
2.47 |
2.80 |
3.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
182.05 |
100.71 |
78.77 |
|
CASH CONVERSION CYCLE |
DAYS |
6.25 |
29.87 |
21.80 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
80.16 |
85.27 |
83.91 |
|
SELLING & ADMINISTRATION |
% |
20.65 |
16.97 |
17.50 |
|
INTEREST |
% |
0.50 |
0.50 |
0.41 |
|
GROSS PROFIT MARGIN |
% |
23.49 |
17.72 |
18.58 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.33 |
0.25 |
0.67 |
|
NET PROFIT MARGIN |
% |
1.78 |
0.09 |
0.38 |
|
RETURN ON EQUITY |
% |
42.62 |
2.76 |
12.45 |
|
RETURN ON ASSET |
% |
2.57 |
0.16 |
0.82 |
|
EARNING PER SHARE |
BAHT |
182.74 |
6.78 |
29.80 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.94 |
0.94 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
15.59 |
16.02 |
14.18 |
|
TIME INTEREST EARNED |
TIMES |
4.66 |
0.51 |
1.62 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
38.07 |
(6.17) |
|
|
OPERATING PROFIT |
% |
1,165.89 |
(64.31) |
|
|
NET PROFIT |
% |
2,594.26 |
(77.24) |
|
|
FIXED ASSETS |
% |
(11.72) |
(9.49) |
|
|
TOTAL ASSETS |
% |
69.89 |
15.34 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 38.07%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.49 |
Deteriorated |
Industrial Average |
83.89 |
|
Net Profit Margin |
1.78 |
Acceptable |
Industrial Average |
2.42 |
|
Return on Assets |
2.57 |
Deteriorated |
Industrial Average |
6.22 |
|
Return on Equity |
42.62 |
Impressive |
Industrial Average |
17.54 |
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 23.49%. 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 1.78%.
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 2.57%.
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 is
42.62%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.95 |
Risky |
Industrial Average |
1.48 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion Cycle |
6.25 |
|
|
|
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 0.95 times in 2013, increased from 0.87 times, then the company may have
problems meeting its short-term obligations. 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 0.67 times in 2013,
decreased from 0.7 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 7 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.94 |
Acceptable |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
15.59 |
Risky |
Industrial Average |
1.70 |
|
Times Interest Earned |
4.66 |
Impressive |
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 4.66 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 0.94 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 Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
89.02 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.44 |
Acceptable |
Industrial Average |
2.57 |
|
Inventory Conversion Period |
40.81 |
|
|
|
|
Inventory Turnover |
8.94 |
Impressive |
Industrial Average |
7.36 |
|
Receivables Conversion Period |
147.49 |
|
|
|
|
Receivables Turnover |
2.47 |
Acceptable |
Industrial Average |
4.36 |
|
Payables Conversion Period |
182.05 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.47 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 0 days at the end
of 2012 to 41 days at the end of 2013. This represents a negative trend. And
Inventory turnover has decreased from 1912.94 times in year 2012 to 8.94 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.44 times and 1.78
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.07 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.