MIRA INFORM REPORT

Report Date :

23.07.2011

IDENTIFICATION DETAILS

Name :	FOOD AND DRINKS PUBLIC COMPANY LIMITED
Registered Office :	B.B. Building, Floor 4, 54 Sukhumvit 21 Road, Klongtoey-Nua, Wattana, Bangkok, 10110
Country :	Thailand
Financials (as on) :	31.12.2010
Date of Incorporation :	11.04.1985
Legal Form :	Public Independent
Line of Business :	manufacture and sales of food products

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

Status :	Satisfactory
Payment Behaviour :	Unknown
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 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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 & address

Food and Drinks Public Company Limited

B.B. Building, Floor 4

54 Sukhumvit 21 Road

Klongtoey-Nua, Wattana

Bangkok, 10110

Thailand

Tel: 66-2-6641501

Fax: 66-2-6641500

Websites : www.foodanddrinks.co.th

Synthesis

Employees:	684
Company Type:	Public Independent
Traded:	Stock Exchange of Thailand (Bangkok): F&D
Incorporation Date:	11-Apr-1985
Auditor:	Ernst & Young Office Ltd

Fiscal Year End:	31-Dec-2010
Financials in	USd (Million)
Reporting Currency:	Thai Baht
Annual Sales:	20.7 ^1
Net Income:	1.3
Total Assets:	22.3 ^2
Market Value:	12.5
	(08-Jul-2011)

Business Description

Food and Drinks Public Company Limited is a Thailand-based company engaged in the manufacture and sales of food products. Its food products include processed fruits, vegetables, and meat products. The Company sells its products under Zummer brand name. It offers fruits/vegetables/spices and food in sealed containers, such as baby corn, water chestnut, aloe vera, bamboo shoot, mango, papaya, and mixed fruits and vegetables. Spices are lemon grass, chilli, and coriander. Others include curry pastes, and ready-to-eat products. In addition, the Company also offers meat products, which include beef sauce and chicken curries for export, and juices and drinks, including fruit and vegetable juices and ready-to-drink tea. It distributes its products in both domestic and overseas. For the three months ended 31 March 20101 Food and Drinks Public Company Limited's revenues decrease 22% to BAH133.3M. The Company's net income increased 7% to BAH15.5M. Revenues reflect a decrease in income from sales. Net income benefited from the highly decreased selling expense, the absence of management's benefit expenses, as well as the presence of exchange gain. The Company is engaged in manufacturing & distributing.

Industry 

Industry	Food Processing
ANZSIC 2006:	1140 - Fruit and Vegetable Processing
NACE 2002:	1533 - Processing and preserving of fruit and vegetables not elsewhere classified
NAICS 2002:	311421 - Fruit and Vegetable Canning
UK SIC 2003:	1533 - Processing and preserving of fruit and vegetables not elsewhere classified
US SIC 1987:	2033 - Canned Fruits, Vegetables, Preserves, Jams, and Jellies

Key Executives 

Name	Title
Kasem Deemaitree	Managing Director
Theerapat Supanit	Manager-Finance & Accounting
Huai Hui Lee	Company Secretary & Manager-Marketing
Prasit Jaturaspansaeng	Manager-Personnel & Administration
Pensiri Arayavanich	Manager-Import & Export

Financial Summary

As of 31-Mar-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.54	1.53
Quick Ratio (MRQ)	0.79	0.78
Debt to Equity (MRQ)	0.33	1.14
Sales 5 Year Growth	-0.12	6.97
Net Profit Margin (TTM) %	6.72	7.06
Return on Assets (TTM) %	5.65	7.05
Return on Equity (TTM) %	9.01	21.4

Traded: Stock Exchange of Thailand (Bangkok): F&D

As of 8-Jul-2011

Financials in: THB

Recent Price	25.25	EPS	2.70
52 Week High	33.50	Price/Sales	0.58
52 Week Low	23.00	Dividend Rate	1.11
Avg. Volume (mil)	0.0014	Price/Earnings	9.20
Market Value (mil)	378.75	Price/Book	0.81
		Beta	0.78

	Price % Change	Rel S&P 500%
4 Week	1.00%	-5.32%
13 Week	-1.94%	-2.46%
52 Week	1.00%	-24.13%
Year to Date	-10.62%	-15.19%

1 - Profit & Loss Item Exchange Rate: USD 1 = THB 31.72462
2 - Balance Sheet Item Exchange Rate: USD 1 = THB 30.145

Corporate Overview

Location
B.B. Building, Floor 4
54 Sukhumvit 21 Road
Klongtoey-Nua, Wattana
Bangkok, 10110
Thailand

Tel:	66-2-6641501
Fax:	66-2-6641500

www.foodanddrinks.co.th

Quote Symbol - Exchange
F&D - Stock Exchange of Thailand (Bangkok)
Sales THB(mil):	655.7
Assets THB(mil):	672.7
Employees:	684
Fiscal Year End:	31-Dec-2010

Industry:	Food Processing

Incorporation Date:	11-Apr-1985
Company Type:	Public Independent
Quoted Status:	Quoted

Managing Director, Director:	Kasem Dimaitri

· Company Web Links

· Company Contact/E-mail

· Corporate History/Profile

· Home Page

· Investor Relations

· Products/Services

Contents · Industry Codes · Business Description · Financial Data · Market Data

· Shareholders · Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1199	-	Other Food Product Manufacturing Not Elsewhere Classified
1140	-	Fruit and Vegetable Processing

NACE 2002 Codes:
1533	-	Processing and preserving of fruit and vegetables not elsewhere classified
1589	-	Manufacture of other food products not elsewhere classified

NAICS 2002 Codes:
311411	-	Frozen Fruit, Juice, and Vegetable Manufacturing
311999	-	All Other Miscellaneous Food Manufacturing
311421	-	Fruit and Vegetable Canning

US SIC 1987:
2099	-	Food Preparations, Not Elsewhere Classified
2033	-	Canned Fruits, Vegetables, Preserves, Jams, and Jellies
2037	-	Frozen Fruits, Fruit Juices, and Vegetables

UK SIC 2003:
1533	-	Processing and preserving of fruit and vegetables not elsewhere classified
1589	-	Manufacture of other food products not elsewhere classified

Business Description

Food and Drinks Public Company Limited is a Thailand-based company engaged in the manufacture and sales of food products. Its food products include processed fruits, vegetables, and meat products. The Company sells its products under Zummer brand name. It offers fruits/vegetables/spices and food in sealed containers, such as baby corn, water chestnut, aloe vera, bamboo shoot, mango, papaya, and mixed fruits and vegetables. Spices are lemon grass, chilli, and coriander. Others include curry pastes, and ready-to-eat products. In addition, the Company also offers meat products, which include beef sauce and chicken curries for export, and juices and drinks, including fruit and vegetable juices and ready-to-drink tea. It distributes its products in both domestic and overseas. For the three months ended 31 March 20101 Food and Drinks Public Company Limited's revenues decrease 22% to BAH133.3M. The Company's net income increased 7% to BAH15.5M. Revenues reflect a decrease in income from sales. Net income benefited from the highly decreased selling expense, the absence of management's benefit expenses, as well as the presence of exchange gain. The Company is engaged in manufacturing & distributing.

More Business Descriptions

Manufacture and sale of canned and frozen meat, vegetables, fruit and fruit juice

Fruit and Vegetable Canning, Pickling and Drying

Financial Data

Financials in:	THB(mil)
Revenue:	655.7
Net Income:	40.5
Assets:	672.7
Long Term Debt:	83.7
Total Liabilities:	206.9
Working Capital:	-0.1
Date of Financial Data:	31-Dec-2010

1 Year Growth

16.1%

13.2%

-6.6%

Market Data

Quote Symbol:	F&D
Exchange:	Stock Exchange of Thailand (Bangkok)
Currency:	THB
Stock Price:	25.3
Stock Price Date:	07-08-2011
52 Week Price Change %:	1.0
Market Value (mil):	378,750.0
SEDOL:	6347949
ISIN:	TH0410010001
Equity and Dept Distribution:
06/07, Company change its accounting policy from the equity method to the cost method. Thus, 06/06 financials are restated.

Shareholders

Major Shareholders

Deemaitree Holding Group (38%); Kawasho Group (10%); Karoonkornsakul Group (10%)

Key Corporate Relationships

Auditor:	Ernst & Young Office Ltd
Auditor:	Ernst & Young Office Ltd, Ernst & Young

Executive

Board of Directors

Name	Title	Function
Kamol Iamsakulrat	Chairman	Chairman
Phirasin Suphaphonsiri	Chairman of the Board, Independent Director	Chairman
Reuters Biography (Food and Drinks Public Company Limited) Mr. Phirasin Suphaphonsiri has served as Chairman of the Board and Independent Director of Food and Drinks PCL since May 15, 2009. He has experience as President and Director of CIMB Thai Bank PCL. He has a Bachelor of Business Administration from Yokohama National University, Japan. BBA , Yokohama National University
Chintana Atsadornnithi	Deputy Managing Director, Director	Director/Board Member
Sumet Chey-O-nanund	Director	Director/Board Member
Sumet Choei-onanan	Independent Director	Director/Board Member
Reuters Biography (Food and Drinks Public Company Limited) Mr. Sumet Choei-onanan has been an Independent Director of Food and Drinks Public Company Limited since 2002. He has been a member of the Audit Committee in the Company since that time. He holds a Bachelor's degree in Accounting from Thammasat University, Thailand. B Accounting, Thammasat University
Kasem Dimaitri	Managing Director, Director	Director/Board Member
Reuters Biography (Food and Drinks Public Company Limited) Mr. Kasem Dimaitri has been serving as Managing Director and Director of Food and Drinks Public Company Limited since 1986. He holds a Bachelor of Science in Food Sciences from National Chung Hsing University, Taiwan. BS Food Sciences, National Chung Hsing University
Udom Karunkornsakun	Director	Director/Board Member
Pisal Kattiyothaivong	Director	Director/Board Member
Chitkan Kiatkanokkun	Independent Director	Director/Board Member
Reuters Biography (Food and Drinks Public Company Limited) Ms. Chitkan Kiatkanokkun is an Independent Director of Food and Drinks Public Company Limited. She has a Master's degree in Law from Dhurakit Bandit University, Thailand. M Law, Dhurakit Bandit University
Wilai Kiatsrichat	Independent Director	Director/Board Member
Huai Hsin Lee	Executive Director, Director	Director/Board Member
Reuters Biography (Food and Drinks Public Company Limited) Mr. Huai Hsin Lee is an Executive Director and Director for Food and Drinks Public Company Limited. He holds a Bachelor of Engineering in Mechanical Engineering from the University of Maryland, the United States. BE Mechanical Engineering, University of Maryland
Wai Huai Lee	Executive Director, Director	Director/Board Member	RT
Reuters Biography (Food and Drinks Public Company Limited) Ms. Wai Huai Lee has served as Executive Director and Director of Food and Drinks Public Company Limited since 1987. She holds a Masters of Business Administration from George Washington University, the United States. MBA , George Washington University
Adithep Nanthrathip	Director	Director/Board Member	RT
Reuters Biography (Food and Drinks Public Company Limited) Mr. Adithep Nanthrathip has served as Director of Food and Drinks Public Company Limited since May 15, 2009. He holds a Ph.D. in Food Sciences from Tokyo University of Marine Science and Technology, Japan. PHD Food Sciences, Tokyo University of Marine Science and Technology
Sansoen Ninrat	Director	Director/Board Member	RT
Chaowana Wiwatphanachat	Independent Director	Director/Board Member	RT
Reuters Biography (Food and Drinks Public Company Limited) Ms. Chawana Wiwatphanachat has been Independent Director of Food and Drinks Public Company Limited since 2002. She has been Chairman of the Audit Committee in the Company since May 13, 2011, after joining the committee as its Member in 2002. She holds a Bachelor's degree and a Master's degree in Accounting from Chulalongkorn University, Thailand, and a Master's degree in Management from the University of Wollongong, Australia. M Accounting, Chulalongkorn University M Management, University of Wollongong B Accounting, Chulalongkorn University
Chun Num Wong	Director	Director/Board Member

Executives

Name	Title	Function
Kasem Deemaitree	Managing Director	Chief Executive Officer
Kasem Dimaitri	Managing Director, Director	Managing Director
Reuters Biography (Food and Drinks Public Company Limited) Mr. Kasem Dimaitri has been serving as Managing Director and Director of Food and Drinks Public Company Limited since 1986. He holds a Bachelor of Science in Food Sciences from National Chung Hsing University, Taiwan. BS Food Sciences, National Chung Hsing University
Nakhorn Mahakhun	Assistant Managing Director	Managing Director
Reuters Biography (Food and Drinks Public Company Limited) Dr. Nakhorn Mahakhun has served as Assistant Managing Director of Food and Drinks Public Company Limited since 2004. He holds a Ph.D. in Food Sciences from Texas A&M University, the United States.

PHD Food Sciences, Texas A&M University
Prasit Jaturaspansaeng	Manager-Personnel & Administration	Administration Executive
Huai Hui Lee	Company Secretary & Manager-Marketing	Company Secretary
Theerapat Supanit	Manager-Finance & Accounting	Finance Executive
Pensiri Arayavanich	Manager-Import & Export	International Executive

Financials

in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate (Period Average)	31.724617	34.331774	33.367913	34.251325	37.915929
Auditor	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young Office Ltd	Ernst & Young LLP	Dharmniti Auditing Company Litmited
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Sales	20.7	16.4	16.6	17.4	19.3
Revenue	20.7	16.4	16.6	17.4	19.3
Total Revenue	20.7	16.4	16.6	17.4	19.3
Cost of Revenue	18.0	13.7	15.2	15.5	18.1
Cost of Revenue, Total	18.0	13.7	15.2	15.5	18.1
Gross Profit	2.7	2.7	1.5	1.9	1.2
Selling/General/Administrative Expense	1.1	1.0	1.2	1.8	1.7
Labor & Related Expense	0.5	0.5	0.5	-	0.0
Total Selling/General/Administrative Expenses	1.6	1.5	1.7	1.8	1.7
Investment Income - Operating	-0.1	0.0	0.0	0.0	-0.1
Interest/Investment Income - Operating	-0.1	0.0	0.0	0.0	-0.1
Interest Expense (Income) - Net Operating Total	-0.1	0.0	0.0	0.0	-0.1
Other, Net	-0.4	-0.3	-0.4	-0.3	-0.3
Other Operating Expenses, Total	-0.4	-0.3	-0.4	-0.3	-0.3
Total Operating Expense	19.0	14.9	16.5	17.0	19.5
Operating Income	1.6	1.5	0.2	0.5	-0.2
Interest Expense - Non-Operating	-0.3	-0.5	-0.7	-0.7	-0.7
Interest Expense, Net Non-Operating	-0.3	-0.5	-0.7	-0.7	-0.7
Interest Income (Expense) - Net Non-Operating Total	-0.3	-0.5	-0.7	-0.7	-0.7
Income Before Tax	1.3	1.0	-0.5	-0.3	-0.8
Total Income Tax	0.0	0.0	0.0	0.0	0.0
Income After Tax	1.3	1.0	-0.5	-0.3	-0.8
Net Income Before Extraord Items	1.3	1.0	-0.5	-0.3	-0.8
Net Income	1.3	1.0	-0.5	-0.3	-0.8
Income Available to Common Excl Extraord Items	1.3	1.0	-0.5	-0.3	-0.8
Income Available to Common Incl Extraord Items	1.3	1.0	-0.5	-0.3	-0.8
Basic/Primary Weighted Average Shares	15.0	12.9	12.5	12.5	12.5
Basic EPS Excl Extraord Items	0.09	0.08	-0.04	-0.02	-0.07
Basic/Primary EPS Incl Extraord Items	0.09	0.08	-0.04	-0.02	-0.07
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.3	1.0	-0.5	-0.3	-0.8
Diluted Weighted Average Shares	15.0	12.9	12.5	12.5	12.5
Diluted EPS Excl Extraord Items	0.09	0.08	-0.04	-0.02	-0.07
Diluted EPS Incl Extraord Items	0.09	0.08	-0.04	-0.02	-0.07
Dividends per Share - Common Stock Primary Issue	0.03	-	0.00	0.00	0.00
Gross Dividends - Common Stock	0.4	-	0.0	0.0	0.0
Interest Expense, Supplemental	0.3	0.5	0.7	0.7	0.7
Depreciation, Supplemental	1.4	1.4	1.4	1.3	1.3
Normalized Income Before Tax	1.3	1.0	-0.5	-0.3	-0.8
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Tax	1.3	1.0	-0.5	-0.3	-0.8
Normalized Inc. Avail to Com.	1.3	1.0	-0.5	-0.3	-0.8
Basic Normalized EPS	0.09	0.08	-0.04	-0.02	-0.07
Diluted Normalized EPS	0.09	0.08	-0.04	-0.02	-0.07
Rental Expenses	0.2	0.1	0.1	0.1	-
Normalized EBIT	1.6	1.5	0.2	0.4	-0.3
Normalized EBITDA	2.9	2.8	1.5	1.8	1.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate	30.145	33.34	34.78	33.685	36.15
Auditor	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young Office Ltd	Ernst & Young LLP	Dharmniti Auditing Company Litmited
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	0.5	0.2	0.1	0.0	0.1
Short Term Investments	0.0	-	-	-	-
Cash and Short Term Investments	0.5	0.2	0.1	0.0	0.1
Accounts Receivable - Trade, Gross	1.2	1.1	1.7	2.4	2.9
Provision for Doubtful Accounts	-	0.0	0.0	0.0	0.0
Trade Accounts Receivable - Net	1.2	1.1	1.6	2.4	2.8
Other Receivables	0.0	0.1	0.1	0.1	0.1
Total Receivables, Net	1.2	1.2	1.7	2.5	3.0
Inventories - Finished Goods	1.8	2.0	2.3	1.9	2.1
Inventories - Raw Materials	1.7	1.7	1.7	1.5	1.8
Inventories - Other	-0.4	-0.5	-0.6	-0.5	-0.3
Total Inventory	3.1	3.2	3.4	3.0	3.5
Prepaid Expenses	-	0.0	0.0	0.0	0.1
Other Current Assets	0.1	0.0	0.1	0.0	0.0
Other Current Assets, Total	0.1	0.0	0.1	0.0	0.0
Total Current Assets	4.9	4.6	5.3	5.6	6.7
Buildings	11.7	10.5	10.1	9.8	9.0
Land/Improvements	5.9	5.3	5.1	5.3	4.9
Machinery/Equipment	16.4	14.6	14.1	14.1	12.9
Construction in Progress	-	-	-	-	0.0
Property/Plant/Equipment - Gross	34.0	30.5	29.3	29.2	26.8
Accumulated Depreciation	-18.9	-15.8	-14.0	-13.1	-11.0
Property/Plant/Equipment - Net	15.1	14.7	15.3	16.0	15.8
LT Investment - Affiliate Companies	2.3	2.0	2.0	1.8	1.7
Long Term Investments	2.3	2.0	2.0	1.8	1.7
Deferred Income Tax - Long Term Asset	-	-	-	-	0.0
Restricted Cash - Long Term	0.0	0.2	0.0	-	-
Other Long Term Assets	0.0	0.0	0.0	0.0	0.0
Other Long Term Assets, Total	0.0	0.2	0.0	0.0	0.0
Total Assets	22.3	21.6	22.6	23.5	24.2
Accounts Payable	0.7	1.1	2.1	1.2	1.8
Accrued Expenses	0.3	0.3	0.2	0.3	0.3
Notes Payable/Short Term Debt	1.9	4.4	8.1	8.1	7.6
Current Portion - Long Term Debt/Capital Leases	0.7	0.6	0.8	1.1	1.1
Customer Advances	0.4	0.0	0.0	0.1	0.1
Income Taxes Payable	0.0	-	-	-	-
Other Payables	0.1	0.1	0.4	0.1	0.1
Other Current Liabilities	0.0	0.0	0.0	0.0	0.0
Other Current liabilities, Total	0.5	0.1	0.5	0.3	0.2
Total Current Liabilities	4.1	6.6	11.7	10.9	11.0
Long Term Debt	2.7	1.8	0.7	1.6	2.7
Capital Lease Obligations	0.0	-	-	-	-
Total Long Term Debt	2.8	1.8	0.7	1.6	2.7
Total Debt	5.4	6.8	9.6	10.7	11.4
Total Liabilities	6.9	8.4	12.4	12.5	13.7
Common Stock	5.0	4.5	3.6	3.7	3.5
Common Stock	5.0	4.5	3.6	3.7	3.5
Additional Paid-In Capital	3.3	3.0	2.1	2.2	2.1
Retained Earnings (Accumulated Deficit)	1.9	0.9	-0.2	0.4	0.6
Other Equity	5.3	4.8	4.6	4.7	4.4
Other Equity, Total	5.3	4.8	4.6	4.7	4.4
Total Equity	15.5	13.2	10.2	11.0	10.5
Total Liabilities & Shareholders’ Equity	22.3	21.6	22.6	23.5	24.2
Shares Outstanding - Common Stock Primary Issue	15.0	15.0	12.5	12.5	12.5
Total Common Shares Outstanding	15.0	15.0	12.5	12.5	12.5
Employees	-	-	-	684	703
Deferred Revenue - Current	0.4	0.0	0.0	0.1	0.1
Total Operating Leases, Supplemental	0.2	0.3	-	-	-
Operating Lease Payments Due in Year 1	0.1	0.1	-	-	-
Operating Lease Payments Due in Year 2	0.1	0.2	-	-	-
Operating Lease Pymts. Due in 2-3 Years	0.1	0.2	-	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	-	-	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate (Period Average)	31.724617	34.331774	33.367913	34.251325	37.915929
Auditor	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young Office Ltd	Ernst & Young LLP	Dharmniti Auditing Company Litmited
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	1.3	1.0	-0.5	-0.3	-0.8
Depreciation	1.4	1.4	1.4	1.3	1.3
Depreciation/Depletion	1.4	1.4	1.4	1.3	1.3
Unusual Items	0.0	0.0	0.0	0.3	0.1
Other Non-Cash Items	0.1	0.5	0.9	0.7	-0.2
Non-Cash Items	0.1	0.5	0.8	0.9	-0.1
Accounts Receivable	0.0	0.6	0.7	0.6	-0.9
Inventories	0.3	0.3	-0.7	0.4	0.6
Other Assets	0.1	0.0	0.0	0.1	-0.1
Accounts Payable	-0.6	-0.8	0.7	-0.7	0.7
Other Liabilities	0.3	0.0	-0.1	0.0	0.0
Other Operating Cash Flow	-0.3	-0.4	-0.6	-0.7	-
Changes in Working Capital	0.0	-0.3	0.0	-0.2	0.2
Cash from Operating Activities	2.8	2.6	1.7	1.8	0.6
Purchase of Fixed Assets	-0.3	-0.1	-0.9	-0.4	-1.7
Capital Expenditures	-0.3	-0.1	-0.9	-0.4	-1.7
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Purchase of Investments	0.0	-0.2	0.0	-	-
Other Investing Cash Flow	0.4	-0.5	0.0	-	-
Other Investing Cash Flow Items, Total	0.3	-0.7	0.0	0.0	0.0
Cash from Investing Activities	0.0	-0.8	-0.9	-0.4	-1.6
Other Financing Cash Flow	0.0	1.5	0.0	-	-
Financing Cash Flow Items	0.0	1.5	0.0	-	-
Cash Dividends Paid - Common	-0.4	-	-	-	-
Total Cash Dividends Paid	-0.4	-	-	-	-
Short Term Debt Issued	-	-	0.3	-	1.6
Short Term Debt Reduction	-2.8	-3.9	-	0.0	-
Short Term Debt, Net	-2.8	-3.9	0.3	0.0	1.6
Long Term Debt Issued	1.4	2.0	0.0	0.0	0.8
Long Term Debt Reduction	-0.7	-1.3	-1.1	-1.4	-1.3
Long Term Debt, Net	0.7	0.8	-1.1	-1.4	-0.5
Issuance (Retirement) of Debt, Net	-2.1	-3.1	-0.8	-1.4	1.0
Cash from Financing Activities	-2.6	-1.7	-0.8	-1.4	1.0
Net Change in Cash	0.2	0.1	0.0	-0.1	0.0
Net Cash - Beginning Balance	0.2	0.1	0.0	0.1	0.1
Net Cash - Ending Balance	0.4	0.2	0.1	0.0	0.1
Cash Interest Paid	0.3	0.4	0.6	0.7	0.7
Cash Taxes Paid	0.0	-	-	-	0.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate (Period Average)	31.724617	34.331774	33.367913	34.251325	37.915929
Auditor	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young LLP	C & A Audit Office	C & A Audit Office
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Sales	20.7	16.4	16.6	17.4	19.3
Total Revenue	20.7	16.4	16.6	17.4	19.3
Exchange Gains	-0.1	0.0	0.0	0.0	-0.1
Dividend income from associate	-0.2	-	-	-	-
Others	-0.3	-0.3	-0.4	-0.3	-0.3
Cost of Sales	18.0	13.7	15.2	15.5	18.1
Selling/Administrative Expenses	-	-	-	-	1.7
Selling Expense	0.4	0.5	0.6	0.8	-
Admin Expense	0.7	0.5	0.6	1.0	-
Management's benefit expenses	0.5	0.5	0.5	-	-
Directors' Remuneration	-	-	-	-	0.0
Total Operating Expense	19.0	14.9	16.5	17.0	19.5
Interest Expense	-0.3	-0.5	-0.7	-0.7	-0.7
Net Income Before Taxes	1.3	1.0	-0.5	-0.3	-0.8
Provision for Income Taxes	0.0	0.0	0.0	0.0	0.0
Net Income After Taxes	1.3	1.0	-0.5	-0.3	-0.8
Net Income Before Extra. Items	1.3	1.0	-0.5	-0.3	-0.8
Net Income	1.3	1.0	-0.5	-0.3	-0.8
Income Available to Com Excl ExtraOrd	1.3	1.0	-0.5	-0.3	-0.8
Income Available to Com Incl ExtraOrd	1.3	1.0	-0.5	-0.3	-0.8
Basic Weighted Average Shares	15.0	12.9	12.5	12.5	12.5
Basic EPS Excluding ExtraOrdinary Items	0.09	0.08	-0.04	-0.02	-0.07
Basic EPS Including ExtraOrdinary Items	0.09	0.08	-0.04	-0.02	-0.07
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.3	1.0	-0.5	-0.3	-0.8
Diluted Weighted Average Shares	15.0	12.9	12.5	12.5	12.5
Diluted EPS Excluding ExtraOrd Items	0.09	0.08	-0.04	-0.02	-0.07
Diluted EPS Including ExtraOrd Items	0.09	0.08	-0.04	-0.02	-0.07
DPS-Common Stock	0.03	-	0.00	0.00	0.00
Gross Dividends - Common Stock	0.4	-	0.0	0.0	0.0
Normalized Income Before Taxes	1.3	1.0	-0.5	-0.3	-0.8
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Taxes	1.3	1.0	-0.5	-0.3	-0.8
Normalized Inc. Avail to Com.	1.3	1.0	-0.5	-0.3	-0.8
Basic Normalized EPS	0.09	0.08	-0.04	-0.02	-0.07
Diluted Normalized EPS	0.09	0.08	-0.04	-0.02	-0.07
Interest Expense	0.3	0.5	0.7	0.7	0.7
Depreciation	1.4	1.4	1.4	1.3	1.3
Rental Expenses	0.2	0.1	0.1	0.1	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Restated Normal 31-Dec-2007
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate	30.145	33.34	34.78	33.685	36.15
Auditor	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young LLP	C & A Audit Office	C & A Audit Office
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash/Equivalents	0.5	0.2	0.1	0.0	0.1
Current investment	0.0	-	-	-	-
Trade Receivable-related party	0.1	-	-	-	-
Trade Receivable	1.1	1.1	1.7	2.4	2.9
Doubtful Accounts	-	0.0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.72.34
Euro	1	Rs.63.87

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.