MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	CITITEX INTERNATIONAL CO., LTD.
Registered Office :	9 Charoennakorn 28 Road, Banglamphulang, Klongsan, Bangkok 10600,
Country :	Thailand
Financials (as on) :	31.12.2010
Date of Incorporation :	2007
Com. Reg. No.:	0105550017741
Legal Form :	Private Limited Company
Line of Business :	Importer and Wholesaler of Fresh Fruit
No. of Employees :	15

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

Maximum Credit Limit :	US$ 500,000
Status :	Satisfactory
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 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
Very High	C1
Restricted	C2
Off-credit	D

Company name

CITITEX INTERNATIONAL CO., LTD.

SUMMARY

BUSINESS ADDRESS : 8 KANCHANAPISEK ROAD, BANGBON,

BANGKOK 10150

TELEPHONE : [66] 2895-1761-7

FAX : [66] 2895-1771-2

E-MAIL ADDRESS : cititex@cititex.co.th

REGISTRATION ADDRESS : 9 CHAROENNAKORN 28 ROAD,

BANGLAMPHULANG, KLONGSAN,

BANGKOK 10600, THAILAND

ESTABLISHED : 2007

REGISTRATION NO. : 0105550017741

CAPITAL REGISTERED : BHT. 1,000,000

CAPITAL PAID-UP : BHT. 1,000,000

SHAREHOLDER’ PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. SITTHISAK CHAT-AMORNWONG, THAI

MANAGING DIRECTOR

NO. OF STAFF : 15

LINES OF BUSINESS : FRESH FRUIT IMPORTER AND WHOLESALER

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : GOOD WITH NORMAL BUSINESS ENGAGEMENT

MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE

HISTORY

The subject was established on February 14, 2007 as a private limited company under the name style CITITEX INTERNATIONAL CO., LTD., by Thai groups, with the business objective to import and wholesale various kinds of fresh fruits to domestic market. It currently employs 15 staff.

The subject’s registered address is 9 Charoennakorn 28 Rd., Banglamphulang, Klongsan, Bangkok 10600, while the business address was initially at 40/29 Moo 5, Kanchanapisek Rd., Bangbon, Bangkok 10150.

In 2011, its business address was changed from 40/29 Moo 5 Kanchanapisek Rd., Bangbon, Bangkok 10150 to 8 Kanchanapisek Rd., Bangbon, Bangkok 10150. by the Government District Office, actually both are the same location.

THE BOARD OF DIRECTORS

Name	Nationality	Age
Mr. Sitthisak Chat-amornwong	Thai	52
Mrs. Vilaiwan Chat-amornwong	Thai	51

AUTHORIZED PERSON

One of the above directors can sign on behalf of the subject with company’s affixed.

MANAGEMENT

Mr. Sitthisak Chat-amornwong is the Managing Director.

He is Thai nationality with the age of 52 years old.

Mrs. Vilaiwan Chat-amornwong is the Financial Manager.

She is Thai nationality with the age of 51 years old.

BUSINESS OPERATIONS

The subject is engaged in importing and distributing various kinds of international fresh fruits. The fruits are grape, apple, plums, pear, orange, strawberry, kiwi, cherry, stone fruit, persimmon, carrot, peach and etc.

PURCHASE

The products are purchased from suppliers both domestic and overseas, mainly in U.S.A., Japan, Republic of China, New Zealand and Australia.

SALES

100% of the products is sold locally by wholesale to dealers.

MAJOR CUSTOMER

City Fresh Fruit Co., Ltd. : Thailand

Cititex Trading Limited Partnership : Thailand

RELATED AND AFFILIATED COMPANIES

Cititex Trading Limited Partnership

Business Type : Distributor of fresh fruit.

Cititex Enterprises Co., Ltd.

Business Type : Importer and distributor of wine and spirit.

Noble Marketing Co., Ltd.

Business Type : Distributor of foods and beverage products.

City Fresh Fruit Co., Ltd.

Business Type : Distributor of fresh fruits.

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.

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

Kasikornbank Public Co., Ltd.

EMPLOYMENT

The subject employs 15 staff.

LOCATION DETAILS

The premise is owned for administrative office & warehouse at the heading address. Premise is located in commercial/residential area.

REMARK

MAXIMUM CREDIT SHOULD BE GRANTED AT US$ 500,000

COMMENT

Domestic consumption of imported international fresh fruits remains strong. Consumer segments of these products are middle to high income, in which their purchasing power remain strong. Subject reported good business growth in the past year, meanwhile the current market situation is still due to other household expenses are increasing.

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 7, 2011]

NAME	HOLDING	%
Mr. Sitthisak Chat-amornwong Nationality: Thai Address : 8 Kanchanapisek Rd., Bangbon, Bangkok	2,500	25.00
Mrs. Vilaiwan Chat-amornwong Nationality: Thai Address : 41/143 Moo 5, Kanchanapisek Rd., Bangbon, Bangkok	2,000	20.00
Ms. Wannisa Chat-amornwong Nationality: Thai Address : 41/143 Moo 5, Kanchanapisek Rd., Bangbon, Bangkok	1,500	15.00
Mr. Wongsakorn Chat-amornwong Nationality: Thai Address : 41/143 Moo 5, Kanchanapisek Rd., Bangbon, Bangkok	1,500	15.00
Master Wongsaran Chat-amornwong Nationality: Thai Address : 41/143 Moo 5, Kanchanapisek Rd., Bangbon, Bangkok	1,500	15.00
Ms. Vilai Rojanapanitkajorn Nationality: Thai Address : 9 Charoennakorn 28 Rd., Banglamphulang, Klongsan, Bangkok	500	5.00

Ms. Chan-arpa Rojanapanitkajorn Nationality: Thai Address : 18 Charoenkrung Rd., Taladnoi, Samphantawong, Bangkok

500

5.00

Total Shareholders : 7

Shareholders Structure [as at April 7, 2011]

Nationality	Shareholders	No. of Share	% Shares
Thai	7	10,000	100.00
Foreign	-	-	-
Total	7	10,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNT NO.:

Ms. Phensri Klongwattanakij No. 1746

Note

The 2011 financial statement has yet been submitted to the Commercial Registration Department during investigation.

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2010 & 2009 were:

ASSETS

Current Assets	2010	2009
Cash and Cash Equivalent	126,006.29	233,493.00
Trade Accounts Receivable	28,979,872.00	19,245,320.98
Other Current Assets	693,404.08	22,139.52
Total Current Assets	29,799,282.37	19,500,953.50
Fixed Assets	220,805.14	224,432.73
Other Assets	295,200.00	294,200.00
Total Assets	30,315,287.51	20,019,586.23

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2010	2009
Trade Accounts Payable	9,500,394.10	9,895,989.85
Other Current Liabilities	650,369.40	126,978.87
Total Current Liabilities	10,150,763.50	10,022,968.72
Loan Payable to Affiliated Company	15,550,000.00	7,000,000.00
Total Liabilities	25,700,763.50	17,022,968.72
Shareholders’ Equity
Share capital : Baht 100 par value authorized, issued and fully paid share capital 10,000 shares	1,000,000.00	1,000,000.00
Capital Paid	1,000,000.00	1,000,000.00
Retained Earning- Unappropriated	3,614,524.01	1,996,617.51
Total Shareholders' Equity	4,614,524.01	2,996,617.51
Total Liabilities & Shareholders' Equity	30,315,287.51	20,019,586.23

PROFIT & LOSS ACCOUNT

Revenue	2010	2009
Sales	199,589,509.25	128,243,948.48
Gain on Exchange Rate	712,779.29	-
Loss on Disposal of Assets	5,320.05	-
Loss on Expenses - Income	9.32	7.92
Other Income	718.65	3,810.42
Total Revenues	200,308,336.56	128,247,766.82
Expenses
Cost of Goods Sold	177,821,142.77	125,025,513.32
Selling and Administrative Expenses	20,336,591.64	2,328,162.67
Total Expenses	198,157,734.41	127,353,675.99
Profit Before Financial Cost & Income Tax	2,150,602.15	894,090.83
Financial Cost	[130,659.44]	[235,316.44]
Income Tax	[402,036.21]	[76,797.72]
Net Profit / [Loss]	1,617,906.50	581,976.67
Retained Earning, Beginning of Year	1,996,617.51	1,414,640.84
Retained Earning, End of Year	3,614,524.01	1,996,617.51

FINANCIAL ANALYSIS

ITEM	UNIT	2010	2009
LIQUIDITY RATIO
CURRENT RATIO	TIMES	2.94	1.95
QUICK RATIO	TIMES	2.87	1.94
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	903.92	571.41
TOTAL ASSETS TURNOVER	TIMES	6.58	6.41
INVENTORY CONVERSION PERIOD	DAYS	-	-
INVENTORY TURNOVER	TIMES	-	-
RECEIVABLES CONVERSION PERIOD	DAYS	53.00	54.77
RECEIVABLES TURNOVER	TIMES	6.89	6.66
PAYABLES CONVERSION PERIOD	DAYS	19.50	28.89
CASH CONVERSION CYCLE	DAYS	33.50	25.88
PROFITABILITY RATIO
COST OF GOODS SOLD	%	89.09	97.49
SELLING & ADMINISTRATION	%	10.19	1.82
INTEREST	%	0.07	0.18
GROSS PROFIT MARGIN	%	11.27	2.51
NET PROFIT MARGIN BEFORE EX. ITEM	%	1.08	0.70
NET PROFIT MARGIN	%	0.81	0.45
RETURN ON EQUITY	%	35.06	19.42
RETURN ON ASSET	%	5.34	2.91
EARNING PER SHARE	BAHT	161.79	58.20
LEVERAGE RATIO
DEBT RATIO	TIMES	0.85	0.85
DEBT TO EQUITY RATIO	TIMES	5.57	5.68
TIME INTEREST EARNED	TIMES	16.46	3.80
ANNUAL GROWTH
SALES GROWTH	%	55.63
OPERATING PROFIT	%	140.54
NET PROFIT	%	178.00
FIXED ASSETS	%	(1.62)
TOTAL ASSETS	%	51.43

PROFITABILITY RATIO

Gross Profit Margin	11.27	Impressive	Industrial Average	9.08
Net Profit Margin	0.81	Acceptable	Industrial Average	1.33
Return on Assets	5.34	Acceptable	Industrial Average	9.47
Return on Equity	35.06	Impressive	Industrial Average	32.24

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 11.27%. 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 0.81%. 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 5.34%.

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 35.06%, 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 RATIO

Current Ratio	2.94	Impressive	Industrial Average	1.33
Quick Ratio	2.87
Cash Conversion Cycle	33.50

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 2.94 times in 2010, increased from 1.95 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 higher, indicated that company was an efficient operator in a dominant position within its industry.

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 2.87 times in 2010, increased from 1.94 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 34 days.

Trend of the average competitors in the same industry for last 5 years

Current Ratio Downtrend

LEVERAGE RATIO

Debt Ratio	0.85	Acceptable	Industrial Average	0.70
Debt to Equity Ratio	5.57	Risky	Industrial Average	2.48
Times Interest Earned	16.46	Impressive	Industrial Average	11.32

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.

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 16.46 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 0.85 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	903.92	Impressive	Industrial Average	42.17
Total Assets Turnover	6.58	Satisfactory	Industrial Average	7.14
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	22.72
Receivables Conversion Period	53.00
Receivables Turnover	6.89	Deteriorated	Industrial Average	16.21
Payables Conversion Period	19.50

Trend of the average competitors in the same industry for last 5 years

Fixed Assets Turnover Uptrend

Total Assets Turnover Uptrend

Inventory Turnover Uptrend

Receivables Turnover Uptrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.15
UK Pound	1	Rs.81.79
Euro	1	Rs.68.34

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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