MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	NATURAL FARM COMPANY LIMITED
Registered Office :	23 Soi Ramkhamhaeng 54, Ramkhamhaeng Road, Huamark, Bangkapi, Bangkok 10240
Country :	Thailand
Financials (as on) :	31.12.2010
Date of Incorporation :	09.04.2001
Com. Reg. No.:	0105544034701
Legal Form :	Private Limited Company
Line of Business :	Distributor of Agro-Chemicals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

NATURAL FARM COMPANY LIMITED

SUMMARY

BUSINESS ADDRESS : 23 SOI RAMKHAMHAENG 54,

RAMKHAMHAENG ROAD, HUAMARK, BANGKAPI, BANGKOK 10240

TELEPHONE : [66] 2319-5742, 2314-6755

FAX : -

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2001

REGISTRATION NO. : 0105544034701

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 : -

NO. OF STAFF : -

LINES OF BUSINESS : AGRO-CHEMICALS

DISTRIBUTOR

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : -

MANAGEMENT STANDARD : -

HISTORY

The subject was established on April 9, 2001 as a private limited company under the registered name NATURAL FARM COMPANY LIMITED, by Thai groups, with the business objective to be a wholesale and retail distributor of fertilizer and agro-chemicals.

The subject’s registered address was initially located at 1/87-88 Soi Phaholyothin 40, Phaholyothin Rd., Senanikom, Chatuchak, Bangkok 10900.

On March 29, 2012, its registered address was relocated to 23 Soi Ramkhamhaeng 54, Ramkhamhaeng Rd., Huamark, Bangkapi, Bangkok 10240, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mr. Soros Wankovit	Thai	55
Mrs. Buakeaw Phrommin	Thai	51

AUTHORIZED PERSON

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

Note:

Please be informed that, the subject denied to disclose any company information during current investigation due to there was company’s internal problem involving of changing Directors and Shareholder and not ready to release company’s information at this time.

COMMENT

ANY CREDIT AMOUNT IS NOT RECOMMENDED AT A TIME BEING.

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 August 18, 2011]

NAME	HOLDING	%
Mr. Soros Wankovit Nationality: Thai Address : 79 Soi Pattanakarn 29, Suanluang, Bangkok	9,500	95.00
Mr. Thikamporn Chanthieng Nationality: Thai Address : 49/108 Moo 7, Taladbangkhen, Donmuang, Bangkok	200	2.00
Ms. Absorn Thongchairaveewat Nationality: Thai Address : 588/47 Soi Rimklong Bangkoknoi, Bangkhunnon, Bangkoknoi, Bangkok	200	2.00
Ms. Chanida Chaithongrat Nationality: Thai Address : 30/1 Rama 5 Rd., Thanon Nakornchaisri, Dusit, Bangkok	100	1.00

Total Shareholders : 4

Share Structure [as at August 18, 2011]

Nationality	Shareholders	No. of Share	% Shares
Thai	4	10,000	100.00
Foreign	-	-	-
Total	4	10,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Ms. Rungfah Larpyuenyong No. 8006

Note:

The 2011 financial statement has not 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	92,491.09	94,076.14
Other Current Assets	19,214.00	14,410.50
Total Current Assets	111,705.09	108,486.64
Long-term Loan to Person or Related Company	960,700.00	960,700.00
Total Assets	1,072,405.09	1,069,186.64

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2010	2009
Other Current Liabilities	10,000.00	10,000.00
Total Current Liabilities	10,000.00	10,000.00
Total Liabilities	10,000.00	10,000.00
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	62,405.09	59,186.64
Total Shareholders' Equity	1,062,405.09	1,059,186.64
Total Liabilities & Shareholders' Equity	1,072,405.09	1,069,186.64

PROFIT & LOSS ACCOUNT

Revenue	2010	2009
Other Income	19,214.00	14,410.50
Total Revenues	19,214.00	14,410.50
Expenses
Other Expenses	15,995.55	16,539.58
Total Expenses	15,995.55	16,539.58
Net Profit / [Loss]	3,218.45	[2,129.08]

FINANCIAL ANALYSIS

ITEM	UNIT	2010	2009
LIQUIDITY RATIO
CURRENT RATIO	TIMES	11.17	10.85
QUICK RATIO	TIMES	9.25	9.41
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	-	-
TOTAL ASSETS TURNOVER	TIMES	-	-
INVENTORY CONVERSION PERIOD	DAYS	-	-
INVENTORY TURNOVER	TIMES	-	-
RECEIVABLES CONVERSION PERIOD	DAYS	-	-
RECEIVABLES TURNOVER	TIMES	-	-
PAYABLES CONVERSION PERIOD	DAYS	-	-
CASH CONVERSION CYCLE	DAYS	-	-
PROFITABILITY RATIO
COST OF GOODS SOLD	%	-	-
SELLING & ADMINISTRATION	%	-	-
INTEREST	%	-	-
GROSS PROFIT MARGIN	%	-	-
NET PROFIT MARGIN BEFORE EX. ITEM	%	-	-
NET PROFIT MARGIN	%	-	-
RETURN ON EQUITY	%	0.30	(0.20)
RETURN ON ASSET	%	0.30	(0.20)
EARNING PER SHARE	BAHT	0.32	(0.21)
LEVERAGE RATIO
DEBT RATIO	TIMES	0.01	0.01
DEBT TO EQUITY RATIO	TIMES	0.01	0.01
TIME INTEREST EARNED	TIMES	-	-
ANNUAL GROWTH
SALES GROWTH	%	-
OPERATING PROFIT	%	(251.17)
NET PROFIT	%	251.17
FIXED ASSETS	%	-
TOTAL ASSETS	%	0.30

PROFITABILITY RATIO

Gross Profit Margin	-		Industrial Average	11.76
Net Profit Margin	-		Industrial Average	1.93
Return on Assets	0.30	Deteriorated	Industrial Average	4.69
Return on Equity	0.30	Deteriorated	Industrial Average	13.38

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 0.3%.

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. When compared with the industry average, it was lower, the company's figure is 0.3%.

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	11.17	Impressive	Industrial Average	1.47
Quick Ratio	9.25
Cash Conversion Cycle	-

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 11.17 times in 2010, increased from 10.85 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 9.25 times in 2010, decreased from 9.41 times, although excluding inventory so the company still have good short-term financial strength.

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

Current Ratio Uptrend

LEVERAGE RATIO

Debt Ratio	0.01	Impressive	Industrial Average	0.61
Debt to Equity Ratio	0.01	Impressive	Industrial Average	1.70
Times Interest Earned	-		Industrial Average	3.51

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 0.01 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 Downtrend

Times Interest Earned Uptrend

ACTIVITY RATIO

Fixed Assets Turnover	-	Industrial Average	10.60
Total Assets Turnover	-	Industrial Average	2.43
Inventory Conversion Period	-
Inventory Turnover	-	Industrial Average	7.33
Receivables Conversion Period	-
Receivables Turnover	-	Industrial Average	4.40
Payables Conversion Period	-

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

Fixed Assets Turnover Downtrend

Total Assets Turnover Downtrend

Inventory Turnover Uptrend

Receivables Turnover Uptrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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