MIRA INFORM REPORT

Report Date :

25.02.2012

IDENTIFICATION DETAILS

Name :	R P S Supply & Services Co., Ltd.
Registered Office :	49/652 Moo 2, Bangtalad, Pakkred, Nonthaburi 11120
Country :	Thailand
Financials (as on) :	31.12.2010
Year of Establishment :	2003
Com. Reg. No.:	0105546001428
Legal Form :	Private Limited Company
Line of Business :	Providing Maintenance and Repair Service of Elevator and Conveyor Systems
No. of Employees :	03

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	US$ 10,000
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 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

R P S SUPPLY & SERVICE CO., LTD.

SUMMARY

BUSINESS ADDRESS : 49/652 MOO 2, BANGTALAD, PAKKRED,

NONTHABURI 11120, THAILAND

TELEPHONE : [66] 2962-1030

FAX : [66] 2962-3311

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2003

REGISTRATION NO. : 0105546001428

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 : MR. PRASONG KORDITH, THAI

MANAGING DIRECTOR

NO. OF STAFF : 3

LINES OF BUSINESS : CONVEYOR SYSTEM

MAINTENANCE SERVICE

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 January 3, 2003 as a private limited company under the registered name style R P S SUPPLY & SERVICE CO., LTD. by Thai groups, with the business objective to provide maintenance service for conveyor systems. It currently employs 3 staff.

The subject’s registered address was initially located at 350/110 Ladprao Rd., Ladyao, Jatujak, Bangkok 10900.

On December 24, 2003, its registered address was relocated to 49/652 Moo 2,

Bangtalad, Pakkred, Nonthaburi 11120, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mr. Prasong Kordith	Thai	43
Mrs. Rungnapa Kordith	Thai	42

AUTHORIZED PERSON

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

MANAGEMENT

Mr. Prasong Kordith is the Managing Director.

He is Thai nationality with the age of 43 years old.

BUSINESS OPERATIONS

The subject is engaged in providing maintenance and repair service of elevator and conveyor systems as well as general industrial machinery.

PURCHASE

100% of maintenance equipment is purchased from local supplier.

SERVICES

100% of the service is for wholesalers, retailers and end-users in various industries.

SUBSIDIARY AND AFFILIATED COMPANY

The subject is not found to have any subsidiary or affiliated company here in Thailand.

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 for the past two years.

CREDIT

Services 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 days.

BANKING

The Siam Commercial Bank Public Co., Ltd.

EMPLOYMENT

The subject employs 3 staff.

LOCATION DETAILS

The premise is owned for administrative office at the heading address. Premise is located in provincial, the outskirts of Bangkok.

REMARK

MAXIMUM CREDIT SHOULD BE GRANTED AT US$ 10,000.

COMMENT

The subject is engaged in maintenance and repair service of elevator, conveyor systems as and general industrial machineries. Its business performance is in line with industrial improvement which seems to be at strong level in the past year. Since the beginning of 2012 its business performance has gradually improved due to recent massive floods in many industrial estates has risen demand of repair services. It is a windfall to the subject to increase its services. In general, the subject has moderate business prospect.

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 30, 2011]

NAME	HOLDING	%
Mr. Prasong Kordith Nationality: Thai Address : 350/110 Ladprao Rd., Ladyao, Jatujak, Bangkok	5,000	50.00
Mrs. Rungnapa Kordith Nationality: Thai Address : 350/110 Ladprao Rd., Ladyao, Jatujak, Bangkok	4,995	49.95
Mr. Charoen Kamphu Nationality: Thai Address : 35/29 Moo 3, Bangkhunthien, Jomthong, Bangkok	1	0.01
Mrs. Supamas Kamphu Nationality: Thai Address : 29 Moo 4, Bangsuan, Bangkhla, Chachoengsao	1	0.01
Mrs. Mayuree Baibua Nationality: Thai Address : 155 Moo 3, Banpho, Muang, Suphanburi	1	0.01
Mr. Thawat Baibua Nationality: Thai Address : 155 Moo 3, Banpho, Muang, Suphanburi	1	0.01
Mr. Chaiyapat Prueksawat Nationality: Thai Address : 280/58 Samsennok, Huaykwang, Bangkok	1	0.01

Total Shareholders : 7

Share Structure [as at April 30, 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 ACCOUNTANT NO. :

Ms. Darunnee Wingwontham No. 5378

BALANCE SHEET [BAHT]

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

ASSETS

Current Assets	2010	2009
Cash and Cash Equivalent	43,157.62	22,991.09
Trade Accounts Receivable	107,053.50	147,125.00
Other Current Assets
Deferred Interest	4,500.00	6,750.00
Prepaid Insurance	1,267.84	-
Total Current Assets	155,978.96	176,866.09
Long-term Loan to Related Person	600,000.00	900,000.00
Vehicle & Office Automation	5,411.02	9,979.40
Total Assets	761,389.98	1,086,845.49

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2010	2009
Trade Accounts Payable	-	45,368.00
Current Portion of Long-term Loan from Financial Institutions	80,187.47	80,187.47
Other Current Liabilities
Accrued Expenses	10,000.00	13,000.00
Accrued Income Tax	136.99	265.31
Others	10,284.00	3,437.00
Total Current Liabilities	100,608.46	142,257.78
Long-term Loan from Financial Institutions, net	359,981.16	488,826.75
Total Liabilities	460,589.62	631,084.53
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	[699,199.64]	[544,239.04]
Total Shareholders' Equity	300,800.36	455,760.96
Total Liabilities & Shareholders' Equity	761,389.98	1,086,845.49

PROFIT & LOSS ACCOUNT

Revenue	2010	2009
Sales Income	84,500.00	308,385.00
Services Income	83,900.00	116,100.00
Other Income	4,512.00	12,785.17
Total Revenues	172,912.00	437,270.17
Expenses
Cost of Goods Sold & Services	55,460.00	241,435.95
Administrative Expenses	255,461.31	256,652.58
Total Expenses	310,921.31	498,088.53
Loss before Financial Cost & Income Tax	[138,009.31]	[60,818.36]
Financial Cost	[14,103.69]	[55,435.55]
Loss before Income Tax	[152,113.00]	[116,253.91]
Income Tax	[2,847.60]	[4,177.66]
Net Profit / [Loss]	[154,960.60]	[120,431.57]

FINANCIAL ANALYSIS

ITEM	UNIT	2010	2009
LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.55	1.24
QUICK RATIO	TIMES	1.49	1.20
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	31.12	42.54
TOTAL ASSETS TURNOVER	TIMES	0.22	0.39
INVENTORY CONVERSION PERIOD	DAYS	-	-
INVENTORY TURNOVER	TIMES	-	-
RECEIVABLES CONVERSION PERIOD	DAYS	232.03	126.51
RECEIVABLES TURNOVER	TIMES	1.57	2.89
PAYABLES CONVERSION PERIOD	DAYS	-	68.59
CASH CONVERSION CYCLE	DAYS	232.03	57.92
PROFITABILITY RATIO
COST OF GOODS SOLD	%	32.93	56.88
SELLING & ADMINISTRATION	%	151.70	60.46
INTEREST	%	8.38	13.06
GROSS PROFIT MARGIN	%	69.75	46.13
NET PROFIT MARGIN BEFORE EX. ITEM	%	(81.95)	(14.33)
NET PROFIT MARGIN	%	(92.02)	(28.37)
RETURN ON EQUITY	%	(51.52)	(26.42)
RETURN ON ASSET	%	(20.35)	(11.08)
EARNING PER SHARE	BAHT	(15.50)	(12.04)
LEVERAGE RATIO
DEBT RATIO	TIMES	0.60	0.58
DEBT TO EQUITY RATIO	TIMES	1.53	1.38
TIME INTEREST EARNED	TIMES	(9.79)	(1.10)
ANNUAL GROWTH
SALES GROWTH	%	(60.33)
OPERATING PROFIT	%	126.92
NET PROFIT	%	(28.67)
FIXED ASSETS	%	(45.78)
TOTAL ASSETS	%	(29.94)

PROFITABILITY RATIO

Gross Profit Margin	69.75	Impressive	Industrial Average	16.18
Net Profit Margin	(92.02)	Deteriorated	Industrial Average	2.14
Return on Assets	(20.35)	Deteriorated	Industrial Average	3.17
Return on Equity	(51.52)	Deteriorated	Industrial Average	8.20

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 69.75%. 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 -92.02%. 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 -20.35%.

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 -51.52%.

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	1.55	Impressive	Industrial Average	1.31
Quick Ratio	1.49
Cash Conversion Cycle	232.03

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 1.55 times in 2010, increased from 1.24 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 1.49 times in 2010, increased from 1.2 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 233 days.

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

Current Ratio Uptrend

LEVERAGE RATIO

Debt Ratio	0.60	Acceptable	Industrial Average	0.60
Debt to Equity Ratio	1.53	Risky	Industrial Average	1.44
Times Interest Earned	(9.79)	Risky	Industrial Average	3.18

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 -9.79 lower than 1, so the company is not generating enough cash from EBIT to meet its interest obligations.

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.6 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 Uptrend

ACTIVITY RATIO

Fixed Assets Turnover	31.12	Impressive	Industrial Average	4.72
Total Assets Turnover	0.22	Deteriorated	Industrial Average	1.48
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	3.40
Receivables Conversion Period	232.03
Receivables Turnover	1.57	Deteriorated	Industrial Average	4.13
Payables Conversion Period	-

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.49.06
UK Pound	1	Rs.77.19
Euro	1	Rs.65.57

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.