MIRA INFORM REPORT

Report Date :

30.01.2012

IDENTIFICATION DETAILS

Name :	SIAM I.C.C. LIMITED PARTNERSHIP
Registered Office :	87/18 Moo 3, Soi Suraoklongnueng 6, Bangchan, Klongsamwa, Bangkok 10510
Country :	Thailand
Financials (as on) :	31.12.2010
Date of Incorporation :	22.02.2010
Com. Reg. No.:	0103553006004
Legal Form :	Limited Partnership
Line of Business :	Importer, Distributor and Exporter of Feed Materials and Animal Feeds
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Small Concern
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

SIAM I.C.C. LIMITED PARTNERSHIP

SUMMARY

BUSINESS ADDRESS : 87/18 MOO 3, SOI SURAOKLONGNUENG 6,

BANGCHAN, KLONGSAMWA,

BANGKOK 10510

TELEPHONE : [66] 2955-3335

FAX : [66] 2955-3334

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2010

REGISTRATION NO. : 0103553006004

CAPITAL REGISTERED : BHT. 3,000,000

CAPITAL PAID-UP : BHT. 3,000,000

PARTNER’ S PROPORTION : THAI : 50%

IRANIAN : 50%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : LIMITED PARTNERSHIP

EXECUTIVE : MRS. WANNIPHA THAPALA, THAI

MANAGING PARTNER

NO. OF STAFF : 4

LINES OF BUSINESS : FEED MATERIALS AND ANIMAL FEEDS

IMPORTER, DISTRIBUTOR AND EXPORTER

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 February 22, 2010 as a limited partnership under the name style SIAM I.C.C. LIMITED PARTNERSHIP by Thai and Iranian partners, with the business objective to import, distribute and export feed materials and animal feed. It currently employs 4 staff.

The subject’s registered address is 87/18 Moo 3, Soi Suraoklongnueng 6, Bangchan, Klongsamwa, Bangkok 10510, and this is the subject’s current operation address.

AUTHORIZED PERSON

Mrs. Wannipha Thapala can sign on behalf of the subject with seal affixed.

She also bears full financial responsibility by law.

MANAGEMENT

Mrs. Wannipha Thapala is the Managing Partner.

She is Thai nationality with the age of 37 years old.

BUSINESS OPERATIONS

The subject is engaged in distributing various kinds of feed materials for animal feed industry, as well as exporting of animal feed.

PURCHASE

80% of the products is purchased from local suppliers, the remaining 20% is imported from India and Republic of China.

SALES [LOCAL]

Feed materials are sold locally by wholesale to manufactures.

EXPORT

Animal feed is exported to Iran.

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 credit 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 or T/T.

Exports are against T/T.

BANKING

Kasikornbank Public Co., Ltd.

EMPLOYMENT

The subject employs 4 staff.

LOCATION DETAILS

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

Warehouse is located in Nakornpathom province.

REMARK

MAXIMUM CREDIT SHOULD BE GRANTED AT US$ 200,000.

COMMENT

Demand of animal health and feed products has been risen significantly in line with increasing of agriculture industry. With the strong consumption prospects from Thai animal feed business has caused with the higher demand of animal health and feed products. Subject’s business performance is considered moderate.

FINANCIAL INFORMATION

The capital was registered at Bht. 3,000,000 which was carried by 2 persons as followed:

Name Nationality Age Amount

Mrs. Wannipha Thapala Thai 37 Bht. 1,500,000 [Unlimited Partner]

Mr. Mohammad Javad Sharifzadeh Iranian 53 Bht. 1,500,000

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Ms. Kanittha Zorsrisakorn No. 6444

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2010 was :

ASSETS

Current Assets	2010
Cash and Cash Equivalent	1,185,311.67
Inventories	619,945.00
Goods Deposit	388,500.00
Deferred Interest	336,369.88
Total Current Assets	2,530,126.55
Long-term Loan to Related Person	2,500,000.00
Fixed Assets	15,130.25
Total Assets	5,045,526.80

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2010
Accrued Expenses	30,000.00
Advance Income	1,820,508.96
Other Current Liabilities	63,756.82
Total Current Liabilities	1,914,265.78
Total Liabilities	1,914,265.78
Shareholders’ Equity
Capital Paid	3,000,000.00
Retained Earning - Unappropriated	131,261.02
Total Shareholders' Equity	3,131,261.02
Total Liabilities & Shareholders' Equity	5,045,526.80

PROFIT & LOSS ACCOUNT

Revenue	Feb. 22, 2010 - Dec. 31, 2010
Sales Income	29,455,130.38
Interest Income	435.83
Total Revenues	29,455,566.21
Expenses
Cost of Goods Sold	28,986,099.93
Administrative Expenses	328,017.37
Total Expenses	29,314,117.30
Profit before Income Tax	141,448.91
Income Tax	[10,187.89]
Net Profit / [Loss]	131,261.02

FINANCIAL ANALYSIS

ITEM	UNIT	2010
LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.32
QUICK RATIO	TIMES	0.62
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	1,946.77
TOTAL ASSETS TURNOVER	TIMES	5.84
INVENTORY CONVERSION PERIOD	DAYS	7.81
INVENTORY TURNOVER	TIMES	46.76
RECEIVABLES CONVERSION PERIOD	DAYS	-
RECEIVABLES TURNOVER	TIMES	-
PAYABLES CONVERSION PERIOD	DAYS	-
CASH CONVERSION CYCLE	DAYS	7.81
PROFITABILITY RATIO
COST OF GOODS SOLD	%	98.41
SELLING & ADMINISTRATION	%	1.11
INTEREST	%	-
GROSS PROFIT MARGIN	%	1.59
NET PROFIT MARGIN BEFORE EX. ITEM	%	0.48
NET PROFIT MARGIN	%	0.45
RETURN ON EQUITY	%	4.19
RETURN ON ASSET	%	2.60
LEVERAGE RATIO
DEBT RATIO	TIMES	0.38
DEBT TO EQUITY RATIO	TIMES	0.61
TIME INTEREST EARNED	TIMES	-
ANNUAL GROWTH
SALES GROWTH	%	-
OPERATING PROFIT	%	-
NET PROFIT	%	-
FIXED ASSETS	%	-
TOTAL ASSETS	%	-

PROFITABILITY RATIO

Gross Profit Margin	1.59	Deteriorated	Industrial Average	19.85
Net Profit Margin	0.45	Impressive	Industrial Average	(1.50)
Return on Assets	2.60	Impressive	Industrial Average	(1.44)
Return on Equity	4.19	Acceptable	Industrial Average	8.14

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 1.59%. When compared with the industry average, the ratio of the company was lower. This indicated that company was originated from the 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 0.45%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient operator in a dominant position within its industry.

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. Return on Assets ratio is 2.6%, 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.

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 4.19%.

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

Return on Assets Downtrend

Return on Equity Uptrend

LIQUIDITY RATIO

Current Ratio	1.32	Deteriorated	Industrial Average	28.73
Quick Ratio	0.62
Cash Conversion Cycle	7.81

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 1.32 times in 2010, increased from 0 time, then it is generally considered to have good short-term financial strength. 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 0.62 times in 2010, increased from 0 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 8 days.

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

Current Ratio Uptrend

LEVERAGE RATIO

Debt Ratio	0.38	Impressive	Industrial Average	3.17
Debt to Equity Ratio	0.61	Impressive	Industrial Average	1.62
Times Interest Earned	-		Industrial Average	442.93

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 0.38 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 Uptrend

Times Interest Earned Uptrend

ACTIVITY RATIO

Fixed Assets Turnover	1,946.77	Deteriorated	Industrial Average	13,754.44
Total Assets Turnover	5.84	Impressive	Industrial Average	5.29
Inventory Conversion Period	7.81
Inventory Turnover	46.76	Acceptable	Industrial Average	75.06
Receivables Conversion Period	-
Receivables Turnover	-		Industrial Average	21.95
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.49.64
UK Pound	1	Rs.77.79
Euro	1	Rs.65.05

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.