MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	GOOD LINE INTERTRADE COMPANY LIMITED
Registered Office :	36 Soi Nakniwat 48 Yak 10, Nakniwat Road, Kwaeng Lat Phrao, Khet Lat Phrao, Bangkok 10230
Country :	Thailand
Financials (as on) :	31.12.2011
Date of Incorporation :	09.03.2011
Com. Reg. No.:	0105554034224
Legal Form :	Private Limited Company
Line of Business :	Distributor of fresh and frozen fruits and foods
No. of Employees :	02

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New Company
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

GOOD LINE INTERTRADE COMPANY LIMITED

SUMMARY

BUSINESS ADDRESS : 36 SOI NAKNIWAT 48 YAK 10,

NAKNIWAT ROAD, KWAENG LAT PHRAO,

KHET LAT PHRAO, BANGKOK 10230

TELEPHONE : [66] 2542-4431

FAX : [66] 2542-4431

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2011

REGISTRATION NO. : 0105554034224

TAX ID NO. : -

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. THAWAL LAPROM, THAI

MANAGING DIRECTOR

NO. OF STAFF : 2

LINES OF BUSINESS : FRESH AND FROZEN FRUITS AND FOODS

DISTRIBUTOR

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 March 9, 2011 as a private limited company under the registered name GOOD LINE INTERTRADE COMPANY LIMITED by Thai groups. Its business objective is to distribute fresh and frozen fruits and foods to domestic market. It currently employs 2 staff.

The subject’s registered address is 36 Soi Nakniwat 48, Yak 10, Nakniwat Rd.,

Kwaeng Lat Phrao, Khet Lat Phrao, Bangkok 10230, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mr. Thawal Laprom	Thai	34
Mr. Danai Saengpho	Thai	35

AUTHORIZED PERSON

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

MANAGEMENT

Mr. Thawal Laprom is the Managing Director.

He is Thai nationality with the age of 34 years old.

BUSINESS OPERATIONS

The subject is engaged in wholesale distributing various kinds of fresh and frozen fruits and vegetable products, as well as frozen chicken and pork entrails.

PURCHASE

100% of the products is purchased from local suppliers.

SALES

100% of the products is sold locally by wholesale to traders and end-users.

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 for the past two years.

CREDIT

Sales are by cash or on the credit term of 30 days.

Local bills are paid by cash or on the credits term of 30-60 days.

BANKING

Bangkok Bank Public Co., Ltd.

EMPLOYMENT

The subject employs 2 staff.

LOCATION DETAILS

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

COMMENT

Subject’s business is a distributor of fresh and frozen fruits and foods. The products are from local. Sales in its first year operation was slow, while business performance in the year 2012 is moderate.

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, 2012]

NAME	HOLDING	%
Mr. Thawal Laprom Nationality: Thai Address : 10/68 Soi Lasalle 10, Kwaeng Bangna, Khet Bangna, Bangkok	4,000	40.00
Mr. Danai Saengpho Nationality: Thai Address : 36 Soi Nakniwat 48 Yak 10, Nakniwat Rd., Kwaeng Lat Phrao, Khet Lat Phrao, Bangkok	4,000	40.00
Ms. Roong Saetang Nationality: Thai Address : 31 Soi Nakniwat 48 Yak 10, Nakniwat Rd., Kwaeng Lat Phrao, Khet Lat Phrao, Bangkok	2,000	20.00

Total Shareholders : 3

Share Structure [as at April 30, 2012]

Nationality	Shareholders	No. of Share	% Shares
Thai	3	10,000	100.00
Foreign	-	-	-
Total	3	10,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Ms. Kanarat Kijthanapoprung No. 5939

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2011 was :

ASSETS

Current Assets	2011
Cash in Hand	17,426.10
Short-term Loan to Related Person	1,000,000.00
Other Current Assets	13,333.33
Total Current Assets	1,030,759.43
Total Assets	1,030,759.43

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2011
Other Current Liabilities	8,000.00
Total Current Liabilities	8,000.00
Total Liabilities	8,000.00
Shareholders' Equity
Share capital : Baht 100 value authorized, issued and fully paid share capital 10,000 shares	1,000,000.00
Capital Paid	1,000,000.00
Retained Earning - Unappropriated	22,759.43
Total Shareholders' Equity	1,022,759.43
Total Liabilities & Shareholders' Equity	1,030,759.43

PROFIT & LOSS ACCOUNT

Sale	March 9, 2011 – Dec. 31, 2011
Sales	672,000.00
Other Income	13,333.33
Total Sales	685,333.33
Expenses
Cost of Goods Sold	647,223.90
Administrative Expenses	15,350.00
Total Expenses	662,573.90
Profit before Income Tax	22,759.43
Income Tax	-
Net Profit / [Loss]	22,759.43

FINANCIAL ANALYSIS

ITEM	UNIT	2011
LIQUIDITY RATIO
CURRENT RATIO	TIMES	128.84
QUICK RATIO	TIMES	127.18
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	-
TOTAL ASSETS TURNOVER	TIMES	0.65
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	%	96.31
SELLING & ADMINISTRATION	%	2.28
INTEREST	%	-
GROSS PROFIT MARGIN	%	5.67
NET PROFIT MARGIN BEFORE EX. ITEM	%	3.39
NET PROFIT MARGIN	%	3.39
RETURN ON EQUITY	%	2.23
RETURN ON ASSET	%	2.21
EARNING PER SHARE	BAHT	2.28
LEVERAGE RATIO
DEBT RATIO	TIMES	0.01
DEBT TO EQUITY RATIO	TIMES	0.01
TIME INTEREST EARNED	TIMES	-

PROFITABILITY RATIO

Gross Profit Margin	5.67	Deteriorated	Industrial Average	14.33
Net Profit Margin	3.39	Impressive	Industrial Average	2.28
Return on Assets	2.21	Deteriorated	Industrial Average	6.36
Return on Equity	2.23	Deteriorated	Industrial Average	24.89

Gross Profit Margin used to assess a firm's financial health by revealing the proportion of money left over from sales 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 5.67%. When compared with the industry average, the ratio of the company was lower, 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 3.39%, 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. When compared with the industry average, it was lower, the company's figure is 2.21%.

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 2.23%.

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	128.84	Impressive	Industrial Average	1.28
Quick Ratio	127.18
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 128.84 times in 2011, increased from 0 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 127.18 times in 2011, increased from 0 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	0.64
Debt to Equity Ratio	0.01	Impressive	Industrial Average	1.66
Times Interest Earned	-		Industrial Average	2.12

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	5.08
Total Assets Turnover	0.65	Deteriorated	Industrial Average	2.29
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	7.84
Receivables Conversion Period	-
Receivables Turnover	-		Industrial Average	4.07
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 Downtrend

Receivables Turnover Downtrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.76
UK Pound	1	Rs.86.80
Euro	1	Rs.67.43

INFORMATION DETAILS

Report Prepared by :

MNL

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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