MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	ACS CORPORATION LTD.
Registered Office :	78/4 MOO 1, T. HOMSIL, A. BANGPAKONG, CHACHOENGSAO 24130
Country :	Thailand
Financials (as on) :	2010
Date of Incorporation :	2006
Com. Reg. No.:	0515549000313
Legal Form :	Private Limited Company
Line of Business :	Engaged in Providing Warehouse Rental Service in Wellgrow Industrial Estate, Chachoengsao Province.
No. of Employees :	2

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$ 125,000
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

SUMMARY

BUSINESS ADDRESS : WELLGROW INDUSTRIAL ESTATE,

78/4 MOO 1, T. HOMSIL, A. BANGPAKONG,

CHACHOENGSAO 24130, THAILAND

TELEPHONE : [66] 38 570-477

FAX : [66] 38 570-478

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2006

REGISTRATION NO. : 0515549000313

CAPITAL REGISTERED : BHT. 60,000,000

CAPITAL PAID-UP : BHT. 60,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. WANCHAI KIDHATHONG, THAI

MANAGING DIRECTOR

NO. OF STAFF : 2

LINES OF BUSINESS : WAREHOUSE RENTAL 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 June 29, 2006 as a private limited company under the registered name ACS CORPORATION LTD. by Thai groups, with the business objective to provide warehouse rental service in Chachoengsao province. It currently employs 2 staff.

The subject’s registered address was initially located at 68, 68/5 Highway No. 11, Moo 4, T. Banklang, A. Muang, Lamphun 51000, while its operation address was at 120/1 Moo 12, Soi 21/2 Kingkaew Rd., T. Rachathewa, A. Bangplee, Samutprakarn 10540.

On December 13, 2011, its registered and operation address was relocated to Wellgrow Industrial Estate, 78/4 Moo 1, T. Homsil, A. Bangpakong, Chachoengsao 24130.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mr. Preecha Gowithaya	Thai	61
Mr. Wanchai Kidhathong	Thai	61
Mr. Thongchai Prueksophon	Thai	61
Mr. Sawad Chiangsorn	Thai	61
Mr. Pramote Taepaisitthapongse	Thai	62

AUTHORIZED PERSON

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

MANAGEMENT

Mr. Wanchai Kidhathong is the Managing Director.

He is Thai nationality with the age of 61 years old.

Mr. Pavasuth Kidhathong is the General Manager.

He is Thai nationality.

BUSINESS OPERATIONS

The subject is engaged in providing warehouse rental service in Wellgrow Industrial Estate, Chachoengsao province.

In the future, the subject plans to produce bio-fuel from plant extraction. At present, the factory has 70% completed construction, and it is located in the same warehouse area. The subject aims to start its production in 2013.

PURCHASE

100% of purchasing is from local suppliers.

SALES

100% of its service is offered to wholesalers, retailers, and end-users.

RELATED AND AFFILIATED COMPANY

Lanna Products Co., Ltd.

Business Type : Manufacturer and distributor of food products.

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

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

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

BANKING

Bangkok Bank Public co., Ltd.

EMPLOYMENT

The subject employs 2 staff.

LOCATION DETAILS

The premise is owned for administrative office and warehouse at the heading address. Premise is located in provincial/industrial area.

REMARK

CREDIT OF US$ 125,000 SHOULD BE ON SECURED BASIS.

COMMENT

The subject’s warehouse rental income in 2010 was decreased comparing to the previous year. Moreover, the bio-fuel plant is under construction which generates no income at the moment. Any credit amount should be treated on a secured basis only.

FINANCIAL INFORMATION

The capital was registered at Bht. 60,000,000 divided into 600,000 shares of Bht. 100 each with fully paid.

MAIN SHAREHOLDERS

[as at April 29, 2011]

NAME	HOLDING	%
Mr. Preecha Gowithaya Nationality: Thai Address : 12/156 Rama 1 Rd., Wangmai, Pathumwan, Bangkok	114,000	19.00
Mr. Kiat Supavanichayanont Nationality: Thai Address : 50-52 Chakrawad, Samphantawong, Bangkok	60,000	10.00
Mr. Wanchai Kidhathong Nationality: Thai Address : 181/36 Bangkhunnont Rd., Bangkoknoi, Bangkok	60,000	10.00
Mr. Sakchai Luemprapangkul Nationality: Thai Address : 566/79 Sathupradit Rd., Bangpongpang, Yannawa, Bangkok	30,000	5.00
Ms. Chitsuda Limkriengkrai Nationality: Thai Address : 25/68 Moo 13, Bangramad, Talingchan, Bangkok	25,000	4.17
Mr. Sidhatad Limkriengkrai Nationality: Thai Address : 25/68 Moo 13, Bangramad, Talingchan, Bangkok	25,000	4.17
Mr. Tanong Sirisangsuchol Nationality: Thai Address : 25/156 Moo 10, Klongkum, Buengkum, Bangkok	15,000	2.50
Mrs. Monvipa Prachankadee Nationality: Thai Address : 183 Sukhumvit 39 Rd., Klongtonnua, Wattana, Bangkok	15,000	2.50

Mr. Thongchai Prueksophon Nationality: Thai Address : 199 Moo 8, Donkruay, Damnernsaduak, Ratchburi	15,000	2.50
Others	241,000	40.16

Total Shareholders : 36

Share Structure [as at April 29, 2011]

Nationality	Shareholders	No. of Share	% Shares
Thai	36	600,000	100.00
Foreign	-	-	-
Total	36	600,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Mr. Prasop Thipangkul No. 3312

BALANCE SHEET [BAHT]

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

ASSETS

Current Assets	2010	2009
Cash and Cash Equivalent	338,505.83	600,198.39
Short-term Investment	128,319.83	127,655.14
Trade Accounts Receivable	450,000.00	-
Other Current Assets	63,977.65	499,568.59
Total Current Assets	980,803.31	1,227,422.12
Investment in Other Company	32,933,000.00	32,933,000.00
Fixed Assets	27,269,673.40	27,265,545.20
Other Assets	130,680.36	459,987.54
Total Assets	61,314,157.07	61,885,954.86

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2010	2009
Short-term Loan from Person or Related Company	2,825,000.00	3,333,000.00
Other Current Liabilities	10,840.00	11,600.00
Total Current Liabilities	2,835,840.00	3,344,600.00
Total Liabilities	2,835,840.00	3,344,600.00
Shareholders’ Equity
Share capital : Baht 100 par value authorized, issued and fully paid share capital 600,000 shares	60,000,000.00	60,000,000.00
Capital Paid	60,000,000.00	60,000,000.00
Retained Earning - Unappropriated [deficit]	[1,521,682.93]	[1,458,645.14]
Total Shareholders' Equity	58,478,317.07	58,541,354.86
Total Liabilities & Shareholders' Equity	61,314,157.07	61,885,954.86

PROFIT & LOSS ACCOUNT

Revenue	2010	2009
Services Income	725,000.00	1,015,000.00
Other Income	1,584.51	502,859.12
Total Revenues	726,584.51	1,517,859.12
Expenses
Administrative Expenses	789,622.30	1,045,151.75
Total Expenses	789,622.30	1,045,151.75
Net Profit / [Loss]	[63,037.79]	472,707.37

FINANCIAL ANALYSIS

ITEM	UNIT	2010	2009
LIQUIDITY RATIO
CURRENT RATIO	TIMES	0.35	0.37
QUICK RATIO	TIMES	0.32	0.22
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	0.03	0.04
TOTAL ASSETS TURNOVER	TIMES	0.01	0.02
INVENTORY CONVERSION PERIOD	DAYS	-	-
INVENTORY TURNOVER	TIMES	-	-
RECEIVABLES CONVERSION PERIOD	DAYS	226.55	-
RECEIVABLES TURNOVER	TIMES	1.61	-
PAYABLES CONVERSION PERIOD	DAYS	-	-
CASH CONVERSION CYCLE	DAYS	226.55	-
PROFITABILITY RATIO
COST OF GOODS SOLD	%	-	-
SELLING & ADMINISTRATION	%	108.91	102.97
INTEREST	%	-	-
GROSS PROFIT MARGIN	%	100.22	149.54
NET PROFIT MARGIN BEFORE EX. ITEM	%	(8.69)	46.57
NET PROFIT MARGIN	%	(8.69)	46.57
RETURN ON EQUITY	%	(0.11)	0.81
RETURN ON ASSET	%	(0.10)	0.76
EARNING PER SHARE	BAHT	(0.11)	0.79
LEVERAGE RATIO
DEBT RATIO	TIMES	0.05	0.05
DEBT TO EQUITY RATIO	TIMES	0.05	0.06
TIME INTEREST EARNED	TIMES	-	-
ANNUAL GROWTH
SALES GROWTH	%	(28.57)
OPERATING PROFIT	%	(113.34)
NET PROFIT	%	(113.34)
FIXED ASSETS	%	0.02
TOTAL ASSETS	%	(0.92)

PROFITABILITY RATIO

Gross Profit Margin	100.22	Impressive	Industrial Average	3.37
Net Profit Margin	(8.69)	Deteriorated	Industrial Average	2.55
Return on Assets	(0.10)	Deteriorated	Industrial Average	10.95
Return on Equity	(0.11)	Deteriorated	Industrial Average	19.96

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. Gross Profit Margin is 100.22%. 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 -8.69%. 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 -0.1%.

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 -0.11%.

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	0.35	Risky	Industrial Average	2.10
Quick Ratio	0.32
Cash Conversion Cycle	226.55

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 0.35 times in 2010, decrease from 0.37 times, then the company may not be efficiently using its current assets. 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 0.32 times in 2010, increase from 0.22 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 227 days.

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

Current Ratio Uptrend

LEVERAGE RATIO

Debt Ratio	0.05	Impressive	Industrial Average	0.39
Debt to Equity Ratio	0.05	Impressive	Industrial Average	0.71
Times Interest Earned	-		Industrial Average	11.98

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 0.05 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	0.03	Deteriorated	Industrial Average	7.33
Total Assets Turnover	0.01	Deteriorated	Industrial Average	4.29
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	16.06
Receivables Conversion Period	226.55
Receivables Turnover	1.61	Deteriorated	Industrial Average	17.84
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.50.59
UK Pound	1	Rs.80.34
Euro	1	Rs.67.14

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.