MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	IMAGE D’ASIE SOCIETE ANONYME
Registered Office :	11/440 Moo 10, Ladprao-Wanghin Road, Ladprao, Bangkok 10230
Country :	Thailand
Financials (as on) :	31.12.2011
Date of Incorporation :	30.06.1998
Com. Reg. No.:	0105541040140
Legal Form :	Private Limited Company
Line of Business :	Tours and Travel Service
No. of Employees :	20

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 :	Moderate
Payment Behaviour :	Slow
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Thailand	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

THAILAND - ECONOMIC OVERVIEW

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.

Source : CIA

Company name and address

IMAGE D’ASIE SOCIETE ANONYME

SUMMARY

BUSINESS ADDRESS : 11/440 MOO 10, LADPRAO-WANGHIN ROAD,

LADPRAO, BANGKOK 10230, THAILAND

TELEPHONE : [66] 2530-2722-6, 081 820-4828

FAX : [66] 2539-6477

E-MAIL ADDRESS : info@imagedasie.com

imagedasie@hotmail.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 1998

REGISTRATION NO. : 0105541040140

TAX ID NO. : 3011952153

CAPITAL REGISTERED : BHT. 5,000,000

CAPITAL PAID-UP : BHT. 5,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MS. MINGKWAN METMOWLEE, THAI

MANAGING DIRECTOR & MARKETING DIRECTOR

NO. OF STAFF : 20

LINES OF BUSINESS : TOURS AND TRAVEL 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 30, 1998 as a private limited company under the name style IMAGE D’ASIE SOCIETE ANONYME by Thai groups, with the business objective to be engaged in tour and travel business both in-bound and out-bound. It currently employs approximate 20 staff.

The subject’s registered address was located at 11/440 Moo 10, Ladprao-Wanghin Rd., Ladprao, Bangkok 10230.

In 2010, the subject’s address has been changed from 11/440 Moo 10 Ladprao-Wanghin Rd., Ladprao, Bangkok 10230 to 193 Ladprao-Wanghin Rd., Ladprao, Bangkok 10230, by the Ladprao District Office of Bangkok Metropolitan Administration. Actually both are the same location.

However, subject is still using the address “11/440 Moo 10, Ladprao-Wanghin Rd., Ladprao, Bangkok 10230” as the registered and current operation address.

THE BOARD OF DIRECTOR

Ms. Mingkwan Metmowlee

AUTHORIZED PERSON

The above director can sign on behalf of the subject with company’s affixed.

MANAGEMENT

Ms. Mingkwan Metmowlee is the Managing Director.

She is Thai nationality with the age of 46 years old.

Ms. Wisawarak Jitmana is the Reservation Manager.

She is Thai nationality.

BUSINESS OPERATIONS

The subject is engaged in tour and travel business, to provide in-bound, out-bound travel service, e.g. cultural tour and leisure operation service both in Thailand and overseas, such as Myanmar, Laos, Cambodia, Malaysia and countries in South East Asia. Ranges of services are as the followings:

· Ground handling for Thailand, Myanmar, Cambodia and Laos

· Fully organized for tour operator and travel agent

· Specialization for French and English guide tour

· Hotel reservation & airlines ticket at competitive rate & tours online service.

SALES/SERVICES

80% of clients are European tourists, and the remaining 20% are Asian tourists.

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

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

BANKING

Bangkok Bank Public Co., Ltd.

Kasikornbank Public Co., Ltd.

EMPLOYMENT

The subject employs 20 staff comprising 5 office staff, 5 tour leaders and 10 freelance guides.

LOCATION DETAILS

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

COMMENT

Despite the stiff competitive market, the subject can maintain its business in good conditions. In 2011, sales of air-ticketing were likely to grow well from both local and overseas clients, as well as the service revenue from inbound and outbound tours have been increased significantly.

The subject was doing good business and its business performance in 2011 was considered satisfactory. However, the subject expects a slightly slowdown in the business at the second half of 2012, but it would have no materially affect on its business. Generally, its business is sill promising and doing moderately fine.

FINANCIAL INFORMATION

The capital was registered at Bht. 500,000 divided into 50,000 shares of Bht. 10 each with fully paid.

The capital was increased later as follows:

Bht. 1,000,000 on September 16, 1998

Bht. 3,000,000 on January 23, 2003

Bht. 5,000,000 on January 30, 2008

The latest registered capital was increased to Bht. 5,000,000 divided into 500,000 shares of Bht. 10 each with fully paid.

THE SHAREHOLDERS LISTED WERE : [as at April 30, 2012]

NAME	HOLDING	%
Ms. Mingkwan Metmowlee Nationality: Thai Address : 11/440 Moo 10, Ladprao-Wanghin Rd., Ladprao, Bangkok	249,750	49.95
Mr. Thirawat Ruengsuwan Nationality: Thai Address : 61/1 Moo 4, Jorakaebua, Ladprao, Bangkok	249,750	49.95
Mr. Pasit Metmowlee Nationality: Thai Address : 11/143 Moo 10, Ladprao-Wanghin Rd., Ladprao, Bangkok	100	0.02
Mrs. Euang-aroon Metmowlee Nationality: Thai Address : 11/143 Moo 10, Ladprao-Wanghin Rd., Ladprao, Bangkok	100	0.02

Mr. Poolsak Metmowlee Nationality: Thai Address : 33 Dindaeng Rd., Samsennai, Dindaeng, Bangkok	100	0.02
Mr. Charnchai Prapakunakorn Nationality: Thai Address : 924/1 Apibarnbancha Rd., Muang, Nakornpanom	100	0.02
Mr. Bandit Chaiwat Nationality: Thai Address : 1 Moo 2, Klongnakornnuengkhet, Muang, Chachoengsao	100	0.02

Total Shareholders : 7

Share Structure [as at April 30, 2012]

Nationality	Shareholders	No. of Share	% Shares
Thai	7	500,000	100.00
Foreign	-	-	-
Total	7	500,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Mrs. Yaowares Saenchai No. 6206

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2011 & 2010 were:

ASSETS

Current Assets	2011	2010
Cash in Hand & at Bank	15,745.00	273,649.58
Short-term Investment	200,000.00	200,000.00
Trade Accounts & Other Receivable	60,613.99	30,161.19
Short-term Loan to Related Person	4,196,000.00	1,900,000.00
Total Current Assets	4,472,358.99	2,403,810.77
Fixed Assets	447,599.56	491,333.09
Other Non-current Assets	623,674.79	461,580.40
Total Assets	5,543,633.34	3,356,724.26

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2011	2010
Bank Overdraft	306,667.40	-
Trade Accounts & Notes Payable	1,519,555.46	166,999.68
Other Current Liabilities	48,657.85	15,594.55
Total Current Liabilities	1,874,880.71	182,594.23
Total Liabilities	1,874,880.71	182,594.23
Shareholders' Equity
Share capital : Baht 10 par value authorized, issued and fully paid share capital 500,000 shares	5,000,000.00	5,000,000.00
Capital Paid	5,000,000.00	5,000,000.00
Retained Earning - Unappropriated	[1,331,247.37]	[1,825,869.97]
Total Shareholders' Equity	3,668,752.63	3,174,130.03
Total Liabilities & Shareholders' Equity	5,543,633.34	3,356,724.26

PROFIT & LOSS ACCOUNT

Revenue	2011	2010
Service Income	21,530,017.78	9,101,583.14
Other Income	157,353.95	85,112.70
Total Revenues	21,687,371.73	9,186,695.84
Expenses
Cost of Goods Sold and Service	19,700,019.86	7,687,901.97
Administrative Expenses	1,277,439.78	1,225,436.87
Other Expenses	9,731.12	7,979.95
Total Expenses	20,987,190.76	8,921,318.79
Profit / [Loss] before Financial Cost & Income Tax	700,180.97	265,377.05
Financial Cost	[144,660.23]	[90,560.14]
Profit / [Loss] before Income Tax	555,520.74	174,816.91
Income Tax	[60,898.14]	[17,312.33]
Net Profit / [Loss]	494,622.60	157,504.58

FINANCIAL ANALYSIS

ITEM	UNIT	2011	2010
LIQUIDITY RATIO
CURRENT RATIO	TIMES	2.39	13.16
QUICK RATIO	TIMES	2.39	13.16
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	48.10	18.52
TOTAL ASSETS TURNOVER	TIMES	3.88	2.71
INVENTORY CONVERSION PERIOD	DAYS	-	-
INVENTORY TURNOVER	TIMES	-	-
RECEIVABLES CONVERSION PERIOD	DAYS	1.03	1.21
RECEIVABLES TURNOVER	TIMES	355.20	301.76
PAYABLES CONVERSION PERIOD	DAYS	28.15	7.93
CASH CONVERSION CYCLE	DAYS	(27.13)	(6.72)
PROFITABILITY RATIO
COST OF GOODS SOLD	%	91.50	84.47
SELLING & ADMINISTRATION	%	5.93	13.46
INTEREST	%	0.67	0.99
GROSS PROFIT MARGIN	%	9.23	16.47
NET PROFIT MARGIN BEFORE EX. ITEM	%	3.25	2.92
NET PROFIT MARGIN	%	2.30	1.73
RETURN ON EQUITY	%	13.48	4.96
RETURN ON ASSET	%	8.92	4.69
EARNING PER SHARE	BAHT	0.99	0.32
LEVERAGE RATIO
DEBT RATIO	TIMES	0.34	0.05
DEBT TO EQUITY RATIO	TIMES	0.51	0.06
TIME INTEREST EARNED	TIMES	4.84	2.93
ANNUAL GROWTH
SALES GROWTH	%	136.55
OPERATING PROFIT	%	163.84
NET PROFIT	%	214.04
FIXED ASSETS	%	(8.90)
TOTAL ASSETS	%	65.15

PROFITABILITY RATIO

Gross Profit Margin	9.23	Acceptable	Industrial Average	16.55
Net Profit Margin	2.30	Impressive	Industrial Average	(0.69)
Return on Assets	8.92	Impressive	Industrial Average	(1.21)
Return on Equity	13.48	Impressive	Industrial Average	(2.45)

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 9.23%. 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. Net Profit ratio is 2.3%, 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 8.92%, 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. Return on Equity ratio is 13.48%, 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.

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

Return on Assets Downtrend

Return on Equity Downtrend

LIQUIDITY RATIO

Current Ratio	2.39	Impressive	Industrial Average	1.77
Quick Ratio	2.39
Cash Conversion Cycle	(27.13)

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 2.39 times in 2011, decrease from 13.16 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 2.39 times in 2011, decrease from 13.16 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 -28 days.

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

Current Ratio Uptrend

LEVERAGE RATIO

Debt Ratio	0.34	Impressive	Industrial Average	0.50
Debt to Equity Ratio	0.51	Impressive	Industrial Average	0.97
Times Interest Earned	4.84	Impressive	Industrial Average	0.07

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 4.85 higher than 1, so the company can pay interest expenses on outstanding debt.

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.34 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 Downtrend

ACTIVITY RATIO

Fixed Assets Turnover	48.10	Impressive	Industrial Average	3.25
Total Assets Turnover	3.88	Impressive	Industrial Average	1.68
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	34.43
Receivables Conversion Period	1.03
Receivables Turnover	355.20	Impressive	Industrial Average	3.02
Payables Conversion Period	28.15

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.53.90
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

PRL

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.