MIRA INFORM REPORT

Report Date :

08.08.2013

IDENTIFICATION DETAILS

Name :	THAI CHILLIPEANUT TRADER CO., LTD.
Registered Office :	32/1013 Phaholyothin Road, T. Klongnueng, A. Klongluang, Pathumthani 12120
Country :	Thailand
Financials (as on) :	31.12.2012
Date of Incorporation :	14.12.2009
Com. Reg. No.:	0105552133225
Legal Form :	Private Limited Company
Line of Business :	Importer and Distributor of Agricultural Products
No. of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.

Source : CIA

Company name

THAI CHILLIPEANUT TRADER CO., LTD.

SUMMARY

BUSINESS ADDRESS : 32/1013 PHAHOLYOTHIN ROAD, T. KLONGNUENG,

A. KLONGLUANG, PATHUMTHANI 12120

TELEPHONE : [66] 081 658-5995

FAX : [66] 2908-4191

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2009

REGISTRATION NO. : 0105552133225

TAX ID NO. : 3033729573

CAPITAL REGISTERED : BHT. 5,000,000

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

FISCAL YEAR CLOSING DATE : THAI : 100%

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MRS. PAPASSARA NATSAMPATHA, THAI

MANAGING DIRECTOR

NO. OF STAFF : 3

LINES OF BUSINESS : AGRICULTURAL PRODUCTS

IMPORTER AND DISTRIBUTOR

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : GOOD WITH NORMAL BUSINESS ENGAGEMENT

MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE

HISTORY

The subject was established on December 14, 2009 as a private limited company under the name style THAI CHILLIPEANUT TRADER CO., LTD. by Thai groups. Its business objective is to distribute various kinds of agriculture products. It currently employs 3 staff.

The subject’s registered address is 32/1013 Phaholyothin Rd., T. Klongnueng, A. Klongluang, Pathumthani 12120, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mrs. Papassara Natsampatha	Thai	47
Ms. Vilaiporn Nawakulkanchanapas	Thai	36
Ms. Angoon Boonthos	Thai	28

AUTHORIZED PERSON

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

MANAGEMENT

Mrs. Papassara Natsampatha is the Managing Director.

She is Thai nationality with the age of 47 years old.

BUSINESS OPERATIONS

The subject is engaged in distributing various kinds of agricultural products, such as dry chili, bean, sesame, garlic, onion, shallots and etc.

PURCHASE

The products are purchased from suppliers both domestic and overseas, mainly in Republic of China, Vietnam and Malaysia.

SALES

100% of the products is sold locally to wholesalers, retailers 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 for the past two years.

CREDIT

Sales are by cash or on the credits term of 30-60 days.

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

Imports are by T/T.

BANKING

Bangkok Bank Public Co., Ltd.

EMPLOYMENT

The subject employs 3 staff.

LOCATION DETAILS

The premise is owned for administrative office and shop at the heading address. Premise is located in the wholesale fresh market named THAI MARKET.

COMMENT

Subject is an importer and distributor of agricultural products. Consumption of the products is strong, while there are not enough local products, therefore import from overseas would encounter surge demand from local consumption.

FINANCIAL INFORMATION

The capital was registered at Bht. 5,000,000 divided into 50,000 shares of Bht. 100 each with fully paid.

THE SHAREHOLDERS LISTED WERE : [as at April 30, 2013]

NAME	HOLDING	%
Ms. Angoon Boonthos Nationality: Thai Address : 59 Budhacharoen Rd., T. Mukdaharn, A. Muang, Mukdaharn	20,000	40.00
Mrs. Papassara Natsampatha Nationality: Thai Address : 32/1013 Phaholyothin Rd., T. Klongnueng, A. Klongluang, Pathumthani	15,000	30.00
Ms. Cherry Nawakulkanchanapas Nationality: Thai Address : 32/1013 Phaholyothin Rd., T. Klongnueng, A. Klongluang, Pathumthani	15,000	30.00

Total Shareholders : 3

Share Structure [as at April 30, 2013]

Nationality	Shareholders	No. of Share	% Shares
Thai	3	50,000	100.00
Foreign	-	-	-
Total	3	50,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.:

Mr. Dolapa Larpphol-olarn No. 8433

BALANCE SHEET [BAHT]

The latest financial figures published as at December 31, 2012, 2011 & 2010 were:

ASSETS

Current Assets	2012	2011	2010
Cash and Cash Equivalents	6,726,106.52	1,992,236.89	12,170,757.57
Trade Accounts & Cheque Receivable	-	-	5,664,000.00
Inventories	-	1,603,440.00	3,055,605.73
Other Current Assets	1,508,684.76	3,794,663.10	2,245,472.01
Total Current Assets	8,234,791.28	7,390,339.99	23,135,835.31
Fixed Assets	585,038.04	773,134.94	28,793.51
Total Assets	8,819,829.32	8,163,474.93	23,164,628.82

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2012	2011	2010
Loan from Financial Institutions	-	-	10,000,000.00
Trade Accounts & Cheque Payable	-	9,700.00	-
Short-term Loan from Related Person	-	-	4,357,490.08
Other Current Liabilities	81,770.52	26,863.40	1,188,548.51
Total Current Liabilities	81,770.52	36,563.40	15,546,038.59
Total Liabilities	81,770.52	36,563.40	15,546,038.59
Shareholders' Equity
Share capital : Baht 100 par value authorized, issued and fully paid share capital 50,000 shares	5,000,000.00	5,000,000.00	5,000,000.00
Capital Paid	5,000,000.00	5,000,000.00	5,000,000.00
Retained Earnings Unappropriated	3,738,058.80	3,126,911.53	2,618,590.23
Total Shareholders' Equity	8,738,058.80	8,126,911.53	7,618,590.23
Total Liabilities & Shareholders' Equity	8,819,829.32	8,163,474.93	23,164,628.82

PROFIT & LOSS ACCOUNT

Revenue	2012	2011	2010
Sales and Services Income	208,380,074.30	157,303,896.00	455,461,704.30
Other Income	1,582,012.66	37,113.13	1,009,266.66
Total Revenues	209,962,086.96	157,341,009.13	456,470,970.96
Expenses
Cost of Goods Sold and Services	207,233,393.45	155,223,825.08	450,074,067.77
Selling and Administrative Expenses	1,660,078.52	1,263,495.98	2,850,159.98
Total Expenses	208,893,471.97	156,487,321.06	452,924,227.75
Profit /[Loss] before Financial Cost & Income Tax	1,068,614.99	853,688.07	3,546,743.21
Financial Costs	[274,917.27]	[282,133.60]	[148,253.39]
Profit / [Loss] before Income Tax	793,697.75	571,554.47	3,398,489.82
Income Tax	[182,550.48]	[63,233.17]	[747,500.00]
Net Profit / [Loss]	611,147.27	508,321.30	2,650,989.82

FINANCIAL ANALYSIS

ITEM	UNIT	2012	2011	2010
LIQUIDITY RATIO
CURRENT RATIO	TIMES	100.71	202.12	1.49
QUICK RATIO	TIMES	82.26	54.49	1.15
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	356.18	203.46	15,818.21
TOTAL ASSETS TURNOVER	TIMES	23.63	19.27	19.66
INVENTORY CONVERSION PERIOD	DAYS	-	3.77	2.48
INVENTORY TURNOVER	TIMES	-	96.81	147.29
RECEIVABLES CONVERSION PERIOD	DAYS	-	-	-
RECEIVABLES TURNOVER	TIMES	-	-	-
PAYABLES CONVERSION PERIOD	DAYS	-	-	-
CASH CONVERSION CYCLE	DAYS	-	3.77	2.48
PROFITABILITY RATIO
COST OF GOODS SOLD	%	99.45	98.68	98.82
SELLING & ADMINISTRATION	%	0.80	0.80	0.63
INTEREST	%	0.13	0.18	0.03
GROSS PROFIT MARGIN	%	1.31	1.35	1.40
NET PROFIT MARGIN BEFORE EX. ITEM	%	0.51	0.54	0.78
NET PROFIT MARGIN	%	0.29	0.32	0.58
RETURN ON EQUITY	%	6.99	6.25	34.80
RETURN ON ASSET	%	6.93	6.23	11.44
EARNING PER SHARE	BAHT	12.22	10.17	53.02
LEVERAGE RATIO
DEBT RATIO	TIMES	0.01	0.00	0.67
DEBT TO EQUITY RATIO	TIMES	0.01	0.00	2.04
TIME INTEREST EARNED	TIMES	3.89	3.03	23.92
ANNUAL GROWTH
SALES GROWTH	%	32.47	(65.46)
OPERATING PROFIT	%	25.18	(75.93)
NET PROFIT	%	20.23	(80.83)
FIXED ASSETS	%	(24.33)	2,585.10
TOTAL ASSETS	%	8.04	(64.76)

ANNUAL GROWTH : IMPRESSIVE

An annual sales growth is 32.47%. Turnover has increased from THB 157,303,896.00 in 2011 to THB 208,380,074.30 in 2012. While net profit has increased from THB 508,321.30 in 2011 to THB 611,147.27 in 2012. And total assets has increased from THB 8,163,474.93 in 2011 to THB 8,819,829.32 in 2012.

PROFITABILITY : IMPRESSIVE

PROFITABILITY RATIO

Gross Profit Margin	1.31	Deteriorated	Industrial Average	11.66
Net Profit Margin	0.29	Impressive	Industrial Average	0.27
Return on Assets	6.93	Impressive	Industrial Average	0.79
Return on Equity	6.99	Impressive	Industrial Average	2.66

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 1.31%. When compared with the industry average, the ratio of the company was lower. This indicated that company may have 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 0.29%, 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 6.93%, 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 6.99%, 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 : EXCELLENT

LIQUIDITY RATIO

Current Ratio	100.71	Impressive	Industrial Average	1.22
Quick Ratio	82.26
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 100.71 times in 2012, decreased from 202.12 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 82.26 times in 2012, increased from 54.49 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 Downtrend

LEVERAGE : EXCELLENT

LEVERAGE RATIO

Debt Ratio	0.01	Impressive	Industrial Average	0.67
Debt to Equity Ratio	0.01	Impressive	Industrial Average	2.12
Times Interest Earned	3.89	Impressive	Industrial Average	0.26

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 3.89 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 0.01 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 Downtrend

ACTIVITY : EXCELLENT

ACTIVITY RATIO

Fixed Assets Turnover	356.18	Impressive	Industrial Average	1.84
Total Assets Turnover	23.63	Impressive	Industrial Average	2.58
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	4.65
Receivables Conversion Period	-
Receivables Turnover	-		Industrial Average	4.19
Payables Conversion Period	-

The company's Total Asset Turnover is calculated as 23.63 times and 19.27 times in 2012 and 2011 respectively. This ratio is determined by dividing total assets into total sales turnover. The ratio measures the activity of the assets and the ability of the firm to generate sales through the use of the assets.

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.61.39
UK Pound	1	Rs.94.17
Euro	1	Rs.81.70

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.