MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	PRASERT SOMBOON TEXTILE CO., LTD.
Registered Office :	65/4 Moo 8, Petchkasem Road, T. Omyai, A. Sampran, Nakornpathom 73160
Country :	Thailand
Financials (as on) :	31.12.2011
Date of Incorporation :	16.06.1989
Com. Reg. No.:	0735532000577
Legal Form :	Private Limited Company
Line of Business :	Service Provider of Textile Bleaching, Dyeing and Printing
No. of Employees :	40

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	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

PRASERT SOMBOON TEXTILE CO., LTD.

SUMMARY

BUSINESS ADDRESS : 65/4 MOO 8, PETCHKASEM ROAD, T. OMYAI,

A. SAMPRAN, NAKORNPATHOM 73160

TELEPHONE : [66] 2811-6771-5, 2431-0055

FAX : [66] 2811-5945-6

E-MAIL ADDRESS : psb555@truemail.co.th

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 1989

REGISTRATION NO. : 0735532000577

TAX ID NO. : 3701005053

CAPITAL REGISTERED : BHT. 4,000,000

CAPITAL PAID-UP : BHT. 4,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. VIVACH ADULYANUKOSOL, THAI

MANAGING DIRECTOR

NO. OF STAFF : 40

LINES OF BUSINESS : TEXTILE BLEACHING, DYEING AND PRINTING

SERVICE PROVIDER

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 16, 1989 as a private limited company under the registered name PRASERT SOMBOON TEXTILE CO., LTD. by Thai groups, with the business objective is to provide textile bleaching, dyeing and printing service. It currently employs approximate 40 staff.

The subject’s registered address is 65/4 Moo 8, Petchkasem Rd., T. Omyai, A. Sampran, Nakornpathom 73160, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name		Nationality	Age
Mr. Vivach Adulyanukosol	[x]	Thai	67
Mr. Vichien Adulyanukosol	[x]	Thai	60
Mrs. Pornpin Adulyanukosol		Thai	62
Mrs. Pornwan Adulyanukosol		Thai	60

AUTHORIZED PERSON

One of the mentioned directors [x] can sign on behalf of the subject with company’s affixed.

MANAGEMENT

Mr. Vivach Adulyanukosol is the Managing Director.

He is Thai nationality with the age of 67 years old.

BUSINESS OPERATIONS

The subject is engaged in provide servicing of textile bleaching, dyeing and printing of cotton, polyester, rayon and other fabrics.

PURCHASE

100% of raw materials and chemicals are purchased from local suppliers.

SERVICES

100% of the products is sold locally by wholesale to manufacturers 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 according to IRICO’S DATABASE for the past two years.

CREDIT

Sales & services 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.

BANKING

The subject was not disclosed its banker’s name.

EMPLOYMENT

The subject currently employs approximately 40 office staff and factory workers.

LOCATION DETAILS

The premise is owned for administrative office and factory at the heading address. Premise is located in provincial, on the outskirts of Bangkok.

Branch is located at 65/2-65/3 Moo 8, Petchkasem Rd., T. Omyai, A. Sampran, Nakornpathom 73160.

NOTE

Refer to your given address at 234 Moo 14, T. Raiking, A. Sampran, Nakornpathom 73210, please be informed that, the above address is the operating address of Nobletex Dyeing Co., Ltd., which is not related to the subject.

COMMENT

The subject provides textile bleaching, dyeing and printing service for general textile and garment. Its sales was moderate in the past year, while growth is relatively slow.

FINANCIAL INFORMATION

The capital was registered at Bht. 2,000,000 divided into 100 shares of Bht. 20,000 each with fully paid.

On March 1, 2002, the registered capital was increased to Bht. 4,000,000 divided into 200 shares of Bht. 20,000 each with fully paid.

THE SHAREHOLDERS LISTED WERE

[as at April 30, 2012]

NAME	HOLDING	%
Mr. Vivach Adulyanukosol Nationality: Thai Address : 65/2 Moo 8, Petchkasem Rd., T. Omyai, A. Sampran, Nakornpathom	50	25.00
Mr. Vichien Adulyanukosol Nationality: Thai Address : 65/2 Moo 8, Petchkasem Rd., T. Omyai, A. Sampran, Nakornpathom	50	25.00
Mrs. Pornpin Adulyanukosol Nationality: Thai Address : 65/2 Moo 8, Petchkasem Rd., T. Omyai, A. Sampran, Nakornpathom	48	24.00
Mrs. Nanthiva Adulyanukosol Nationality: Thai Address : 65/2 Moo 8, Petchkasem Rd., T. Omyai, A. Sampran, Nakornpathom	48	24.00
Mr. Somchai Chaichinwong Nationality: Thai Address : 697/40 Chan Rd., Bangklo, Yannawa, Bangkok	2	1.00
Mr. Sutthinan Prateeppuangrat Nationality: Thai Address : 145 Moo 9, Petchkasem Rd., Suanluang, Krathumban, Samutsakorn	1	0.50
Mr. Withaya Dilokratampol Nationality: Thai Address : 166/46-47 Pracharaj Rd., Bangsue, Bangsue, Bangkok	1	0.50

Total Shareholders : 7

Share Structure

[as at April 30, 2012]

Nationality	Shareholders	No. of Share	% Shares
Thai	7	200	100.00
Foreign	-	-	-
Total	7	200	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Mrs. Yuwadee Tantirak No. 6254

BALANCE SHEET [BAHT]

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

ASSETS

Current Assets	2011	2010
Cash and Cash Equivalents	187,134.60	608,468.90
Trade Accounts & Other Receivable	8,030,721.21	8,437,729.37
Inventories	1,131,085.00	-
Other Current Assets	495,550.96	3,063,585.64
Total Current Assets	9,844,491.77	12,109,783.91
Fixed Assets	22,106,530.56	21,093,033.33
Other Assets	245,197.08	476,928.15
Total Assets	32,196,219.41	33,679,745.39

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2011	2010
Bank Overdraft from Financial Institutions	13,622.52	-
Trade Accounts Payable	3,260,578.35	1,672,477.51
Other Current Liabilities	129,944.94	107,659.63
Total Current Liabilities	3,404,145.81	1,780,137.14
Loan from Director	6,000,000.00	6,300,000.00
Loan from Financial Institutions	3,616,029.55	7,894,967.82
Total Liabilities	13,020,175.36	15,975,104.96
Shareholders' Equity
Share capital : Baht 20,000 value authorized, issued and fully paid share capital 200 shares	4,000,000.00	4,000,000.00
Capital Paid	4,000,000.00	4,000,000.00
Retained Earning - Unappropriated	15,176,044.05	13,704,640.43
Total Shareholders' Equity	19,176,044.05	17,704,640.43
Total Liabilities & Shareholders' Equity	32,196,219.41	33,679,745.39

PROFIT & LOSS ACCOUNT

Revenue	2011	2010
Services Income	51,528,082.54	46,693,625.98
Other Income	17,048.83	13,767.26
Total Revenues	51,545,131.37	46,707,393.24
Expenses
Cost of Services	45,082,890.57	40,436,018.00
Administrative Expenses	4,258,982.35	3,038,503.49
Total Expenses	49,341,872.92	43,474,521.49
Profit before Financial Costs & Income Tax	2,203,258.45	3,232,871.75
Financial Costs	[230,643.39]	[301,565.17]
Profit / [Loss] before Income Tax	1,972,615.06	2,931,306.58
Income Tax	[501,211.44]	[612,705.08]
Net Profit / [Loss]	1,471,403.62	2,318,601.50

FINANCIAL ANALYSIS

ITEM	UNIT	2011	2010
LIQUIDITY RATIO
CURRENT RATIO	TIMES	2.89	6.80
QUICK RATIO	TIMES	2.41	5.08
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	2.33	2.21
TOTAL ASSETS TURNOVER	TIMES	1.60	1.39
INVENTORY CONVERSION PERIOD	DAYS	9.16	-
INVENTORY TURNOVER	TIMES	39.86	-
RECEIVABLES CONVERSION PERIOD	DAYS	56.89	65.96
RECEIVABLES TURNOVER	TIMES	6.42	5.53
PAYABLES CONVERSION PERIOD	DAYS	26.40	15.10
CASH CONVERSION CYCLE	DAYS	39.64	50.86
PROFITABILITY RATIO
COST OF GOODS SOLD	%	87.49	86.60
SELLING & ADMINISTRATION	%	8.27	6.51
INTEREST	%	0.45	0.65
GROSS PROFIT MARGIN	%	12.54	13.43
NET PROFIT MARGIN BEFORE EX. ITEM	%	4.28	6.92
NET PROFIT MARGIN	%	2.86	4.97
RETURN ON EQUITY	%	7.67	13.10
RETURN ON ASSET	%	4.57	6.88
EARNING PER SHARE	BAHT	7,357.02	11,593.01
LEVERAGE RATIO
DEBT RATIO	TIMES	0.40	0.47
DEBT TO EQUITY RATIO	TIMES	0.68	0.90
TIME INTEREST EARNED	TIMES	9.55	10.72
ANNUAL GROWTH
SALES GROWTH	%	10.35
OPERATING PROFIT	%	(31.85)
NET PROFIT	%	(36.54)
FIXED ASSETS	%	4.80
TOTAL ASSETS	%	(4.40)

PROFITABILITY RATIO

Gross Profit Margin	12.54	Acceptable	Industrial Average	19.81
Net Profit Margin	2.86	Impressive	Industrial Average	(0.45)
Return on Assets	4.57	Impressive	Industrial Average	(0.51)
Return on Equity	7.67	Impressive	Industrial Average	(2.33)

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 12.54%. 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 2.86%, 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 4.57%, 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 7.67%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient profits 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	2.89	Impressive	Industrial Average	0.93
Quick Ratio	2.41
Cash Conversion Cycle	39.64

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 2.89 times in 2011, decreased from 6.8 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 2.41 times in 2011, decreased from 5.08 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 40 days.

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

Current Ratio Downtrend

LEVERAGE RATIO

Debt Ratio	0.40	Impressive	Industrial Average	0.67
Debt to Equity Ratio	0.68	Impressive	Industrial Average	1.94
Times Interest Earned	9.55	Impressive	Industrial Average	1.03

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 9.56 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 0.4 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	2.33	Impressive	Industrial Average	0.95
Total Assets Turnover	1.60	Impressive	Industrial Average	0.80
Inventory Conversion Period	9.16
Inventory Turnover	39.86	Impressive	Industrial Average	6.85
Receivables Conversion Period	56.89
Receivables Turnover	6.42	Impressive	Industrial Average	3.27
Payables Conversion Period	26.40

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

Fixed Assets Turnover Downtrend

Total Assets Turnover Downtrend

Inventory Turnover Uptrend

Receivables Turnover Downtrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

SDA

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.