MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	LF ASIA [THAILAND] LIMITED

Formerly Known As :	IDS MARKETING [THAILAND] LIMITED

Registered Office :	10^th-11^th Floor, Maneeya Center Building, 518/5 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330

Country :	Thailand

Financials (as on) :	31.12.2013

Date of Incorporation :	21.03.1969

Com. Reg. No.:	0105512001280

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in distributing and marketing various kinds of products, specializes in consumer goods such as personal cares, watches & accessories and condom, as well as foods, healthcare & pharmaceuticals, beauty and cosmetics, fashion apparel & accessories, and home decorative products. The subject is also providing design and production services.

No of Employees :	250

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Thailand

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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.

Source : CIA

Company name & address

LF ASIA [THAILAND] LIMITED

[FORMER: IDS MARKETING [THAILAND] LIMITED]

SUMMARY

BUSINESS ADDRESS : 10^th-11^th FLOOR, MANEEYA CENTER BUILDING,

518/5 PLOENCHIT ROAD, LUMPINI,

PATHUMWAN, BANGKOK 10330, THAILAND

TELEPHONE : [66] 2257-3500

FAX : [66] 2257-3555, 2257-3799, 2257-2525

E-MAIL ADDRESS : bruceh@lfasia.com

nateetharnkosuwan@lfasia.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 1969

REGISTRATION NO. : 0105512001280 [Former : 149/2512]

TAX ID NO. : 3101067965

CAPITAL REGISTERED : BHT. 21,500,000

CAPITAL PAID-UP : BHT. 17,375,000

SHAREHOLDER’S PROPORTION : THAI : 60.00%

FOREIGN : 40.00%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. BRUCE GRAHAM HEMMINGSEN, NEW ZEALANDER

GENERAL MANAGER

NO. OF STAFF : 250

LINES OF BUSINESS : TRADING COMPANY

IMPORTER, DISTRIBUTOR AND

SERVICE PROVIDER

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 March 21, 1969 as a private limited company under the name style “Anglo-Thai Engineering Co., Ltd.” by British groups, which was a member of Inchcape group.

The subject’s name was changed later as the followings:

On September 1, 1983 : “Anglo-Thai [Thailand] Corp. Ltd.”

On February 5, 1993 : “Inchcape Healthcare Corp. Ltd.”

On June 17, 1999 : “JDH Borneo [Thailand] Co., Ltd.”

On July 1, 2004 : “IDS Marketing [Thailand] Limited”

On January 5, 2012, its name was finally changed to LF ASIA [THAILAND] LIMITED.

Its business objective is to import and distribute various kinds of products to domestic market, as well as provide retail design and production service. It currently employs approximately 250 staff.

Currently, the major shareholders are JDH Services Ltd., Thailand and IDS Group Co., Ltd., British Virgin Islands, with holding 60.00% and 40.00% of the subject’s total shares respectively.

The subject’s registered and business address was initially at 2160/1 Ramkhamhaeng Rd., Huamark, Bangkapi, Bangkok 10240.

On November 2, 2006, subject’s registered and business address were moved to 505 Moo 2, Udom-sorayuth Rd., T. Klongjik, A. Bangpa-in, Ayutthaya 13160.

On January 5, 2012, subject’s registered address was relocated to 10^th - 11^th Floor, Maneeya Center Building, 518/5 Ploenchit Rd., Lumpini, Pathumwan, Bangkok 10330, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age

Ms. Pavinee Ajchariyahiranchai	Thai	57
Mr. Bruce Graham Hemmingsen	New Zealander	57
Mr. Pisan Taraphat	Thai	43
Mr. Nara Dacharin	Thai	36

AUTHORIZED PERSON

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

MANAGEMENT

Mr. Bruce Graham Hemmingsen is the General Manager.

He is New Zealander nationality with the age of 57 years old.

Mr. Pisan Taraphat is the Sales & Marketing Manager.

He is Thai nationality with the age of 43 years old.

Ms. Pavinee Ajchariyahiranchai is the Office Management and Financial Manager.

She is Thai nationality with the age of 57 years old.

Ms. Sirinart Ruangsuwandej is the Senior Marketing Manager.

She is Thai nationality.

Ms. Nantawan Rujimora is the Products Manager [Watch].

She is Thai nationality.

BUSINESS OPERATIONS

The subject is engaged in distributing and marketing various kinds of products, specializes in consumer goods such as personal cares, watches & accessories and condom, as well as foods, healthcare & pharmaceuticals, beauty and cosmetics, fashion apparel & accessories, and home decorative products. The subject is also providing design and production services.

The subject is also an authorized dealer of many international brands of watches, such as “TIMEX”, “GO GIRL-ONLY”, “COSMOPOLITAN”, “JEEP”, “MARC ECKO”, “NAUTICA”, “VERSUS”, “COVER”, “INGERSOLL” and “BRAUN”, personal care under the brand “NIVEA”, beauty products and cosmetics under the brands “CLIO”, “COLLECTION”, and condom under the brand “OKAMOTO”.

IMPORT [COUNTRIES]

90% of the products is imported from United Kingdom, U.S.A., Germany, France, Australia, Japan, Singapore, Taiwan, Malaysia, Switzerland, Republic of China, India, Vietnam, Indonesia, Hong Kong and Spain.

MAJOR SUPPLIERS

Timax Corporation International Ltd. : U.S.A.

Li & Fung Ltd. : Hong Kong

Heng Ten Group Holding Ltd. : Hong Kong

IDS Manufacturing Ltd. : Thailand

Zeon Ltd. : U.K.

Braun GmbH. : Germany

Beiersdorf AG. : Germany

SALES [LOCAL]

100% of the products is sold locally to traders, mainly modern trade store, supermarket, convenience store, drug stores and end-users such as hospitals and clinics both private company and government enterprises.

MAJOR CUSTOMERS

Watson Super Store

Boots Retail Shop

RELATED/AFFILIATED COMPANIES

IDS Manufacturing Co., Ltd. : Thailand

Business Type : Manufacturer of foods & beverage, health & personal care products

LF Logistics [Thailand] Co., Ltd. : Thailand

Business Type : Warehousing & distribution

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 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 L/C at sight or T/T.

BANKING

Bangkok Bank Public Co., Ltd.

[Head Office : 333 Silom Rd., Silom, Bangrak, Bangkok]

The Siam Commercial Bank Public Co., Ltd.

[Head Office : 9 Ratchadapisek Rd., Jatujak, Bangkok]

Krung Thai Bank Public Co., Ltd.

[Head Office : 35 Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok]

Kasikornbank Public Co., Ltd.

EMPLOYMENT

The subject employs approximately 250 staff. [office and sales staff]

LOCATION DETAILS

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

Branches/Warehouse :

The subject currently has 5 branches/warehouses located in provincial as follows:

- 505 Moo 2, Bangpa-in Industrial Estate, Udomsorayuth Rd., T. Klongjik,

A. Bangpa-in, Ayutthaya 13160. Tel.: [66] 35 258-500, Fax.: [66] 35 258-475.

- 450 Moo 20, T. Saensuk, A. Varinchamrab, Ubonratchathani 34190.

- 42/9 Moo 6, T. Kokkruad, A. Muang, Nakornratchasima 30280.

- 265/1 Moo 4, T. Banluem, A. Muang, Udornthani 41000.

- 642/1 Ratbamrung Road, T. Tartchoengchum, A. Muang, Sakolnakorn 47000.

COMMENT

The subject is one of the leading suppliers of pharmaceutical, healthcare, consumer and household products, industrial products and etc. Its products have been served to all level of customers from end-users to industrial sector. With variety of products has enabled the subject to be well known among its customers both traders and manufacturers.

However, slow consumption in domestic market would diminish its sales in 2014.

FINANCIAL INFORMATION

The capital was registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each.

The capital was increased later as follows:

Bht. 16,000,000 on July 29, 1981

Bht. 21,500,000 on July 12, 2000

The latest registered capital was increased to Bht. 21,500,000 divided into 215,000 shares of Bht. 100 each, with the current capital paid-up at Bht. 17,375,000 or 55,000 shares of Bht. 25 each and 160,000 shares of Bht. 100 each.

THE SHAREHOLDERS LISTED WERE : [as at April 30, 2014]

NAME	HOLDING	%

JDH Services Ltd. Nationality: Thai Address : 505 Moo 2, Udomsorayuth Rd., T. Klongjik, A. Bangpa-in, Ayutthaya	128,999	60.00
IDS Group Co., Ltd. Nationality: BVI Address : Tortola, British Virgin Islands	86,000	40.00
Butler and Webster [Thailand] Ltd. Nationality: Thai Address : 505 Moo 2, Udomsorayuth Rd., T. Klongjik, A. Bangpa-in, Ayutthaya	1	-

Total Shareholders : 3

Share Structure [as at April 30, 2014]

Nationality	Shareholders	No. of Share	% Shares

Thai	2	129,000	60.00
Foreign-BVI	1	86,000	40.00
Total	3	215,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Mr. Sudwin Panyawongkhanti No. 3534

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2013, 2012 & 2011 were:

ASSETS

Current Assets	2013	2012	2011

Cash and Cash Equivalents	29,020,903	23,777,308	23297,498
Trade Accounts & Other Receivable	860,258,731	780,373,679	786,335,920
Inventories	216,822,538	220,208,680	153,034,805

Total Current Assets	1,106,102,172	1,024,359,667	962,668,223
Fixed Assets	15,761,645	24,850,631	21,855,530
Intangible Assets	260,118	389,185	637,271
Deferred Income Tax	39,765,490	56,194,271	76,222,476
Other Non-current Assets - Deposit	1,223,685	1,156,866	1,875,780
Total Assets	1,163,113,110	1,106,950,620	1,063,259,280

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2013	2012	2011

Trade Accounts & Other Payable	685,060,052	749,820,210	757,847,950
Short-term Loan from Related Company	69,056,143	189,709,478	281,052,668
Accrued Income Tax	15,167,463	13,113,685	30,081,467
Other Current Liabilities	5,783,088	6,111,620	3,256,802

Total Current Liabilities	775,066,746	958,754,993	1,072,238,887
Estimated Liabilities from Employee’s Benefit	20,966,420	20,820,420	22,378,420
Total Liabilities	796,033,166	979,575,413	1,094,617,307

Shareholders' Equity

Share capital : Baht 100 value Authorized & issued share capital 215,000 shares	21,500,000	21,500,000	21,500,000

Capital Paid	17,375,000	17,375,000	17,375,000
Retained Earning - Unappropriated	349,704,944	110,000,207	[48,733,027]
Total Shareholders' Equity	367,079,944	127,375,207	[31,358,027]
Total Liabilities & Shareholders' Equity	1,163,113,110	1,106,950,620	1,063,259,280

PROFIT & LOSS ACCOUNT

Revenue	2013	2012	2011

Sales Income	2,561,984,812	2,335,545,452	2,892,404,803
Other Income	133,649,347	163,508,140	76,927,958
Total Revenues	2,695,634,159	2,499,053,592	2,969,332,761
Expenses

Cost of Goods Sold	1,946,776,854	1,735,171,072	2,285,489,108
Selling Expenses	379,319,915	488,772,077	463,989,275
Administrative Expenses	61,274,708	53,418,401	82,784,751
Other Expenses	2,710,667	1,243,561	79,718,147
Total Expenses	2,390,082,144	2,278,605,111	2,911,981,281

Profit before Financial Cost & Income Tax	305,552,015	220,448,481	57,351,480
Financial Cost - Interest Expenses	[5,135,932]	[9,898,645]	[7,164,205]

Profit before Income Tax	300,416,083	210,549,836	50,187,275
Income Tax	[60,711,346]	[51,816,602]	[41,446,615]
Net Profit / [Loss]	239,704,737	158,733,234	8,740,660

FINANCIAL ANALYSIS

ITEM	UNIT	2013	2012	2011

LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.43	1.07	0.90
QUICK RATIO	TIMES	1.15	0.84	0.76

ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	162.55	93.98	132.34
TOTAL ASSETS TURNOVER	TIMES	2.20	2.11	2.72
INVENTORY CONVERSION PERIOD	DAYS	40.65	46.32	24.44
INVENTORY TURNOVER	TIMES	8.98	7.88	14.93
RECEIVABLES CONVERSION PERIOD	DAYS	122.56	121.96	99.23
RECEIVABLES TURNOVER	TIMES	2.98	2.99	3.68
PAYABLES CONVERSION PERIOD	DAYS	128.44	157.73	121.03
CASH CONVERSION CYCLE	DAYS	34.77	10.55	2.64

PROFITABILITY RATIO
COST OF GOODS SOLD	%	75.99	74.29	79.02
SELLING & ADMINISTRATION	%	17.20	23.21	18.90
INTEREST	%	0.20	0.42	0.25
GROSS PROFIT MARGIN	%	29.23	32.71	23.64
NET PROFIT MARGIN BEFORE EX. ITEM	%	11.93	9.44	1.98
NET PROFIT MARGIN	%	9.36	6.80	0.30
RETURN ON EQUITY	%	65.30	124.62	-
RETURN ON ASSET	%	20.61	14.34	0.82
EARNING PER SHARE	BAHT	1,379.60	913.57	50.31

LEVERAGE RATIO
DEBT RATIO	TIMES	0.68	0.88	1.03
DEBT TO EQUITY RATIO	TIMES	2.17	7.69	(34.91)
TIME INTEREST EARNED	TIMES	59.49	22.27	8.01

ANNUAL GROWTH
SALES GROWTH	%	9.70	(19.25)
OPERATING PROFIT	%	38.60	284.38
NET PROFIT	%	51.01	1,716.03
FIXED ASSETS	%	(36.57)	13.70
TOTAL ASSETS	%	5.07	4.11

ANNUAL GROWTH : IMPRESSIVE

An annual sales growth is 9.7%. Turnover has increased from THB 2,335,545,452.00 in 2012 to THB 2,561,984,812.00 in 2013. While net profit has increased from THB 158,733,234.00 in 2012 to THB 239,704,737.00 in 2013. And total assets has increased from THB 1,106,950,620.00 in 2012 to THB 1,163,113,110.00 in 2013.

PROFITABILITY : IMPRESSIVE

PROFITABILITY RATIO

Gross Profit Margin	29.23	Deteriorated	Industrial Average	154.41
Net Profit Margin	9.36	Impressive	Industrial Average	4.39
Return on Assets	20.61	Impressive	Industrial Average	9.01
Return on Equity	65.30	Impressive	Industrial Average	24.03

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 29.23%. 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 9.36%, 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 20.61%, 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 65.3%, 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 Uptrend

Return on Equity Uptrend

LIQUIDITY : ACCEPTABLE

LIQUIDITY RATIO

Current Ratio	1.43	Acceptable	Industrial Average	1.94
Quick Ratio	1.15
Cash Conversion Cycle	34.77

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 1.43 times in 2013, increased from 1.07 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 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 1.15 times in 2013, increased from 0.84 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 35 days.

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

Current Ratio Uptrend

LEVERAGE : SATISFACTORY

LEVERAGE RATIO

Debt Ratio	0.68	Impressive	Industrial Average	0.80
Debt to Equity Ratio	2.17	Risky	Industrial Average	2.13
Times Interest Earned	59.49	Impressive	Industrial Average	-

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 higher the percentage means that the company is using less equity and has stronger leverage position.

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 59.5 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 0.68 greater than 0.5, most of the company's assets are financed through debt.

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

Debt Ratio Uptrend

Times Interest Earned Stable

ACTIVITY : IMPRESSIVE

ACTIVITY RATIO

Fixed Assets Turnover	162.55	Impressive	Industrial Average	-
Total Assets Turnover	2.20	Satisfactory	Industrial Average	2.67
Inventory Conversion Period	40.65
Inventory Turnover	8.98	Impressive	Industrial Average	6.45
Receivables Conversion Period	122.56
Receivables Turnover	2.98	Satisfactory	Industrial Average	3.77
Payables Conversion Period	128.44

The company's Account Receivable Ratio is calculated as 2.98 and 2.99 in 2013 and 2012 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2013 decreased from 2012. This would suggest the company had deteriorated in the management of its debt collections.

Inventory Turnover in Days Ratio indicates the liquidity of inventory. It estimates the number of days that it will take to sell the current inventory. Inventory is particularly sensitive to change in business activities. The inventory turnover in days has decreased from 46 days at the end of 2012 to 41 days at the end of 2013. This represents a positive trend. And Inventory turnover has increased from 7.88 times in year 2012 to 8.98 times in year 2013.

The company's Total Asset Turnover is calculated as 2.2 times and 2.11 times in 2013 and 2012 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 Stable

Total Assets Turnover Uptrend

Inventory Turnover Uptrend

Receivables Turnover Uptrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

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.