MIRA INFORM REPORT

Report Date :

19.03.2014

IDENTIFICATION DETAILS

Name :	F B [THAILAND] LIMITED
Registered Office :	75 Soi Rubia, Sukhumvit 42 Road, Prakanong, Klongtoey, Bangkok 10110
Country :	Thailand
Financials (as on) :	31.12.2012
Date of Incorporation :	24.05.1976
Com. Reg. No.:	0105519005418
Legal Form :	Private Limited Company
Line of Business :	Engaged in importing and distributing of vault door equipment, safe and security cabinet, fire alarm system and equipment mainly used in hospital, hotel, office building and industrial factory. subject also provides installation, repair and maintenance services.
No. of Employees	40 (approximately)

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 :	Good
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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

F B [THAILAND] LIMITED

SUMMARY

BUSINESS ADDRESS : 75 SOI RUBIA, SUKHUMVIT 42 ROAD,

PRAKANONG, KLONGTOEY,

BANGKOK 10110, THAILAND

TELEPHONE : [66] 2390-2445-54, 2391-7648-53

FAX : [66] 2381-9990. 2381-2975

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 1976

REGISTRATION NO. : 0105519005418

TAX ID NO. : 3101094862

CAPITAL REGISTERED : BHT. 30,000,000

CAPITAL PAID-UP : BHT. 30,000,000

SHAREHOLDER’S PROPORTION : THAI : 99.18%

FOREIGN : 0.82%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. SOMCHAI CHAISUPARAKUL, THAI

MANAGING DIRECTOR

NO. OF STAFF : 40

LINES OF BUSINESS : SAFETY AND SECURITY SYSTEM EQUIPMENT

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 May 24, 1976 as a private limited company under the originally registered name “Siam Under Wear Co., Ltd.”, by Thai and Foreign groups. On April 20, 1978, its registered name was changed to “Fichet Bauche Co., Ltd.”, and was finally changed to F B [THAILAND] LIMITED on March 26, 1982. Its business objective is to import and distribute safety and security system equipments to domestic market. The currently employs approximately 40 staff.

The subject is a subsidiary of White Group Public Company Limited, Thailand.

The subject’s registered address is 75 Soi Rubia, Sukhumvit 42 Road, Prakanong, Klongtoey, Bangkok 10110, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mr. Sidh Prarusudamkerng : Chairman	Thai	78
Mr. Somchai Chaisuparakul	Thai	65
Mrs. Araya Tejanant	Thai	61

AUTHORIZED PERSON

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

MANAGEMENT

Mr. Somchai Chaisuparakul is the Managing Director.

He is Thai nationality with the age of 65 years old.

BUSINESS OPERATIONS

The subject is engaged in importing and distributing of vault door equipment, safe and security cabinet, fire alarm system and equipment mainly used in hospital, hotel, office building and industrial factory.

The subject also provides installation, repair and maintenance services.

MAJOR BRAND

“EST”

PURCHASE

80% of the products is imported from U.S.A., Malaysia and Germany, the remaining 20% is purchased from local suppliers.

SALES

100% of the products is sold locally to project owners, contractors 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 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 currently employs approximately 40 office staff and service workers.

LOCATION DETAILS

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

Warehouse is located at 101/61 Moo 2, Navanakorn Industrial Estate, Phaholyothin Road, T. Klongnueng, A. Klongluang, Pathumthani 12120.

COMMENT

Subject reported moderate sales in 2012. Sales growth has seen since 2011 and continued growing steadily. However, since the first quarter of 2013, growth of domestic consumption in each category has been slowing down. Thai economy is downward under the burden of rising household debt. Local consumption is shrinking.

FINANCIAL INFORMATION

The capital was registered at Bht. 4,000,000 divided into 40,000 shares of Bht. 100 each with fully paid.

The capital was decreased and increased later as follows:

Bht. 1,000,000 on July 7, 2005 [decreased]

Bht. 6,000,000 on November 14, 2005 [increased]

Bht. 30,000,000 on April 18, 2013 [increased]

The latest registered capital was increased to Bht. 30,000,000 divided into 300,000 shares of Bht. 100 each with fully paid.

THE SHAREHOLDERS LISTED WERE : [as at April 18, 2013]

NAME	HOLDING	%
White Group Public Company Limited Nationality: Thai Address : 75 Soi Rubia, Sukhumvit 42 Road, Prakanong, Klongtoey, Bangkok	297,546	99.18
Alarm and Electronics Sdn. Bhd. Nationality: Malaysian Address : Kuala Lumpur, Malaysia	2,200	0.73
Fichet Bauche S.A. Nationality: French Address : France	250	0.08
Mr. Sidh Prarusudamkerng Nationality: Thai Address : 77 Ploenchit Road, Lumpini, Pathumwan, Bangkok	1
Mrs. Araya Tejanant Nationality: Thai Address : 1554/10 Pracharaj 1 Road, Bangsue, Bangkok	1	= 0.01
Mr. Somchai Chaisuparakul Nationality: Thai Address : 1053/36 Sukhumvit 71 Road, Klongtonnua, Wattana, Bangkok	1
Mr. Thirachai Jaruwanakul Nationality: Thai Address : 55/82 Moo 9, T. Bangpood, A. Pakkred, Nonthaburi	1

Total Shareholders : 7

Share Structure [as at April 18, 2013]

Nationality	Shareholders	No. of Share	% Shares
Thai	5	297,550	99.18
Foreign-Foreign	2	2,450	0.82
Total	7	300,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Mr. Sophon Permsirivallop No. 3182

BALANCE SHEET [BAHT]

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

ASSETS

Current Assets	2012	2011	2010 [Adjusted]
Cash and Cash Equivalents	3,220,317	15,832,714	6,727,677
Short-term Investment	18,800,000	-	3,000,000
Trade Account & Other Receivable	7,039,499	5,547,086	4,649,343
Inventories	2,207,065	2,198,145	2,576,019
Other Current Assets	58,255	12,069	30,925
Total Current Assets	31,325,136	23,590,014	16,983,964
Equipment	139,030	159,441	55,568
Intangible Assets	12,105	8,398	9,650
Other Non-current Assets	52,707	110,367	110,367
Total Assets	31,528,978	23,868,220	17,159,549

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2012	2011	2010 [Adjusted]
Trade Account & Other Payable	3,172,525	3,267,109	2,709,935
Accrued Income Tax	1,403,818	1,045,138	983,289
Other Current Liabilities	81,340	1,259,448	67,278
Total Current Liabilities	4,657,683	5,571,695	3,760,502
Reserve for Long-term Employee Benefit	650,152	632,009	707,833
Total Liabilities	5,307,835	6,203,704	4,468,335
Shareholders' Equity
Share capital : Baht 100 value authorized, issued and fully paid share capital 60,000 shares	6,000,000	6,000,000	6,000,000
Capital Paid	6,000,000	6,000,000	6,000,000
Retained Earning	20,221,143	11,664,516	6,691,214
Total Shareholders' Equity	26,221,143	17,664,516	12,691,214
Total Liabilities & Shareholders' Equity	31,528,978	23,868,220	17,159,549

PROFIT & LOSS ACCOUNT

Revenue	2012	2011	2010 [Adjusted]
Sales	32,805,819	24,623,943	20,199,685
Service Income	6,374,755	3,047,229	2,057,191
Other Income	469,680	298,776	338,492
Total Revenues	39,650,254	27,969,948	22,595,368
Expenses
Cost of Goods Sold	22,505,892	16,911,787	14,360,868
Cost of Service	2,486,158	1,163,282	667,025
Selling Expenses	2,468,419	2,522,865	1,660,318
Administrative Expenses	1,121,694	513,361	676,899
Total Expenses	28,582,163	21,111,295	17,365,110
Profit / [Loss] before Income Tax	11,068,091	6,858,653	5,230,258
Income Tax	[2,511,464]	[1,885,351]	[1,541,165]
Net Profit / [Loss]	8,556,627	4,973,302	3,689,093

FINANCIAL ANALYSIS

ITEM	UNIT	2012	2011	2010
LIQUIDITY RATIO
CURRENT RATIO	TIMES	6.73	4.23	4.52
QUICK RATIO	TIMES	6.24	3.84	3.82
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	281.81	173.55	400.53
TOTAL ASSETS TURNOVER	TIMES	1.24	1.16	1.30
INVENTORY CONVERSION PERIOD	DAYS	32.23	44.39	62.57
INVENTORY TURNOVER	TIMES	11.32	8.22	5.83
RECEIVABLES CONVERSION PERIOD	DAYS	65.58	73.17	76.25
RECEIVABLES TURNOVER	TIMES	5.57	4.99	4.79
PAYABLES CONVERSION PERIOD	DAYS	46.33	65.97	65.82
CASH CONVERSION CYCLE	DAYS	51.48	51.58	72.99
PROFITABILITY RATIO
COST OF GOODS SOLD	%	63.79	65.32	67.52
SELLING & ADMINISTRATION	%	9.16	10.97	10.50
INTEREST	%	-	-	-
GROSS PROFIT MARGIN	%	37.41	35.76	34.00
NET PROFIT MARGIN BEFORE EX. ITEM	%	28.25	24.79	23.50
NET PROFIT MARGIN	%	21.84	17.97	16.58
RETURN ON EQUITY	%	32.63	28.15	29.07
RETURN ON ASSET	%	27.14	20.84	21.50
EARNING PER SHARE	BAHT	142.61	82.89	61.48
LEVERAGE RATIO
DEBT RATIO	TIMES	0.17	0.26	0.26
DEBT TO EQUITY RATIO	TIMES	0.20	0.35	0.35
TIME INTEREST EARNED	TIMES	-	-	-
ANNUAL GROWTH
SALES GROWTH	%	41.59	24.33
OPERATING PROFIT	%	61.37	31.13
NET PROFIT	%	72.05	34.81
FIXED ASSETS	%	(12.80)	186.93
TOTAL ASSETS	%	32.10	39.10

ANNUAL GROWTH : IMPRESSIVE

An annual sales growth is 41.59%. Turnover has increased from THB 27,671,172.00 in 2011 to THB 39,180,574.00 in 2012. While net profit has increased from THB 4,973,302.00 in 2011 to THB 8,556,627.00 in 2012. And total assets has increased from THB 23,868,220.00 in 2011 to THB 31,528,978.00 in 2012.

PROFITABILITY : EXCELLENT

PROFITABILITY RATIO

Gross Profit Margin	37.41	Impressive	Industrial Average	11.20
Net Profit Margin	21.84	Impressive	Industrial Average	2.66
Return on Assets	27.14	Impressive	Industrial Average	5.06
Return on Equity	32.63	Impressive	Industrial Average	8.59

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 37.41%. When compared with the industry average, the ratio of the company was higher, 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 21.84%, 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 27.14%, 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 32.63%, 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 : IMPRESSIVE

LIQUIDITY RATIO

Current Ratio	6.73	Impressive	Industrial Average	2.12
Quick Ratio	6.24
Cash Conversion Cycle	51.48

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 6.73 times in 2012, increased from 4.23 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 6.24 times in 2012, increased from 3.84 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 52 days.

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

Current Ratio Uptrend

LEVERAGE : EXCELLENT

LEVERAGE RATIO

Debt Ratio	0.17	Impressive	Industrial Average	0.45
Debt to Equity Ratio	0.20	Impressive	Industrial Average	0.81
Times Interest Earned	-		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 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 0.17 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 Uptrend

Times Interest Earned Stable

ACTIVITY : IMPRESSIVE

ACTIVITY RATIO

Fixed Assets Turnover	281.81	Impressive	Industrial Average	-
Total Assets Turnover	1.24	Acceptable	Industrial Average	1.90
Inventory Conversion Period	32.23
Inventory Turnover	11.32	Impressive	Industrial Average	6.06
Receivables Conversion Period	65.58
Receivables Turnover	5.57	Impressive	Industrial Average	4.24
Payables Conversion Period	46.33

The company's Account Receivable Ratio is calculated as 5.57 and 4.99 in 2012 and 2011 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 2012 increased from 2011. This would suggest the company had good performance 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 44 days at the end of 2011 to 32 days at the end of 2012. This represents a positive trend. And Inventory turnover has increased from 8.22 times in year 2011 to 11.32 times in year 2012.

The company's Total Asset Turnover is calculated as 1.24 times and 1.16 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 Stable

Total Assets Turnover Uptrend

Inventory Turnover Uptrend

Receivables Turnover Uptrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.95
UK Pound	1	Rs.101.37
Euro	1	Rs.84.89

INFORMATION DETAILS

Report Prepared by :

MNL

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.