MIRA INFORM REPORT

Report Date :

31.10.2014

IDENTIFICATION DETAILS

Name :	TT INTERBIZ CO., LTD.
Registered Office :	14^th Floor, Thairong Tower, 1350/238-239 Pattanakarn Road, Suanluang, Bangkok 10250
Country :	Thailand
Financials (as on) :	31.12.2013
Date of Incorporation :	08.02.2011
Com. Reg. No.:	0105554018431
Legal Form :	Private Limited Company
Line of Business :	Importer, Distributor and Exporter of Frozen Seafoods.
No. of Employees :	6

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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

TT INTERBIZ CO., LTD.

SUMMARY

BUSINESS ADDRESS : 14^th FLOOR, THAIRONG TOWER,

1350/238-239 PATTANAKARN ROAD,

SUANLUANG, BANGKOK 10250, THAILAND

TELEPHONE : [66] 086 668-1604, 081 632-6077

FAX : [66] 2713-7453

E-MAIL ADDRESS : ttinterbiz_05@truemail.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2011

REGISTRATION NO. : 0105554018431

TAX ID NO. : 3034325637

CAPITAL REGISTERED : BHT. 1,000,000

CAPITAL PAID-UP : BHT. 250,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. TEERATCH SUPHATTANAKUL, THAI

MANAGING DIRECTOR

NO. OF STAFF : 6

LINES OF BUSINESS : FROZEN SEAFOODS

IMPORTER, DISTRIBUTOR AND EXPORTER

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 February 8, 2011 as a private limited company under the registered name TT INTERBIZ CO., LTD., by Thai group, with the business objective to import, distribute and export various kinds of frozen seafood. It currently employs 6 staff.

The subject’s registered address is 14^th Floor, Thairong Tower, 1350/238-239

Pattanakarn Road, Suanluang, Bangkok 10250, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name		Nationality	Age
Mr. Teeratch Suphattanakul	[x]	Thai	33
Ms. Thipsuda Santikan	[x]	Thai	28
Mr. Pakpoom Santikarn		Thai	23
Mrs. Linda Santikarn		Thai	56
Mr. Pongpol Santikarn		Thai	56

AUTHORIZED PERSON

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

MANAGEMENT

Mr. Teeratch Suphattanakul is the Managing Director.

He is Thai nationality with the age of 33 years old.

BUSINESS OPERATIONS

The subject is engaged in importing, distributing and exporting various kinds of frozen seafood, such as fishes, crabs, octopus, squid, shrimps and etc.

PURCHASE

The products are purchased from suppliers both domestic and overseas, in Peru, U.S.A., India and the countries in Europe.

MAJOR SUPPLIERS

Vieira Peru S.A. : Peru

Pesquera Exalmar S.A. : Peru

SALES

The products are sold to customers both local and overseas, mainly in Hong Kong and

Japan.

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 the past two years.

CREDIT

None

BANKING

None

EMPLOYMENT

The subject currently employs 6 staff.

LOCATION DETAILS

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

COMMENT

Subject reported outstanding sales revenue in the year 2013. Export markets are the key performance indicator of its business, while local consumption is also strong from high end consumers.

FINANCIAL INFORMATION

The capital was registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each, with the capital paid-up at Bht. 250,000 or 10,000 shares of Bht. 25 each.

THE SHAREHOLDERS LISTED WERE : [as at April 30, 2014] at Bht. 250,000 of capitalization

NAME	HOLDING	%
Mr. Teeratch Suphattanakul Nationality: Thai Address : 1350/238-239 Pattanakarn Road, Suanluang, Bangkok	6,000	60.00
Ms. Chayada Suphattanakul Nationality: Thai Address : 19 Soi Ramkhamhaeng 10, Huamark, Bangkapi, Bangkok	2,000	20.00
Ms. Thipsuda Santikan Nationality: Thai Address : 1350/238-239 Pattanakarn Road, Suanluang, Bangkok	2,000	20.00

Total Shareholders: 3

Share Structure [as at April 30, 2014]

Nationality	Shareholders	No. of Share	% Shares
Thai	3	10,000	100.00
Foreign	-	-	-
Total	3	10,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Ms. Atchara Anuworakarn No. 8599

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	699,102.23	359,943.39	113,142.34
Other Current Assets	33,227.40	48,632.60	1,062.40
Total Current Assets	732,329.63	408,575.99	114,204.74
Loan to Director	17,550,000.00	6,100,000.00	150,000.00
Equipment	1,554,126.96	55,201.87	22,758.90
Other Non-current Assets	15,405.20	-	-
Total Assets	19,851,861.79	6,563,777.86	286,963.64

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2013	2012	2011
Trade Accounts & Other Payable	17,132,340.00	5,847,700.00	-
Accrued Income Tax	236,051.83	95,581.74	-
Other Current Liabilities	7,985.65	1,203.26	9,000.00
Total Current Liabilities	17,376,377.48	5,944,485.00	9,000.00
Total Liabilities	17,376,377.48	5,944,485.00	9,000.00
Shareholders' Equity
Share capital : Baht 100 par value Authorized & issued share capital 10,000 shares	1,000,000.00	1,000,000.00	1,000,000.00
Capital Paid	250,000.00	250,000.00	250,000.00
Retained Earning - Unappropriated [Deficit]	2,225,484.31	369,292.86	27,963.64
Total Shareholders' Equity	2,475,484.31	619,292.86	277,963.64
Total Liabilities & Shareholders' Equity	19,851,861.79	6,563,777.86	286,963.64

PROFIT & LOSS ACCOUNT

Revenue	2013	2012	Feb. 8, 2011 - Dec. 31, 2011
Sales	436,249,517.00	59,819,534.54	304,000.00
Service Income	1,494,148.65	494,760.00	19,008.17
Other Income	555,678.73	34,495.04	585.31
Total Revenues	438,299,344.38	60,348,789.58	323,593.48
Expenses
Cost of Goods Sold	426,111,615.92	52,535,514.97	265,600.00
Selling Expenses	8,172,783.00	6,475,895.90	-
Administrative Expenses	1,672,702.94	870,050.83	29,768.19
Other Expenses	-	24,041.92	261.65
Total Expenses	435,957,101.86	59,905,503.62	295,629.84
Profit / [Loss] before Income Tax	2,342,242.52	443,285.96	27,963.64
Income Tax	[486,051.07]	[101,956.74]	-
Net Profit / [Loss]	1,856,191.45	341,329.22	27,963.64

FINANCIAL ANALYSIS

ITEM	UNIT	2013	2012	2011
LIQUIDITY RATIO
CURRENT RATIO	TIMES	0.04	0.07	12.69
QUICK RATIO	TIMES	0.04	0.06	12.57
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	281.67	1,092.61	14.19
TOTAL ASSETS TURNOVER	TIMES	22.05	9.19	1.13
INVENTORY CONVERSION PERIOD	DAYS	-	-	-
INVENTORY TURNOVER	TIMES	-	-	-
RECEIVABLES CONVERSION PERIOD	DAYS	-	-	-
RECEIVABLES TURNOVER	TIMES	-	-	-
PAYABLES CONVERSION PERIOD	DAYS	14.68	40.63	-
CASH CONVERSION CYCLE	DAYS	(14.68)	(40.63)	-
PROFITABILITY RATIO
COST OF GOODS SOLD	%	97.34	87.10	82.23
SELLING & ADMINISTRATION	%	2.25	12.18	9.22
INTEREST	%	-	-	-
GROSS PROFIT MARGIN	%	2.78	12.95	17.95
NET PROFIT MARGIN BEFORE EX. ITEM	%	0.54	0.73	8.66
NET PROFIT MARGIN	%	0.42	0.57	8.66
RETURN ON EQUITY	%	74.98	55.12	10.06
RETURN ON ASSET	%	9.35	5.20	9.74
EARNING PER SHARE	BAHT	74.25	13.65	1.12
LEVERAGE RATIO
DEBT RATIO	TIMES	0.88	0.91	0.03
DEBT TO EQUITY RATIO	TIMES	7.02	9.60	0.03
TIME INTEREST EARNED	TIMES	-	-	-
ANNUAL GROWTH
SALES GROWTH	%	625.77	18,572.68
OPERATING PROFIT	%	428.38	1,485.22
NET PROFIT	%	443.81	1,120.62
FIXED ASSETS	%	2,715.35	142.55
TOTAL ASSETS	%	202.45	2,187.32

ANNUAL GROWTH: EXCELLENT

An annual sales growth is 625.77%. Turnover has increased from THB 60,314,294.54 in 2012 to THB 437,743,665.65 in 2013. While net profit has increased from THB 341,329.22 in 2012 to THB 1,856,191.45 in 2013. And total assets has increased from THB 6,563,777.86 in 2012 to THB 19,851,861.79 in 2013.

PROFITABILITY: IMPRESSIVE

PROFITABILITY RATIO

Gross Profit Margin	2.78	Deteriorated	Industrial Average	6.49
Net Profit Margin	0.42	Impressive	Industrial Average	(0.58)
Return on Assets	9.35	Impressive	Industrial Average	(1.37)
Return on Equity	74.98	Impressive	Industrial Average	(5.87)

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 2.78%. 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 0.42%, 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 9.35%, 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 74.98%, 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 : ACCEPTABLE

LIQUIDITY RATIO

Current Ratio	0.04	Risky	Industrial Average	1.04
Quick Ratio	0.04
Cash Conversion Cycle	(14.68)

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 0.04 times in 2013, decreased from 0.07 times, then the company may not be efficiently using its current assets. 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 0.04 times in 2013, decreased from 0.06 times, then the company has not enough current assets that presumably can be quickly converted to cash for pay financial obligations.

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 -15 days.

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

Current Ratio Uptrend

LEVERAGE: RISKY

LEVERAGE RATIO

Debt Ratio	0.88	Acceptable	Industrial Average	0.74
Debt to Equity Ratio	7.02	Risky	Industrial Average	2.83
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 higher the percentage means that the company is using less equity and has stronger leverage position.

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.88 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 Downtrend

Times Interest Earned Stable

ACTIVITY: EXCELLENT

ACTIVITY RATIO

Fixed Assets Turnover	281.67	Impressive	Industrial Average	-
Total Assets Turnover	22.05	Impressive	Industrial Average	2.36
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	3.81
Receivables Conversion Period	-
Receivables Turnover	-		Industrial Average	4.41
Payables Conversion Period	14.68

The company's Total Asset Turnover is calculated as 22.05 times and 9.19 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 Downtrend

Inventory Turnover Downtrend

Receivables Turnover Downtrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.21
Euro	1	Rs.77.45

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	NIT

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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