MIRA INFORM REPORT

Report Date :

02.09.2014

IDENTIFICATION DETAILS

Name :	MAX DATA CO., LTD.
Registered Office :	218 Moo 3, Laemchabang Industrial Estate, T. Tungsukhla, A. Sriracha, Chonburi 20230
Country :	Thailand
Financials (as on) :	31.12.2013
Date of Incorporation :	12.09.2013
Com. Reg. No.:	0205556029979
Legal Form :	Private Limited Company
Line of Business :	Subject is engaged in distributing of computer set and peripherals, such as hard disk drives, ram, power supplies, mouse, keyboard, speakers, UPS, flash drive
No of Employees :	02

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
Payment Behaviour :	Unknown
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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Thailand	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

MAX DATA CO., LTD.

SUMMARY

BUSINESS ADDRESS : 218 MOO 3, LAEMCHABANG INDUSTRIAL ESTATE,

T. TUNGSUKHLA, A. SRIRACHA, CHONBURI 20230,

THAILAND

TELEPHONE : [66] 38 401-570, 086 342-2417

FAX : [66] 38 401-565

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2013

REGISTRATION NO. : 0205556029979

TAX ID NO. : 3036083047

CAPITAL REGISTERED : BHT. 1,000,000

CAPITAL PAID-UP : BHT. 1,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. KAWIN MUTCHIMO, THAI

MANAGING DIRECTOR

NO. OF STAFF : 2

LINES OF BUSINESS : COMPUTERS AND PERIPHERALS

DISTRIBUTOR AND SERVICE PROVIDER

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : -

MANAGEMENT STANDARD : -

HISTORY

The subject was established on September 12, 2013 as a private limited company under the registered name MAX DATA CO., LTD., by Thai groups, with the business objective to supply products and service for computers and network systems. It currently employs 2 staff.

The subject’s registered address was initially at 219/1 Moo 3, T. Tungsukhla, A. Sriracha, Chonburi 20230.

On April 11, 2014, its registered address was relocated to 218 Moo 3, Laemchabang Industrial Estate, T. Tungsukhla, A. Sriracha, Chonburi 20230, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mr. Kawin Mutchimo	Thai	35

AUTHORIZED PERSON

The above director signs on behalf of the subject with company’s affixed.

MANAGEMENT

Mr. Kawin Mutchimo is the Managing Director.

He is Thai nationality with the age of 35 years old.

BUSINESS OPERATIONS

The subject’s core business is engaged in distributing of computer set and peripherals, such as hard disk drives, ram, power supplies, mouse, keyboard, speakers, UPS, flash drive, under various brands e.g. “ACER”, “ASUS”, “LENOVO”, “KINGSTON”, “SANDISK” and etc.

The subject also provides computer assembling and repairing, as well as computer programming and network system design services.

PURCHASE

100% of the products is purchased from local suppliers.

SALES

100% of the products and services are for customers of both individual and industrial plants in Laem Chabang Industrial Estate area.

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

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.

BANKING

The banker’s name was not disclosed.

EMPLOYMENT

The subject currently employs 2 staff.

LOCATION DETAILS

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

COMMENT

The subject was established in September 2013. As of December 31, 2013 the subject reported no income from sales. Its operation has been started in the year 2014, however with no financial information, any business engagement should be on secured basis only.

FINANCIAL INFORMATION

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

THE SHAREHOLDERS LISTED WERE

[as at April 30, 2014]

NAME	HOLDING	%
Mr. Kawin Mutchimo Nationality: Thai Address : 146/6 Moo 4, T. Bangphra, A. Sriracha, Chonburi	9,800	98.00
Ms. Anongwan Uthailert Nationality: Thai Address : 78 Moo 2, T. Takiantia, A. Banglamung, Chonburi	100	1.00
Ms. Prathumma Nuathong Nationality: Thai Address : 77/25 Moo 6, T. Naklua, A. Banglamung, Chonburi	100	1.00

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. :

Mrs. Sujijit Thamchote No. 10841

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2013 was :

ASSETS

Current Assets	2013
Cash and Cash Equivalents	379,882.07
Short-term Loans	310,000.00
Inventories	20,026,950.00
Other Current Assets	1,593,886.50
Total Current Assets	22,310,718.57
Total Assets	22,310,718.57

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2013
Trade Account & Other Payable	21,552,788.50
Total Current Liabilities	21,552,788.50
Total Liabilities	21,552,788.50
Shareholders' Equity
Share capital : Baht 100 value authorized, issued and fully paid share capital 10,000 shares	1,000,000.00
Capital Paid	1,000,000.00
Retained Earning - Unappropriated [Deficit]	[242,069.93]
Total Shareholders' Equity	757,930.07
Total Liabilities & Shareholders' Equity	22,310,718.57

PROFIT & LOSS ACCOUNT

Revenue	Sept. 12, 2013 – Dec. 31, 2012
Other Income	16.07
Total Revenues	16.07
Expenses
Cost of Goods Sold	242,086.00
Total Expenses	242,086.00
Net Profit / [Loss]	[242,069.93]

FINANCIAL ANALYSIS

ITEM	UNIT	2013
LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.04
QUICK RATIO	TIMES	0.03
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	-
TOTAL ASSETS TURNOVER	TIMES	-
INVENTORY CONVERSION PERIOD	DAYS	30,195.21
INVENTORY TURNOVER	TIMES	0.01
RECEIVABLES CONVERSION PERIOD	DAYS	-
RECEIVABLES TURNOVER	TIMES	-
PAYABLES CONVERSION PERIOD	DAYS	32,495.76
CASH CONVERSION CYCLE	DAYS	(2,300.55)
PROFITABILITY RATIO
COST OF GOODS SOLD	%	-
SELLING & ADMINISTRATION	%	-
INTEREST	%	-
GROSS PROFIT MARGIN	%	-
NET PROFIT MARGIN BEFORE EX. ITEM	%	-
NET PROFIT MARGIN	%	-
RETURN ON EQUITY	%	(31.94)
RETURN ON ASSET	%	(1.08)
EARNING PER SHARE	BAHT	(24.21)
LEVERAGE RATIO
DEBT RATIO	TIMES	0.97
DEBT TO EQUITY RATIO	TIMES	28.44
TIME INTEREST EARNED	TIMES	-

PROFITABILITY : RISKY

PROFITABILITY RATIO

Gross Profit Margin	-		Industrial Average	20.61
Net Profit Margin	-		Industrial Average	1.72
Return on Assets	(1.08)	Deteriorated	Industrial Average	3.58
Return on Equity	(31.94)	Deteriorated	Industrial Average	7.55

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. When compared with the industry average, it was lower, the company's figure is -1.08%.

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. When compared with the industry average, it was lower, the company's figure is -31.94%.

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	1.04	Acceptable	Industrial Average	1.68
Quick Ratio	0.03
Cash Conversion Cycle	(2,300.55)

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 1.04 times in 2013, 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 0.03 times in 2013, 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 -2301 days.

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

Current Ratio Uptrend

LEVERAGE : RISKY

LEVERAGE RATIO

Debt Ratio	0.97	Acceptable	Industrial Average	0.69
Debt to Equity Ratio	28.44	Risky	Industrial Average	1.49
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 0.97 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 : RISKY

ACTIVITY RATIO

Fixed Assets Turnover	-		Industrial Average	-
Total Assets Turnover	-		Industrial Average	2.71
Inventory Conversion Period	30,195.21
Inventory Turnover	0.01	Deteriorated	Industrial Average	14.85
Receivables Conversion Period	-
Receivables Turnover	-		Industrial Average	6.98
Payables Conversion Period	32,495.76

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 is 30,195 days at the end of 2013. This represents a negative trend.

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.60.47
UK Pound	1	Rs.100.43
Euro	1	Rs.79.40

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SMN

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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