MIRA INFORM REPORT

Report No. :	336622
Report Date :	18.08.2015

IDENTIFICATION DETAILS

Name :	NAMETI IMPORT CO., LTD.
Registered Office :	23/8 Moo 13, T. Klongsong, A. Klongluang, Pathumthani 12120,
Country :	Thailand
Financials (as on) :	31.12.2013
Date of Incorporation :	28.03.2013
Com. Reg. No.:	0135556006937
Legal Form :	Private Limited Company
Line of Business :	Subject is engaged in importing and distributing various kinds of fresh fruits, vegetables, as well as fresh and dried agricultural products such as onion, peanut, garlic, corn, jasmine rice and, mainly supply to foods and restaurant business.
No. of Employee :	4

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small company
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Thailand	B1	A2

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, and generally pro-investment policies Thailand has historically had a strong economy due in part to competitive industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 2-4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.

Source : CIA

Company name

NAMETI IMPORT CO., LTD.

SUMMARY

BUSINESS ADDRESS : 23/8 MOO 13, T. KLONGSONG, A. KLONGLUANG,

PATHUMTHANI 12120, THAILAND

TELEPHONE : [66] 2198-3102-3

FAX : [66] 2198-3102

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2013

REGISTRATION NO. : 0135556006937

TAX ID NO. : -

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. KITTIPONG CHAIYA, THAI

MANAGING DIRECTOR

NO. OF STAFF : 4

LINES OF BUSINESS : AGRICULTURAL PRODUCTS

IMPORTER AND DISTRIBUTOR

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : GOOD WITH NORMAL BUSINESS ENGAGEMENT

MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE

HISTORY

The subject was established on March 28, 2013 as a private limited company under the registered name NAMETI IMPORT CO., LTD., by Thai group, with the business objective to import and distribute various kinds of agricultural products. It currently employs 4 staff.

The subject’s registered address is 23/8 Moo 13, T. Klongsong, A. Klongluang,

Pathumthani 12120, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mr. Kittipong Chaiya	Thai	31
Mrs. Buppha Chaiya	Thai	50

AUTHORIZED PERSON

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

MANAGEMENT

Mr. Kittipong Chaiya is the Managing Director.

He is Thai nationality with the age of 31 years old.

BUSINESS OPERATIONS

The subject is engaged in importing and distributing various kinds of fresh fruits, vegetables, as well as fresh and dried agricultural products such as onion, peanut, garlic, corn, jasmine rice and etc., mainly supply to foods and restaurant business.

PURCHASE

The products are purchased from suppliers both domestic and overseas in Republic of China, India and New Zealand.

SALES

100% of the products is sold locally by wholesale to end-users.

SUBSIDIARY AND FFILIATED 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.

Imports are by T/T.

BANKING

Bangkok Bank Public Co., Ltd.

EMPLOYMENT

The subject currently employs 4 staff.

LOCATION DETAILS

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

COMMENT

The subject was established in March 2013. Its sales for the first year of its operation were moderate. The subject’s business performance in the year 2014 was also moderately grown.

FINANCIAL INFORMATION

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

THE SHAREHOLDERS LISTED WERE

[as at April 30, 2014]

NAME	HOLDING	%
Mr. Kittipong Chaiya Nationality: Thai Address : 23/8 Moo 13, T. Klongsong, A. Klongluang, Pathumthani	997	99.70
Mrs. Buppha Chaiya Nationality: Thai Address : 13/1 Moo 3, T. Banhae, A. Muang, Angthong	1	0.10
Mr. Surasak Wattanavareekul Nationality: Thai Address : 135/18 Moo 21, T. Lamlukka, A. Lamlukka, Pathumthani	1	0.10
Ms. Thanyapat Siriamornkiat Nationality: Thai Address : 88/44 Moo 6, T. Klongnueng, A. Klongluang, Pathumthani	1	0.10

Total Shareholders : 4

Share Structure [as at April 30, 2014]

Nationality	Shareholders	No. of Share	% Shares
Thai	4	1,000	100.00
Foreign	-	-	-
Total	4	1,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Ms. Pojaman Sutthipongvarakul No. 9218

Note:

The 2014 financial statement has not yet been submitted to the Commercial Registration Department.

BALANCE SHEET [BAHT]

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

ASSETS

Current Assets	2013
Cash and Cash Equivalents	1,694,217.39
Total Current Assets	1,694,217.39
Total Assets	1,694,217.39

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2013
Accrued Expenses	308,000.00
Other Current Liabilities	12,932.61
Total Current Liabilities	320,932.61
Total Liabilities	320,932.61
Shareholders' Equity
Share capital : Baht 1,000 value authorized and issued share capital 1,000 shares	1,000,000.00
Capital Paid	1,000,000.00
Retained Earning - Unappropriated	373,284.78
Total Shareholders' Equity	1,373,284.78
Total Liabilities & Shareholders' Equity	1,694,217.39

PROFIT & LOSS ACCOUNT

Revenue	Mar. 28, 2013 - Dec. 31, 2013
Sales Income	14,150,000.00
Total Revenues	14,150,000.00
Expenses
Cost of Goods Sold	13,455,782.61
Selling Expenses	273,000.00
Administrative Expenses	35,000.00
Total Expenses	13,763,782.61
Profit / [Loss] before Income Tax	386,217.39
Income Tax	[12,932.61]
Net Profit / [Loss]	373,284.78

FINANCIAL ANALYSIS

ITEM	UNIT	2013
LIQUIDITY RATIO
CURRENT RATIO	TIMES	5.28
QUICK RATIO	TIMES	5.28
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	-
TOTAL ASSETS TURNOVER	TIMES	8.35
INVENTORY CONVERSION PERIOD	DAYS	-
INVENTORY TURNOVER	TIMES	-
RECEIVABLES CONVERSION PERIOD	DAYS	-
RECEIVABLES TURNOVER	TIMES	-
PAYABLES CONVERSION PERIOD	DAYS	-
CASH CONVERSION CYCLE	DAYS	-
PROFITABILITY RATIO
COST OF GOODS SOLD	%	95.09
SELLING & ADMINISTRATION	%	2.18
INTEREST	%	-
GROSS PROFIT MARGIN	%	4.91
NET PROFIT MARGIN BEFORE EX. ITEM	%	2.73
NET PROFIT MARGIN	%	2.64
RETURN ON EQUITY	%	27.18
RETURN ON ASSET	%	22.03
EARNING PER SHARE	BAHT	373.28
LEVERAGE RATIO
DEBT RATIO	TIMES	0.19
DEBT TO EQUITY RATIO	TIMES	0.23
TIME INTEREST EARNED	TIMES	-

PROFITABILITY : IMPRESSIVE

PROFITABILITY RATIO

Gross Profit Margin	4.91	Satisfactory	Industrial Average	5.96
Net Profit Margin	2.64	Impressive	Industrial Average	1.15
Return on Assets	22.03	Impressive	Industrial Average	2.98
Return on Equity	27.18	Impressive	Industrial Average	7.92

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 4.91%. 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. Net Profit Margin ratio is 2.64%, 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 22.03%, 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 27.18%, 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 Stable

Return on Equity Stable

LIQUIDITY : SATISFACTORY

LIQUIDITY RATIO

Current Ratio	5.28	Impressive	Industrial Average	1.58
Quick Ratio	5.28
Cash Conversion Cycle	-

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 5.28 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 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 5.28 times in 2013, although excluding inventory so the company still have good short-term financial strength.

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

Current Ratio Stable

LEVERAGE : EXCELLENT

LEVERAGE RATIO

Debt Ratio	0.19	Impressive	Industrial Average	0.61
Debt to Equity Ratio	0.23	Impressive	Industrial Average	1.52
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 0.19 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 Stable

Times Interest Earned Stable

ACTIVITY : EXCELLENT

ACTIVITY RATIO

Fixed Assets Turnover	-		Industrial Average	-
Total Assets Turnover	8.35	Impressive	Industrial Average	2.60
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	11.20
Receivables Conversion Period	-
Receivables Turnover	-		Industrial Average	4.68
Payables Conversion Period	-

The company's Total Asset Turnover is calculated as 8.35 times in 2013. 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 Stable

Inventory Turnover Stable

Receivables Turnover Stable

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ANK

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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