MIRA INFORM REPORT

Report No. :	356266
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	THAI CHILLIPEANUT TRADER CO., LTD.
Registered Office :	32/956-957 Moo 9, Phaholyothin Road, T. Klongnueng, A. Klongluang, Pathumthani 12120
Country :	Thailand
Financials (as on) :	31.12.2014
Date of Incorporation :	14.12.2009
Com. Reg. No.:	0105552133225
Legal Form :	Private Limited Company
Line of Business :	Subject is engaged in importing and distributing various kinds of agricultural products, such as dry chili, bean, peanut, sesame, garlic, onion, shallots
No. of Employee :	3

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 :	Slow but correct
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'etat, 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

THAI CHILLIPEANUT TRADER CO., LTD.

SUMMARY

BUSINESS ADDRESS : 32/956-957 MOO 9, PHAHOLYOTHIN ROAD,

T. KLONGNUENG, A. KLONGLUANG,

PATHUMTHANI 12120, THAILAND

TELEPHONE : [66] 081 658-5995

FAX : [66] 2908-4191

E-MAIL ADDRESS : -

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2009

REGISTRATION NO. : 0105552133225

TAX ID NO. : 3033729573

CAPITAL REGISTERED : BHT. 5,000,000

CAPITAL PAID-UP : BHT. 5,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MRS. PAPASSARA NATSUMPATHA, THAI

MANAGING DIRECTOR

NO. OF STAFF : 3

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 December 14, 2009 as a private limited company under the registered name THAI CHILLIPEANUT TRADER CO., LTD. by Thai groups. Its business objective is to distribute various kinds of agriculture products. It currently employs 3 staff.

The subject’s registered address was initially at 32/1013 Phaholyothin Rd., T. Klongnueng, A. Klongluang, Pathumthani 12120.

On May 12, 2015, the registered address was relocated to 32/956-957 Moo 9,

Phaholyothin Rd., T. Klongnueng, A. Klongluang, Pathumthani 12120, and this is the

subject’s current operation address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mrs. Papassara Natsumpatha	Thai	49
Ms. Wilaiporn Nawakunkanjanaphat	Thai	38
Ms. Angun Boontos	Thai	30

AUTHORIZED PERSON

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

MANAGEMENT

Mrs. Papassara Natsumpatha is the Managing Director.

She is Thai nationality with the age of 49 years old.

BUSINESS OPERATIONS

The subject is engaged in importing and distributing various kinds of agricultural products, such as dry chili, bean, peanut, sesame, garlic, onion, shallots and etc.

PURCHASE

The products are purchased from suppliers both domestic and overseas, mainly in Republic of China, Vietnam, Myanmar, India and Malaysia.

SALES

100% of the products is sold locally to wholesalers, retailers 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 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 employs 3 staff.

LOCATION DETAILS

The premise is owned for administrative office and shop at the heading address. Premise is located in the wholesale fresh market named THAI MARKET.

COMMENT

Subject is an importer and distributor of agricultural products. Consumption of the products remains strong, while there are not enough local products, therefore import from overseas would surge demand from local consumption.

Despite market slowdown, subject is able to maintain an active business.

FINANCIAL INFORMATION

The capital was registered at Bht. 5,000,000 divided into 50,000 shares of Bht. 100 each with fully paid.

THE SHAREHOLDERS LISTED WERE

[as at April 30, 2015]

NAME	HOLDING	%
Ms. Wilaiporn Nawakunkanjanaphat Nationality: Thai Address : 59 Puthacharoen Rd., T. Mukdaharn, A. Muang, Mukdaharn	20,000	40.00
Ms. Angun Boontos Nationality: Thai Address : 59 Budhacharoen Rd., T. Mukdaharn, A. Muang, Mukdaharn	15,000	30.00
Mrs. Papassara Natsumpatha Nationality: Thai Address : 32/1013 Phaholyothin Rd., T. Klongnueng, A. Klongluang, Pathumthani	15,000	30.00

Total Shareholders : 3

Share Structure [as at April 30, 2015]

Nationality	Shareholders	No. of Share	% Shares
Thai	3	50,000	100.00
Foreign	-	-	-
Total	3	50,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Mr. Dolapa Lapphonolarn No. 8433

BALANCE SHEET [BAHT]

The latest financial figures published as at December 31, 2014, 2013 & 2012 were:

ASSETS

Current Assets	2014	2013	2012
Cash and Cash Equivalents	17,442,071.95	4,619,963.57	6,726,106.52
Deposit Goods	1,916,342.49	20,480,010.06	-
Short-term Loans	-	6,700,000.00	-
Inventories	3,652,551.53	-	-
Other Current Assets	14,000.00	-	1,508,684.76
Total Current Assets	23,024,965.97	31,799,973.63	8,234,791.28
Fixed Assets	208,844.24	396,941.14	585,038.04
Total Assets	23,233,810.21	32,196,914.77	8,819,829.32

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2014	2013	2012
Short-term Loans from Financial Institutions	-	20,000,000.00	-
Trade Accounts & Other Payable	-	739,685.00	-
Other Current Liabilities	264,804.93	483,847.00	81,770.52
Total Current Liabilities	264,804.93	21,223,532.00	81,770.52
Long-term Loans	10,000,000.00	-	-
Total Liabilities	10,264,804.93	21,223,532.00	81,770.52
Shareholders' Equity
Share capital : Baht 100 par value authorized, issued and fully paid share capital 50,000 shares	5,000,000.00	5,000,000.00	5,000,000.00
Capital Paid	5,000,000.00	5,000,000.00	5,000,000.00
Retained Earnings - Unappropriated	7,969,005.28	5,973,382.76	3,738,058.80
Total Shareholders' Equity	12,969,005.28	10,973,382.76	8,738,058.80
Total Liabilities & Shareholders' Equity	23,233,810.21	32,196,914.77	8,819,829.32

PROFIT & LOSS ACCOUNT

Revenue	2014	2013	2012
Sales and Services Income	299,350,126.50	416,261,359.50	208,380,074.30
Other Income	1,202,000.87	1,176,581.85	1,582,012.66
Total Revenues	300,552,127.37	417,437,941.35	209,962,086.96
Expenses
Cost of Goods Sold and Services	296,176,014.85	412,758,235.88	207,233,393.45
Selling and Administrative Expenses	1,699,193.83	1,486,494.94	1,660,078.52
Total Expenses	297,875,208.68	414,244,730.82	208,893,471.97
Profit /[Loss] before Financial Cost & Income Tax	2,676,918.69	3,193,210.53	1,068,614.99
Financial Costs	[169,315.07]	[397,380.13]	[274,917.27]
Profit / [Loss] before Income Tax	2,507,603.62	2,795,830.40	793,697.75
Income Tax	[511,981.10]	[560,506.43]	[182,550.48]
Net Profit / [Loss]	1,995,622.52	2,235,323.97	611,147.27

FINANCIAL ANALYSIS

ITEM	UNIT	2014	2013	2012
LIQUIDITY RATIO
CURRENT RATIO	TIMES	86.95	1.50	100.71
QUICK RATIO	TIMES	73.10	1.50	82.26
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	1,433.37	1,048.67	356.18
TOTAL ASSETS TURNOVER	TIMES	12.88	12.93	23.63
INVENTORY CONVERSION PERIOD	DAYS	4.50	-	-
INVENTORY TURNOVER	TIMES	81.09	-	-
RECEIVABLES CONVERSION PERIOD	DAYS	-	-	-
RECEIVABLES TURNOVER	TIMES	-	-	-
PAYABLES CONVERSION PERIOD	DAYS	-	0.65	-
CASH CONVERSION CYCLE	DAYS	4.50	(0.65)	-
PROFITABILITY RATIO
COST OF GOODS SOLD	%	98.94	99.16	99.45
SELLING & ADMINISTRATION	%	0.57	0.36	0.80
INTEREST	%	0.06	0.10	0.13
GROSS PROFIT MARGIN	%	1.46	1.12	1.31
NET PROFIT MARGIN BEFORE EX. ITEM	%	0.89	0.77	0.51
NET PROFIT MARGIN	%	0.67	0.54	0.29
RETURN ON EQUITY	%	15.39	20.37	6.99
RETURN ON ASSET	%	8.59	6.94	6.93
EARNING PER SHARE	BAHT	39.91	44.71	12.22
LEVERAGE RATIO
DEBT RATIO	TIMES	0.44	0.66	0.01
DEBT TO EQUITY RATIO	TIMES	0.79	1.93	0.01
TIME INTEREST EARNED	TIMES	15.81	8.04	3.89
ANNUAL GROWTH
SALES GROWTH	%	(28.09)	99.76
OPERATING PROFIT	%	(16.17)	198.82
NET PROFIT	%	(10.72)	265.76
FIXED ASSETS	%	(47.39)	(32.15)
TOTAL ASSETS	%	(27.84)	265.05

ANNUAL GROWTH : RISKY

An annual sales growth is -28.09%. Turnover has decreased from THB 416,261,359.50 in 2013 to THB 299,350,126.50 in 2014. While net profit has decreased from THB 2,235,323.97 in 2013 to THB 1,995,622.52 in 2014. And total assets has decreased from THB 32,196,914.77 in 2013 to THB 23,233,810.21 in 2014.

PROFITABILITY : EXCELLENT

PROFITABILITY RATIO

Gross Profit Margin	1.46	Impressive	Industrial Average	0.98
Net Profit Margin	0.67	Impressive	Industrial Average	0.62
Return on Assets	8.59	Impressive	Industrial Average	1.46
Return on Equity	15.39	Impressive	Industrial Average	8.46

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 1.46%. 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 0.67%, 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 8.59%, 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 15.39%, 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 Uptrend

Return on Equity Downtrend

LIQUIDITY : EXCELLENT

LIQUIDITY RATIO

Current Ratio	86.95	Impressive	Industrial Average	0.94
Quick Ratio	73.10
Cash Conversion Cycle	4.50

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 86.95 times in 2014, increased from 1.5 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 73.1 times in 2014, increased from 1.5 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 5 days.

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

Current Ratio Uptrend

LEVERAGE : EXCELLENT

LEVERAGE RATIO

Debt Ratio	0.44	Impressive	Industrial Average	0.83
Debt to Equity Ratio	0.79	Impressive	Industrial Average	4.87
Times Interest Earned	15.81	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 lower the percentage means that the company is using less leverage and has a stronger equity position.

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 15.82 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 0.44 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 Downtrend

Times Interest Earned Stable

ACTIVITY : EXCELLENT

ACTIVITY RATIO

Fixed Assets Turnover	1,433.37	Impressive	Industrial Average	-
Total Assets Turnover	12.88	Impressive	Industrial Average	2.38
Inventory Conversion Period	4.50
Inventory Turnover	81.09	Impressive	Industrial Average	2.91
Receivables Conversion Period	-
Receivables Turnover	-		Industrial Average	2.50
Payables Conversion Period	-

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 increased from 0 days at the end of 2013 to 5 days at the end of 2014. This represents a negative trend. And Inventory turnover has increased from 0 times in year 2013 to 81.09 times in year 2014.

The company's Total Asset Turnover is calculated as 12.88 times and 12.93 times in 2014 and 2013 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 Uptrend

Receivables Turnover Downtrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
BHT	1	Rs.1.83

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN
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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