MIRA INFORM REPORT

Report No. :	303509
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	RABIA INTERNATIONAL LIMITED PARTNERSHIP
Registered Office :	112/48 Moo 11, Ramindra Road, Bangchan, Klongsamwa, Bangkok 10510
Country :	Thailand
Financials (as on) :	31.12.2012
Date of Incorporation :	27.02.2003
Com. Reg. No.:	0103546007033
Legal Form :	Limited Partnership
Line of Business :	Subject is engaged in importing and distributing various kinds of salt lamps enhance breathing and wellness naturally, such as natural salt lamp, ball salt lamp, pyramid salt lamp, egg salt lamp, dew & drop salt lamp, heart salt lamp, oval salt lamp, pot salt lamp, volcano salt lamp, fire bowl salt lamp
No. of Employee :	2

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

RABIA INTERNATIONAL LIMITED PARTNERSHIP

SUMMARY

BUSINESS ADDRESS : 112/48 MOO 11, RAMINDRA ROAD,

BANGCHAN, KLONGSAMWA,

BANGKOK 10510, THAILAND

TELEPHONE : [66] 2915-9114, 2906-4691, 089 692-1077,

089 764-4156, 081 622-2722

FAX : [66] 2915-9114, 2517-5311

E-MAIL ADDRESS : begamjee@gmail.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2003

REGISTRATION NO. : 0103546007033

TAX ID NO. : 3030842442

CAPITAL REGISTERED : BHT. 2,000,000

CAPITAL PAID-UP : BHT. 2,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : LIMITED PARTNERSHIP

EXECUTIVE : MS. ANJANA MAK, THAI

MANAGING PARTNER

NO. OF STAFF : 2

LINES OF BUSINESS : WELLNESS, HERBAL & NATURAL CARE

PRODUCTS

IMPORTER AND DISTRIBUTOR

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : FAIR WITH NORMAL BUSINESS ENGAGEMENT

MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE

HISTORY

The subject was established on February 27, 2003 as a limited partnership under the name style RABIA INTERNATIONAL LIMITED PARTNERSHIP by Thai partners, with the business objective to import and distribute various kinds of wellness, herbal and natural care products to domestic market. It currently employs 2 staff.

The subject’s registered address is 112/48 Moo 11, Ramindra Road, Bangchan, Klongsamwa, Bangkok 10510, and this is the subject’s current operation address.

AUTHORIZED PERSON

Ms. Anjana Mak signs on behalf of the subject with seal affixed. She also bears full financial responsibility by law.

MANAGEMENT

Ms. Anjana Mak is the Managing Partner.

She is Thai nationality with the age of 45 years old.

BUSINESS OPERATIONS

The subject is engaged in importing and distributing various kinds of salt lamps enhance breathing and
wellness naturally, such as natural salt lamp, ball salt lamp, pyramid salt lamp, egg salt lamp, dew & drop salt lamp, heart salt lamp, oval salt lamp, pot salt lamp, volcano salt lamp, fire bowl salt lamp, etc., as well as herbals and natural care products, such as Himalayan salt scrub, personal care, skin care, hair care, oral care, health care, food supplement and etc.

MAJOR BRANDS

“FRANCH”

PURCHASE

100% of the products is imported from Pakistan, India and Malaysia.

MAJOR SUPPLIER

Motherland Laboratories Pte. Ltd. : India

SALES

The products are sold locally by wholesale and retail to traders and end-users.

MAJOR CUSTOMER

Aka Wellness Shop

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 for the past two years.

CREDIT

Sales are by cash or on the credit term of 30-60 days.

Imports are by L/C at sight or T/T.

BANKING

Bangkok Bank Public Co., Ltd.

Krung Thai Bank Public Co., Ltd.

The Siam Commercial Bank Public Co., Ltd.

EMPLOYMENT

The subject currently employs 2 staff.

LOCATION DETAILS

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

COMMENT

The subject is an importer and distributor of wellness, herbal and natural care products. Since its establishment the company has low sales as well as growth remains slow.

FINANCIAL INFORMATION

The capital was registered at Bht. 2,000,000 which was carried by 2 persons as followed:

Name Age Amount

Ms. Anjana Mak 45 Bht. 1,500,000 [unlimited partner]

Ms. Malinee Mak 51 Bht. 500,000

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Mrs. Lawan Fokya No. 2929

BALANCE SHEET [BAHT]

The latest financial figures published as at December 31, 2013, 2012 & 2011 were:

ASSETS

Current Assets	2013	2012	2011
Cash and Cash Equivalents	374,829.53	242,479.45	256,769.47
Trade Accounts & Other Receivable	10.92	-	-
Other Current Assets	30,172.74	38,072.28	39,426.19
Total Current Assets	405,013.19	280,551.73	296,195.66
Fixed Assets	16,145.93	28,397.05	9,841.12
Total Assets	421,159.12	308,948.78	306,036.78

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2013	2012	2011
Other Current Liabilities	39,581.00	29,851.00	29,701.00
Total Current Liabilities	39,581.00	29,851.00	29,701.00
Long-term Loan from Related Person	5,175,047.04	4,395,047.04	3,664,842.73
Total Liabilities	5,214,628.04	4,424,898.04	3,694,543.73
Shareholders' Equity
Capital Paid	2,000,000.00	2,000,000.00	2,000,000.00
Retained Earning Unappropriated [Deficit]	[6,793,468.92]	[6,115,949.26]	[5,388,506.95]
Total Shareholders' Equity	[4,793,468.92]	[4,115,949.26]	[3,388,506.95]
Total Liabilities & Shareholders' Equity	421,159.12	308,948.78	306,036.78

PROFIT & LOSS ACCOUNT

Revenue	2013	2012	2011
Sales Income
Service Income	252,357.00	227,583.18	387,374.67
Other Income	1,092.07	734.75	1,325.10
Total Revenues	253,449.07	228,317.93	388,699.77
Expenses
Cost of Goods Sold	96,772.61	149,237.32	120,117.62
Selling Expenses	39,815.00	806,522.95	914,884.02
Administrative Expenses	794,381.12	-	-
Total Expenses	930,968.73	955,760.27	1,035,001.64
Net Profit / [Loss]	[677,519.66]	[727,442.34]	[646,301.87]
Retained Earning [Deficit], Beginning of Year	[6,115,949.26]	[5,388,506.92]	[4,742,205.05]
Retained Earning [Deficit], End of Year	[6,793,468.92]	[6,115,949.26]	[5,388,506.92]

FINANCIAL ANALYSIS

ITEM	UNIT	2013	2012	2011
LIQUIDITY RATIO
CURRENT RATIO	TIMES	10.23	9.40	9.97
QUICK RATIO	TIMES	9.47	8.12	8.65
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	15.63	8.01	39.36
TOTAL ASSETS TURNOVER	TIMES	0.60	0.74	1.27
INVENTORY CONVERSION PERIOD	DAYS	-	-	-
INVENTORY TURNOVER	TIMES	-	-	-
RECEIVABLES CONVERSION PERIOD	DAYS	0.02	-	-
RECEIVABLES TURNOVER	TIMES	23,109.62	-	-
PAYABLES CONVERSION PERIOD	DAYS	-	-	-
CASH CONVERSION CYCLE	DAYS	0.02	-	-
PROFITABILITY RATIO
COST OF GOODS SOLD	%	38.35	65.57	31.01
SELLING & ADMINISTRATION	%	330.56	354.39	236.18
INTEREST	%	-	-	-
GROSS PROFIT MARGIN	%	62.09	34.75	69.33
NET PROFIT MARGIN BEFORE EX. ITEM	%	(268.48)	(319.64)	(166.84)
NET PROFIT MARGIN	%	(268.48)	(319.64)	(166.84)
RETURN ON EQUITY	%	-	-	-
RETURN ON ASSET	%	(160.87)	(235.46)	(211.18)
EARNING PER SHARE	BAHT	(33.88)	(36.37)	(32.32)
LEVERAGE RATIO
DEBT RATIO	TIMES	12.38	14.32	12.07
DEBT TO EQUITY RATIO	TIMES	(1.09)	(1.08)	(1.09)
TIME INTEREST EARNED	TIMES	-	-	-
ANNUAL GROWTH
SALES GROWTH	%	10.89	(41.25)
OPERATING PROFIT	%	(6.86)	12.55
NET PROFIT	%	6.86	(12.55)
FIXED ASSETS	%	(43.14)	188.56
TOTAL ASSETS	%	36.32	0.95

ANNUAL GROWTH : SATISFACTORY

An annual sales growth is 10.89%. Turnover has increased from THB 227,583.18 in 2012 to THB 252,357.00 in 2013. While net profit has increased from THB -727,442.34 in 2012 to THB -677,519.66 in 2013. And total assets has increased from THB 308,948.78 in 2012 to THB 421,159.12 in 2013.

PROFITABILITY : ACCEPTABLE

PROFITABILITY RATIO

Gross Profit Margin	62.09	Impressive	Industrial Average	38.08
Net Profit Margin	(268.48)	Deteriorated	Industrial Average	1.94
Return on Assets	(160.87)	Deteriorated	Industrial Average	3.75
Return on Equity	-		Industrial Average	10.52

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 62.09%. 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 -268.48%. When compared with the industry average, the ratio of the company was lower.

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 -160.87%.

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

Return on Assets Uptrend

Return on Equity Uptrend

LIQUIDITY : EXCELLENT

LIQUIDITY RATIO

Current Ratio	10.23	Impressive	Industrial Average	1.60
Quick Ratio	9.47
Cash Conversion Cycle	0.02

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 10.23 times in 2013, increased from 9.4 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 9.47 times in 2013, increased from 8.12 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 1 day.

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

Current Ratio Uptrend

LEVERAGE : ACCEPTABLE

LEVERAGE RATIO

Debt Ratio	12.38	Risky	Industrial Average	0.63
Debt to Equity Ratio	(1.09)	Satisfactory	Industrial Average	1.68
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 12.38 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 : SATISFACTORY

ACTIVITY RATIO

Fixed Assets Turnover	15.63	Impressive	Industrial Average	-
Total Assets Turnover	0.60	Deteriorated	Industrial Average	1.93
Inventory Conversion Period	-
Inventory Turnover	-		Industrial Average	4.09
Receivables Conversion Period	0.02
Receivables Turnover	23,109.62	Impressive	Industrial Average	3.08
Payables Conversion Period	-

The company's Account Receivable Ratio is calculated as 23,109.62 and 0.00 in 2013 and 2012 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 2013 increased from 2012. This would suggest the company had good performance in the management of its debt collections.

The company's Total Asset Turnover is calculated as 0.6 times and 0.74 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 Uptrend

Receivables Turnover Downtrend

Key Areas	Score	Weight	Weighted Score
LIQUIDITY RATIO	4.00	25.00	100.00
ACTIVITY RATIO	2.67	20.00	53.40
PROFITABILITY RATIO	1.00	25.00	25.00
LEVERAGE RATIO	1.33	10.00	13.30
ANNUAL GROWTH	2.40	20.00	48.00
Total Weight (excluding - - Score)		100.00
			239.70

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.