MIRA INFORM REPORT

Report No. :	350049
Report Date :	20.11.2015

IDENTIFICATION DETAILS

Name :	THE THAI SILK CO., LTD.
Registered Office :	96 Soi Pungmee 29, Sukhumvit 93 Road Bangchak, Phrakanong, Bangkok 10260
Country :	Thailand
Financials (as on) :	31.12.2014
Date of Incorporation :	01.02.1951
Com. Reg. No.:	0105494000264
Legal Form :	Private Limited Company
Line of Business :	The subject’s core business is engaged in 3 main groups as follows: Exporting and distributing all kinds of silk products Operating a restaurant and bar Banquet hall service
No. of Employee :	1,390

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

THE THAI SILK CO., LTD.

[JIM THOMPSON SHOP]

SUMMARY

BUSINESS ADDRESS : 96 SOI PUNGMEE 29, SUKHUMVIT 93 ROAD,

BANGCHAK, PHRAKANONG,

BANGKOK 10260, THAILAND

TELEPHONE : [66] 2762-2600

FAX : [66] 2762-2609

E-MAIL ADDRESS : office@jimthompson.com

executive@jimthompson.com

jtinternational@jimthompson.com

REGISTRATION ADDRESS : 9 SURAWONGSE ROAD,

SURIYAWONGSE, BANGRAK,

BANGKOK 10500, THAILAND

ESTABLISHED : 1951

REGISTRATION NO. : 0105494000264

TAX ID NO. : 3101065657

CAPITAL REGISTERED : BHT. 200,000,000

CAPITAL PAID-UP : BHT. 200,000,000

SHAREHOLDER’S PROPORTION : THAI : 70.98%

FOREIGN : 29.02%

FISCALYEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. VUDTHI NATTHAMETHIKUL, THAI

MANAGING DIRECTOR

NO. OF STAFF : 1,390

LINES OF BUSINESS : THAI SILK PRODUCTS

DISTRIBUTOR AND BUSINESS OPERATOR

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 February 1, 1951 as a private limited company under the registered name THE THAI SILK CO., LTD., with the business objective to engage in Thai Silk fabrics and related products, under the well known name JIM THOMSON THAI SILK, as well as operating bar & restaurant, including banquet hall service. Subject currently employs approximately 1,390 staff.

The subject was born after Mr. Thompson, a former architect, arrived in Thailand as an agent with the U.S. Office of Strategic Services [which later became the Central Intelligence Agency] just before the end of World War II. An avid art collector and aesthete, he decided to make the country his home. He discovered Thailand’s dying art of silk weaving and sought to revive it. He discovered a small tribe of craftsman who were still weaving by hand and taught them how to use bright Western dyes and designs. He shot to world fame when his silks were used for the costumes in the Hollywood version of “The King and I”, then the subject quickly expanded. In 1968, after opening his first big store in Bangkok, he went into the Malaysian jungle for a vacation and disappeared. Police has never found any clues to his disappearance.

At present, there are 1 main shop and 49 retail shops nationwide.

The subject’s registered address and flagship store are 9 Surawongse Rd., Suriyawongse, Bangrak, Bangkok 10500, while the subject’s current headquarter address is at 96 Soi Pungmee 29, Sukhumvit 93 Rd., Bangchak, Phrakanong, Bangkok 10260.

THE BOARD OF DIRECTORS

Name		Nationality	Age
Mr. Vudthi Natthamethikul	[x]	Thai	67
[Former : Mr. William M. Booth]
Mr. Pongsak Assakul		Thai	-
Lady Ornsri Wangviwat		Thai	83
Mr. Surin Supasawatphan		Thai	78
Mr. Pichet Buranasathitporn		Thai	65
Mr. Pawaphan Bunnag Booth		Thai	46
Mr. Patrick Kevin Booth		American	60
ML. Chayothit Krisadakorn		Thai	47
Mr. Anake Srisanit		Thai	69

Note: Mr. William M. Booth changed his name to Mr. Vudthi Natthamethikul.

AUTHORIZED PERSON

The mentioned director [x] can jointly sign with any of the rest directors on behalf of the subject with company’s affixed.

MANAGEMENT

Mr. Vudthi Natthamethikul is the Managing Director.

He is Thai nationality with the age of 67 years old.

Mr. Pichet Buranasathitporn is the Deputy Managing Director.

He is Thai nationality with the age of 65 years old.

Mr. Surin Supasawatphan is the Deputy Managing Director.

He is Thai nationality with the age of 78 years old.

Mr. Patrick Kevin Booth is the Project Development Director.

He is American nationality with the age of 60 years old.

Mrs. Ajcharee Lee is the Sales & Marketing Director.

She is Thai nationality.

Mr. Chonlatorn Lowichakorntikul is the International Restaurant Manager.

He is Thai nationality.

Ms. Wanpen Apakiatikul is the Human Resources Director.

She is Thai nationality.

BUSINESS OPERATIONS

The subject’s core business is engaged in 3 main groups as follows:

1. Exporting and distributing all kinds of silk products under the brand name

“JIM THOMPSON” as the followings:

- Silk fabrics, plain and printed for fashion

- Silk fabrics, plain and printed for furnishings

- Ready-to-wear silk and cotton garments

- Cushions [silk and cotton printed]

- Scarves, neckties and other ready goods in silk

- Cotton fabrics, plain and printed for fashion

- Heavyweight cotton, plain and printed for furnishings

2. Operating a restaurant and bar which currently has 5 branches, located both in

Thailand and overseas as follows:

- “JIM THOMPSON RESTAURANT”, Demsey Hill, Singapore

- “CAFÉ’9”, on Surawong Rd., Suriyawong, Bangrak, Bangkok

- “JIM THOMPSON’S TABLE GINZA MARRONNIER”, Japan

- “JIM THOMPSON’S AKASAKA BIZ TOWER”, Japan

- “JIM THOMPSON’S TOKYO”, Japan

3. Banquet hall service namely “THE AYARA HALL”, is suitable for a wide range

of activities, e.g. private luncheons and dinners, corporate functions, meeting, fashion shows, wedding ceremonies, and press conference. Tradition Thai entertainment can be arranged on request. Ayara Hall is around 167 square meters, including bar on 90 square meters of area.

Capacity : Cocktail Function [approximately 70-80 persons]

Buffet Function [approximately 60 persons]

Thai Set Function [approximately 40 persons]

Theatre Style Meeting [approximately 60-80 persons]

Classroom Style Meeting [approximately 20-40 persons]

The hall is located at 6/1 Soi Kasemsan 2, Rama 1 Rd., Pathumwan, Bangkok 10330.

PURCHASE

100% of the purchasing is from local suppliers.

MAJOR SUPPLIERS

Thai Printers and Finishers Co., Ltd. : Thailand

SSK Manufacturing Co., Ltd. : Thailand

SALES [LOCAL]

20% of the products is sold locally to wholesalers, retailers and end-users.

EXPORTS [COUNTRIES]

80% of the products is exported to overseas countries, such as Singapore, Hong Kong, Philippines, Indonesia, Korea, United States of America, Japan, Malaysia, Dubai, Australia, Austria, Belgium, France, Finland, Brunei, Chile, Italy, Germany, Spain, Peru, Portugal, Russia, India, Israel, South America, Switzerland, Taiwan, Canada, Brazil, Hungary, Latvia, Slovakia, United Kingdom, Turkey, New Zealand and etc.

MAJOR CUSTOMERS

Jim Thompson Korea Ltd. : Korea

The Siam Silk Company Pte. Ltd. : Singapore

JT Thai Silk Company Sdn. Bhd. : Malaysia

Jim Thompson Europe GmbH : Germany

Manas Trading Incorporated : Japan

Jim Thompson America Inc. : U.S.A.

SUBSIDIARIES & AFFILIATED COMPANIES

Name	Country	Line of Business
SSK Manufacturing Co., Ltd.	Thailand	Manufacturer silk fabric
Thai Printers and Finishers Co., Ltd.	Thailand	Fabric printing factory
Pakpitak Co., Ltd.	Thailand	Fabric printing factory
JT Thai Silk Company Sdn. Bhd.	Malaysia	Distributor of Thai Silk products
The Siam Silk Company Pte. Ltd.	Singapore	Distributor of Thai Silk products

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 the past two years.

CREDIT

Sales/services are by cash or on the credits term of 30-60 days.

Local bills are paid by cash or on the credit term of 30-60 days.

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

Exports are against L/C at sight or T/T.

BANKING

Bangkok Bank Public Co., Ltd.

[Surawongse Branch : Surawong Rd., Suriyawongse, Bangrak, Bangkok 10500]

Kasikornbank Public Co., Ltd.

EMPLOYMENT

The subject employs approximately 1,390 staff.

LOCATION DETAILS

The premise is owned for administrative office and shop at the heading address. Premises is located in a prime commercial area.

Main Shop and Export Department :

• 9 Surawong Road, Suriyawongse, Bangrak, Bangkok 10500.

Domestic Shops/Branches:

There are 49 retail shops nationwide as the followings:

1. 70/12 Prachasamosorn, T. Naimuang, A. Muang, Khon Kaen 40000.
2. 799/1 Moo 11, Suebsiri Road, T. Pakthongchai, A. Pakthongchai, Nakornratchasima 30150.
3. 100 Sukhumvit 93 Road, Bangchak, Prakanong, Bangkok 10260.
4. 222 Moo 6, T. Maikhao, A. Thalang, Phuket 83110.
5. 48 Charoenkrung Road, Bangrak, Bangkok 10500.
6. 2 Soi Captain Bush, Charoenkrung Road, Bangrak, Bangkok 10500.
7. 153 Soi Sukhumvit 93, Bangchak, Prakanong, Bangkok 10260.
8. 14 Katanoi Road, T. Karon, A. Muang, Phuket 83110.
9. 4/1-2 Rajdamri Road, Pathumwan, Bangkok 10330.
10. 622 Moo 1, Pakthongchai-Takob Road, T. Takob, A. Pakthongchai, Nakornratchasima 30150.
11. 457 Moo 1, Bayai-Makluamai Road, T. Takob, A. Pakthongchai, Nakornratchasima 30150.
12. 9/29-30, 9/31-32 Surawong Road, Suriyawongse, Bangrak, Bangkok 10500.
13. 555 Moo 1, Pakthongchai-Takob Road, T. Takob, A. Pakthongchai, Nakornratchasima 30150.
14. 83 Moo 7, T. Panao, A. Muang, Nakornratchasima 30000.
15. 10 Soi Kasemsant 2, Rama 1 Road, Wangmai, Pathumwan, Bangkok 10330.
16. 29 Soi Karonnui, T. Karon, A. Muang, Phuket 83100.
17. 390/12-15, 390/44-47 Moo 1, Srisunthorn Road, T. Choengtalay, A. Thalang, Phuket 83110.
18. 149/4-6, 149/38-40 Surawong Road, Suriyawongse, Bangrak, Bangkok 10500.
19. 6/1, 6/2 10 Soi Kasemsant 2, Rama 1 Road, Wangmai, Pathumwan,

Bangkok 10330.

20. 99 Moo 4, T. Borpud, A. Koh Samui, Surratthani 84320.
21. 218 Moo 10, Pattaya Sai 2 Road, T. Nongprue, A. Banglamung,

Chonburi 20150.

22. 570/12 Moo 5, T. Thawangthong, A. Muang, Payao 56000.
23. Main Floor, Paragon Shopping Center, 991 Rama 1 Road, Pathumwan,

Bangkok 10330.

24. 333 Charoennakorn Road, Klongtonsai, Klongsan, Bangkok 10600.
25. 622 Sukhumvit Road, Klongton, Klongtoey, Bangkok 10110.
26. 257/1-3 Charoennakorn Road, Samrei, Thonburi, Bangkok 10600.
27. 1 Damnoenkasem Road, T. Hua Hin, A. Hua Hin, Prachuabkirikhan 77110.

28. 38/2 Moo 3, T. Borpud, A. Koh Samui, Suratthani 84320.
29. 155 Rajdamri Road, Lumpini, Pathumwan, Bangkok 10330.
30. 157 Moo 4, T. Banfang, A. Banfang, Khon Kaen 40270.
31. 146/1 Moo 4, Thanarach Road, T. Moosee, A. Pakchong,

Nakornratchasima 30130.

32. 240/2 Moo 5, T. Naklua, A. Banglamung, Chonburi 20260.
33. Ground Floor, Hilton-Huahin Hotel Building, 33 Naresdamri Road, Hua Hin, Prachuabkirikhan 77110.
34. 353 Moo 12, Phratamnak Road, T. Nongprue, A. Banglamung, Chonburi 20260.
35. 1^st Floor, B. Building, 565/66 Moo 10, T. Nongprue, A. Banglamung,

Chonburi 20150.

36. 90/5 Moo 2, Chaofah Tawan-Tok Road, T. Vichit, A. Muang, Phuket 83000.
37. 1^st Floor Central Festival 74-75 Moo 5, T. Vichit, A. Muang, Phuket 83000.
38. 96/1 Soi Puengmee 29, Sukhumvit Road, Bangchak, Prakanong, Bangkok 10260.
39. 96/2 Soi Puengmee 29, Sukhumvit Road, Bangchak, Prakanong, Bangkok 10260.
40. 1^st Floor, The Central World, 4, 4/1-2, 4/4 Rajdamri Road, Pathumwan,

Bangkok 10330.

41. G Floor, Turtle Village Shop and Cuisine 889 Moo 3, T. Maikhao, A. Thalang, Phuket 83110.
42. G. Floor, Central Festival Pattaya Beach, 333/99 Moo 9, T. Nongprue,

A. Banglamung, Chonburi 20150.

43. 502 Moo 1, Maerim-samerng Road, T. Rimtai, A. Maerim, Chiangmai 50180.
44. 89 Soi Wadsuanplu, Charoenkrung Road, Bangrak, Bangkok 10500.
45. 222 Vibhavadi-Rangsit Road, Sanambin, Donmuang, Bangkok 10210.
46. 209, 209/1, 209/2 Moo 2, T. Bo-Pud, A. Koh Samui, Suratthani 84320.
47. 55/51 Moo 6, T. Bangpoomai, A. Muang, Samutprakarn 10280.
48. 570/7 Moo 5, T. Thawangthong, A. Payao, Payao 56000.
49. 55/52 Moo 6, T. Bangpoomai, A. Muang, Samutprakarn 10280.

Overseas Shops

- Germany : 1 branch

- Malaysia : 4 branches

- Singapore : 4 branches

- United States of America : 1 branch

COMMENT

At present, the Jim Thompson chain of stores has become a top tourist draw in Thailand. It is very popular for foreigners and V.I.P. visitors from around the world.

Revenue remains strong, and the company is growing steadily. Sales has continued growing largely from visitors. About 70% of its sales comes are from the Asian stores, while the rest from home furnishings sold abroad.

FINANCIAL INFORMATION

The capital was registered at Bht. 500,000 divided into 500 shares of Bht. 1,000 each.

The capital was increased later as followings:

Bht. 5,000,000 on July 11, 1979

Bht. 10,000,000 on March 17, 1983

Bht. 20,000,000 on May 12, 1986

Bht. 200,000,000 on January 21, 1998

Bht. 147,000,000 on April 12, 2001 [decreased]

On July 24, 2003 the latest registered capital was increased to Bht. 200,000,000 divided into 2,000,000 shares of Bht. 100 each with fully paid.

MAIN SHAREHOLDERS

[as at May 28, 2015]

NAME	HOLDING	%
The Iphigenia Trust Nationality: Hong Kong Address : 8/F Henley Building, 5 Queen’s Rd., Central, Hong Kong	439,244	21.96
S.H. Navaphan Yukol Nationality: Thai Address : 588/167 Charansanitwong Rd., Bangkoknoi, Bangkok	108,696	5.43
S.H. Bhanuma Yukol Nationality: Thai Address : 588/167 Charansanitwong Rd., Bangkoknoi, Bangkok	97,826	4.89
Mrs. Ubaida Yamalee Nationality: Thai Address : 88 Rama 6 Rd., Rongmuang, Pathumwan, Bangkok	76,087	3.80
Zimmer Rudht GmbH Nationality: German Address : Germany	54,348	2.72
Mr. Pichet Buranasathitporn Nationality: Thai Address : 52/82 Soi Sukhumvit 3, Klongtoeynua, Wattana, Bangkok	42,935	2.15
Mr. Surin Supasawatphan Nationality: Thai Address : 52/75 Soi Sukhumvit 3, Klongtoeynua, Wattana, Bangkok	40,068	2.00

Mrs. Sinee Kongsiri Nationality: Thai Address : 128/1 Sukhumvit 55 Rd., Klongtonnua, Wattana, Bangkok	38,043	1.90
Yupatuch-Morakot Associates Nationality: Thai Address : 9 Soi Phrapinij, Thungmahamek, Yannawa, Bangkok	35,223	1.76
Mrs. Anchalee Bunnag Nationality: Thai Address : 111/10 Sanambinnam Rd., Muang, Nonthaburi	32,609	1.63
Mrs. Surat Suwannatat Nationality: Thai Address : 139 Sukhumvit Soi 81 Rd., Phrakanong, Bangkok	32,609	1.63
Mrs. Angkana Siwarak Nationality: Thai Address : 139 Sukhumvit Soi 81 Rd., Phrakanong, Bangkok	32,609	1.63
Others	969,703	48.50

Total Shareholders : 151

Share Structure [as at May 28, 2015]

Nationality	Shareholders	No. of Share	% Shares
Thai	137	1,419,587	70.98
Foreign	14	580,413	29.02
Total	151	2,000,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Mr. Niti Cheungnijrand No. 3809

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	61,104,492	69,029,062	51,852,161
Short-term Investment	621,415,151	503,973,481	889,124,693
Trade Accounts and Other Receivable	188,353,904	228,486,897	211,780,013
Short-term Lending to Related Company	77,656,448	27,067,348	7,727,740
Inventories	1,869,301,937	2,031,929,070	1,749,318,629
Other Current Assets	4,199,592	8,437,348	2,568,368
Total Current Assets	2,822,031,524	2,868,923,206	2,912,371,604
Cash at Bank pledged as a Collateral	5,000,000	5,200,000	4,700,000
Investment in Subsidiaries	215,673,027	278,673,027	278,673,027
Fixed Assets	848,562,480	876,562,957	891,324,928
Copy Right	73,576,617	83,346,132	94,317,486
Intangible Assets	7,148,298	5,124,256	4,045,904
Other Non-current Assets	35,970,674	36,288,248	34,076,880
Total Assets	4,007,962,620	4,154,117,826	4,219,509,829

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2014	2013	2012
Trade Accounts and Other Payable	120,679,077	151,695,148	125,129,846
Accrued Income Tax	16,092,728	45,828,460	57,689,636
Accrued Withholding Income Tax	13,950,343	20,025,027	21,625,044
Other Current Liabilities	14,597,798	13,774,116	13,429,405
Total Current Liabilities	165,319,946	231,322,751	217,873,931
Employee Benefits Obligation	139,324,382	135,506,906	120,241,902
Total Liabilities	304,644,328	366,829,657	338,115,833
Shareholders' Equity
Share capital : Baht 100 par value authorized, issued and fully paid share capital 2,000,000 shares	200,000,000	200,000,000	200,000,000
Capital Paid	200,000,000	200,000,000	200,000,000
Retained Earnings: Appropriated - statutory reserve	20,000,000	20,000,000	20,000,000
- other Reserve	74,914,000	74,914,000	74,914,000
Unappropriated	3,401,787,064	3,490,371,704	3,582,814,902
Other Components of Shareholder Equity	6,617,228	2,002,465	3,665,094
Total Shareholders' Equity	3,703,318,292	3,787,288,169	3,881,393,996
Total Liabilities & Shareholders' Equity	4,007,962,620	4,154,117,826	4,219,509,829

PROFIT & LOSS ACCOUNT

Revenue	2014	2013	2012
Sales Income	2,218,287,644	2,536,674,921	2,461,228,367
Gain on Disposal of Investment	4,189,965	4,888,591	3,666,240
Gain on Exchange Rate	-	10,191,593	1,639,115
Dividend Income	725,806	-	-
Other Income	42,708,799	42,844,404	47,853,414
Total Revenues	2,265,912,214	2,594,599,509	2,514,387,136
Expenses
Cost of Goods Sold	1,218,611,155	1,249,946,974	1,203,240,311
Selling Expenses	394,273,241	423,378,128	362,573,310
Administrative Expenses	433,336,158	473,446,356	411,111,608
Loss on Exchange Rate	5,430,000	-	-
Loss on Impairment Equipment	63,000,000	-	-
Loss on Disposal of Investments in Subsidiaries	-	1,741,414	-
Loss on Impairment Investment [Reversal]	-	-	[4,332,979]
Total Expenses	2,114,650,937	2,148,512,872	1,972,592,250
Profit before Financial Cost & Income Tax	151,261,277	446,086,637	541,794,886
Financial Costs	[1]	[8,117]	[1,968]
Profit before Income Tax	151,261,276	446,078,520	541,792,918
Income Tax	[39,845,916]	[98,521,718]	[107,984,313]
Net Profit / [Loss]	111,415,360	347,556,802	433,808,605

FINANCIAL ANALYSIS

ITEM	UNIT	2014	2013	2012
LIQUIDITY RATIO
CURRENT RATIO	TIMES	17.07	12.40	13.37
QUICK RATIO	TIMES	5.74	3.58	5.33
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	2.61	2.89	2.76
TOTAL ASSETS TURNOVER	TIMES	0.55	0.61	0.58
INVENTORY CONVERSION PERIOD	DAYS	559.90	593.35	530.65
INVENTORY TURNOVER	TIMES	0.65	0.62	0.69
RECEIVABLES CONVERSION PERIOD	DAYS	30.99	32.88	31.41
RECEIVABLES TURNOVER	TIMES	11.78	11.10	11.62
PAYABLES CONVERSION PERIOD	DAYS	36.15	44.30	37.96
CASH CONVERSION CYCLE	DAYS	554.74	581.93	524.10
PROFITABILITY RATIO
COST OF GOODS SOLD	%	54.93	49.28	48.89
SELLING & ADMINISTRATION	%	37.31	35.35	31.43
INTEREST	%	0.00	0.00	0.00
GROSS PROFIT MARGIN	%	47.21	53.01	53.27
NET PROFIT MARGIN BEFORE EX. ITEM	%	6.82	17.59	22.01
NET PROFIT MARGIN	%	5.02	13.70	17.63
RETURN ON EQUITY	%	3.01	9.18	11.18
RETURN ON ASSET	%	2.78	8.37	10.28
EARNING PER SHARE	BAHT	55.71	173.78	216.90
LEVERAGE RATIO
DEBT RATIO	TIMES	0.08	0.09	0.08
DEBT TO EQUITY RATIO	TIMES	0.08	0.10	0.09
TIME INTEREST EARNED	TIMES	151,261,277.00	54,957.08	275,302.28
ANNUAL GROWTH
SALES GROWTH	%	(12.55)	3.07
OPERATING PROFIT	%	(66.09)	(17.67)
NET PROFIT	%	(67.94)	(19.88)
FIXED ASSETS	%	(3.19)	(1.66)
TOTAL ASSETS	%	(3.52)	(1.55)

ANNUAL GROWTH : RISKY

An annual sales growth is -12.55%. Turnover has decreased from THB 2,536,674,921.00 in 2013 to THB 2,218,287,644.00 in 2014. While net profit has decreased from THB 347,556,802.00 in 2013 to THB 111,415,360.00 in 2014. And total assets has decreased from THB 4,154,117,826.00 in 2013 to THB 4,007,962,620.00 in 2014.

PROFITABILITY : SATISFACTORY

PROFITABILITY RATIO

Gross Profit Margin	47.21	Impressive	Industrial Average	31.67
Net Profit Margin	5.02	Impressive	Industrial Average	3.93
Return on Assets	2.78	Deteriorated	Industrial Average	6.73
Return on Equity	3.01	Deteriorated	Industrial Average	20.02

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 47.21%. 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 5.02%, 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. When compared with the industry average, it was lower, the company's figure is 2.78%.

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 3.01%.

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

Return on Assets Uptrend

Return on Equity Uptrend

LIQUIDITY : SATISFACTORY

LIQUIDITY RATIO

Current Ratio	17.07	Impressive	Industrial Average	1.46
Quick Ratio	5.74
Cash Conversion Cycle	554.74

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 17.07 times in 2014, increased from 12.4 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 5.74 times in 2014, increased from 3.58 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 555 days.

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

Current Ratio Downtrend

LEVERAGE : EXCELLENT

LEVERAGE RATIO

Debt Ratio	0.08	Impressive	Industrial Average	0.59
Debt to Equity Ratio	0.08	Impressive	Industrial Average	1.28
Times Interest Earned	151,261,277.00	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 151261277 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 0.08 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 : SATISFACTORY

ACTIVITY RATIO

Fixed Assets Turnover	2.61	Impressive	Industrial Average	-
Total Assets Turnover	0.55	Deteriorated	Industrial Average	1.68
Inventory Conversion Period	559.90
Inventory Turnover	0.65	Deteriorated	Industrial Average	2.96
Receivables Conversion Period	30.99
Receivables Turnover	11.78	Impressive	Industrial Average	2.55
Payables Conversion Period	36.15

The company's Account Receivable Ratio is calculated as 11.78 and 11.10 in 2014 and 2013 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 2014 increased from 2013. This would suggest the company had good performance in the management of its debt collections.

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 decreased from 593 days at the end of 2013 to 560 days at the end of 2014. This represents a positive trend. And Inventory turnover has increased from 0.62 times in year 2013 to 0.65 times in year 2014.

The company's Total Asset Turnover is calculated as 0.55 times and 0.61 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 Downtrend

Receivables Turnover Downtrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11
UK Pound	1	Rs.101.03
Euro	1	Rs.70.71

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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