MIRA INFORM REPORT

Report No. :	341074
Report Date :	19.09.2015

IDENTIFICATION DETAILS

Name :	NAMPORN IMPORT & EXPORT CO., LTD.
Registered Office :	1221/22 Soi Sukhumvit 61, Sukhumvit Road, Klongton Nua, Wattana, Bangkok 10110
Country :	Thailand
Financials (as on) :	31.12.2014
Date of Incorporation :	02.04.2004
Com. Reg. No.:	0105547048525
Legal Form :	Private Limited Company
Line of Business :	The subject is engaged in importing and distributing automotive parts and accessories, as well as exporting various kinds of auto tires.
No. of Employees :	30

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 :	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	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, 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

NAMPORN IMPORT & EXPORT CO., LTD.

SUMMARY

BUSINESS ADDRESS : 1221/22 SOI SUKHUMVIT 61, SUKHUMVIT ROAD,

KLONGTON NUA, WATTANA, BANGKOK 10110,

THAILAND

TELEPHONE : [66] 2714-0056-7

FAX : [66] 2714-0057

E-MAIL ADDRESS : nampornimport@yahoo.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2004

REGISTRATION NO. : 0105547048525

TAX ID NO. : 3031313019

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. THIHTHI DECHARIN, THAI

MANAGING DIRECTOR

NO. OF STAFF : 30

LINES OF BUSINESS : AUTOMOTIVE PARTS AND ACCESSORIES

IMPORTER, DISTRIBUTOR AND EXPORTER

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 April 2, 2004 as a private limited company under the registered name NAMPORN IMPORT & EXPORT CO., LTD., by Thai group, with the business objective to import, distribute and export automotive parts and accessories. It currently employs approximately 30 staff.

The subject’s registered address is 1221/22 Soi Sukhumvit 61, Sukhumvit Road,

Klongton Nua, Wattana, Bangkok 10110, and this is the subject’s current operation

address.

THE BOARD OF DIRECTOR

Name	Nationality	Age
Mr. Thihthi Decharin	Thai	49
Ms. Phetsri Pholprasitkul	Thai	41

AUTHORIZED PERSON

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

MANAGEMENT

Mr. Thihthi Decharin is the Managing Director.

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

BUSINESS OPERATIONS

The subject is engaged in importing and distributing automotive parts and accessories, as well as exporting various kinds of auto tires.

PURCHASE

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

SALES [LOCAL]

100% of the automotive parts and accessories are sold locally to wholesalers, assemblers and end-users.

EXPORT

100% of tire products is exported to India, Malaysia, Laos, Republic of China, Taiwan, Hong Kong, Singapore, Cambodia, Myanmar, Indonesia, Vietnam and the countries in Europe.

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.

Exports are against T/T.

BANKING

Bangkok Bank Public Co., Ltd.

EMPLOYMENT

The subject employs approximately 30 staff.

LOCATION DETAILS

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

COMMENT

The subject reported an outstanding sales in 2014. The products are available in order to suit demand of consumers. The subject’s operating performance in 2015 is stable.

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, 2015]

NAME	HOLDING	%
Mr. Thihthi Decharin Nationality: Thai Address : 1/1 Soi Sukhumvit 61, Klongton Nua, Wattana, Bangkok	5,894	58.94
Ms. Phetsri Pholprasitkul Nationality: Thai Address : 484/6 Moo 6, Phaholyothin Road, Saimai, Bangkok	2,104	21.04
Mrs. Namporn Decharin Nationality: Thai Address : 1/1 Soi Sukhumvit 61, Klongton Nua, Wattana, Bangkok	2,002	20.02

Total Shareholders : 3

Share Structure [as at April 30, 2015]

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. :

Mr. Kittiwut Wongpaiboonkasem No. 6536

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	400,344.57	58,856.56	94,954.03
Trade Accounts & Other Receivable	35,748,881.26	25,934,174.56	3,577,523.41
Inventories	5,550,289.71	14,875,946.65	16,259,809.36
Other Current Assets	7,038,203.39	15,776,863.99	2,634,084.03
Total Current Assets	48,737,718.93	56,645,841.76	22,566,370.83
Fixed Assets	4,470,030.56	3,744,408.08	3,887,250.06
Other Non - current Assets	900.00	900.00	900.00
Total Assets	53,208,649.49	60,391,149.84	26,454,520.89

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2014	2013	2012
Bank Overdraft & Short-term Loan From Financial Institutions	85,978.72	5,507,015.40	238,107.29
Trade Accounts & Other Payable	41,092,436.58	45,880,470.71	20,070,835.76
Current Portion of Long-term Loans	-	-	262,628.29
Accrued Income Tax	454,797.57	511,501.35	75,352.25
Other Current Liabilities	132,280.55	11,458.46	5,587.15
Total Current Liabilities	41,765,493.42	51,910,445.92	20,652,510.74
Total Liabilities	41,765,493.42	51,910,445.92	20,652,510.74
Shareholders' Equity
Share capital : Baht 100 par value authorized and issued share capital 10,000 shares	1,000,000.00	1,000,000.00	1,000,000.00
Capital Paid	1,000,000.00	1,000,000.00	1,000,000.00
Retained Earning Unappropriated	10,443,156.07	7,480,703.92	4,802,010.15
Total Shareholders' Equity	11,443,156.07	8,480,703.92	5,802,010.15
Total Liabilities & Shareholders' Equity	53,208,649.49	60,391,149.84	26,454,520.89

PROFIT & LOSS ACCOUNT

Revenue	2014	2013	2012
Sales Income	337,024,166.20	255,320,802.08	66,747,775.01
Other Income	4,881,599.25	5,950,547.40	344,007.54
Total Revenues	341,905,765.45	261,271,349.48	67,091,782.55
Expenses
Cost of Goods Sold	323,501,313.92	246,767,592.26	64,005,348.38
Selling Expenses	13,737,725.02	10,360,670.86	1,857,349.70
Administrative Expenses	775,367.08	626,077.64	427,258.01
Other Expenses	-	-	265,448.83
Total Expenses	338,014,406.02	257,754,340.76	66,555,404.92
Profit / [Loss] before Financial Cost & Income Tax	3,891,359.43	3,517,008.72	536,377.63
Financial Cost	[118,309.43]	[126,806.30]	[69,029.90]
Profit / [Loss] before Income Tax	3,773,050.00	3,390,202.42	467,347.73
Income Tax	[810,597.85]	[711,508.65]	[109,882.06]
Net Profit / [Loss]	2,962,452.15	2,678,693.77	357,465.67

FINANCIAL ANALYSIS

ITEM	UNIT	2014	2013	2012
LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.17	1.09	1.09
QUICK RATIO	TIMES	0.87	0.50	0.18
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	75.40	68.19	17.17
TOTAL ASSETS TURNOVER	TIMES	6.33	4.23	2.52
INVENTORY CONVERSION PERIOD	DAYS	6.26	22.00	92.72
INVENTORY TURNOVER	TIMES	58.29	16.59	3.94
RECEIVABLES CONVERSION PERIOD	DAYS	38.72	37.07	19.56
RECEIVABLES TURNOVER	TIMES	9.43	9.84	18.66
PAYABLES CONVERSION PERIOD	DAYS	46.36	67.86	114.46
CASH CONVERSION CYCLE	DAYS	(1.39)	(8.78)	(2.17)
PROFITABILITY RATIO
COST OF GOODS SOLD	%	95.99	96.65	95.89
SELLING & ADMINISTRATION	%	4.31	4.30	3.42
INTEREST	%	0.04	0.05	0.10
GROSS PROFIT MARGIN	%	5.46	5.68	4.62
NET PROFIT MARGIN BEFORE EX. ITEM	%	1.15	1.38	0.80
NET PROFIT MARGIN	%	0.88	1.05	0.54
RETURN ON EQUITY	%	25.89	31.59	6.16
RETURN ON ASSET	%	5.57	4.44	1.35
EARNING PER SHARE	BAHT	296.25	267.87	35.75
LEVERAGE RATIO
DEBT RATIO	TIMES	0.78	0.86	0.78
DEBT TO EQUITY RATIO	TIMES	3.65	6.12	3.56
TIME INTEREST EARNED	TIMES	32.89	27.74	7.77
ANNUAL GROWTH
SALES GROWTH	%	32.00	282.52
OPERATING PROFIT	%	10.64	555.70
NET PROFIT	%	10.59	649.36
FIXED ASSETS	%	19.38	(3.67)
TOTAL ASSETS	%	(11.89)	128.28

ANNUAL GROWTH : IMPRESSIVE

An annual sales growth is 32%. Turnover has increased from THB 255,320,802.08 in 2013 to THB 337,024,166.20 in 2014. While net profit has increased from THB 2,678,693.77 in 2013 to THB 2,962,452.15 in 2014. And total assets has decreased from THB 60,391,149.84 in 2013 to THB 53,208,649.49 in 2014.

PROFITABILITY : RISKY

PROFITABILITY RATIO

Gross Profit Margin	5.46	Deteriorated	Industrial Average	78.81
Net Profit Margin	0.88	Deteriorated	Industrial Average	5.79
Return on Assets	5.57	Deteriorated	Industrial Average	19.65
Return on Equity	25.89	Acceptable	Industrial Average	40.57

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 5.46%. 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. The company's figure is 0.88%. 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 5.57%.

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 25.89%.

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	1.17	Acceptable	Industrial Average	1.91
Quick Ratio	0.87
Cash Conversion Cycle	(1.39)

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 1.17 times in 2014, increased from 1.09 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 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 0.87 times in 2014, increased from 0.5 times, by excluding inventory, the company may have problems meeting current liabilities.

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 -2 days.

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

Current Ratio Uptrend

LEVERAGE : ACCEPTABLE

LEVERAGE RATIO

Debt Ratio	0.78	Acceptable	Industrial Average	0.36
Debt to Equity Ratio	3.65	Risky	Industrial Average	(1.05)
Times Interest Earned	32.89	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 higher the percentage means that the company is using less equity and has stronger leverage position.

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 32.9 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 0.78 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 : EXCELLENT

ACTIVITY RATIO

Fixed Assets Turnover	75.40	Impressive	Industrial Average	-
Total Assets Turnover	6.33	Impressive	Industrial Average	1.75
Inventory Conversion Period	6.26
Inventory Turnover	58.29	Impressive	Industrial Average	9.45
Receivables Conversion Period	38.72
Receivables Turnover	9.43	Impressive	Industrial Average	6.18
Payables Conversion Period	46.36

The company's Account Receivable Ratio is calculated as 9.43 and 9.84 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 decreased from 2013. This would suggest the company had deteriorated 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 22 days at the end of 2013 to 6 days at the end of 2014. This represents a positive trend. And Inventory turnover has increased from 16.59 times in year 2013 to 58.29 times in year 2014.

The company's Total Asset Turnover is calculated as 6.33 times and 4.23 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 Uptrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.95
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	TPT

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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