受付番号

9999999999

号〒107-8680
東京都港区南青山２－５－２０
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信用程度

D

E

NR

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Company Name
Address
Telephone
Facsimile
Email
Website

:
:
:
:
:
:

AAA (THAILAND) PUBLIC CO. LTD.
XXX Moo X, Kanchanavanich Road, Thungyai, Hadyai, Songkhla 90110, Thailand(6674) XXXXXX(6674) XXXXXX
info@aaa.co.th
http://www.aaa.co.th

ClientCredit Rating

Report for
Customer Ref.
Report TypeOur Ref.
Receiving Date
Issuing Date
Credit Request
Credit Opinion

:
:
:
:
:
:
:
:

TEIKOKU DATABANK

Credit Rating: A+
Rating Score: 77/100
Credit Risk
: Moderate Risk
Proposed Credit Limit :Fairly Large
Rating Outlook: Stable

Special Report
11505320XX-10-XX
20XX-10-XX
N/A
N/A

Summary

Market Position Rating

Established Date
Registration No.
Former Reg. No.
Legal Form
Status:::::

1979-XX-XX
010XXXXXXXXXXX
BorMorJor.XXX
Public Limited Company
ActiveRegist'd Capital
Paid-Up Capital
Total Revenues
EBIT
Net Profit

:
:
:
:
:

THB 3XX,000,000
THB 3XX,000,000
THB 3,0XX,383,153
THB 4X,X64,032
THB 2X,X17,700

Chief Executive:
Nature of Business :ISIC Code:

Employees:

Litigation Check:
Financial Condition :Business Size:

XXXX XX Boon Pin - Chairman
Producer of Canned Seafood and Pet
Food
1512 - Processing and preserving offish and fish products including
Seafood
2,100
Subject: Clear, Directors: Clear
Fair
Large Enterprise

Financial Summary (THB Million)
Year

AssetsLiability

EquitySales

Net Profit

20XX
20XX
20XX
20XX
20XX

2,135
2,317
2,140
2,021
2,082

543
733
562
467
529

2,135
2,317
2,140
2,021
2,082

3,077
2,905
2,639
2,744
2,923

24
23
41
33
82

D/E
(Times)
0.34
0.46
0.36
0.30
0.34

Defensive
Interval (Days)
104
118
110
119
134

AAA (Thailand) Public Co. Ltd.

History/BackgroundThe subject was established on March 23, 1979 as a private limited company under registered name AAA(THAILAND) CO. LTD.
x

January XX, 19XX, listed on the Stock Exchange of Thailand.

x

January XX, 19XX, changed to public company under the name AAA (THAILAND) PUBLIC CO. LTD.

Subject was granted promotional privilege on its production of seafood canning and other seafood canningfor export from the Board of Investment (BOI).

Certification
Certificate

Issue byDate Obtained

ISO 9002

TUV Rheinland

June 01, 19XX

Personnel
Board of Directors
Mr. XXX Korkiatphitak
Mr. XXX Apichatchote
Mr. XXX Watcharanimit
Mr. XXX Deeprasertkul
XXX Tan Boon Pin
Mr. XXX Varaphong
Mr. XXX Chong Seong
Mr. XXX Tanksinmankhong

(x)
(x)
(x)
(x)
(x)

Director
Director
Managing Director
Director
Chairman
Director
Director
Director

Authorized Signatures
Any two of the mentioned directors (x) can jointly sign on behalf of the subject with seal affixed.

Top Management
Name:
Position:

XXX Tan Boon Pin (Malaysian)
Chairman

Name:
Position:
Other Activities:

Mr. XXX Watcharanimit (Thai)Managing Director
Director - XXX Holdings (Thailand) Ltd.

Name:
Position:

Mr. XXX Korkiatphitak (Thai)
Vice Chairman

Page 2 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Name:
Position:

Ms. XXX Arunsawat (Thai)
Marketing and Sales Manager

Name:
Position:

Mr. XXX Bunjongkliang (Thai)
Business Development Manager

Name:
Position:

Mr. XXX Sukpaen (Thai)
Engineering of Cold Storage and Project Manager

Name:
Position:

Mr. XXX Daengdee (Thai)
Assistant Senior Operation Manager

Name:
Position:

Mr. XXX, Meng Chuan (Malaysian)
Purchasing Manager

Name:
Position:

Mr. XXX Khiewlek (Thai)
Quality Assurance Manager

Name:
Position:

Ms. XXX Sirisombat (Thai)
Quality Control Manager

Name:
Position:

Mr. XXX Chaiyada (Thai)
Engineering of Repairing Manager

Name:
Position:

Mr. XXX Saengjaem (Thai)
Manufacturing Manager

Name:
Position:

Mr. XXX Suwanphoom (Thai)
Senior Operation Manager

Name:
Position:

Mr. XXX Jirakiatkul (Thai)
Senior Technical Manager

Name:
Position:

Mr. XXX Pan-ngam (Thai)
Human Resources Manager

Name:
Position:

Mr. XXX Chokviwattanachai (Thai)
Senior Engineering Manager

Name:
Position:

Mr. XXX Pruetpibultham (Thai)
Warehouse Manager

Page 3 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Business Operation
Business Activities
The subject operates as a producer and exporter of canned tuna, salmon, sardines and seafood.
Productsx

Regular Tuna ProductsxCanned Shellfish Productsx

Ready-To-Serve Productsx

Pet Food

Brand Names"POU XXX ""SAF XXX ""SNA XXX TOM"
"TC XXX "" XXX B"

Middle East
Australia
Australia
Malaysia
Thailand

Production Capacityx

35,125 tons / year

Purchasing/Import
60% of raw materials especially tuna are imported from Singapore, Japan, Taiwan and Australia, while 40%
are purchased from local suppliers especially its subsidiaries.

Major Suppliers
XXX Food Packaging (Thailand) Public Co. Ltd.
XXX Fresh Products Manufacturing Co. Ltd.
XXX kij Rung Chareon Sub Co. Ltd.
XXX Modern Super Pack Co. Ltd.
XXX ni Food Industries Co. Ltd.
XXX Industries (Thailand) Ltd.
XXX Packaging Co. Ltd.

ThailandThailandThailandThailandThailandThailandThailand

Page 4 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Sales/Export
96% of the products are exported to sales representatives in South Africa, Egypt, Jamaica, Australia, U.S.A.,
Japan, Hong Kong, Singapore, Canada, Saudi Arabia, U.K., Hungary, Argentina and Malaysia, while the rest is
sold to local wholesalers and retailers.

Major Customers
XXX Public Co. Ltd.
XXX Australia Pty. Ltd.
XXX Consolidate Sdn. Bhd.

ThailandAustralia
Malaysia

Credit Terms
x

Purchasing Term
Local :
Import :x

Cash, 30-60-90 days
L/C

Sales Term
Local :
Export :30-60-90 days
Open AccountBanking
KASIKORNBANK Public Co. Ltd.

:XXX Branch

Manpower
Total

:

2X00

Location
Type

Location

Registered Address
Office and Factory
Address

Same as the heading address
Owns in a factory building at the heading address. The subject is located in thesouthern region of Thailand.

Page 5 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Related Parties
Subsidiary
NameBusiness% Holding

XXX Co. Ltd.
XXX Fresh Products Manufacturing Co. Ltd.
XXX Property and Development Co. Ltd.

Trading
Agribusiness
Real Estate

100.00%100.00%100.00%Name

Business% Holding

XXX Packaging Co. Ltd.

Repairing Machinery

49.00%

AssociatedPage 6 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Financial Performance as of 20XX-06-30 (THB)
Current Assets
Total Assets
Current Liabilities
Total Liabilities
Total Shareholders' Equity
Total Liabilities & Shareholders' Equity
Revenues
ExpensesEBIT
Net Profit
Earning Per Share

1,XX7,399,000
2,XX7,911,000
7XX,5220XX
7XX,580,000
1,5XX,331,000
2,327,911,000
1,4XX,376,000
1,5XX,961,000-30,XX5,000-40,XX9,000-1.22

Litigation
The litigation action is based on our database for bankruptcy and receivership cases only obtained from theLegal Execution Department of Thailand since inception.

Subject Check
No record found in our database.

Directors Check
No record found in our database.

Comment
Thailand is the world's third-largest producer of canned tuna, accounting for 31 percent of the global volume
of exports. Since Thailand's tuna industry is export-oriented, with almost all its production intended foroverseas markets, foreign import restrictions and regulations have considerable impact on its growth andoverall dynamism. Moreover, being an export-oriented company, subject might be negatively impacted fromthe recent Baht appreciation since strong currency may start cutting into competitiveness. Through 27 years
existence, subject has been active as a producer of canned seafood for export to premium global markets.
Based on 20XX financial results, subject declared a strong performance, yet again, this year. Sales grew by
X.XX% from a year earlier to THB X.XX billion, while net profit was recorded at XX.XX million. Overall, its
financial position remained satisfactory as ever, given its solid capital base and strong liquidity profile. Its
financial condition did not create any sense of risk. Owing to its firm balance sheet and high capability ofdebt servicing, credit is recommended.

Page 7 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Financial Information
Capital History
StatusAmountDate

Initial Capital
Increased to
Increased to
Increased to
Increased toCurrent Paid-up Capital
Current Shares
Current Par Value

THB 5,000,000
THB 30,000,000
THB 33,000,000
THB 165,000,000
THB 330,000,000
THB 330,000,000 (fully paid)
33,000,000 Shares
THB 10.00

March 1979
February 1986
December 1989
November 1990
February 1992

Share Structure (as of June 30, 20XX)
Nationality

Shareholders

Shareholding% SharesThai(s)Foreign(s)
Total

2XX
X
2XX

20,XX0,200
12,XX9,800
3X,000,000

62.82 %
37.18 %
100.00 %Major Shareholders
Name

Nationality

Shareholding

Percentage

Thailand Securities Depository Co. Ltd. for Depositors
XXX Tan Boon Pin
Thailand Securities Depository Co. Ltd. for Depositors
Mr. XXX Watcharanimit
Mr. XXX Deeprasertkul
Mr. XXX ApichatchoteMs. XXX Korkiatphitak

Thai
Malaysian
Foreigner
Thai
Thai
Thai
Thai

12,XX3,359
7,XX8,000
4,XX9,800
1,XX0,500
1,5XX,500
1,5XX,000
3XX,300

38.07 %
23.60 %
12.18 %
4.55 %
4.55 %
4.55 %
1.15 %

AuditorMs. XXX Chumnanvanichkul, Reg. No. XXXXKPMG Phoomchai Audit Ltd.

Page 8 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Financial Statement
Balance SheetASSETS

20XX-12-31

20XX-12-31

20XX-12-31

Cash & Bank
Short-term Investment in Listed Securities
Accounts & Notes Receivable
Accounts Receivable
Associated & Related Companies
Inventories
Other Current Assets
Total Current Assets
Long-term Investment
Investments Recorded by the Equity Method
Fixed Assets
Assets Not Used in Operations
Other Assets
Total Assets

50,809,640
20XX0022,162,682
1620XX

62,534,099
300,500

781,383,478
362,722,928
29,385,485
1,224,501,531
139,420,555
72,024,076
661,773,97836,530,391
341,556
2,134,592,087

841,194,590
418,475,261
58,556,849
1,340,551,382
143,056,239
75,525,765
720,658,176
36,530,391
560,471
2,316,882,424

20,391,025
637,585,041
326,197,297
47,767,664
1,094,775,626
175,675,174
74,196,310
753,216,279
41,030,391
772,885
2,139,666,665

LIABILITIES & SHAREHOLDERS' EQUITY

20XX-12-31

20XX-12-31

20XX-12-31

Overdrafts & Loans from Banks
Accounts & Notes Payable
Accounts Payable
Subsidiary, Associated & Related Companies
Loans from Directors
Current Portion of Long-term Loans due in 1 year
Accrued Income Tax
Other Current Liabilities
Total Current Liabilities
Loans from Financial Institutions
Total Liabilities
Shareholders' Equity
Share Capital
Capital Paid
Premium on Share Capital
Legal Reserve
Retained Earning (Deficit) - UnappropriatedTotal Shareholders' Equity
Total Liabilities & Shareholders' Equity

207,012,273

229,680,405

820XX,000

135,983,012
50,000,400
47,390,802
440,386,487
102,165,700
542,552,187

220,094,103
32,333,918
50,000,400
3,088,428
45,396,870
580,594,124
152,166,100
732,760,224

96,469,365
34,754,447
74,623,918
25,000,200
3,104,528
47,795,826
363,748,284
197,999,800
561,748,084

330,000,000
330,000,000
420,491,050
33,000,000
808,548,850
1,592,039,900
2,134,592,087

330,000,000
330,000,000
420,491,050
33,000,000
800,631,150
1,584,122,200
2,316,882,424

330,000,000
330,000,000
420,491,050
33,000,000
794,427,531
1,577,918,581
2,139,666,665

Page 9 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Income Statement
PROFIT & LOSS ACCOUNT
Revenues
Sales
Share of Profits from Investments Recorded by the
Equity Method
Gain (Loss) from Exchange Rate
Other
Total Revenues
Expenses
Cost of Sales
Selling & Administration
Directors' Remuneration
Loss (Gain) on Foreign Exchange
Share of Losses from Investments Recorded by the
Equity Method
Total Expenses
Earning (Deficit) before Interest & Income Tax (EBIT)Interest Paid
Profit (Loss) before Income Tax & Ex. Items
Income Tax
Net Profit (Loss)
Retained Earning (Deficit), Beginning of year
Less Dividend
Retained Earning (Deficit), End of year

20XX-12-31

20XX-12-31

20XX-12-31

3,043,507,908
2,969,075

2,893,469,672
2,256,238

2,619,107,826
8,624,403

26,570,318
4,335,852
3,077,383,153

2,561,645
7,133,518
2,905,421,073

11,261,451
2,638,993,680

2,888,592,261
144,946,096
910,000
1,470,764

2,726,385,691
136,699,858
760,000
926,783

2,400,077,696
150,683,543
760,000
31,928,683
282,587

3,035,919,121
41,464,032
17,046,332
24,417,700
24,417,700
800,631,150
16,500,000
808,548,850

2,864,772,332
40,648,741
14,059,917
26,588,824
3,885,205
22,703,619
794,427,531
16,500,000
800,631,150

2,583,732,509
55,261,171
6,751,817
48,509,354
7,877,791
40,631,563
770,295,968
16,500,000
794,427,531

Page 10 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Key Financial Ratio
ITEM

UNIT

20XX-12-31

20XX-12-31

20XX-12-31

LIQUIDITY RATIOCurrent Ratio
Quick Ratio
Defensive Interval(Times)(Times)(Days)

2.78
1.96
104

2.31
1.59
118

3.01
2.11
110

ACTIVITY RATIOS
Receivable TurnoverCollection Period
Account Payable Turnover
Payment Period
Inventory Turnover
Inventory Turnover Period
Total Asset Turnover(Times)(Days)(Times)(Days)(Times)(Days)(Times)

3.90
94
20.83
18
7.96
46
1.43

3.44
106
12.81
28
6.52
56
1.25

3.98
92
17.59
21
7.36
50
1.22

PROFITABILITY RATIO
Cost of Good Sold
Selling & Administration
Interest
Gross Profit Margin
Net Profit Margin before Ex. Item
Net Profit Margin
Return on Equity
Return on Assets
Earning per Share

(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(Baht)

94.91
4.76
0.56
5.09
0.80
0.80
1.53
1.14
0.74

94.23
4.72
0.49
5.77
0.92
0.79
1.43
0.98
0.69

91.64
5.75
0.26
8.36
1.85
1.55
2.58
1.90
1.23

LEVERAGE
Debt to Asset [or Debt Ratio]
Debt to Equity
Time Interest Earned(%)(Times)(Times)

25.42
0.34
2.43

31.63
0.46
2.89

26.25
0.36
8.19

GROWTH RATE
Sales
Cost of Sales
Selling & Administrative Exp
Net Profit [Loss]
Total Asset

(%)
(%)
(%)
(%)
(%)

5.19
5.95
6.03
7.55
(7.87)

10.48
13.60(9.28)(44.12)8.28(4.28)(5.49)
1.73
22.26
5.85

Page 11 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Financial Analysis
Profitability Ratio
EBIT Movement:
Net Profit Movement:
Gross Profit Margin ( 5.09% ):Net Profit Margin ( 0.80% ):ROA ( 1.14% ):ROE ( 1.53% ):Fluctuation
Fluctuation
Risky
Risky
Risky
Impressive

Industry Average:
Industry Average:
Industry Average:
Industry Average:

18.65%
5.06%
4.57%
0.56%

Gross Profit Margin / Operating Profit Margin
The relatively low figures of the subject, compared with industry average, indicated the weaker ability toretain its earnings. Moreover, the subject had the deteriorating ability to maintain profitability during the past
years. This might come from the tougher industrial environment, which caused the subject to demonstrate adecline in efficiency and operation profitability.

Net Profit Margin
The net profit margin ratio in 0.80% indicated that subject's business operation was less efficient than that ofaverage companies in the same industry from which it was resulted from inefficient production and/or
operation cost controlling. Thus, subject should raise its sales volume or reduce its costs to increase its
earnings.

Page 12 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Liquidity Ratio
Current Ratio Movement:
Quick Ratio Movement:
Current Ratio ( 2.78 Times ):Quick Ratio ( 1.96 Times ):Defensive Interval ( 104 Days ):Fluctuation
Fluctuation
Impressive
Impressive
Acceptable

Industry Average:
Industry Average:
Industry Average:

1.21 Times
0.72 Times
83 Days

Current Ratio
Current ratio indicates the firm’s ability to meet its current obligations, with its current assets, and istherefore of particular interest to its creditors. The liquidity ratio of subject was actually preferable in term ofdebt servicing capability in the short term. In this case, subject had high capability to meet its debt obligationand it was safe for its business. In addition, subject was also able to satisfy creditors’ best interest on debt
servicing issues.

Defensive Interval
Defensive interval is a ratio to measure a firm’s liquidity under worse case scenario. It indicated that how
many days the firm could maintain its present level of operations with its present cash resources without thegeneration of any additional revenues. The same level ratio of subject when compared to industry average
showed the stability subject’s financial liquidity standing against threat of a possible downturn in its businessactivities. In other words, it meant that subject’s business could survive when no cash inflow was received
from sales or other sources for 104 days.

Page 13 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Leverage Ratio
Gearing Ratio Movement:
Solvency Ratio Movement:
Debt Ratio Movement:
Gearing Ratio ( 0.34 Times ):Solvency Ratio ( 2.43 Times ):Debt Ratio ( 25.42% ):Fluctuation
Downtrend
Fluctuation
Impressive
Acceptable
Impressive

Industry Average:
Industry Average:
Industry Average:

1.30 Times
5.55 Times
56.46%

Gearing Ratio
The subject's leverage ratio was below the average for its industry, so its leverage position was relatively
stronger than its rivals due to plentiful funding base. In addition, this ratio was lower than 1 time indicating
the substantial ability to secure creditor's losses in the event of liquidation was still satisfied.

Solvency Ratio
The time interest earned ratio was used to test the firm’s debt-servicing capacity. The ratio was under anindustry average implied that subject had relatively low capability to meet its debt obligation than its rivals.
However, this figure still exceeded 1 time, showing a high ability to service its interest payment. Meanwhile,the downtrend or fluctuation of this ratio, which might come from the higher interest burden and/or the lower
incomes would show a weaker ability to satisfy its interest payment.

Page 14 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Activity Ratio
Inventory Turnover Period Movement:Collection Period Movement:
Payment Period Movement:
Inventory Turnover Period ( 46 Days ):Collection Period ( 94 Days ):Payment Period ( 18 Days ):Cash Cycle ( 122 Days ):StableStableStableSatisfactory
Risky
Satisfactory
Positive

Industry Average:
Industry Average:
Industry Average:

64 Days
35 Days
13 Days

Activity Ratio
Inventory Turnover period of subject was lower than the industry average, indicated it had efficient inventory
management because the shorter inventory had been held and stored before use or sale, the lower inventory
holding costs.
Considering between collection period and payment period of subject, we found that subject had to pay
suppliers faster than collecting money from customers. This therefore implied a weak credit control, andthat subject should negotiate with its supplier to extend the credit term and customers to pay back quickly
for its cash flow.
A Cash Cycle financial ratio shows how long a company has to finance its own inventory for. It measures thenumber of days between the initial cash outflow (when the company pays its suppliers) to the time it receives
cash from customers. The positive cash cycle was not so good for its business because the subject had asmall number of days in its operating cycle to finance.

Page 15 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Appendix
Rating Definitions & Symbols
Rating

Score

AAA

Above
88

AA

79-88

A

69-78

BBB

59-68

BB

49-58

B

39-48

C

Below
39

N/A (Not
Assigned)D

Definitions
The subject is believed to be trustworthy; its credit excellent or classified as low risk
companies. Possesses an extremely sound financial base with the strongest
capability to pay interest and repay principal on time; unlikely to be affected byadverse change in businesses, economic or other external conditions.
The subject is believed to be trustworthy and its credit is fairly good at present.
Possesses adequate working capital. Subject has strong capability to pay interest andrepay principal on time, but somewhat susceptible to adverse changes in business,
economic or other external conditions.
The subject is believed to be trustworthy and its credit is good at present with somerisk but slightly better than a medium risk. Financial and operational base is regarded
as healthy. Subject has satisfactory capability to pay interest and repay principal ontime, but is more susceptible to adverse changes in business, economic or otherexternal condition than the higher rated categories.
The credit of subject is not bad and transactions should be secured. Overall operationis considered normal. Subject has moderate capability to pay interest and repay
principal on time, but is more vulnerable to adverse changed in business, economicor other external conditions.
The credit of subject is fair, but prudence is needed for large scale transactions. The
subject has less than moderate capacity to pay interest and repay principal on time,and can be significantly affected by adverse changes in business, economic or otherexternal conditions.
The credit of the subject is poor and prudence is recommended for all transactions.
The subject has low capacity to pay interest and repay principal on time. Adversechanges in business, economic and other external conditions would lead to lack ofability to continue as a going concern.
The credit of subject is bad and all transactions are not advisable. The subject hadsignificant inability to pay interest and repay principal on time or expected to be in
default. Use for all records categorized as a " High Risk " . Adverse changes inbusiness, economic and other external conditions would lead to lack of ability tocontinue as a going concern.
Due to insufficient fundamental and/or financial data and new company records withlittle trading history etc., we cannot assign rating for subject. Therefore, there is norecommendation.
The credit of subject is bad and all transactions are not advisable. The subject hadsignificant inability to pay interest and repay principal on time or expected to be in
default. This rate covers a situation where a bankruptcy petition has been filed orsimilar action has been taken. Adverse changes in business, economic and otherexternal conditions would lead to lack of ability to continue as a going concern. Thisrating also is assigned to subject that generally default on obligations, failing to pay
all of its financial obligations. This rating is also assigned to subject that has closed
its business operation or in the process of liquidation.

Note: "+" or "-" may be appended to a rating to denote relative status within major rating categories. Suchsuffixes are not added to the "AAA" category or to categories below "B"

Page 16 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

Rating Outlook
A Rating Outlook assesses the potential direction of subject in the medium to long term. Consideration is
given to possible changes in economic and/or fundamental business conditions.
xxxx

Positive : rating may be raised as subject has a positive potential direction.
Negative : rating may be lowered as subject has a negative potential direction.
Stable : ratings are not likely to change as the fundamental business of subject is stable.
Developing : is used for unusual situation in which future events are so unclear that the rating may
be raised or lowered.

Page 17 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.

AAA (Thailand) Public Co. Ltd.

ᩰઃߩቯ⟵෸߮╓ภ
ᩰઃ

⹏ὐ

ቯ⟵

88 એ਄

ା↪ߒᓧࠆ; ା↪ᐲᄢ߹ߚߪෂ㒾ᐲߩૐ޿ળ␠ߣߒߡߩಽ㘃‫ᦼޕ‬㒢ㅢࠅߩ೑ሶ෸߮రᧄ㄰ᷣน⢻ߥᭂ߼ߡஜోߥ⽷ോၮ⋚ࠍ᦭ߔ‫ޕ‬੐ᬺߩㅒႺൻ‫⚻ޔ‬ᷣ߹ߚߪߘߩઁᄖ⊛᧦ઙߩᓇ㗀ߦႊ߃ࠄࠇࠆ‫ޕ‬

79-88ା↪ߒᓧࠆ‫⃻ޔ‬࿷ߩା↪ᐲߪ⦟ᅢ‫ޕ‬චಽߥㆇォ⾗㊄ࠍ᦭ߔ‫ᦼޕ‬㒢ㅢࠅߩ೑ሶ
෸߮రᧄ㄰ᷣߩ૕ജࠍ᦭ߔ‫ޕ‬ૉߒ‫ޔ‬੐ᬺߩㅒႺൻ‫⚻ޔ‬ᷣ߹ߚߪߘߩઁᄖ⊛᧦ઙߦዋ‫ޘ‬ᓇ㗀ฃߌ߿ߔ޿‫ޕ‬

69-78

ା↪ߒᓧࠆ߇‫⃻ޔ‬࿷ߩା↪ᐲߦߪ޿ߊࠄ߆ߩ࡝ࠬࠢࠍ઻߁‫ޕ‬ૉߒ‫ޔ‬ਛ૏࡝ࠬࠢࠃࠅ߿߿⦟ᅢߢ޽ࠆ‫⽷ޕ‬ോ෸߮⚻༡ၮ⋚ߪஜోߢ޽ࠆߣߺߥߔ‫ᦼޕ‬㒢ㅢࠅߩ೑ሶ෸߮రᧄߩචಽߥ㄰ᷣ⢻ജࠍ᦭ߔ‫ޕ‬ૉߒ‫ޔ‬਄૏ᩰઃߌㇱ㘃ߣᲧߒߡ‫ޔ‬੐ᬺߩㅒႺൻ‫⚻ޔ‬ᷣ߹ߚߪߘߩઁᄖ⊛᧦ઙߦࠃࠆᓇ㗀ࠍฃߌ߿ߔ޿‫ޕ‬

59-68ା↪ᐲߪน‫ޕ‬ᬺോߪ቟ቯߒߡ޿ࠆߣߺࠆ‫✚ޕ‬૕⊛ߦ⚻༡ߪᱜᏱߣ⠨߃ࠄࠇࠆ‫ᦼޕ‬㒢ㅢࠅߩ೑ሶ෸߮రᧄ㄰ᷣ⢻ജߪ᥉ㅢ‫ޕ‬ૉߒ‫ޔ‬੐ᬺߩㅒႺൻ‫⚻ޔ‬ᷣ߹ߚߪߘߩઁᄖ⊛᧦ઙߦࠃࠆᓇ㗀ࠍࠃࠅฃߌ߿ߔ޿‫ޕ‬

49-58

ା↪ᐲߪน‫ޔ‬ૉߒ‫ޔ‬ᄢⷙᮨขᒁߦߪᵈᗧ߇ⷐ᳞ߐࠇࠆ‫ᦼޕ‬㒢ㅢࠅߩ೑ሶ෸߮
రᧄ㄰ᷣ⢻ജߪ᥉ㅢએਅߢ‫ޔ‬੐ᬺߩㅒႺൻ‫⚻ޔ‬ᷣ߹ߚߪߘߩઁᄖ⊛᧦ઙߦࠃࠅ߆ߥࠅᓇ㗀ࠍฃߌ߿ߔ޿‫ޕ‬

39-48

ା↪ᐲߪᮡḰએਅߢ‫ޔ‬ᄢⷙᮨขᒁߦߪᵈᗧ߇ⷐ᳞ߐࠇࠆ‫ᦼޕ‬㒢ㅢࠅߩ೑ሶ෸
߮రᧄ㄰ᷣ⢻ജߪૐ޿‫ޕ‬੐ᬺߩㅒႺൻ‫⚻ޔ‬ᷣ෸߮ߘߩઁᄖ⊛᧦ઙߩᓇ㗀ࠍฃߌ‫ޔ‬ડᬺ⛮⛯⢻ജ߇ਇ⿷ߔࠆ੐ᘒߦ⥋ࠆߢ޽ࠈ߁‫ޕ‬39 એਅା↪ᐲߪਇนߢ‫ߩߡߴߔޔ‬ขᒁߪផᅑߒ߆ߨࠆ‫ᦼޕ‬㒢ㅢࠅߩ೑ሶ෸߮రᧄ㄰
ᷣ⢻ജߪ⪺ߒߊૐߊ‫ޔ‬ௌോਇጁⴕ߇੍ᗐߐࠇࠆ‫ోޕ‬ጁᱧߪ̌ࡂࠗ࡝ࠬࠢ̍ߣ
ߒߡಽ㘃ขࠅᛒ޿‫ޕ‬੐ᬺߩㅒႺൻ‫⚻ޔ‬ᷣ෸߮ߘߩઁᄖ⊛᧦ઙߩᓇ㗀ࠍฃߌ‫ޔ‬ડᬺ⛮⛯⢻ജ߇ਇ⿷ߔࠆ੐ᘒߦ⥋ࠆߢ޽ࠈ߁‫ޕ‬

AAA

AA

A

BBB

BB

B

C

N/A
(Not
Assigned)ਇචಽߥၮᧄ⊛⾗ᢱ෸߮⽷ോ⾗ᢱ‫ߤࠎߣ߶ߦᦝޔ‬ขᒁታ❣╬ߩߥ޿ળ␠ጁᱧ
߆ࠄ‫ޔ‬ᩰઃߌਇน‫ޔߡߞࠃޕ‬ផᅑਇน‫ޕ‬Dା↪ᐲߪਇนߢ‫ߩߡߴߔޔ‬ขᒁߪផᅑߒ߆ߨࠆ‫ᦼޕ‬㒢ㅢࠅߩ೑ሶ෸߮రᧄ㄰
ᷣ⢻ജߪ⪺ߒߊૐߊ‫ޔ‬ௌോਇጁⴕ߇੍ᗐߐࠇࠆ‫ޕ‬⎕↥↳ߒ┙ߡਛ߹ߚߪߘࠇ
ߦㄭ޿⁁ᴫࠍ฽߻‫ޕ‬੐ᬺߩㅒႺൻ‫⚻ޔ‬ᷣ෸߮ߘߩઁᄖ⊛᧦ઙߩᓇ㗀ࠍฃߌ‫ޔ‬ડᬺ⛮⛯⢻ജ߇ਇ⿷ߔࠆ੐ᘒߦ⥋ࠆߢ޽ࠈ߁‫⾗ߩߡߴߔޔߚ߹ޕ‬㊄⊛㄰ᷣ⟵ോࠍᨐߚߖߥ޿৻⥸⊛ௌോਇጁⴕߣߥࠆ႐ว߽ߎߩᩰઃߌߢ޽ࠆ‫ޕ‬஻⠨: ᩰઃߌߦઃടߐࠇࠆ"+" ߹ߚߪ "-" ߪߘߩਛߢߩᲧセ㧔਄ਅ㧕ࠍ␜ߔ‫"ޕ‬AAA"෸߮"B"ᧂḩߩ႐ว‫ߪࠄࠇߘޔ‬ઃടߐࠇߥ޿‫ޕ‬⷗ㅢߒᩰઃߌ
⷗ㅢߒᩰઃߌߪ‫ޔ‬ਛ㐳ᦼ⊛ⷞ㊁ߦࠃࠆ⷗ㅢߒࠍ⹏ଔߔࠆ‫⚻ޔߡߞࠃޕ‬ᷣ෸߮ၮᧄ⊛ᬺോ᧦ઙߩᄌᦝ߇޽ࠇ߫ౣ⠨⷗⋥ߒߐࠇࠆߴ߈߽ߩߢ޽ࠆ‫ޕ‬xࡐࠫ࠹ࠖ㩖㩨   : ਄᣹ᡷༀ௑ะߣߒߡߩᩰઃߌ

xࡀࠟ࠹ࠖ㩖㩨   : ਅ㒠ᖡൻ௑ะߣߒߡߩᩰઃߌ

xࠬ࠹ࠗࡉ࡞    : ၮᧄ⊛ᬺോ߇቟ቯߒߡ߅ࠅ‫ޔ‬ᄌൻߒߘ߁ߦߥ޿ߣߒߡߩᩰઃߌ

࠺ࠖࡌࡠ࠶ࡇࡦࠣ : ㅢᏱᄖߩ⁁ᘒߢ‫ޔ‬዁᧪ߩᚑࠅⴕ߈ߦࠃࠅᩰઃߌߪ਄ਅ

Page 18 of 18
DISCLAIMER: This report is furnished in strict confidence to you at your request, for your exclusive use, for legitimate businesspurpose and for no other purpose. The above information is taken from sources believed to be reliable. Every attempt is made to ensurethat the information given is accurate. INTERNATIONAL RESEARCH ASSOCIATES (INRA) LIMITED accepts no legal
responsibility for any information supplied or opinion expressed.