MIRA INFORM REPORT

Report Date :

28.04.2011

IDENTIFICATION DETAILS

Name :	IGAWARA INDUSTRIAL SERVICE AND TRADING PTE LTD
Registered Office :	2 Jurong East Street 21 #05-04 Imm Building Singapore 609601
Country :	Singapore
Financials (as on) :	31.03.2010
Date of Incorporation :	19.03.1988
Com. Reg. No.:	198800840N
Legal Form :	Limited Private Company
Line of Business :	Wholesale of construction materials, hardware, plumbing and heating equipment and supplies nec (eg cement, sand)

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	S$1,000,000
Status :	Excellent
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Singapore	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Executive Summary

Company Name	:	IGAWARA INDUSTRIAL SERVICE AND TRADING PTE LTD
Registration No	:	198800840N
Date of Registration	:	19/03/1988
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	2 JURONG EAST STREET 21 #05-04 IMM BUILDING SINGAPORE 609601
Date of Change of Address	:	15/10/1995
Contact No.	:	6566 1191
Fax No.	:	6566 1194
Website	:	www.igawara.com
Registered Activities	:	1. WHOLESALE OF CONSTRUCTION MATERIALS, HARDWARE, PLUMBING AND HEATING EQUIPMENT AND SUPPLIES NEC (EG CEMENT, SAND) PIPE FITTINGS ACCESSARIES PLATES STRUCTURAL TUBES FERTILIZER & POWER PLANTS 2. WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT
Issued Ordinary Capital*	:	$1,244,600.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 3,680,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$1,244,600.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	1
Auditor	:	HENG LEE SENG LLP

Bankers / Financiers	:	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH CITIBANK N.A.
Turnover	:	SGD - SIN 86,627,450.00 (FY2010)
Net Worth	:	SGD - SIN 41,050,241.00 (FY2010)
No. of Bank Charges	:	2
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	1588 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2002/2003)
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	LIM KIM HOK
SHAREHOLDER ID	:	S2538469E
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	293 OCEAN DRIVE #11-16 OCEANFRONT @ SENTOSA COVE, THE SINGAPORE 098533
NO. OF ORD SHARES	:	2,760,000
% OF SHAREHOLDING	:	75%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	FUKUSUKE KIKO CO LTD
SHAREHOLDER ID	:	T07UF0437L
NATIONALITY	:	NA
ADDRESS	:	KYOEI BUILDING 2-1-2, KAIGAN-DORI CHUO-KU KOBE, 650-0024, JAPAN
NO. OF ORD SHARES	:	744,000
% OF SHAREHOLDING	:	20.2%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	KEIMI IGAHARA
SHAREHOLDER ID	:	TH3932194
NATIONALITY	:	JAPANESE
ADDRESS	:	360 YAMATSUYA IBOGAWA-CHO IBO-GUN HYOGO-KEN 671-1631 JAPAN
NO. OF ORD SHARES	:	156,000
% OF SHAREHOLDING	:	4.2%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	TAKAYUKI IGAHARA
SHAREHOLDER ID	:	MS5638163
NATIONALITY	:	JAPANESE
ADDRESS	:	3-1-6 OHMACHI TARUMI-KU KOBE 655 JAPAN
NO. OF ORD SHARES	:	20,000
% OF SHAREHOLDING	:	0.5%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	TAKAYUKI IGAHARA
ADDRESS	:	3-1-6 OHMACHI TARUMI-KU KOBE 655 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	31/08/1997
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	MS5638163
NAME	:	LIM HOCK LEONG
ADDRESS	:
POSITION	:	DIRECTOR
DATE OF APPT	:	03/02/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1631321A
NAME	:	LIM KIM HOK
ADDRESS	:	293 OCEAN DRIVE #11-16 OCEANFRONT @ SENTOSA COVE, THE SINGAPORE 098533
POSITION	:	DIRECTOR
DATE OF APPT	:	19/03/1988
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2538469E
NAME	:	KUPPUSAMY KUMARASAMY
ADDRESS	:	287A JURONG EAST STREET 21 #13-352 SINGAPORE 601287
POSITION	:	DIRECTOR
DATE OF APPT	:	03/02/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2660785Z
NAME	:	SUZES CHUAH GEIK SUAN
ADDRESS	:	59 WEST COAST WAY #02-16 CARABELLE SINGAPORE 127019
POSITION	:	SECRETARY
DATE OF APPT	:	30/06/2007
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7260089D
NAME	:	LEE SU FAU
ADDRESS	:	131 JALAN BUKIT MERAH #04-1573 SINGAPORE 160131
POSITION	:	SECRETARY
DATE OF APPT	:	30/06/2007
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7276389J
NAME	:	XU HUI
ADDRESS	:	21 HAZEL PARK TERRACE #05-01 HAZEL PARK CONDOMINIUM SINGAPORE 678946
POSITION	:	DIRECTOR
DATE OF APPT	:	03/02/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7277642I

NAME	:	KEIMI IGAHARA
ADDRESS	:	360 YAMATSUYA IBOGAWA-CHO IBO-GUN HYOGO-KEN 671-1631 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	24/05/1988
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH3932194
NAME	:	ITSURO YAMAMOTO
ADDRESS	:	136-7 NOZUTA-MACHI MACHIDA CITY TOKYO JAPAN 195-0063
POSITION	:	DIRECTOR
DATE OF APPT	:	03/02/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH5077796

KEY PERSONNEL PROFILE

Name:	LIM KIM HOK
NRIC Number:	S2538469E
Available Address:	293 OCEAN DRIVE #11-16 OCEANFRONT @ SENTOSA COVE, THE SINGAPORE 98533

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	IGAWARA GOLD FORTUNE PTE. LTD.	DIRECTOR	08/08/2003	840000	50.00
2	IGAWARA INDUSTRIAL SERVICE AND TRADING PTE LTD	DIRECTOR	19/03/1988	2760000	75.00

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	AFRICA MINERAL & COMMODITY HOLDINGS PTE. LTD.	STRUCK OFF	DIRECTOR	03/04/2002	-

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
IGAWARA GOLD FORTUNE PTE. LTD.	50

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201007884
	Date of Registration	:	06/09/2010
	Chargee	:	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH
	Address	:	---
2)	Charge No.	:	C201002282
	Date of Registration	:	16/03/2010
	Chargee	:	CITIBANK N.A.
	Address	:	3 TEMASEK AVENUE #12-00 CENTENNIAL TOWER SINGAPORE 039190

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	30/10/2010
Date of Last AR	:	30/11/2010
Date of A/C Laid At Last AGM	:	31/03/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2010	% Change	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	86,627,450	-40.99	146,802,333	135,615,763	94,040,123	93,516,414
Profit/(Loss) Before Tax	7,589,666	-43.40	13,408,325	10,763,233	8,389,632	8,851,530
Profit After Tax attributable to Shareholders	6,230,943	-40.10	10,402,194	8,900,393	6,905,522	7,004,089
Balance Sheet Key Figures
Total Assets	50,205,023	-4.10	52,350,817	53,726,871	29,524,831	27,705,994
Current Assets	49,835,696	-4.57	52,223,268	53,573,061	29,326,309	27,458,898
Non Current Assets	369,327	189.56	127,549	153,810	198,522	247,096
Total Liabilities	9,154,781	-40.23	15,315,957	24,598,635	6,878,717	9,649,199
Current Liabilities	9,154,781	-40.23	15,315,957	24,598,635	6,878,717	9,649,199
Non Current Liabilities	0	NA	0	0	0	0
Shareholders' Funds	41,050,241	10.84	37,034,860	29,128,236	22,646,115	18,056,795
Share Capital	1,068,671	1.18	1,056,246	1,076,842	1,142,463	1,217,586
Total Reserves	39,981,570	11.13	35,978,614	28,051,394	21,503,652	16,839,209

FINANCIAL RATIOS

	Group
	MAR 2010	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Growth %
Year-on-Year Growth	-40.99	8.25	44.21	0.56	NA
Profitability
Profit Margin (%)	7.19	7.09	6.56	7.34	7.49
Return on Equity (%)	15.18	28.09	30.56	30.49	38.79
Return on Assets (%)	12.41	19.87	16.57	23.39	25.28
Leverage
Total Debt/Equity (Times)	0.22	0.41	0.84	0.30	0.53
Current Debt/Equity (Times)	0.22	0.41	0.84	0.30	0.53
Long Term Debt To Equity (Times)	NA	NA	NA	NA	NA
Total Asset To Total Equity (Times)	1.22	1.41	1.84	1.30	1.53
Asset Management
Total Assets Turnover (Times)	1.73	2.80	2.52	3.19	3.38
Fixed Assets Turnover (Times)	234.55	1,150.95	881.71	473.70	378.46
Liquidity
Current Ratio (Times)	5.44	3.41	2.18	4.26	2.85

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2010	% Change	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Currency	U.S. DOLLAR		U.S. DOLLAR	SINGAPORE, DOLLARS	U.S. DOLLAR	U.S. DOLLAR
Profit and Loss Key Figures
Turnover	*	NA	0	0	0	0
Profit/(Loss) Before Tax	*	NA	0	0	0	0
Profit After Tax attributable to Shareholders	*	NA	0	0	0	0
Balance Sheet Key Figures
Total Assets	37,045,101	-2.04	37,817,907	36,447,383	18,354,344	16,089,824
Current Assets	36,040,950	-2.55	36,984,475	35,607,547	17,736,856	15,450,973
Non Current Assets	1,004,151	20.48	833,432	839,836	617,488	638,851
Total Liabilities	6,170,620	-40.47	10,365,696	16,622,496	4,405,753	5,795,643
Current Liabilities	6,170,620	-40.47	10,365,696	16,622,496	4,405,753	5,795,643
Non Current Liabilities	0	NA	0	0	0	0
Shareholders' Funds	30,874,481	12.47	27,452,211	19,824,887	13,948,591	10,294,181
Share Capital	749,870	2.40	732,309	732,309	732,309	732,309
Total Reserves	30,124,611	12.74	26,719,902	19,092,578	13,216,282	9,561,872

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

FINANCIAL RATIOS

	Company
	MAR 2010	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Growth %
Year-on-Year Growth	NA	NA	NA	NA	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00	0.00	0.00
Return on Equity (%)	0.00	0.00	0.00	0.00	0.00
Return on Assets (%)	0.00	0.00	0.00	0.00	0.00
Leverage
Total Debt/Equity (Times)	0.20	0.38	0.84	0.32	0.56
Current Debt/Equity (Times)	0.20	0.38	0.84	0.32	0.56
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	1.20	1.38	1.84	1.32	1.56
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00	0.00	0.00
Fixed Assets Turnover (Times)	0.00	0.00	0.00	0.00	0.00
Liquidity
Current Ratio (Times)	5.84	3.57	2.14	4.03	2.67

FINANCIAL COMMENTARY

Profitability

The group yielded a rate of net profit on sales of 7.19 per cent in FY10 (FY09: 7.09 per cent). The group is now able to book in SGD - SIN 0.07 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.07 a year ago.

Liquidity

Current ratio stood at 5.44 times in FY10 (FY09: 3.41 times). This means that the group has SGD - SIN 5.44 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 0.22 times in FY10, as compared with 0.41 times in FY09. This means that the group requires additional external financing of SGD - SIN 0.22 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 15.18 per cent for Subject in the current financial period, as compared to 28.09 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 12.41 per cent (FY09: 19.87 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 1.73 times in FY10 (FY09: 2.80 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.40
UK Pound	1	Rs.73.26
Euro	1	Rs.65.17

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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