MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	INABATA SINGAPORE (PTE.) LTD.
Registered Office :	78 Shenton Way #18-00 Singapore 079120
Country :	Singapore
Financials (as on) :	31.12.2010
Date of Incorporation :	01.11.1976
Com. Reg. No.:	197602186H
Legal Form :	Limited Private Company
Line of Business :	Wholesale of Chemicals and Chemical Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	S$1,000,000
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Exists

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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	:	INABATA SINGAPORE (PTE.) LTD.
Registration No	:	197602186H
Date of Registration	:	01/11/1976
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	78 SHENTON WAY #18-00 SINGAPORE 079120
Date of Change of Address	:	15/03/1999
Contact No.	:	6220 0796
Fax No.	:	6222 7972
Website	:	www.inabata.co.jp
Registered Activities	:	WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC
Issued Ordinary Capital*	:	$26,136,693.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 16,200,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$26,136,693.00 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	:	KPMG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 483,433,653.00 (FY2010)
Net Worth	:	SGD - SIN 46,579,833.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	3
S1000 / SME 500 / FG50 Ranking	:	634 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 413 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 374 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008) 367 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007) 1132 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2006/2007)
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Rating & Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	INABATA & CO LTD
SHAREHOLDER ID	:	T05UF0116L
NATIONALITY	:	JAPAN
ADDRESS	:	8-2 NIHONBASHIHONCHO 2-CHOME CHUO-KU, TOKYO, 103-8448, JAPAN
NO. OF ORD SHARES	:	16,200,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	NORIOMI YASUE
ADDRESS	:	80 MOHAMED SULTAN ROAD #08-11 SINGAPORE 239013
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	01/02/2008 13/12/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	G6050577U
NAME	:	CHAN CHOW PHENG
ADDRESS	:	59 TELOK BLANGAH HEIGHTS #04-11 SINGAPORE 100059
POSITION	:	SECRETARY
DATE OF APPT	:	31/03/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1298885J
NAME	:	CHANG SOW KUEN
ADDRESS	:	130 GEYLANG EAST AVENUE 1 #02-299 SINGAPORE 380130
POSITION	:	SECRETARY
DATE OF APPT	:	09/07/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1365694J
NAME	:	YASUSHI AKINAGA
ADDRESS	:	2-2-12-906, OKUBO, SHINJUKU-KU, TOKYO JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	16/06/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH4100460
NAME	:	OHASHI MOTOO
ADDRESS	:	THE PLAZA RESIDENCE UNIT 25L JL JENDERAL SUDIRMAN KAV 10-11, JAKARTA, INDONESIA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/08/2011
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TZ0067604

KEY PERSONNEL PROFILE

Name:	NORIOMI YASUE
NRIC Number:	G6050577U
Available Address:	80 MOHAMED SULTAN ROAD #08-11 SINGAPORE 239013

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	INABATA SINGAPORE (PTE.) LTD.	DIRECTOR	01/02/2008	-	-
2	INABATA SINGAPORE (PTE.) LTD.	MANAGING DIRECTOR	13/12/2010	-	-
3	NIP ASIA PTE LTD	DIRECTOR	31/01/2008	-	-
4	SANYO-IK COLOR (PTE) LTD	DIRECTOR	15/02/2008	-	-
5	ULVAC SINGAPORE PTE LTD	DIRECTOR	01/06/2011	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

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 (%)
SANYO-IK COLOR (PTE) LTD	50

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

To date, there have been 3 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years Bef 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	2
District ($80,000 - $250,000)	0	1
High (>$250,000)	0	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	7299
	Date of Filing	:	01/04/1998
	Amount	:	0.00
	Cause	:	Negligence - Motor Accidents (Not Injuries / Death)
	Case Status	:	CONCLUDED
	Plaintiff	:	NG HOCK BIN
2)	Court	:	District Court
	Case No.	:	563
	Date of Filing	:	29/01/1999
	Amount	:	0.00
	Cause	:	Negligence - Motor Accidents (Injuries)
	Case Status	:	CONCLUDED
	Plaintiff	:	CHUA CHER YONG
3)	Court	:	Magistrate Court
	Case No.	:	2163
	Date of Filing	:	27/01/1999
	Amount	:	0.00
	Cause	:	Negligence - Motor Accidents (Injuries)
	Case Status	:	CONCLUDED
	Plaintiff	:	CHUA CHER YONG

COMPLIANCE

Date of Last AGM	:	18/04/2011
Date of Last AR	:	28/04/2011
Date of A/C Laid At Last AGM	:	31/12/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2008	% Change	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	514,073,221	-3.84	534,577,034	501,638,499
Profit/(Loss) Before Tax	4,512,298	-42.79	7,887,237	6,606,427
Profit After Tax attributable to Shareholders	2,620,181	-53.62	5,649,840	4,946,107
Balance Sheet Key Figures
Total Assets	181,561,443	-12.96	208,591,790	188,571,500
Current Assets	138,869,572	-13.42	160,392,344	150,544,148
Non Current Assets	42,691,871	-11.43	48,199,446	38,027,352
Total Liabilities	124,285,733	-9.70	137,633,707	132,169,726
Current Liabilities	124,185,554	-9.73	137,569,094	132,115,861
Non Current Liabilities	100,179	55.04	64,613	53,865
Shareholders' Funds	57,275,708	-19.28	70,958,083	56,401,775
Share Capital	22,857,795	-6.10	24,342,395	25,665,255
Total Reserves	34,417,913	-26.17	46,615,688	30,736,520

FINANCIAL RATIOS

	Group
	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	-3.84	6.57	NA
Profitability
Profit Margin (%)	0.51	1.06	0.99
Return on Equity (%)	4.57	7.96	8.77
Return on Assets (%)	1.44	2.71	2.62
Leverage
Total Debt/Equity (Times)	2.17	1.94	2.34
Current Debt/Equity (Times)	2.17	1.94	2.34
Long Term Debt To Equity (Times)	0.00	0.00	0.00
Total Asset To Total Equity (Times)	3.17	2.94	3.34
Asset Management
Total Assets Turnover (Times)	2.83	2.56	2.66
Fixed Assets Turnover (Times)	12.04	11.09	13.19
Liquidity
Current Ratio (Times)	1.12	1.17	1.14

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	483,433,653	29.18	374,231,105	422,970,798	0	0
Profit/(Loss) Before Tax	(6,135,622)	NA	5,459,659	6,182,892	0	0
Profit After Tax attributable to Shareholders	(8,063,805)	NA	4,318,835	5,246,005	0	0
Balance Sheet Key Figures
Total Assets	173,724,234	3.79	167,375,217	146,357,616	172,964,286	145,313,580
Current Assets	149,625,350	16.48	128,457,686	108,582,993	128,584,995	111,043,587
Non Current Assets	24,098,884	-38.08	38,917,531	37,774,623	44,379,291	34,269,993
Total Liabilities	127,144,397	14.23	111,304,578	95,252,100	109,345,705	95,986,400
Current Liabilities	126,044,911	13.61	110,943,705	95,252,100	109,345,705	95,986,400
Non Current Liabilities	1,099,486	204.67	360,873	0	0	0
Shareholders' Funds	46,579,833	-16.93	56,070,640	51,105,515	63,618,581	49,327,181
Share Capital	22,044,150	-6.49	23,573,155	22,857,795	24,342,120	25,665,660
Total Reserves	24,535,683	-24.50	32,497,485	28,247,720	39,276,461	23,661,521

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	29.18	-11.52	NA	NA	NA
Profitability
Profit Margin (%)	-1.67	1.15	1.24	0.00	0.00
Return on Equity (%)	-17.31	7.70	10.27	0.00	0.00
Return on Assets (%)	-4.64	2.58	3.58	0.00	0.00
Leverage
Total Debt/Equity (Times)	2.73	1.99	1.86	1.72	1.95
Current Debt/Equity (Times)	2.71	1.98	1.86	1.72	1.95
Long Term Debt To Equity (Times)	0.02	0.01	0.00	0.00	0.00
Total Asset To Total Equity (Times)	3.73	2.99	2.86	2.72	2.95
Asset Management
Total Assets Turnover (Times)	2.78	2.24	2.89	0.00	0.00
Fixed Assets Turnover (Times)	20.06	9.62	11.20	0.00	0.00
Liquidity
Current Ratio (Times)	1.19	1.16	1.14	1.18	1.16

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 1.19 times in FY10 (FY09: 1.16 times). This means that the company has SGD - SIN 1.19 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.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 2.73 times in FY10, compared with 1.99 times in FY09. This means that the company requires additional external financing of SGD - SIN 2.73 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

We are unable to comment on Subject's return on equity.

We are unable to comment on Subject's return on assets.

Total assets turnover ratio logged at 2.78 times in FY10 (FY09: 2.24 times). This ratio measures the company'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.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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