MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	DAIFUKU MECHATRONICS (SINGAPORE) PTE LTD
Registered Office :	4010 Ang Mo Kio Avenue 10 #07-01 Techplace 1 Singapore 569626
Country :	Singapore
Financials (as on) :	31.12.2010 (Company) 31.12.2008 (Group)
Date of Incorporation :	30.01.1986
Com. Reg. No.:	198600225h
Legal Form :	Limited Private Company
Line of Business :	Business and Management Consultancy Services
No. of Employees :	Not Available

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

Maximum Credit Limit :	S$1,000,000
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 – September 30^th, 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	:	DAIFUKU MECHATRONICS (SINGAPORE) PTE LTD
Registration No	:	198600225H
Date of Registration	:	30/01/1986
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	4010 ANG MO KIO AVENUE 10 #07-01 TECHPLACE 1 SINGAPORE 569626
Date of Change of Address	:	29/09/1995
Contact No.	:	6552 6166
Fax No.	:	6552 6766
Website	:	www.daifukusingapore.com
Registered Activities	:	1. BUSINESS AND MANAGEMENT CONSULTANCY SERVICES 2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 500,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$500,000.00 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	:	NA
Auditor	:	PRICEWATERHOUSECOOPERS LLP
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 39,151,547.00 (FY2010)
Net Worth	:	SINGAPORE, DOLLARS 17,661,576.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	DAIFUKU CO. LTD
SHAREHOLDER ID	:	S86UF0161D
NATIONALITY	:	JAPAN
ADDRESS	:	2-11 METEJIMA 3-CHOME, NISHIYODOGAWA-KU OSAKA, JAPAN 555
NO. OF ORD SHARES	:	500,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	KOJI YAMAMOTO
ADDRESS	:	4010 ANG MO KIO AVENUE 10 #07-01 TECHPLACE 1 SINGAPORE 569626
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	31/03/2010 31/03/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	G6259552W
NAME	:	CHAN WAN MEI
ADDRESS	:	771 BEDOK RESERVOIR VIEW #15-161 SINGAPORE 470771
POSITION	:	SECRETARY
DATE OF APPT	:	18/02/2008
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7268474E
NAME	:	CHAN LAI YIN
ADDRESS	:	26 SIMEI STREET 1 #11-08 MELVILLE PARK SINGAPORE 529947
POSITION	:	SECRETARY
DATE OF APPT	:	15/05/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7480587F
NAME	:	YUTAKA HIRAI
ADDRESS	:	1-362, M703, CHUO, KOMAKI AICHI PREFECTURE, 485-0029, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	01/04/2003
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH0580524
NAME	:	FUMIO KOBAYASHI
ADDRESS	:	279 MOROOKA-CHO, KOHOKU-KU, YOKOHAMA-SHI, KANAGAWA 222-0002, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	16/05/2005
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TK2932198

KEY PERSONNEL PROFILE

Name:	KOJI YAMAMOTO
NRIC Number:	G6259552W
Available Address:	4010 ANG MO KIO AVENUE 10 #07-01 TECHPLACE 1 SINGAPORE 569626

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	DAIFUKU MECHATRONICS (SINGAPORE) PTE LTD	DIRECTOR	31/03/2010	-	-
2	DAIFUKU MECHATRONICS (SINGAPORE) PTE LTD	MANAGING DIRECTOR	31/03/2010	-	-

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 (%)
NA

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

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years W.e.f 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	1
District ($80,000 - $250,000)	0	0
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.	:	1626
	Date of Filing	:	25/01/1997
	Amount	:	0.00
	Cause	:	NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)
	Case Status	:	CONCLUDED
	Plaintiff	:	TRANS ISLAND BUS SERVICES LTD
	Last Update Date	:	08/04/1998

COMPLIANCE RECORDS

Date of Last AGM	:	04/05/2011
Date of Last AR	:	19/05/2011
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	12,566,785	-68.94	40,455,838	20,882,907
Profit/(Loss) Before Tax	3,517,990	65.35	2,127,597	2,074,527
Profit After Tax attributable to Shareholders	3,209,590	91.25	1,678,252	1,725,643
Balance Sheet Key Figures
Total Assets	19,425,139	18.94	16,332,536	18,912,624
Current Assets	18,803,070	18.81	15,825,669	18,433,533
Non Current Assets	622,069	22.73	506,867	479,091
Total Liabilities	3,644,911	-3.11	3,761,898	8,020,238
Current Liabilities	3,633,588	-2.96	3,744,322	7,996,286
Non Current Liabilities	11,323	-35.58	17,576	23,952
Shareholders' Funds	15,780,228	25.53	12,570,638	10,892,386
Share Capital	500,000	0.00	500,000	500,000
Total Reserves	15,280,228	26.59	12,070,638	10,328,479

FINANCIAL RATIOS

	Group
	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	-68.94	93.73	NA
Profitability
Profit Margin (%)	25.54	4.15	8.26
Return on Equity (%)	20.34	13.35	15.84
Return on Assets (%)	16.52	10.28	9.12
Leverage
Total Debt/Equity (Times)	0.23	0.30	0.74
Current Debt/Equity (Times)	0.23	0.30	0.73
Long Term Debt To Equity (Times)	0.00	0.00	0.00
Total Asset To Total Equity (Times)	1.23	1.30	1.74
Asset Management
Total Assets Turnover (Times)	0.65	2.48	1.10
Fixed Assets Turnover (Times)	20.20	79.82	43.59
Liquidity
Current Ratio (Times)	5.17	4.23	2.31

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	39,151,547	169.41	14,532,517	12,566,785	0	0
Profit/(Loss) Before Tax	240,404	-88.74	2,134,152	3,527,089	0	0
Profit After Tax attributable to Shareholders	237,027	-86.98	1,820,956	3,218,689	0	0
Balance Sheet Key Figures
Total Assets	23,483,434	-20.40	29,500,882	19,248,504	16,146,802	18,720,907
Current Assets	22,835,597	-21.05	28,924,283	18,626,435	15,640,270	18,242,154
Non Current Assets	647,837	12.35	576,599	622,069	506,532	478,753
Total Liabilities	5,821,858	-51.79	12,076,333	3,644,911	3,761,898	8,020,238
Current Liabilities	5,810,912	-51.84	12,065,387	3,633,588	3,744,322	7,996,286
Non Current Liabilities	10,946	0.00	10,946	11,323	17,576	23,952
Shareholders' Funds	17,661,576	1.36	17,424,549	15,603,593	12,384,904	10,700,669
Share Capital	500,000	0.00	500,000	500,000	500,000	500,000
Total Reserves	17,161,576	1.40	16,924,549	15,103,593	11,884,904	10,200,669

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	169.41	15.64	NA	NA	NA
Profitability
Profit Margin (%)	0.61	12.53	25.61	0.00	0.00
Return on Equity (%)	1.34	10.45	20.63	0.00	0.00
Return on Assets (%)	1.01	6.17	16.72	0.00	0.00
Leverage
Total Debt/Equity (Times)	0.33	0.69	0.23	0.30	0.75
Current Debt/Equity (Times)	0.33	0.69	0.23	0.30	0.75
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	1.33	1.69	1.23	1.30	1.75
Asset Management
Total Assets Turnover (Times)	1.67	0.49	0.65	0.00	0.00
Fixed Assets Turnover (Times)	60.43	25.20	20.20	0.00	0.00
Liquidity
Current Ratio (Times)	3.93	2.40	5.13	4.18	2.28

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.61 per cent in FY10 (FY09: 12.53 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.13 a year ago.

Liquidity

Current ratio stood at 3.93 times in FY10 (FY09: 2.40 times). This means that the company has SINGAPORE, DOLLARS 3.93 of current assets for every SINGAPORE, DOLLARS 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 0.33 times in FY10, as compared with 0.69 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.33 for every SINGAPORE, DOLLARS 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 1.34 per cent for Subject in the current financial period, as compared to 10.45 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 1.01 per cent (FY09: 6.17 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 1.67 times in FY10 (FY09: 0.49 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.53.03
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

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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