MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	IHI CORPORATION

Formerly Known As :	Ishikawajima-Harima Heavy Industries Co. Ltd.

Registered Office :	77 Robinson Road #14-03 Robinson 77 Singapore 068896

Country :	Singapore

Financials (as on) :	31.03.2009

Date of Incorporation :	16.10.1963

Com. Reg. No.:	S63fc1576h

Legal Form :	Foreign Company Registered In Singapore

Line of Business :	Wholesale of Industrial Machinery and Equipment

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	S$18,000

Status :	Moderate

Payment Behaviour :	Unknown

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

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

Executive Summary

Company Name	:	IHI CORPORATION
Registration No	:	S63FC1576H
Date of Registration	:	16/10/1963
Former Name	:	ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO. LTD. Eff. date : 16/10/1963 Eff. date : 16/10/1963
Date of Change of Name	:	01/07/2007
Type of Company	:	FOREIGN COMPANY REGISTERED IN SINGAPORE
Registered Address	:	77 ROBINSON ROAD #14-03 ROBINSON 77 SINGAPORE 068896
Date of Change of Address	:	10/07/2009
Contact No.	:	6268 4764
Fax No.	:	6262 3435
Website	:	NA
Registered Activities	:	1. WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT 2. BUILDING CONSTRUCTION NEC
Issued Ordinary Capital*	:	NA
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	NA
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	:	FOO KON TAN GRANT THORNTON LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 0.00 (FY2009)
Net Worth	:	SGD - SIN 366,513.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
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$18,000

SHAREHOLDER DETAILS

No Trace

OFFICER DETAILS

NAME	:	MASANORI OTOMI
ADDRESS	:	31A WEST COAST PARK #08-30 BOTANNIA SINGAPORE 127725
POSITION	:	AGENT
DATE OF APPT	:	01/06/2009
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	G6265857L

NAME	:	ICHIRO MURAI
ADDRESS	:	83 DEVONSHIRE ROAD #27-06 METZ, THE SINGAPORE 239864
POSITION	:	AGENT
DATE OF APPT	:	01/06/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	G6295601T

NAME	:	YASUYUKI WATANABE
ADDRESS	:	1-4-18, NAKAHARA, MITAKA-SHI, TOKYO, 181-0005 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	28/06/2005
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TF3794659

NAME	:	YUJI HIRUMA
ADDRESS	:	26-3-3-1508, OOMIYACHO, SAIWAI-KU,KAWASAKI-SHI,KANAGAWA,212-0014 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	28/06/2006
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TF5230625

NAME	:	TADASHI OKAMURA
ADDRESS	:	A701, 4-4-1 NOKENDAI,KANAZAWA-KU, YOKOHAMA-SHI,KANAGAWA,236-0057 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	25/06/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TG2482355

NAME	:	TAMOTSU SAITO
ADDRESS	:	WAKAMIYA 1-42-9, NAKANO-KU, TOKYO-TO, 165-0033 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	27/06/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TG2581783

NAME	:	JOJI SAKAMOTO
ADDRESS	:	212,1-11-8, ISOGO, ISOGO-KU, YOKOHHAMASI, KANAGAWAKEN, 235-0016, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	26/06/2009
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH0081844

NAME	:	ICHIRO TERAI
ADDRESS	:	3-19-5, KINUNODAI, TSUKUBAMIRAI-SHI, IBARAKI, 300-2436, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	26/06/2009
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH0382039

NAME	:	MAKOTO SERIZAWA
ADDRESS	:	3-1-1-311, OOSAKI, SHINAGAWA-KU,TOKYO, 141-0032 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	27/08/2007
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH0486026

NAME	:	ICHIRO HASHIMOTO
ADDRESS	:	4-1-2-1104, MYOUJINCHO, HACHIOUJI-SHI, TOKYO, 192-0046 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	27/06/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH1999519

NAME	:	KAMA KAZUAKI
ADDRESS	:	7-222-A-401 SHIN-MATSUDO MATSUDO-SHI, CHIBA, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	28/06/2005
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH2280380

NAME	:	KAZUO TSUKAHARA
ADDRESS	:	KAMARIYA-NISHI 2-29-12, KANAZAWAK-KU, YOKOHAMA-SHI, KANAGAWA-KEN, 236-0046 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	27/06/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH3526548

NAME	:	TOMOKAZU HAMAGUCHI
ADDRESS	:	1-10-32, EKODA, AOBA-KU, YOKOHAMA-SHI, KANAGAWA, 225-0005 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	27/06/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH4941763

NAME	:	FUSAYOSHI NAKAMURA
ADDRESS	:	WAKAMIYA 3-4-13, ICHIKAWA-SHI, CHIBA-KEN, 272-0812 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	27/06/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH5716158

NAME	:	IZUMI IMOTO
ADDRESS	:	902, 2-12-1 TSUKUDA, CHUO-KU, TOKYO, 104-0051, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	25/06/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH8200278

NAME	:	SADAO DEGAWA
ADDRESS	:	2-3-7-211 IWATOMINAMI, KOMAE-SHI, TOKYO, 201-005, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	26/06/2009
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH8795214

NAME	:	TATSUMI KAWARATANI
ADDRESS	:	5-2160-3 KARASUYAMA,TSUCHIURA-SHI, IBARAKI,300-0836 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	25/06/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TK0282605

KEY PERSONNEL PROFILE

Name:	YASUYUKI WATANABE
NRIC Number:	TF3794659
Available Address:	1-4-18, NAKAHARA, MITAKA-SHI, TOKYO, 181-0005 JAPAN

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	IHI CORPORATION	DIRECTOR	28/06/2005	-	-

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

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	26/09/2009
Date of Last AR	:	NA
Date of A/C Laid At Last AGM	:	31/03/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2009	% Change	MAR 2008
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	0	-100.00	3,879,352
Profit/(Loss) Before Tax	(78,858)	NA	5,958,597
Profit After Tax attributable to Shareholders	(78,858)	NA	5,958,597

Balance Sheet Key Figures
Total Assets	654,929	-90.15	6,650,186
Current Assets	654,929	-90.15	6,650,186
Non Current Assets	0	NA	0

Total Liabilities	288,416	-59.12	705,454
Current Liabilities	288,416	-59.12	705,454
Non Current Liabilities	0	NA	0

Shareholders' Funds	366,513	-93.83	5,944,732
Share Capital	0	NA	0
Total Reserves	366,513	-93.83	5,944,732

FINANCIAL RATIOS

	Company
	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	-100.00	NA

Profitability
Profit Margin (%)	0.00	153.60
Return on Equity (%)	-21.52	100.23
Return on Assets (%)	-12.04	89.60

Leverage
Total Debt/Equity (Times)	0.79	0.12
Current Debt/Equity (Times)	0.79	0.12
Long Term Debt To Equity (Times)	0.00	0.00
Total Asset To Total Equity (Times)	1.79	1.12

Asset Management
Total Assets Turnover (Times)	0.00	0.58
Fixed Assets Turnover (Times)	0.00	0.00

Liquidity
Current Ratio (Times)	2.27	9.43

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 2.27 times in FY09 (FY08: 9.43 times). This means that the company has SGD - SIN 2.27 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 0.79 times in FY09, compared with 0.12 times in FY08. This means that the company requires additional external financing of SGD - SIN 0.79 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.

We are unable to comment on Subject's total assets turnover ratio.

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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