MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	MEIDEN ASIA PTE. LTD.
Registered Office :	5 Jalan Pesawat Singapore 619363
Country :	Singapore
Financials (as on) :	31.12.2010
Date of Incorporation :	01.04.2004
Com. Reg. No.:	200403859Z
Legal Form :	Limited Private Company
Line of Business :	Business and Management Consultancy Services
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$265,000
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Exist

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	:	MEIDEN ASIA PTE. LTD.
Registration No	:	200403859Z
Date of Registration	:	01/04/2004
Former Name	:	MEIDEN ASIA PTE. LTD. Eff. date : 01/04/2004 Eff. date : 01/04/2004
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	5 JALAN PESAWAT SINGAPORE 619363
Date of Change of Address	:	28/05/2009
Amalgamated With	:	MEIDEN POWER SOLUTIONS (SINGAPORE) PTE. LTD. 200004283G MEIDEN POWER SOLUTIONS (SINGAPORE) PTE. LTD. 200004283G
Amalgamated To Form	:	MEIDEN ASIA 200403859Z
Amalgamation Eff Date	:	28/05/2009
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	1. BUSINESS AND MANAGEMENT CONSULTANCY SERVICES NEC 2. OTHER INVESTMENT HOLDING COMPANIES
Issued Ordinary Capital*	:	$5,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 5,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$5,000,000.00 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	:	1
No. of Local Associates	:	NA
Auditor	:	DELOITTE & TOUCHE LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 12,598,885.00 (FY2010)
Net Worth	:	SGD - SIN 5,291,392.00 (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)	:	103.08% (4 years)

Credit Rating & Recommendation

Recommended Credit Line

:

S$265,000

SHAREHOLDER DETAILS

NAME	:	MEIDENSHA CORPORATION
SHAREHOLDER ID	:	T06UF0121H
NATIONALITY	:	NA
ADDRESS	:	THINKPARK TOWER 2-1-1 OSAKI SHINAGAWA-KU TOKYO, 141-6029 JAPAN
NO. OF ORD SHARES	:	5,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	HIDEO HIRAMATSU
ADDRESS	:	21 TELOK BLANGAH DRIVE #24-04 HARBOUR VIEW TOWERS SINGAPORE 109258
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	01/04/2010 01/04/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	G5873935P
NAME	:	TAN SOO KIAT
ADDRESS	:	183 TOA PAYOH CENTRAL #01-286 SINGAPORE 310183
POSITION	:	SECRETARY
DATE OF APPT	:	01/04/2004
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2507688E
NAME	:	MIYOSHI KOBAYASHI
ADDRESS	:	A-32-12, BERJAYA TIMES SQUARE (APT) 1, JALAN IMBI 55100 KUALA LUMPUR
POSITION	:	DIRECTOR
DATE OF APPT	:	08/04/2009
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH0691582
NAME	:	KAZUMI UENO
ADDRESS	:	23-15-101, SAKIGAOKA 4-CHOME FUNABASHI-SHI, CHIBA JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	28/06/2007
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH3450065
NAME	:	MASAYUKI IWAO
ADDRESS	:	2-4-3-802, KITAKOIWA, EDOGAWA-KU, TOKYO, JAPAN 133-0051
POSITION	:	DIRECTOR
DATE OF APPT	:	01/04/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH5999631

KEY PERSONNEL PROFILE

Name:	HIDEO HIRAMATSU
NRIC Number:	G5873935P
Available Address:	21 TELOK BLANGAH DRIVE #24-04 HARBOUR VIEW TOWERS SINGAPORE 109258

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	MEIDEN ASIA PTE. LTD.	DIRECTOR	01/04/2010	-	-
2	MEIDEN ASIA PTE. LTD.	MANAGING DIRECTOR	01/04/2010	-	-
3	MEIDEN SINGAPORE PTE. LTD.	DIRECTOR	01/07/2006	-	-
4	MEIDEN SINGAPORE PTE. LTD.	MANAGING DIRECTOR	01/04/2008	-	-

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 (%)
MEIDEN POWER SOLUTIONS (SINGAPORE) PTE. LTD.	100

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 1 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	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.	:	9367
	Date of Filing	:	17/04/2008
	Amount	:	15,000.00
	Cause	:	Land (including Sale and Tenancy)
	Case Status	:	PENDING
	Plaintiff	:	ONG BEE LAN

COMPLIANCE RECORDS

Date of Last AGM	:	07/06/2011
Date of Last AR	:	05/07/2011
Date of A/C Laid At Last AGM	:	31/12/2010

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	12,598,885	14.28	11,024,911	2,667,665	3,362,630	740,697
Profit/(Loss) Before Tax	292,729	NA	(1,318,932)	(8,188,280)	96,153	16,964
Profit After Tax attributable to Shareholders	180,471	NA	(1,579,361)	(8,241,676)	84,153	16,860
Balance Sheet Key Figures
Total Assets	9,756,574	4.95	9,296,265	3,532,584	9,744,829	3,262,687
Current Assets	7,314,937	-8.55	7,999,025	1,411,450	6,144,888	302,090
Non Current Assets	2,441,637	88.22	1,297,240	2,121,134	3,599,941	2,960,597
Total Liabilities	4,465,182	6.31	4,200,240	5,092,065	2,995,930	268,354
Current Liabilities	4,434,282	6.23	4,174,199	5,078,740	2,989,502	248,901
Non Current Liabilities	30,900	18.66	26,041	13,325	6,428	19,453
Shareholders' Funds	5,291,392	3.83	5,096,025	(1,559,481)	6,748,899	2,994,333
Share Capital	5,000,000	-37.50	8,000,001	6,670,413	6,670,413	3,000,000
Total Reserves	291,392	NA	(2,903,976)	(8,229,894)	78,486	(5,667)

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	14.28	313.28	-20.67	353.98	NA
Profitability
Profit Margin (%)	1.43	-14.33	-308.95	2.50	2.28
Return on Equity (%)	3.41	-30.99	528.49	1.25	0.56
Return on Assets (%)	1.85	-16.99	-233.30	0.86	0.52
Leverage
Total Debt/Equity (Times)	0.84	0.82	-3.27	0.44	0.09
Current Debt/Equity (Times)	0.84	0.82	0.00	0.44	0.08
Long Term Debt To Equity (Times)	0.01	0.01	0.00	0.00	0.01
Total Asset To Total Equity (Times)	1.84	1.82	-2.27	1.44	1.09
Asset Management
Total Assets Turnover (Times)	1.29	1.19	0.76	0.35	0.23
Fixed Assets Turnover (Times)	5.16	8.50	1.26	0.93	0.25
Liquidity
Current Ratio (Times)	1.65	1.92	0.28	2.06	1.21

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 103.08% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The company yielded a rate of net profit on sales of 1.43 per cent in FY10. The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

Liquidity

Current ratio stood at 1.65 times in FY10 (FY09: 1.92 times). This means that the company has SGD - SIN 1.65 of current assets for every SGD - SIN of current liability incurred.

FINANCIAL COMMENTARY

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 0.84 times in FY10, as compared with 0.82 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.84 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 3.41 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

FINANCIAL COMMENTARY

Return on assets stood at 1.85 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 1.29 times in FY10 (FY09: 1.19 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.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.88

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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