MIRA INFORM REPORT

Report Date :

24.12.2011

IDENTIFICATION DETAILS

Name :	NAKAGAWA AUTOMOTIVE CARPETS SDN. BHD.

Registered Office :	No. 42, Jalan Anggerik Mokara 31/59 Kota Kemuning, Seksyen 31 Shah Alam Selangor Darul Ehsan 40460

Country :	Malaysia

Financials (as on) :	31.12.2010

Date of Incorporation :	19.06.2001

Com. Reg. No.:	550650-V

Legal Form :	Private Company Limited By Shares

Line of Business :	Manufacturer of automotive carpets.

No. of Employees :	₇

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	_{USD 130,000}
Status :	Moderate
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, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Malaysia

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

IDENTIFICATION DETAILS

Verified Address

Subject name : NAKAGAWA AUTOMOTIVE CARPETS SDN. BHD.

Business address : No. 42, Jalan Anggerik Mokara 31/59

Kota Kemuning, Seksyen 31

Town : Shah Alam

Province : Selangor Darul Ehsan

Zip/postal code : 40460

Country : Malaysia

Tel : +60 3 51212699

Fax : +60 3 51211699

Email : nac09@streamyx.com

Registered address : C/o IMMANUEL CONSULTANTS SDN. BHD.

No. 10A, Lebuh Gopeng

Town : Klang

Province : Selangor Darul Ehsan

Zip/postal code : 41400

_{Country : Malaysia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 19/06/2001

Legal form : Private Company Limited By Shares

Chief executive : Winston Koay Teik Hock

Issued & paid up capital : MYR 1,000,000

Sales turnover : MYR 4,993,302 (Non-Consolidated 12 months, 31/12/2010)

Net income : MYR 550,647 (Non-Consolidated 12 months, 31/12/2010)

Total fixed assets : MYR 3,862,168 (Non-Consolidated 12 months, 31/12/2010)

Line of business : Manufacturer of automotive carpets.

_{Staff employed : 7 employees}

CREDIT RISK OPINION

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is progressing

Management experience : Management is reasonably experienced

Financial performance : Financial performance is fair

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 130,000}

_{Credit amount asked : Not described.}

STATUTORY DETAILS

Registry Data

Registration date : 19/06/2001

Legal form : Private Company Limited By Shares

Registration no 550650-V

Registered authority : Companies Commission of Malaysia

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

MANAGEMENT / DIRECTORS

Key Management

Name : Winston Koay Teik Hock

Designation : Managing Director

Name : Makoto Ofuji

Designation : General Manager

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Winston Koay Teik Hock

Designation : Director

Identification no : 561017-10-5803

Appointment date : 19/06/01

Address : 21 Jalan 14/50

Seksyen 14, 46100 Petaling Jaya, Selangor Darul Ehsan

Malaysia

Name : Tsuneyasu Nakagawa

Designation : Director

Identification no : TG7396528

Appointment date : 02/01/02

Address : 2-Chome, Tsubaki Adachi-ku Tokyo Japan

Name : Makoto Ofuji

Designation : Director

Identification no : TZ0549326

Appointment date : 01/03/05

Address : 179-1, Sri Wangsaria Condominium

Jalan Ara, Bangsar

59100 Kuala Lumpur Wilayah Persekutuan Malaysia

Name : Lim Lily

Designation : Company Secretary

Identification no : 470602-10-5966

Appointment date : 19/06/01

Address : No. 77, Jalan Ibus

Southern Park

_{41200 Klang}

Selangor Darul Ehsan

Malaysia

Name : Tong Mei Fong

Designation : Company Secretary

Identification no : 570621-10-6276

Appointment date : 19/06/01

Address : No. 225, Jalan Ladang Palm Grove

41200 Klang

Selangor Darul Ehsan

Malaysia

Staff employed : 7 employees

Key Advisors

Auditors : THIANG & CO.

No. 10, Lebuh Gopeng

Klang 41400

Selangor Darul Ehsan

_Malaysia

SHARE CAPITAL

Composition

Authorized Capital : MYR 5,000,000

No of shares : 5,000,000 Ordinary Shares

Share par value : MYR 1

Issued capital : MYR 1,000,000

_{Paid up capital : MYR 1,000,000}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : NAKAGAWA RUBBER INDUSTRIES SDN. BHD.

Address : No. 42, Jalan Anggerik Mokara 31/59

Kota Kemuning, Seksyen 31

Shah Alam 40460

Selangor Darul Ehsan

Malaysia

No. of shares : 1,000,000 Ordinary Shares

_{% of shares : 100%}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : DAISHIN KOGYO K.K.

Affiliation type : Ultimate Holding Company

Address : 1218-3, Kunugidamachi Hachioji

Tokyo 193-0942

Japan

Name : NAKAGAWA RUBBER INDUSTRIES SDN. BHD.

Affiliation type : Parent Company

Address : No. 42, Jalan Anggerik Mokara 31/59

Kota Kemuning, Seksyen 31

Shah Alam 40460

Selangor Darul Ehsan

_Malaysia

BANK & MORTGAGES

Bank Details

Name of bank : RHB Bank Berhad

Address : Malaysia

Account details : Current Account

Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

_Mortgages: None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

FINANCIAL DATA

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 31/12/10

Type of accounts : Full audited

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 3.16 as of 23-12-2011

Summarized Financial Information

^{Consolidation
type :}Non Consolidated Non Consolidated ^{Currency :}Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) ^{Denomination :}(x1) One (x1) One

^{Date of financial year end :}31/12/10 31/12/09

^{Length of accounts :}12 months 12 months

^{Sale turnover / Income :}4,993,302 3,884,795

^{Profit before tax :}735,665 204,626

^{Net income :}550,647 119,992

^{Non current assets :}115,044 180,732

^{Current assets :}3,747,124 3,337,578

^{Inventories :}960,643 1,020,488

Total assets : _{3,862,168 3,518,310}

Current liabilities :	134,003	323,591
Non current liabilities :	26,948	44,149
Total liabilities :	160,951	367,740
Share equity :	3,701,217	3,150,570
Retained earning :	2,701,217	2,150,570

OPERATION DETAILS

Main activities : The Subject is engaged as manufacturer of automotive carpets.

Purchases

International : Belgium, United Arab Emirates, Saudi Arabia

Sales

Local : 100% local sales.

International : No exports.

Property & Assets

Premises : The Subject operates from premise located at the verified heading address consisting of production facilities, warehouse and administrative office.

Branches : None reported.

Other property : Total NBV of property, plant and equipment as of 31-12-2010 was MYR

_115,044.

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$ 135.0 billion as of 15 December 2011

Gross domestic product - GDP : US$ 247.781 billion

GPP (Purchasing power parity) : 442.01 billion of International dollars

GDP per capita - current prices : US$ 8,624

GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%

Inflation : 2008: 5.4%

2009: 0.6%

2010: 1.7%

Unemployment rate : 2008: 3.3%

2009: 3.6%

_{2010: 3.3%}

Public debt

(General Government gross debt as a % GDP) : 2008: 42.8%

2009: 55.4%

_{2010: 54.2%}

Government bond ratings : Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

_{Moody's outlook: STA}

Market value of publicly traded shares : US$420 billion

Largest companies in the country : CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga Nasional(Utilities), Petronas Chemicals, Maxis Berhad

Trade & Competitiveness Overview

Total exports : US$210.3 billion

Exports commodities : electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals

Total imports : US$156.2 billion

Imports commodities : electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals

Export - major partners : US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong Kong 4.6%

Import - major partners : Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%, Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

FDI Inflows : 2007: US$8,538 million

2008: US$7,318 million

_{2009: US$1,381 million}

FDI Outflows : 2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

Best countries for doing business : 21 out of 183 countries

Global competitiveness ranking : 26 (ranking by country on a basis of 133, the first is the best)

Country and Population Overview

Total population : 28.23 million

Total area : 329,847 km2

Capital : Kuala Lumpur

_{Currency : Malaysia Ringgits (MYR)}

Internet users as % of total population: 57.61%

PAYMENT HISTORY

Purchase Term

International : Telegraphic transfer, D/A

Sales Term

Local : Credit 30 days

Trade Reference/ Payment

Behaviour

Comments : As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources : Interviews and material provided by the Subject

: Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

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.