MIRA INFORM REPORT

Report Date :

14.01.2011

IDENTIFICATION DETAILS

Name :	HARUNA (S) PTE. LTD

Registered Office :	6 Gul Drive Singapore 629458

Country :	Singapore

Financials (as on) :	31.12.2009

Date of Incorporation :	22.05.2004

Com. Reg. No.:	200406321K

Legal Form :	Limited Private Company

Line of Business :	Manufacturer of basic chemicals except fertilisers and nitrogen

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

Status :	Moderate

Payment Behaviour :	Unknown

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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	:	HARUNA (S) PTE. LTD.
Registration No	:	200406321K
Date of Registration	:	22/05/2004
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	6 GUL DRIVE SINGAPORE 629458
Date of Change of Address	:	31/05/2006
Contact No.	:	6270 0125
Fax No.	:	NA
Website	:	NA
Registered Activities	:	MANUFACTURE OF BASIC CHEMICALS EXCEPT FERTILISERS AND NITROGEN MANUFACTURE OF PAINTS, ETC.
Issued Ordinary Capital*	:	$2,891,022.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 80,278,998
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$2,891,022.00 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	:	LEE S F & CO
Bankers / Financiers	:	THE BANK OF EAST ASIA LIMITED DBS BANK LTD.
Turnover	:	SGD - SIN 12,565,121.00 (FY2009)
Net Worth	:	SGD - SIN 1,461,362.00 (FY2009)
No. of Bank Charges	:	2
No. of Litigation Suits	:	2
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 500
Compounded Annual Growth Rate (CAGR)	:	48.1% (4 years)

Credit Recommendation

Recommended Credit Line

No Recommendation

SHAREHOLDER DETAILS

NAME	:	HARUNA HOLDINGS PTE. LTD.
SHAREHOLDER ID	:	201006765N
NATIONALITY	:	SINGAPORE
ADDRESS	:	77 ROBINSON ROAD #16-00 ROBINSON 77 SINGAPORE 068896
NO. OF ORD SHARES	:	80,278,998
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	YEO WEE HOON
ADDRESS	:	27 KEW DRIVE SINGAPORE 466232
POSITION	:	SECRETARY
DATE OF APPT	:	22/05/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1320323G

NAME	:	YANASE YUKIO
ADDRESS	:	33 WEST COAST PARK #10-38 BOTANNIA SINGAPORE 127651
POSITION	:	DIRECTOR
DATE OF APPT	:	05/06/2007
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2727177D

NAME	:	MITSUYOSHI KUBOTA
ADDRESS	:	NAKATSUCHO 1-7-802, 1 BARAKI CITY OSAKA PREFECTURE, JAPAN 567-0824
POSITION	:	DIRECTOR
DATE OF APPT	:	16/10/2009
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TZ0539808

KEY PERSONNEL PROFILE

Name:	YANASE YUKIO
NRIC Number:	S2727177D
Available Address:	33 WEST COAST PARK #10-38 BOTANNIA SINGAPORE 127651

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	HARUNA (S) PTE. LTD.	DIRECTOR	05/06/2007	-	-
2	HPC HOLDINGS PTE. LTD.	SHAREHOLDER	-	4193333	8.03
3	SPRING GROWTH PTE. LTD.	DIRECTOR	12/11/2007	148750	13.46

Previous Business

No.

Name

Status

Position

Appt Date

Last Known Inactive Date

HARUNA (S) PTE. LTD.

LIVE COMPANY

SHAREHOLDER

29/11/2010

HARUNA PAINT PTE. LTD.

LIVE COMPANY

DIRECTOR/SHR

14/10/2004

28/12/2010

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
M	24701	2009	12/08/2009	SGD 4,159.00	Negligence Related

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)

NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C200700346
	Date of Registration	:	15/01/2007
	Chargee	:	THE BANK OF EAST ASIA LIMITED
	Address	:	60 ROBINSON ROAD BEA BUILDING SINGAPORE 068892

2)	Charge No.	:	C200506721
	Date of Registration	:	27/10/2005
	Chargee	:	DBS BANK LTD.
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

LITIGATION

The following litigation suits were traced against Subject. Case status is as per available. 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 2 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)	1	0
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	1

Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	809
	Date of Filing	:	20/10/2010
	Amount	:	721,770.02
	Cause	:	Contract - Sale of Goods & Services
	Case Status	:	PENDING
	Plaintiff	:	SIN CHEONG CONTAINERS MFG. CO., (PTE) LIMITED
	Last Update Date	:	21/10/2010

2)	Court	:	Magistrate Court
	Case No.	:	177
	Date of Filing	:	04/01/2011
	Amount	:	37,979.26
	Cause	:	Contract - Sale Of Goods
	Case Status	:	PENDING
	Plaintiff	:	SINGA PLASTICS LIMITED
	Last Update Date	:	04/01/2011

COMPLIANCE RECORDS

Date of Last AGM	:	21/04/2010
Date of Last AR	:	01/06/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008	DEC 2006	NOV 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	12,565,121	37.74	9,122,339	7,862,247	2,611,523
Profit/(Loss) Before Tax	(276,233)	NA	(330,341)	(299,945)	(393,701)
Profit After Tax attributable to Shareholders	(276,233)	NA	(330,341)	(299,945)	(393,701)

Balance Sheet Key Figures
Total Assets	5,924,871	-9.02	6,512,244	4,289,278	2,889,813
Current Assets	4,267,037	-16.99	5,140,314	3,397,493	2,200,603
Non Current Assets	1,657,834	20.84	1,371,930	891,785	689,210

Total Liabilities	4,463,509	-7.29	4,814,650	2,927,924	1,558,514
Current Liabilities	4,079,927	-9.54	4,510,237	2,789,318	1,365,923
Non Current Liabilities	383,582	26.01	304,413	138,606	192,591

Shareholders' Funds	1,461,362	-13.92	1,697,594	1,361,354	1,331,299
Share Capital	2,741,001	1.48	2,701,000	2,055,000	1,725,000
Total Reserves	(1,279,639)	NA	(1,003,406)	(693,646)	(393,701)

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	DEC 2006	NOV 2005
Growth %
Year-on-Year Growth	37.74	NA	201.06	NA

Profitability
Profit Margin (%)	NA	NA	NA	NA
Return on Equity (%)	NA	NA	NA	NA
Return on Assets (%)	NA	NA	NA	NA

Leverage
Total Debt/Equity (Times)	3.05	2.84	2.15	1.17
Current Debt/Equity (Times)	2.79	2.66	2.05	1.03
Long Term Debt To Equity (Times)	0.26	0.18	0.10	0.14
Total Asset To Total Equity (Times)	4.05	3.84	3.15	2.17

Asset Management
Total Assets Turnover (Times)	2.12	1.40	1.83	0.90
Fixed Assets Turnover (Times)	7.58	6.65	8.82	3.79

Liquidity
Current Ratio (Times)	1.05	1.14	1.22	1.61

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 48.1% (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

We are unable to comment on Subject's profitability as Subject posted losses for the financial year under review.

Liquidity

Current ratio stood at 1.05 times in FY09 (FY08: 1.14 times). This means that the company has SGD - SIN 1.05 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 3.05 times in FY09, as compared with 2.84 times in FY08. This means that the company requires additional external financing of SGD - SIN 3.05 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 as Subject posted losses for the financial year under review.

We are unable to comment on Subject's return on assets as Subject posted losses for the financial year under review.

Total assets turnover ratio logged at 2.12 times in FY09 (FY08: 1.40 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.45.13
UK Pound	1	Rs.71.05
Euro	1	Rs.59.10

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.