MIRA INFORM REPORT

Report Date :

22.03.2011

IDENTIFICATION DETAILS

Name :	SUMITOMO CHEMICAL SINGAPORE PTE LTD
Registered Office :	1 Marina Boulevard #28-00 One Marina Boulevard Singapore 018989
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	15.07.1996
Com. Reg. No.:	199605172M
Legal Form :	Limited Private Company
Line of Business :	Wholesale of chemicals and chemical products

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$1,000,000
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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	:	SUMITOMO CHEMICAL SINGAPORE PTE LTD
Registration No	:	199605172M
Date of Registration	:	15/07/1996
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989
Operating Address	:	150 Beach Road, No. 19-05, Gateway West, Singapore 189720, Singapore
Date of Change of Address	:	19/04/2004
Contact No.	:	6296 8183
Fax No.	:	6295 2765
Website	:	NA
Registered Activities	:	1. OTHER INVESTMENT HOLDING COMPANIES PROVISION OF SVC TO ITS SUBSIDIARIES, ASSOCIATED, RELATED & HOLDING COMPANIES 2. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC
Issued Ordinary Capital*	:	$351,218,630.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 351,218,630
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$351,218,630.00 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	:	1
Auditor	:	PRICEWATERHOUSECOOPERS LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 645,127,001.00 (FY2009)
Net Worth	:	SGD - SIN 349,728,698.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	346 POSITION IN SINGAPORE 1000 (2008/2009) 334 POSITION IN SINGAPORE 1000 (2007/2008) 373 POSITION IN SINGAPORE 1000 (2005/2006) 356 POSITION IN SINGAPORE 1000 (2004/2005) 305 POSITION IN SINGAPORE 1000 (2003/2004) 379 POSITION IN SINGAPORE 1000 (2002/2003) 502 POSITION IN SINGAPORE 1000 (2001/2002) 480 POSITION IN SINGAPORE 1000 (2000/2001)
Compounded Annual Growth Rate (CAGR)	:	10.35% (4 years)

Credit Rating & Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	SUMITOMO CHEMICAL COMPANY, LIMITED
SHAREHOLDER ID	:	S80UF0203D
NATIONALITY	:	JAPAN
ADDRESS	:	27-1, SHINKAWA 2-CHOME, CHUO-KU TOKYO 104-8260, JAPAN
NO. OF ORD SHARES	:	351,218,630
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	HIROKI SAKASAI
ADDRESS	:	15 CAIRNHILL ROAD #24-04 CAIRNHILL PLACE SINGAPORE 229650
POSITION	:	DIRECTOR
DATE OF APPT	:	01/07/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	F2557187T
NAME	:	KYOSUKE KAWASAKI
ADDRESS	:	80 KIM SENG ROAD #15-07 SINGAPORE 239426
POSITION	:	DIRECTOR
DATE OF APPT	:	02/06/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	F5555808Q
NAME	:	SEET GEOK NEO PATRICIA
ADDRESS	:	33 GARLICK AVENUE SINGAPORE 275826
POSITION	:	SECRETARY
DATE OF APPT	:	01/09/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1465985D
NAME	:	DESMOND LEE HENG CHOONG
ADDRESS	:	5 ST. GEORGE'S LANE #12-189 SINGAPORE 320005
POSITION	:	SECRETARY
DATE OF APPT	:	01/09/2009
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2588967C
NAME	:	MASAKI SHIMA
ADDRESS	:	96 SOMERSET ROAD #11-15 UOL BUILDING SINGAPORE 238163
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	08/12/2006 08/12/2006
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TG3379880
NAME	:	TOSHIRO KOJIMA
ADDRESS	:	KINUNODAI, 6-6-12, TSUKUBA-MIRAI 300-2436, IBARAKI, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	01/12/2006
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TG8502234
NAME	:	FUMIO TAKADA
ADDRESS	:	298 SETOGAYA-CHO, #2-403, HODOGAYA-KU YOKOHAMA CITY, KANAGAWA, 240-0024 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	01/09/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH5742475

KEY PERSONNEL PROFILE

Name:	MASAKI SHIMA
NRIC Number:	TG3379880
Available Address:	96 SOMERSET ROAD #11-15 UOL BUILDING SINGAPORE 238163

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	SINGAPORE METHYL METHACRYLATE PTE. LTD.	DIRECTOR	08/12/2006	-	-
2	SINGAPORE METHYL METHACRYLATE PTE. LTD.	MANAGING DIRECTOR	08/12/2006	-	-
3	SUMITOMO CHEMICAL SINGAPORE PTE LTD	DIRECTOR	08/12/2006	-	-
4	SUMITOMO CHEMICAL SINGAPORE PTE LTD	MANAGING DIRECTOR	08/12/2006	-	-
5	SUMITOMO SEIKA SINGAPORE PTE. LTD.	DIRECTOR	08/12/2006	-	-

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 (%)
SINGAPORE METHYL METHACRYLATE PTE. LTD.	100
SUMITOMO SEIKA SINGAPORE PTE. LTD.	20

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.	:	2081
	Date of Filing	:	26/01/2005
	Amount	:	6,471.00
	Cause	:	Tort - Negligence (Motor Accidents Without Death/ Injury)
	Case Status	:	PENDING
	Plaintiff	:	CHEW SUH MEI

COMPLIANCE

Date of Last AGM	:	30/06/2010
Date of Last AR	:	22/07/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	645,127,001	2.90	626,928,847	610,204,193	603,910,327	435,079,685
Profit/(Loss) Before Tax	(30,699,006)	NA	(78,141,848)	45,724,934	33,811,390	28,426,512
Profit After Tax attributable to Shareholders	(32,579,414)	NA	(77,384,101)	43,936,886	31,904,273	24,596,078
Balance Sheet Key Figures
Total Assets	697,802,270	-5.36	737,312,764	779,184,789	647,953,207	525,643,338
Current Assets	192,273,822	-7.20	207,195,017	165,413,469	145,641,686	130,846,753
Non Current Assets	505,528,448	-4.64	530,117,747	613,771,320	502,311,521	394,796,585
Total Liabilities	348,073,574	-13.13	400,661,138	367,229,525	405,688,589	304,368,462
Current Liabilities	344,168,157	-2.05	351,367,470	251,437,390	209,224,452	177,821,958
Non Current Liabilities	3,905,417	-92.08	49,293,668	115,792,135	196,464,137	126,546,504
Shareholders' Funds	349,728,698	3.88	336,651,627	411,955,266	242,264,618	221,274,877
Share Capital	326,630,688	15.77	282,149,746	271,474,698	140,474,380	147,762,884
Total Reserves	23,098,010	-57.62	54,501,881	140,480,568	101,790,238	73,511,993

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	2.90	2.74	1.04	38.80	NA
Profitability
Profit Margin (%)	NA	NA	7.20	5.28	5.65
Return on Equity (%)	NA	NA	10.67	13.17	11.12
Return on Assets (%)	NA	NA	5.64	4.92	4.68
Leverage
Total Debt/Equity (Times)	1.00	1.19	0.89	1.67	1.38
Current Debt/Equity (Times)	0.98	1.04	0.61	0.86	0.80
Long Term Debt To Equity (Times)	0.01	0.15	0.28	0.81	0.57
Total Asset To Total Equity (Times)	2.00	2.19	1.89	2.67	2.38
Asset Management
Total Assets Turnover (Times)	0.92	0.85	0.78	0.93	0.83
Fixed Assets Turnover (Times)	1.28	1.18	0.99	1.20	1.10
Liquidity
Current Ratio (Times)	0.56	0.59	0.66	0.70	0.74

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 10.35% (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 end under review.

Liquidity

Current ratio stood at 0.56 times in FY09. This means that the group has SGD - SIN 0.56 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 at 1.00 times in FY09. This means that the group requires additional external financing of SGD - SIN 1.00 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 end under review.

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

FINANCIAL COMMENTARY

Total assets turnover ratio logged at 0.92 times in FY09. This ratio measures the group'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.45.05
UK Pound	1	Rs.73.05
Euro	1	Rs.63.81

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.