MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	MITSUI & CO. (ASIA PACIFIC) PTE. LTD.
Registered Office :	80 Robinson Road, #27-00, Singapore, Zip/postal code 068898
Country :	Malaysia
Financials (as on) :	31.03.2011
Date of Incorporation :	17.03.2008
Com. Reg. No.:	995131-U
Legal Form :	Foreign Branch Company
Line of Business :	Trading of chemicals, iron, steel, minerals, metal, food and retail products, Marine and aerospace etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4,000,000
Status :	Good
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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Malaysia	a2	a2

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

Bottom of Form

Identification details Bottom of Form

Verified Address

Subject name : MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

Other style / Business name : MITSUI & CO. (ASIA PACIFIC) PTE. LTD. (KUALA LUMPUR BRANCH)

Business address : 5th Floor, Millennium Office Block

160 Jalan Bukit Bintang

Town : Kuala Lumpur

Province : Wilayah Persekutuan

Zip/postal code : 55100

Country : Malaysia

Tel : +60 3 21418099

Fax : +60 3 21423644

Website : www.mitsui.com

Registered address : 80 Robinson Road, #27-00

Town : Singapore

Zip/postal code : 068898

Country : Singapore

Postal address : P. O. Box 12147

Town : Kuala Lumpur

Province : Wilayah Persekutuan

Zip/postal code : 50768

_{Country : Malaysia}

Comments : The Subject is a registered Limited Private Company in Singapore and

operates a registered foreign branch company in Malaysia.

Summary details

Executive Summary

Date founded or registered : 06/02/2007 (Singapore) / 17/03/2008 (Malaysia)

Legal form : Limited Private Company (Singapore) / Foreign Branch Company (Malaysia) Chief executive : Keiichi Izumi

Issued & paid up capital : USD 225,101,415

Sales turnover : MYR 1,148,428,944 (Malaysian Branch Non-consolidated 12 months,

31/03/2010)

Net income : MYR 17,766,695 (Malaysian Branch Non-consolidated 12 months,

31/03/2010)

Total fixed assets : MYR 170,137,147 (Malaysian Branch Non-consolidated 12 months,

31/03/2010)

Line of business : Trading of chemicals, iron, steel, minerals, metal, food and retail products,

Marine and aerospace etc.

_{Staff employed : 120 (Kuala Lumpur Branch Office), 40,026 (Mitsui Group)}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience : Management is reasonably experienced

Financial performance : Financial performance is good

Organization structure : Organizational structure is stable

Detrimental records : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 4,000,000}

Credit amount asked : Not described.

Comments : Larger credit can still be considered. The Subject is well positioned in the market and the financial stability of the group is positive.

Statutory details

Registry Data

Registration date : 06/02/2007 (Singapore) / 17/03/2008 (Malaysia)

Legal form : Limited Private Company (Singapore) / Foreign Branch Company (Malaysia) Registration no : 200702159M (Singapore) / 995131-U (Malaysia)

Registered authority : Accounting And Corporate Regulatory Authority (Singapore) / Companies

Commission of Malaysia (Malaysia)

Registry status : Live/Active

Previous name : The Subject was previously known as MITSUI & CO (ASIA PACIFIC) PTE. LTD. and

changed to the current style on 22/02/2007.

_{Change of legal form : None reported.}

Management / directors

Key Management

Name : Keiichi Izumi

Designation : General Manager

Name : Yoshiya Shiraishi

_{Designation : Deputy General Manager}

Board of directors / other appointments

Appointments

Name : Yamauchi Takashi

Designation : Director

Identification no : G5126500P

Appointment date : 28/04/11

Address : 5B Tanglin Hill

Singapore 248038

Singapore

Biography : Nationality: Japanese

Name : Mori Kojiro

Designation : Director

Identification no : G6419918N

Appointment date : 14/05/10

Address : 1 Anderson Road

#07-01 Shangri-La Apartments, The

Singapore 259983

Singapore

Biography : Nationality: Japanese

Name : Isao Ueda

Designation : Director

Identification no : G5194848W

Appointment date : 20/09/11

Address : 22 Orange Grove Road Shangri-La Hotel Singapore 258350

Singapore

Biography : Nationality: Japanese

Name : Masanobu Itoh

_{Designation : Director}

Identification no : G6091573W

Appointment date : 18/05/10

Address : 7 Orange Grove Road

#04-204 Treetops Executive Residences

Singapore 258355

Singapore

Biography : Nationality: Japanese

Name : Ikuo Otsuki

Designation : Director

Identification no : G6197891M

Appointment date : 22/09/08

Address : 177B River Valley Road

#15-07 Liang Court

Singapore 179032

Singapore

Biography : Nationality: Japanese

Name : Hideki Morimatsu

Designation : Company Secretary

Identification no : G6400263K

Appointment date : 28/04/10

Address : 6 Mount Sophia

#07-05, 8 @ Mount Sophia

228457 Singapore

Singapore

Biography : Nationality: Japanese

Name : Yamato Kimpara

Designation : Company Secretary

Identification no : G6296566K

Appointment date : 17/07/09

Address : 10 Mount Sophia

#09-40, 8 @ Mount Sophia

Singapore 228459

Singapore

Biography : Nationality: Japanese

Name : Kenji Futamura

Designation : Company Secretary

Identification no : G6389950Q

Appointment date : 28/04/10

Address : 80 Mohamed Sultan Road

#04-23

_{Singapore 239013}

Singapore

Biography : Nationality: Japanese

Staff employed : 120 (Kuala Lumpur Branch Office), 40,026 (Group)

Key Advisors

Auditors : DELOITTE KASSIMCHAN Level 19, Uptown 1

1 Jalan SS 21/58

Damansara Uptown

47400 Petaling Jaya Selangor Darul Ehsan Malaysia

Share capital

Composition

Authorized Capital : USD 225,101,415

No of shares : 225,101,415 Ordinary Shares

Share par value : USD 1

Issued capital : USD 225,101,415

_{Paid up capital : USD 225,101,415}

ownership / shareholders

How listed : Full List

Composition

Shareholder name : MITSUI & CO., LTD.

Address : 2-1 Ohtemachi 1-chome

Chiyoda-ku, Tokyo 100-0004

Japan

No. of shares : 225,101,415 Ordinary Shares

_{% of shares : 100%}

Related companies & corporate Affiliations

Structure

Name : MITSUI & CO., LTD.

Affiliation type : Parent Company

Address : 2-1 Ohtemachi 1-chome

Chiyoda-ku, Tokyo 100-0004

Japan

Comments : Mitsui & Co., Ltd., together with its subsidiaries, operates as a general trading company. It involves in the wholesale, retail, and processing of steel products; domestic sales, export, and import of steel products for construction and other steel products; manufacture and sale of steel tube; mining and sale of iron ore; sales and trading of scrap, ferroalloys, and non-ferrous material products; and copper mining in Chile. The company also engages in sales of various plants, electric power facilities, and transportations; manufacturing plant-related materials and equipment; designing, building, and operation of water treatment plants; operation of LNG terminals and gas distribution; operation and maintenance of power plants; freight car and locomotive leasing and management; import and

_{sale of automobiles and auto parts; sale of trucks and buses; motorcycle retail}

finance; sales of construction and mining equipment; and import and sales of helicopters, and defense and aerospace products, as well as provision of auto parts logistics, shipping, and deepwater drilling services. In addition, it involves in the operation and leasing of chemical tankers; production and sale of methanol, salt, industrial chemicals, anhydrous ammonia, fertilizers, and agricultural products; export of electronic devices; sale of plastics and chemicals; sale and trading of solvents and coated materials; crop protection business; phosphorous ore mining; exploration, development, and production of oil, natural gas, and condensate; coal and uranium mining; liquefied natural gas project activities; and sale and installation of photovoltaic systems. Further, the company engages in water supply, real estate, food and retail, consumer services, information technology, transportation logistics, and financial markets businesses. It has operations primarily in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company was founded in 1947 and is headquartered in Tokyo, Japan.

Name : MITSUI & CO. (THAILAND) LTD.

Affiliation type : Wholly-owned Subsidiary

Address : 15th & 16th Floor, Sathorn City Tower

175 South Sathorn Road Tungmahamek, Sathorn Bangkok 10120

Thailand

Name : TEJANA TRADING & MANAGEMENT SERVICES SDN. BHD.

Affiliation type : Subsidiary

Address : 4th Floor, Millennium Office Block

160 Jalan Bukit Bintang

55100 Kuala Lumpur

Malaysia

Name : MITSUI & COMPANY (HONG KONG) LIMITED

Affiliation type : Wholly-owned Subsidiary

Address : 25th and 26th Floors, Far East Finance Centre

16 Harcourt Road

Hong Kong

Name : MITSUI WATER HOLDINGS (THAILAND) LTD.

Affiliation type : Wholly-owned Subsidiary

Address : 15th & 16th Floor, Sathorn City Tower

175 South Sathorn Road Tungmahamek, Sathorn Bangkok 10120

Thailand

Name : MITSUI & CO. INDIA PVT. LTD.

Affiliation type : Sister Company

Address : Plot No.D-1, Fourth Floor, Salcon Ras Vilas District Centre, Saket, New

Delhi-110017

India

_{Name : MITSUI & CO. VIETNAM LTD.}

Affiliation type : Sister Company

Address : 17th Floor, Me Linh Point Tower 2

Ngo Duc Ke Street, District 1

Ho Chi Minh City

Vietnam

Name : MITSUI & CO. (CHINA) LTD.

Affiliation type : Sister Company

Address : 8th Floor, China World Tower

1 Jianguomenwai Avenue

Beijing 100004

China

Name : PT. MITSUI INDONESIA

Affiliation type : Sister Company

Address : Menara BCA 52nd Floor, Grand Indonesia

Jl.M.H. Thamrin No.1,Jakarta 10310

Indonesia

Name : MITSUI & CO. (TAIWAN) LTD.

Affiliation type : Sister Company

Address : 21st Fl., Tunnan Tower

No.97, SEC. 2, Tun Hua S. Rd., Taipei, Taiwan

Related companies and corporate affiliations comments

Other companies of Mitsui & Co. Group should be considered affiliates of the _Subject.

Bank & mortgages

Bank Details

Name of bank : Bank of Tokyo-Mitsubishi UFJ Malaysia Berhad

Address : Malaysia

Account details : Current Account

Name of bank : Citibank Berhad

Address : Malaysia

Account details : Current Account

Name of bank : Sumitomo Mitsui Banking Coorporation Malaysia Berhad

Address : Malaysia

Account details : Current Account

Name of bank : Standard Chartered Bank Malaysia Berhad

Address : Malaysia

Account details : Current Account

Name of bank : Malayan Banking 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 : 31/03/10

_{Type of accounts : Full audited}

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 3.14 as 14-11-2011

Summarized Financial Information

Consolidation type : Non Consolidated Non Consolidated Consolidated

Currency : Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) US Dollar

(USD)

Denomination : (x1) One (x1) One (x1) One

^{Date of financial year end :} 31/03/10 31/03/09 31/03/11

^{Length of accounts :} 12 months 12 months 12 months

^{Sale turnover / Income :} 1,148,428,944 1,343,122,722 4,435,713,000

^{Gross profit :} 202,855,000

^{Profit before tax :} 18,997,909 19,324,524 186,331,000

^{Net income :} 17,766,695 15,369,506 200,931,000

^{Non current assets :} 36,327,902 39,901,034 431,326,000

^{Current assets :} 133,809,245 155,440,922 1,148,356,000

^{Inventories :} 112,822,000

^{Total assets :} 170,137,147 195,341,956 1,579,682,000

^{Current liabilities :} 97,596,092 133,739,534 987,983,000

^{Non current liabilities :} 4,333,196 4,321,389 155,317,000

^{Total liabilities :} 101,929,288 138,060,923 1,143,300,000

^{Share equity :} 68,207,859 57,281,033 436,382,000

^{Retained earning :} 33,136,201 15,369,506 74,461,000

Comments : The non-consolidated financial information in MYR above relates to

the Subject’s Branch operation in Malaysia.

The consolidated financial information in USD above relates to the Subject’s and all its subsidiaries operations as a Limited Private Company registered in Singapore.

Operation details

Main activities The Subject's main activities are trading in division such as chemicals, iron, steel, minerals, metal, food and retail products, marine and aerospace, consumer services, infrastructure and projects etc.

The Subject is part of MITSUI & CO., LTD., which is a Japan based trading company. The Company is engaged in the sale, import, export, offshore trading and manufacture of various products in the fields of iron and steel product, metal resources, machine and project, chemical, energy, food and retail, as well as consumer service and information industry. It is also engaged in the provision of retail, information communication, technology, transportation and finance services, the development of energy and raw iron resources, in addition to the investment in new businesses such as information technology (IT), biotechnology and environmental technology businesses.

Purchases

Local : Yes

International : Japan, Thailand, Singapore

Sales

Local : Yes

International : Asia Pacific

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of administrative office.

Branches : In addition, the Subject operates from its registered office located in

Singapore:

80 Robinson Rd #27-00

Singapore 068898

Singapore

Tel: +65 64219500

Other property : Total NBV of property, plant and equipment as of 31-03-2010 was MYR 6,724,345.

Summarized country risk

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$131 billion as of 30 September 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 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

Local : Cash against document, Prepayment, Credit up 120 days

International : L/C, Prepayment, Credit up 120 days

Sales Term

Local : Cash against document, Prepayment, Credit up 120 days

International : L/C, Prepayment, Credit up 120 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.50.85
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

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.