MIRA INFORM REPORT

Report Date :

02.09.2011

IDENTIFICATION DETAILS

Name :	MUJI (SINGAPORE) PTE. LTD.

Registered Office :	60 Albert Street #15-02/04 Og Albert Complex Singapore 189969

Country :	Singapore

Financials (as on) :	31.12.2010

Date of Incorporation :	02.01.2003

Com. Reg. No.:	200300025H

Legal Form :	Limited Private Company

Line of Business :	Retail Sale In Other Non-Specialised Stores

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	S$71,000
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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	:	MUJI (SINGAPORE) PTE. LTD.
Registration No	:	200300025H
Date of Registration	:	02/01/2003
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	60 ALBERT STREET #15-02/04 OG ALBERT COMPLEX SINGAPORE 189969
Date of Change of Address	:	31/05/2011
Contact No.	:	63383113
Fax No.	:	68831136
Website	:	http://www.muji.net
Registered Activities	:	RETAIL SALE IN OTHER NON-SPECIALISED STORES NEC OPERATORS OF RETAIL STORES & TO TRADE IN MUJI BRAND PRODUCTS
Issued Ordinary Capital*	:	$700,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 700,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$700,000.00 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	:	NA
No. of Local Associates	:	NA
Auditor	:	PRICEWATERHOUSECOOPERS LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 18,062,114.00 (FY2010)
Net Worth	:	SGD - SIN 1,421,908.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	34.68% (4 years)

Credit Rating & Recommendation

Recommended Credit Line

S$71,000

SHAREHOLDER DETAILS

NAME	:	MUJI (HONG KONG) COMPANY LIMITED
SHAREHOLDER ID	:	T03UF1019L
NATIONALITY	:	HONG KONG
ADDRESS	:	UNIT 1811 MIRAMAR TOWER 132 NATHAN ROAD TSIM SHA TSUI KOWLOON HONG KONG
NO. OF ORD SHARES	:	700,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	TETSUO KAMEYA
ADDRESS	:	2671 2 CHOME TOMIOKA NISHI KANAZAWA-KU, YOKOHAMA-SHI, KANAGAWA 236-0052 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	16/10/2006
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	MS0924979

NAME	:	SATORU MATSUZAKI
ADDRESS	:	512 CHOJA MISAKI-MACHI, ISUMI-GUN, CHIBA 299-4616, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	21/12/2005
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	MZ0493372

NAME	:	SNG YEAN LING
ADDRESS	:	48 JALAN PEMIMPIN CLOVER PARK SINGAPORE 577201
POSITION	:	DIRECTOR
DATE OF APPT	:	01/06/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7045067D

NAME	:	CHAN WAN MEI
ADDRESS	:	771 BEDOK RESERVOIR VIEW #15-161 SINGAPORE 470771
POSITION	:	SECRETARY
DATE OF APPT	:	10/09/2007
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7268474E

NAME	:	CHAN LAI YIN
ADDRESS	:	26 SIMEI STREET 1 #11-08 MELVILLE PARK SINGAPORE 529947
POSITION	:	SECRETARY
DATE OF APPT	:	15/02/2011
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7480587F

NAME	:	KIYOMI MOGAMI
ADDRESS	:	7-2-1-1603, BESHO, MINAMI-KU, SAITAMA-SHI, SAITAMA-KEN, #336-0021 JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	20/10/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH4799228

NAME	:	AKIHIRO KAMOGARI
ADDRESS	:	3-5-4 SENGENCHO HIGASIKURUME-SHI TOKYO JAPAN, #203-0012
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	01/07/2011 01/07/2011
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TZ0570522

KEY PERSONNEL PROFILE

Name:	SATORU MATSUZAKI
NRIC Number:	MZ0493372
Available Address:	512 CHOJA MISAKI-MACHI, ISUMI-GUN, CHIBA 299-4616, JAPAN

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	MUJI (SINGAPORE) PTE. LTD.	DIRECTOR	21/12/2005	-	-
2	MUJI (SINGAPORE) PTE. LTD.	MANAGING DIRECTOR	17/03/2008	-	-

Previous Business

No.

Name

Status

Position

Appt Date

Last Known Inactive Date

BHG (SINGAPORE) PTE. LTD.

LIVE COMPANY

DIRECTOR

14/12/1999

03/08/2011

MUJI (SINGAPORE) PTE. LTD.

LIVE COMPANY

ALTERNATE DIRECTOR

01/09/2004

21/12/2005

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 (%)

NA

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

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	10/05/2011
Date of Last AR	:	09/06/2011
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	18,062,114	20.18	15,029,662	12,364,870	8,938,606	5,489,753
Profit/(Loss) Before Tax	353,959	72.52	205,173	282,873	265,607	149,277
Profit After Tax attributable to Shareholders	294,673	85.32	159,011	223,840	224,416	149,277

Balance Sheet Key Figures
Total Assets	7,312,484	-7.19	7,878,566	5,650,547	4,739,443	4,475,498
Current Assets	6,144,757	-1.03	6,208,861	4,423,944	3,408,887	3,842,027
Non Current Assets	1,167,727	-30.06	1,669,705	1,226,603	1,330,556	633,471

Total Liabilities	5,890,576	-12.75	6,751,331	4,711,526	4,048,434	4,008,905
Current Liabilities	3,889,059	-6.17	4,144,737	4,476,157	3,894,994	3,829,999
Non Current Liabilities	2,001,517	-23.21	2,606,594	235,369	153,440	178,906

Shareholders' Funds	1,421,908	26.14	1,127,235	939,021	691,009	466,593
Share Capital	700,000	0.00	700,000	700,000	700,000	700,000
Total Reserves	721,908	68.97	427,235	239,021	(8,991)	(233,407)

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	20.18	21.55	38.33	62.82	NA

Profitability
Profit Margin (%)	1.63	1.06	1.81	2.51	2.72
Return on Equity (%)	20.72	14.11	23.84	32.48	31.99
Return on Assets (%)	4.03	2.02	3.96	4.74	3.34

Leverage
Total Debt/Equity (Times)	4.14	5.99	5.02	5.86	8.59
Current Debt/Equity (Times)	2.74	3.68	4.77	5.64	8.21
Long Term Debt To Equity (Times)	1.41	2.31	0.25	0.22	0.38
Total Asset To Total Equity (Times)	5.14	6.99	6.02	6.86	9.59

Asset Management
Total Assets Turnover (Times)	2.47	1.91	2.19	1.89	1.23
Fixed Assets Turnover (Times)	15.47	9.00	10.08	6.72	8.67

Liquidity
Current Ratio (Times)	1.58	1.50	0.99	0.88	1.00

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 34.68% (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 1.63 per cent in FY10 (FY09: 1.06 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.58 times in FY10 (FY09: 1.50 times). This means that the company has SGD - SIN 1.58 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 4.14 times in FY10, as compared with 5.99 times in FY09. This means that the company requires additional external financing of SGD - SIN 4.14 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 20.72 per cent for Subject in the current financial period, as compared to 14.11 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 4.03 per cent (FY09: 2.02 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 2.47 times in FY10 (FY09: 1.91 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.46.01
UK Pound	1	Rs.75.42
Euro	1	Rs.66.69

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.