MIRA INFORM REPORT

Report Date :

13.09.2011

IDENTIFICATION DETAILS

Name :	SHIBUYA SAKURA INDUSTRIES (S) PTE LTD
Registered Office :	455 Tagore Industrial Avenue Sindo Industrial Estate Singapore 787825
Country :	Singapore
Financials (as on) :	31.03.2007
Date of Incorporation :	03.10.1997
Com. Reg. No.:	199706908E
Legal Form :	Limited Exempt Private Company
Line of Business :	wholesale of textiles

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$184,000
Status :	Moderate
Payment Behaviour :	Unknown
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	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	:	SHIBUYA SAKURA INDUSTRIES (S) PTE LTD
Registration No	:	199706908E
Date of Registration	:	03/10/1997
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED EXEMPT PRIVATE COMPANY
Registered Address	:	455 TAGORE INDUSTRIAL AVENUE SINDO INDUSTRIAL ESTATE SINGAPORE 787825
Date of Change of Address	:	01/04/2005
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	1. WHOLESALE OF TEXTILES 2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 500,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$500,000.00 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	:	D. ARUMUGAM & CO
Bankers / Financiers	:	INDIAN BANK
Turnover	:	SGD - SIN 38,850,780.00 (FY2007)
Net Worth	:	SGD - SIN 1,840,173.00 (FY2007)
No. of Bank Charges	:	9
No. of Litigation Suits	:	NA

S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 500
Compounded Annual Growth Rate (CAGR)	:	15.77% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$184,000

SHAREHOLDER DETAILS

NAME	:	PARIKH SAUMIL KISHORE KUMAR
SHAREHOLDER ID	:	S7913209H
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	48A LORONG J TELOK KURAU SINGAPORE 425838
NO. OF ORD SHARES	:	250,000
% OF SHAREHOLDING	:	50%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	N ANANDARAJA S/O NADARAJAH
SHAREHOLDER ID	:	S1794580G
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	12 TELOK BLANGAH CRESCENT #15-109 SINGAPORE 090012
NO. OF ORD SHARES	:	249,999
% OF SHAREHOLDING	:	50%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	SEATON GARY DONALD
SHAREHOLDER ID	:	F0779553W
NATIONALITY	:	AUSTRALIAN
ADDRESS	:	257 ARCADIA ROAD #07-02 HILLCREST ARCADIA SINGAPORE 289851
NO. OF ORD SHARES	:	1
% OF SHAREHOLDING	:	0%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	SEATON GARY DONALD
ADDRESS	:	257 ARCADIA ROAD #07-02 HILLCREST ARCADIA SINGAPORE 289851
POSITION	:	DIRECTOR
DATE OF APPT	:	14/06/2001
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	F0779553W
NAME	:	N ANANDARAJA S/O NADARAJAH
ADDRESS	:	12 TELOK BLANGAH CRESCENT #15-109 SINGAPORE 090012
POSITION	:	DIRECTOR
DATE OF APPT	:	21/09/1999
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1794580G
NAME	:	HARIKRISHNAN S/O MUTHUSAMY
ADDRESS	:	101 AH HOOD ROAD #11-02 SINGAPORE 320101
POSITION	:	SECRETARY DIRECTOR
DATE OF APPT	:	03/10/1997 03/10/1997
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2135685I
NAME	:	PARIKH SAUMIL KISHORE KUMAR
ADDRESS	:	48A LORONG J TELOK KURAU SINGAPORE 425838
POSITION	:	DIRECTOR
DATE OF APPT	:	19/10/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7913209H

KEY PERSONNEL PROFILE

Name:	PARIKH SAUMIL KISHORE KUMAR
NRIC Number:	S7913209H
Available Address:	48A LORONG J TELOK KURAU SINGAPORE 425838

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	SHIBUYA SAKURA INDUSTRIES (S) PTE LTD	DIRECTOR	19/10/2007	250000	50.00
2	SHIBUYA SAKURA PTE. LTD.	DIRECTOR	12/05/2009	10	50.00

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	EXPORISE ENTERPRISE PTE. LTD.	LIVE COMPANY	DIRECTOR	12/05/2009	11/02/2010
2	TRUSHA PTE LTD	STRUCK OFF	DIRECTOR	23/06/2000	-

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
D	1148	2007	10/04/2007	SGD 200,000.00	Negligence Related
M	3211	2006	10/02/2006	SGD 50,000.00	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 9 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201003697
	Date of Registration	:	05/05/2010
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
2)	Charge No.	:	C201001573
	Date of Registration	:	20/02/2010
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
3)	Charge No.	:	C200808368
	Date of Registration	:	08/09/2008
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
4)	Charge No.	:	C200705090
	Date of Registration	:	03/07/2007
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
5)	Charge No.	:	C200601297
	Date of Registration	:	27/02/2006
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
6)	Charge No.	:	C200405012
	Date of Registration	:	08/10/2004
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
7)	Charge No.	:	C200404843
	Date of Registration	:	29/09/2004
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
8)	Charge No.	:	C200401985
	Date of Registration	:	20/04/2004
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
9)	Charge No.	:	C200306100
	Date of Registration	:	17/12/2003
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	30/07/2009
Date of Last AR	:	30/07/2009
Date of A/C Laid At Last AGM	:	31/03/2009

FINANCIAL HIGHLIGHTS

Financial Figures
	MAR 2005	% Change	MAR 2004	MAR 2003
Profit and Loss Key Figures	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Turnover	19,145,392	NA	0	0
Profit/(Loss) Before Tax	167,071	NA	0	0
Profit After Tax attributable to Shareholders	147,504	NA	0	0
Balance Sheet Key Figures
Total Assets	4,424,293	NA	0	0
Current Assets	4,373,558	NA	0	0
Non Current Assets	50,735	NA	0	0
Total Liabilities	3,911,126	NA	0	0
Current Liabilities	3,911,126	NA	0	0
Non Current Liabilities	0	NA	0	0
Shareholders' Funds	513,167	NA	0	0
Share Capital	250,000	NA	0	0
Total Reserves	263,167	NA	0	0

FINANCIAL RATIOS

	Group
	MAR 2005	MAR 2004	MAR 2003
Growth %
Year-on-Year Growth	NA	NA	NA
Profitability
Profit Margin (%)	0.77	NA	NA
Return on Equity (%)	28.74	NA	NA
Return on Assets (%)	3.33	NA	NA
Leverage
Total Debt/Equity (Times)	7.62	NA	NA
Current Debt/Equity (Times)	7.62	NA	NA
Long Term Debt To Equity (Times)	NA	NA	NA
Total Asset To Total Equity (Times)	8.62	NA	NA
Asset Management
Total Assets Turnover (Times)	4.33	NA	NA
Fixed Assets Turnover (Times)	377.36	NA	NA
Liquidity
Current Ratio (Times)	1.12	NA	NA

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2007	% Change	MAR 2006	MAR 2005	MAR 2004	MAR 2003
Currency	SGD - SIN		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	38,850,780	105.37	18,917,516	0	11,354,165	21,629,190
Profit/(Loss) Before Tax	461,602	145.16	188,288	0	70,411	16,789
Profit After Tax attributable to Shareholders	443,625	201.77	147,008	0	69,906	11,850
Balance Sheet Key Figures
Total Assets	7,683,470	96.86	3,902,934	4,424,293	2,810,124	1,988,800
Current Assets	7,681,684	96.99	3,899,626	4,373,558	2,761,888	1,986,784
Non Current Assets	1,786	-46.01	3,308	50,735	48,236	2,016
Total Liabilities	5,843,296	88.63	3,097,759	3,911,126	2,444,461	1,693,043
Current Liabilities	5,843,296	88.63	3,097,759	3,911,126	2,443,601	1,693,043
Non Current Liabilities	0	NA	0	0	860	0
Shareholders' Funds	1,840,173	348.82	410,000	513,167	365,663	295,757
Share Capital	780,042	90.25	410,000	250,000	250,000	250,000
Total Reserves	1,060,131	168.27	395,175	263,167	115,663	45,757

FINANCIAL RATIOS

	Company
	MAR 2007	MAR 2006	MAR 2005	MAR 2004	MAR 2003
Growth %
Year-on-Year Growth	105.37	NA	-100.00	-47.51	NA
Profitability
Profit Margin (%)	1.14	0.78	NA	0.62	0.05
Return on Equity (%)	24.11	35.86	NA	19.12	4.01
Return on Assets (%)	5.77	3.77	NA	2.49	0.60
Leverage
Total Debt/Equity (Times)	3.18	7.56	7.62	6.69	5.72
Current Debt/Equity (Times)	3.18	7.56	7.62	6.68	5.72
Long Term Debt To Equity (Times)	NA	NA	NA	0.00	NA
Total Asset To Total Equity (Times)	4.18	9.52	8.62	7.69	6.72
Asset Management
Total Assets Turnover (Times)	5.06	4.85	NA	4.04	10.88
Fixed Assets Turnover (Times)	21,752.96	5,718.72	NA	235.39	10,728.76
Liquidity
Current Ratio (Times)	1.31	1.26	1.12	1.13	1.17

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 15.77% (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 1.14 per cent in FY07 (FY06: 0.78 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY07, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.31 times in FY07 (FY06: 1.26 times). This means that the company has SGD - SIN 1.31 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 3.18 times in FY07, as compared with 7.56 times in FY06. This means that the company requires additional external financing of SGD - SIN 3.18 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 24.11 per cent for Subject in the current financial period, as compared to 35.86 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 5.77 per cent (FY06: 3.77 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 5.06 times in FY07 (FY06: 4.85 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.46.97
UK Pound	1	Rs.74.22
Euro	1	Rs.63.66

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

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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