MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	TIEN YUAN CHEMICAL (PTE) LTD.
Registered Office :	18 Chin Bee Road Jurong Town Singapore 619827
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	11.02.1972
Com. Reg. No.:	197200144h
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 – 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

Bottom of Form

Executive Summary

Company Name	:	TIEN YUAN CHEMICAL (PTE) LTD.
Registration No	:	197200144H
Date of Registration	:	11/02/1972
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	18 CHIN BEE ROAD JURONG TOWN SINGAPORE 619827
Date of Change of Address	:	NA
Contact No.	:	6265 2518
Fax No.	:	6265 9662
Website	:	www.tienyuan.com
Registered Activities	:	GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$11,400,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 11,400
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$11,400,000.00 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	:	JOE TAN & ASSOCIATES PUBLIC ACCOUNTING CORPORATION
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 63,904,969.00 (FY2009)
Net Worth	:	SGD - SIN 15,025,959.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	1333 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2002/2003) 18 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2002/2003)
Compounded Annual Growth Rate (CAGR)	:	8.35% (4 years)

SHAREHOLDER DETAILS

NAME	:	SHIH CHIH LUNG
SHAREHOLDER ID	:	S2554957J
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	41 BURGUNDY DRIVE BURGUNDY HILL SINGAPORE 658838
NO. OF ORD SHARES	:	1,916
% OF SHAREHOLDING	:	16.8%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	LIN CHAI CHING
SHAREHOLDER ID	:	S2191905E
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	65 KISMIS AVENUE CHENG SOON GARDEN SINGAPORE 598242
NO. OF ORD SHARES	:	1,761
% OF SHAREHOLDING	:	15.4%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	TUNG KUEI-MEI
SHAREHOLDER ID	:	MFA1101860
NATIONALITY	:	TAIWANESE
ADDRESS	:	NO.13 ALLEY 3 LANE 78 CHANG AN ROAD WEST TAIPEI TAIWAN
NO. OF ORD SHARES	:	1,309
% OF SHAREHOLDING	:	11.5%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	LIAO CHUN- DI
SHAREHOLDER ID	:	MFA0891656
NATIONALITY	:	TAIWANESE
ADDRESS	:	NO. 8 31 ALLEY 10 LANE HSIU LAND ROAD 3RD SECTION CHUNG HO CITY, TAIPEI, TAIWAN
NO. OF ORD SHARES	:	822
% OF SHAREHOLDING	:	7.2%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	WU MENG-SHIN PHILIP
SHAREHOLDER ID	:	204935148
NATIONALITY	:	AMERICAN
ADDRESS	:	162 LOGAN AVE, STATEN ISLAND NY 10301 U.S.A.
NO. OF ORD SHARES	:	624
% OF SHAREHOLDING	:	5.5%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	WU MENG-SHIEN BENSON
SHAREHOLDER ID	:	701912285
NATIONALITY	:	AMERICAN
ADDRESS	:	NO 677 DINGSHAN STREET SANMIN DISTRICT KAOHSIUNG CITY TAIWAN
NO. OF ORD SHARES	:	624
% OF SHAREHOLDING	:	5.5%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	SHIH, CHIH-TSE
SHAREHOLDER ID	:	130862051
NATIONALITY	:	TAIWANESE
ADDRESS	:	NO 25 FU YEH ROAD, YEN CHENG DISTRICT, KAOHSIUNG, TAIWAN
NO. OF ORD SHARES	:	356
% OF SHAREHOLDING	:	3.1%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	CHEN, TSUNG-CHI
SHAREHOLDER ID	:	211757417
NATIONALITY	:	TAIWANESE
ADDRESS	:	NO 8, LANE 43, ZHONGZHENG RD, JIGUANG LI, LIN 2 CENTRAL DISTRICT, TAICHUNG CITY, TAIWAN
NO. OF ORD SHARES	:	350
% OF SHAREHOLDING	:	3.1%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	CHEN, TSUNG-TE
SHAREHOLDER ID	:	213492416
NATIONALITY	:	TAIWANESE
ADDRESS	:	NO. 7, 135 ZHONGXIAO ROAD, CHENGHUANG LI, LIN 17 SOUTH DISTRICT TAICHUNG CITY, TAIWAN
NO. OF ORD SHARES	:	350
% OF SHAREHOLDING	:	3.1%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	LIN CHING CHIN
SHAREHOLDER ID	:	E7033753
NATIONALITY	:	AUSTRALIAN
ADDRESS	:	65 KISMIS AVENUE CHENG SOON GARDEN SINGAPORE 598242
NO. OF ORD SHARES	:	350
% OF SHAREHOLDING	:	3.1%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	SHIH HSIN CHING (MDM)
SHAREHOLDER ID	:	S2191906C
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	65 KISMIS AVENUE CHENG SOON GARDEN SINGAPORE 598242
NO. OF ORD SHARES	:	350
% OF SHAREHOLDING	:	3.1%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	WU TIEN TA
SHAREHOLDER ID	:	S2189382Z
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	16 CHENG SOON CRESCENT CHENG SOON GARDEN SINGAPORE 599888
NO. OF ORD SHARES	:	340
% OF SHAREHOLDING	:	3%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	LIN CHIEN TING
SHAREHOLDER ID	:	K0304872
NATIONALITY	:	AUSTRALIAN
ADDRESS	:	65 KISMIS AVENUE CHENG SOON GARDEN SINGAPORE 598242
NO. OF ORD SHARES	:	300
% OF SHAREHOLDING	:	2.6%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	LIN SHIH YUH
SHAREHOLDER ID	:	S2191907A
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	65 KISMIS AVENUE CHENG SOON GARDEN SINGAPORE 598242
NO. OF ORD SHARES	:	300
% OF SHAREHOLDING	:	2.6%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	CHEN CHUNG-PIN
SHAREHOLDER ID	:	X0327701
NATIONALITY	:	TAIWANESE
ADDRESS	:	NO 8 43 LANE CHUNG CHENG ROAD TAICHUNG TAIWAN
NO. OF ORD SHARES	:	300
% OF SHAREHOLDING	:	2.6%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	ESTATE OF CHANG YU ENG, DECEASED
SHAREHOLDER ID	:	MFA1104594
NATIONALITY	:	TAIWANESE
ADDRESS	:	25 JALAN LATEH SINGAPORE 359124
NO. OF ORD SHARES	:	280
% OF SHAREHOLDING	:	2.5%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	JERRY LIAO YI-RAN
SHAREHOLDER ID	:	K1634317
NATIONALITY	:	AUSTRALIAN
ADDRESS	:	10 TAUNTON STREET BLACKHURST NSW 2221 AUSTRALIA
NO. OF ORD SHARES	:	250
% OF SHAREHOLDING	:	2.2%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	JACKSON LIAO YANN-SHIUN
SHAREHOLDER ID	:	L5931413
NATIONALITY	:	AUSTRALIAN
ADDRESS	:	10 TAUNTON STREET BLACKHURST NSW 2221 AUSTRALIA
NO. OF ORD SHARES	:	250
% OF SHAREHOLDING	:	2.2%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	TUNG SHU PENG
SHAREHOLDER ID	:	S2634184A
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	342 CHOA CHU KANG LOOP #12-27 SINGAPORE 680342
NO. OF ORD SHARES	:	174
% OF SHAREHOLDING	:	1.5%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	LU LI HSIU CHIH
SHAREHOLDER ID	:	S2182774F
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	26 WILBY ROAD #04-30 TESSARINA, THE SINGAPORE 276308
NO. OF ORD SHARES	:	160
% OF SHAREHOLDING	:	1.4%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	LIAO YING CHIAN
SHAREHOLDER ID	:	S2196500F
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	115 MARSILING RISE #06-388 SINGAPORE 730115
NO. OF ORD SHARES	:	140
% OF SHAREHOLDING	:	1.2%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	CHIANG CHEN SHENG
SHAREHOLDER ID	:	M14030248
NATIONALITY	:	TAIWANESE
ADDRESS	:	NO 13 ALLEY 3 LANE 78 CHANG AN ROAD WEST TAIPEI TAIWAN
NO. OF ORD SHARES	:	74
% OF SHAREHOLDING	:	0.6%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	CHANG CHIN SHIN
SHAREHOLDER ID	:	S2196326G
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	9E YUAN CHING ROAD #03-56 LAKESIDE APARTMENTS SINGAPORE 618647
NO. OF ORD SHARES	:	20
% OF SHAREHOLDING	:	0.2%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	CHEN, TSUNG-TE
ADDRESS	:	NO. 7, 135 ZHONGXIAO ROAD, CHENGHUANG LI, LIN 17 SOUTH DISTRICT TAICHUNG CITY, TAIWAN
POSITION	:	DIRECTOR
DATE OF APPT	:	15/07/2010
NATIONALITY	:	TAIWANESE
I/C PASSPORT	:	213492416
NAME	:	LIAO CHUN- DI
ADDRESS	:	NO. 8 31 ALLEY 10 LANE HSIU LAND ROAD 3RD SECTION CHUNG HO CITY, TAIPEI, TAIWAN
POSITION	:	DIRECTOR
DATE OF APPT	:	21/02/1986
NATIONALITY	:	TAIWANESE
I/C PASSPORT	:	MFA0891656
NAME	:	TUNG KUEI-MEI
ADDRESS	:	NO.13 ALLEY 3 LANE 78 CHANG AN ROAD WEST TAIPEI TAIWAN
POSITION	:	DIRECTOR
DATE OF APPT	:	21/02/1986
NATIONALITY	:	TAIWANESE
I/C PASSPORT	:	MFA1101860
NAME	:	WU TIEN TA
ADDRESS	:	16 CHENG SOON CRESCENT CHENG SOON GARDEN SINGAPORE 599888
POSITION	:	DIRECTOR
DATE OF APPT	:	01/06/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2189382Z
NAME	:	LIN CHAI CHING
ADDRESS	:	65 KISMIS AVENUE CHENG SOON GARDEN SINGAPORE 598242
POSITION	:	DIRECTOR
DATE OF APPT	:	26/07/1976
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2191905E
NAME	:	SHIH CHIH LUNG
ADDRESS	:	41 BURGUNDY DRIVE BURGUNDY HILL SINGAPORE 658838
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	15/02/2000 15/02/2000
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2554957J
NAME	:	LEE PAU SHENG
ADDRESS	:	510 WOODLANDS DRIVE 14 #03-35 SINGAPORE 730510
POSITION	:	SECRETARY
DATE OF APPT	:	01/11/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2587391B

KEY PERSONNEL PROFILE

Name:	SHIH CHIH LUNG
NRIC Number:	S2554957J
Available Address:	41 BURGUNDY DRIVE BURGUNDY HILL SINGAPORE 658838

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	TIEN YUAN CHEMICAL (PTE) LTD.	DIRECTOR	15/02/2000	1916	16.80
2	TIEN YUAN CHEMICAL (PTE) LTD.	MANAGING DIRECTOR	15/02/2000	1916	16.80

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	TIEN YUAN CHEMICAL (PTE) LTD.	LIVE COMPANY	MANAGER	01/10/1985	15/02/2000
2	WOON SING JEWELLERY PRIVATE LI MITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	10/08/1983	15/02/1989
3	WOON SING JEWELLERY PRIVATE LI MITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SHAREHOLDER	-	-

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

The following litigation suits were traced against Subject. Case status is as per available database. 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 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years W.e.f 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	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.	:	600048
	Date of Filing	:	23/06/1997
	Amount	:	193,305.04
	Cause	:	Money-lending
	Case Status	:	CONCLUDED
	Plaintiff	:	JINDAL DRUGS LTD
	Last Update Date	:	19/01/2009

COMPLIANCE RECORDS

Date of Last AGM	:	30/06/2011
Date of Last AR	:	27/07/2011
Date of A/C Laid At Last AGM	:	31/12/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	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	63,904,969	-1.06	64,592,629	84,367,787	53,793,542	46,366,387
Profit/(Loss) Before Tax	1,013,918	-34.46	1,547,094	1,096,268	510,891	697,671
Profit After Tax attributable to Shareholders	1,013,918	-34.46	1,547,094	1,096,268	510,891	697,671
Balance Sheet Key Figures
Total Assets	30,735,973	-4.15	32,066,553	34,583,966	26,705,959	24,514,416
Current Assets	24,978,783	-4.68	26,205,234	29,015,230	21,036,031	18,771,212
Non Current Assets	5,757,190	-1.78	5,861,319	5,568,736	5,669,928	5,743,204
Total Liabilities	15,710,014	-11.31	17,712,512	21,777,019	14,995,280	13,314,628
Current Liabilities	15,607,196	-11.17	17,569,363	21,757,793	14,937,351	13,199,495
Non Current Liabilities	102,818	-28.17	143,149	19,226	57,929	115,133
Shareholders' Funds	15,025,959	4.68	14,354,041	12,806,947	11,710,679	11,199,788
Share Capital	11,400,000	0.00	11,400,000	11,400,000	11,400,000	11,400,000
Total Reserves	3,625,959	22.75	2,954,041	1,406,947	310,679	(200,212)

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-1.06	-23.44	56.84	16.02	NA
Profitability
Profit Margin (%)	1.59	2.40	1.30	0.95	1.50
Return on Equity (%)	6.75	10.78	8.56	4.36	6.23
Return on Assets (%)	3.30	4.82	3.17	1.91	2.85
Leverage
Total Debt/Equity (Times)	1.05	1.23	1.70	1.28	1.19
Current Debt/Equity (Times)	1.04	1.22	1.70	1.28	1.18
Long Term Debt To Equity (Times)	0.01	0.01	0.00	0.00	0.01
Total Asset To Total Equity (Times)	2.05	2.23	2.70	2.28	2.19
Asset Management
Total Assets Turnover (Times)	2.08	2.01	2.44	2.01	1.89
Fixed Assets Turnover (Times)	11.10	11.02	15.15	9.49	8.07
Liquidity
Current Ratio (Times)	1.60	1.49	1.33	1.41	1.42

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 8.35% (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

The company yielded a rate of net profit on sales of 1.59 per cent in FY09 (FY08: 2.40 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.02 a year ago.

Liquidity

Current ratio stood at 1.60 times in FY09 (FY08: 1.49 times). This means that the company has SGD - SIN 1.60 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 1.05 times in FY09, as compared with 1.23 times in FY08. This means that the company requires additional external financing of SGD - SIN 1.05 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

Return on equity was 6.75 per cent for Subject in the current financial period, as compared to 10.78 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 3.30 per cent (FY08: 4.82 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 2.08 times in FY09 (FY08: 2.01 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.52.85
UK Pound	1	Rs.85.44
Euro	1	Rs.68.80

INFORMATION DETAILS

Report Prepared by :

PDT

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.