MIRA INFORM REPORT

Report Date :

23.05.2012

IDENTIFICATION DETAILS

Name :	MAKINO ASIA PTE LTD
Registered Office :	2 Gul Avenue Singapore 629649
Country :	Singapore
Financials (as on) :	MAR 2010
Date of Incorporation :	23.05.1973
Com. Reg. No.:	197300960K
Legal Form :	Limited Private Company
Line of Business :	Manufacture And Repair Of Machinery And Machine-Tools - Metal Cutting Types (Eg Lathes, Milling Machines, Shaping Machines)
No. of Employees :	Not Available

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 :	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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Singapore	A1	A1

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

Company Name:	Registered Number:
MAKINO ASIA PTE LTD	197300960K

Date Incorporated:	Registered Office:	Telephone Number:
23/05/1973	2 GUL AVENUE SINGAPORE 629649	6861 5722
Age of Company:	Website:	Industry Type:
39	www.makino.com.sg	MANUFACTURING

Credit Assessment	Risk Dashboard
Risk & Rating	Days Beyond Terms	Trend:	No. of Litigation Counts:
Credit Limit:	Company DTC:		3
Large	6 Days
	Payment pattern as per previous month		No. of Charges(s): 0
	Industry DTC
	26 Days

Directors		Corporate Structure
Number of Current Directors	31	Holding Company:	MAKINO MILLING MACHINE CO., LTD
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

Risk Assessment Grid

Section	Assessment
Profitability	STRONG	GOOD	FAIR	MARGINAL	WEAK
Capital Structure	STRONG	GOOD	FAIR	MARGINAL	WEAK
Liquidity	STRONG	GOOD	FAIR	MARGINAL	WEAK
Activity	STRONG	GOOD	FAIR	MARGINAL	WEAK
Growth	STRONG	GOOD	FAIR	MARGINAL	WEAK
Size	STRONG	GOOD	FAIR	MARGINAL	WEAK

EXECUTIVE SUMMARY

Company Name	:	MAKINO ASIA PTE LTD
Registration No	:	197300960K
Date of Registration	:	23/05/1973
Former Name	:	LEBLOND MAKINO ASIA PTE LTD Eff. date : 23/05/1973 Eff. date : 23/05/1973
Date of Change of Name	:	07/05/1992
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	2 GUL AVENUE SINGAPORE 629649
Date of Change of Address	:	NA
Contact No.	:	6861 5722
Fax No.	:	6861 1600
Website	:	www.makino.com.sg
Registered Activities	:	1. MANUFACTURE AND REPAIR OF MACHINERY AND MACHINE-TOOLS - METAL CUTTING TYPES (EG LATHES, MILLING MACHINES, SHAPING MACHINES) 2. IRON AND STEEL FOUNDRIES
Issued Ordinary Capital*	:	$13,626,377.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,641,377
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$13,626,377.00 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	:	DELOITTE & TOUCHE LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 452,700,440.00 (FY2011)
Net Worth	:	SGD - SIN 244,554,492.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	3
S1000 / SME 1000 / FG50 Ranking	:	954 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 455 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008) 466 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008) 636 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007) 425 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)
Compounded Annual Growth Rate (CAGR)	:	2.35% (4 years)

SHAREHOLDER DETAILS

NAME	:	MAKINO MILLING MACHINE CO., LTD
SHAREHOLDER ID	:	T05UF0531E
NATIONALITY	:	JAPAN
ADDRESS	:	3-19 NAKANE 2 CHO-ME MEGURO-KU TOKYO 152-8578 JAPAN
NO. OF ORD SHARES	:	1,641,377
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	DR MOH CHONG TAU
ADDRESS	:	30 SIMON PLACE SINGAPORE 545972
POSITION	:	DIRECTOR SECRETARY
DATE OF APPT	:	23/04/1985 23/04/1985
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1283127G
NAME	:	KUMBAKONAM SUBRAMANIAM SANKARAN
ADDRESS	:	1 JALAN ANGKLONG FABER GARDEN SINGAPORE 578705
POSITION	:	DIRECTOR
DATE OF APPT	:	01/01/2002
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2201992I
NAME	:	SHUN MAKINO
ADDRESS	:	4-35-5 UTSUKUSHIGAOKA MIDORI-KU YOKOHAMA CITY KANAGAWA PREF JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	31/07/1987
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TG7871690
NAME	:	KIKKAWA YASUHIKO
ADDRESS	:	59 HILLVIEW AVENUE #06-03 HILLINGTON GREEN SINGAPORE 669616
POSITION	:	DIRECTOR
DATE OF APPT	:	01/04/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH0936882
NAME	:	TOSHIYUKI NAGANO
ADDRESS	:	SAKAEMACHI 119-1, USHIKU CITY IBARAKI-KEN, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	01/08/2010
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH1412301
NAME	:	TAMURA YASUYUKI
ADDRESS	:	1-14-1-707, KAMOI MIDORI-KU, YOKOHAMA KANAGAWA 226-0003, JAPAN
POSITION	:	DIRECTOR
DATE OF APPT	:	19/07/2011
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TH3774429
NAME	:	MATSUNAGA KAZUHIKO
ADDRESS	:	33 HUME AVENUE #10-08 SYMPHONY HEIGHTS SINGAPORE 598734
POSITION	:	DIRECTOR
DATE OF APPT	:	01/04/2008
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	TZ0560257

KEY PERSONNEL PROFILE

Name:	DR MOH CHONG TAU
NRIC Number:	S1283127G
Available Address:	30 SIMON PLACE SINGAPORE 545972

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	EDC@SMA PTE. LTD.	DIRECTOR	23/06/2010	-	-
2	MAKINO ASIA PTE LTD	DIRECTOR	23/04/1985	-	-
3	MAKINO ASIA PTE LTD	SECRETARY	23/04/1985	-	-
4	SINGAPORE INNOVATION AND PRODUCTIVITY INSTITUTE PTE. LTD.	DIRECTOR	01/03/2012	-	-
5	SMA CENTRE FOR CORPORATE LEARNING PTE. LTD.	DIRECTOR	16/07/2010	-	-
6	SMA FEDERATION ENTERPRISES PTE. LTD.	DIRECTOR	01/12/2002	100000	50.00
7	SMA INSTITUTE OF HIGHER LEARNING PTE. LTD.	DIRECTOR	28/05/2003	-	-
8	SPETA RESOURCES DEVELOPMENT CENTRE PTE. LTD.	DIRECTOR	23/01/2006	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	MAKINO RESOURCE DEVELOPMENT PTE LTD	LIVE COMPANY	DIRECTOR	31/07/1985	01/01/2002
2	MAKINO RESOURCE DEVELOPMENT PTE LTD	LIVE COMPANY	SECRETARY	31/07/1985	01/01/2002
3	SMA INSTITUTE OF HIGHER LEARNING PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	29/02/2012
4	THE SINGAPORE MANUFACTURERS' ASSOCIATION	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	24/06/1982	31/05/1985

Bankruptcy Record

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Note: Please purchase case details to know the latest status.

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
M	39865	2001	19/12/2001	-	Negligence Related

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 in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered by DP Information Network Pte Ltd.

To date, there have been 3 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years Bef 01 Jan 2012
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	2
District ($80,000 - $250,000)	0	1
High (>$250,000)	0	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	District Court
	Case No.	:	3530
	Date of Filing	:	15/08/1997
	Amount	:	53,047.06
	Cause	:	Contracts - Sale of Goods
	Case Status	:	CONCLUDED
	Plaintiff	:	IDEAL TECHNOLOGY S PTE LTD
2)	Court	:	Magistrate Court
	Case No.	:	20695
	Date of Filing	:	15/10/1997
	Amount	:	15,491.20
	Cause	:	Contracts - Sale of Goods
	Case Status	:	CONCLUDED
	Plaintiff	:	OPEN TECHNOLOGY PTE LTD
3)	Court	:	Magistrate Court
	Case No.	:	23805
	Date of Filing	:	01/12/1997
	Amount	:	13,909.12
	Cause	:	Contracts - Sale of Goods
	Case Status	:	CONCLUDED
	Plaintiff	:	ACCEDE TECHNOLOGY PTE LTD

COMPLIANCE

Date of Last AGM	:	25/10/2011
Date of Last AR	:	25/11/2011
Date of A/C Laid At Last AGM	:	31/03/2011

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2011	% Change	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	452,700,440	109.56	216,023,905	315,862,015	429,610,521	412,546,170
Profit/(Loss) Before Tax	23,113,219	NA	(10,993,550)	2,057,596	38,295,850	48,386,233
Profit After Tax attributable to Shareholders	20,028,847	NA	(9,425,955)	1,545,196	32,988,081	47,202,374
Balance Sheet Key Figures	465,368,421	40.63	330,928,265	333,117,370	400,382,263	350,203,518
Total Assets	370,339,376	57.22	235,557,887	239,564,915	312,056,688	260,004,588
Current Assets	95,029,045	-0.36	95,370,378	93,552,455	88,325,575	90,198,930
Non Current Assets
	220,813,929	111.50	104,405,623	98,345,824	165,934,581	147,333,444
Total Liabilities	217,374,952	116.58	100,365,346	93,486,160	160,103,155	140,283,541
Current Liabilities	3,438,977	-14.88	4,040,277	4,859,664	5,831,426	7,049,903
Non Current Liabilities
	244,554,492	7.96	226,522,642	234,771,546	234,447,682	202,870,074
Shareholders' Funds	13,626,377	0.00	13,626,377	13,626,377	13,626,377	13,626,377
Share Capital	230,928,115	8.47	212,896,265	221,145,169	220,821,305	189,243,697
Total Reserves

FINANCIAL RATIOS

	Group
	MAR 2011	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Growth %
Year-on-Year Growth	109.56	-31.61	-26.48	4.14	NA
Profitability
Profit Margin (%)	4.42	NA	0.49	7.68	11.44
Return on Equity (%)	8.19	NA	0.66	14.07	23.27
Return on Assets (%)	4.30	NA	0.46	8.24	13.48
Leverage
Total Debt/Equity (Times)	0.90	0.46	0.42	0.71	0.73
Current Debt/Equity (Times)	0.89	0.44	0.40	0.68	0.69
Long Term Debt To Equity (Times)	0.01	0.02	0.02	0.02	0.03
Total Asset To Total Equity (Times)	1.90	1.46	1.42	1.71	1.73
Asset Management
Total Assets Turnover (Times)	0.97	0.65	0.95	1.07	1.18
Fixed Assets Turnover (Times)	4.76	2.27	3.38	4.86	4.57
Liquidity
Current Ratio (Times)	1.70	2.35	2.56	1.95	1.85

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Currency	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	*	0	0	0
Profit/(Loss) Before Tax	*	0	0	0
Profit After Tax attributable to Shareholders	*	0	0	0
Balance Sheet Key Figures
Total Assets	323,696,228	324,170,623	386,497,627	341,278,702
Current Assets	220,301,742	225,290,835	293,295,591	241,328,257
Non Current Assets	103,394,486	98,879,788	93,202,036	99,950,445
Total Liabilities	84,398,884	78,805,298	146,368,987	129,065,442
Current Liabilities	81,861,805	75,091,424	142,520,999	124,141,933
Non Current Liabilities	2,537,079	3,713,874	3,847,988	4,923,509
Shareholders' Funds	239,297,344	245,365,325	240,128,640	212,213,260
Share Capital	13,626,377	13,626,377	13,626,377	13,626,377
Total Reserves	225,670,967	231,738,948	226,502,263	198,586,883

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

FINANCIAL RATIOS

	Company
	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Growth %
Year-on-Year Growth	NA	NA	NA	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00	0.00
Return on Equity (%)	0.00	0.00	0.00	0.00
Return on Assets (%)	0.00	0.00	0.00	0.00
Leverage
Total Debt/Equity (Times)	0.35	0.32	0.61	0.61
Current Debt/Equity (Times)	0.34	0.31	0.59	0.58
Long Term Debt To Equity (Times)	0.01	0.02	0.02	0.02
Total Asset To Total Equity (Times)	1.35	1.32	1.61	1.61
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00	0.00
Fixed Assets Turnover (Times)	0.00	0.00	0.00	0.00
Liquidity
Current Ratio (Times)	2.69	3.00	2.06	1.94

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 2.35% (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 group yielded a rate of net profit on sales of 4.42 per cent in FY11. The group is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales.

Liquidity

Current ratio stood at 1.70 times in FY11. This means that the group has SGD - SIN 1.70 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 0.90 times in FY11. This means that the group requires additional external financing of SGD - SIN 0.90 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 8.19 per cent for Subject in the current financial period. 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 4.30 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 0.97 times in FY11. 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.55.93
UK Pound	1	Rs.88.14
Euro	1	Rs.70.87

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.