MIRA INFORM REPORT

Report Date :

21.11.2013

IDENTIFICATION DETAILS

Name :	CANON SINGAPORE PTE. LTD.
Registered Office :	1, Harbourfront Avenue, 04-01, Keppel Bay Tower, 098632,
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	15.10.1979
Com. Reg. No.:	197903098-R
Legal Form :	Private Limited
Line of Business :	Wholesaling & retailing of photographic & office equipment & accessories
No. of Employees :	900

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	197903098-R
COMPANY NAME	:	CANON SINGAPORE PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	15/10/1979
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, HARBOURFRONT AVENUE, 04-01, KEPPEL BAY TOWER, 098632, SINGAPORE.
BUSINESS ADDRESS	:	1 HARBOURFRONT AVENUE, #04-01 KEPPEL BAY TOWER,, 098632, SINGAPORE.
TEL.NO.	:	65-67998686
FAX.NO.	:	65-2724565
WEB SITE	:	WWW.CANON.COM.SG
CONTACT PERSON	:	KENSAKU KONISHI ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALING & RETAILING OF PHOTOGRAPHIC & OFFICE EQUIPMENT & ACCESSORIES
ISSUED AND PAID UP CAPITAL	:	7,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 7,000,000.00
SALES	:	USD 3,162,685,000 [2012]
NET WORTH	:	USD 624,215,000 [2012]
STAFF STRENGTH	:	900 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) wholesaling & retailing of photographic & office equipment & accessories.

The immediate and ultimate holding company of the SC is CANON INC., a company incorporated in JAPAN.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
CANON INC.	30-2, SHIMOMARUKO 3-CHOME, OHTA-KU, TOKYO, 146-8501, JAPAN.	S79UF0318	7,000,000.00	100.00
			---------------	------
			7,000,000.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
197601992W	SINGAPORE	OCE (SINGAPORE) PTE LTD	100.00	31/12/2012
113909V	MALAYSIA	OCE MALAYSIA SDN. BHD.	100.00	31/12/2012
018671	VIETNAM	CANON MARKETING VIETNAM COMPANY LIMITED	100.00	31/12/2012
011097	INDIA	CANON INDIA PRIVATE LIMITED	100.00	31/12/2012
011051	PHILIPPINES	CANON MARKETING (PHILIPPINES) INC.	100.00	31/12/2012
018667	HONG KONG	CANON HONG KONG COMPANY LTD.	100.00	31/12/2012
158419H	MALAYSIA	CANON MARKETING (MALAYSIA) SDN. BHD.	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	KATSUKI SAKAMOTO
Address	:	263, RIVER VALLEY ROAD, 08-04, ASPEN HEIGHTS, 238309, SINGAPORE.
IC / PP No	:	G6446145T
Nationality	:	JAPANESE
Date of Appointment	:	15/11/2010

DIRECTOR 2

Name Of Subject	:	HIDEKI OZAWA
Address	:	ROOM 1401, D TOWER, PACIFIC CENTURY PLACE, 2A, GONG TI BEI LU, CHAOYANG DISTRICT, BEIJING, CHINA.
IC / PP No	:	TZ0213641
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2004

DIRECTOR 3

Name Of Subject	:	AITAKE WAKIYA
Address	:	HIGASHITERAO HILLS 85, S301 1-15, HIGASHITERAO, TSURUMI-KU, YOKOHAMA-CITY, KANAGAWA, PREFECTURE, 230-0077, JAPAN.
IC / PP No	:	TZ0484911
Nationality	:	JAPANESE
Date of Appointment	:	31/05/2011

DIRECTOR 4

Name Of Subject	:	MR. KENSAKU KONISHI
Address	:	1, DEVONSHIRE ROAD, 17-03, ONE DEVONSHIRE, 239896, SINGAPORE.
IC / PP No	:	G5632281M
Nationality	:	JAPANESE
Date of Appointment	:	01/01/2012

MANAGEMENT

1)	Name of Subject	:	KENSAKU KONISHI
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LOH TAI LING JANETTE
	IC / PP No	:	S7810446E
	Address	:	23, JALAN KELABU ASAP, 278216, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The SC refused to disclose its suppliers.

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

PHOTOGRAHIC EQUIPMENT, OFFICE EQUIPMENT AND ACCESSORIES

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	900	800

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) wholesaling & retailing of photographic & office equipment & accessories.

The SC offers products such as:

- interchangable lens cameras
- compact cameras
- compact photo printers
- cinema EOS systems
- personal camcorders
- professional camcorders
- printers
- multi-function printers
- scanners
- fax machines
- supplies- inkjet, toner
- projectors
- binoculors
- network media solutions
- calculators

The SC also provides repair and maintenance services for the products.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67998686
Match	:	N/A
Address Provided by Client	:	1 HARBOURTFRONT AVE, #04-01 KEPPEL BAY TOWER, SINGAPORE 098632
Current Address	:	1 HARBOURFRONT AVENUE, #04-01 KEPPEL BAY TOWER,, 098632, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	7.95%	]
Return on Net Assets	:	Acceptable	[	10.38%	]
The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The dip in profit could be due to the stiff market competition which reduced the SC's profit margin. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	25 Days	]
Debtor Ratio	:	Favourable	[	40 Days	]
Creditors Ratio	:	Unfavourable	[	89 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The unfavourable creditors' ratio could be due to the SC taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.42 Times	]
Current Ratio	:	Unfavourable	[	1.71 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	279.77 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the SC's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the SC's profit margin. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1979, the SC is a Private Limited company, focusing on wholesaling & retailing of photographic & office equipment & accessories. The SC has been in business for over 3 decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a large entity, the SC has a steady workforce of 900 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

Financially, the SC registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, the SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 624,215,000, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

CANON SINGAPORE PTE. LTD.

Financial Year End	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	3,162,685,000	3,140,626,000	2,874,147,000
Other Income	4,634,000	2,045,000	-
	----------------	----------------	----------------
Total Turnover	3,167,319,000	3,142,671,000	2,874,147,000
Costs of Goods Sold	<2,834,447,000>	<2,824,428,000>	<2,595,365,000>
	----------------	----------------	----------------
Gross Profit	332,872,000	318,243,000	278,782,000
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	64,674,000	84,462,000	53,564,000
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	64,674,000	84,462,000	53,564,000
Taxation	<15,074,000>	<9,431,000>	<12,258,000>
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	49,600,000	75,031,000	41,306,000
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	571,200,000	496,169,000	454,863,000
	----------------	----------------	----------------
As restated	571,200,000	496,169,000	454,863,000
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	620,800,000	571,200,000	496,169,000
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	620,800,000	571,200,000	496,169,000
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	232,000	53,000	-
	----------------	----------------
	232,000	53,000

BALANCE SHEET

CANON SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	15,302,000	11,946,000	10,785,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	75,446,000	45,643,000	45,643,000
Others	8,559,000	3,519,000	2,460,000
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	84,005,000	49,162,000	48,103,000
INTANGIBLE ASSETS
Others	199,000	199,000	218,000
	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	199,000	199,000	218,000
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	99,506,000	61,307,000	59,106,000
CURRENT ASSETS
Stocks	216,384,000	198,332,000	-
Trade debtors	346,009,000	343,556,000	414,779,000
Other debtors, deposits & prepayments	3,508,000	3,109,000	175,007,000
Short term deposits	230,980,000	267,517,000	-
Short term loans & advances	-	-	200,000,000
Amount due from holding company	200,593,000	200,952,000	2,627,000
Amount due from subsidiary companies	957,000	579,000	59,000
Amount due from related companies	60,000	149,000	100,000
Cash & bank balances	268,844,000	299,659,000	346,847,000
Others	2,786,000	1,258,000	168,546,000
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,270,121,000	1,315,111,000	1,307,965,000
	----------------	----------------	----------------
TOTAL ASSET	1,369,627,000	1,376,418,000	1,367,071,000
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	692,633,000	734,545,000	783,715,000
Other creditors & accruals	36,433,000	52,416,000	67,340,000
Amounts owing to holding company	-	-	9,000
Amounts owing to subsidiary companies	1,000	-	7,000
Amounts owing to related companies	45,000	-	266,000
Provision for taxation	15,326,000	13,974,000	-
Other liabilities	-	-	15,630,000
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	744,438,000	800,935,000	866,967,000
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	525,683,000	514,176,000	440,998,000
	----------------	----------------	----------------
TOTAL NET ASSETS	625,189,000	575,483,000	500,104,000
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	3,415,000	3,415,000	3,415,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,415,000	3,415,000	3,415,000
RESERVES
Retained profit/(loss) carried forward	620,800,000	571,200,000	496,169,000
	----------------	----------------	----------------
TOTAL RESERVES	620,800,000	571,200,000	496,169,000
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	624,215,000	574,615,000	499,584,000
LONG TERM LIABILITIES
Deferred taxation	974,000	868,000	520,000
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	974,000	868,000	520,000
	----------------	----------------	----------------
	625,189,000	575,483,000	500,104,000
	=============	=============	=============
Contingent Liabilities	1,264,000	4,638,000	8,634,000

FINANCIAL RATIO

CANON SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	499,824,000	567,176,000	346,847,000
Net Liquid Funds	499,824,000	567,176,000	346,847,000
Net Liquid Assets	309,299,000	315,844,000	440,998,000
Net Current Assets/(Liabilities)	525,683,000	514,176,000	440,998,000
Net Tangible Assets	624,990,000	575,284,000	499,886,000
Net Monetary Assets	308,325,000	314,976,000	440,478,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	745,412,000	801,803,000	867,487,000
Total Assets	1,369,627,000	1,376,418,000	1,367,071,000
Net Assets	625,189,000	575,483,000	500,104,000
Net Assets Backing	624,215,000	574,615,000	499,584,000
Shareholders' Funds	624,215,000	574,615,000	499,584,000
Total Share Capital	3,415,000	3,415,000	3,415,000
Total Reserves	620,800,000	571,200,000	496,169,000
LIQUIDITY (Times)
Cash Ratio	0.67	0.71	0.40
Liquid Ratio	1.42	1.39	1.51
Current Ratio	1.71	1.64	1.51
WORKING CAPITAL CONTROL (Days)
Stock Ratio	25	23	0
Debtors Ratio	40	40	53
Creditors Ratio	89	95	110
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00
Liabilities Ratio	1.19	1.40	1.74
Times Interest Earned Ratio	279.77	1,594.62	0.00
Assets Backing Ratio	183.01	168.46	146.38
PERFORMANCE RATIO (%)
Operating Profit Margin	2.04	2.69	1.86
Net Profit Margin	1.57	2.39	1.44
Return On Net Assets	10.38	14.69	10.71
Return On Capital Employed	10.38	14.68	10.71
Return On Shareholders' Funds/Equity	7.95	13.06	8.27
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	1,264,000	4,638,000	8,634,000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.56
UK Pound	1	Rs.100.77
Euro	1	Rs.84.71

INFORMATION DETAILS

Report Prepared by :

NIS

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.