MIRA INFORM REPORT

Report Date :

15.10.2013

IDENTIFICATION DETAILS

Name :	JUKI SINGAPORE PTE LTD
Registered Office :	20, Bendemeer Road, 04-12, 339914
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	17.03.1995
Com. Reg. No.:	199501853-K
Legal Form :	Private Limited (Limited By Share)
Line of Business :	trader of industrial sewing machines
No. of Employees :	50 [2013]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
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.	:	199501853-K
COMPANY NAME	:	JUKI SINGAPORE PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	17/03/1995
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	20, BENDEMEER ROAD, 04-12, 339914, SINGAPORE.
BUSINESS ADDRESS	:	20 BENDEMEER ROAD #04-12 CYBERHUB, 339914, SINGAPORE.
TEL.NO.	:	65-65534388
FAX.NO.	:	65-65525568
EMAIL	:	JUKI@JUKISIN.COM.SG
WEB SITE	:	WWW.JUKI.COM.SG
CONTACT PERSON	:	MINORU NITTA ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF INDUSTRIAL SEWING MACHINES
ISSUED AND PAID UP CAPITAL	:	13,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 13,000,000.00
SALES	:	USD 215,217,126 [2012]
NET WORTH	:	USD 13,636,157 [2012]
STAFF STRENGTH	:	50 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	POOR
PAYMENT	:	POOR
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
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) trading of industrial sewing machines.

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

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
JUKI CORPORATION	2-11-1, TSURUMAKI, TAMA-SHI, TOKYO, 206-8551	S95UF0314	13,000,000.00	100.00
			---------------	------
			13,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
018662	VIETNAM	JUKI MACHINERY VIETNAM COMPANY LTD	100.00	31/12/2012
011022	INDIA	JUKI INDIA PRIVATE LIMITED	100.00	31/12/2012
011000	SRI LANKA	JUKI LANKA SERVICE CENTRE (PRIVATE) LIMITED	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	NORIAKI SAITO
Address	:	30, BAYSHORE ROAD, 15-01, THE BAYSHORE, 469974, SINGAPORE.
IC / PP No	:	F2316424T
Nationality	:	JAPANESE
Date of Appointment	:	17/06/2013

DIRECTOR 2

Name Of Subject	:	LOOI KAM HONG @ LOOI AHA HONG
Address	:	137, SUNSET WAY, 08-14, CLEMENTI PARK, 597159, SINGAPORE.
IC / PP No	:	S2530975H
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/12/1996

DIRECTOR 3

Name Of Subject	:	RYUZO NAKAGAWA
Address	:	ROOM 3E, SHERWOOD RESIDENCE, 127 PASTEUR ST., DIST. 3, HO CHI MINH CITY, VIETNAM.
IC / PP No	:	TZ0666102
Nationality	:	JAPANESE
Date of Appointment	:	01/02/2011

DIRECTOR 4

Name Of Subject	:	MR. MINORU NITTA
Address	:	12, KITCHENER LINK, 22-26, CITY SQUARE RESIDENCES, 207224, SINGAPORE.
IC / PP No	:	G5102673Q
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/02/2011

DIRECTOR 5

Name Of Subject	:	NORIHIKO ISHIZUKA
Address	:	80, MOHAMED SULTAN ROAD, 06-26, 239013, SINGAPORE.
IC / PP No	:	G5332761W
Nationality	:	JAPANESE
Date of Appointment	:	26/07/2012

MANAGEMENT

1)	Name of Subject	:	MINORU NITTA
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LEE SIEW JEE JENNIFER
	IC / PP No	:	S1336064B
	Address	:	2, ENG KONG ROAD, 599081, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201307603	05/06/2013	N/A	DBS BANK LTD.	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against 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	:	YES
Overseas	:	YES

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	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	MIDDLE EAST ASIA PACIFIC
Credit Term	:	180 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

INDUSTRIAL SEWING MACHINES

Brand Name

:

JUKI

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	50	50

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trading of industrial sewing machines. 

Background of subject:
Juki Singapore Pte Ltd ("Juki Singapore"), a wholly-owned subsidiary of Juki Corporation, Japan, was primarily established in year 1982 as a representative office. Over the years, it has expanded its operation significantly through expansions and become the regional head quarters covering the entire regions of South-East Asia, Middle East, Asia Pacific and Oceania.

Products dealings:
* general machines category: 1-2 needle, lockstitch machine, overlock/safety stitch machine, zigzag stitching machine, covering stitch machine, double chainstitch machine, special purpose machine

* automatic machine category: button sewing machine, artacking/shape-tacking machine, eyelet buttonholing machine, computer-controlled, cycle machine, automatic button sewing indexed, automatic machine

* LHD machine category: flat-bed sewing machine, long arm sewing machine, cylinder-bed sewing machine, post-bed sewing machine, extra heavy-weight material machine

Services:
* engineering support
- provide training and technical consultancy to factory managers and supervisors
* support in attachment
- supply specialized assistance in training and consultancy in the area of attachment
* maintenance support- provide customers with machine knowledge, machine installation and maintenance services
* after sales support
- sales & marketing section are well-trained to respond to their customers' queries on proposal and price quotation. They also provide valued-added services in terms of machine comparison and recommendation 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65534388
Match	:	N/A
Address Provided by Client	:	20 BENDEMEER ROAD, 04-12, CYBERHUB, SINGAPORE 339914
Current Address	:	20 BENDEMEER ROAD #04-12 CYBERHUB, 339914, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	5.11%	]
Return on Net Assets	:	Acceptable	[	16.68%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The SC's management have been efficient in controlling its operating costs. 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	:	Unfavourable	[	171 Days	]
Debtor Ratio	:	Unfavourable	[	85 Days	]
Creditors Ratio	:	Unfavourable	[	174 Days	]
The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. 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	:	Unfavourable	[	0.39 Times	]
Current Ratio	:	Unfavourable	[	1.08 Times	]
A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	1.55 Times	]
Gearing Ratio	:	Unfavourable	[	2.68 Times	]
The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.
Overall Assessment :
Although the turnover was erratic, the SC had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the SC : POOR

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 1995, the SC is a Private Limited company, focusing on trading of industrial sewing machines . Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. 

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. The SC is operating on a medium scale and it has approximately 50 employees in its business operations. 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. 

Despite the lower turnover, the SC's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. However, the SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Besides, due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Given a positive net worth standing at USD 13,636,157, the SC should be able to maintain its business in the near terms. 

The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources. 

The poor payment habit may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies. 

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. 

In view of its poor financial performance, we recommend credit be granted to the SC with close monitoring.

PROFIT AND LOSS ACCOUNT

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

JUKI 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	215,217,126	221,697,750	186,718,993
	----------------	----------------	----------------
Total Turnover	215,217,126	221,697,750	186,718,993
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	803,670	740,557	1,341,777
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	803,670	740,557	1,341,777
Taxation	<106,829>	<151,058>	<314,278>
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	696,841	589,499	1,027,499
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	4,859,536	4,270,037	3,242,538
	----------------	----------------	----------------
As restated	4,859,536	4,270,037	3,242,538
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	5,556,377	4,859,536	4,270,037
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	5,556,377	4,859,536	4,270,037
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	1,471,189	1,269,124	-
	----------------	----------------
	1,471,189	1,269,124

BALANCE SHEET

JUKI SINGAPORE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	139,348	97,944	127,706
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	1,554,294	1,054,294	1,054,294
Associated companies	36,406	36,406	36,406
Deferred assets	26,907	153,638	19,428
Others	56,361	56,361	51,554
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,673,968	1,300,699	1,161,682
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,813,316	1,398,643	1,289,388
CURRENT ASSETS
Stocks	100,703,289	84,126,148	60,039,632
Trade debtors	50,167,084	47,907,288	35,896,346
Other debtors, deposits & prepayments	787,818	374,331	365,275
Short term deposits	5,000,000	5,250,000	10,303,000
Amount due from holding company	-	-	317,300
Amount due from subsidiary companies	63,400	119,113	8,344,824
Amount due from related companies	4,357	69,564	1,982,596
Amount due from associated companies	206,168	-	740,264
Cash & bank balances	1,360,568	1,100,234	1,887,953
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	158,292,684	138,946,678	119,877,190
	----------------	----------------	----------------
TOTAL ASSET	160,106,000	140,345,321	121,166,578
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	102,822,432	90,844,307	87,045,940
Other creditors & accruals	1,421,161	1,861,024	3,003,223
Short term borrowings/Term loans	36,500,000	30,000,000	18,470,000
Amounts owing to holding company	1,560,830	220,011	-
Amounts owing to subsidiary companies	-	41,000	-
Amounts owing to related companies	4,081,017	4,067,313	-
Provision for taxation	84,403	372,350	297,598
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	146,469,843	127,406,005	108,816,761
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	11,822,841	11,540,673	11,060,429
	----------------	----------------	----------------
TOTAL NET ASSETS	13,636,157	12,939,316	12,349,817
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	8,079,780	8,079,780	8,079,780
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	8,079,780	8,079,780	8,079,780
RESERVES
Retained profit/(loss) carried forward	5,556,377	4,859,536	4,270,037
	----------------	----------------	----------------
TOTAL RESERVES	5,556,377	4,859,536	4,270,037
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	13,636,157	12,939,316	12,349,817
	----------------	----------------	----------------
	13,636,157	12,939,316	12,349,817
	=============	=============	=============

FINANCIAL RATIO

JUKI SINGAPORE PTE LTD

TYPES OF FUNDS
Cash	6,360,568	6,350,234	12,190,953
Net Liquid Funds	6,360,568	6,350,234	12,190,953
Net Liquid Assets	<88,880,448>	<72,585,475>	<48,979,203>
Net Current Assets/(Liabilities)	11,822,841	11,540,673	11,060,429
Net Tangible Assets	13,636,157	12,939,316	12,349,817
Net Monetary Assets	<88,880,448>	<72,585,475>	<48,979,203>
BALANCE SHEET ITEMS
Total Borrowings	36,500,000	30,000,000	18,470,000
Total Liabilities	146,469,843	127,406,005	108,816,761
Total Assets	160,106,000	140,345,321	121,166,578
Net Assets	13,636,157	12,939,316	12,349,817
Net Assets Backing	13,636,157	12,939,316	12,349,817
Shareholders' Funds	13,636,157	12,939,316	12,349,817
Total Share Capital	8,079,780	8,079,780	8,079,780
Total Reserves	5,556,377	4,859,536	4,270,037
LIQUIDITY (Times)
Cash Ratio	0.04	0.05	0.11
Liquid Ratio	0.39	0.43	0.55
Current Ratio	1.08	1.09	1.10
WORKING CAPITAL CONTROL (Days)
Stock Ratio	171	139	117
Debtors Ratio	85	79	70
Creditors Ratio	174	150	170
SOLVENCY RATIOS (Times)
Gearing Ratio	2.68	2.32	1.50
Liabilities Ratio	10.74	9.85	8.81
Times Interest Earned Ratio	1.55	1.58	0.00
Assets Backing Ratio	1.69	1.60	1.53
PERFORMANCE RATIO (%)
Operating Profit Margin	0.37	0.33	0.72
Net Profit Margin	0.32	0.27	0.55
Return On Net Assets	16.68	15.53	10.86
Return On Capital Employed	16.68	15.53	10.86
Return On Shareholders' Funds/Equity	5.11	4.56	8.32
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.30
UK Pound	1	Rs.97.99
Euro	1	Rs.83.15

INFORMATION DETAILS

Report Prepared by :

MNL

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.