MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	NAGASE SINGAPORE (PTE) LTD.
Registered Office :	600, North Bridge Road, 11-01, Parkview Square, 188778
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	03.04.1975
Com. Reg. No.:	197500537-W
Legal Form :	Private Limited Company
Line of Business :	Engaged in trading of chemical, plastic, electronic and metal
No. of Employees :	100 [2014]

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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.	:	197500537-W
COMPANY NAME	:	NAGASE SINGAPORE (PTE) LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	03/04/1975
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	600, NORTH BRIDGE ROAD, 11-01, PARKVIEW SQUARE, 188778, SINGAPORE.
BUSINESS ADDRESS	:	600 NORTH BRIDGE ROAD #11-01 PARKVIEW SQUARE, 188778, SINGAPORE.
TEL.NO.	:	65-63980088
FAX.NO.	:	65-63980227
WEB SITE	:	WWW.NAGASE.COM
CONTACT PERSON	:	YASUHIRO MIHARA ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF CHEMICAL, PLASTIC,ELECTRONIC AND METAL
ISSUED AND PAID UP CAPITAL	:	2,700,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,700,000.00
SALES	:	USD 319,717,954 [2013]
NET WORTH	:	USD 43,606,585 [2013]
STAFF STRENGTH	:	100 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	HIGH
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading of chemical, plastic, electronic and metal.

The immediate holding company of the Subject is NAGASE & CO LTD, a company incorporated in JAPAN.

The ultimate holding company of the Subject is NAGASE & CO. LTD., a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
13/01/2014	SGD 2,700,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
NAGASE & CO LTD	5-1, NIHONBASHI-KOBUNACHO, CHUO-KU TOKYO, 1038355, JAPAN.	S75UF0106	2,700,000.00	100.00
			---------------	------
			2,700,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ICHIRO WAKABAYASHI
Address	:	11, ORCHARD TURN, 10-04, 238800, SINGAPORE.
IC / PP No	:	G5112000R
Nationality	:	JAPANESE
Date of Appointment	:	24/06/2011

DIRECTOR 2

Name Of Subject	:	YASUHIRO MIHARA
Address	:	81A, CLEMENGEAU AVENUE, 10-28, 239918, SINGAPORE.
IC / PP No	:	G5394770R
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

DIRECTOR 3

Name Of Subject	:	NORIYOSHI YAMAOKA
Address	:	6A LINCOLN ROAD, 24-17, PARK INFINIA AT WEE NAM, 308366, SINGAPORE.
IC / PP No	:	G5246609T
Nationality	:	JAPANESE
Date of Appointment	:	01/07/2013

MANAGEMENT

1)	Name of Subject	:	YASUHIRO MIHARA
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ONG GIM SENG
	IC / PP No	:	S1582667C
	Address	:	552, BEDOK NORTH AVENUE 1, 07-486, 460552, 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 SUBJECT

* A check has been conducted in our databank against the Subject 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	Percentage	:	40%
Overseas	:	YES	Percentage	:	60%

The Subject 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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES	Percentage	:	60%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	40%
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

CHEMICAL, PLASTIC,ELECTRONIC AND METAL

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	100	100

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of chemical, plastic, electronic and metal. 

The Subject is a Japanese Sales and Marketing Company in the area of Medical/Life Sciences, Chemicals, Electronics and Plastics.

The Subject headquarter is in Japan and we have more than 100 offices worldwide. 

The Subject is today one of Singapore's established leaders in the industry distributing well-known brands of chemicals, plastics, electronics, machinery, medical, and wood related products.

Instrumental to this tremendous growth is SC's excellent after-sales technical support and auxiliary services. 

With Singapore's world class telecommunication and transportation infrastructure, the SC served affectivity as the Asean Information Center for the Nagase Group headquarter in Tokyo, Japan. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63980088
Match	:	N/A
Address Provided by Client	:	600, NORTH BRIDGE ROAD, 11-01, PARK VIEW SQUARE 188778
Current Address	:	600 NORTH BRIDGE ROAD #11-01 PARKVIEW SQUARE, 188778, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	4.36%	]
Profit/(Loss) Before Tax	:	Increased	[	155.86%	]
Return on Shareholder Funds	:	Unfavourable	[	5.29%	]
Return on Net Assets	:	Unfavourable	[	6.50%	]
The lower turnover could be due to the unfavourable market conditions.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	22 Days	]
Debtor Ratio	:	Favourable	[	49 Days	]
Creditors Ratio	:	Favourable	[	40 Days	]
The Subject'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 Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.63 Times	]
Current Ratio	:	Favourable	[	2.14 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	430.48 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : FAIR

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 1975, the Subject is a Private Limited company, focusing on trading of chemical, plastic, electronic and metal. With its long presence in the industry coupled with its vast experiences in the business, the Subject should have built up certain goodwill with its clients over times. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future. 

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Being a moderate size company, the Subject has a total workforce of 100 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

Despite the lower turnover, the Subject'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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject 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 Subject 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 43,606,585, the Subject should be able to maintain its business in the near terms. 

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject'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 Subject has a good control over its resources. 

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

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

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

PROFIT AND LOSS ACCOUNT

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

NAGASE SINGAPORE (PTE) LTD.

Financial Year End	2013-03-31	2012-03-31	2010-12-31	2009-12-31
Months	12	15	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	319,717,954	334,297,528	250,272,520	241,233,765
Other Income	1,346,165	1,963,699	1,942,079	-
	----------------	----------------	----------------	----------------
Total Turnover	321,064,119	336,261,227	252,214,599	241,233,765
Costs of Goods Sold	(302,036,603)	(312,897,963)	(233,197,943)	-
	----------------	----------------	----------------	----------------
Gross Profit	19,027,516	23,363,264	19,016,656	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,826,835	1,104,829	3,268,763	3,607,176
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,826,835	1,104,829	3,268,763	3,607,176
Taxation	(518,000)	48,476	(589,000)	(635,000)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,308,835	1,153,305	2,679,763	2,972,176
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	41,522,742	46,080,536	44,886,773	43,780,197
	----------------	----------------	----------------	----------------
As restated	41,522,742	46,080,536	44,886,773	43,780,197
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	43,831,577	47,233,841	47,566,536	46,752,373
DIVIDENDS - Ordinary (paid & proposed)	(1,963,987)	(5,711,099)	(1,486,000)	(1,865,600)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	41,867,590	41,522,742	46,080,536	44,886,773
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	6,582	20,958	9,569	14,041
	----------------	----------------	----------------	----------------
	6,582	20,958	9,569	14,041
	=============	=============	=============	=============

BALANCE SHEET

NAGASE SINGAPORE (PTE) LTD.

ASSETS EMPLOYED:
FIXED ASSETS	453,442	509,136	611,465	135,083
LONG TERM INVESTMENTS/OTHER ASSETS
Others	491,675	475,705	475,705	475,705
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	491,675	475,705	475,705	475,705
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	945,117	984,841	1,087,170	610,788
CURRENT ASSETS
Stocks	18,904,470	21,084,576	23,551,104	20,865,059
Trade debtors	43,000,664	44,635,313	34,960,701	43,413,296
Other debtors, deposits & prepayments	567,603	2,445,113	699,788	295,251
Short term deposits	15,700,000	6,300,000	9,000,000	10,840,000
Amount due from holding company	-	-	2,625,943	1,333,950
Amount due from related companies	-	-	1,498,874	2,178,229
Cash & bank balances	1,932,994	5,524,298	2,629,071	2,311,545
Others	-	-	-	640,468
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	80,105,731	79,989,300	74,965,481	81,877,798
	----------------	----------------	----------------	----------------
TOTAL ASSET	81,050,848	80,974,141	76,052,651	82,488,586
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	33,391,658	31,471,213	6,437,414	15,181,629
Other creditors & accruals	3,667,798	6,116,923	5,444,530	1,346,534
Short term borrowings/Term loans	-	-	1,566,540	-
Amounts owing to holding company	-	-	13,747,565	16,408,665
Amounts owing to related companies	-	-	539,801	1,409,698
Provision for taxation	384,807	124,268	497,270	580,532
Other liabilities	-	-	-	935,760
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	37,444,263	37,712,404	28,233,120	35,862,818
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	42,661,468	42,276,896	46,732,361	46,014,980
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	43,606,585	43,261,737	47,819,531	46,625,768
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,738,995	1,738,995	1,738,995	1,738,995
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,738,995	1,738,995	1,738,995	1,738,995
RESERVES
Retained profit/(loss) carried forward	41,867,590	41,522,742	46,080,536	44,886,773
	----------------	----------------	----------------	----------------
TOTAL RESERVES	41,867,590	41,522,742	46,080,536	44,886,773
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	43,606,585	43,261,737	47,819,531	46,625,768
	----------------	----------------	----------------	----------------
	43,606,585	43,261,737	47,819,531	46,625,768
	=============	=============	=============	=============

FINANCIAL RATIO

NAGASE SINGAPORE (PTE) LTD.

TYPES OF FUNDS
Cash	17,632,994	11,824,298	11,629,071	13,151,545
Net Liquid Funds	17,632,994	11,824,298	11,629,071	13,151,545
Net Liquid Assets	23,756,998	21,192,320	23,181,257	25,149,921
Net Current Assets/(Liabilities)	42,661,468	42,276,896	46,732,361	46,014,980
Net Tangible Assets	43,606,585	43,261,737	47,819,531	46,625,768
Net Monetary Assets	23,756,998	21,192,320	23,181,257	25,149,921
BALANCE SHEET ITEMS
Total Borrowings	0	0	1,566,540	0
Total Liabilities	37,444,263	37,712,404	28,233,120	35,862,818
Total Assets	81,050,848	80,974,141	76,052,651	82,488,586
Net Assets	43,606,585	43,261,737	47,819,531	46,625,768
Net Assets Backing	43,606,585	43,261,737	47,819,531	46,625,768
Shareholders' Funds	43,606,585	43,261,737	47,819,531	46,625,768
Total Share Capital	1,738,995	1,738,995	1,738,995	1,738,995
Total Reserves	41,867,590	41,522,742	46,080,536	44,886,773
LIQUIDITY (Times)
Cash Ratio	0.47	0.31	0.41	0.37
Liquid Ratio	1.63	1.56	1.82	1.70
Current Ratio	2.14	2.12	2.66	2.28
WORKING CAPITAL CONTROL (Days)
Stock Ratio	22	23	34	32
Debtors Ratio	49	49	51	66
Creditors Ratio	40	37	10	23
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.03	0.00
Liabilities Ratio	0.86	0.87	0.59	0.77
Times Interest Earned Ratio	430.48	53.72	342.60	257.90
Assets Backing Ratio	25.08	24.88	27.50	26.81
PERFORMANCE RATIO (%)
Operating Profit Margin	0.88	0.33	1.31	1.50
Net Profit Margin	0.72	0.34	1.07	1.23
Return On Net Assets	6.50	2.60	6.86	7.77
Return On Capital Employed	6.50	2.60	6.86	7.77
Return On Shareholders' Funds/Equity	5.29	2.67	5.60	6.37
Dividend Pay Out Ratio (Times)	0.85	4.95	0.55	0.63
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

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%)

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.