MIRA INFORM REPORT

Report Date :

22.01.2014

IDENTIFICATION DETAILS

Name :	YOKOGAWA ENGINEERING ASIA PTE LTD
Registered Office :	5, Bedok South Road, 469270
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	29.03.1997
Reg. No.:	199702061-H
Legal Form :	Private Limited
Line of Business :	· The Subject is principally engaged in the (as a / as an) engineering business, trading of related equipment. · The Subject is involved in trading, distribution, installation and servicing of process control systems, industrial process instrumentation and electrical measuring instruments.
No. of Employees :	600

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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199702061-H
COMPANY NAME	:	YOKOGAWA ENGINEERING ASIA PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	29/03/1997
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	5, BEDOK SOUTH ROAD, 469270, SINGAPORE.
BUSINESS ADDRESS	:	5 BEDOK SOUTH ROAD, 469270, SINGAPORE.
TEL.NO.	:	65-62419933
FAX.NO.	:	65-62412606
WEB SITE	:	WWW.YOKOGAWA.COM
CONTACT PERSON	:	TEE CHEE TENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	ENGINEERING BUSINESS, TRADING OF RELATED EQUIPMENT
ISSUED AND PAID UP CAPITAL	:	29,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 29,000,000.00
SALES	:	SGD 310,806,000 [2013]
NET WORTH	:	SGD 68,427,000 [2013]
STAFF STRENGTH	:	600 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	FAIR
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	MARGINAL 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) engineering business, trading of related equipment.

The immediate holding company of the Subject is YOKOGAWA ELECTRIC INTERNATIONAL PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is YOKOGAWA ELECTRIC CORPORATION, a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
20/01/2014	SGD 29,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
YOKOGAWA ELECTRIC INTERNATIONAL PTE. LTD.	5, BEDOK SOUTH ROAD, 469270, SINGAPORE.	200504108D	29,000,000.00	100.00
			---------------	------
			29,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	INDIA	YOKOGAWA IA TECHNOLOGIES INDIA PVT LIMITED	100.00	20/01/2014
	VIETNAM	YOKOGAWA VIETNAM COMPANY LTD	100.00	31/03/2012
183402M	MALAYSIA	YOKOGAWA ELECTRIC (MALAYSIA) SDN. BHD.	100.00	31/03/2012
	INDONESIA	PT YOKOGAWA INDONESIA	100.00	31/03/2012
	PHILIPPINES	YOKOGAWA PHILIPPINES INCORPORATED	100.00	31/03/2012
	CHINA	YOKOSHIN SOFTWARE ENGINEERING (WUXI) CO. LTD	100.00	31/03/2012
343627V	MALAYSIA	YOKOGAWA INDUSTRIAL SAFETY SYSTEMS SDN. BHD.	100.00	31/03/2012
	THAILAND	YOKOGAWA ( THAILAND) LIMITED	91.00	31/03/2012
199805656K	SINGAPORE	PLANT ELECTRICAL INSTRUMENTATION PTE LTD	51.00	31/03/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SATORU KUROSU
Address	:	2-25-5, MOTOBUTO URAWA-KU, SAITAMA CITY SAITAMA, JAPAN.
IC / PP No	:	TH9307616
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

DIRECTOR 2

Name Of Subject	:	SHUJI MORI
Address	:	3-6-21, 403, NAKACHO MUSUASHINO-SHI, TOKYO, JAPAN.
IC / PP No	:	TK1998044
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

DIRECTOR 3

Name Of Subject	:	MAKOTO OTAKE
Address	:	2-25-3, MUSUAHINO-SHI TOKYO, JAPAN.
IC / PP No	:	TK0730864
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

DIRECTOR 4

Name Of Subject	:	HIKARU KIKKAWA
Address	:	5-13-2-B1202, SAKAI MUSASHINO SHI, TOKYO, JAPAN.
IC / PP No	:	TK4571319
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

DIRECTOR 5

Name Of Subject	:	HAJIME WATANABE
Address	:	AKABANEDAI 1-5-7-922, KITA CITY TOKYO, JAPAN.
IC / PP No	:	TZ0630452
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

DIRECTOR 6

Name Of Subject	:	SIMON TEE CHEE TENG
Address	:	38, TUNG PO AVENUE, MUN WAH GARDEN, 787178, SINGAPORE.
IC / PP No	:	S0117513J
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/01/1998

MANAGEMENT

1)	Name of Subject	:	TEE CHEE TENG
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	SIMON TEE CHEE TENG
	IC / PP No	:	S0117513J
	Address	:	38, TUNG PO AVENUE, MUN WAH GARDEN, 787178, SINGAPORE.

2)	Company Secretary	:	LEK YI SIANG
	IC / PP No	:	S7232158H
	Address	:	33, PASIR RIS STREET 72, 12 - 27, WHITEWATER, 518770, 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 againt 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
Overseas	:	YES

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

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Services

:

ENGINEERING

Total Number of Employees:
YEAR	2014	2013	2012
GROUP	N/A	N/A	N/A
COMPANY	600	600	600

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) engineering business, trading of related equipment.

The Subject is involved in trading, distribution, installation and servicing of process control systems, industrial process instrumentation and electrical measuring instruments.

The Subject also engaged in provision of technical know-how in the engineering business.

The Subject services the oil and gas companies.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62419933
Match	:	N/A
Address Provided by Client	:	NO.5 BEDOK SOUTH ROAD 469270
Current Address	:	5 BEDOK SOUTH ROAD, 469270, SINGAPORE.
Match	:	NO

Other Investigations

On 20th January 2014 we contacted one of the staff from the Subject and she provided some information.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2011 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2013	]
Return on Shareholder Funds	:	Favourable	[	58.69%	]
Return on Net Assets	:	Favourable	[	59.96%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	7 Days	]
Debtor Ratio	:	Acceptable	[	61 Days	]
Creditors Ratio	:	Unfavourable	[	96 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.10 Times	]
Current Ratio	:	Unfavourable	[	1.12 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	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. 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 :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 : STABLE

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 :	ECONOMY
According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.
However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.
Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.
Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1997, the Subject is a Private Limited company, focusing on engineering business, trading of related equipment. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a large entity, the Subject has a steady workforce of 600 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

Financially, the Subject 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 Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. 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 SGD 68,427,000, the Subject should be able to maintain its business in the near terms.

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.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. With the Subject’s strong capital position, it should have acquired competitive edge from its competitors.

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.

YOKOGAWA ENGINEERING ASIA PTE LTD

Financial Year End	2013-03-31	2012-03-31	2011-03-31
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	SGD	SGD	SGD
TURNOVER	310,806,000	259,754,000	270,540,000
	----------------	----------------	----------------
Total Turnover	310,806,000	259,754,000	270,540,000
Costs of Goods Sold	(251,619,000)	(207,664,000)	(224,810,000)
	----------------	----------------	----------------
Gross Profit	59,187,000	52,090,000	45,730,000
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	41,028,000	48,647,000	31,880,000
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	41,028,000	48,647,000	31,880,000
Taxation	(869,000)	(5,230,000)	(2,300,000)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	40,159,000	43,417,000	29,580,000
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	15,268,000	40,431,000	40,351,000
	----------------	----------------	----------------
As restated	15,268,000	40,431,000	40,351,000
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	55,427,000	83,848,000	69,931,000
DIVIDENDS - Ordinary (paid & proposed)	(16,000,000)	(68,580,000)	(29,500,000)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	39,427,000	15,268,000	40,431,000
	=============	=============	=============

BALANCE SHEET

YOKOGAWA ENGINEERING ASIA PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	26,237,000	27,320,000	28,527,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	21,176,000	21,176,000	21,139,000
Associated companies	703,000	703,000	703,000
Deferred assets	325,000	399,000	1,302,000
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	22,204,000	22,278,000	23,144,000
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	48,441,000	49,598,000	51,671,000
CURRENT ASSETS
Stocks	3,456,000	6,734,000	2,934,000
Contract work-in-progress	2,232,000	2,506,000	-
Trade debtors	51,875,000	39,987,000	42,808,000
Other debtors, deposits & prepayments	3,809,000	1,583,000	2,637,000
Short term deposits	61,642,000	37,602,000	91,938,000
Cash & bank balances	21,365,000	21,298,000	16,836,000
Amount owing by customer	18,106,000	12,484,000	9,093,000
Others	23,178,000	15,886,000	1,640,000
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	185,663,000	138,080,000	167,886,000
	----------------	----------------	----------------
TOTAL ASSET	234,104,000	187,678,000	219,557,000
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	65,880,000	72,220,000	68,688,000
Other creditors & accruals	94,684,000	66,191,000	75,720,000
Provision for taxation	4,815,000	4,503,000	4,249,000
Other liabilities	298,000	496,000	1,469,000
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	165,677,000	143,410,000	150,126,000
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	19,986,000	(5,330,000)	17,760,000
	----------------	----------------	----------------
TOTAL NET ASSETS	68,427,000	44,268,000	69,431,000
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	29,000,000	29,000,000	29,000,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	29,000,000	29,000,000	29,000,000
RESERVES
Retained profit/(loss) carried forward	39,427,000	15,268,000	40,431,000
	----------------	----------------	----------------
TOTAL RESERVES	39,427,000	15,268,000	40,431,000
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	68,427,000	44,268,000	69,431,000
	----------------	----------------	----------------
	68,427,000	44,268,000	69,431,000
	=============	=============	=============

FINANCIAL RATIO

YOKOGAWA ENGINEERING ASIA PTE LTD

TYPES OF FUNDS
Cash	83,007,000	58,900,000	108,774,000
Net Liquid Funds	83,007,000	58,900,000	108,774,000
Net Liquid Assets	16,530,000	(12,064,000)	14,826,000
Net Current Assets/(Liabilities)	19,986,000	(5,330,000)	17,760,000
Net Tangible Assets	68,427,000	44,268,000	69,431,000
Net Monetary Assets	16,530,000	(12,064,000)	14,826,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	165,677,000	143,410,000	150,126,000
Total Assets	234,104,000	187,678,000	219,557,000
Net Assets	68,427,000	44,268,000	69,431,000
Net Assets Backing	68,427,000	44,268,000	69,431,000
Shareholders' Funds	68,427,000	44,268,000	69,431,000
Total Share Capital	29,000,000	29,000,000	29,000,000
Total Reserves	39,427,000	15,268,000	40,431,000
LIQUIDITY (Times)
Cash Ratio	0.50	0.41	0.72
Liquid Ratio	1.10	0.92	1.10
Current Ratio	1.12	0.96	1.12
WORKING CAPITAL CONTROL (Days)
Stock Ratio	7	13	4
Debtors Ratio	61	56	58
Creditors Ratio	96	127	112
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00
Liabilities Ratio	2.42	3.24	2.16
Times Interest Earned Ratio	0.00	0.00	0.00
Assets Backing Ratio	2.36	1.53	2.39
PERFORMANCE RATIO (%)
Operating Profit Margin	13.20	18.73	11.78
Net Profit Margin	12.92	16.71	10.93
Return On Net Assets	59.96	109.89	45.92
Return On Capital Employed	59.96	109.89	45.92
Return On Shareholders' Funds/Equity	58.69	98.08	42.60
Dividend Pay Out Ratio (Times)	0.40	1.58	1.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.54
UK Pound	1	Rs.101.08
Euro	1	Rs.83.38

INFORMATION DETAILS

Report Prepared by :

SDA

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.