MIRA INFORM REPORT

Report Date :

09.05.2014

IDENTIFICATION DETAILS

Name :	SHIMADZU (ASIA PACIFIC) PTE LTD
Registered Office :	79, Science Park Drive, 02-01/08, Cintech Iv, 118264
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	18.10.1989
Com. Reg. No.:	198904521-E
Legal Form :	Private Limited Company
Line of Business :	Sales in medical equipment & instruments
No. of Employees :	118 (2013)

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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.	:	198904521-E
COMPANY NAME	:	SHIMADZU (ASIA PACIFIC) PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	18/10/1989
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	79, SCIENCE PARK DRIVE, 02-01/08, CINTECH IV, 118264, SINGAPORE.
BUSINESS ADDRESS	:	79 SCIENCE PARK DRIVE # 02-01/08 CINTECH IV SINGAPORE SCIENCE, PARK 1, 118264, SINGAPORE.
TEL.NO.	:	65-67786280
FAX.NO.	:	65-67792935
CONTACT PERSON	:	KIMINOBU IMURA ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	SALES IN MEDICAL EQUIPMENT & INSTRUMENTS
ISSUED AND PAID UP CAPITAL	:	3,150,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,150,000.00
SALES	:	USD 151,249,193 [2013]
NET WORTH	:	USD 69,604,842 [2013]
STAFF STRENGTH	:	118 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
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) sales in medical equipment & instruments.

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

Share Capital History

Date	Issue & Paid Up Capital
26/12/2013	SGD 3,150,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SHIMADZU CORPORATION	1, NISHINOKYO-KUWABARACHO, NAKAGYO-KU KYOYO, 604-8511	S89UF0368	3,150,000.00	100.00
			---------------	------
			3,150,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	INDIA	SHIMADZU MEDICAL (INDIA) PRIVATE LIMITED	100.00	31/03/2013
	INDIA	SHIMADZU ANALYTICAL (INDIA) PRIVATE LIMITED	100.00	31/03/2013
	PHILIPPINES	SHIMADZU PHILIPPINES CORPORATION	100.00	31/03/2013
	AUSTRALIA	SHIMADZU MEDICAL SYSTEMS (OCEANIA) PTY LTD	100.00	31/03/2013
	AUSTRALIA	SHIMADZU SCIENTIFIC INSTRUMENTS (OCEANIA) PTY LTD	100.00	31/03/2013
200005693N	SINGAPORE	SHIMADZU SINGAPORE PTE LTD	100.00	31/03/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JIRO TAKASHIMA
Address	:	108 SEKIMACHI-MINAMI, 1-124 NERIMA, TOKYO 177-0053, JAPAN, MALAYSIA.
IC / PP No	:	TH2188682
Nationality	:	JAPANESE
Date of Appointment	:	28/06/2012

DIRECTOR 2

Name Of Subject	:	WATARU TAJIMA
Address	:	3-10-20, FUNABASHI, SETAGAYA-KU, 156-0055
IC / PP No	:	MS4210148
Nationality	:	JAPANESE
Date of Appointment	:	28/06/2012

DIRECTOR 3

Name Of Subject	:	KIMINOBU IMURA
Address	:	99, ROBERTSON QUAY, 15-16, RIVERGATE, 238258, SINGAPORE.
IC / PP No	:	G5222903R
Nationality	:	JAPANESE
Date of Appointment	:	28/06/2012

DIRECTOR 4

Name Of Subject	:	TARO TAKAHATA
Address	:	8-10-13, MIYAMOTO, FUNABASHI CITY, CHIBA PREFECTURE, JAPAN.
IC / PP No	:	TZ0260919
Nationality	:	JAPANESE
Date of Appointment	:	26/06/2009

MANAGEMENT

1)	Name of Subject	:	KIMINOBU IMURA
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	DELOTTE & TOUCHE LLP
Auditor' Address	:	6, SHENTON WAY, 32- 00, 068809, SINGAPORE.

COMPANY SECRETARIES

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

The Subject refused to disclose its suppliers. 

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	[	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

:

MEDICAL EQUIPMENT, INSTRUMENTS

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	118	110

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) sales in medical equipment & instruments. 

The Subject refused to disclose any information on its operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67786280
Match	:	N/A
Address Provided by Client	:	79 SCIENCE PARK DRIVE #02-01/08 CINTECH IV SINGAPORE SCIENCE PARK 1 SINGAPORE 118264
Current Address	:	79 SCIENCE PARK DRIVE # 02-01/08 CINTECH IV SINGAPORE SCIENCE, PARK 1, 118264, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	17.82%	]
Profit/(Loss) Before Tax	:	Decreased	[	59.09%	]
Return on Shareholder Funds	:	Unfavourable	[	4.92%	]
Return on Net Assets	:	Unfavourable	[	5.42%	]
The lower turnover could be due to the intense market competition.The Subject's profit fell sharply because of the high operating costs incurred. 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	[	34 Days	]
Debtor Ratio	:	Unfavourable	[	84 Days	]
Creditors Ratio	:	Favourable	[	59 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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	[	2.57 Times	]
Current Ratio	:	Favourable	[	3.03 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's performance deteriorated over the years with lower turnover and profit. 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 : 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)

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 1989, the Subject is a Private Limited company, focusing on sales in medical equipment & instruments. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. 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 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. The Subject is a fairly large and rapidly growing company with over 118 staff in its 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. 

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 69,604,842, 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 payment habit is average. With its adequate working capital, the Subject 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 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.

SHIMADZU (ASIA PACIFIC) PTE LTD

Financial Year End	2013-03-31	2012-03-31	2010-12-31
Months	12	15	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	JPY
Unit
TURNOVER	151,249,193	184,052,158	11,926,666,000
	----------------	----------------	----------------
Total Turnover	151,249,193	184,052,158	11,926,666,000
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	3,775,844	9,228,992	583,184,000
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,775,844	9,228,992	583,184,000
Taxation	<354,417>	<1,361,292>	<72,255,000>
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,421,427	7,867,700	510,929,000
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	63,748,421	60,077,082	4,684,884,000
	----------------	----------------	----------------
As restated	63,748,421	60,077,082	4,684,884,000
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	67,169,848	67,944,782	5,195,813,000
DIVIDENDS - Ordinary (paid & proposed)	-	<4,196,361>	<293,000,000>
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	67,169,848	63,748,421	4,902,813,000
	=============	=============	=============

BALANCE SHEET

SHIMADZU (ASIA PACIFIC) PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	1,540,642	1,596,853	131,325,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	4,232,999	4,227,029	292,482,000
Others	-	-	3,297,000
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	4,232,999	4,227,029	295,779,000
INTANGIBLE ASSETS
Others	40,064	40,064	-
	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	40,064	40,064	-
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	5,813,705	5,863,946	427,104,000
CURRENT ASSETS
Stocks	14,256,011	23,848,118	1,571,173,000
Trade debtors	34,621,996	31,884,391	2,785,311,000
Other debtors, deposits & prepayments	6,297,018	1,056,052	61,018,000
Amount due from holding company	3,022	8,144	-
Amount due from subsidiary companies	4,053	2,962	-
Cash & bank balances	40,096,178	39,083,199	2,832,649,000
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	95,278,278	95,882,866	7,250,151,000
	----------------	----------------	----------------
TOTAL ASSET	101,091,983	101,746,812	7,677,255,000
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	24,367,262	30,902,315	2,305,275,000
Other creditors & accruals	1,435,192	896,956	179,605,000
Amounts owing to holding company	5,462,816	-	-
Provision for taxation	221,871	1,564,403	89,203,000
Dividends payable/proposed	-	2,199,723	-
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	31,487,141	35,563,397	2,574,083,000
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	63,791,137	60,319,469	4,676,068,000
	----------------	----------------	----------------
TOTAL NET ASSETS	69,604,842	66,183,415	5,103,172,000
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	2,434,994	2,434,994	200,359,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,434,994	2,434,994	200,359,000
RESERVES
Retained profit/(loss) carried forward	67,169,848	63,748,421	4,902,813,000
	----------------	----------------	----------------
TOTAL RESERVES	67,169,848	63,748,421	4,902,813,000
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	69,604,842	66,183,415	5,103,172,000
	----------------	----------------	----------------
	69,604,842	66,183,415	5,103,172,000
	=============	=============	=============

FINANCIAL RATIO

SHIMADZU (ASIA PACIFIC) PTE LTD

TYPES OF FUNDS
Cash	40,096,178	39,083,199	2,832,649,000
Net Liquid Funds	40,096,178	39,083,199	2,832,649,000
Net Liquid Assets	49,535,126	36,471,351	3,104,895,000
Net Current Assets/(Liabilities)	63,791,137	60,319,469	4,676,068,000
Net Tangible Assets	69,564,778	66,143,351	5,103,172,000
Net Monetary Assets	49,535,126	36,471,351	3,104,895,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	31,487,141	35,563,397	2,574,083,000
Total Assets	101,091,983	101,746,812	7,677,255,000
Net Assets	69,604,842	66,183,415	5,103,172,000
Net Assets Backing	69,604,842	66,183,415	5,103,172,000
Shareholders' Funds	69,604,842	66,183,415	5,103,172,000
Total Share Capital	2,434,994	2,434,994	200,359,000
Total Reserves	67,169,848	63,748,421	4,902,813,000
LIQUIDITY (Times)
Cash Ratio	1.27	1.10	1.10
Liquid Ratio	2.57	2.03	2.21
Current Ratio	3.03	2.70	2.82
WORKING CAPITAL CONTROL (Days)
Stock Ratio	34	47	48
Debtors Ratio	84	63	85
Creditors Ratio	59	61	71
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00
Liabilities Ratio	0.45	0.54	0.50
Times Interest Earned Ratio	0.00	0.00	0.00
Assets Backing Ratio	28.57	27.16	25.47
PERFORMANCE RATIO (%)
Operating Profit Margin	2.50	5.01	4.89
Net Profit Margin	2.26	4.27	4.28
Return On Net Assets	5.42	13.94	11.43
Return On Capital Employed	5.42	13.94	11.43
Return On Shareholders' Funds/Equity	4.92	11.89	10.01
Dividend Pay Out Ratio (Times)	0.00	0.53	0.57
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.99
UK Pound	1	Rs.101.75
Euro	1	Rs.83.48

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.