MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	YAMAZAKI MAZAK SINGAPORE PTE LTD
Registered Office :	21, Joo Koon Circle, Jurong, 629053,
Country :	Singapore
Financials (as on) :	31.03.2012
Date of Incorporation :	02.09.1988
Com. Reg. No.:	198803160-G
Legal Form :	Private Limited
Line of Business :	Manufacture and repair of machinery and machine-tools - metal cutting types
No. of Employees	250 [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 :	Regular
Litigation :	Exist

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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

Company name and address

REGISTRATION NO.	:	198803160-G
COMPANY NAME	:	YAMAZAKI MAZAK SINGAPORE PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	02/09/1988
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	21, JOO KOON CIRCLE, JURONG, 629053, SINGAPORE.
BUSINESS ADDRESS	:	21 JOO KOON CIRCLE, JURONG, 629053, SINGAPORE.
TEL.NO.	:	65-68618760
FAX.NO.	:	65-68613276
WEB SITE	:	WWW.MAZAK.COM.SG
CONTACT PERSON	:	TOSHIMITSU KITO ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	MANUFACTURE AND REPAIR OF MACHINERY AND MACHINE-TOOLS - METAL CUTTING TYPES
ISSUED AND PAID UP CAPITAL	:	22,200,000.00 ORDINARY SHARE, OF A VALUE OF SGD 22,200,000.00
SALES	:	SGD 205,491,741 [2013]
NET WORTH	:	SGD 161,388,316 [2013]
STAFF STRENGTH	:	250 [2014]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	MATURE

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) manufacture and repair of machinery and machine-tools - metal cutting types.

Share Capital History

Date	Issue & Paid Up Capital
18/07/2014	SGD 22,200,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
YAMAZAKI MAZAK NEDERLAND B V	PEPPELKADE 54, NL-3992, AK HOUTEN, THE NETHERLANDS, NETHERLANDS.	S88UF0387	22,200,000.00	100.00
			---------------	------
			22,200,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	NORIHIKO SHIMIZU
Address	:	3-7, MATSUZUKI-CHO, MIZUHO-KU, NAGOYA-CITY, AICHI-PREF, JAPAN.
Nationality	:	JAPANESE
Date of Appointment	:	18/01/2002

DIRECTOR 2

Name Of Subject	:	TOMOHISA YAMAZAKI
Address	:	61-4, NANZAN, HIROKOJI-CHO, SHOWA-KU, NAGOYA-CITY, AICHI-PREF, JAPAN.
IC / PP No	:	MM3623909
Nationality	:	JAPANESE
Date of Appointment	:	26/04/1996

DIRECTOR 3

Name Of Subject	:	CHONG KWAI SOON
Address	:	717, CLEMENTI WEST STREET 2, 19-107, 120717, SINGAPORE.
IC / PP No	:	S1525592G
Nationality	:	SINGAPOREAN
Date of Appointment	:	25/09/2009

DIRECTOR 4

Name Of Subject	:	TAKASHI YAMAZAKI
Address	:	30-1, MYOUKEN-CHO, SHOWA-KU, NAGOYA-CITY, AICHI-PREF, JAPAN.
IC / PP No	:	MZ0057411
Nationality	:	JAPANESE
Date of Appointment	:	08/04/1996

DIRECTOR 5

Name Of Subject	:	YUKIHIKO TOGASHI
Address	:	263, RIVER VALLEY ROAD, 05-14, ASPEN HEIGHTS, 238309, SINGAPORE.
IC / PP No	:	G6089322K
Nationality	:	JAPANESE
Date of Appointment	:	30/07/2008

DIRECTOR 6

Name Of Subject	:	MASANORI IDO
Address	:	1, KIM SENG WALK, 08-01, 239403, SINGAPORE.
IC / PP No	:	G5424089P
Nationality	:	JAPANESE
Date of Appointment	:	15/05/2013

DIRECTOR 7

Name Of Subject	:	TOSHIMITSU KITO
Address	:	5, DRAYCOTT DRIVE, 12-01, THE ARC AT DRAYCOTT, 259420, SINGAPORE.
IC / PP No	:	G5679693U
Nationality	:	JAPANESE
Date of Appointment	:	17/02/2014

DIRECTOR 8

Name Of Subject	:	VIVEK SHARMA
Address	:	G1801, ONE NORTH, HADPSAR, PUNE, 411 028, INDIA.
IC / PP No	:	Z2253064
Nationality	:	INDIAN
Date of Appointment	:	25/09/2009

MANAGEMENT

1)	Name of Subject	:	TOSHIMITSU KITO
	Position	:	MANAGING DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN LILY
	IC / PP No	:	S2668267C
	Address	:	259A, COMPASSVALE ROAD, 13-609, 541259, 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.

LEGAL ACTION
Code No	:	99	Case No	:	27397
Year	:	2011	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	11/11/2011
Solicitor Ref	:	AM-INS-H3-79966-11-YL
Solicitor Firm	:	VISION LAW LLC
Plaintiff	:	NG LAY HOE
Defendants	:	YAMAZAKI MAZAK SINGAPORE PTE LTD (198803160)
Amount Claimed	:	4060.20
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

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

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

MACHINERY AND MACHINE TOOLS, METAL CUTTING AND METAL FORMING TYPES

Total Number of Employees:
YEAR	2014	2013	2011
GROUP	N/A	N/A	N/A
COMPANY	250	250	200

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacture and repair of machinery and machine-tools - metal cutting types.

The Subject is engaged in the production of a variety of CNC turning machine centers - from raw materials to finished machine.

The Subject engages in the constant research and development of original products, technology and software by embracing machining technology and information technology.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-68618760
Match	:	N/A
Address Provided by Client	:	21 JOO KOO CIRCLE JURONG SINGAPORE 629053
Current Address	:	21 JOO KOON CIRCLE, JURONG, 629053, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	6.23%	]
Return on Net Assets	:	Unfavourable	[	7.43%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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	[	47 Days	]
Debtor Ratio	:	Unfavourable	[	110 Days	]
Creditors Ratio	:	Unfavourable	[	69 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 debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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	[	3.14 Times	]
Current Ratio	:	Favourable	[	3.70 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 :
Generally, the Subject's performance has improved with higher 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 : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1988, the Subject is a Private Limited company, focusing on manufacture and repair of machinery and machine-tools - metal cutting types. 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 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. The Subject is a fairly large and rapidly growing company with over 250 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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 SGD 161,388,316, 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.

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 has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

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.

YAMAZAKI MAZAK SINGAPORE PTE LTD

Financial Year End	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	SUMMARY	FULL	FULL
Currency	SGD	SGD	SGD	SGD	SGD
TURNOVER	205,491,741	203,285,084	153,524,494	112,027,028	163,640,656
	----------------	----------------	----------------	----------------	----------------
Total Turnover	205,491,741	203,285,084	153,524,494	112,027,028	163,640,656
Costs of Goods Sold	(177,108,489)	(176,431,215)	-	(96,427,126)	(130,787,511)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	28,383,252	26,853,869	-	15,599,902	32,853,145
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	11,284,422	9,690,588	3,698,835	1,185,620	13,737,335
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES	727,331	853,398	-	77,769	(139,876)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	12,011,753	10,543,986	3,698,835	1,263,389	13,597,459
Taxation	(1,960,411)	(1,660,184)	(796,378)	(746,949)	(2,840,091)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	10,051,342	8,883,802	2,902,457	516,440	10,757,368
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	132,063,369	127,619,567	124,717,110	124,200,670	117,883,302
Prior year adjustment	-	(4,440,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	132,063,369	123,179,567	124,717,110	124,200,670	117,883,302
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	142,114,711	132,063,369	127,619,567	124,717,110	128,640,670
DIVIDENDS - Ordinary (paid & proposed)	-	-	-	-	(4,440,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	142,114,711	132,063,369	127,619,567	124,717,110	124,200,670
	=============	=============	=============	=============	=============

BALANCE SHEET

YAMAZAKI MAZAK SINGAPORE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	21,459,500	14,766,649	21,707,239	19,289,345	22,246,180
Associated companies	4,679,581	4,986,093	-	5,436,447	5,052,195
Others	9,324,859	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	14,004,440	4,986,093	-	5,436,447	5,052,195
Goodwill on consolidation	51,000	51,000	-	51,000	51,000
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	51,000	51,000	-	51,000	51,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	35,514,940	19,803,742	21,707,239	24,776,792	27,349,375
Stocks	26,473,686	28,211,097	-	25,408,941	37,217,097
Trade debtors	61,687,502	51,094,861	-	48,245,286	60,384,653
Other debtors, deposits & prepayments	747,336	458,790	-	849,255	1,143,583
Short term deposits	55,116,700	75,857,130	-	49,862,750	33,260,100
Amount due from associated companies	290,510	-	-	-	-
Cash & bank balances	28,547,968	43,263,435	-	29,954,599	27,662,734
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	172,863,702	198,885,313	173,023,251	154,320,831	159,668,167
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	208,378,642	218,689,055	194,730,490	179,097,623	187,017,542
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	33,246,921	51,594,384	-	30,436,863	37,434,274
Other creditors & accruals	4,294,223	4,894,075	-	-	-
Provision for taxation	2,158,976	2,358,966	-	526,908	2,917,373
Other liabilities	6,982,206	7,525,465	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	46,682,326	66,372,890	49,343,556	30,963,771	40,351,647
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	126,181,376	132,512,423	123,679,695	123,357,060	119,316,520
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	161,696,316	152,316,165	145,386,934	148,133,852	146,665,895
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	22,200,000	22,200,000	22,200,000	22,200,000	22,200,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	22,200,000	22,200,000	22,200,000	22,200,000	22,200,000
Exchange equalisation/fluctuation reserve	1,086	-	-	-	-
Retained profit/(loss) carried forward	142,114,711	132,063,369	127,619,567	124,717,110	124,200,670
Others	(2,931,185)	(3,472,502)	-	(2,258)	41,225
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	139,184,612	128,590,867	123,186,934	124,714,852	124,241,895
MINORITY INTEREST	3,704	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	161,388,316	150,790,867	145,386,934	146,914,852	146,441,895
Deferred taxation	308,000	359,000	-	1,219,000	224,000
Others	-	1,166,298	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	308,000	1,525,298	-	1,219,000	224,000
	----------------	----------------	----------------	----------------	----------------
	161,696,316	152,316,165	145,386,934	148,133,852	146,665,895
	=============	=============	=============	=============	=============

FINANCIAL RATIO

YAMAZAKI MAZAK SINGAPORE PTE LTD

TYPES OF FUNDS
Cash	83,664,668	119,120,565	-	79,817,349	60,922,834
Net Liquid Funds	83,664,668	119,120,565	-	79,817,349	60,922,834
Net Liquid Assets	99,707,690	104,301,326	123,679,695	97,948,119	82,099,423
Net Current Assets/(Liabilities)	126,181,376	132,512,423	123,679,695	123,357,060	119,316,520
Net Tangible Assets	161,645,316	152,265,165	145,386,934	148,082,852	146,614,895
Net Monetary Assets	99,399,690	102,776,028	123,679,695	96,729,119	81,875,423
BALANCE SHEET ITEMS
Total Borrowings	0	0	-	0	0
Total Liabilities	46,990,326	67,898,188	49,343,556	32,182,771	40,575,647
Total Assets	208,378,642	218,689,055	194,730,490	179,097,623	187,017,542
Net Assets	161,696,316	152,316,165	145,386,934	148,133,852	146,665,895
Net Assets Backing	161,388,316	150,790,867	145,386,934	146,914,852	146,441,895
Shareholders' Funds	161,388,316	150,790,867	145,386,934	146,914,852	146,441,895
Total Share Capital	22,200,000	22,200,000	22,200,000	22,200,000	22,200,000
Total Reserves	139,184,612	128,590,867	123,186,934	124,714,852	124,241,895
LIQUIDITY (Times)
Cash Ratio	1.79	1.79	-	2.58	1.51
Liquid Ratio	3.14	2.57	-	4.16	3.03
Current Ratio	3.70	3.00	3.51	4.98	3.96
WORKING CAPITAL CONTROL (Days)
Stock Ratio	47	51	-	83	83
Debtors Ratio	110	92	-	157	135
Creditors Ratio	69	107	-	115	104
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	-	0.00	0.00
Liabilities Ratio	0.29	0.45	0.34	0.22	0.28
Times Interest Earned Ratio	0.00	0.00	-	0.00	0.00
Assets Backing Ratio	7.28	6.86	6.55	6.67	6.60
PERFORMANCE RATIO (%)
Operating Profit Margin	5.85	5.19	2.41	1.13	8.31
Net Profit Margin	4.89	4.37	1.89	0.46	6.57
Return On Net Assets	7.43	6.92	2.54	0.85	9.27
Return On Capital Employed	7.43	6.92	2.54	0.85	9.27
Return On Shareholders' Funds/Equity	6.23	5.89	2.00	0.35	7.35
Dividend Pay Out Ratio (Times)	0.00	0.00	-	0.00	0.41
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	-	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.61
UK Pound	1	Rs.99.11
Euro	1	Rs.78.89

INFORMATION DETAILS

Report Prepared by :

PDT

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.