MIRA INFORM REPORT

Report No. :	353693
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	SHIN-ETSU SINGAPORE PTE LTD
Registered Office :	4, Shenton Way, 10-03, Sgx Centre II, 068807
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	04.04.1990
Com. Reg. No.:	199001569-G
Legal Form :	Private Limited
Line of Business :	Subject is engaged in trading of silicone materials.
No. of Employee :	22 [2015]

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 :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199001569-G
COMPANY NAME	:	SHIN-ETSU SINGAPORE PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	04/04/1990
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	4, SHENTON WAY, 10-03, SGX CENTRE II, 068807, SINGAPORE.
BUSINESS ADDRESS	:	4, SHENTON WAY, 10-03/06, SGX CENTER 2, 068807, SINGAPORE.
TEL.NO.	:	65-67437277
FAX.NO.	:	65-67437477
WEB SITE	:	WWW.SHINETSU.COM.SG
CONTACT PERSON	:	KAZUYOSHI YANAGISAWA ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF SILICONE MATERIALS
ISSUED AND PAID UP CAPITAL	:	300,000.00 ORDINARY SHARE, OF A VALUE OF SGD 300,000.00
SALES	:	USD 61,451,000 [2013]
NET WORTH	:	USD 19,501,000 [2013]
STAFF STRENGTH	:	22 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
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 silicone materials.

The immediate holding company of the Subject is SHIN-ETSU CHEMICAL CO LTD, a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
27/05/2015	SGD 300,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SHIN-ETSU CHEMICAL CO LTD	6-1, OHTEMACHI 2-CHOME, CHIYODAKU TOKYO, JAPAN.	S90UF0583J	300,000.00	100.00
			---------------	------
			300,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	TADAKI INOUE
Address	:	305, 3-1-16, TAMAGAWA SETAGAYA-KU, TOKYO, JAPAN.
IC / PP No	:	TH4580001
Nationality	:	JAPANESE
Date of Appointment	:	01/09/2014

DIRECTOR 2

Name Of Subject	:	MR. KAZUYOSHI YANAGISAWA
Address	:	80, MOHAMED SULTAN ROAD, 07-02, 239013, SINGAPORE.
IC / PP No	:	G6097631M
Nationality	:	JAPANESE
Date of Appointment	:	01/06/2008

DIRECTOR 3

Name Of Subject	:	NOZOMU KOSHI
Address	:	5, JALAN RUMBIA, 10-07, THE IMPERIAL, 239618, SINGAPORE.
IC / PP No	:	G5299525L
Nationality	:	JAPANESE
Date of Appointment	:	01/07/2012

DIRECTOR 4

Name Of Subject	:	AKINARI ITAGAKI
Address	:	650-11, NIKENZAIKE MATSUIDAMACHI, ANNAKA-SHI GUMMA, JAPAN.
IC / PP No	:	TK3370443
Nationality	:	JAPANESE
Date of Appointment	:	01/09/2014

MANAGEMENT

1)	Name of Subject	:	KAZUYOSHI YANAGISAWA
	Position	:	DIRECTOR

2)	Name of Subject	:	NOZOMU KOSHI
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LOW SIEW TIAN
	IC / PP No	:	S6963151G
	Address	:	453, TAMPINES STREET 42, 11-204, 520453, SINGAPORE.

2)	Company Secretary	:	CHAN LAI YIN
	IC / PP No	:	S7480587F
	Address	:	26, SIMEI STREET 1, 11-08, MELVILLE PARK, 529947, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LITIGATION 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	:	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	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

SILICONE MATERIALS

Total Number of Employees:
YEAR	2015	2014	2013	2012
GROUP	N/A	N/A	N/A	N/A
COMPANY	22	22	22	27

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of silicone materials.

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	:	65-67437277
Match	:	N/A
Address Provided by Client	:	4 SHENTON WAY 10-03/06 SGX CENTER 2,068807,SINGAPORE
Current Address	:	4, SHENTON WAY, 10-03/06, SGX CENTER 2, 068807, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	2.86%	]
Return on Net Assets	:	Unfavourable	[	2.72%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.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	[	28 Days	]
Debtor Ratio	:	Favourable	[	44 Days	]
Creditors Ratio	:	Favourable	[	0 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	[	2.39 Times	]
Current Ratio	:	Favourable	[	2.83 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 :	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 :	TRADING
The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1990, the Subject is a Private Limited company, focusing on trading of silicone materials. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. We noted that the issued and paid up capital of the Subject stands at SGD 300,000. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

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 small company, the Subject's business operation is supported by 22 employees. 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 19,501,000, 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.

SHIN-ETSU SINGAPORE PTE LTD

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
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	FULL	FULL	SUMMARY
Currency	USD	USD	USD	USD	SGD
TURNOVER	61,451,000	63,409,000	70,556,000	70,131,000	69,302,577
Other Income	261,000	766,000	496,000	676,000	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	61,712,000	64,175,000	71,052,000	70,807,000	69,302,577
Costs of Goods Sold	(56,258,000)	(57,985,000)	(64,613,000)	(64,712,000)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	5,454,000	6,190,000	6,439,000	6,095,000	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	531,000	840,000	1,847,000	1,765,000	898,505
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	531,000	840,000	1,847,000	1,765,000	898,505
Taxation	27,000	(217,000)	(342,000)	(303,000)	(151,860)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	558,000	623,000	1,505,000	1,462,000	746,645
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	18,765,000	18,142,000	16,637,000	15,175,000	18,382,577
	----------------	----------------	----------------	----------------	----------------
As restated	18,765,000	18,142,000	16,637,000	15,175,000	18,382,577
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	19,323,000	18,765,000	18,142,000	16,637,000	19,129,222
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	19,323,000	18,765,000	18,142,000	16,637,000	19,129,222
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	46,000	36,000	29,000	30,000	-
	----------------	----------------	----------------	----------------	----------------
	46,000	36,000	29,000	30,000	-
	=============	=============	=============	=============

BALANCE SHEET

SHIN-ETSU SINGAPORE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	90,000	88,000	65,000	37,000	88,585
Others	8,000	3,748,000	758,000	8,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	8,000	3,748,000	758,000	8,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	98,000	3,836,000	823,000	45,000	88,585
Stocks	4,695,000	7,147,000	5,142,000	4,589,000	-
Trade debtors	7,454,000	7,744,000	9,686,000	10,523,000	-
Other debtors, deposits & prepayments	322,000	449,000	268,000	194,000	-
Short term deposits	2,700,000	-	-	-	-
Amount due from related companies	6,246,000	3,069,000	5,025,000	4,390,000	-
Cash & bank balances	9,192,000	6,385,000	9,102,000	9,498,000	-
Others	(578,000)	-	1,500,000	96,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	30,031,000	24,794,000	30,723,000	29,290,000	35,223,927
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	30,129,000	28,630,000	31,546,000	29,335,000	35,312,512
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	-	-	-	89,000	-
Other creditors & accruals	713,000	688,000	705,000	714,000	-
Amounts owing to holding company	9,057,000	8,290,000	11,783,000	11,083,000	-
Amounts owing to related companies	739,000	470,000	374,000	279,000	-
Provision for taxation	109,000	229,000	354,000	345,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	10,618,000	9,677,000	13,216,000	12,510,000	15,870,636
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	19,413,000	15,117,000	17,507,000	16,780,000	19,353,291
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	19,511,000	18,953,000	18,330,000	16,825,000	19,441,876
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	178,000	178,000	178,000	178,000	300,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	178,000	178,000	178,000	178,000	300,000
Retained profit/(loss) carried forward	19,323,000	18,765,000	18,142,000	16,637,000	19,129,222
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	19,323,000	18,765,000	18,142,000	16,637,000	19,129,222
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	19,501,000	18,943,000	18,320,000	16,815,000	19,429,222
Deferred taxation	10,000	10,000	10,000	10,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	10,000	10,000	10,000	10,000	12,654
	----------------	----------------	----------------	----------------	----------------
	19,511,000	18,953,000	18,330,000	16,825,000	19,441,876
	=============	=============	=============	=============	=============

FINANCIAL RATIO

SHIN-ETSU SINGAPORE PTE LTD

TYPES OF FUNDS
Cash	11,892,000	6,385,000	9,102,000	9,498,000	-
Net Liquid Funds	11,892,000	6,385,000	9,102,000	9,498,000	-
Net Liquid Assets	14,718,000	7,970,000	12,365,000	12,191,000	19,353,291
Net Current Assets/(Liabilities)	19,413,000	15,117,000	17,507,000	16,780,000	19,353,291
Net Tangible Assets	19,511,000	18,953,000	18,330,000	16,825,000	19,441,876
Net Monetary Assets	14,708,000	7,960,000	12,355,000	12,181,000	19,340,637
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	-
Total Liabilities	10,628,000	9,687,000	13,226,000	12,520,000	15,883,290
Total Assets	30,129,000	28,630,000	31,546,000	29,335,000	35,312,512
Net Assets	19,511,000	18,953,000	18,330,000	16,825,000	19,441,876
Net Assets Backing	19,501,000	18,943,000	18,320,000	16,815,000	19,429,222
Shareholders' Funds	19,501,000	18,943,000	18,320,000	16,815,000	19,429,222
Total Share Capital	178,000	178,000	178,000	178,000	300,000
Total Reserves	19,323,000	18,765,000	18,142,000	16,637,000	19,129,222
LIQUIDITY (Times)
Cash Ratio	1.12	0.66	0.69	0.76	-
Liquid Ratio	2.39	1.82	1.94	1.97	-
Current Ratio	2.83	2.56	2.32	2.34	2.22
WORKING CAPITAL CONTROL (Days)
Stock Ratio	28	41	27	24	-
Debtors Ratio	44	45	50	55	-
Creditors Ratio	0	0	0	1	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	-
Liabilities Ratio	0.54	0.51	0.72	0.74	0.82
Times Interest Earned Ratio	0.00	0.00	0.00	0.00	-
Assets Backing Ratio	109.61	106.48	102.98	94.52	64.81
PERFORMANCE RATIO (%)
Operating Profit Margin	0.86	1.32	2.62	2.52	1.30
Net Profit Margin	0.91	0.98	2.13	2.08	1.08
Return On Net Assets	2.72	4.43	10.08	10.49	4.62
Return On Capital Employed	2.72	4.43	10.08	10.49	4.62
Return On Shareholders' Funds/Equity	2.86	3.29	8.22	8.69	3.84
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.63
UK Pound	1	Rs.100.65
Euro	1	Rs.72.40
SGD	1	Rs.47.38

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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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