MIRA INFORM REPORT

Report No. :	331844
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	MITSUI & CO. (ASIA PACIFIC) PTE. LTD.
Formerly Known As :	MITSUI & CO (ASIA PASIFIC) PTE. LTD. (22/02/2007)
Registered Office :	80, Robinson Road, 27-00, 068898
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	06.02.2007
Com. Reg. No.:	200702159-M
Legal Form :	Private Limited
Line of Business :	Subject is engaged in business consultation and investment holding company.
No. of Employees :	300 [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 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. 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.	:	200702159-M
COMPANY NAME	:	MITSUI & CO. (ASIA PACIFIC) PTE. LTD.
FORMER NAME	:	MITSUI & CO (ASIA PASIFIC) PTE. LTD. (22/02/2007)
INCORPORATION DATE	:	06/02/2007
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	80, ROBINSON ROAD, 27-00, 068898, SINGAPORE.
BUSINESS ADDRESS	:	80, ROBINSON ROAD, 27-00, 068898, SINGAPORE.
TEL.NO.	:	65-64219500
FAX.NO.	:	65-62243458
WEB SITE	:	WWW.MITSUI.COM
CONTACT PERSON	:	YAMAUCHI TAKASHI ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	INVESTMENT HOLDING
ISSUED AND PAID UP CAPITAL	:	225,101,415.00 ORDINARY SHARE, OF A VALUE OF USD 225,101,415.00
SALES	:	USD 2,551,958,000 [2014]
NET WORTH	:	USD 287,847,000 [2014]
STAFF STRENGTH	:	300 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
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) investment holding.

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

Share Capital History

Date	Issue & Paid Up Capital
13/07/2015	USD 225,101,415.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MITSUI & CO., LTD.	1-3, MARUNOUCHI 1-CHOME, CHIYODAKU, TOKYO, JAPAN.	T06UF0139	225,101,415.00	100.00
			---------------	------
			225,101,415.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
199505844N	SINGAPORE	MI-MI INVESTMENT SINGAPORE PTE. LTD.	50.00	N/A

DIRECTORS

DIRECTOR 1

Name Of Subject	:	YOSHIAKI TAKEMASU
Address	:	7, ORANGE GROVE ROAD, 04-218, TREETOPS EXECUTIVE RESIDENCES, 258355, SINGAPORE.
IC / PP No	:	G3147831L
Nationality	:	JAPANESE
Date of Appointment	:	02/04/2015

DIRECTOR 2

Name Of Subject	:	TOMOAKI WATANABE
Address	:	3, CENTRAL BOULEVARD, 23-03, MARINA BAY SUITES, 018965, SINGAPORE.
IC / PP No	:	G5411054K
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

DIRECTOR 3

Name Of Subject	:	NAOKI NAGANO
Address	:	11, NASSIM ROAD, 04-05, 258378, SINGAPORE.
IC / PP No	:	G5973480L
Nationality	:	JAPANESE
Date of Appointment	:	10/04/2015

DIRECTOR 4

Name Of Subject	:	SATOSHI TANAKA
Address	:	5B, TANGLIN HILL, 248038, SINGAPORE.
IC / PP No	:	G3145208U
Nationality	:	JAPANESE
Date of Appointment	:	10/04/2015

DIRECTOR 5

Name Of Subject	:	YOSHIO KOMETANI
Address	:	33, TANGLIN ROAD, 08-07, ST. REGIS RESIDENCES, 247913, SINGAPORE.
IC / PP No	:	G3046817T
Nationality	:	JAPANESE
Date of Appointment	:	03/06/2014

DIRECTOR 6

Name Of Subject	:	YUJI MURAKAMI
Address	:	7, ORANGE GROVE ROAD, 03-155, TREETOPS EXECUTIVE RESIDENCES, 258355, SINGAPORE.
IC / PP No	:	G5404416Q
Nationality	:	JAPANESE
Date of Appointment	:	04/04/2013

MANAGEMENT

1)	Name of Subject	:	SATOSHI TANAKA
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	YAMAUCHI TAKASHI
	Position	:	MANAGING DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	KAZUYA KUWADA
	IC / PP No	:	G3065808L
	Address	:	12, KEPPEL BAY DRIVE, 02-29, CARIBBEAN AT KEPPEL BAY, 098641, SINGAPORE.

2)	Company Secretary	:	KOSUKE IWATA
	IC / PP No	:	G5497957L
	Address	:	39, OXLEY RISE, 07-27, VISIONCREST, 238713, SINGAPORE.

3)	Company Secretary	:	TAKASHI NAGAHORI
	IC / PP No	:	G5478367T
	Address	:	6, MOUNT SOPHIA, 08-05, 8 @ MOUNT SOPHIA, 228457, 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 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 is a service provider. 

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 PACIFIC
Credit Term	:	N/A
Payment Mode	:	N/A

OPERATIONS

Services

:

INVESTMENT HOLDING

Total Number of Employees:
YEAR	2015	2014	2013	2012	2011
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	300	300	300	300	300

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) investment holding. 

The Subject engaged in business consultation and investment holding company.

However, the Subject refused to disclose detail information regarding to its business operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	03 21418000
Current Telephone Number	:	65-64219500
Match	:	NO
Address Provided by Client	:	5TH FLOOR, MILLENNIUM OFFICE BLOCK 160 JALAN BUKIT BIN TANG 55100 KUALA LUMPAUR
Current Address	:	80, ROBINSON ROAD, 27-00, 068898, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided belongs to its related company in Malaysia.

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	13.09%	]
Return on Net Assets	:	Acceptable	[	14.46%	]
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. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Unfavourable	[	68 Days	]
Creditors Ratio	:	Favourable	[	49 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	:	Acceptable	[	0.99 Times	]
Current Ratio	:	Unfavourable	[	1.03 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	33.73 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	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 :	ECONOMY
The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.
In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.
Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.
For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).
For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.
Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.
Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2007, the Subject is a Private Limited company, focusing on investment holding. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. The Subject is a large entity with strong capital position of USD 225,101,415. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

Investigation revealed, 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 300 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.

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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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 287,847,000, the Subject should be able to maintain its business in the near terms. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth .

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 maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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

PROFIT AND LOSS ACCOUNT

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

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

Financial Year End	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31
Months	12	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	GROUP	GROUP
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	2,551,958,000	2,335,519,000	4,519,999,000	4,435,713,000	2,389,848,000
Other Income	-	-	22,411,000	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	2,551,958,000	2,335,519,000	4,542,410,000	4,435,713,000	2,389,848,000
Costs of Goods Sold	(2,455,230,000)	(2,235,448,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	96,728,000	100,071,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	40,522,000	54,317,000	63,872,000	186,331,000	36,701,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	40,522,000	54,317,000	63,872,000	186,331,000	36,701,000
Taxation	(2,841,000)	(1,783,000)	(11,414,000)	(5,080,000)	(3,954,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	37,681,000	52,534,000	52,458,000	181,251,000	32,747,000
Minority interests	-	-	(123,000)	(256,000)	(180,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	37,681,000	52,534,000	52,335,000	180,995,000	32,567,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	37,681,000	52,534,000	52,335,000	180,995,000	32,567,000
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	77,177,000	126,796,000	74,461,000	33,466,000	899,000
Prior year adjustment	-	(52,153,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	77,177,000	74,643,000	74,461,000	33,466,000	899,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	114,858,000	127,177,000	126,796,000	214,461,000	33,466,000
DIVIDENDS - Ordinary (paid & proposed)	(52,000,000)	(50,000,000)	-	(140,000,000)	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	62,858,000	77,177,000	126,796,000	74,461,000	33,466,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	-	-	7,215,000	6,270,000	3,767,000
Term loan / Borrowing	1,238,000	822,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
	1,238,000	822,000	7,215,000	6,270,000	3,767,000
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	1,612,000	1,726,000	2,593,000	1,786,000	1,795,000
	----------------	----------------	----------------	----------------	----------------
	1,612,000	1,726,000	2,593,000	1,786,000	1,795,000
	=============	=============	=============	=============	=============

BALANCE SHEET

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	13,473,000	6,770,000	14,527,000	10,153,000	5,872,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	179,540,000	179,540,000	-	-	-
Associated companies	58,951,000	33,984,000	311,225,000	308,616,000	246,773,000
Investments	20,035,000	20,405,000	-	-	-
Loans & advances - non-current	68,000	137,000	92,986,000	305,000	284,000
Deferred assets	490,000	502,000	742,000	696,000	742,000
Deposits	233,000	279,000	328,000	368,000	366,000
Others	-	25,000	106,695,000	107,973,000	84,804,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	259,317,000	234,872,000	511,976,000	417,958,000	332,969,000
Others	2,610,000	2,628,000	3,417,000	3,215,000	2,531,000
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	2,610,000	2,628,000	3,417,000	3,215,000	2,531,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	275,400,000	244,270,000	529,920,000	431,326,000	341,372,000
Stocks	16,584,000	14,591,000	86,109,000	112,822,000	62,768,000
Trade debtors	472,271,000	416,439,000	531,910,000	646,758,000	329,194,000
Other debtors, deposits & prepayments	4,445,000	6,378,000	7,654,000	10,152,000	6,442,000
Loans & advances - current portion	-	-	25,155,000	102,937,000	88,291,000
Interest receivable	-	-	46,000	2,955,000	-
Amount due from holding company	2,124,000	2,053,000	57,809,000	84,088,000	59,500,000
Amount due from subsidiary companies	863,000	712,000	-	-	-
Amount due from related companies	3,130,000	3,628,000	114,855,000	104,646,000	58,363,000
Amount due from associated companies	599,000	748,000	1,884,000	2,493,000	2,243,000
Cash & bank balances	14,557,000	32,751,000	87,155,000	81,460,000	24,129,000
Dividend Received	575,000	567,000	-	-	-
Others	38,000	258,000	242,000	45,000	136,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	515,186,000	478,125,000	912,819,000	1,148,356,000	631,066,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	790,586,000	722,395,000	1,442,739,000	1,579,682,000	972,438,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	330,645,000	315,576,000	223,205,000	315,250,000	193,854,000
Other creditors & accruals	20,102,000	16,204,000	29,998,000	26,090,000	18,827,000
Bank overdraft	-	-	149,736,000	68,134,000	50,341,000
Short term borrowings/Term loans	-	-	113,458,000	152,065,000	178,621,000
Amounts owing to holding company	125,000	327,000	270,949,000	389,193,000	84,661,000
Amounts owing to subsidiary companies	379,000	404,000	-	-	-
Amounts owing to related companies	149,303,000	84,582,000	66,503,000	32,367,000	43,253,000
Amounts owing to associated companies	3,000	312,000	1,945,000	853,000	737,000
Provision for taxation	1,265,000	1,020,000	8,532,000	3,096,000	1,525,000
Other liabilities	30,000	18,000	1,074,000	935,000	794,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	501,852,000	418,443,000	865,400,000	987,983,000	572,613,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	13,334,000	59,682,000	47,419,000	160,373,000	58,453,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	288,734,000	303,952,000	577,339,000	591,699,000	399,825,000
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	225,101,000	225,101,000	225,101,000	225,101,000	154,319,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	225,101,000	225,101,000	225,101,000	225,101,000	154,319,000
Capital reserve	-	-	103,095,000	103,095,000	80,837,000
Exchange equalisation/fluctuation reserve	(112,000)	(22,000)	25,853,000	28,062,000	9,920,000
Retained profit/(loss) carried forward	62,858,000	77,177,000	126,796,000	74,461,000	33,466,000
Others	-	1,123,000	3,146,000	4,241,000	2,523,000
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	62,746,000	78,278,000	258,890,000	209,859,000	126,746,000
MINORITY INTEREST	-	-	2,306,000	1,422,000	673,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	287,847,000	303,379,000	486,297,000	436,382,000	281,738,000
Other long term borrowings	-	-	38,983,000	102,527,000	67,966,000
Deferred taxation	83,000	301,000	4,393,000	5,336,000	8,049,000
Others	804,000	272,000	47,666,000	47,454,000	42,072,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	887,000	573,000	91,042,000	155,317,000	118,087,000
	----------------	----------------	----------------	----------------	----------------
	288,734,000	303,952,000	577,339,000	591,699,000	399,825,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

TYPES OF FUNDS
Cash	14,557,000	32,751,000	87,155,000	81,460,000	24,129,000
Net Liquid Funds	14,557,000	32,751,000	(62,581,000)	13,326,000	(26,212,000)
Net Liquid Assets	(3,250,000)	45,091,000	(38,690,000)	47,551,000	(4,315,000)
Net Current Assets/(Liabilities)	13,334,000	59,682,000	47,419,000	160,373,000	58,453,000
Net Tangible Assets	286,124,000	301,324,000	573,922,000	588,484,000	397,294,000
Net Monetary Assets	(4,137,000)	44,518,000	(129,732,000)	(107,766,000)	(122,402,000)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	41,760,000	55,139,000	71,087,000	192,601,000	40,468,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	43,372,000	56,865,000	73,680,000	194,387,000	42,263,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	302,177,000	322,726,000	296,928,000
Total Liabilities	502,739,000	419,016,000	956,442,000	1,143,300,000	690,700,000
Total Assets	790,586,000	722,395,000	1,442,739,000	1,579,682,000	972,438,000
Net Assets	288,734,000	303,952,000	577,339,000	591,699,000	399,825,000
Net Assets Backing	287,847,000	303,379,000	486,297,000	436,382,000	281,738,000
Shareholders' Funds	287,847,000	303,379,000	486,297,000	436,382,000	281,738,000
Total Share Capital	225,101,000	225,101,000	225,101,000	225,101,000	154,319,000
Total Reserves	62,746,000	78,278,000	258,890,000	209,859,000	126,746,000
LIQUIDITY (Times)
Cash Ratio	0.03	0.08	0.10	0.08	0.04
Liquid Ratio	0.99	1.11	0.96	1.05	0.99
Current Ratio	1.03	1.14	1.05	1.16	1.10
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	2	7	9	10
Debtors Ratio	68	65	43	53	50
Creditors Ratio	49	52	18	26	30
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.62	0.74	1.05
Liabilities Ratio	1.75	1.38	1.97	2.62	2.45
Times Interest Earned Ratio	33.73	67.08	9.85	30.72	10.74
Assets Backing Ratio	1.27	1.34	2.55	2.61	2.57
PERFORMANCE RATIO (%)
Operating Profit Margin	1.59	2.33	1.41	4.20	1.54
Net Profit Margin	1.48	2.25	1.16	4.08	1.36
Return On Net Assets	14.46	18.14	12.31	32.55	10.12
Return On Capital Employed	14.33	17.99	9.70	28.99	8.93
Return On Shareholders' Funds/Equity	13.09	17.32	10.76	41.48	11.56
Dividend Pay Out Ratio (Times)	1.38	0.95	0.00	0.77	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.49
UK Pound	1	Rs. 99.43
Euro	1	Rs. 69.14

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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.