MIRA INFORM REPORT

Report No. :	323935
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	CHIYODA SINGAPORE (PTE.) LIMITED
Formerly Known As :	CHIYODA SINGAPORE (PTE) LIMITED (20/02/1971)
Registered Office :	14, International Business Park, 609922
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	19.02.1971
Com. Reg. No.:	197100159-M
Legal Form :	Private Limited
Line of Business :	The Subject is principally engaged in the (as a / as an) construction of other civil engineering projects nec (eg playground systems).
No. of Employee :	500

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	197100159-M
COMPANY NAME	:	CHIYODA SINGAPORE (PTE.) LIMITED
FORMER NAME	:	CHIYODA SINGAPORE (PTE) LIMITED (20/02/1971)
INCORPORATION DATE	:	19/02/1971
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	14, INTERNATIONAL BUSINESS PARK, 609922, SINGAPORE.
BUSINESS ADDRESS	:	14 INTERNATIONAL BUSINESS PARK, JURONG EAST, 609922, SINGAPORE.
TEL.NO.	:	65-65633488
FAX.NO.	:	65-65675231
WEB SITE	:	WWW.CHIYODA.COM.SG
CONTACT PERSON	:	MITSUYA OGAWA ( DIRECTOR )
PRINCIPAL ACTIVITY	:	CONSTRUCTION OF OTHER CIVIL ENGINEERING PROJECTS NEC (EG PLAYGROUND SYSTEMS)
ISSUED AND PAID UP CAPITAL	:	1,300,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,288,289.36
SALES	:	SGD 216,978,995 [2013]
NET WORTH	:	SGD 51,305,240 [2013]
BANKER (S)		THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
STAFF STRENGTH	:	500 [2015]
LITIGATION	:	TRACED
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) construction of other civil engineering projects nec (eg playground systems).

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

Share Capital History

Date	Issue & Paid Up Capital
25/05/2015	SGD 1,288,289.36

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CHIYODA CORPORATION	MINATOMIRAI GRAND CENTRAL TOWER, 4-6-2, MINATOMIRAI, NISHI-KU, YOKOHAMA 220-8765, JAPAN.	993361	1,300,000.00	100.00
			---------------	------
			1,300,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	INDONESIA	P.T. SULUH ARDHI ENGINEERING	67.00	31/12/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GOH LAK HEE
Address	:	542, SERANGOON NORTH AVENUE 4, 02-13, 550542, SINGAPORE.
IC / PP No	:	S1165351J
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/06/2007

DIRECTOR 2

Name Of Subject	:	NORIMASA MATSUOKA
Address	:	5-25-3, TODOROKI SETAGAYA-KU, TOKYO, 158-0082, JAPAN.
IC / PP No	:	TH4828823
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2012

DIRECTOR 3

Name Of Subject	:	MITSUYA OGAWA
Address	:	3-7-1-A508, SHIOMIDAI, ISOGOKU TOKOHAMA CITY, 235-0022, JAPAN.
IC / PP No	:	TK9404146
Nationality	:	JAPANESE
Date of Appointment	:	06/07/2009

DIRECTOR 4

Name Of Subject	:	YASUKAZU YOKONO
Address	:	2-52-3, HIYOSHIHONCHO, KOHOKU-KU, YOKOHAMA, 223-0062, JAPAN.
IC / PP No	:	TH3257599
Nationality	:	JAPANESE
Date of Appointment	:	01/01/2014

DIRECTOR 5

Name Of Subject	:	TERUNOBU IIO
Address	:	247-0008, YOKOHAMA-SHI SAKAEKO, HONGODAI, 1-16-23, KANAGAWA, JAPAN.
IC / PP No	:	TH3596218
Nationality	:	JAPANESE
Date of Appointment	:	01/01/2014

MANAGEMENT

1)	Name of Subject	:	MITSUYA OGAWA
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	LEE ENG THYE
	IC / PP No	:	S1372259E
	Address	:	89, LORONG L TELOK KURAU, 03-06 , LE CONNEY PARK, 425527, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
200104317	06/09/2001	N/A	THE BANK OF TOKYO- MITSUBISHI LTD.	-	Unsatisfied
200203876	02/09/2002	N/A	THE BANK OF TOKYO-MITSUBISHI LTD.	-	Unsatisfied

LITIGATION 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	:	246
Year	:	2008	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	04/01/2008
Solicitor	:	PERUMAL ATHITHAM
Solicitor Ref	:	PA.2351.07
Solicitor Firm	:	YPMP LAW CORPORATION
Plaintiff	:	CHINNAIAH VEERAMUTHU
Defendants	:	CHIYODA SINGAPORE (PTE.) LIMITED (197100159) 14 INTERNATIONAL BUSINESS PARK, 609922, SINGAPORE.
Code No	:	99	Case No	:	18583
Year	:	2008	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	25/07/2008
Solicitor	:	CHENG KIM KUAN
Solicitor Ref	:	CKK/CK/ACC/5547 /08
Solicitor Firm	:	K K CHENG & CO
Plaintiff	:	CHOON HENG TRANSPORT & WAREHOUSING PTE LTD
Defendants	:	CHIYODA SINGAPORE (PTE.) LIMITED (197100159) 14 INTERNATIONAL BUSINESS PARK, 609922, SINGAPORE.
Amount Claimed	:	21550
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE(MOTOR ACCIDENTS W/O DEATH/INJURY)
Code No	:	99	Case No	:	876
Year	:	2009	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	13/03/2009
Solicitor Ref	:	KR.0971.08.B
Solicitor Firm	:	K RAVI LAW CORPORATION
Plaintiff	:	ZAHANGIR ALAM MOKTA ISMIL HOSSON
Defendants	:	CHIYODA SINGAPORE (PTE.) LIMITED (197100159) 14 INTERNATIONAL BUSINESS PARK, 609922, SINGAPORE.
Amount Claimed	:	90000
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE(INDUSTRIAL ACCIDENTS WITH INJURY)

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

Services

:

ENGINEERING PROCUREMENT SERVICES & CONSTRUCTION

Total Number of Employees:
YEAR	2015	2014	2012
GROUP	N/A	N/A	N/A
COMPANY	500	500	400

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) construction of other civil engineering projects nec (eg playground systems).

Chiyoda Singapore provides services for feasibility studies, total engineering, procurement, construction management and consultation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65633488
Match	:	N/A
Address Provided by Client	:	14 INTERNATIONAL BUSINESS PARK, JURONG EAST,609922,SINGAPORE
Current Address	:	14 INTERNATIONAL BUSINESS PARK, JURONG EAST, 609922, SINGAPORE.
Match	:	YES

Other Investigations

On 22nd May 2015 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	6.48%	]
Return on Net Assets	:	Unfavourable	[	6.19%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	125 Days	]
Creditors Ratio	:	Favourable	[	36 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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	[	1.18 Times	]
Current Ratio	:	Unfavourable	[	1.18 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 turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. 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)
(Source : Department of Statistics)

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 1971, the Subject is a Private Limited company, focusing on construction of other civil engineering projects nec (eg playground systems). 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. A paid up capital of SGD 1,288,289 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, 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 large entity, the Subject has a steady workforce of 500 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. 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 51,305,240, 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 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 promptly.

PROFIT AND LOSS ACCOUNT

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

CHIYODA SINGAPORE (PTE.) LIMITED

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	SGD	SGD	SGD	SGD	SGD
TURNOVER	216,978,995	97,464,444	165,618,909	88,673,568	117,579,614
Other Income	141,487	60,415	141,613	439,470	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	217,120,482	97,524,859	165,760,522	89,113,038	117,579,614
Costs of Goods Sold	(198,256,881)	(100,009,748)	(145,163,013)	(76,155,153)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	18,863,601	(2,484,889)	20,597,509	12,957,885	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	3,176,603	(17,865,013)	6,083,079	1,268,786	9,844,845
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,176,603	(17,865,013)	6,083,079	1,268,786	9,844,845
Taxation	148,612	2,639,645	(1,034,123)	(290,568)	(1,745,556)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,325,215	(15,225,368)	5,048,956	978,218	8,099,289
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	46,691,736	63,425,104	64,278,148	63,299,930	55,200,641
	----------------	----------------	----------------	----------------	----------------
As restated	46,691,736	63,425,104	64,278,148	63,299,930	55,200,641
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	50,016,951	48,199,736	69,327,104	64,278,148	63,299,930
DIVIDENDS - Ordinary (paid & proposed)	-	(1,508,000)	(5,902,000)	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	50,016,951	46,691,736	63,425,104	64,278,148	63,299,930
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	715,299	752,921	-	-	-
	----------------	----------------	----------------	----------------	----------------
	715,299	752,921	-	-	-
	=============	=============

BALANCE SHEET

CHIYODA SINGAPORE (PTE.) LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	9,234,645	9,607,815	10,078,223	10,359,797	11,063,972
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	23,915,535	20,109,390	-	-	-
Investments	53,097	53,097	53,097	53,097	-
Deferred assets	2,449,545	2,788,319	613,576	613,576	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	26,418,177	22,950,806	666,673	666,673	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	35,652,822	32,558,621	10,744,896	11,026,470	11,063,972
Trade debtors	74,595,456	31,712,253	25,843,088	31,129,589	-
Other debtors, deposits & prepayments	694,314	778,316	610,887	440,080	-
Short term deposits	14,674,504	44,471,183	73,290,074	48,550,397	-
Cash & bank balances	13,582,939	11,218,908	16,971,089	8,356,453	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	103,547,213	88,180,660	116,715,138	88,476,519	98,785,277
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	139,200,035	120,739,281	127,460,034	99,502,989	109,849,249
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	19,528,235	3,130,219	3,289,624	4,713,904	-
Other creditors & accruals	67,595,531	69,008,379	58,132,967	6,212,846	-
Provision for taxation	42,000	456,435	1,283,309	754,620	-
Other liabilities	729,029	164,223	40,741	22,255,182	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	87,894,795	72,759,256	62,746,641	33,936,552	45,261,030
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	15,652,418	15,421,404	53,968,497	54,539,967	53,524,247
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	51,305,240	47,980,025	64,713,393	65,566,437	64,588,219
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,288,289	1,288,289	1,288,289	1,288,289	1,288,289
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,288,289	1,288,289	1,288,289	1,288,289	1,288,289
Retained profit/(loss) carried forward	50,016,951	46,691,736	63,425,104	64,278,148	63,299,930
Others	-	-	-	-	0
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	50,016,951	46,691,736	63,425,104	64,278,148	63,299,930
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	51,305,240	47,980,025	64,713,393	65,566,437	64,588,219
TOTAL LONG TERM LIABILITIES	-	-	-	-	0
	----------------	----------------	----------------	----------------	----------------
	51,305,240	47,980,025	64,713,393	65,566,437	64,588,219
	=============	=============	=============	=============	=============

FINANCIAL RATIO

CHIYODA SINGAPORE (PTE.) LIMITED

TYPES OF FUNDS
Cash	28,257,443	55,690,091	90,261,163	56,906,850	-
Net Liquid Funds	28,257,443	55,690,091	90,261,163	56,906,850	-
Net Liquid Assets	15,652,418	15,421,404	53,968,497	54,539,967	53,524,247
Net Current Assets/(Liabilities)	15,652,418	15,421,404	53,968,497	54,539,967	53,524,247
Net Tangible Assets	51,305,240	47,980,025	64,713,393	65,566,437	64,588,219
Net Monetary Assets	15,652,418	15,421,404	53,968,497	54,539,967	53,524,247
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	-
Total Liabilities	87,894,795	72,759,256	62,746,641	33,936,552	45,261,030
Total Assets	139,200,035	120,739,281	127,460,034	99,502,989	109,849,249
Net Assets	51,305,240	47,980,025	64,713,393	65,566,437	64,588,219
Net Assets Backing	51,305,240	47,980,025	64,713,393	65,566,437	64,588,219
Shareholders' Funds	51,305,240	47,980,025	64,713,393	65,566,437	64,588,219
Total Share Capital	1,288,289	1,288,289	1,288,289	1,288,289	1,288,289
Total Reserves	50,016,951	46,691,736	63,425,104	64,278,148	63,299,930
LIQUIDITY (Times)
Cash Ratio	0.32	0.77	1.44	1.68	-
Liquid Ratio	1.18	1.21	1.86	2.61	-
Current Ratio	1.18	1.21	1.86	2.61	2.18
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	-
Debtors Ratio	125	119	57	128	-
Creditors Ratio	36	11	8	23	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	-
Liabilities Ratio	1.71	1.52	0.97	0.52	0.70
Times Interest Earned Ratio	0.00	0.00	0.00	0.00	-
Assets Backing Ratio	39.82	37.24	50.23	50.89	50.13
PERFORMANCE RATIO (%)
Operating Profit Margin	1.46	(18.33)	3.67	1.43	8.37
Net Profit Margin	1.53	(15.62)	3.05	1.10	6.89
Return On Net Assets	6.19	(37.23)	9.40	1.94	15.24
Return On Capital Employed	6.19	(37.23)	9.40	1.94	15.24
Return On Shareholders' Funds/Equity	6.48	(31.73)	7.80	1.49	12.54
Dividend Pay Out Ratio (Times)	0.00	0.10	1.17	0.00	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.73

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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