MIRA INFORM REPORT

Report No. :	344038
Report Date :	08.10.2015

IDENTIFICATION DETAILS

Name :	TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.
Formerly Known As :	TOYOTA TSUSHO (SINGAPORE) PTE LTD TOYOTA (SINGAPORE) PTE. LTD.
Registered Office :	600, North Bridge Road, 19-01, Parkview Square, 188778
Country :	Singapore
Financials (as on) :	31.03.2015
Date of Incorporation :	03.07.1975
Com. Reg. No.:	197501152-G
Legal Form :	Private Limited
Line of Business :	Subject is engaged in the trading of metal, chemical, automotive parts.
No. of Employees :	190 [2015]

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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.	:	197501152-G
COMPANY NAME	:	TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.
FORMER NAME	:	TOYOTA TSUSHO (SINGAPORE) PTE LTD (01/07/2012) TOYOTA (SINGAPORE) PTE. LTD. (01/07/1987)
INCORPORATION DATE	:	03/07/1975
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	600, NORTH BRIDGE ROAD, 19-01, PARKVIEW SQUARE, 188778, SINGAPORE.
BUSINESS ADDRESS	:	600 NORTH BRIDGE ROAD, #19-01, PARKVEIW SQUARE, 188778, SINGAPORE.
TEL.NO.	:	65-62223711/65180727
FAX.NO.	:	65-62225674
WEB SITE	:	WWW.TOYOTSU.COM.SG
CONTACT PERSON	:	HIROYUKI ISONO ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF METAL, CHEMICAL, AUTOMOTIVE PARTS
ISSUED AND PAID UP CAPITAL	:	2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00
SALES	:	USD 2,850,408,000 [2015]
NET WORTH	:	USD 138,093,000 [2015]
STAFF STRENGTH	:	190 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	GOOD
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 metal, chemical, automotive parts.

The immediate holding company of the Subject is TOYOTA TSUSHO CORPORATION (FORMERLY KNOWN AS TOYOTA TSUSHO KAISHA LTD), a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
06/10/2015	SGD 2,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
TOYOTA TSUSHO CORPORATION (FORMERLY KNOWN AS TOYOTA TSUSHO KAISHA LTD)	7-23, MEIEKI 4-CHOME, NAKAMURA-KU NAGOYA, 450-8575, JAPAN.	S75UF0118	2,000,000.00	100.00
			---------------	------
			2,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
	THAILAND	TOYOTA TSUSHO ASIA PACIFIC (THAILAND) CO., LTD	-	100.00	31/03/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	YASUHIKO YOKOI
Address	:	3-9-1, SAKURAGAOKA TAMA, TOKYO 206-0013, JAPAN.
IC / PP No	:	MS7310344
Nationality	:	JAPANESE
Date of Appointment	:	02/07/2012

DIRECTOR 2

Name Of Subject	:	KOJI UEDA
Address	:	38, FARRER ROAD, 01-06, LEVELZ, THE, 268836, SINGAPORE.
IC / PP No	:	F2480989R
Nationality	:	JAPANESE
Date of Appointment	:	05/04/2013

DIRECTOR 3

Name Of Subject	:	ATSUSHI SHIMIZU
Address	:	29, KEPPEL BAY VIEW, 16-85, REFLECTIONS AT KEPPEL BAY, 098417, SINGAPORE.
IC / PP No	:	G3146627Q
Nationality	:	JAPANESE
Date of Appointment	:	20/04/2015

DIRECTOR 4

Name Of Subject	:	SHIGEHARU KATO
Address	:	25, KEPPEL BAY VIEW, 14-77, REFLECTIONS AT KEPPEL BAY, 098415, SINGAPORE.
IC / PP No	:	G5841290U
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2015

DIRECTOR 5

Name Of Subject	:	KAZUYA WATANABE
Address	:	60, HAVELOCK ROAD, 07-25, RIVER PLACE, 169658, SINGAPORE.
IC / PP No	:	G5113593N
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2015
Remark	:	ALTERNATIVE DIRECTOR TO YASUHIKO YOKOI

DIRECTOR 6

Name Of Subject	:	MR. HIROYUKI ISONO
Address	:	6, CUSCADEN WALK, 28-01, THE BOULEVARD RESIDENCE, 249691, SINGAPORE.
IC / PP No	:	G3156994Q
Nationality	:	JAPANESE
Date of Appointment	:	28/04/2015

DIRECTOR 7

Name Of Subject	:	YUICHI OI
Address	:	504, 6-6, NAKAYAMA CHO, MIZUHO KU NAGOYA SHI, AICHI KEN, JAPAN.
IC / PP No	:	TK4342209
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2015

DIRECTOR 8

Name Of Subject	:	HISASHI OKAWA
Address	:	11, JERVOIS CLOSE, 10-20, ONE JERVOIS, 249107, SINGAPORE.
IC / PP No	:	G5472601K
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2015
Remark	:	ALTERNATIVE DIRECTOR TO YUICHI OI

MANAGEMENT

1)	Name of Subject	:	HIROYUKI ISONO
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS 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
	New IC No	:	780628-08-5282
	Address	:	26, SIMEI STREET 1, 11-08, MELVILLE PARK, 529947, GOPENG, 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	:	YES
Overseas	:	YES

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

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

OPERATIONS

Goods Traded

:

METAL, CHEMICAL, AUTOMOTIVE PARTS

Total Number of Employees:
YEAR	2015	2014	2013	2012
GROUP	N/A	N/A	N/A	N/A
COMPANY	190	190	190	150

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of metal, chemical, automotive parts. 

The Subject sells variety of products such as chemicals, plastic, automotive parts and others. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62223711/65180727
Match	:	N/A
Address Provided by Client	:	600 NORTH BRIDGE ROAD #19-01 PARKVEIW SQUARE , 188778 SINGAPORE
Current Address	:	600 NORTH BRIDGE ROAD, #19-01, PARKVEIW SQUARE, 188778, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2011 - 2015	]
Profit/(Loss) Before Tax	:	Increased	[	2011 - 2015	]
Return on Shareholder Funds	:	Acceptable	[	23.95%	]
Return on Net Assets	:	Acceptable	[	27.59%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	6 Days	]
Debtor Ratio	:	Favourable	[	38 Days	]
Creditors Ratio	:	Favourable	[	20 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	[	1.14 Times	]
Current Ratio	:	Unfavourable	[	1.21 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	:	Favourable	[	35.99 Times	]
Gearing Ratio	:	Unfavourable	[	1.60 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 was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* 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 1975, the Subject is a Private Limited company, focusing on trading of metal, chemical, automotive parts. 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 2,000,000 allows the Subject to expand its business more comfortably. 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. The Subject is a fairly large and rapidly growing company with over 190 staff in its operations The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright. 

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. Return on shareholders' funds of the Subject was at a favourable range which indicated that the management was efficient in utilising its funds to generate income. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 138,093,000, the Subject should be able to maintain its business in the near terms. 

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

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.

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

Financial Year End	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31
Months	12	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	GROUP	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	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	2,850,408,000	2,594,015,000	2,534,255,000	2,250,215,000	2,172,619,780
Other Income	14,201,000	11,743,000	11,358,000	10,451,000	4,516,644
	----------------	----------------	----------------	----------------	----------------
Total Turnover	2,864,609,000	2,605,758,000	2,545,613,000	2,260,666,000	2,177,136,424
Costs of Goods Sold	(2,774,667,000)	(2,524,668,000)	(2,465,835,000)	(2,187,236,000)	(2,118,029,020)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	89,942,000	81,090,000	79,778,000	73,430,000	59,107,404
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	36,825,000	28,572,000	31,490,000	27,203,000	27,549,830
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES	330,000	478,000	71,000	(257,000)	144,106
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	37,155,000	29,050,000	31,561,000	26,946,000	27,693,936
Taxation	(4,086,000)	(3,240,000)	(3,739,000)	(3,475,000)	(4,021,025)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	33,069,000	25,810,000	27,822,000	23,471,000	23,672,911
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	114,558,000	101,817,000	85,731,000	74,024,000	71,851,115
	----------------	----------------	----------------	----------------	----------------
As restated	114,558,000	101,817,000	85,731,000	74,024,000	71,851,115
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	147,627,000	127,627,000	113,553,000	97,495,000	95,524,026
DIVIDENDS - Ordinary (paid & proposed)	(11,235,000)	(13,069,000)	(11,736,000)	(11,764,000)	(21,500,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	136,392,000	114,558,000	101,817,000	85,731,000	74,024,026
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	-	-	-	-	914
Loan from holding company	-	-	-	-	5,514
Term loan / Borrowing	1,041,000	960,000	723,000	677,640	308,791
Others	21,000	230,000	671,000	(481,505)	607,255
	----------------	----------------	----------------	----------------	----------------
	1,062,000	1,190,000	1,394,000	196,135	922,474
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	1,059,000	978	969	837,714	456,238
AMORTIZATION	2,933,000	2,889	2,835	2,354,545	-
	----------------	----------------	----------------	----------------	----------------
	3,992,000	3,867	3,804	3,192,259	456,238
	=============	=============	=============	=============	=============

BALANCE SHEET

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	1,632,000	1,480,000	1,934,000	1,862,000	1,544,276
Associated companies	1,847,000	1,911,000	1,525,000	1,495,000	1,706,306
Others	3,139,000	3,280,000	2,444,000	1,933,000	1,908,197
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	4,986,000	5,191,000	3,969,000	3,428,000	3,614,503
Computer software	3,698,000	6,452,000	9,154,000	11,987,000	-
Others	237,000	243,000	240,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	3,935,000	6,695,000	9,394,000	11,987,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	10,553,000	13,366,000	15,297,000	17,277,000	5,158,779
Stocks	43,421,000	22,307,000	15,407,000	20,026,000	16,605,216
Trade debtors	296,583,000	179,326,000	396,772,000	153,785,000	289,553,688
Other debtors, deposits & prepayments	8,605,000	4,142,000	7,838,000	2,019,000	532,278
Short term loans & advances	5,000,000	5,000,000	5,000,000	-	-
Loans & advances - current portion	12,678,000	9,443,000	15,903,000	14,498,000	16,983,917
Deposits with financial institutions	-	-	-	-	3,535,941
Amount due from holding company	33,310,000	59,223,000	19,475,000	11,155,000	-
Amount due from related companies	294,627,000	203,525,000	7,758,000	190,143,000	22,339,705
Cash & bank balances	14,189,000	5,659,000	48,889,000	11,972,000	11,750,397
Others	17,987,000	357,000	3,608,000	1,027,000	1,363,087
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	726,400,000	488,982,000	520,650,000	404,625,000	362,664,229
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	736,953,000	502,348,000	535,947,000	421,902,000	367,823,008
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	148,368,000	170,290,000	250,456,000	124,921,000	170,682,511
Other creditors & accruals	10,009,000	9,278,000	8,830,000	9,332,000	7,643,428
Short term borrowings/Term loans	195,295,000	64,667,000	142,833,000	119,294,000	98,347,936
Bill & acceptances payable	25,983,000	-	-	-	-
Amounts owing to holding company	74,776,000	33,951,000	-	10,102,000	-
Amounts owing to related companies	125,357,000	102,491,000	21,346,000	66,316,000	-
Provision for taxation	3,775,000	3,431,000	3,791,000	1,556,000	3,198,911
Other liabilities	14,883,000	703,000	1,228,000	765,000	11,570,718
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	598,446,000	384,811,000	428,484,000	332,286,000	291,443,504
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	127,954,000	104,171,000	92,166,000	72,339,000	71,220,725
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	138,507,000	117,537,000	107,463,000	89,616,000	76,379,504
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,211,000	1,211,000	1,211,000	1,211,000	1,210,977
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,211,000	1,211,000	1,211,000	1,211,000	1,210,977
Exchange equalisation/fluctuation reserve	(397,000)	(130,000)	139,000	124,000	78,415
General reserve	294,000	294,000	294,000	294,000	293,871
Retained profit/(loss) carried forward	136,392,000	114,558,000	101,817,000	85,731,000	74,024,026
Others	593,000	918,000	2,351,000	544,000	646,799
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	136,882,000	115,640,000	104,601,000	86,693,000	75,043,111
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	138,093,000	116,851,000	105,812,000	87,904,000	76,254,088
Deferred taxation	414,000	686,000	1,651,000	1,712,000	125,416
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	414,000	686,000	1,651,000	1,712,000	125,416
	----------------	----------------	----------------	----------------	----------------
	138,507,000	117,537,000	107,463,000	89,616,000	76,379,504
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

TYPES OF FUNDS
Cash	14,189,000	5,659,000	48,889,000	11,972,000	11,750,397
Net Liquid Funds	(11,794,000)	5,659,000	48,889,000	11,972,000	11,750,397
Net Liquid Assets	84,533,000	81,864,000	76,759,000	52,313,000	54,615,509
Net Current Assets/(Liabilities)	127,954,000	104,171,000	92,166,000	72,339,000	71,220,725
Net Tangible Assets	134,572,000	110,842,000	98,069,000	77,629,000	76,379,504
Net Monetary Assets	84,119,000	81,178,000	75,108,000	50,601,000	54,490,093
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	30,240,000	32,955,000	27,142,135	28,616,410
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	42,209,000	30,243,867	32,958,804	30,334,394	29,072,648
BALANCE SHEET ITEMS
Total Borrowings	221,278,000	64,667,000	142,833,000	119,294,000	98,347,936
Total Liabilities	598,860,000	385,497,000	430,135,000	333,998,000	291,568,920
Total Assets	736,953,000	502,348,000	535,947,000	421,902,000	367,823,008
Net Assets	138,507,000	117,537,000	107,463,000	89,616,000	76,379,504
Net Assets Backing	138,093,000	116,851,000	105,812,000	87,904,000	76,254,088
Shareholders' Funds	138,093,000	116,851,000	105,812,000	87,904,000	76,254,088
Total Share Capital	1,211,000	1,211,000	1,211,000	1,211,000	1,210,977
Total Reserves	136,882,000	115,640,000	104,601,000	86,693,000	75,043,111
LIQUIDITY (Times)
Cash Ratio	0.02	0.01	0.11	0.04	0.04
Liquid Ratio	1.14	1.21	1.18	1.16	1.19
Current Ratio	1.21	1.27	1.22	1.22	1.24
WORKING CAPITAL CONTROL (Days)
Stock Ratio	6	3	2	3	3
Debtors Ratio	38	25	57	25	49
Creditors Ratio	20	25	37	21	29
SOLVENCY RATIOS (Times)
Gearing Ratio	1.60	0.55	1.35	1.36	1.29
Liabilities Ratio	4.34	3.30	4.07	3.80	3.82
Times Interest Earned Ratio	35.99	25.41	23.64	138.38	31.02
Assets Backing Ratio	111.12	91.53	80.98	64.10	63.07
PERFORMANCE RATIO (%)
Operating Profit Margin	1.30	1.12	1.25	1.20	1.27
Net Profit Margin	1.16	0.99	1.10	1.04	1.09
Return On Net Assets	27.59	25.73	30.67	30.29	37.47
Return On Capital Employed	26.83	24.34	28.20	26.71	37.47
Return On Shareholders' Funds/Equity	23.95	22.09	26.29	26.70	31.04
Dividend Pay Out Ratio (Times)	0.34	0.51	0.42	0.50	0.91
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.25
UK Pound	1	Rs.99.53
Euro	1	Rs.73.47sss

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TPT

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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