MIRA INFORM REPORT

Report Date :

31^st May 2006

IDENTIFICATION DETAILS

Name :	ELLIPSIZ LTD

Registered Office :	^{29 Woodlands Industrial Park E1} ^{#04-01/06,Lobby 1 Northtech} ^{757716, Singapore}

Country :	^Singapore

Financials (as on) :	30/06/2005

Date of Incorporation :	^15/11/1994

Com. Reg. No.:	^199408329R

Legal Form :	^{Pub Listed}

Line of Business :	Engaged in the business of investment holding & provision of management services

RATING & COMMENTS

MIRA’s Rating :

Aaa

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

ELLIPSIZ LTD

Line Of Business

INVESTMENT HOLDING & PROVISION OF MANAGEMENT SERVICES

Parent Company

Financial Elements

FY2005

COMPANY

Sales : S$6,627,000

Networth : S$69,973,000

Paid-Up Capital : S$59,727,000

Net result : S$7,450,000

Net Margin(%) : 112.42%

Return on Equity(%) : 10.65%

Leverage Ratio : 0.07 TIMES

Note: Based on Accounting and Corporate Regulatory Authority’s (ACRA) record dated 26/05/2006, the paid-up capital has increased to S$117,126,981.35.

Rating

Credit Requested : NA

Credit Rating : Singapore $ 50000001 & Over

Credit Opinion : NA

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject Company :
ELLIPSIZ LTD}

^{Former Name :
SINGATRUST LIMITED}

^{Business Address :
29 WOODLANDS INDUSTRIAL PARK E1}

^#04-01/06

^{LOBBY 1 NORTHTECH}

^{Town :
SINGAPORE}

^{Postcode :
757716}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6311 8500}

^{Fax :
6269 2628}

^{ROC Number :
199408329R}

^{Reg. Town :
-}

PREVIOUS IDENTIFICATION

^{SINGATRUST LIMITED}

^{DATE OF CHANGE OF NAME: 16/01/2001}

SUMMARY

^{Legal Form :
Pub Listed}

^{Date Inc. :
15/11/1994}

^{Previous Legal Form :
Exempt Pte Ltd}

^{Summary year :
30/06/2005}

^{All amounts in this report are in : SGD}

^{Sales :
6,627,000}

^{Net Worth :
69,973,000}

^{Capital :
1,000,000,000}

^{Paid-Up Capital :
59,727,000}

^{Employees :
17}

^{Net result :
7,450,000}

^{Auditor :
KPMG}

REFERENCES

^{Report Date :
31/05/2006}

^{Update Date :
31/05/2006}

^{Credit Requested :
NA}

^{Credit Opinion :
NA}

^{Litigation :
NO}

^{Company status :
TRADING}

^{Started :
15/11/1994}

PRINCIPAL(S)

^{FOO SEE LIANG S1101693F Director}

DIRECTOR(S)

^{CHONG FOOK CHOY
S1524077F Director}

^{Appointed on :
15/11/1994}

^{Street :
74 JALAN PEMIMPIN}

^{Town :
SINGAPORE}

^{Postcode :
577225}

^{Country :
Singapore}

^{FOO SEE LIANG
S1101693F Director}

^{Appointed on :
14/06/2000}

^{Street :
38 GOLDHILL AVENUE}

^#08-42

^{GOLDHILL TOWERS}

^{Town :
SINGAPORE}

^{Postcode :
309021}

^{Country :
Singapore}

^{JEFFREY STASZAK 01801284Z Director}

^{Appointed on :
17/04/2006}

^{Street :
31485 JULIANA FARM ROAD}

^{SAN JUAN CAPISTRANO, CA}

^{Town :
-}

^{Postcode :
92675}

^{Country :
United States}

^{ANNE CHOO
S1256587I Company Secretary}

^{Appointed on :
11/01/2002}

^{Street :
34 JALAN REBANA}

^{FABER GARDEN}

^{Town :
SINGAPORE}

^{Postcode :
577003}

^{Country :
Singapore}

^{LIM MAY LAN
S1288681J Director}

^{Appointed on :
16/11/2001}

^{Street :
39 JALAN PINTAU}

^{Town :
SINGAPORE}

^{Postcode :
577100}

^{Country :
Singapore}

^{CHAN YUEN LENG
S1785469J Company Secretary}

^{Appointed on :
17/03/2000}

^{Street :
29 LIMAU GROVE}

^{Town :
SINGAPORE}

^{Postcode :
467831}

^{Country :
Singapore}

^{PHOON WAI MENG S2539737A Director}

^{Appointed on :
01/07/2004}

^{Street :
63 PARK VILLAS RISE}

^{Town :
SINGAPORE}

^{Postcode :
545346}

^{Country :
Singapore}

^{RICK KENNETH HODGMAN
S2686553J Director}

^{Appointed on :
31/05/2005}

^{Street :
93 GRANGE ROAD}

^#11-08

^{Town :
SINGAPORE}

^{Postcode :
249614}

^{Country :
Singapore}

^{MATHEW CHUNG SHIN CHAN
Z8000958 Director}

^{Appointed on :
14/06/2000}

^{Street :
1706, NO 9 OLD PEAK ROAD}

^{MID LEVEL}

^{Town :
HONG KONG}

^{Postcode :
-}

^{Country :
Hong Kong}

FORMER DIRECTOR(S)

^{WONG YHUI KONG S0587487D}

^{POON PIAK KIN S0089022G}

^{HAY SOOK ANN S1537892A}

ACTIVITY(IES)

^{INVESTMENT MANAGEMENT}^{Code: 12100}

^{SEMICONDUCTOR DEVICES}^{Code: 19130}

^{BASED ON ACRA'S RECORD AS AT 26/05/2006}

^{1) BANK/FINANCIAL HOLDDING COMPANIES; INVESTMENT COMPANIES}

^{2) BUSINESS MANAGEMENT & CONSULTANCY SERVICES.}

CHARGES

^{Date :
18/04/2006}

^{Comments :
CHARGE NO: C200602481}

^{AMOUNT SECURED : 0.00 AND
ALL MONIES OWING}

^{CHARGEE(S): DBS BANK LTD}

^{Date :
20/02/2006}

^{Comments :
CHARGE NO: C200601136}

^{AMOUNT SECURED : 0.00 AND
ALL MONIES OWING}

^{CHARGEE(S): DBS BANK LTD}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{DBS BANK LTD.}

ASSOCIATED COMPANY(IES)

^{SV PROBE PTE. LTD.}

^{29 WOODLANDS INDUSTRIAL PARK E1}

^#04-01

^NORTHTECH

^{SINGAPORE Singapore}

^{CHIRON SEMILAB PTE LTD Singapore}

^{SHENZHEN IC DESIGN INCUBATION CO. China}

SHAREHOLDERS(S)

^{CHONG FOOK CHOY}^{28,677,710 Private Person}

^{Street :
74 JALAN PEMIMPIN}

^{Town :
SINGAPORE}

^{Postcode : 577225}

^{Country :
Singapore}

^{NG BENG SOON}^{5,791,216 Private
Person}

^{Street :
137 ALEXANDRA ROAD}

^#13-189

^{Town :
SINGAPORE}

^{Postcode : 150137}

^{Country :
Singapore}

^{HAY SOOK ANN}^{14,436,412 Private Person}

^{Street : 1003 BUKIT TIMAH ROAD}

^#06-03

^{Town :
SINGAPORE}

^{Postcode : 596289}

^{Country :
Singapore}

^{HSBC (SINGAPORE) NOMINEES PTE LTD}^{21,130,000 Company}

^{Street :
-}

^{Town :
SINGAPORE}

^{Postcode : -}

^{Country :
Singapore}

^{3I GROUP PLC}^{14,521,920 Company}

^{Street :
-}

^{Town :
SINGAPORE}

^{Postcode : -}

^{Country :
Singapore}

^{WATERWORTH PTE LTD}^{9,000,000 Company}

^{Street :
30 CARPENTER STREET}

^{Town :
SINGAPORE}

^{Postcode : 059909}

^{Country :
Singapore}

^{CITIBANK NOMINEES SPORE PTE LTD}^{7,191,000 Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{DBS NOMINEES PTE LTD}^{6,960,000 Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{RAFFLES NOMINEES PTE LTD}^{5,870,000 Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{PHILLIP SECURITIES PTE LTD}^{5,106,000
Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{KIM ENG SECURITIES PTE. LTD.}^{4,719,000 Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{UNITED OVERSEAS BANK NOMINEES}^{4,494,000 Company}

^{Street :
80 RAFFLES PLACE}

^{#UOB PLAZA}

^{Town :
SINGAPORE}

^{Postcode : 048624}

^{Country :
Singapore}

^{PAO NING YU}^{4,390,416 Private Person}

^{Street :
7 STRATTON DRIVE}

^{Town :
SINGAPORE}

^{Postcode : 806867}

^{Country :
Singapore}

^{UOB KAY HIAN PTE LTD}^{3,794,000 Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{HAY SIOK HUA}^{2,808,000 Private Person}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{3I APTECH NOMINEES LIMITED}^{2,612,140 Company}

^{Street :
-}

^{Town :
-}

^{Postcode :
-}

^{Country :
Singapore}

^{DBS VICKERS SECURITIES (S) PTE LTD}^{2,316,000 Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{SUMMERLIGHT PTE LTD}^{2,000,000 Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{OCBC SECURITIES PRIVATE LTD}^{1,987,000 Company}

^{Street :
-}

^{Town :
-}

^{Postcode : -}

^{Country :
Singapore}

^{PLE INVESTMENTS PTE LTD}^{1,877,168 Company}

^{Street :
250 NORTH BRIDGE ROAD}

^#20-00

^{RAFFLES CITY TOWER}

^{Town :
SINGAPORE}

^{Postcode : 179101}

^{Country :
Singapore}

FORMER SHAREHOLDER(S)

^{POON PIAK KIN}^19,000

^{LOH OON AIK EDWIN}^5,500

^{TAN SIOK KIANG SILVIA}^10,000

^{PANG FONG CHIN}^6,000

^{TAN MUI KEOW NATALIE}^10,000

^{NG KHENG HUEY SALLY}^102,000

SUBSIDIARY(IES)

^{ANTECH INSUTRUMENTS PTE LTD}

^{ELLIPSIZ MALAYSIA SDN BHD}

^{TEZT PULSE PTE LTD}

^{ELLIPSIZ TAIWAN INC. (ELLIPSIZ TAIWAN)}

^{ELLIPSIZ SINGAPORE PTE LTD}

^{SOLIDVISION PTE LTD}

^{ELLIPSIZ MICROFAB PTE. LTD.}

^{FACTECH PTE LTD}

^{ESI INSTRUMENTS PTE LTD}

^{OUTSOZ.COM INC.}

^{ELLIPSIZ USA INC.}

^{ELLIPSIZ VENTURES PTE LTD}

^{ELLIPSIZ SEMILAB HOLDINGS PTE. LTD.}

^{OUTSOZ. COM. PTE LTD}

^{ELLIPSIZ (SHANGHAI) INTERNATIONAL LTD}

^{ELLIPSIZ SECOND SOURCE INC.}

^{ELLIPSIZ ISP PTE. LTD. (ELLIPSIZ ISP)}

^{MICROROUTES PTE LTD}

^{SV PROBE PTE. LTD.}

^{SV PROBE VIETNAM CO LTD}

^{SV PROBE INC.}

^{SV PROBE CHINA CO LTD}

^{FMB INDUSTRIES PTE LTD}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity :
SUFFICIENT}

^{Payments :
REGULAR}

^{Trend :
LEVEL}

^{Financial Situation :
AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

^{All amounts in this report are in : SGD}

^{Audit Qualification: UNQUALIFIED (CLEAN)
UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 24/11/2005}

^{Balance Sheet Date: 30/06/2005 30/06/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Intangible Fixed Assets: 4,000 1,000}

^{Tangible Fixed Assets: 93,000 183,000}

^{Investments 33,182,000 16,243,000}

^{Total Fixed Assets}^{: 54,555,000 16,502,000}

^{Cash,Banks, Securitis: 7,885,000 36,479,000}

^{Other current assets: 12,400,000 16,040,000}

^{Total Current Assets}^{: 20,285,000 52,519,000}

^{TOTAL
ASSETS: 74,840,000 69,021,000}

^{--- LIABILITIES ---}

^{Equity capital: 59,727,000 59,431,000}

^{Profit & lost
Account:
-43,449,000
-48,639,000}

^{Surplus equity: 53,695,000 53,564,000}

^{Total Equity}^{: 69,973,000 64,356,000}

^{L/T deferred taxes: 6,000 37,000}

^{Total L/T Liabilities}^{: 6,000 37,000}

^{Due to Bank: 17,000}

^{Other Short term Liab.: 1,734,000 1,805,000}

^{Prepay. & Def. charges: 3,127,000 2,806,000}

^{Total short term Liab}^{.: 4,861,000 4,628,000}

^{TOTAL
LIABILITIES:
4,867,000
4,665,000}

^{--- PROFIT & LOSS ACCOUNT ---}

^{Net Sales 6,627,000 4,621,000}

^{Gross Profit: 6,225,000 4,437,000}

^{Result of ordinary operations 7,464,000 8,088,000}

^{NET RESULT BEFORE TAX: 7,464,000 8,079,000}

^{Tax : 14,000 298,000}

^{Net income/loss year: 7,450,000 7,781,000}

^{Interest Paid: 900}

^{Depreciation: 112,000 258,000}

^{Directors Emoluments: 1,529,000 1,199,000}

^{Purchases,Sces & Other Goods: 402,000 184,000}

^{Wages and Salaries: 1,812,000 1,043,000}

^{Financial Income: 164,000 38,000}

RATIOS

^{30/06/2005 30/06/2004}

^{Turnover per employee: 389823.53 271823.53}

^{Net result / Turnover(%): 1.12 1.68}

^{Net Margin(%): 112.42 168.38}

^{Return on Equity(%): 10.65 12.09}

^{Return on Assets(%): 9.95 11.27}

^{Net Working capital: 15424000.00 47891000.00}

^{Cash Ratio: 1.62 7.88}

^{Quick Ratio: 1.62 7.88}

^{Current ratio: 4.17 11.35}

^{Leverage Ratio: 0.07 0.07}

Net Margin : (100*Net income loss year)/Net sales

Return on Equity : (100*Net income loss year)/Total equity

Return on Assets : (100*Net income loss year)/Total fixed assets

Net Working capital : Total current assets-Total short term liabilities

Cash Ratio : Cash Bank securities/Total short term liabilities

Quick Ratio : (Cash Bank securities+Receivables)/Total Short term liabilities

Current ratio : Total current assets/Total short term liabilities

Leverage Ratio : Total liabilities/(Total equity-Intangible assets)

FINANCIAL COMMENTS

THE FINANCIAL CONDITION OF THE COMPANY WAS DEEMED TO BE FAIR TO STABLE IN VIEW OF THE FOLLOWING:

NET WORTH:

THE BALANCESHEET WAS CONSIDERED PASSABLE WITH TOTAL EQUITY REGISTERING HIGHER BY 8.73% AMOUNTING TO S$69,973,000 (2004: S$64,356,000). THIS WAS CONTRIBUTED BY SMALLER ACCUMULATED LOSSES OF S$43,449,000 (2004: -S$48,639,000) DECREASING BY 10.67%.

LEVERAGE:

THE LEVERAGE RATIO WAS REMAINED CONSERVATIVE AT 0.07 TIMES FOR BOTH FY2005 AND FY2004. THIS INDICATED THAT THE TOTAL LIABILITIES WERE NON- SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.

OTHER SHORT-TERM LIABILITIES OF S$1,734,000 (2004: S$1,805,000)

REFERRED TO:

* AMOUNTS DUE TO SUBSIDIARIES (NON-TRADE) OF S$1,326,000

(2004: S$42,000)

* AMOUNTS DUE TO SHAREHOLDERES (NON-TRADE) OF NIL

(2004: S$1,000)

* LIABILITY FOR SHORT-TERM ACCUMULATING COMPENSATED ABSENCES OF

S$61,000 (2004: S$17,000)

* OTHER PAYABLES OF S$347,000 (2004: S$47,000)

* DEFERRED INCOME OF NIL (2004: S$1,698,000)

LIQUIDITY:

THE OVERALL LIQUIDITY SITUATION OF THE COMPANY WAS HEALTHY BUT SHOWED SIGNS OF DETERIORATING. BOTH QUICK AND CURRENT RATIOS WERE SUFFICIENT BUT REGISTERED MUCH LOWER AT 1.62 TIMES (2004: 7.88 TIMES) AND 4.17 TIMES (2004: 11.35 TIMES) RESPECTIVELY. THIS WAS IN TANDEM WITH THE NET WORKING CAPITAL, WHICH ALSO POSTED LOWER BY 67.79%, AMOUNTING TO S$15,424,000 (2004: S$47,891,000).

CASH AND CASH EQUIVALENTS ALSO FELL NOTABLY BY 78.38%, TOTALLING S$7,885,000 (2004: S$36,479,000).

PROFITABILITY:

REVENUE FOR FY2005 WAS ROBUST AT S$6,627,000 (2004: S$4,621,000), IMPROVING BY 43.41%. HOWEVER, NET PROFIT REGISTERED LOWER BY 4.25%, RECORDING AT S$7,450,000 (2004: S$7,781,000).

NEVERTHELESS, NET MARGIN STILL POSTED FAVOURABLY AT 112.42% (2004: 168.38%).

DEBT SERVICING:

DEBT SERVICING PROBLEMS WERE NOT ANTICIPATED IN VIEW OF THE STRONG LIQUIDITY STATUS OF THE COMPANY AND IF REVENUES CONTINUED TO BE GENERATED.

NOTES TO THE FINANCIAL STATEMENTS:

CORPORATE GUARANTEES:

AS AT 30 JUNE 2005, THE COMPANY PROVIDED CORPORATE GUARANTEES AMOUNTING TO S$11,581,000 (2004: S$7,200,000) TO BANKS FOR FACILITIES MADE AVAILABLE TO ITS SUBSIDIARIES.

OTHER COMMITMENTS:

PURSUANT TO THE SUPPLEMENTAL AGREEMENT RELATING TO INVESTMENT IN SV PROBE, THE COMPANY MAY BE REQUIRED TO TRANSFER PART OF ITS EQUITY SHARES IN SV PROBE TO THE MINORITY SHAREHOLDER BASED ON AN ADJUSTMENT FORMULA DEPENDING ON CERTAIN PERFORMANCE MEASUREMENTS.

SUBSEQUENT EVENTS:

IN JULY 2005, THE COMPANY ENTERED INTO A SALE AND PURCHASE AGREEMENT TO ACQUIRE 51% EQUITY INTEREST IN INETEST RESOURCES PTE LTD (INETEST), AND ITS SUBSIDIARIES (INETEST GROUP) FOR S$6,500,000.

THE PURCHASE CONSIDERATION OF S$6,500,000 FOR THE ACQUISITION IS SATISFIED BY S$3,250,000 IN CASH AND REMAINING S$3,250,000 BY ISSUING 9,285,714 NEW SHARES OF THE COMPANY AT A PREMIUM OF S$0.10 PER SHARE WHICH IS DETERMINED BY REFERENCE TO THE AVERAGE CLOSING PRICES OF THE COMPANY'S SHARES FOR THE 5 TRADING DAYS PRECEDING THE DATE OF THE SALE AND PURCHASE AGREEMENT CREDITED AS FULLY PAID.

ADDITIONAL CONSIDERATION OF UP TO A MAXIMUM OF S$830,000 IN CASH AND S$830,000 IN THE FORM OF EQUITY SHARES, MAY BECOME PAYABLE FOR THE ACQUISITION OF THE 51% EQUITY INTEREST IN INETEST GROUP. THE PAYMENT OF THE ADDITIONAL CONSIDERATION IS DEPENDENT ON THE FINANCIAL PERFORMANCE OF INETEST GROUP FROM THE PERIOD 1 APRIL 2005 TO 30 JUNE 2008. THE CONTINGENT CONSIDERATION HAS NOT BEEN INCLUDED IN THE COST OF INVESTMENT.

IF THE COMPANY DOES NOT OR IS NOT ABLE TO ALLOT AND ISSUE NEW SHARES OF THE COMPANY FOR ANY REASON, THE ADDITIONAL CONSIDERATION WILL BE SATISFIED IN CASH.

THE ACQUISITION WAS COMPLETED ON 8 JULY 2005.

IN JULY 2005, THE GROUP INCORPORATED SV PROBE TECHNOLOGY TAIWAN CO., LTD WITH A PAID UP CAPITAL OF NTD5,000,000 (S$265,000). THE PRINCIPAL ACTIVITIES OF THE NEW SUBSIDIARY IS TO CARRY OUT MANUFACTURING AND TRADING OF PROBE CARDS, SALES AND AFTER SALES SUPPORT OF PROBE CARDS AND EQUIPMENT DISTRIBUTION.

BACKGROUND/OPERATION

THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 15/11/1994 AS A LIMITED EXEMPT PRIVATE COMPANY AND WAS FORMERLY TRADING UNDER ITS NAMESTYLE AS "SINGATRUST PTE LTD". ON 22/06/2000, SUBJECT CHANGED TO ITS NAMESTYLE OF "SINGATRUST LIMTED". SUBSEQUENTLY ON 16/01/2001, SUBJECT AGAIN CHANGED TO ITS PRESENT NAMESTYLE OF "ELLIPSIZ LTD" AND IS TRADING AS A PUBLIC COMPANY LIMITED BY SHARES.

AS AT 26/05/2006, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 249,157,787 SHARES OF A VALUE OF S$117,126,981.35.

PRINCIPAL ACTIVITIES:

SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:

1) BANK/FINANCIAL HOLDDING COMPANIES; INVESTMENT COMPANIES

2) BUSINESS MANAGEMENT & CONSULTANCY SERVICES

DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE THOSE RELATING TO INVESTMENT HOLDING AND THE PROVISION OF MANAGEMENT SERVICES.

FROM THE RESEARCH CONDUCTED, THE FOLLOWING INFORMATION WAS GATHERED:

SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: INVESTMENT MANAGEMENT &/OR COMPANIES.

SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY:

* ENGINEERING SOLUTIONS INCLUDING:

A) WAFER FAB EQUIPMENT

B) MATERIALS

C) SERVICES

D) TEST

SUBJECT ARE ALSO AGENTS FOR LEADING EQUIPMENT MANUFACTURERS FOR WAFER

FABS AND QRA BUSINESSES INCLUDING NIKON ALLIED HIGH TECH.

SUBJECT'S CORE BUSINESSES INCLUDE:

* WAFER PROBE CARD MANUFACTURING

* WAFER RECLAIM SERVICES

* SEMICONDUCTOR EQUIPMENT DISTRIBUTION

* MANUFACTURING TEST SYSTEMS INTEGRATION

IMPORTS:

* CHINA, MALAYSIA, TAIWAN ETC

IN ADDITION, SUBJECT HAS OVERSEAS BRANCHES IN MALAYSIA, CHINA,

TAIWAN, JAPAN AND THE UNITED STATES OF AMERICA.

NUMBER OF EMPLOYEES (30 JUNE):

* GROUP - 2005: 612 (2004: 288)

* COMPANY - 2005: 17 (2004: 19)

REGISTERED AND BUSINESS ADDRESS:

29 WOODLANDS INDUSTRIAL PARK E1

#04-01/06

LOBBY 1 NORTHTECH

SINGAPORE 757716

DATE OF CHANGE OF ADDRESS: 13/05/2002

-- HEADQUARTERS

-- RENTED PREMISE

-- PREMISE OWNED BY PRIME INDUSTRIAL HOLDINGS PRIVATE LIM

WEBSITE:

* http://www.ellipsiz.com

EMAIL:

* info@ellipsiz.com

MANAGEMENT

THE DIRECTORS AT THE TIME OF THIS REPORT ARE:

1) JEFFREY STASZAK, AN AMERICAN

- BASED IN THE UNITED STATES OF AMERICA

2) FOO SEE LIANG, A SINGAPOREAN

- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE

3) LIM MAY LAN, A SINGAPOREAN

- HOLDS OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE ELLIPSIZ SINGAPORE PTE LTD

ANTECH INSUTRUMENTS PTE LTD

MICROFAB TECHNOLOGY (S) PTE LTD

FUTURISTIC IMAGE BUILDER LTD

SV PROBE PTE. LTD.

4) CHONG FOOK CHOY, A SINGAPOREAN

- HOLDS OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE

ELLIPSIZ SINGAPORE PTE LTD

WEBOFFICE PTE LTD

OUTSOZ. COM. PTE LTD

SV PROBE PTE. LTD.

5) PHOON WAI MENG, A SINGAPOREAN

- HOLDS OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE

CHARTERED SILICON PARTNERS PTE LTD

AVAGO TECHOLOGIES MANUFACTURING (SINGAPORE) PTE LTD

6) RICK KENNETH HODGMAN, AN AMERICAN

- BASED IN SINGAPORE

7) MATTHEW CHUNG SHIN CHAN, AN AMERICAN

- BASED IN HONG KONG

SINGAPORE'S COUNTRY RATING 2006

INVESTMENT GRADE

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE'S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR'S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

- ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR

ROLE IN ITS PERFORMANCE.

- ONE OF ASIA'S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.

- WORKFORCE'S EDUCATION AND SKILL LEVEL IS VERY HIGH.

- A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING

COMPANY, TEMASEK.

- THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.

- GREAT POLITICAL STABILITY.

WEAKNESSES

- ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.

- MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER

OTHER ASIAN ECONOMIES

- REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM

MODERNIZATION.

- AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

OVERVIEW OF SINGAPORE

PAST PERFORMANCE

THE SINGAPORE ECONOMY GREW BY 7.0% IN 3Q2005, AN IMPROVEMENT OVER THE 5.4%

GROWTH IN THE SECOND QUARTER. GROWTH MOMENTUM (ON AN ANNUALISED QUARTER-ON- QUARTER BASIS) REMAINED STRONG AT 7.1%, ALTHOUGH IT SLOWED FROM THE 19%

REGISTERED IN 2Q2005.

TOTAL DEMAND POSTED AN 8.7% RISE IN 3Q2005, FOLLOWING A GAIN OF 6.8% IN 2Q2005.

THIS REFLECTED STRONGER CONTRIBUTIONS FROM BOTH EXTERNAL AND DOMESTIC DEMAND IN THE THIRD QUARTER. EXTERNAL DEMAND EXPANDED BY 11%, UP FROM 9.6% IN THE SECOND QUARTER. STRONGER EXPORT PERFORMANCE OF BOTH GOODS AND SERVICES UNDERPINNED THIS IMPROVEMENT. EXPORTS OF GOODS WERE LIFTED BY HIGHER SHIPMENTS OF SEMICONDUCTORS AND TELECOM EQUIPMENT WHILE SERVICES EXPORTS BENEFITED FROM STRONG RECEIPTS IN FINANCIAL SERVICES. TOTAL DOMESTIC DEMAND GREW BY 1.1%, COMPARED TO A CONTRACTION OF 1.6% IN 2Q2005. THE TURNAROUND REFLECTED MAINLY A SMALLER DRAWDOWN IN BUSINESS INVENTORY, COMPARED WITH 3Q2004. THIS RAISED THE CONTRIBUTION OF INVENTORY CHANGES TO ECONOMIC GROWTH.

EMPLOYMENT CREATION CONTINUED TO BE STRONG IN 3Q2005, SUBSTAINING THE TREND IN

THE PAST EIGHT QUARTERS. EMPLOYMENT GREW BY 28,700 IN 3Q2005, WHICH WAS DOUBLED

THE 14,100 IN 3Q2004.

THE BULK OF EMPLOYMENT GAINS ARE IN THE SERVICES SECTOR (18,400). THE MAJORITY

OF JOBS CREATED IN THE SERVICES SECTOR WERE IN BUSINESS SERVICES (8,000),

WHOLESALE AND RETAIL TRADE (2,700), AND THE OTHER SERVICES INDUSTRIES COMPRISING

HEALTH, EDUCATION AND PERSONAL SERVICES (3,500). MANUFACTURING JOBS ALSO ROSE BY 8,000, DRIVEN MAINLY BY GAINS IN THE MARINE INDUSTRIES. CONSTRUCTION SECTOR

CONTINUED TO ADD 2,300 JOBS FOR THE THIRD CONSECUTIVE QUARTER.

PRELIMINARY FINDINGS FROM A SURVEY OF PRIVATE SECTOR ESTABLISHMENTS EACH WITH AT LEAST 25 EMPLOYEES SHOW THAT 2,500 WORKERS WERE RETRENCHED IN 3Q2005. TOTAL

RETRENCHMENT HAS BEEN GENERALLY ON A DOWNWARD TREND, ALTHOUGH 3Q2005 POSTED A RISE OF 18% FROM THE PREVIOUS QUARTER AND 27% FROM THE SAME QUARTER A YEAR AGO.

THE MANUFACTURING SECTOR LAID OFF 1,700 OR SLIGHTLY MORE THAN TWO-THIRDS OF THE TOTAL WORKERS RETRENCHED IN THE QUARTER, MAINLY IN ELECTRONICS INDUSTRIES (43% OF TOTAL RETRENCHEMENTS) AND ELECTRIAL PRODUCTS MANUFACTURING (11%). THE

REMAINING 800 OR ONE-THIRD OF THE LAYOFFS WERE CONTRIBUTED BY THE SERVICES

SECTOR MAINLY FROM BUSINESS SERVICES (9.5%), WHOLESALE AND RETAIL TRADE (7.6%),

FINANCIAL SERVICES (5.0%) AND COMMUNITY ANS PERSONAL SERVICES (4.2%).

OVERALL PRODUCTIVITY ROSE BY 2.1% IN 3Q2005, FROM 1.2% IN 2Q2005. IT WAS MAINLY

DUE TO A SHARP TURNAROUND OF PRODUCTIVITY IN THE MANUFACTURING SECTOR, WHILE

MOST OF THE OTHER SECTORS RECORDED WEAKER PRODUCTIVITY GAINS. WITH SOLID OUTPUT GROWTH, MANUFACTURING PRODUCTIVITY GROWTH ROSE TO 6.2%, REVERSING THE 0.3% DECLINE IN 2Q2005. IN CONTRAST, THE CONSTRUCTION SECTOR REGISTERED A LARGER 1.5% FELL IN PRODUCTIVITY IN 3Q2005, FOLLOWING THE 1.2% FALL IN 2Q2005.AS A RESULT OF STRONG EMPLOYMENT GROWTH, WHOLESALE AND RETAIL TRADE (3.8%), TRANSPORT AND COMMUNICATIONS (1.9%) AND HOTEL AND RESTAURANTS (0.9%) SECTORS REGISTERED SLOWER PRODUCTIVITY GROWTH AS COMPARED TO 2Q2005. PRODUCTIVITY FELL IN THE BUSINESS SERVICES (-3.4%), OTHER SERVICES (-1.1%) AND FINANCIAL SERVICES (-0.3%) SECTORS. THE CONSUMER PRICE INDEX ROSE MARGINALLY BY 0.7% IN 3Q2005, COMPARED TO 2Q2005. HIGHER ELECTRICITY TARIFFS AND PETROL PRICES CONTRIBUTED LARGELY TO THE INCREASE.

ON A YEAR-ON-YEAR BASIS, THE CPI WAS 0.5% HIGHER, COMPARED TO THE 0.1% GAIN IN

2Q2005. THE RISE IN PRICES WAS UNDERPINNED BY HIGHER ELECTRICITY TARIFFS AND

PETROL PRICES, AS WELL AS DEARER CIGARETTES. IN CONTRAST, LOWER CAR PRICES AND

FOREIGN MAID LEVY CONTINUED TO RESTRAIN OVERALL CONSUMER PRICE INFLATION.

AMONG THE MAJOR SEGMENTS OF CONSUMER ITEMS, EDUCATION AND STATIONERY COSTS ROSE BY 2.4%, WHILE RECREATION AND OTHERS COSTS WAS 1.9% HIGHER. BOTH FOOD AND

HOUSING COSTS ROSE BY 1.1% EACH DURING THE QUARTER. THE INCREASE IN FOOD COSTS

REFLECTED MAINLY HIGHER PRICES OF COOKED FOOD. AS A RESULT OF THE GREATER

DISCOUNTS ON THE PRICES OF READY-MADE GARMENTS DURING THE GREAT SINGAPORE SALE, THE PRICE INDEX FOR CLOTHING AND FOOTWEAR DECLINED BY 1.3%. A LARGER 2.3% DIP IN TRANSPORT AND COMMUNICATION COST WAS DUE TO THE CONTINUING DOWNWARD TREND IN CAR PRICES.

AHEAD

THE COMPOSITE LEADING INDEX (CLI), AN INDICATOR THAT LEADS ECONOMIC ACTIVITY BY

ABOUT THREE QUARTERS AHEAD, REGISTERED A RISE OF 1.2% IN 3Q2005, FOLLOWING A

0.9% RISE IN THE SECOND QUARTER.OF THE NINE COMPONENTS WITHIN THE INDEX, ONLY

THE BUSINESS EXPECTATIONS FOR WHOLESALE TRADE SHOWED A DECLINE THE PERIOD.

THE OTHER COMPONENTS - BUSINESS EXPECTATIONS FOR STOCK OF FINISHED GOODS, MONEY SUPPLY, STOCK PRICE, NEW COMPANIES FORMED, US PURCHASING MANAGERS' INDEX, NON- OIL SEA CARGO HANDLED, DOMESTIC LIQUIDITY AND NON-OIL RETAINED IMPORTS EITHER REMAINED UNCHANGED OR ROSE FROM THE PREVIOUS QUARTER.

THE SLOW ECONNOMIC GROWTH RECORDED IN THE EARLY PART OF THE YEAR HAS BEEN OFFSET BY THE STRENGTH OF THE REBOUND IN THE SECOND AND THIRD QUARTERS. THIS RESURGENCE WHICH WAS LED BY MANUFACTURING, FINANCIAL SERVICES AND ENTREPOT TRADE REFLECTED THE IMPROVING GLOBAL ECONOMY.

THE HEALTHY GROWTH TREND IS LIKELY TO BE SUBSTAINED IN THE COMING MONTHS.

DESPITE THE DISRUPTIONS OF SEVERE WEATHER CONDITIONS (PARTICULARY TO THE OIL AND NATURAL GAS INDUSTRIES), US ECONOMIC GROWTH IS FORECASTED TO REMAIN STRONG. EASING INVENTORY PROBLEMS IN THE GLOBAL ELECTRONICS INDUSTRY IS ALSO EXPECTED TO BOOST ELECTRONICS PRODUCTION IN SINGAPORE. A SIMILAR OUTLOOK IS SUGGESTED BY THE COMPOSITE LEADING INDEX FOR THE THIRD QUARTER, WHICH REGISTERED THE LARGEST QUARTERLY GAIN SINCE 1Q2004.

THE LATEST BUSINESS EXPECTATIONS SURVEY CONTINUES TO SHOW POSITIVE SENTIMENTS IN ALL MAJOR INDUSTRY SEGMENTS. NEVERTHELESS, WITH THE STRONG GAINS MADE IN THE

PAST HALF YEAR OR SO, SOME CAUTION HAS TEMPERED WITH THE OPTIMISIM.

FOR 2006, SINGAPORE SHOULD BE ABLE TO ACHIEVE ITS MEDIUM TERM GROWTH POTENTIAL

AS OUTLOOK FOR GLOBAL ECONOMY AND ELECTRONICS INDUSTRY REMAINS SANGUINE.GROWTH RATES IN BOTH THE DEVELOPED AND EAST ASIAN DEVLEOPING ECONOMIES ARE PREDICTED TO BE LITTLE CHANGED FROM 2005. THE SALES OF GLOBAL SEMICONDUCTOR IS EXPECTED TO PICK UP IN 2006. THIS WOULD BOOST MANUFACTURING AND TRADE-RELATED ACTIVITIES IN SINGAPORE. THE IMPROVING LABOUR MARKET AND THE LOW INFLATIONARY ENVIRONMENT SHOULD ALSO LIFT DOMESTIC DEMAND FURTHER.

NEVERTHELESS, RISKS TO ECONOMIC GROWTH ARE MOUNTING. LIMITED SPARE CAPACITIES IN THE GLOBAL OIL INDUSTRY MEANT THAT SUPPLY DISRUPTIONS WOULD CONTINUE TO SEND PRICES UPWARDS. IN VIEW OF RISING INFLATION, TIGHTENING MONETARY CONDITIONS IN THE DEVELOPED ECONOMIES COULD DAMPEN REAL ESTATE PRICES, WHICH WOULD REMOVE AN IMPORTANT SUPPORT FOR CONSUMER DEMAND IN THESE ECONOMIES. FINALLY, SHOULD THE AVIAN FLU OUTBREAK ESCALATE INTO A PANDEMIC, IT COULD SEVERELY DISRUPT ECONOMIC ACTIVITIES WORLDWIDE.

IN VIEW OF THE ABOVE CONSIDERATIONS, THE MINISTRY OF TRADE AND INDUSTRY

HAS RAISED THE 2005 GDP GROWTH FORECAST TO AROUND 5.0%. ECONOMIC GROWTH IN 2006 IS EXPECTED TO BETWEEN 3.0% AND 5.0%.

SINGAPORE'S FOURTH QUARTER GDP UP BY 7.7% ON-YEAR:ESTIMATES

ADVANCE ESTIMATES RELEASED SHOW THAT THE SINGAPORE'S ECONOMY GREW 7.7% IN

4Q2005, COMPARED TO A YEAR EARLIER. THIS BROUGHT THE FULL-YEAR ECONOMIC GROWTH TO 5.7%.

THIS BETTER-THAN-EXPECTED FULL-YEAR NUMBERS HAD ALREADY BEEN ANNOUNCED BY PRIME MINISTER LEE HSIEN LOONG IN HIS NEW YEAR'S DAY MESSAGE.

SINGAPORE'S ECONOMY ENDED THE YEAR 2005 WITH A BANG, DUE TO THE STRONG SHOWING BY THE MANUFACTURING SECTOR. MANUFACTURING SURGED IN 4Q2005, EXPANDING AT AN ESTIMATED 11.5% FROM A YEAR AGO. THE CONSTRUCTION SECTOR ALSO GREW BY AN ESTIMATED 0.8% - ITS SECOND STRAIGHT QUARTER OF GROWTH AFTER 5 CONSECUTIVE QUARTERS OF CONTRACTION. MEANWHILE, THE SERVICES SECTOR ALSO PUT IN A CREDIBLE PERFORMANCE, GREWING BY 7%, ITS BEST SHOWING IN 6 QUARTERS.

SOME ECONOMISTS SAID THAT WHEN THE FINAL NUMBERS ARE TAILLED, THE GROWTH DATA

MAY BE EVEN STRONGER. SONG SENG WUN, REGIONAL ECONOMIST, CIMB-GK RESEARCH

MENTIONED THAT "THE DATA FOR 4Q2005 ARE BASED ON ESTIMATES OF DATA AVAILABLE TO

DATE IN OCTOBER AND NOVEMBER, THERE ARE STILL PLENTY OF HOLES TO FILL FOR A

GREAT CHUNK OF GROWTH FROM THE SERVICES SECTOR. IF THE DECEMBER MANUFACTURING DATA PROVE TO BE BETTER THAN EXPECTED, THERE'S A POSSIBILITY THAT THE FINAL QUARTER GROWTH COULD BE HIGHER THAN 7.7%. IT COULD BE CLOSER TO 8% OR MORE AND FOR THE FULL-YEAR GROWTH, IT COULD BE CLOSER TO 6% OR EVEN HIGHER THAN 6%."

BASED ON ADVANCE ESTIMATES, MANUFACTURING GREW BY 8.6%, WHILE SERVICES GREW BY 5.4%. ON THE OTHER HAND, CONSTRUCTION CONTRACTED BY 1.5%. GIVEN A RATHER LOW

BASE IN 1Q2005, WHEN THE ECONOMY GREW BY JUST 2.7%, ECONOMISTS NOW EXPECT 1Q GDP TO RISE BY 8 TO 10% - WITH INDICATORS POINTING TO A STRONG TECH SHOWING IN THE

COMING MONTHS.

WITH THE POSITIVE ECONOMIC OUTLOOK, SOME ECONOMISTS HAVE UPGRADED THEIR GDP

FORECASTS FOR 2006. BASED ON THE GOVERNMENT ESTIMATES THAT GDP GROWTH FOR 2006 WILL BE BETWEEN 3 AND 5%, PRIVATE SECTOR ECONOMISTS SAID THAT THE HIGH END OF THIS RANGE IS STILL CONSERVATIVE. DAVID COHEN, DIRECTOR OF ASIAN ECONOMIC

FORECASTING AT ACTION ECONOMICS MENTIONED THAT " 6% IS WITHIN REACH, THAT WOULD REQUIRE ONLY MODERATE QUARTER-ON-QUARTER GROWTH THROUGHOUT 2006.BUT IN VIEW OF THE RISK OF OTHER SHOCKS THAT COULD DRAG DOWN SINGAPORE'S GROWTH RATE AND WORLDWIDE, THE LOWER END OF THE RANGE SEEMS APPROPRIATE. FOR EXAMPLE, THERE COULD BE A BIRD FLU PANDEMIC OR OIL PRICE SHOCK THAT COULD DERAIL THE OPTIMISTIC PROJECTIONS IN 2006."

WITH THE CURRENT GROWTH OUTLOOK LOOKING POSITIVE, ECONOMISTS HAVE RAISED THEIR GROWTH FORECASTS FO 2006 TO BETWEEN 5.5% AND 7%.

EXTRACTED FROM : MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

CHANNEL NEWSASIA

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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