MIRA INFORM REPORT

Report Date :

12.12.2007

IDENTIFICATION DETAILS

Name :	ENRAF PTE LTD
Formerly Known As :	^ENRAF SINGAPORE PTE LTD
Registered Office :	^89 SCIENCE PARK DRIVE ^#03-06 ^THE RUTHERFORD 118261
Country :	^Singapore
Financials (as on) :	31.12.2006
Date of Incorporation :	23.12.1999
Com. Reg. No.:	^99908139W
Legal Form :	Pte Ltd
Line of Business :	General Wholesale Trade In Measuring Instrument

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 :	Regular
Litigation :	Clear

Subject Company

ENRAF PTE. LTD.

Line Of Business 

GENERAL WHOLESALE TRADE IN MEASURING INSTRUMENT

Parent Company

ENRAF HOLDINGS B.V.

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY2006

COMPANY

Sales : S$16,483,338

Networth : S$3,239,406

Paid-Up Capital : S$60,000

Net result : S$962,640

Net Margin(%) : 5.84

Return on Equity(%) : 29.72

Leverage Ratio : 0.30

COMPANY IDENTIFICATION

^{Subject Company : ENRAF PTE. LTD.}

^{Former Name : ENRAF SINGAPORE PTE LTD}

^{Business Address : 89 SCIENCE PARK DRIVE}

^{#03-06 THE RUTHERFORD}

^{Town : SINGAPORE}

^{Postcode : 118261}

^{Country : Singapore}

^{Telephone : 6769 4857}

^{Fax : Not Listed}

^{ROC Number : 199908139W}

^{Reg. Town :}

PREVIOUS IDENTIFICATION

^{ENRAF SINGAPORE PTE LTD DATE OF CHANGE OF NAME: 02/12/2002}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 23/12/1999}

^{Summary year : 31/12/2006}

^{Sales : 16,483,338}

^{Networth : 3,239,406}

^{Capital :}

^{Paid-Up Capital : 60,000}

^{Employees :}

^{Net result : 962,640}

^{Share value :}

^{AUDITOR : CHAN & CHAN}

REFERENCES

^{CCMS Number : 702005139428}

^{Litigation : No}

^{Company status : TRADING}

^{Started : 23/12/1999}

PRINCIPAL(S)

^{STEPHEN CHRISTOPHER SPELMAN G5636792L Managing Director}

DIRECTOR(S)

^{NIMA MASROORI E3005329 Director}

^{Appointed on : 26/10/2007}

^{Street : 1302 BDG. 3 YOU LI DA SHA 1558 YANAN XI LU}

^{Town : SHANGHAI}

^{Postcode :}

^{Country : China}

^{STEPHEN CHRISTOPHER SPELMAN G5636792L Director}

^{Appointed on : 01/12/2001}

^{Street : 4 BALMORAL CRESCENT #05-03 GOODWOOD GARDENS}

^{Town : SINGAPORE}

^{Postcode : 259889}

^{Country : Singapore}

^{STEPHEN CHRISTOPHER SPELMAN G5636792L Managing Director}

^{Appointed on : 31/12/2001}

^{Street : 4 BALMORAL CRESCENT #05-03 GOODWOOD GARDENS}

^{Town : SINGAPORE}

^{Postcode : 259889}

^{Country : Singapore}

^{MARCA LEUNG PUI YEE L1440320 Director}

^{Appointed on : 26/10/2007}

^{Street : ROOM 802, BUILDING 2 NO. 128 HONGQIAO ROAD}

^{Town : SHANGHAI}

^{Postcode :}

^{Country : China}

^{CHUA HWEE KIANG S1173270D Company Secretary}

^{Appointed on : 17/01/2000}

^{Street : 709 HOUGANG AVENUE 2 #05-99}

^{Town : SINGAPORE}

^{Postcode : 530709}

^{Country : Singapore}

^{AU YEONG PAK KUAN S1406854F Director}

^{Appointed on : 25/10/2007}

^{Street : 28 PARBURY AVENUE #07-01 PARBURY HILL CONDOMINIUM}

^{Town : SINGAPORE}

^{Postcode : 467298}

^{Country : Singapore}

ACTIVITY(IES)

^{SCIENTIFIC APPARATUS And INSTRUMENTS - MFRS And WH Code:19028}

^{INDUSTRIAL EQUIPMENT And SUPPLIES Code:11830}

^{BASED ON ACRA'S RECORD}

^{1) WHOLESALE OF PROFESSIONAL, SCIENTIFIC AND PRECISION EQUIPMENT}

^{2) WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{ENRAF HOLDINGS B.V. 60,000 Company}

^{Street : DELFTECHPARK 38}

^{Town : DELFT}

^{Postcode : 2628XJ}

^{Country : Netherlands}

HOLDING COMPANY

^{ENRAF HOLDINGS B.V. UF45020Z % : 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : ABUNDANT}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation : AVERAGE}

FINANCIAL ELEMENTS

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

^{Date Account Lodged : 10/07/2007}

^{Balance Sheet Date : 31/12/2006 31/12/2005}

^{Number of weeks : 52 52}

^{Consolidation Code : COMPANY COMPANY}

^{--- ASSETS ---}

^{Tangible Fixed Assets: 22,193 64,030}

^{Total Fixed Assets: 22,193 64,030}

^{Inventories: 186,438 588,180}

^{Receivables: 2,780,399 4,423,452}

^{Cash,Banks, Securitis: 265,868 220,757}

^{Other current assets: 961,194 597,007}

^{Total Current Assets: 4,193,899 5,829,396}

^{TOTAL ASSETS: 4,216,092 5,893,426}

^{--- LIABILITIES ---}

^{Equity capital: 60,000 60,000}

^{Profit & lost Account: 3,179,406 2,216,766}

^{Total Equity: 3,239,406 2,276,766}

^{L/T deffered taxes: 4,000 9,000}

^{Total L/T Liabilities: 4,000 9,000}

^{Trade Creditors: 157,960 3,060,469}

^{Prepay. & Def. charges: 322,130 385,175}

^{Provisions: 256,910 19,410}

^{Other Short term Liab.: 235,686 142,606}

^{Total short term Liab.: 972,686 3,607,660}

^{TOTAL LIABILITIES: 976,686 3,616,660}

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

^{Net Sales 16,483,338 16,225,504}

^{Result of ordinary operations 1,294,378 63,174}

^{Tax : 331,738 97,014}

^{Net income/loss year: 962,640 -33,840}

^{Depreciation: 52,319 53,946}

^{Directors Emoluments: 353,152 328,618}

^{Wages and Salaries: 1,304,714 1,192,484}

RATIOS

^{31/12/2006 31/12/2005}

^{Net result / Turnover(%): 0.06 -0.00}

^{Stock / Turnover(%): 0.01 0.04}

^{Net Margin(%): 5.84 -0.21}

^{Return on Equity(%): 29.72 -1.49}

^{Return on Assets(%): 22.83 -0.57}

^{Net Working capital: 3221213.00 2221736.00}

^{Cash Ratio: 0.27 0.06}

^{Quick Ratio: 3.13 1.29}

^{Current ratio: 4.31 1.62}

^{Receivables Turnover: 60.72 98.14}

^{Leverage Ratio: 0.30 1.59}

^{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)/1000}

^{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}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{Receivables Turnover : (Receivable*360)/Net sales}

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

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE FAIR TO STABLE}

^{IN VIEW OF THE FOLLOWING}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 42.28% FROM S$2,276,766 IN FY 2005 TO S$3,239,406 IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$3,179,406 (2005: S $2,216,766); A RISE OF 43.42% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY PREPAYMENT AND DEFERRED CHARGES WHICH MADE UP 33.11% (2005: 10.67%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$322,130 (2005: $385,175).}

^{IN ALL, LEVERAGE RATIO FELL FROM 1.59 TIMES IN FY2005 TO 0.30 TIMES AS A RESULT OF A FALL IN TOTAL LIABILITIES AND RISE IN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS ADEQUATE AS SEEN FROM THE RISE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO ROSE TO 4.31 TIMES, FROM 1.62 TIMES AND QUICK RATIO IMPROVED TO 3.13 TIMES FROM 1.29 TIMES IN FY 2005.}

^{SIMILARLY, NET WORKING CAPITAL IMPROVED BY 44.98% FROM S$2,221,736 IN FY 2005 TO S$3,221,213.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 1.59% FROM S$16,225,504 IN FY 2005 TO S $16,483,338 NET PROFIT ROSE BY 29.44 TIMES TO S$962,640 (2005: S $-33,840). HENCE, NET MARGIN ROSE TO 5.84% (2005: -0.21%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IN ADDITION, SUBJECT DID NOT INCUR ANY INTEREST EXPENSE FOR THE FINANCIAL YEARS UNDER REVIEW}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 23/12/1999 AS A LIMITED PRIVATE COMPANY UNDER THE NAMESTYLE OF "ENRAF SINGAPORE PTE. LTD.".}

^{SUBSEQUENTLY ON 07/12/2007, SUBJECT CHANGED TO ITS PRESENT NAMESTYLE OF "ENARF PTE. LTD.".}

^{THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 60,000 SHARES, OF A VALUE OF S$60,000.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY}

^{AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) WHOLESALE OF PROFESSIONAL, SCIENTIFIC AND PRECISION EQUIPMENT}

^{2) WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE WHOLESALE, ON A FEE OR CONTRACT BASIS OF INDUSTRIAL, PROFESSIONAL, SCIENTIFIC AND PRECISION MACHINERY, EQUIPMENT AND SYSTEM FOR LEVEL AND OTHER MEASUREMENTS.}

^{FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:}

^{PRODUCTS DEALINGS:}

^{* GAUGES}

^{* TANK GAUGING SYSTEMS}

^{* PROBES}

^{* MEASURING INSTRUMENTS}

^{* TEMPERATURE PROBES}

^{* TANKS, EQUIPMENT, SUPPLIES & SERVICES}

^{* TANK LEVEL GAUGES}

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT GRANTED BY SUBJECT'S PERSONNEL ON 12/12/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{89 SCIENCE PARK DRIVE}

^{#03-06 RUTHERFORD}

^{SINGAPORE 118261}

^{DATE OF CHANGE OF ADDRESS: 04/06/2004}

^{WEBSITE: -}

^{EMAIL: -}

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THIS REPORT ARE:}

^{1) BUNA NASROORI, AN AUSTRALIAN}

^{- BASED IN CHINA}

^{2) STEPHEN CHRISTOPHER SPELMAN, A BRITISH}

^{- BASED IN SINGAPORE}

^{3) MARCA LEUNG PUI YEE, AN AUSTRALIAN}

^{- BASED IN CHINA}

^{4) AU YEONG PAK KUAN, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIP(S) AS RECORDED IN OUR DATABASE.}

^{HONEYWELL PTE LTD}

Singapore’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

• MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
• HIGH QUALITY COMPETITIVENESS IN ASIA
• EXCELLENT BUSINESS CLIMATE
• POLITICAL STABILITY.

WEAKNESSES

• SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
• AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
• GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
• BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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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