MIRA INFORM REPORT

Report Date :

11.06.2007

IDENTIFICATION DETAILS

Name :	HABASIT FAR EAST PTE LTD

Registered Office :	⁹^{Joo Koon Road,}^Singapore^–⁶²⁸⁹⁷³

Country :	Singapore

Financials (as on) :	31.12.2005

Date of Incorporation :	^29/04/1989

Com. Reg. No.:	^198901662M

Legal Form :	^{Pte Ltd}

Line of Business :	Distribution f Conveyor Belts and Material Handling Equipment.

RATING & COMMENTS

MIRA’s Rating :

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

HABASIT FAR EAST PTE LTD

Line Of Business

DISTRIBUTION OF CONVEYOR BELTS AND MATERIAL HANDLING EQUIPMENT.

Parent Company

HABASIT HOLDING AG.

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2005

COMPANY

Sales : CHF 18,421,815

Networth : CHF 12,253,795

Paid-Up Capital : CHF 206,612

Net result : CHF 807,896

Net Margin(%) : 4.39

Return on Equity(%) : 6.59

Leverage Ratio : 0.40

COMPANY IDENTIFICATION

^{Subject Company :}^{HABASIT FAR EAST PTE LTD}

^{Former Name :}^-

^{Business Address :}^{9 JOO KOON ROAD}

^{Town :
SINGAPORE}

^{Postcode :}⁶²⁸⁹⁷³

^{County : -}

^{Country :
Singapore}

^{Telephone :}^{6862 5566}

^{Fax :}^{6868 9621}

^{ROC Number :}^198901662M

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :}^{Pte Ltd}

^{Date Inc. :}^29/04/1989

^{Previous Legal
Form}^{: -}

^{Summary year
:}^31/12/2005

^{Sales :}^18,421,815

^{Networth :}^12,253,795

^{Capital :}^-

^{Paid-Up Capital :}^206,612

^{Employees :
30}

^{Net result :}^807,896

^{Share value :
-}

^{Auditor :}^{ERNST & YOUNG}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :}^29/04/1989

PRINCIPAL(S)

^{LAU KOK HIN
S2512716A Managing Director}

DIRECTOR(S)

^{LAU KOK HIN S2512716A Managing Director}

^{Appointed on : 22/03/1994}

^{Street : 27 JALAN
JINTAN}

^#09-33

^{KIMSIA COURT}

^{Town : SINGAPORE}

^{Postcode : 229017}

^{Country : Singapore}

^{LAU KOK HIN S2512716A Director}

^{Appointed on : 22/03/1994}

^{Street :
27 JALAN JINTAN}

^#09-33

^{KIMSIA COURT}

^{Town : SINGAPORE}

^{Postcode : 229017}

^{Country : Singapore}

^{LUIS CEDIEL 19.102.352 Director}

^{Appointed on : 06/09/2004}

^{Street :
WOLLERAUERSTRASSE 10A}

^{Town :
SCHINDELLEGI}

^{Postcode : 8834}

^{Country : Switzerland}

^{CHAN SHOK
HING S2665939F Company Secretary}

^{Appointed on : 22/09/2006}

^{Street : 18 LORONG
7 TOA PAYOH}

^#04-240

^{Town : SINGAPORE}

^{Postcode : 310018}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{HABEGGER
THOMAS 4654451}

^{EGGLI ROLAND
HERMANN 6109304}

^{LINDA LAW S2588463I}

^{ALICE
HABEGGER-FLUCK 7448122}

^{GIOVANNI
VOLPI 875850}

ACTIVITY(IES)

^{MATERIAL HANDLING
EQUIPMENT
Code: 13495}

^{BASED ON ACRA'S RECORD AS
AT 05/06/2007}

^{1) MANUFACTURING
INDUSTRIES}

PREMISES/PROPERTY INFORMATIONS

^{Date :
11/06/2007}

^{Tax rate : 10}

^{Site Address : 9 JOO KOON ROAD}

^{Town :
SINGAPORE}

^{Postcode : 628973}

^{Country :
Singapore}

^{Annual Value : 218,000}

SHAREHOLDERS(S)

^{HABASIT HOLDING
AG
250,000 Company}

^{Street : POSTFACH
ROMERSTRASSE}

^{1 CH-4153 REINACH-BASEL}

^{Town : -}

^{Postcode : -}

^{Country : Switzerland}

FORMER SHAREHOLDER(S)

^{EGGLI ROLAND
HERMANN
1}

^{EGGLI SANDRA
VILLACAMPA
1}

HOLDING COMPANY

^{HABASIT HOLDING
AG UF05654R % :
100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : LEVEL

^{Financial
Situation : AVERAGE}

FINANCIAL ELEMENTS

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

^{Date
Account Lodged: 27/07/2006}

^{Balance
Sheet Date:
31/12/2005
31/12/2004}

^{Number
of weeks:
52
52}

^{Consolidation
Code: COMPANY COMPANY}

^{--- ASSETS
---}

^{Preliminary
Exp 46,781 26,006}

^{Tangible
Fixed Assets:
2,543,562 2,715,389}

^{Total Fixed Assets: 2,590,343 2,741,395}

^{Inventories: 7,623,697 7,577,558}

^{Receivables: 2,770,912 3,153,697}

^{Cash,Banks,
Securitis: 4,123,356 2,262,143}

^{Other
current assets:
48,239
43,136}

^{Total Current Assets: 14,566,204 13,036,534}

^{TOTAL ASSETS: 17,156,547 15,777,929}

^{--- LIABILITIES
---}

^{Equity
capital:
206,612
206,612}

^{Profit
& lost Account: 12,047,183 11,239,287}

^{Total Equity: 12,253,795 11,445,899}

^{Trade
Creditors:
3,972,832
3,639,921}

^{Prepay. & Def. charges: 497,386 152,853}

^{Short
term liabilities:}

^{Provisions: 351,147 373,967}

^{Other
Short term Liab.:
81,387 165,289}

^{Total short term Liab.: 4,902,752 4,332,030}

^{TOTAL LIABILITIES: 4,902,752 4,332,030}

PROFIT & LOSS ACCOUNT

^{Net
Sales
18,421,815
17,010,700}

^{Result
of ordinary operations
977,728
1,088,939}

^{NET
RESULT BEFORE TAX:
993,886 1,092,746}

^{Tax
:
185,990
267,407}

^{Net
income/loss year:
807,896
825,339}

^{Interest
Paid: 5,002}

^{Depreciation: 409,035 507,063}

^{Directors
Emoluments:
270,754
231,528}

^{Wages
and Salaries:
1,977,459
1,535,642}

^{Financial
Income:
16,158
8,809}

RATIOS

^{31/12/2005 31/12/2004}

^{Turnover
per employee: 614060.50 567023.33}

^{Net
result / Turnover(%): 0.04 0.05}

^{Stock
/ Turnover(%): 0.41 0.45}

^{Net
Margin(%): 4.39 4.85}

^{Return
on Equity(%): 6.59 7.21}

^{Return
on Assets(%): 4.71 5.23}

^{Net
Working capital: 9663452.00 8704504.00}

^{Cash
Ratio: 0.84 0.52}

^{Quick
Ratio: 1.41 1.25}

^{Current
ratio: 2.97 3.01}

^{Receivables
Turnover: 54.15 66.74}

^{Leverage
Ratio: 0.40 0.38}

^{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}

^{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 IN VIEW OF THE FOLLOWING:}

^NET
WORTH:

^{THE BALANCE SHEET WAS PASSABLE WITH NET WORTH
INCREASED BY 7.06% FROM CHF 11,445,899 IN FY 2004 TO CHF 12,253,795 IN FY 2005.
THIS WAS DUE TO HIGHER RETAINED EARNINGS OF CHF 12,047,183 (2004: CHF
11,445,899).}

^LEVERAGE:

^{IN THE SHORT-TERM,
SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 81.03% (2004:
84.02%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO CHF 3,972,832 (2004:
CHF 3,639,921). TRADE CREDITORS COMPRISED OF THE FOLLOWING:}

^{* TRADE PAYABLES
TO RELATED CORPORATIONS - 2005: CHF 3,080,608 (2004: CHF 2,902,789)}

^{* TRADE PAYABLES
TO THIRD PARTIES - 2005: CHF 892,224 (2004: CHF 737,132)}

^{IN ALL, LEVERAGE RATIO
INCREASED FROM 0.38 TIMES TO 0.40 TIMES AS A RESULT OF A GREATER RISE IN TOTAL
LIABILITIES THAN TOTAL EQUITIES.}

^LIQUIDITY:

^{IN GENERAL,
SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE RISE IN NET WORKING
CAPITAL BY 11.02% AMOUNTING TO CHF 9,663,452 (2004: CHF 8,704,504). CURRENT
RATIO DECREASED BY REMAINED ADEQUATE AT 2.97 TIMES (2004: 3.01 TIMES) WHILE
QUICK RATIO IMPROVED TO 1.41 TIMES FROM 1.25 TIMES IN FY 2004.}

^{PROFITABILITY:}

^{SUBJECT POSTED AN
INCREASE IN REVENUE BY 8.30% FROM CHF 17,010,700 TO CHF 18,421,815. HOWEVER,
NET PROFIT DECLINED BY 2.11% FROM CHF 825,339 IN FY 2004 TO CHF 807,896. AS A
RESULT, NET MARGIN FELL TO 4.39% (2004: 4.85%).}

^{DEBT
SERVICING:}

^{DEBT SERVICING
PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED OR
IMPROVED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IT WAS NOTED THAT
AVERAGE COLLECTION PERIOD HAS SHORTENED TO 54 DAYS (2004: 67 DAYS).}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON
29/04/1989 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT
NAMESTYLE AS "HABASIT FAR EAST PTE LTD".}

^{AS AT 05/06/2007,
THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 250,000 SHARES, OF A VALUE OF
S$250,000.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1) MANUFACTURING
INDUSTRIES}

^{THE COMPANY IS
LISTED IN THE SINGAPORE
LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: CONVEYORS}

^{DURING THE FINANCIAL
YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES CONSISTS OF THE
DISTRIBUTION OF CONVEYOR BELTS AND MATERIAL HANDLING EQUIPMENT, AND FABRICATION
OF CONVEYOR BELTS.}

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

^ACTIVITIES:

^{* REGIONAL
DISTRIBUTION CENTRE FOR THE SOUTH EAST ASIA AND FAR EASTERN MARKETS, WHICH
INCLUDES KOREA
AND ASEAN COUNTRIES FOR POWER TRANSMISION/CONVEYOR BELTS}

^PRODUCTS:

^{* CONVEYOR BELTS}

^{* MODULAR BELTS}

^{* CHAINS}

^{* POWER
TRANSMISSION BELTS}

^{* ROUND BELTS}

^{* SPINDLE TAPES}

^{* MACHINE TAPES}

^{* FOLDER-GLUER
BELTS}

^{* SEAMLESS BELTS}

^{* TIMING BELTS}

^{* TOOLS}

^{INDUSTRIES SERVED:}

^{* TEXTILE}

^{* PRINTING, PAPER,
POSTAL}

^{* BUSINESS
MACHINES}

^{* PACKAGING}

^{* MATERIALS
HANDLING AND AIRPORTS}

^{* AUTOMOTIVE &
TIRE}

^{* WOOD}

^{EXPORT COUNTRIES:}

^{* SOUTH EAST ASIA}

^{* AUSTRALIA}

^{QUALITY
ASSESSMENT:}

^{* ISO 9001}

^{SUBJECT IS A
MEMBER OF THE FOLLOWING ENTITIES:}

^{* SINGAPORE
INSTITUTE OF MANAGEMENT}

^{* SINGAPORE
MANUFACTURERS' FEDERATION}

^{NUMBER OF
EMPLOYEES:}

^{* 30 (AS OF 2006)}

^{FROM THE TELE-INTERVIEW
CONDUCTED ON 11/06/2007, NO OTHER TRADE INFORMATION WAS AVAILABLE AS SUBJECT'S
PERSONNEL DECLINED TO PROVIDE.}

^{THE COMPANY'S
IMMEDIATE AND ULTIMATE HOLDING CORPORATION IS HABASIT HOLDING AG, INCORPORATED
IN SWITZERLAND.}

^{REGISTERED ADDRESS:}

^{3 CHURCH STREET}

^#08-01

^SINGAPORE⁰⁴⁹⁴⁸³

^{DATE OF CHANGE OF
ADDRESS: 18/12/2006}

^{BUSINESS ADDRESS:}

^{9 JOO KOON ROAD}

^SINGAPORE⁶²⁸⁹⁷³

^{- OWNED PREMISE}

^{WEBSITE:
www.habasit.com.sg}

^{EMAIL:
belthub.sg@habasit.com}

MANAGEMENT

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

^{1) LUIS CEDIEL, A
COLOMBIAN}

^{- BASED IN SWITZERLAND}

^{2) LAU KOK HIN, A
SINGAPOREAN PERMANENT RESIDENT}

^{- HOLDS NO OTHER
DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

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.

Manufacturing sector

PAST PERFORMANCE

THE MANUFACTURING SECTOR GREW AT A MORE MODEST PACE OF 7.7% IN 4Q 2006, AFTER A 9.5% EXPANSION IN 3Q 2006. THIS WAS DUE MAINLY TO A FALL IN THE OUTPUT OF THE ELECTRONICS AND CHEMICALS CLUSTERS, AND SLOWER GROWTH IN THE PRECISION ENGINEERING CLUSTER. GROWTH IN THE TRANSPORT ENGINEERING CLUSTER EASED BUT REMAINED STRONG. MEANWHILE, THE BIOMEDICAL MANUFACTURING CLUSTER ACCELERATED FROM A GROWTH OF 4.7% IN 3Q 2006 TO 27% IN 4Q 2006. FOR THE WHOLE YEAR, THE MANUFACTURING SECTOR GREW BY 12%, UP FROM 9.5% IN 2005, SUPPORTED BY STRONGER PERFORMANCES IN THE TRANSPORT ENGINEERING, BIOMEDICAL

MANUFACTURING AND PRECISION ENGINEERING CLUSTERS.

OUTLOOK

THE MANUFACTURING SECTOR IS CAUTIOUSLY OPTIMISTIC ABOUT BUSINESS CONDITIONS IN THE NEXT SIX MONTHS COMPARED TO THE LAST QUARTER OF 2006. OVERALL, A WEIGHTED 18% OF THE MANUFACTURERS EXPECT AN IMPROVEMENT IN BUSINESS CONDITIONS WHILE A WEIGHTED 11% PREDICT DETERIORATION. THIS RESULTS IN A NET WEIGHTED BALANCE OF 7% OF MANUFACTURERS HAVING AN OPTIMISTIC OUTLOOK, COMPARED TO 22% IN LAST QUARTER’S SURVEY. THE MODERATION IN SENTIMENTS CAN BE ATTRIBUTED MAINLY TO A WEAKER OUTLOOK IN THE ELECTRONICS CLUSTER AND SEASONAL SLOWDOWN DUE TO FESTIVE HOLIDAYS IN THE EARLY PART OF THE YEAR.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

economic development board

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
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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions