MIRA INFORM REPORT

Report Date :

20.06.2007

IDENTIFICATION DETAILS

Name :	ACHIEVA COMPONENTS PTE LTD
Registered Office :	^240 Macpherson Road, #02^-^03, Pines Industrial Building, Singapore – 348574
Country :	Singapore
Financials (as on) :	31.12.2006
Date of Incorporation :	^04/08/1995
Com. Reg. No.:	^199505563E
Legal Form :	^Pte Ltd
Line of Business :	Distributor and Manufacturers' Representative of Electronic Components and related Products

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

ACHIEVA COMPONENTS PTE LTD

Line Of Business 

DISTRIBUTOR AND MANUFACTURERS' REPRESENTATIVE OF ELECTRONIC COMPONENTS AND RELATED PRODUCTS

Parent Company

ACHIEVA LIMITED

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2006

CONSOLIDATED

Sales : US$75,163,742

Networth : US$19,228,618

Paid-Up Capital : US$561,661

Net result : US$2,061,748

Net Margin(%) : 2.74

Return on Equity(%) : 10.72

Leverage Ratio : 0.84

COMPANY IDENTIFICATION

^{Subject Company : ACHIEVA COMPONENTS PTE LTD}

^{Former Name : -}

^{Business Address: 240 MACPHERSON ROAD}

^#02-03

^{PINES INDUSTRIAL BUILDING}

^{Town: SINGAPORE}

^{Postcode: 348574}

^{County: -}

^{Country: Singapore}

^{Telephone: 6747 0171}

^{Fax: 6747 6880}

^{ROC Number: 199505563E}

^{Reg. Town: -}

SUMMARY

^{All amounts in this report are in: USD unless otherwise stated}

^{Legal Form: Pte Ltd}

^{Date Inc.: 04/08/1995}

^{Previous Legal Form: -}

^{Summary year : 31/12/2006}

^{Sales: 75,163,742}

^{Networth : 19,228,618}

^{Capital: -}

^{Paid-Up Capital: 561,661}

^{Employees: 30}

^{Net result : 2,061,748}

^{Share value: -}

^{AUDITOR : HORWATH FIRST TRUST}

^{BASED ON ACRA'S AS AT 15/06/2007}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 716,667 SGD 716,667}

^{PAID-UP ORDINARY - SGD 716,667}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 04/08/1995}

PRINCIPAL(S)

^{NG CHEE SENG S1585040Z Director}

DIRECTOR(S)

^{GUI YOCK MENG S1812058E Director}

^{Appointed on : 03/11/1995}

^{Street : 15 MOUNT SINAI RISE}

^#15-03

^{RIDGEWOOD CONDOMINIUM}

^{Town: SINGAPORE}

^{Postcode: 276906}

^{Country: Singapore}

^{NG CHEE SENG S1585040Z Director}

^{Appointed on : 03/11/1995}

^{Street : 7 PANDAN VALLEY}

^#13-502

^{POINCIANA TOWER}

^{Town: SINGAPORE}

^{Postcode: 597631}

^{Country: Singapore}

^{POK TAM SOON S2536804E Director}

^{Appointed on : 24/07/2000}

^{Street : 5 JALAN KEMAMAN}

^#11-04

^{Town: SINGAPORE}

^{Postcode: 329325}

^{Country: Singapore}

^{TING SIE SIONG RAYMOND S6974004I Company Secretary}

^{Appointed on : 18/08/2006}

^{Street : 20 BUKIT BATOK STREET 52}

^#10-02

^{GUILIN VIEW}

^{Town: SINGAPORE}

^{Postcode: 659244}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{YONG HENG CHONG ALLAN S0028490D}

^{SOH ENG KUANG S1182067J}

^{TAN SIOK KHENG S1705273Z}

^{CHEW SIOW HUI S2556852D}

^{S SURENTHIRARAJ S1505647I}

^{POK TAM SOON 5110020550}

^{OH CHON SENG S2564589H}

^{TAN PHUAN LAM 6003250755}

^{LIM TSE HAW S2599672J}

ACTIVITY(IES)

^{ELECTRONIC COMPONENTS Code:7605}

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD AS AT 15/06/2007}

^{1) WHILESALE OF ELECTRONIC COMPONENTS}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

CHARGES

^{Date: 03/09/1996}

^{Comments : CHARGE NO : 9605335}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : THE DEVELOPMENT BANK OF SINGAPORE LIMITED}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{DBS BANK LTD.}

SHAREHOLDERS(S)

^{ACHIEVA LIMITED 716,667 Company}

^{Street : 240 MACPHERSON ROAD}

^#02-02/03/04

^{PINES INDUSTRIAL BUILDING}

^{Town: SINGAPORE}

^{Postcode: 348574}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{LIM YONG CHOON 1}

^{SOH ENG KUANG 1}

^{GUI YOCK MENG 87,450}

^{OH CHON SENG 33,000}

^{TAN PHUAN LAM 44,550}

HOLDING COMPANY

^{ACHIEVA LIMITED 199307251M % : 100}

SUBSIDIARY(IES)

^{ACHIEVA COMPONENTS SDN BHD}

Malaysia

ACHIEVA COMPONENTS (INDIA) PTE LTD

Singapore

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 30/05/2007}

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

^{Number of weeks: 52 52}

^{Consolidation Code: CONSOLIDATED CONSOLIDATED}

^{--- ASSETS}

^{Tangible Fixed Assets: 80,621 120,499}

^{Total Fixed Assets: 80,621 120,499}

^{Inventories: 9,737,300 7,753,993}

^{Receivables: 12,594,970 9,687,361}

^{Cash,Banks, Securitis: 9,853,528 8,324,652}

^{Other current assets: 3,177,494 4,551,452}

^{Total Current Assets: 35,363,292 30,317,458}

^{TOTAL ASSETS: 35,443,913 30,437,957}

^{--- LIABILITIES}

^{Equity capital: 561,661 503,901}

^{Reserves: 18,443,632 16,502,938}

^{Other: 223,325 134,005}

^{TOTAL EQUITY: 19,228,618 17,140,844}

^{L/T deffered taxes: 1,765 1,765}

^{Other long term Liab.: 35,290 42,886}

^{Total L/T Liabilities: 37,055 44,651}

^{Trade Creditors: 8,407,688 7,373,100}

^{Prepay. & Def. charges: 1,780,482 1,256,233}

^{Short term liabilities: 11,152 10,298}

^{Provisions: 1,066,186 759,422}

^{Other Short term Liab.: 4,912,732 3,853,409}

^{Total short term Liab.: 16,178,240 13,252,462}

^{TOTAL LIABILITIES: 16,215,295 13,297,113}

PROFIT & LOSS ACCOUNT

^{Net Sales 75,163,742 65,894,006}

^{Gross Profit: 7,383,856 7,658,847}

^{Result of ordinary operations 2,691,506 1,298,300}

^{NET RESULT BEFORE TAX: 2,601,509 1,154,089}

^{Tax : 539,761 136,881}

^{Net income/loss year: 2,061,748 1,017,208}

^{Interest Paid: 1,652 1,587}

^{Depreciation: 62,908 66,318}

^{Dividends: - 259,694}

^{Directors Emoluments: 600,914 470,781}

^{Purchases,Sces & Other Goods: 67,779,886 58,235,159}

^{Wages and Salaries: 2,042,096 1,704,975}

^{Financial Income: 748,403 433,080}

RATIOS

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

^{Turnover per employee: 2505458.07 2196466.87}

^{Net result / Turnover(%): 0.03 0.02}

^{Stock / Turnover(%): 0.13 0.12}

^{Net Margin(%): 2.74 1.54}

^{Return on Equity(%): 10.72 5.93}

^{Return on Assets(%): 5.82 3.34}

^{Dividends Coverage: 3.92}

^{Net Working capital: 19185052.00 17064996.00}

^{Cash Ratio: 0.61 0.63}

^{Quick Ratio: 1.39 1.36}

^{Current ratio: 2.19 2.29}

^{Receivables Turnover: 60.32 52.93}

^{Leverage Ratio: 0.84 0.78}

^{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}

^{Dividends Coverage : Net income loss year/Dividends}

^{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 GROUP WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 12.18% FROM US$17,140,844 IN FY 2005 TO US$19,228,618 IN FY 2006. THIS WAS DUE TO HIGHER RESERVES OF US$18,443,632 (2005: US$16,502,938); A RISE OF 11.76% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 51.97% (2005: 55.64%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$8,407,688 (2005: US$7,373,100). THE BREAKDOWN IS AS FOLLOWS:}

^{-TRADE CREDITORS - 2006: US$8,166,109 (2005: US$7,274,100)}

^{-RELATED COMPANIES - 2006: US$241,579 (2005: US$99,000)}

^{IN THE LONG-TERM, SUBJECT WAS LARGELY FINANCED BY OTHER LONG-TERM LIABILITIES WHICH MADE UP 95.24% (2005: 96.05%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$35,290 (2005: US$42,886). THE BREAKDOWN IS AS FOLLOWS:}

^{-FINANCE LEASES - 2006: US$35,290 (2005: US$42,886)}

^{IN ALL, LEVERAGE RATIO ROSE FROM 0.78 TIMES TO 0.84 TIMES AS A RESULT OF A GREATER RISE IN TOTAL LIABILITIES THAN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE CHANGES IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO FELL TO 2.19 TIMES, DOWN FROM 2.29 TIMES AND QUICK RATIO IMPROVED TO 1.39 TIMES FROM 1.36 TIMES IN FY 2005.}

^{NET WORKING CAPITAL IMPROVED BY 12.42% FROM US$17,064,996 IN FY 2005 TO US$19,185,052.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-FIXED DEPOSITS - 2006: US$8,103,089 (2005: US$4,333,930)}

^{-CASH AND BANK BALANCES - 2006: US$1,750,439 (2005: US$3,990,722)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 14.07% FROM US$65,894,006 IN FY 2005 TO US$75,163,742 AND NET PROFIT ROSE BY 1.03 TIMES TO US$2,061,748 (2005: US$1,017,208). HENCE, NET MARGIN ROSE TO 2.74% (2005: 1.54%).}

^REVENUE:

^{-SALE OF GOODS - 2006: US$74,842,321 (2005: US$65,608,926)}

^{-COMMISSION INCOME - 2006: US$321,421 (2005: US$285,080)}

^{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, ITS INTEREST COVERAGE WAS HEALTHY CONSIDERING THAT ITS INTEREST EXPENSES WERE LOW AT US$1,652 IN FY 2006 (2005: US$1,587).}

^{AVERAGE COLLECTION PERIOD HAS INCREASED FROM 52.93 DAYS TO 60.32 DAYS. A HIGHER AVERAGE COLLECTION PERIOD POSES GREATER RISK OF TURNING INTO BAD DEBTS. HOWEVER, IT IS STILL WORTH NOTING THAT DEBT SERVICING ABILITY MAY NOT BE AFFECTED IF TRADE RECEIVABLES ARE FORTHCOMING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 04/08/1995 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "ACHIEVA COMPONENTS PTE LTD".}

^{AS AT 15/06/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 716,667 SHARES OF A VALUE OF S$716,667.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHILESALE OF ELECTRONIC COMPONENTS}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF THOSE OF DISTRIBUTOR AND MANUFACTURERS' REPRESENTATIVE OF ELECTRONIC COMPONENTS AND RELATED PRODUCTS.}

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

^{BACKGROUND OF ACHIEVA LIMITED:}

^LISTINGS

^{* LISTED ON 1 JUNE 2000 ON SGX MAINBOARD}

^{THE COMPANY WAS INCORPORATED IN SINGAPORE ON 3 NOVEMBER 1993 UNDER TH NAME ACHIEVA PTE LTD. ON 11 APRIL 2000, THE COMPANY WAS CONVERTED INTO A PUBLIC LIMITED COMPANY AND CHANGED ITS NAME TO ACHIEVA LTD. THE COMPANY IS AN INVESTMENT HOLDING COMPANY.}

^{ACHIEVA IS ONE OF ASIA-PACIFIC'S VALUE-ADDED DISTRIBUTORS AND SOLUTIONS PROVIDERS FOCUSING ON ELECTRONIC COMPONENTS, PERIPHERALS AND IT-RELATED LIFESTYLE PRODUCTS. WITH CORPORATE HEADQUARTER IN SINGAPORE AND ITS OPERATIONS SPANNING THROUGHOUT THE ASIA-PACIFIC REGION, THE ACHIEVA GROUP REPRESENTS IN EXCESS OF 30 PRODUCT BRANDS. CURRENTLY, THE GROUP HAS STAFF STRENGTH OF ABOUT 500 - SERVING A CUSTOMER BASE OF MORE THAN 7,000 IN THE ASIA-PACIFIC REGION. THE GROUP'S BUSINESS OPERATIONS ARE GROUPED PRINCIPALLY UNDER TWO PRODUCT SECTORS - PERIPHERALS AND ELECTRONIC COMPONENTS.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF DATA-COMMUNICATION AND TELECOMMUNICATION APPLICATIONS AND PRODUCTS}

^{PRODUCTS DEALINGS:}

^{* SEMICONDUCTOR DEVICES SUCH AS LOGIC CHIPS}

^{* APPLICATION SPECIFIC INTEGRATED CIRCUITS (ASIC)}

^{* PROGRAMMABLE LOGIC DEVICES}

^{* DIGITAL SIGNAL PROCESSING CHIPS (DSP)}

^{* MICROCHIP-CONTROLLER UNITS (MCU)}

^{BRANDS (PRODUCTS AND SERVICES):}

^ACHIEVA

^{* HALF NIM DIGITAL TERRESTRIAL TUNER MODULE FOR DVB-T}

^ALTERA

^{* SYSTEM-ON-A-PROGRAMMABLE-CHIP (SOPC) SOLUTIONS, FEATURING : STRATIX II, STRATIX, CYCLONE II, CYCLONE, MAX II DEVICES, NIOS II (USER-CONFIGURABLE, GENERAL-PURPOSE RISC EMBEDDED PROCESSOR) AND QUARTUS II DEVELOPMENT SOFTWARE & PROGRAMMING HARDWARE.}

^CORTINA

^{* SONET/SDH OC192/48/12/3 INTEGRATED MAC/FRAMER}

^{10GBPS BANDWIDTH AGGREGATION & CHANNELIZER}

^{* ETHERNET 24/10/4/2 PORT 10/100/1000MBPS ETHERNET MAC}

^{10GBPS LAN/WAN PHY}

^{8/4/2/1 PORT 10/100MBPS ETHERNET PHY}

^{* RPR/ATM OC-48/12/3 ATM SAR}

^{2 CHANNEL RPR MAC WITH ENHANCED BRIDGING}

^{* FEC/OTN 10GBPS G.709 COMPLIANT DIGITAL OTN WRAPPER}

^{10GBPS OPTICAL OTN TRANSPORT PROCESSOR}

^{2.5GBPS DIGITAL WRAPPER}

^{* PDH TELECOM 8/4/2/1 PORT T1/E1 LH/SH TRANSCEIVER}

^{E1/E3 E-RATE MULTIPLEXER}

^DEXCEL

^{* COMMUNICATIONS (TELECOM & DATACOM), DIGITAL CONSUMER, AND REAL TIME & SCADA SYSTEMS.}

^{CORE SERVICES ARE HARDWARE, PROGRAMMABLE LOGIC, EMBEDDED SOFTWARE AND IP CORE INTEGRATION AND DEVELOPMENT.}

^DIALIGHT

^{* LED TECHNOLOGY AND AN EPA ENERGY STAR PARTNER PROVIDING WIDE RANGE OF APPLICATIONS IN TRANSPORTATION AND OPTOELECTRONICS COMPONENTS.}

^{TRANSPORTATION - COMPLETE LINE OF HIGH-FLEX LED LIGHTING FOR AIRPORT, BUS, OBSTRUCTION, RAIL, TRAFFIC SIGNAL AND TRUCK-RELATED}

^{OPTOELECTRONICS - OFFERS AN UNPARALLELED SELECTION OF OFF-THE-SHELF LED COMPONENTS CIRCUIT BOARD INDICATORS IN BOTH SURFACE MOUNT AND THROUGH-HOLE DESIGNS, LIGHT PIPES, LED PANEL MOUNT INDICATORS AND BASED LEDS}

^ECLIPTEK

^{* COMPLETE LINE OF QUALITY MICROPROCESSOR SURFACE MOUNT CRYSTALS, WATCH CRYSTALS CLOCK OSCILLATORS AND EMOTM MEMS OSCILLATORS, TCXO, VCXO, (VC)TCXO.}

^ELPIDA

^{* DYNAMIC RANDOM ACCESS MEMORY (DRAM) SILICON CHIPS:}

^{SDR/DDR/DDR2 SDRAM}

^{SDR/DDR MOBILE RAM}

^RDRAM

^MODULES

^EUPEC

^{* POWER SEMICONDUCTORS IN MODULE AND DISC CONFIGURATION FOR APPLICATIONS IN CONSUMER DRIVES, AUTOMOTIVE AND POWER CONVERSIONS SUCH AS TRACTION, UPS, AIR-CONS, WELDING, INVERTERS AND DRIVERS. PRODUCT INCLUDE EASYPIM, EASYPACK, PIM, IGBT, SCR/DIODE MODULES AND PRESSPACKS.}

^FINISAR

^{* TECHNOLOGY LEADER FOR FIBER OPTIC SUBSYSTEMS AND NETWORK PERFORMANCE TEST SYSTEMS. THESE PRODUCTS ENABLE HIGH-SPEED DATA COMMUNICATIONS FOR NETWORKING AND STORAGE APPLICATIONS OVER GIGABIT ETHERNET LOCAL AREA NETWORKS (LANS), FIBRE CHANNEL STORAGE AREA NETWORKS (SANS), AND METROPOLITAN AREA NETWORKS (MANS) USING BOTH IP AND SONET/SDH}

^{-BASED PROTOCOLS. SINGLE WAVELENGTH TRANSCEIVERS (SFF, SFP, XFP, GBIC, 1X9, WDM TRANSCEIVERS).}

^INFINEON

^{* COMMUNICATIONS CPE (WILDPASS NETWORK PROCESSOR, TWINPASS DUAL CPU NETWORK PROCESSOR, DANUBE SOC ADSL/VOIP, VINETIC, DUSLIC, ADSL2+ AMAZON, VDSL2/2+, SHDSL & VOIP PHONE, VOIP ATA, GATEWAY SOLUTIONS, MULTIPORT 10/100MBPS ETHERNET SWITCHES, TANTOS ETHERNET SWITCH FOR TRAFFIC MANAGER & VIDEO/GAME ACCELERATOR ) 8/16/32 BIT MICROCONTROLLERS, POWER SEMICONDUCTORS (PWM, POWER FACTOR SOLUTION, MOSFET, PWM+MOSFET COMBO IC), WIRELESS COMMUNICATIONS SOLUTIONS (RKE, WLAN-B/G TRANSCEIVER), SILICON DISCRETE COMPONENTS (LNA, AF/RF DIODES & TRANSISTOR), DVB TUNER, SENSORS, CHIPCARD & RFID.}

^MARVELL

^{* XSCALE PROCESSOR (PXA25X, PXA27X & MONAHANS PXA3XX) AND MEDIA ACCELERATOR (2700G) FOR EMBEDDED, HANDHELD & SMART DISPLAY APPLICATION}

^OSRAM

^{* OFFERS THEIR CUSTOMERS A RANGE OF SOLUTIONS BASED ON SEMICONDUCTOR TECHNOLOGY IN THE AREAS OF LIGHTING, SENSORY MECHANISMS AND VISUALIZATION. PRODUCT RANGES FROM ORGANIC LEDS (OLED/PLED), BACKLIGHTING LEDS (HIGH BRIGHTNESS, BLUE & WHITE), ADVANCED POWER TOPLED (LED FLASH LIGHT), GENERAL LIGHTING (GOLDEN/PLATINUM DRAGON -1W & 5W LEDS), HIGH POWER LED (TRAFFIC LIGHT AND BULB REPLACEMENT), INFRARED EMITTERS, PHOTO DETECTORS, AMBIENT LIGHT SENSOR, ORIENTATION SENSOR, PROXIMITY SENSOR}

^SEAGATE

^{* MARKET LEADER IN STORAGE TECHNOLOGY AND PRODUCES A BROAD RANGE OF DISC DRIVES FOR CONSUMER ELECTRONICS (CE) STORAGE DRIVES WHICH TARGETS CONSUMER APPLICATIONS COMES WITH QUIET ACOUSTICS, HIGH RELIABILITY AND TOP STREAMING PERFORMANCE AND DRIVE CAPACITY ARE AVAILABLE IN}

^{ST1.3 SERIES - 12GB}

^{EE25 SERIES - 40GB ~ 20GB}

^{DB35 SERIES - 750GB ~ 120GB}

^{SV3.5 SERIES - 750GB ~ 160GB}

^SEMTECH

^{* POWER MANAGEMENT (BATTERY CHARGER, CHARGE PUMP, STEP UP/DOWN SWITCHING REGULATOR, PMU/LDO (I2C INTERFACE), PWM/HOT-SWAP CONTROLLER, DDR, INTELLIGENT MOSFET DRIVER, POWER DISTRIBUTION SWITCHES); TVS PROTECTION (ESD+EMI, LOW-VOLTAGE 2.8V/3.3V, ULTRA-LOW CAPACITANCE, CHIPCLAMP FLIP-CHIP); SONET/SDH (SYNCHRONOUS EQUIPMENT TIMING SOURCE PLL, LINE CARD PROTECTION SWITCH).}

^{WIRELESS RF (SHORT RANGE ULTRA LOW POWER WIRELESS DATA COMMUNICATION TRANSCEIVERS RANGING FROM 30KHZ TO 1GHZ); BLUETOOTH V1.1/V1.2 CHIPSET; GPS (HOSTED FRONT END SOLUTION BASED ON TRIMBLE´S FIRSTGPS® ARCHITECTURE - REAL TIME SOFTWARE), DATA ACQUISITION & SENSING (8/22- BIT RISC MICROCONTROLLER - HIGH PERFORMANCE, LOW-VOLTAGE SOC); AUDIO CODEC (ULTRA LOW OPERATING POWER OF 2 MW@1.8 V)}

^ZILOG

^{* COMMUNICATIONS AND EMBEDDED CONTROL SOLUTION PROVIDER FOR LEADING CONNECTIVITY AND CONSUMER/ INDUSTRIAL CONTROL MARKET - SILICON, SOFTWARE, AND DEVELOPMENT TOOLS FOR QUICK TIME TO MARKET. FOR CONNECTIVITY: EMBEDDED WEBSERVERS (EZ80 UP), WIRELESS IRDA TRANSCEIVER, SERIAL COMMUNICATION CONTROLLERS, LOW DATA RATE MODEM. FOR CONSUMER/ INDUSTRIAL CONTROL: Z8, Z8+ MICROCONTROLLER, FLASH Z8 (ENCORE!), EZ80 UP.}

^{TECHNICAL/APPLICATION KNOWLEDGE}

^{* STRONG APPLICATION KNOWLEDGE ON COMMUNICATION PRODUCTS}

^{* EXPERIENCED AND TRAINED FAE - CERTIFIED BY PRINCIPALS}

^{*STRONG DEMAND CREATION CULTURE WITH DESIGN-IN TRACKING SYSTEM}

^{DEMAND FULFILLMENT}

^{* FAMILIAR WITH MAJOR CM OPERATIONS AND READY FOR EDI AND JIT PROGRAM.}

^{REGIONAL OFFICES TO PROVIDE LOCAL SUPPORT}

^{INTEGRATED MIS SYSTEM WITH WEB BASE CAPABILITIES IN Q1 2001}

^{VALUE ADDED SERVICES}

^{* DESIGN SERVICES FOR REFERENCE BOARDS AND TURNKEY PROJECTS.}

^{TECHNICAL TRAINING FACILITIES ARRANGEMENT AT LOCAL LEARNING INSTITUTION}

^{IC PROGRAMMING SERVICES}

^{* CERTIFIED WAREHOUSE FOR HANDLING ESD AND DRY-PACKED COMPONENTS AND EQUIPPED WITH VACUUM PACKING FACILITIES}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 20/06/2007, THE FOLLOWING WAS GATHERED:}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 30}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 20/06/2007.}

^{THE COMPANY IS A WHOLLY-OWNED SUBSIDIARY OF ACHIEVA LIMITED, INCORPORATED IN SINGAPORE, WHICH IS ALSO ITS ULTIMATE HOLDING COMPANY}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2006: NOT AVAILABLE (2005: NOT AVAILABLE)}

^{* GROUP - 2006: - (2005: - )}

^{REGISTERED AND BUSINESS ADDRESS:}

^{240 MACPHERSON ROAD}

^{#02-03 PINES INDUSTRIAL BUILDING}

^{SINGAPORE 348574}

^{- DATE OF CHANGE OF ADDRESS: 13/10/2003}

^{OTHER BUSINESS ADDRESS:}

^{240 MACPHERSON ROAD}

^{#02-02 PINES INDUSTRIAL BUILDING}

^{SINGAPORE 348574}

^WEBSITE:

^{http://www.achieva.com.sg/achome.htm}

^EMAIL:

^{ac_enquiry@achieva.com.sg}

MANAGEMENT

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

^{1) NG CHEE SENG, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

^{2) GUI YOCK MENG, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

^{3) POK TAM SOON, A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{ACHIEVA LIMITED}

^{ACHIEVA ELECTRONICS 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

DOMESTIC WHOLESALE TRADE IN 4Q 2006 HAS DECLINED BY 6.9%. EXCLUDING PETROLEUM, DOMESTIC SALES REMAINED AT SIMILAR LEVEL COMPARED TO THE PREVIOUS QUARTER.

GENERAL WHOLESALE TRADE POSTED THE LARGEST SALES DECREASE OF 16.6%, FOLLOWED BY THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS OF 15.7% AND HOUSEHOLD EQUIPMENT AND FURNITURE OF 13.2%.

SECTORS OF INDUSTRIAL AND CONSTRUCTION MACHINERY AND ELECTRONIC COMPONENTS REGISTERED GROWTHS OF 17.0% AND 12.3%, RESPECTIVELY.

FOREIGN WHOLESALE TRADE INDEX

ON A QUARTER-TO-QUARTER BASIS, OVERALL FOREIGN WHOLESALE TRADE CONTRACTED BY 7.9% IN 4Q 2006 AFTER TWO QUARTERS OF POSITIVE GROWTH. FOREIGN SALES WENT DOWN BY 1.6%, EXCLUDING PETROLEUM.

THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS AND ELECTRONIC COMPONENTS MARKED LOWER OVERSEAS SALE OF 14.2% AND 11.6% RESPECTIVELY IN 4Q 2006 OVER 3Q 2006.

RETAIL TRADE

IN GENERAL, RETAIL SALES GREW BY 7.9% IN 4Q 2006, UP FROM THE 5.2% IN THE PREVIOUS QUARTER. THIS BROUGHT FULL YEAR GROWTH FOR 2006 TO 6.9%, DOWN FROM 9.0% IN 2005. EXCLUDING MOTOR VEHICLE SALES, RETAIL SALES ROSE 4.1%, SLOWING FROM THE 7.2% GAIN IN THE PREVIOUS YEAR.

MOST RETAIL SECTORS REPORTED BRISK BUSINESS IN DEC. 2006. SALES OF RECREATIONAL GOODS, DEPARTMENT STORES, WEARING APPAREL AND FOOTWEAR, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND JEWELLERY CLIMBED BY 36.6% TO 44.2% IN DEC. 2006 COMPARED TO THE PREVIOUS MONTH.

LIKEWISE, RETAILERS OF OPTICAL GOODS AND BOOKS, TELECOMMUNICATIONS APPARATUS AND COMPUTERS, FOOD AND BEVERAGES, MEDICAL GOODS AND TOILETRIES AND SUPERMARKETS ENJOYED GROWTH BETWEEN 12.7% TO 26.0%.

OUTLOOK

FOR WHOLESALE TRADE, A NET WEIGHTED BALANCE OF 11% OF FIRMS ANTICIPATES BUSINESS TO BE LESS BRISK FOR COMING MONTHS. THOSE DEALING IN JEWELLERY AND WATCHES, INDUSTRIAL MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS ARE AMONG THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.

FOR RETAILERS, A NET WEIGHTED BALANCE OF 8%, FORECAST THE BUSINESS CONDITIONS TO IMPROVE IN THE NEXT SIX MONTHS. DEPARTMENT STORES OWNERS AND RETAILERS OF FURNITURE AND FURNISHINGS ARE OPTIMISTIC ABOUT THE BUSINESS PROSPECTS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

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%)

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