MIRA INFORM REPORT

Report Date :

20.06.2007

IDENTIFICATION DETAILS

Name :	INTEGRATED CONTRACT MANUFACTURING PTE. LTD.

Registered Office :	^{26 Kallang Place, #05}^-^17,^Singapore^–³³⁹¹⁵⁷

Country :	Singapore

Date of Incorporation :	^22/08/1986

Com. Reg. No.:	^198601755R

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Manufacturer of Pharmaceutical, Toiletries and Cosmetics.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

INTEGRATED CONTRACT MANUFACTURING PTE. LTD.

Line Of Business

MANUFACTURER OF PHARMACEUTICAL, TOILETRIES AND COSMETICS.

Parent Company

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : S$250,000

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

COMPANY IDENTIFICATION

^{Subject Company :}^{INTEGRATED CONTRACT MANUFACTURING} ^{PTE. LTD.}

^{Former Name :}^-

^{Business Address :}^{26 KALLANG PLACE}

^#05-17

^{Town :
SINGAPORE}

^{Postcode :}³³⁹¹⁵⁷

^{County :
-}

^{Country :
Singapore}

^{Telephone :}^{6296 5411}

^{Fax :}^{6293 4967}

^{ROC Number :}^198601755R

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :}^{Exempt Pte Ltd}

^{Date Inc. :}^22/08/1986

^{Previous Legal
Form}^:
-

^{Summary year :}^-

^{Sales :}^-

^{Networth :}^-

^{Capital :}^-

^{Paid-Up Capital :}^250,000

^{Employees :
70}

^{Net result :}^-

^{Share value :
1}

^{Auditor :}^{Y.C. LEE & CO}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :}^22/08/1986

PRINCIPAL(S)

^{KOE KHOON POH S0255613H Managing Director}

DIRECTOR(S)

^{KOE KHOON POH S0255613H Director}

^{Appointed on : 22/08/1986}

^{Street : 20
THOMSON TERRACE}

^{THOMSON HILLS}

^{Town : SINGAPORE}

^{Postcode : 574551}

^{Country : Singapore}

^{ANG POH TEE S1088980D Director}

^{Appointed on : 22/08/1986}

^{Street : 20
THOMSON TERRACE}

^{THOMSON HILLS}

^{Town : SINGAPORE}

^{Postcode : 574551}

^{Country : Singapore}

^{KOE KHOON POH S0255613H Managing Director}

^{Appointed on : 22/08/1986}

^{Street : 20
THOMSON TERRACE}

^{THOMSON HILLS}

^{Town : SINGAPORE}

^{Postcode : 574551}

^{Country : Singapore}

^{LEE MEI LING S1753677Z Company Secretary}

^{Appointed on : 31/05/2000}

^{Street : 129 STEVENS ROAD}

^{Town : SINGAPORE}

^{Postcode : 257868}

^{Country : Singapore}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS
Code:
11760}

^{COMMISSION
MERCHANTS
Code:
4990}

^{PHARMACEUTICAL
PRODUCTS - WHSLE And MFRS Code: 16400}

^{BASED ON ACRA'S RECORD AS
AT 18/06/2007}

^{1) GENERAL
WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

^{2) WHOLESALE ON A FEE
OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

CHARGES

^{Date :
01/10/1992}

^{Comments : CHARGE NO: 9204143}

^{AMOUNT SECURED: 0.00 AND ALL
MONIES OWING}

^{CHARGEE(S): UNITED OVERSEAS BANK LIMITED}

^{Date :
14/01/1988 Amount: 120,000}

^{Comments : CHARGE NO: 8800132}

^{AMOUNT SECURED: S$120,000.00 AND
ALL MONIES OWING}

^{CHARGEE(S): UNITED OVERSEAS BANK LIMITED}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UNITED OVERSEAS
BANK LIMITED}

SHAREHOLDERS(S)

^{KOE KHOON POH
130,000 Private Person}

^{Street : 20
THOMSON TERRACE}

^{THOMSON HILLS}

^{Town : SINGAPORE}

^{Postcode : 574551}

^{Country :
Singapore}

^{ANG POH TEE
120,000 Private Person}

^{Street :
20 THOMSON TERRACE}

^{THOMSON HILLS}

^{Town : SINGAPORE}

^{Postcode : 574551}

^{Country : Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend :
LEVEL}

^{Financial
Situation : UNKNOWN}

FINANCIAL COMMENTS

^{EXEMPT
PRIVATE COMPANY}

^{WHERE THE SHARES OF
A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE
THAN 20 MEMBERS, THE PRIVATE COMPANY IS KNOWN AS AN EXEMPT PRIVATE COMPANY.}

^{AN EXEMPT PRIVATE
COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A PRIVATE COMPANY. IT IS NOT
REQUIRED TO FILE ACCOUNTS WITH THE REGISTRAR IF IT CAN PRODUCE A CERTIFICATE
SIGNED BY ONE OF ITS DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING
POINTS:}

^{1. THE COMPANY IS AN EXEMPT
PRIVATE COMPANY.}

^{2. THE AUDITED ACCOUNTS HAVE
BEEN TABLED BEFORE THE SHAREHOLDERS AT THE ANNUAL}

^{GENERAL MEETING.}

^{3. THE COMPANY IS ABLE TO MEET
ITS LIABILITIES.}

^{THERE IS THEREFORE
NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH THE
ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL
MEETING OF THE COMPANY.}

^{A PRIVATE COMPANY
THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF
THE MINISTER FOR FINANCE, IN THE NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A
GAZETTE NOTIFICATION.}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE
COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL
YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL
YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004,
THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE
STILL REQUIRED TO MAINTAIN PROPER ACCOUNTING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON
22/08/1986 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT
NAMESTYLE OF "INTEGRATED CONTRACT MANUFACTURING PTE. LTD.".}

^{AS AT 18/06/2007,
THE COMPANY HAS A 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) BE
PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) GENERAL
WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

^{2) WHOLESALE ON A
FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

^{THE COMPANY IS LISTED
IN THE SINGAPORE
LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: PHARMACEUTICAL PRODUCTS-WHSLE
& MFRS}

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

^ACTIVITIES:

^{SUBJECT IS A MANUFACTURER
OF PHARMACEUTICAL, TOILETRIES AND COSMETICS.}

^PRODUCTS:

^{* FIRST AID AND
WOUND CARE}

^{* BEAUTY AND SKIN
CARE}

^{* EXTERNAL
ANTISEPTICS AND DISINFECTANTS}

^{* BABY CARE}

^{* HAIR AND SCALP
PREPARATION}

^{* GASTRIC DISORDER
PREPARATION}

^{* COUGH AND COLD
PREPARATION}

^{* ORAL CARE}

^{* EXTERNAL PAIN
RELIEF MEDICINE}

^{* PRESCRIPTION
ONLY MEDICINE}

^{* OTHERS}

^SERVICES:

^{* CONTRACT
MANUFACTURING AND PACKING}

^{-PRODUCE AND
RE-PACK HUMAN AND VETERINARY PHARMACEUTICALS, HEALTH AND HERBAL SUPPLEMENTS, COSMETICS,
PERFUMERIES, TOILETRIES, PET CARE PRODUCTS, HOUSEHOLD PRODUCTS, DETERGENTS, AND
GENERAL CHEMICALS FOR AGRICULTURAL AND INDUSTRIAL USE.}

^{* MARKETING AND
DISTRIBUTION}

^{* RESEARCH AND
DEVELOPMENT:}

^{-DEVELOPMENT FOR
INNOVATIVE PRODUCTS. THIS COVERS HUMAN AND VETERINARY PHARMACEUTICALS, HEALTH
SUPPLEMENTS, COSMETICS, TOILETRIES, INDUSTRIAL AND HOUSEHOLD PRODUCTS.}

^{INDUSTRIES
SERVED/CLIENTS:}

^{* PUBLIC SECTOR:
RESTRUCTURED HOSPITALS, POLYCLINICS, INSTITUTIONAL PHARMACIES, SINGAPORE ARM
FORCES AND OTHER MAJOR INSTITUTIONS.}

^{* PRIVATE SECTOR:
PRIVATE HOSPITALS, MEDICAL AND DENTAL CLINICS, CHAIN AND INDEPENDENT
PHARMACIES, CHINESE DRUGSTORES, NURSING HOME FOR THE AGED AND DIALYSIS CENTRES
OF NATIONAL KIDNEY FOUNDATION.}

^{* CARRINGTON PET CARE
AND VETERINARY PRODUCTS: PET SHOPS, PET CLINICS AND FARMS LOCALLY AS WELL AS IN
MALAYSIA.}

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

^{* SINGAPORE
MANUFACTURERS' FEDERATION}

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

^{EXPORT COUNTRIES:}

^{* BANGLADESH}

^{* PHILIPPINES}

^{* MALAYSIA}

^{* BRUNEI}

^{* SUBJECT HAS 70
EMPLOYEES.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{26 KALLANG PLACE}

^#05-17

^SINGAPORE³³⁹¹⁵⁷

^{DATE OF CHANGE OF
ADDRESS: 01/06/2004}

^{- PROPERTY RECORD
WAS NOT AVAILABLE}

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

^{EMAIL:
sales@icmpharma.com.sg}

MANAGEMENT

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

^{1) KOE KHOON POH,
A SINGAPOREAN}

^{- HOLDS OTHER
DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{WOODS
INTERNATIONAL PRIVATE LTD}

^{2) ANG POH TEE, A
SINGAPOREAN}

^{- HOLDS OTHER
DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{WOODS
INTERNATIONAL PRIVATE LTD}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
KOE KHOON POH}

^{ADVERSE REPORT
AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP:
1}

^{ANNUAL VALUE:
S$16,800}

^{CO-OWNER(S): NA}

^{DIRECTOR'S NAME:
ANG POH TEE MDM}

^{ADVERSE REPORT
AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY
OWNERSHIP: NIL}

^{ANNUAL VALUE: NA}

^{CO-OWNER(S): NA}

^{* ANNUAL VALUE IS THE
ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF IT WERE RENTED OUT. THE ANNUAL
VALUE IS DETERMINED IN THE SAME MANNER REGARDLESS OF WHETHER THE PROPERTY IS
LET-OUT, OWNER-OCCUPIED OR VACANT.}

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.

OVERVIEW OF SINGAPORE

PAST PERFORMANCE

SINGAPORE’S ECONOMY GREW BY 6.6% IN 4Q 2006, AFTER A 7.0% GROWTH IN 3Q 2006. THE GROWTH MOMENTUM, ON AN ANNUALISED QUARTER-TO-QUARTER BASIS, DOUBLED TO 7.9% IN 4Q 2006, FROM 3.9% IN THE PREVIOUS QUARTER. THIS BROUGHT FULL-YEAR REAL GDP GROTH TO 7.9%, HIGHER THAN THE 6.6% GROWTH IN 2005.

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.

THE WHOLESALE AND RETAIL TRADE SECTOR EXPANDED 6.9% IN 4Q 2006, BUT ITS GROWTH MOMENTUM WAS DOWN BY 3.5%. THE WHOLESALE SEGMENT MODERATED, WITH GROWTH OF NON-OIL RE-EXPORTS HALVED FROM 13% IN 3Q 2006 TO 6.3% IN 4Q 2006. PERFORMANCE OF THE RETAIL SEGMENT IMPROVED FURTHER AS RETAIL SALES WENT UP 7.9% IN 4Q 2006, COMPARED TO 5.2% IN THE PREVIOUS QUARTER. OVER 2006, THE WHOLESALE AND RETAIL SECTOR EXPANDED STRONGLY BY 10%, UP FROM 9.6% IN 2005.

APART FROM WHOLESALE AND RETAIL TRADE, ALL SECTORS EXPERIENCED POSITIVE GROWTH MOMENTUM IN 4Q 2006. FOR 2006 AS A WHOLE, ALL SECTORS REGISTERED GROWTH, LED BY MANUFACTURING, WHOLESALE & RETAIL TRADE AND FINANCIAL SERVICES.

OUTLOOK

THE OUTLOOK FOR THE ECONOMY IS GENERALLY POSITIVE ALTHOUGH THERE ARE SOME DOWNSIDE RISKS. THE AVIAN FLU PANDEMIC TREAT HAS RESURFACED AS A GROWING NUMBER OF COUNTRIES REPORTED CASES OF INFECTION IN BIRDS IN RECENT WEEKS. OTHER UNCERTAINTIES INCLUDE THE DISORDERLY UNWINDING OF GLOBAL IMBALANCES, TERRORISM AND THE VULNERABILITY OF OIL PRICES TO SUPPLY SHOCKS. AS A RESULT, THE ECONOMIC GROWTH FORECAST FOR 2007 IS BEING RAISE FROM 4.0% TO 6.0% TO 4.5% TO 6.5%.

THE MANUFACTURING SECTOR IS CAUTIOUSLY OPTIMISTIC ABOUT BUSINESS SITUATIONS IN THE NEXT SIX MONTHS OF 2007.

WHOLESALERS ARE GENERALLY LESS OPTIMISTIC ABOUT THE BUSINESS ENVIRONMENT. IN PARTICULAR, DEALERS OF JEWELLERY AND WATCHES, INDUSTRIES MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS ARE THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.

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%)

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