MIRA INFORM REPORT

Report Date :

21.06.2007

IDENTIFICATION DETAILS

Name :	KOMAX SINGAPORE PTE LTD
Registered Office :	^130 JOO SENG ROAD, #04-03^, OLIVINE BUILDING, SINGAPORE^– 368357
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^14/12/1994
Com. Reg. No.:	^199409150D
Legal Form :	^Pte Ltd
Line of Business :	Sale of Wire Processing Equipment and related Spare Parts

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

KOMAX SINGAPORE PTE LTD

Line Of Business 

SALE OF WIRE PROCESSING EQUIPMENT AND RELATED SPARE PARTS

Parent Company

KOMAX HOLDING AG

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY2005

COMPANY

Sales : S$14,956,019

Networth : S$ 2,476,340

Paid-Up Capital : S$ 100,000

Net result : S$ 201,986

Net Margin(%) : 1.35

Return on Equity(%) : 8.16

Leverage Ratio : 2.00 TIMES

COMPANY IDENTIFICATION

^{Subject Company : KOMAX SINGAPORE PTE LTD}

^{Former Name : -}

^{Business Address : 130 JOO SENG ROAD}

^#04-03

^{OLIVINE BUILDING}

^{Town : SINGAPORE}

^{Postcode : 368357}

^{County : -}

^{Country : Singapore}

^{Telephone : 6285 9713}

^{Fax : 6285 9714}

^{ROC Number : 199409150D}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 14/12/1994}

^{Previous Legal Form : -}

^{Summary year : 31/12/2005}

^{Sales : 14,956,019}

^{Net Worth : 2,476,340}

^{Paid-Up Capital : 100,000}

^{Employees : -}

^{Net Result : 201,986}

^{Auditor : PRICEWATERHOUSECOOPERS}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 14/12/1994}

PRINCIPAL(S)

^{LARRY WEE LIANG HIN S1481277F Managing Director}

DIRECTOR(S)

^{LARRY WEE LIANG HIN S1481277F Managing Director}

^{Appointed on : 10/11/1995}

^{Street : 614 YISHUN STREET 61}

^#06-159

^{Town : SINGAPORE}

^{Postcode : 760614}

^{Country : Singapore}

^{ANDREAS WERNER WOLFISBERG 002322354 Director}

^{Appointed on : 01/06/1997}

^{Street : FELD 3 CH-6362 STANSSTAD}

^{Town : -}

^{Postcode : -}

^{Country : Switzerland}

^{LEO GERALD STEINER 7046609 Director}

^{Appointed on : 14/12/1994}

^{Street : BANNSTRASSE 29A}

^{Town : STEINHAUSEN}

^{Postcode : 6312}

^{Country : Switzerland}

^{LARRY WEE LIANG HIN S1481277F Director}

^{Appointed on : 10/11/1995}

^{Street : 614 YISHUN STREET 61}

^#06-159

^{Town : SINGAPORE}

^{Postcode : 760614}

^{Country : Singapore}

^{LATHIKA DEVI AMMA D/O K R PILLAY S1552769B Company Secretary}

^{Appointed on : 25/04/2005}

^{Street : 67 CHOA CHU KANG ROAD}

^{NICON GARDENS}

^{Town : SINGAPORE}

^{Postcode : 689415}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{TEO SOON KOK S0379189J}

^{KOCH MAX JOSEF 6117012}

^{LEO GERALD STEINER 7046609}

^{SUNDVALL DAVID WAYNE SG1001532}

ACTIVITY (IES)

^{WIRE FORMING And WORKING EQUIPMENT Code: 23950}

^{WIRE Code: 23920}

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

^{1) TECHNICAL TESTING AND ANALYSIS SERVICES (EG QUALITY CONTROL); SALE AND SERVICING OF WIRE PROCESSING EQUIPMENT & RELATED SPARE}

CHARGES

^{Date : 18/12/2003}

^{Comments : CHARGE NO: C200306112}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): DBS BANK LIMITED}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{DBS BANK LTD.}

SHAREHOLDERS(S)

^{KOMAX HOLDING AG 100,000 Company}

^{Street : BLOSSEGGRAIN 8, CH-6045}

^{Town : MEGGEN}

^{Postcode : -}

^{Country : Switzerland}

FORMER SHAREHOLDER(S)

^{LEO GERALD STEINER 1}

^{SUNDVALL DAVID WAYNE 1}

HOLDING COMPANY

^{KOMAX HOLDING AG UF12887E % : 100}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend : DOWNWARD}

^{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: 15/02/2007}

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

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Preliminary Exp 78,000 78,000}

^{Tangible Fixed Assets: 32,299 28,039}

^{Total Fixed Assets: 110,299 106,039}

^{Inventories: 4,154,897 4,127,214}

^{Receivables: 2,467,433 3,956,484}

^{Cash, Banks, Securities: 696,918 1,017,129}

^{Other current assets: 7,473 20,921}

^{Total Current Assets: 7,326,721 9,121,748}

^{TOTAL ASSETS: 7,437,020 9,227,787}

^{--- LIABILITIES ---}

^{Equity capital: 100,000 100,000}

^{Profit & loss Account: 2,376,340 2,174,354}

^{Total Equity: 2,476,340 2,274,354}

^{Trade Creditors: 2,458,116 4,363,413}

^{Advanced payments: 316,755 126,678}

^{Provisions: 85,460 332,367}

^{Other Short term Liab.: 1,870,062 1,966,579}

^{Prepay. & Def. charges: 230,287 164,396}

^{Total short term Liab.: 4,960,680 6,953,433}

^{TOTAL LIABILITIES: 4,960,680 6,953,433}

PROFIT & LOSS ACCOUNT

^{Net Sales 14,956,019 20,392,589}

^{NET RESULT BEFORE TAX: 246,986 1,390,378}

^{Tax : 45,000 282,700}

^{Net income/loss year: 201,986 1,107,678}

^{Interest Paid: 45,000 45,000}

^{Depreciation: 23,051 60,646}

^{Directors Emoluments: 152,552 157,364}

^{Wages and Salaries: 640,496 619,025}

^{Financial Income: 3,879 767}

RATIOS

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

^{Net result / Turnover(%): 0.01 0.05}

^{Stock / Turnover(%): 0.28 0.20}

^{Net Margin(%): 1.35 5.43}

^{Return on Equity(%): 8.16 48.70}

^{Return on Assets(%): 2.72 12.00}

^{Net Working capital: 2366041.00 2168315.00}

^{Cash Ratio: 0.14 0.15}

^{Quick Ratio: 0.64 0.72}

^{Current ratio: 1.48 1.31}

^{Receivables Turnover: 59.39 69.85}

^{Leverage Ratio: 2.00 3.06}

^{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 DEEMED TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS PASSABLE WITH TOTAL EQUITY IMPROVING BY 8.88% AMOUNTING TO S$2,476,340 (2004: S$2,274,354). THIS WAS CONTRIBUTED BY HIGHER RETAINED EARNINGS BROUGHT FORWARD OF S$2,376,340 (2004: S$2,174,354).}

^LEVERAGE:

^{THE LEVERAGE RATIO HAD IMPROVED TO 2.00 TIMES (2004: 3.06 TIMES), INDICATING THAT THE COMPANY'S TOTAL LIABILITIES WERE LESS SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.}

^{IN THE SHORT TERM, TRADE CREDITORS DECREASED BY 43.67%, TOTALLING S$2,458,116 (2004: S$4,363,413). OTHER SHORT TERM LIABILITIES OF}

^{S$1,870,062 (2004: S$1,966,579) COMPRISED OF:}

^{* LOANS FROM HOLDING CORPORATION OF S$1,500,000 (2004: S$1,500,000)}

^{* COMMISSION PAYABLE TO SALES AGENTS OF S$370,062 (2004: S$466,579)}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS FAIRLY HEALTHY. NET WORKING CAPITAL REGISTERED HIGHER AT S$2,366,041 (2004: S$2,168,315). HOWEVER, THE QUICK RATIO WAS LACKING AT 0.64 TIMES (2004: 0.72 TIMES) WHILE THE CURRNT RATIO WAS SUFFICIENT AT 1.48 TIMES (2004: 1.31 TIMES).}

^{PROFITABILITY:}

^{REVENUE FOR FY2005 DECLINED BY 26.66%, AMOUNTING TO S$14,956,019 (2004: S$20,392,589). NET INCOME POSTED LOWER BY 81.76%, TOTALLING S$201,986 (2004: S$1,107,678).}

^{THUS, NET MARGIN STOOD LOWER AT 1.35% (2004: 5.43%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE ANTICIPATED IN VIEW OF THE SUFFICIENT LIQUIDITY AND IF TRADE RECEIVABLES WERE FORTHCOMING.}

^{AVERAGE COLLECTION PERIOD SHORTENED TO 59 DAYS (2004: 70 DAYS).}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 14/12/1994 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "KOMAX SINGAPORE PTE LTD".}

^{AS AT 15/06/2007, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 100,000 SHARES OF A VALUE OF S$100,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) TECHNICAL TESTING AND ANALYSIS SERVICES (EG QUALITY CONTROL); SALE AND SERVICING OF WIRE PROCESSING EQUIPMENT & RELATED SPARE PARTS}

^{2) TECHNICAL TESTING AND ANALYSIS SERVICES (EG QUALITY CONTROL)}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE THE SALE OF WIRE PROCESSING EQUIPMENT AND RELATED SPARE PARTS.}

^{THE IMMEDIATE AND ULTIMATE HOLDING CORPORATION IS KOMAX HOLDING AG, A COMPANY INCORPORATED IN SWITZERLAND.}

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

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: ELECTRONIC CABLES.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY:}

^{* SALES, SERVICES AND ASSEMBLE OF WIRE PROCESSING MACHINE AND SYSTEM}

^PRODUCTS:

^{* WIRE PROCESSING MACHINES}

^{- CUT AND STRIP}

^{- CRIMP TO CRIMP}

^{- HARNESS MACHINES}

^{- MACHINE MODULES}

^{- WIRE PREPARE}

^{- BENCH TOP}

^{- ACCESSORIES}

^{* WIRE PROCESSING SYSTEMS}

^{- APPLICATIONS}

^{- PRODUCTS}

^{* AUTOMATION ASSEMBLY SYSTEMS}

^{- APPLICATIONS}

^{- PLATFORMS}

^{- STANDARD COMPONENTS}

^{- SERVICES}

^{- DOCUMENTATION}

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

^{REGISTERED AND BUSINESS ADDRESS:}

^{130 JOO SENG ROAD}

^#04-03

^{OLIVINE BUILDING}

^{SINGAPORE 368357}

^{DATE OF CHANGE OF ADDRESS: 13/01/1995}

^WEBSITE:

^{* http://www.komax.ch}

^EMAIL:

^{* info.sip@komaxgroup.com}

MANAGEMENT

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

^{1) ANDREAS WERNER WOLFISBERG, A SWISS}

^{- BASED IN SWITZERLAND}

^{2) LEO GERALD STEINER, A SWISS}

^{- BASED IN SWITZERLAND}

^{3) LARRY WEE LIANG HIN, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP 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.

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%)

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