MIRA INFORM REPORT

Report Date :

27.06.2007

IDENTIFICATION DETAILS

Name :	GIVAUDAN SINGAPORE PTE LTD

Registered Office :	^{1 Woodlands Avenue}^{8, Singapore - 738972}

Country :	Singapore

Financials (as on) :	31.12.2006

Date of Incorporation :	^15/07/1992

Com. Reg. No.:	^199203766D

Legal Form :	^{Pte Ltd}

Line of Business :	Develops and Manufactures Immediate Flavor and Fragrance

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exists

Subject Company

GIVAUDAN SINGAPORE PTE LTD

Line Of Business

DEVELOPS AND MANUFACTURES IMMEDIATE FLAVOR AND FRAGRANCE TO BE SOLD TO CUSTOMERS FOR THEIR FINAL PRODUCT APPLICATIONS

Parent Company

GIVAUDAN SA.

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2006

COMPANY

Sales : S$306,607,971

Networth : S$65,542,943

Paid-Up Capital : S$24,000,000

Net result : S$30,024,907

Net Margin(%) : 9.79

Return on Equity(%) : 45.81

Leverage Ratio : 1.37

COMPANY IDENTIFICATION

^{Subject Company : GIVAUDAN
SINGAPORE PTE LTD}

^{Former Name : GIVAUDAN
ROURE PTE LTD}

^{Business Address: 1 WOODLANDS AVENUE
8}

^{Town: SINGAPORE}

^{Postcode: 738972}

^{County: -}

^{Country: Singapore}

^{Telephone: 6751
9100}

^{Fax: 6752 1162}

^{ROC Number: 199203766D}

^Reg.^Town^{:
-}

PREVIOUS IDENTIFICATION

^{GIVAUDAN ROURE PTE LTD}

^{DATE OF CHANGE OF NAME: 10/05/2000}

^{GIVAUDAN-ROURE PTE LTD}

^{DATE OF CHANGE OF NAME: 15/09/1997}

SUMMARY

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

^{Legal Form: Pte
Ltd}

^{Date Inc.: 15/07/1992}

^{Previous Legal Form: -}

^{Summary year : 31/12/2006}

^{Sales:
306,607,971}

^{Networth : 65,542,943}

^{Capital: -}

^{Paid-Up Capital: 24,000,000}

^{Employees: 320}

^{Net result : 30,024,907}

^{Share value: -}

^{AUDITOR: PRICEWATERHOUSECOOPERS}

^{BASED ON ACRA'S AS AT 25/06/2007}

^{NO. OF
SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 12,000,000 SGD 12,000,000}

^{ISSUED PREFERENCE 12,000 SGD 12,000,000}

^{PAID-UP ORDINARY - SGD 12,000,000}

^{PAID-UP PREFERENCE - SGD 12,000,000}

REFERENCES

^{Litigation: Yes}

^{Company status : TRADING}

^{Started : 15/07/1992}

PRINCIPAL(S)

^{JULIET ANG S0290747Z Director}

DIRECTOR(S)

^{JULIET ANG S0290747Z Director}

^{Appointed on : 15/07/1992}

^{Street : 317 BUKIT TIMAH ROAD}

^#13-317

^{CITY
TOWER}

^{Town: SINGAPORE}

^{Postcode: 259711}

^{Country: Singapore}

^{JULIET ANG S0290747Z Company Secretary}

^{Appointed on : 22/09/1992}

^{Street : 317 BUKIT TIMAH ROAD}

^#13-317

^{CITY TOWER}

^{Town: SINGAPORE}

^{Postcode: 259711}

^{Country: Singapore}

^{LEE SA HEAN S6904154Z Director}

^{Appointed on :
27/05/2005}

^{Street : 20B DUCHESS ROAD}

^#02-12

^{Town: SINGAPORE}

^{Postcode: 269032}

^{Country: Singapore}

^{COSIMO TRIMIGLIOZZI AA0068573 Director}

^{Appointed on : 01/07/2006}

^{Street : 1 WOODLANDS AVENUE 8}

^{Town:
SINGAPORE}

^{Postcode: 738972}

^{Country: Singapore}

^{COSIMO TRIMIGLIOZZI AA0068573 Managing Director}

^{Appointed on : 04/12/2006}

^{Street : 1 WOODLANDS AVENUE
8}

^{Town: SINGAPORE}

^{Postcode:
738972}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{KOH CHOON HUI S0310105C}

^{ERROL GEORGE WILLIAM STAFFORD 740018811}

^{JEAN FRANCOIS AMIC 91LH81872}

^{STEVEN LOUIS GALA Z7542531}

^{JOHN CHARLES WEATHERBURN 84365921I}

^{STEFAN GIEZENDANNER F0025361}

^{DANIEL ALLEN OFFERMANN 710867642}

ACTIVITY(IES)

^{PERFUMES - RAW MATERIALS And SUPPLIES Code:16250}

^{CHEMICALS Code:3970}

^{TRADING COMPANIES Code:22190}

^{BASED ON ACRA'S RECORD AS AT
25/06/2007}

^{1) MANUFACTURE OF PERFUMES, FRAGRANCES AND
ESSENTIAL OILS; MANUFACTURE AND MARKETING OF FLAVOURS AND FRAGRANCES}

CHARGES

No Charges On Premise/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

^{Date: 16/08/2005} ^{Tax
rate: 10}

^{Site Address : 1 WOODLANDS AVENUE
8}

^{Town: SINGAPORE} ^{Postcode: 738972}

^{Country: Singapore}

^{Annual Value:
1,445,000}

* TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

* TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR FULLY

RENTED OUT BY THE OWNER/OWNED BY COMPANY.

* FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT,

THE TAX RATE IS 10% (I.E INDUSTRIAL AND COMMERCIAL PROPERTY).

*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.

BANKERS

^{CITIBANK N.A.}

SHAREHOLDERS(S)

^{GIVAUDAN SA.
12,012,000 Company}

^{Street : CH-1214
VERNIER-GENEVA}

^SWITZERLAND

^{Town: GENEVA}

^Postcode:

^{Country: Switzerland}

HOLDING COMPANY

^{GIVAUDAN SA. UF11463C % :
100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : LEVEL

Financial Situation: AVERAGE

LITIGATION(S)

^{Type Of Case: Magistrate Court -
W/S}

^{Case Number: MCS12891/2005}

Defendant GIVAUDAN SINGAPORE PTE LTD ROC # : 199203766D

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 22/06/2007}

^{Balance Sheet Date: 31/12/2006 31/12/2005 31/12/2004}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^---
ASSETS

^{Preliminary Exp 183,000 183,000 140,000}

^{Tangible Fixed Assets: 52,320,975 56,224,236 59,708,148}

^{Total Fixed Assets: 52,503,975 56,407,236 59,848,148}

^{Inventories: 33,506,353 33,300,809 30,997,256}

^{Receivables: 64,205,486 58,291,448 55,621,624}

^{Cash,Banks, Securitis: 2,860,126 4,340,464 3,509,736}

^{Other current assets: 2,427,070 3,502,991 3,865,643}

^{Total Current Assets: 102,999,035 99,435,712 93,994,259}

^{TOTAL ASSETS: 155,503,010 155,842,948 153,842,407}

^{---
LIABILITIES}

^{Equity capital: 24,000,000 24,000,000 12,012,000}

^{Reserves: 648,546 511,312 -}

^{Profit & loss
Account: 40,894,397 34,869,490 50,893,824}

^{Surplus equity: - - 11,988,000}

^{TOTAL EQUITY:
65,542,943
59,380,802
74,893,824}

^{L/T deffered taxes: 4,317,442 3,849,183 3,982,884}

^{Other long term Liab.: 109,122 269,626 440,744}

^{Total L/T Liabilities: 4,426,564 4,118,809 4,423,628}

^{Trade Creditors: 23,420,344 25,797,927 23,606,150}

^{Prepay. & Def.
charges: 12,794,959 11,907,108 11,828,640}

^{Advanced payments: 28,050 24,313 -}

^{Due to Bank: 29,500,000 22,180,000 19,500,000}

^{Provisions: 8,799,094 12,797,693 6,760,191}

^{Other Short term
Liab.: 10,991,056 19,636,296 12,829,974}

^{Total short term
Liab.: 85,533,503 92,343,337 74,524,955}

^{TOTAL LIABILITIES: 89,960,067 96,462,146 78,948,583}

PROFIT & LOSS ACCOUNT

^{Net Sales 306,607,971 295,314,753 285,140,568}

^{Gross Profit: 121,113,833 116,015,596 105,385,826}

^{Result of ordinary
operations - - 48,086,126}

^{NET RESULT BEFORE TAX: 38,428,564 44,202,950 47,098,903}

^{Tax : 8,403,657 10,024,790 6,787,599}

^{Net income/loss year: 30,024,907 34,178,160 40,311,304}

^{Interest Paid: 1,385,985 1,248,926 987,223}

^{Depreciation: 5,118,283 5,438,764 5,348,132}

^{Dividends: 24,000,000 50,000,000 -}

^{Directors Emoluments: 1,227,501 1,491,076 -}

^{Purchases,Sces & Other}

^{Goods:
185,494,138
179,299,157         179,754,742}

^{Wages and Salaries: 32,451,757 28,458,893 30,659,682}

^{Financial Income: 174,778 85,736 16,072}

RATIOS

^{31/12/2006 31/12/2005 31/12/2004}

^{Turnover per employee: 958149.91 922858.60 891064.28}

^{Net result /
Turnover(%): 0.10 0.12 0.14}

^{Stock / Turnover(%): 0.11 0.11 0.11}

^{Net Margin(%): 9.79 11.57 14.14}

^{Return on Equity(%): 45.81 57.56 53.82}

^{Return on Assets(%): 19.31 21.93 26.20}

^{Dividends Coverage: 1.25 0.68 0.68}

^{Net Working capital: 17465532.00 7092375.00 19469304.00}

^{Cash Ratio: 0.03 0.05 0.05}

^{Quick Ratio: 0.78 0.68 0.79}

^{Current ratio: 1.20 1.08 1.26}

^{Receivables Turnover: 75.39 71.06 70.22}

^{Leverage Ratio: 1.37 1.62 1.05}

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE
WITH NET WORTH IMPROVED BY 10.38% FROM S$59,380,802 IN FY 2005 TO S$65,542,943
IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$40,894,397 (2005:
S$34,869,490); A RISE OF 17.28% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY
FINANCED BY AMOUNT DUE TO BANKS WHICH MADE UP 34.49% (2005: 24.02%) OF THE
TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$29,500,000 (2005: S$22,180,000).
THE BREAKDOWN IS AS FOLLOWS:}

^{-BANK BORROWINGS (UNSECURED) - 2006:
S$29,500,000 (2005: S$22,180,000)}

^{IN ALL, LEVERAGE RATIO FELL FROM 1.62 TIMES
TO 1.37 TIMES AS A RESULT OF A DECLINE IN TOTAL LIABILITIES AND A RISE IN TOTAL
EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS.
CURRENT RATIO ROSE TO 1.20 TIMES, UP FROM 1.08 TIMES AND QUICK RATIO IMPROVED
TO 0.78 TIMES FROM 0.68 TIMES IN FY 2005. SIMILARLY, NET WORKING CAPITAL
IMPROVED BY 1.46 TIMES FROM S$7,092,375 IN FY 2005 TO S$17,465,532.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-CASH AT BANK AND ON HAND - 2006: S$2,735,428
(2005: S$4,222,341)}

^{-SHORT-TERM BANK DEPOSITS - 2006: S$124,698
(2005: S$118,123)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 3.82% FROM
S$295,314,753 IN FY 2005 TO S$306,607,971 BUT NET PROFIT DROPPED BY 12.15% TO
S$30,024,907 (2005: S$34,178,160). THIS COULD BE DUE TO HIGHER SELLING AND
DISTRIBUTION EXPENSES OF S$83,021,631 IN FY 2006 (2005: S$74,562,048). HENCE,
NET MARGIN FELL TO 9.79% (2005: 11.57%).}

^{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 S$1,385,985 IN FY 2006 (2005: S$1,248,926).}

^{NON-CURRENT ASSETS:}

^{THE FOLLOWING ITEMS ARE CLASSIFIED UNDER
PRELIMINARY:}

^{-TRANSFERABLE CLUB MEMBERSHIPS - 2006:
S$183,000 (2005: S$183,000)}

^{NOTES TO THE
FINANCIAL STATEMENTS:}

^BORROWINGS

^{THE WEIGHTED AVERAGE EFFECTIVE INTEREST RATE
OF THE SHORT-TERM BANK BORROWINGS AT THE BALANCE SHEET DATE IS 3.71% (2005:
3.24%) PER ANNUM. THE BORROWINGS ARE
REPAYABLE WITHIN 2 MONTHS (2005: 2 MONTHS) FROM THE FINANCIAL YEAR END AND ARE
DENOMINATED IN SINGAPORE
DOLLARS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 15/07/1992 AS A LIMITED
PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "GIVAUAN-ROURE PTE
LTD".}

^{SUBSEQUENTLY, ON 15/09/1997, THE COMPANY CHANGED
TO ITS NAMESTYLE AS "GIVAUDAN ROURE PTE LTD".}

^{SUBSEQUENTLY, ON 10/05/2000, THE COMPANY
CHANGED TO ITS PRESENT NAMESTYLE AS "GIVAUDAN SINGAPORE PTE LTD".}

^{AS AT 25/06/2007, THE COMPANY HAS ISSUED AND
PAID-UP CAPITAL OF 12,012,000 SHARES OF A VALUE OF S$24,000,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) MANUFACTURE OF PERFUMES, FRAGRANCES AND
ESSENTIAL OILS}

^{MANUFACTURE AND MARKETING OF FLAVOURS AND FRAGRANCES}

^{2) OTHER SUPPORT ACTIVITIES MANUFACTURE
PERFUMES, COLOGNES, SHAVING CREAMS, ETC}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE
PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF THE MANUFACTURING AND TRADING OF
GOODS AND COMPOUNDS RELATING TO FRAGRANCES AND FLAVOURS CHEMICALS.}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* DEVELOPS AND MANUFACTURES IMMEDIATE FLAVOR AND
FRAGRANCE TO BE SOLD TO CUSTOMERS FOR THEIR FINAL PRODUCT APPLICATIONS}

^{PRODUCTS DEALINGS (INDUSTRIES SERVED):}

^{* SUPPLIER OF FRAGRANCE COMPOUNDS FOR USE IN
ALCOHOLIC LOTIONS, COSMETICS AND TOILETRIES, SOAPS AND LAUNDRY PRODUCTS,
HOUSEHOLD AND INDUSTRIAL PRODUCTS;}

^{* FLAVOUR COMPOUNDS FOR USE IN CONFECTIONERY,
BEVERAGES, DAIRY PRODUCTS, SAVOURY, ORAL AND HYGIENE PRODUCTS AND TOBACCOS}

^{* SPECIAL AROMA CHEMICALS FOR THE COMPOUNDING
OF FLAVOUR AND FRAGRANCE COMPOUNDS}

^{* SPECIAL COSMETIC RAW MATERIALS AND SUNSCREEN
FILTERS}

^{PRODUCTS AND SERVICES:}

^{* ETHNIC ASIAN FLAVOURS}

^{* FLAVOURING EXTRACT MANUFACTURERS' SUPPLIES}

^{* PERFUME MANUFACTURERS' EQUIPMENT &
SUPPLIES}

^{* CREATOR AND SUPPLIER OF FRAGRANCES,
FLAVOURS, AND SPECIALITY INGREDIENTS}

^{THE FLAVOUR DIVISION IS ORGANISED INTO FOUR
BUSINESS UNITS:}

^BEVERAGES

^{* CARBONATED AND NON-CARBONATED SOFT DRINKS,
FRUIT JUICES, ALCOHOLIC DRINKS AND INSTANT BEVERAGES.}

^DAIRY

^{* ICE CREAM, YOGHURTS AND INSTANT DESSERTS.}

^SAVOURY

^{* READY-MADE MEALS, SNACKS, SOUPS, SAUCES,
MEATS AND POULTRY.}

^{SWEET GOODS}

^{* BAKED GOODS, SUGAR CONFECTIONS, CEREALS,
CHEWING GUM AND CHOCOLATE.}

^{THE FRAGRANCE DIVISION IS ORGANISED INTO
THREE GLOBAL BUSINESS UNITS:}

^{FINE FRAGRANCES}

^{* UNIQUE PERFUMERY COMPOSITIONS FOR MAJOR BRANDS
OF MEN'S AND WOMEN'S FINE PERFUMES, MASS-MARKET COLOGNES, SPECIALITY RETAIL,
LINE EXTENSIONS SUCH AS ANCILLARY PRODUCTS FOR BODY BATH AND HOME.}

^{CONSUMER PRODUCTS}

^{* THIS INCLUDES FABRIC & PERSONAL WASH, HAIR AND SKIN CARE
AS WELL AS HOUSEHOLD AND AIR CARE.}

^{FRAGRANCE INGREDIENTS}

^{* INGREDIENTS FOR GIVAUDAN'S INTERNAL USE AND
FOR OTHER FRAGRANCE SUPPLIERS AND CUSTOMERS WHO HAVE THEIR OWN CREATIVE
PERFUMERY RESOURCES.}

^{THE R&D FACILITY LOCATED AT WOODLANDS IS
THE LARGEST FACILITY IN ASIA PACIFIC.}

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

^{* SWISS BUSINESS ASSOCIATION}

^{* SINGAPORE INTERNATIONAL CHAMBERS OF
COMMERCE}

^{* AMERICAN CHAMBER OF COMMERCE}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
16/06/2005, THE FOLLOWING WAS GATHERED:}

^{IMPORT COUNTRIES:}

^{* EUROPE}

^{* UNITED STATES}

^{* ETC}

^{EXPORT COUNTRIES:}

^{* ASIAN PACIFIC REGION}

^{(E.G. VIETNAM)}

^{TERMS OF PAYMENT:}

^{* SUPPLIERS: 30 DAYS TERM}

^{* CUSTOMERS: 30 DAYS TERM, ETC (LOCAL AND
OVERSEAS)}

^{ATTEMPTS HAVE BEEN MADE TO RECONFIRM THE ABOVE
INFORMATION ON 23/03/2007. HOWEVER, IT HAS BEEN UNSUCCESSFUL AS THE SUBJECT
DOES NOT KNOW ABOUT THE ABOVE TRADE INFORMATION.}

^{NEWS: GIVAUDAN ANNOUNCES CLOSING OF QUEST
INTERNATIONAL ACQUISITION}

^"EXTRACTS"

^{-SOURCE: GIVAUDAN WEBSITE}

^{DATE: 02/03/2007}

^GENEVA^{, SWITZERLAND
- THE ACQUISITION OF QUEST INTERNATIONAL, A DIVISION OF ICI PLC, BY GIVAUDAN
WAS CLOSED TODAY, 2 MARCH 2007, AFTER REGULATORY APPROVALS WERE OBTAINED IN THE
U.S.
AND THE EUROPEAN COMMUNITY.}

^{THE ACQUISITION WAS ANNOUNCED ON 22 NOVEMBER
2006 AT A PRICE OF CHF 2.8 BILLION.
QUEST WILL EXTEND GIVAUDAN'S LEADERSHIP POSITION IN ALL STRATEGIC SEGMENTS OF
THE FRAGRANCE AND FLAVOUR INDUSTRY. QUEST IS ON OF THE LEADING PLAYERS IN THE
GLOBAL FLAVOUR AND FRAGRANCE MARKET WITH A TURNOVER OF GBP 588 MILLION
(APPROXIMATELY CHF 1,358 MILLION) IN 2006. QUEST CURRENTLY EMPLOYS AROUND 3,400
PEOPLE.}

^{INTEGRATING QUEST'S UNIQUE SET OF TALENT,
CREATIVITY, PRODUCTS AND TECHNOLOGY WILL RESULT IN A UNIQUE PLATFORM TO SERVE
CUSTOMERS AND CREATE A POTENTIAL FOR ACCELERATED GROWTH. GIVAUDAN EXPECTS TO
ACHIEVE ANNUAL SYNERGIES OF AT LEAST CHF 150 MILLION WITH FULL BENEFITS TO BE
REALISED AFTER YEAR THREE. THE ACQUISITION IS FINANCED BY CHF 1.9 BILLION OF
DEBT, THE ISSUANCE OF A MANDATORY CONVERTIBLE BOND OF CHF 750 MILLION AND CASH.}

^{THIS ACQUISITION IS FULLY IN LINE WITH
GIVAUDAN'S STRATEGY TO FOCUS
ON DEVELOPING MARKETS AND TO
CAPTURE OPPORTUNITIES IN KEY SEGMENTS AND AT KEY CLIENTS. IT WILL STRENGTHEN
GIVAUDAN'S CURRENT LEADERSHIP AND ACCELERATE FUTURE GROWTH, ESPECIALLY IN
IMPORTANT MARKETS OF ASIA PACIFIC, LATIN AMERICA, EASTERN EUROPE AND AFRICA AND THE MIDDLE EAST.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
23/03/2007, THE FOLLOWING WAS GATHERED:}

^{THE SUBJECT REVEALS THAT IT SELLS TO
BUSINESSES.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 320}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
23/03/2007.}

^{THE COMPANY'S IMMEDIATE HOLDING AND ULITMATE
HOLDING CORPORATION IS GIVAUDAN S.A., INCORPORATED IN SWITZERLAND.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2006: NOT AVAILABLE (2005: NOT
AVAILABLE; 2004: 367; 2003: 268)}

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

^{REGISTERED AND BUSINESS ADDRESS:}

^{1 WOODLANDS
AVENUE}⁸

^SINGAPORE⁷³⁸⁹⁷²

^{- OWNED PREMISE}

^{- DATE OF CHANGE OF ADDRESS: 23/01/1995}

^{- SINGAPORE FLAVOUR CREATION AND
TECHNOLOGY CENTRE}

^{- FRAGRANCES & FLAVOURS R&D FACILITY}

^{OTHER BUSINESS ADDRESS:}

^{19 CHIN BEE
ROAD}

^SINGAPORE⁶¹⁹⁸³³

^{- FACTORY}

^WEBSITE:

^{http://www.givaudan.com}

^EMAIL:

^{corp.communications@givaudan.com}

MANAGEMENT

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

^{1) COSIMO TRIMIGLIOZZI, AN ITALIAN}

^{- BASED IN SINGAPORE.}

^{2) JULIET ANG, A SINGAPOREAN}

^{- OTHER DIRECTORSHIPS IN OUR DATABASE}

^{ROCHE SINGAPORE PTE. LTD.}

^{J. WALTER THOMPSON (S) PTE. LTD.}

^{SPOT-ASIA PTE LTD}

^{SILA COMMUNICATIONS PTE LTD}

^{SANIPAK TRADING PTE LTD}

^{TECH PACIFIC LOGISTICS PTE LTD}

^{BUCHANAN GROUP PTE LTD}

^{INFOTALK TECHNOLOGY (SINGAPORE) PTE
LTD}

^{OTS TECHNOLOGY PTE LTD}

^{MICROTOUCH SYSTEMS SINGAPORE PTE LTD}

^{KINGHSER PTE LTD}

^{GLOBALINE SHIPPING AGENCIES PTE LTD}

^{FOUNDRY NETWORKS (SINGAPORE) PTE LTD}

^{ASIAN SATELITE CONSORTIUM CO. PTE LTD}

^{3) LEE SA HEAN, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP 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 BY 18.8% COMPARED TO Q2 OF 2006, RIDING ON STRONG GROWTH FROM THE BIOMEDICAL MANUFACTURING AND TRANSPORT ENGINEERING CLUSTERS. TOTAL MANUFACTURING OUTPUT GREW BY 7.8% COMPARED TO OUTPUT IN THE SAME PERIOD LAST YEAR.

THE CHEMICALS CLUSTER GREW 4.1% IN Q2 COMPARED TO LAST YEAR'S SECOND QUARTER. THE OUTPUT OF PETROLEUM ROSE 21.7% FROM A YEAR AGO WHEN OUTPUT WAS LOW ARISING FROM MAINTENANCE SHUTDOWNS IN SOME REFINERY PLANTS. THE PRODUCTION OF PETROCHEMICALS FELL SLIGHTLY BY 0.6%. THE OUTPUT OF SPECIALTY CHEMICALS SHRANK 9.6% ON ACCOUNT OF LESS OUTPUT OF EPOXY COMPOUNDS, MINERAL OIL ADDITIVES AND CHEMICAL CATALYSTS. THE CLUSTER RECORDED A CUMULATIVE GROWTH OF 1.8% IN THE FIRST FOUR MONTHS OF 2007 COMPARED TO THE SAME PERIOD LAST YEAR.

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.

THE MANUFACTURING SECTOR IS MORE OPTIMISTIC IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007, COMPARED TO THE FIRST QUARTER OF THE YEAR. OVERALL, A WEIGHTED 30% OF MANUFACTURERS FORESEE AN IMPROVED OUTLOOK, WHILE 4% PREDICT DETERIORATION. THIS RESULTS IN A NET WEIGHTED BALANCE OF 26% OF MANUFACTURERS EXPECTING BUSINESS CONDITIONS TO IMPROVE, WHICH IS HIGHER THAN THE 7% RECORDED A QUARTER AGO. THE POSITIVE BUSINESS SENTIMENT IS LED BY THE ELECTRONICS CLUSTER.

IN THE CHEMICALS CLUSTER, A NET WEIGHTED 10% OF MANUFACTURERS EXPECT THE BUSINESS ENVIRONMENT IN THE SECTOR TO IMPROVE IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007. FIRMS IN THE SPECIALTIES AND OTHER CHEMICALS SEGMENTS ARE MORE OPTIMISTIC AS THE TREND OF SALES LEVEL DURING THE APRIL TO SEPTEMBER PERIOD IS EXPECTED TO RISE, FOLLOWING SEASONAL WEAKNESS IN THE FIRST THREE MONTHS OF 2007. OUTPUT IN ALL SEGMENTS OF THE CLUSTER IS PROJECTED TO INCREASE IN THE SECOND QUARTER OF THE YEAR, AS COMPARED TO THE FIRST. THE ONLY EXCEPTION IS IN THE PETROLEUM REFINERY SEGMENT, WHERE SOME MAINTENANCE DOWNTIME IS PLANNED DURING THIS PERIOD.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

economic development board

CONTACT SINGAPORE

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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