MIRA INFORM REPORT

Report Date :

21.03.2007

IDENTIFICATION DETAILS

Name :	SYSMEX ASIA PACIFIC PTE. LTD.

Registered Office :	^{2 Woodlands Sector 1, #01-04/06, Woodlands Spectrum, Singapore - 738068}

Country :	Singapore

Financials (as on) :	31.03.2006

Date of Incorporation :	^24/02/1998

Com. Reg. No.:	^199800906H

Legal Form :	^{Pte Ltd}

Line of Business :	Delivery and Implementation of Clinical Ivd and Health It Products and Services for Clinical Laboratories, Hospitals and Healthcare Organizations

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Usually correct

Litigation :	Clear

Subject Company

SYSMEX ASIA PACIFIC PTE. LTD.

Line Of Business

DELIVERY AND IMPLEMENTATION OF CLINICAL IVD AND HEALTH IT PRODUCTS AND SERVICES FOR CLINICAL LABORATORIES, HOSPITALS AND HEALTHCARE ORGANISATIONS

Parent Company

SYSMEX CORPORATION

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2006

COMPANY

Sales : JPY 2,755,425,000

Networth : JPY 841,395,000

Paid-Up Capital : JPY 120,228,000

Net result : JPY 266,173,000

Net Margin(%) : 9.66

Return on Equity(%) : 31.63

Leverage Ratio : 1.38

Rating

Credit Rating : Sing $ 10000001 to Sing $ 50000000

COMPANY IDENTIFICATION

^{Subject Company
: SYSMEX
ASIA PACIFIC PTE. LTD.}

^{Former Name : SYSMEX
SINGAPORE PTE LTD}

^{Business
Address: 2 WOODLANDS SECTOR 1}

^#01-04/06

^{WOODLANDS SPECTRUM}

^{Town: SINGAPORE}

^{Postcode: 738068}

^{County: -}

^{Country: Singapore}

^{Telephone: 6221
3629}

^{Fax: 6221 3687}

^{ROC Number: 199800906H}

^{Reg. Town: -}

PREVIOUS IDENTIFICATION

^{SYSMEX SINGAPORE
PTE LTD}

^{DATE OF CHANGE OF
NAME: 01/10/2005}

SUMMARY

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

^{Legal Form: Pte
Ltd}

^{Date Inc.: 24/02/1998}

^{Previous Legal
Form: -}

^{Summary year
: 31/03/2006}

^{Sales: 2,755,425,000}

^{Networth : 841,395,000}

^{Capital: -}

^{Paid-Up
Capital: 120,228,000}

^{Employees: 44}

^{Net result : 266,173,000}

^{Share value: -}

^{AUDITOR: DELOITTE
& TOUCHE}

^{BASED ON ACRA'S
RECORD AS AT 19/03/2007}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED
ORDINARY 3,500,000 SGD 3,500,000.00}

^{PAID-UP
ORDINARY - SGD 3,500,000.00}

REFERENCES

^{Litigation : No}

^{Company status :
TRADING}

^{Started : 24/02/1998}

PRINCIPAL(S)

^{MICHAEL HERMANN
BARTELS G5706282M Managing Director}

DIRECTOR(S)

^{KOJI TAMURA MQ8109439
Director}

^{Appointed on :
09/03/1998}

^{Street : 1-15 HATTORI HONMACHI}

^{TOYONAKA-SHI OSAKA
561-0852}

^Town:

^Postcode:

^{Country: Japan}

^{TAN CHENG SIEW @
NUR FARAH TAN S6920790A Company Secretary}

^{Appointed on :
15/05/2000}

^{Street : 97 BEDOK NORTH AVENUE 4}

^#20-1513

^{Town: SINGAPORE}

^{Postcode: 460097}

^{Country: Singapore}

^{MICHAEL HERMANN
BARTELS G5706282M Director}

^{Appointed on :
22/03/2004}

^{Street : 87 JALAN HITAM MANIS}

^{Town: SINGAPORE}

^{Postcode: 278497}

^{Country: Singapore}

^{MICHAEL HERMANN
BARTELS G5706282M Managing Director}

^{Appointed on : 01/04/2004}

^{Street : 87
JALAN HITAM MANIS}

^{Town: SINGAPORE}

^{Postcode: 278497}

^{Country: Singapore}

^{TAKASHI ONO G5743723K Director}

^{Appointed on :
01/04/2004}

^{Street : 22 NEWTON ROAD}

^#14-10

^{AMARYLLIS VILLE}

^{Town: SINGAPORE}

^{Postcode: 307990}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{KENJI
TACHIBANA F5588470Q}

^{EIICHI HEKI MP2192569}

^{KENICHI
YUKIMOTO MQ2375585}

ACTIVITY(IES)

^{ELECTRIC
INSTRUMENTS
Code:7430}

^{SCIENTIFIC
APPARATUS And INSTRUMENTS - MFRS And WH
Code:19028}

^{TESTING
APPARATUS Code:21410}

^{BASED ON ACRA'S
RECORD AS AT 19/03/2007}

^{1) MANUFACTURE OF
ELECTRICAL/ELECTRONIC SURGICAL AND MEDICAL INSTRUMENTS ANALYSIS}

^PURPOSES

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Bankers Information In Our Database

SHAREHOLDERS(S)

^{SYSMEX
CORPORATION
3,500,000 Company}

^{Street : 1-5-1
WAKINOHAMA-KAIGANDORI}

^{CHUO-KU, KOBE, HYOGO}

^Town:

^{Postcode: 651-0073}

^{Country: Japan}

HOLDING COMPANY

^{SYSMEX
CORPORATION
UF23742Z % : 100}

SUBSIDIARY(IES)

No Participation In Our Database

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 : JPY}

^{Audit
Qualification: "MILD"
UNCERTAINTIES "MILD"
UNCERTAINTIES}

^{Date
Account Lodged:
26/10/2006}

^{Balance
Sheet Date:
31/03/2006 31/03/2005}

^{Number
of weeks:
52 64}

^{Consolidation
Code: COMPANY COMPANY}

^{--- ASSETS}

^{Preliminary
Exp 153,780,000 84,707,000}

^{Tangible
Fixed Assets:
116,973,000
108,649,000}

^{Investments 67,539,000 67,539,000}

^{Total
Fixed Assets:
338,292,000
260,895,000}

^{Inventories: 48,181,000 39,131,000}

^{Receivables: 1,373,574,000 1,074,436,000}

^{Cash,Banks,
Securitis: 194,959,000 67,963,000}

^{Other
current assets:
43,633,000 32,421,000}

^{Total
Current Assets:
1,660,347,000
1,213,951,000}

^{TOTAL ASSETS: 1,998,639,000 1,474,846,000}

^{--- LIABILITIES}

^{Equity
capital:
120,228,000
120,228,000}

^{Profit
& lost Account: 721,167,000 454,994,000}

^{TOTAL EQUITY: 841,395,000 575,222,000}

^{L/T
deffered taxes:
11,321,000
15,972,000}

^{Other
long term Liab.:
186,863,000
34,300,000}

^{Total
L/T Liabilities:
198,184,000
50,272,000}

^{Trade
Creditors:
716,088,000 424,870,000}

^{Prepay.
& Def. charges:
71,871,000
21,618,000}

^{Short term liabilities: 123,000 -}

^{Provisions: 63,460,000 43,246,000}

^{Other
Short term Liab.:
107,518,000
359,618,000}

^{Total
short term Liab.:
959,060,000
849,352,000}

^{TOTAL LIABILITIES: 1,157,244,000 899,624,000}

PROFIT & LOSS ACCOUNT

^{Net
Sales
2,755,425,000
2,507,595,000}

^{Gross
Profit:
833,386,000
694,476,000}

^{NET
RESULT BEFORE TAX:
325,149,000
214,031,000}

^{Tax
: 58,976,000 39,743,000}

^{Net
income/loss year:
266,173,000
174,288,000}

^{Interest
Paid:
3,530,000 4,642,000}

^{Depreciation: 37,086,000 46,346,000}

^{Directors
Emoluments:
45,546,000
20,142,000}

^{Purchases,Sces
& Other Goods:
1,922,039,000
1,813,119,000}

^{Wages
and Salaries:
229,460,000
195,072,000}

^{Financial
Income: 33,000 236,000}

RATIOS

^{31/03/2006 31/03/200}

^{Turnover per employee: 62623295.45 56990795.45}

^{Net
result / Turnover(%): 0.10 0.07}

^{Stock
/ Turnover(%): 0.02 0.02}

^{Net
Margin(%): 9.66 6.95}

^{Return
on Equity(%): 31.63 30.30}

^{Return
on Assets(%): 13.32 11.82}

^{Net
Working capital: 701287000.00 364599000.00}

^{Cash
Ratio: 0.20 0.08}

^{Quick
Ratio: 1.64 1.35}

^{Current
ratio: 1.73 1.43}

^{Receivables
Turnover: 179.46 154.25}

^{Leverage
Ratio: 1.38 1.56}

^{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
STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 COVERS THE PERIOD FROM
01/04/2005 TO 31/03/2006, A TOTAL OF 52 WEEKS. THE FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31/03/2005 COVERS THE PERIOD FROM 01/01/2004 TO 31/03/2005, A TOTAL
OF 64 WEEKS. THUS, THE ANALYSIS MAY NOT GIVE A TRUE AND FAIR VIEW.}

^{AUDITORS'
REPORT:}

^{AS STATED IN NOTE
2 TO THE FINANCIAL STATEMENTS, THE COMPANY HAS NOT RECOGNISED THE INTEREST ELEMENT
ARISING FROM INSTALMENT SALES IN ACCORDANCE WITH SINGPAORE FINANCIAL REPORTING
STANDARD 18 - REVENUE. THIS HAS RESULTED IN AN OVERSTATEMENT OF NET PROFIT OF
THE COMPANY FOR THE YEAR ENDED MARCH 31, 2006 BY APPROXIMATELY YEN 11,935,000
AND AN OVERSTATEMENT OF ACCUMULATED PROFITS AND TRADE RECEIVABLES OF THE
COMPANY BY APPROXIMATELY YEN 44,921,000 AS AT MARCH 31, 2006.}

^{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 46.27% FROM JPY575,222,000
IN FY 2005 TO JPY841,395,000 IN FY 2006.
THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF JPY721,167,000
(2005:JPY454,994,000); A RISE OF 58.50% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM,
SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 74.67% (2005:
50.02%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO JPY716,088,000 (2005:
JPY424,870,000). THE BREAKDOWN IS AS FOLLOWS:}

^{-OUTSIDE PARTIES -
2006: JPY20,060,000 (2005: JPY22,542,000)}

^{-HOLDING COMPANY -
2006: JPY682,975,000 (2005: JPY397,774,000)}

^{-RELATED COMPANIES
- 2006: JPY13,053,000 (2005: JPY4,554,000)}

^{IN THE LONG-TERM,
SUBJECT WAS LARGELY FINANCED BY OTHER LONG-TERM LIABILITIES WHICH MADE UP 94.29%
(2005: 68.23%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO JPY186,863,000
(2005: JPY34,300,000). THE BREAKDOWN IS AS FOLLOWS:}

^{-LONG-TERM LOAN
PAYABLES - 2006: JPY186,863,000 (2005: JPY34,300,000)}

^{IN ALL, LEVERAGE
RATIO FELL FROM 1.56 TIMES TO 1.38 TIMES AS A RESULT OF A GREATER RELATIVE RISE
IN TOTAL EQUITY THAN TOTAL LIABILITIES.}

^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 1.73 TIMES, UP FROM 1.43
TIMES AND QUICK RATIO IMPROVED TO 1.64 TIMES FROM 1.35 TIMES IN FY 2005.}

^{SIMILARLY, NET
WORKING CAPITAL IMPROVED BY 92.34% FROM JPY364,599,000 IN FY 2005 TO
JPY701,287,000.}

^{CASH AND CASH
EQUIVALENTS COMPRISE OF:}

^{-CASH AT BANK - 2006: JPY 18,000 (2005: JPY67,723,000)}

^{-CASH ON HAND - 2006: JPY194,941,000 (2005: JPY 240,000)}

^{PROFITABILITY:}

^{REVENUE POSTED AN
INCREASE OF 9.88% FROM JPY2,507,595,000 IN FY 2005 TO JPY2,755,425,000 AND NET
PROFIT ROSE BY 52.72% TO JPY266,173,000 (2005: JPY174,288,000). HENCE, NET MARGIN ROSE TO 9.66% (2005:
6.95%).}

^REVENUE:

^{-SALES OF GOODS -
2006: JPY2,716,569,000 (2005: JPY2,464,270,000)}

^{-EQUIPMENT RENTAL
INCOME - 2006: JPY 38,856,000 (2005: JPY
43,325,000)}

^{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 JPY3,530,000 IN
FY 2006 (2005: JPY4,642,000).}

^{AVERAGE COLLECTION
PERIOD HAS INCREASED FROM 154.25 DAYS TO 179.46 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.}

^{NON-CURRENT
ASSETS:}

^{THE FOLLOWING
ITEMS ARE CLASSIFIED UNDER PRELIMINARY:}

^{-OUTSIDE PARTIES -
2006: JPY60,490,000 (2005: JPY40,722,000)}

^{-SUBSIDIARIES - 2006: JPY93,290,000 (2005:
JPY43,985,000)}

^{NOTES TO THE FINANCIAL STATEMENTS}^:

^{LOAN
PAYABLES}

^{-LOANS FROM
HOLDING COMPANY - 2006: - (2005: JPY172,753,000)}

^{-LOANS FROM
OUTSIDE PARTY - 2006: JPY192,924,000 (2005: JPY151,866,000)}

^{THE LOANS ARE
PAYABLE AS FOLLOWS:}

^{WITHIN ONE YEAR
(SHOWN UNDER CURRENT LIABILITIES)}

^{HOLDING COMPANY -
2006: - (2005: JPY172,753,000)}

^{OUTSIDE PARTIES -
2006: JPY6,061,000 (2005: JPY117,566,000)}

^{IN THE SECOND TO
FIFTH YEAR INCLUSIVE}

^{OUTSIDE PARTIES -
2006: JPY186,863,000 (2005: JPY34,300,000)}

^{THE LOANS FROM
HOLDING COMPANY WERE UNSECURED AND COMPRISED OF:}

^{A) LOAN I}

^{A LOAN OF YEN
42,373,000 (S$650,000) WHICH BORE AN INTEREST RATE OF SIBOR + 0.5%. THE AVERAGE EFFECTIVE INTEREST RATE ON THE LOAN
APPROXIMATED 2.6% (2005: 2.7%) PER ANNUM AND WAS REPAYABLE IN 3 YEARS WHICH
COMMENCED IN DECEMBER 2003.}

^{B) LOAN II}

^{A LOAN OF YEN
130,380,000 (S$2,000,000) WHICH BORE AN INTEREST RATE OF SIBOR + 0.5%. THE
AVERAGE EFFECTIVE INTEREST RATE ON THE LOAN APPROXIMATED 2.6% (2005: 2.7%) PER
ANNUM AND WAS REPAYABLE IN 3 YEARS WHICH COMMENCED IN DECEMBER 2003.}

^{THE LOANS FROM HOLDING
COMPANY WERE FULLY REPAID DURING THE FINANCIAL YEAR.}

^{THE LOANS FROM
OUTSIDE PARTIES ARE DENOMINATED IN SINGAPORE DOLLARS, SECURED BY BANKERS'
GUARANTEE AMOUNTING TO YEN 121,731,000 (EQUIVLAENT TO S$1,677,431) (2005: YEN
248,741,000; EQUIVALENT TO S$3,815,636) AND IS FOR THE PURPOSE OF PURCHASING
INSTRUMENTS FOR RESALE. THE LOANS BEAR INTEREST RATES RANGING FROM 0.84% TO
4.25% (2005: 1.31% TO 4.26%) PER ANNUM. THE LOANS ARE REPAYABLE BY MONTHLY
INSTALMENTS OVER A PERIOD OF TWO TO THREE YEARS FROM MAY 2003 (2005: AUGUST
2002).}

^{THE DIRECTORS
ESTIMATE THAT THE FAIR VALUES OF LOAN PAYABLES APPROXIMATE THEIR CARRYING
AMOUNTS.}

^{CONTINGENT
LIABILITIES}

^{GUARANTEES
(UNSECURED) - 2006: JPY13,200,000 (2005: JPY984,000)}

^{GUARANTEES ARE GIVEN
BY THE COMPANY TO THE BANK IN CONNECTION WITH PERFORMANCE SECURITIES GRANTED BY
THE BANK TO THIRD PARTIES.}

^{EVENTS
AFTER BALANCE SHEET DATE}

^{SUBSEQUENT TO YEAR
END, THE COMPANY ISSUED AN ADDITIONAL 2,000,000 ORDINARY SHARES FOR A CASH
CONSIDERATION OF YEN 142,320,000 (EQUIVALENT TO S$2,000,000) FOR THE FOLLOWING
PURPOSESE:}

^{(I) BUSINESS EXPANSION AND INVESTMENT IN
SUBSIDIARY; AND}

^{(II) WORKING CAPITAL REQUIREMENTS AND GENERAL
FUNDING}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 24/02/1998 AS A LIMITED PRIVATE
COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "SYSMEX SINGAPORE PTE
LTD".}

^{SUBSEQUENTLY, ON
01/10/2005, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE AS "SYSMEX ASIA
PACIFIC PTE. LTD.".}

^{AS AT 19/03/2007,
THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 3,500,000 SHARES OF A VALUE OF
S$3,500,000.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1) MANUFACTURE OF
ELECTRICAL/ELECTRONIC SURGICAL AND MEDICAL INSTRUMENTS}

^{2) WHOLESALE OF
PROFESSIONAL, SCIENTIFIC AND PRECISION EQUIPMENT; SELL LAB TESTING INSTRUCTIONS
& CHEMICAL REAGENTS FOR BLOOD ANALYSIS PURPOSES}

^{DURING THE
FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF
SELLING LABORATORY TESTING INSTRUMENTS AND CHEMICAL REAGENTS FOR BLOOD ANALYSIS
PURPOSES, AS WELL AS RENDERING TECHNICAL SALES SUPPORT TO ITS CUSTOMERS.}

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

^{BACKGROUND OF
SYSMEX CORPORATION:}

^{SYSMEX IS A MARKET
LEADER IN THE FIELD OF CLINICAL LABORATORY TESTING AND HEALTH INFORMATION
TECHNOLOGY PRODUCTS AND SERVICES – SUPPLYING LABORATORIES, HOSPITALS AND
HEALTHCARE ORGANIZATIONS WORLDWIDE.}

^{SYSMEX DELIVERS TOTAL
SOLUTIONS IN THE FIELD OF CLINICAL LABORATORY TESTING, INCLUDING HAEMATOLOGY
AND URINALYSIS. IN THE CORE FIELD OF HAEMATOLOGY, SYSMEX IS THE MARKET LEADER
IN JAPAN AND OCCUPIES THE NUMBER-ONE SHARE OF THE ASIAN MARKET WHILST CURRENTLY
HOLDING THE NUMBER-TWO SHARE OF THE WORLDWIDE MARKET.}

^{SUPPLYING PRODUCTS
AND SERVICES TO CUSTOMERS IN MORE THAN 150 COUNTRIES, SYSMEX CONTINUES TO BUILD
A STRONG GLOBAL NETWORK OF RESEARCH AND DEVELOPMENT FACILITIES, PRODUCTION
BASES AND OFFICES OF DISTRIBUTION AT 32 LOCATIONS IN 17 COUNTRIES.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* DELIVERY AND IMPLEMENTATION OF CLINICAL IVD
AND HEALTH IT PRODUCTS AND SERVICES FOR CLINICAL LABORATORIES, HOSPITALS AND
HEALTHCARE ORGANISATIONS}

^{PRODUCTS DEALINGS:}

^{SYSTEMIZATION
(BRINGS TOTALLY AUTOMATED ANALYSIS TO THE LABORATORY WITH SYSTEMIZATION)}

^{* XE-ALPHAN}

^{* HST-N SERIES}

^{* CST-N SERIES}

^{HEMATOLOGY
(AUTOMATIC SLIDE PREPARATION SYSTEM)}

^{* K-SERIES}

^{* XT SERIES}

^{* XE SERIES}

^{* XS SERIES}

^{* POCH-100I
ANALYZERS}

^{* SP-1000I}

^{* EIGHTCHECK-3WP}

^{HEMOSTASIS
(ANALYZERS AND REAGENTS)}

^{* CA SERIES}

^{URINALYSIS (FULLY
AUTOMATIC ANALYZERS)}

^{* UF SERIES}

^CHEMISTRY

^{* CHEMIX-180 AUTOMATED CLINICAL CHEMISTRY ANALYZER}

^{* HLC-723 G7 AUTOMATED GLYCOHEMOGLOBIN ANALYZER}

^{IT SOLUTIONS}

^{* ENCOMPASSING
ADVANCED LABORATORY INFORMATION SYSTEMS (LIS), SPECIALIST WORK AREA MANAGER
(WAM) SOLUTIONS AND A DIVERSE AND SCALABLE CLINICAL INFORMATION REPOSITORY
(CIR). HCLAB IS A MODULAR LIS THAT CAN
BE FULLY INTERFACED, IS EASY TO INSTALL AND USE}

^{DIGITAL CELL
MORPHOLOGY}

^{* CELLAVISION -
DM96 AND DM8 ARE ANALYZERS WHICH AUTOMATE MANUAL DIFFERENTIAL COUNTS OF WHITE
BLOOD CELLS, PRE- CHARACTERIZES OF THE RED BLOOD CELL MORPHOLOGY AND PROVIDES
FUNCTIONALITY FOR PERFORMING ESTIMATES.}

^SERVICES

^{* CONSULTANCY}

^{* PRODUCT TRAINING}

^{* PROJECT
MANAGEMENT}

^{* TECHNICAL
SUPPORT}

^{OVERSEAS OFFICES:}

^{* JAPAN (HEAD
OFFICE)}

^{* MALAYSIA}

^{* INDONESIA}

^{* THAILAND}

^{* VIETNAM}

^{* PHILIPPINES}

^{* INDIA}

^{* AUSTRALIA}

^{* NEW ZEALAND}

^{FROM THE TELE-INTERVIEW
CONDUCTED ON 21/03/2007, THE FOLLOWING WAS GATHERED:}

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY - 2007:
44}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 21/03/2007.}

^{THE COMPANY IS A SUBSIDIARY
OF SYSMEX CORPORATION, INCORPORATED IN JAPAN, WHICH IS ALSO THE COMPANY'S
ULTIMATE HOLDING COMPANY.}

^{NUMBER OF
EMPLOYEES (31 MARCH):}

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

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

^{REGISTERED AND
BUSINESS ADDRESS:}

^{2 WOODLANDS SECTOR
1}

^{#01-04/06
WOODLANDS SPECTRUM}

^{SINGAPORE 738068}

^{- DATE OF CHANGE
OF ADDRESS: 09/07/2004}

^{- ASIA PACIFIC
HEADQUARTER}

^{YOUR PROVIDED
ADDRESS:}

^{2 WOODLANDS SECTOR
1}

^{#01-06 WOODLANDS
SPECTRUM}

^{SINGAPORE 738068}

^{- INCORRECT}

^WEBSITE:

^{http://www.sysmex.com.sg}

^EMAIL:

^{sysmex@sysmex-ap.com}

MANAGEMENT

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

^{1) MICHAEL HERMANN
BARTELS, A GERMAN}

^{- BASED IN SINGAPORE.}

^{2) TAKASHI ONO, A
JAPANESE}

^{- BASED IN SINGAPORE.}

^{3) KOJI TAMURA, A
JAPANESE}

- BASED IN JAPAN.

Singapore’s Country Rating 2006

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE’S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR’S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.
ONE OF ASIA’S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.
WORKFORCE’S EDUCATION AND SKILL LEVEL IS VERY HIGH.
A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.
THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.
GREAT POLITICAL STABILITY.

WEAKNESSES

ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.
MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES
REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.
AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

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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