MIRA INFORM REPORT

Report Date :

11.05.2007

IDENTIFICATION DETAILS

Name :	IMI CORNELIUS (SINGAPORE) PTE LTD
Registered Office :	^16^Tuas Street, Singapore^– 638453
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^17/09/1993
Com. Reg. No.:	^199306100G
Legal Form :	^Pte Ltd
Line of Business :	Marketing, Manufacturing, Buying, Selling, Processing or otherwise Dealing in Beverage Dispensing Equipment and Ice-Making Equipment.

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

IMI CORNELIUS (SINGAPORE) PTE LTD

Line Of Business 

MARKETING, MANUFACTURING, BUYING, SELLING, PROCESSING OR OTHERWISE DEALING IN BEVERAGE DISPENSING EQUIPMENT AND ICE-MAKING EQUIPMENT.

Parent Company

IMI OVERSEAS INVESTMENTS LIMITED

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY2005

COMPANY

Sales : US$10,968,389

Networth : US$10,379,183

Paid-Up Capital : US$ 463,535

Net result : US$ 1,068,440

Net Margin(%) : 9.74

Return on Equity(%) : 10.29

Leverage Ratio : 0.16 TIMES

COMPANY IDENTIFICATION

^{Subject Company : IMI CORNELIUS (SINGAPORE) PTE LTD}

^{Former Name : -}

^{Business Address : 16 TUAS STREET}

^{Town : SINGAPORE}

^{Postcode : 638453}

^{County : -}

^{Country : Singapore}

^{Telephone : 6862 5542}

^{Fax : 6862 5604}

^{ROC Number : 199306100G}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 17/09/1993}

^{Previous Legal Form : -}

^{Summary year : 31/12/2005}

^{Sales : 10,968,389}

^{Net Worth : 10,379,183}

^{Paid-Up Capital : 463,535}

^{Employees : -}

^{Net Result : 1,068,440}

^{Auditor : KPMG}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 17/09/1993}

PRINCIPAL(S)

^{YEO HOCK SIEW S1352356H Director}

DIRECTOR(S)

^{BILL ARTHUR SIMOS E7073996 Director}

^{Appointed on : 12/01/2005}

^{Street : BLK 1, FLAT E 1/F VANTAGE PARK}

^{22 CONDUIT ROAD}

^{Town : -}

^{Postcode : -}

^{Country : Hong Kong}

^{BILL ARTHUR SIMOS E7073996 Managing Director}

^{Appointed on : 12/01/2005}

^{Street : BLK 1, FLAT E 1/F VANTAGE PARK}

^{22 CONDUIT ROAD}

^{Town : -}

^{Postcode : -}

^{Country : Hong Kong}

^{YEO HOCK SIEW S1352356H Director}

^{Appointed on : 07/06/2004}

^{Street : 271 TOH GUAN ROAD}

^#11-109

^{Town : SINGAPORE}

^{Postcode : 600271}

^{Country : Singapore}

^{MADELYN KWANG YEIT LAM S1426198B Company Secretary}

^{Appointed on : 20/09/1993}

^{Street : 869 TAMPINES STREET 83}

^#12-179

^{Town : SINGAPORE}

^{Postcode : 520869}

^{Country : Singapore}

ACTIVITY (IES)

^{KITCHEN EQUIPMENT And SUPPLIES - COMMERCIAL Code: 12520}

^{BEVERAGE DISPENSING EQUIPMENT And SUPPLIES Code: 1950}

^{BASED ON ACRA'S RECORD AS AT 04/05/2007}

^{1) WHOLESALE OF COMMERCIAL FOOD SERVICE EQUIPMENT (EG HOTEL KITCHEN EQUIPMENT); MARKETING, MANUFACTURING, BUY, SELL, PROCESS OR DEAL}

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 Databases

SHAREHOLDERS(S)

^{IMI OVERSEAS INVESTMENTS LIMITED 750,000 Company}

^{Street : LAKESIDE, SOLIHULL PARKWAY}

^{BIRMINGHAM BUSINESS PARK}

^{Town : BURMINGHAM B37 7XZ}

^{Postcode : -}

^{Country : United Kingdom}

HOLDING COMPANY

^{IMI OVERSEAS INVESTMENTS LIMITED UF10770H % : 100}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : ABUNDANT}

^{Payments : REGULAR}

^{Trend : DOWNWARD}

^{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: 22/09/2006}

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

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Preliminary Exp 78,299 112,435}

^{Tangible Fixed Assets: 35,306 43,787}

^{Total Fixed Assets: 113,605 156,222}

^{Inventories: 1,882,458 1,623,404}

^{Receivables: 2,257,259 1,640,204}

^{Cash, Banks, Securities: 2,104,063 2,059,828}

^{Other current assets: 5,717,269 5,773,537}

^{Total Current Assets: 11,961,049 11,096,973}

^{TOTAL ASSETS: 12,074,654 11,253,195}

^{--- LIABILITIES ---}

^{Equity capital: 463,535 463,535}

^{Profit & loss Account: 9,915,648 8,770,338}

^{Total Equity: 10,379,183 9,233,873}

^{Trade Creditors: 1,153,739 1,419,042}

^{Provisions: 405,345 471,141}

^{Other Short term Liab.: 94,516 104,353}

^{Prepay. & Def. charges: 41,871 24,786}

^{Total short term Liab.: 1,695,471 2,019,322}

^{TOTAL LIABILITIES: 1,695,471 2,019,322}

PROFIT & LOSS ACCOUNT

^{Net Sales 10,968,389 12,464,414}

^{NET RESULT BEFORE TAX: 1,381,275 1,814,016}

^{Tax : 312,835 316,309}

^{Net income/loss year: 1,068,440 1,497,707}

^{Depreciation: 20,309 25,232}

^{Wages and Salaries: 676,444 609,329}

^{Financial Income: 86,156 87,879}

RATIOS

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

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

^{Stock / Turnover(%): 0.17 0.13}

^{Net Margin(%): 9.74 12.02}

^{Return on Equity(%): 10.29 16.22}

^{Return on Assets(%): 8.85 13.31}

^{Net Working capital: 10265578.00 9077651.00}

^{Cash Ratio: 1.24 1.02}

^{Quick Ratio: 2.57 1.83}

^{Current ratio: 7.05 5.50}

^{Receivables Turnover: 74.09 47.37}

^{Leverage Ratio: 0.16 0.22}

^{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 TO STABLE IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS FAIRLY SOUND WITH TOTAL EQUITY RISING BY 12.40% AMOUNTING TO USD10,379,183 (2004: USD9,233,873). THIS WAS CONTRIBUTED BY HIGHER RETAINED EARNINGS BROUGHT FORWARD OF USD9,915,648 (2004: USD8,770,338).}

^LEVERAGE:

^{THE LEVERAGE RATIO HAD IMPROVED TO 0.16 TIMES (2004: 0.22 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 18.70%, AMOUNTING TO USD1,153,739 (2004: USD1,419,042).}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS HEALTHY. BOTH THE QUICK AND CURRENT RATIOS WERE ADEQUATE AT 2.57 TIMES (2004: 1.83 TIMES) AND 7.05 TIMES (2004: 5.50 TIMES) RESPECTIVELY.}

^{THIS WAS IN TANDEM WITH THE NET WORKING CAPITAL, WHICH REGISTERED HIGHER AT USD10,265,578 (2004: USD9,077,651).}

^{PROFITABILITY:}

^{REVENUE FOR FY2005 DECLINED BY 12.00%, TOTALLING USD10,968,389 (2004: USD12,464,414). NET INCOME POSTED LOWER BY 28.66% AS WELL, ACCOUNTING FOR USD1,068,440 (2004: USD1,497,707).}

^{THUS, NET MARGIN STOOD LOWER AT 9.74% (2004: 12.02%).}

^{DEBT SERVICING:}

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

^{HOWEVER, AVERAGE COLLECTION PERIOD LENGTHENED TO 74 DAYS (2004: 47 DAYS).}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 17/09/1993 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "IMI CORNELIUS (SINGAPORE) PTE LTD".}

^{AS AT 04/05/2007, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 750,000 SHARES OF A VALUE OF S$750,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF COMMERCIAL FOOD SERVICE EQUIPMENT (EG HOTEL KITCHEN EQUIPMENT); MARKETING, MANUFACTURING, BUY, SELL, PROCESS OR DEAL IN BEVERAGE DISPENSING & ICE-MAKING EQUIPMENT}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE THOSE RELATING TO THE MARKETING, MANUFACTURING, BUYING, SELLING, PROCESSING OR OTHERWISE DEALING IN BEVERAGE DISPENSING EQUIPMENT AND ICE-MAKING EQUIPMENT.}

^{THE IMMEDIATE HOLDING COMPANY IS IMI OVERSEAS INVESTMENTS LIMITED, INCORPORATED IN ENGLAND. THE ULTIMATE HOLDING COMPANY IS IMI PLC, INCORPORATED IN ENGLAND.}

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

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: BEVERAGE DISPENSING EQUIPMENT AND SUPPLIES.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY:}

^{* IMPORTER, EXPORTER OF DRINKS DISPENSING SYSTEMS FOR SOFT DRINKS AND BEER, FROZEN CARBONATED BEVERAGE MACHINES AND ICE MAKERS}

^PRODUCTS:

^{* ICE DRINK DISPENSERS WITH ICE MAKERS}

^{* ICE MAKERS AND STORAGE BINS}

^{* BEER DISPENSERS}

^{* FROZEN CARBONATED BEVERAGE (FCB) DISPENSERS}

^{* JUICE DISPENSERS}

^{* COUNTER ELECTRIC DISPENSERS}

^{* ACCESSORIES}

^{TRADE NAME:}

^{* CORNELIUS; DISPENSING MACHINE (UNITED KINGDOM)}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE ON 10/05/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{16 TUAS STREET}

^{SINGAPORE 638453}

^{DATE OF CHANGE OF ADDRESS: -}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED BY: NORGEN PTE. LTD.}

^WEBSITE:

^{* http://www.cornelius-asia.com}

^EMAIL:

^{* webmaster@cornelius.com}

MANAGEMENT

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

^{1) BILL ARTHUR SIMOS, AN AUSTRALIAN}

^{- BASED IN HONG KONG}

^{2) YEO HOCK SIEW, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE}

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%)

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