MIRA INFORM REPORT

Report Date :

17.05.2007

IDENTIFICATION DETAILS

Name :	CAMERON (SINGAPORE) PTE. LTD.

Registered Office :	²^{Gul Circle, Singapore}^{- 629560}

Country :	Singapore

Financials (as on) :	31.12.2005

Date of Incorporation :	^19/06/1974

Com. Reg. No.:	^197401101H

Legal Form :	^{Pte Ltd}

Line of Business :	Manufacture and Sale of Oilfield Equipment etc.

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 :	Clear

Subject Company

CAMERON (SINGAPORE) PTE. LTD.

Line Of Business

MANUFACTURE AND SALE OF OILFIELD EQUIPMENT ETC

Parent Company

COOPER CAMERON HOLDING (CAYMAN) LIMITED

(PERCENTAGE OF SHAREHOLDING: 100.00%)

Financial Elements

FY 2005

COMPANY

Sales : USD176,550,000

Networth : USD72,059,000

Paid-Up Capital : USD8,559,000

Net result : USD15,887,000

Net Margin(%) : 9.00

Return on Equity(%) : 22.05

Leverage Ratio : 1.05

COMPANY IDENTIFICATION

^{Subject Company: CAMERON
(SINGAPORE)
PTE. LTD.}

^{Former Name: COOPER
CAMERON (SINGAPORE)
PTE LTD}

^{Business Address: 2 GUL
CIRCLE}

^{Town: SINGAPORE}

^{Postcode: 629560}

^{County: -}

^{Country: Singapore}

^{Telephone: 6861
3355}

^{Fax: 6863 2329}

^{ROC Number: 197401101H}

^Reg.^Town^{:
-}

PREVIOUS IDENTIFICATION

^{COOPER CAMERON (SINGAPORE) PTE LTD DATE OF CHANGE OF NAME: 21/08/2006}

SUMMARY

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

^{Legal Form: Pte
Ltd}

^{Date Inc.: 19/06/1974}

^{Previous Legal Form: -}

^{Summary year: 31/12/2005}

^{Sales: 176,550,000}

^{Net worth: 72,059,000}

^{Capital: 9,825,000}

^{Paid-Up Capital: 8,559,000}

^{Employees: 300}

^{Net result: 15,887,000}

^{Share value: -}

^{Auditor: ERNST
& YOUNG}

REFERENCES

^{Litigation: Yes}

^{Company status: TRADING}

^{Started: 19/06/1974}

PRINCIPAL(S)

^{SEET CHONG JENG S0202296F Director}

DIRECTOR(S)

^{SEET CHONG JENG S0202296F
Director}

^{Appointed on: 03/04/2000}

^{Street: 153 GANGSA ROAD}

^#12-319

^{Town:
SINGAPORE}

^{Postcode: 670153}

^{Country: Singapore}

^{SEET CHONG JENG S0202296F
Company Secretary}

^{Appointed on: 03/04/2000}

^{Street: 153 GANGSA ROAD}

^#12-319

^{Town:
SINGAPORE}

^{Postcode: 670153}

^{Country: Singapore}

^{ERIK PEYRER UO413712 Director}

^{Appointed on: 09/03/1993}

^{Street: 40 BELMONT ROAD}

^{Town: SINGAPORE}

^{Postcode: 269876}

^{Country: Singapore}

^{STEVEN P BEATTY 132312129
Director}

^{Appointed on: 29/12/1997}

^{Street: 13013
NW FREEWAY HOUSTON}

^{Town: TEXAS}

^{Postcode: 770404}

^{Country: United States}

^{WILLIAM C. LEMMER 15284451
Director}

^{Appointed on: 06/03/2000}

^{Street: 11836 WINK ROAD HOUSTON}

^{Town: TEXAS}

^{Postcode: 77024}

^{Country: United States}

FORMER DIRECTOR(S)

^{GILLIS JOSEPH LEE S03113589}

^{LAI YUE KEE S0553925J}

^{BURGUIERES PHILIP JOSEPH SB1024525}

^{JOHNS EDWARD DENWIN B162775}

^{SMITH DOUGLAS V SC1987474}

^{DEAKINS JOHN DAVID SC2524061}

^{WALKER RALPH FOREMAN JR D345893}

^{KING CARL BAKER D345907}

^{CURINGTON WAYNE
CLYDE D670858}

^{BUSHMAN FRANK HARRY SE1197795}

^{LAUGIER AUGUSTINE RAMON SF1002521}

^{CREWS MARK EVANS SZ5859121}

^{TRUETT FRANKLIN
MYERS G469760}

^{WILLIAM J BERGER 130967723}

ACTIVITY(IES)

^{OIL COMPANIES Code:15225}

^{OIL WELL EQUIPMENT And SUPPLIES Code:15390}

^{BASED ON ACRA'S RECORD AS AT
11/04/2007}

^{1) MANUFACTURE AND REPAIR OF OTHER OILFIELD
& GASFIELD MACHINERY AND EQUIPMENT (EG DERRICKS)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

^{Date: 18/04/2007} ^{Tax rate: 10}

^{Site Address: 2 GUL CIRCLE}

^{Town: SINGAPORE}

^{County: - Postcode: 629560}

^{Country: Singapore}

^{Annual Value: 1,967,000}

* 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% (IE 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

^{BANK OF AMERICA}

^{JPMORGAN CHASE BANK}

^{ABN AMRO BANK NV}

SHAREHOLDERS(S)

^{COOPER CAMERON HOLDING (CAYMAN) 13,503,227 Company}

^{Street: P.O.
BOX 309
GT, UGLAND HOUSE}

^{SOUTH CHURCH STREET}

^{GEORGE TOWN, GRAND
CAYMAN}

^{Town:
-}

^{Postcode: -}

^{Country: Cayman Islands}

FORMER SHAREHOLDER(S)

^{CAMERON IRON WORKS INC 100,000}

^{COOPER INDUSTRIES INC 8,245,000}

^{COOPER CAMERON CORPORATION 8,245,000}

^{COOPER ENERGY SERVICES 5,258,227}

HOLDING COMPANY

^{COOPER CAMERON HOLDING (CAYMAN) UF35903Z %: 100}

SUBSIDIARY(IES)

^{RIYAN CAMERON (B) SENDIRIAN BERHAD}

^MALAYSIAN

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity: SUFFICIENT}

^{Payments: REGULAR}

^{Trend: UPWARD}

^{Financial Situation: AVERAGE}

LITIGATION(S)

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

^{Case Number: DCS00900/2002}

Defendant CAMERON (SINGAPORE) PTE. LTD. ROC #: 197401101H

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

^{Case Number: HWS01523/2002}

Defendant CAMERON (SINGAPORE) PTE. LTD. ROC #: 197401101H

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

^{Case Number: MCS13575/1998}

Defendant CAMERON (SINGAPORE) PTE. LTD. ROC #: 197401101H

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 16/08/2006}

^{Balance Sheet Date: 31/12/2005 31/12/2004 31/12/2003}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^---
ASSETS

^{Tangible Fixed Assets: 25,877,000 26,180,000 27,571,000}

^{Investments 9,000 9,000 9,000}

^{Total Fixed Assets}^{: 25,886,000 26,189,000 27,580,000}

^{Inventories: 54,328,000 23,804,000 18,560,000}

^{Receivables: 53,546,000 43,778,000 32,022,000}

^{Cash,Banks,Securities: 8,163,000 11,955,000 15,064,000}

^{Other current assets: 5,443,000 4,263,000 30,084,000}

^{Total Current Assets}^{: 121,480,000 83,800,000 95,730,000}

^{TOTAL
ASSETS: 147,366,000 109,989,000 123,310,000}

^{---
LIABILITIES}

^{Equity capital: 8,559,000 8,559,000 8,559,000}

^{Reserves: - - 78,626,000}

^{Profit & loss
Account: 63,500,000 55,113,000 -}

^{Total Equity: 72,059,000 63,672,000 87,185,000}

^{L/T deferred taxes: 3,410,000 2,486,000 3,427,000}

^{Total L/T Liabilities}^{: 3,410,000 2,486,000 3,427,000}

^{Trade Creditors: 52,291,000 27,048,000 20,470,000}

^{Prepay. & Def.
charges: 9,053,000 7,330,000 5,840,000}

^{Advanced payments: - - 2,758,000}

^{Provisions: 3,717,000 4,093,000 1,878,000}

^{Other Short term
Liab.: 6,836,000 5,360,000 1,752,000}

^{Total short term Liab}^{.: 71,897,000 43,831,000 32,698,000}

^{TOTAL LIABILITIES:
75,307,000
46,317,000
36,125,000}

PROFIT & LOSS ACCOUNT

^{Net Sales 176,550,000 141,852,000 130,213,000}

^{Purchases,Sces & Other
Goods: 123,124,000 97,273,000 81,880,000}

^{Gross Profit: 53,426,000 44,579,000 48,333,000}

^{Result of ordinary
operations 19,479,000 7,385,000 12,216,000}

^{NET RESULT BEFORE TAX: 19,479,000 7,384,000 12,215,000}

^{Tax: 3,592,000 2,407,000 1,556,000}

^{Net income/loss year: 15,887,000 4,977,000 10,659,000}

^{Interest Paid: - 1,000 1,000}

^{Depreciation: 4,428,000 4,174,000 3,635,000}

^{Dividends: 7,500,000 28,490,000 -}

^{Directors Emoluments: 890,000 592,000 695,000}

^{Wages and Salaries: 22,361,000 19,551,000 19,611,000}

^{Financial Income: 198,000 226,000 469,000}

RATIOS

^{31/12/2005
31/12/2004 31/12/2003}

^{Turnover per employee: 588500.00 472840.00 434043.33}

^{Net result / Turnover(%): 0.09 0.04 0.08}

^{Stock / Turnover(%): 0.31 0.17 0.14}

^{Net Margin(%): 9.00 3.51 8.19}

^{Return on Equity(%): 22.05 7.82 12.23}

^{Return on Assets(%): 10.78 4.52 8.64}

^{Dividends Coverage: 2.12 0.17 0.17}

^{Net Working capital: 49583000.00 39969000.00 63032000.00}

^{Cash Ratio: 0.11 0.27 0.46}

^{Quick Ratio: 0.86 1.27 1.44}

^{Current ratio: 1.69 1.91 2.93}

^{Receivables Turnover: 109.18 111.10 88.53}

^{Leverage Ratio: 1.05 0.73 0.41}

^{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} ^{13.17% FROM US$63,672,000 IN FY 2004 TO US$72,059,000 IN FY 2005.}

^{THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF
US$63,500,000} ^{(2004: US$55,113,000);
A RISE OF 15.22% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY
FINANCED BY TRADE CREDITORS} ^{WHICH MADE UP 72.73% (2004: 61.71%) OF THE TOTAL CURRENT
LIABILITIES} ^{AND AMOUNTED TO US$52,291,000 (2004: US$27,048,000). THE
BREAKDOWN IS} ^{AS FOLLOWS:}

^{-ULTIMATE HOLDING COMPANY - 2005:
US$10,767,000 (2004: US$11,304,000)}

^{-RELATED COMPANIES - 2005: US$20,855,000
(2004: US$3,967,000)}

^{-OTHER TRADE PAYABLES - 2005: US$20,669,000
(2004: US$11,777,000)}

^{IN ALL, LEVERAGE RATIO ROSE FROM 0.73 TIMES
TO 1.05 TIMES AS A RESULT} ^{OF A GREATER RISE IN TOTAL LIABILITIES THAN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
PASSABLE AS SEEN FROM} ^{THE CHANGES IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT
RATIO} ^{FELL TO 1.69 TIMES, DOWN FROM 1.91 TIMES AND QUICK RATIO FELL
TO 0.86} ^{TIMES FROM 1.27 TIMES IN FY 2004.}

^{NET WORKING CAPITAL IMPROVED BY 24.05% FROM
US$39,969,000 IN FY 2004} ^{TO US$49,583,000.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 24.46% FROM US$141,852,000
IN FY 2004 TO} ^{US$176,550,000
AND NET PROFIT ROSE BY 2.19 TIMES TO US$15,887,000}

^{(2004: US 4,977,000). HENCE, NET MARGIN ROSE
TO 9.00% (2004: 3.51%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED
IF REVENUE AND EARNINGS} ^{CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE
ON} ^{19/06/1974
AS A LIMITED PRIVATE COMPANY UNDER THE NAMESTYLE OF} ^{"COOPER OIL
TOOL (SINGAPORE)
PTE LTD". ON 03/02/1992, IT CHANGED TO} ^{THE NAMESTYLE OF
"COOPER OIL TOOL (SINGAPORE)
PTE. LTD.", AND} ^{"COOPER CAMERON (SINGAPORE) PTE.
LTD." ON 18/10/1995.}

^{SUBSEQUENTLY ON 21/08/2006, THE COMPANY
CHANGED TO ITS PRESENT} ^{NAMESTYLE OF "CAMERON (SINGAPORE) PTE. LTD.".}

^{AS AT 11/04/2007, THE COMPANY HAS ISSUED AND
PAID-UP CAPITAL OF} ^{13,503,227 SHARES OF A VALUE OF S$13,503,227.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) MANUFACTURE AND REPAIR OF OTHER OILFIELD
& GASFIELD MACHINERY AND} ^{EQUIPMENT (EG}

^DERRICKS)

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE
PRINCIPAL ACTIVITIES OF} ^{THE COMPANY CONSIST OF THE MANUFACTURE AND SALE
OF OILFIELD EQUIPMENT} ^{AND THE MARKETING AND SALE OF ENGINES AND TURBINE COMPRESSION
SYSTEMS.} ^{THE PRINCIPAL ACTIVITY OF THE SUBSIDIARY IS THE SALE OF OILFIELD} ^EQUIPMENT.

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

^{BACKGROUND OF CAMERON GROUP:}

^{CAMERON (NYSE:CAM)
IS A LEADING PROVIDER OF FLOW EQUIPMENT PRODUCTS,} ^{SYSTEMS AND SERVICES TO WORLDWIDE OIL,
GAS AND PROCESS INDUSTRIES.} ^{LEVERAGING ITS GLOBAL MANUFACTURING,
SALES AND SERVICE NETWORK,} ^{CAMERON'S 10 OPERATING DIVISIONS WORK
WITH DRILLING CONTACTORS, OIL &} ^{GAS PRODUCERS, PIPELINE
OPERATORS, REFINERS AND OTHER PROCESS OWNERS} ^{TO CONTROL, DIRECT,
ADJUST, PROCESS, MEASURE AND COMPRESS PRESSURES} ^{AND FLOWS. THE
COMPANY GENERATES ANNUAL BOOKINGS IN EXCESS OF $4} ^{BILLION WITH MORE
THAN 12,500 EMPLOYEES AND IS HEADQUARTERED IN} ^HOUSTON^{, TEXAS}^.

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* MANUFACTURER OF PRESSURE CONTROL EQUIPMENT
FOR OIL AND GAS DRILLING} ^AND

^{PRODUCTION IN ONSHORE, OFFSHORE AND SUB SEA APPLICATIONS.}

^{PRODUCT DEALINGS:}

^{DRILLING SYSTEMS}

^{* SUBSEA DRILLING SPOTLIGHT}

^{SURFACE SYSTEMS}

^{* API GATE VALVE SPOTLIGHT}

^{* WELLHEAD SPOTLIGHT}

^{SUBSEA SYSTEMS}

^{* CHRISTMAS TREE SPOTLIGHT}

^{* FLOWLINE SPOTLIGHT}

^{* FLOW CONTROL}

^{* SUBSEA CHOKES SPOTLIGHT}

^{* CHOKES SPOTLIGHT}

^{PETRECO PROCESS SYSTEMS}

^{* OIL TREATMENT SPOTLIGHT}

^{* WATER SEPARATOR SPOTLIGHT}

^{DISTRIBUTED VALVES}

^{* BUTTERFLY VALVE SPOTLIGHT}

^{* GATE VALVE SPOTLIGHT} ^{ENGINEERED VALVES}

^{* BALL VALVE TRUNNION SPOTLIGHT}

^{* BALL
VALVE SUBSEA
SPOTLIGHT}

^{PROCESS VALVES}

^{* GATE VALVE SPOTLIGHT}

^{* BALL VALVE TRUNNION SPOTLIGHT}

^{COMPRESSION SYSTEMS}

^{* CENTRIFUGAL SPOTLIGHT}

^{* RECIPROCATING SPOTLIGHT}

^{MEASUREMENT SYSTEMS (NUFLO)}

^PRODUCTS:

^{* DPU PRODUCTS}

^{* TURBINES}

^{* TOTALIZERS}

^{* EFM/RTUS}

^{* SAMPLER PRODUCTS}

^{* P D METERS}

^{* TRANSMITTERS}

^{* DP METERS}

^{* RELIEF VALVES}

^{* ULTRASONIC METERS}

^BRANDS:

^{DRILLING &} ^{PRODUCTION SYSTEMS}

^{* CAMERON}

^{* IC}

^{* LEDEEN}

^{* MCEVOY}

^{* RETSCO}

^{* STEROM}

^{* TUNDRA}

^{* WILLIS}

^{* WKM}

^{VALVES & MEASUREMENT}

^{* BARTON}

^{* CALDON}

^{* CAMERON}

^{* CLIF MOCK}

^{* CONTROL SEAL}

^{* DEMCO}

^{* ENTECH}

^{* FOSTER}

^{* GENERAL VALVE}

^{* GROVE}

^{* NAVCO}

^{* NORTH STAR}

^{* NUFLO}

^{* NUTRON}

^{* ORBIT}

^{* RING-O}

^{* TBV}

^{* TECHNO}

^{* TEXSTREAM}

^{* THORNHILL CRAVER}

^{* TK}

^{* TOM WHEATLEY}

^{* TXT}

^{* VALOR}

^{* WHEATLEY}

^{* WKM}

^{PETRECO PROCESS SYSTEMS}

^{* AJAX}

^{* EDGE}

^{* KCC}

^{* KREBS}

^{* METROL}

^{* PETRECO}

^{* UNICEL}

^{* VORTOIL}

^{* WEMCO}

^{COMPRESSION SYSTEMS}

^{* AXIS}

^{* COOPER-BESSEMER}

^{* CSI}

^{* ENTERPRISE}

^{* JOY}

^{* MSG}

^{* PENN}

^{* SUPERIOR}

^{* TEXCENTRIC}

^{* TSI}

^{* TURBO AIR}

^{EXPORT COUNTRIES:}

^{* ASIA
PACIFIC}

^{* MIDDLE EAST}

^{TERMS OF PAYMENT:}

^{* SUPPLIERS: 30-60 DAYS TERMS}

^{* CUSTOMERS: 30-60 DAYS TERMS (LOCAL AND
OVERSEAS)}

^{TERMS OF PAYMENT:}

^{* TRADE AND OTHER RECEIVABLES: 30-60 DAYS
TERMS}

^{* TRADE AND OTHER PAYABLES : 30-60 DAYS TERMS}

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

^{* BRITISH CHAMBER OF COMMERCE}

^{* AMERICAN CHAMBER OF COMMERCE}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
17/05/2007 AS TELE-INTERVIEW WAS NOT GRANTED.}

^{THE COMPANY'S IMMEDIATE HOLDING COMPANY IS
COOPER CAMERON HOLDING} ^{(CAYMAN) LIMITED, AND THE ULTIMATE HOLDING COMPANY IS COOPER
CAMERON} ^CORPORATION.

^{NUMBER OF EMPLOYEES: (31 DECEMBER)}

^{* COMPANY - 2005: NOT AVAILABLE (2004: 585;
2003: 555; 2002: 574,} ^{2001: 514)}

^{* GROUP
- 2005: NOT AVAILABLE (2004: -;
2003: 570; 2002: 589,} ^{2001: 526)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{2 GUL CIRCLE}

^SINGAPORE⁶²⁹⁵⁶⁰

^{DATE OF CHANGE OF ADDRESS: -}

^{- OWNED PREMISE}

^{- CAMARON AND OTHER DIVISIONS}

^{- ASIA
PACIFIC HEADQUARTER}

^{OTHER BUSINESS ADDRESS:}

^{14 BENOI
CRESCENT}

^SINGAPORE⁶²⁹⁹⁷⁷

^{- PETRECO AND COMPRESSOR SYSTEMS DIVISION}

^{THE CONTACT NUMBER:}

^{FAX: 6863 2329 (AFTERMARKET)}

^WEBSITE:

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

^EMAIL:

^{singapore@camerondiv.com}

MANAGEMENT

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

^{1) STEVEN P BEATTY, AN AMERICAN}

^{- BASED IN THE UNITED STATES OF AMERICA.}

^{2) WILLIAM C. LEMMER, AN AMERICAN SAMOAN}

^{- BASED IN THE UNITED STATES OF AMERICA.}

^{3) SEET CHONG JENG, A SINGAPOREAN}

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

^{COOPER CAMERON (MALAYSIA) SDN BHD}

^{4) ERIK PEYRER, AN AUSTRIAN}

^{- BASED IN SINGAPORE.}

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.

MANUFACTURING SECTOR

^{PAST PERFORMANCE}

^{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.}

^{OUTPUT OF THE TRANSPORT ENGINEERING CLUSTER
JUMPED 45.2% YEAR-ON-YEAR IN JANUARY 2007. THE MARINE & OFFSHORE
ENGINEERING SEGMENT EXPANDED MORE THAN 50% AS SHIPYARDS CONTINUED WITH A HECTIC
PACE OF BUILDING, REPAIRING AND CONVERSION WORKS ON SHIPS. FABRICATION OF OIL
RIGS AND MANUFACTURE OF OIL FIELD EQUIPMENT KEPT PACE WITH HIGHER DEMAND. THE
AEROSPACE SEGMENT GREW 30.0% AS MORE ORDERS SUSTAINED THE INCREASE IN
COMMERCIAL AIRCRAFT REPAIRS. THE LAND TRANSPORT SEGMENT GREW 17.4% IN RESPONSE
TO INCREASED OVERSEAS ORDERS FOR VEHICLE PARTS AND COMPONENTS.}

^{BIOMEDICAL MANUFACTURING OUTPUT WENT UP 24.1%
IN JANUARY 2007. THE PRODUCTION OF PHARMACEUTICALS AND MEDICAL TECHNOLOGY
PRODUCTS INCREASED 25.0% AND 17.4% RESPECTIVELY.}

^{THE PRECISION ENGINEERING CLUSTER GREW 8.8%
DUE LARGELY TO EXPANSION IN THE MACHINERY & SYSTEMS SEGMENT. THERE WERE
INCREASES IN THE MANUFACTURE OF MACHINERY FOR HOISTING, LIFTING, REFRIGERATION,
AIR-CONDITIONING, INDUSTRIAL PROCESS CONTROL, SWITCH-GEAR AND SWITCHBOX
APPARATUS. THE PRECISION MODULES AND COMPONENTS SEGMENT POSTED A SLIGHT
INCREASE OF 1.7% COMPARED TO JANUARY LAST YEAR.}

^{THE ELECTRONICS CLUSTER REVERSED ITS
DOWNTREND IN THE PAST FOUR MONTHS TO EXPAND BY 4.1% IN JANUARY 2007. THE GROWTH
CAME MAINLY FROM HIGHER PRODUCTION OF SEMICONDUCTORS AND COMPUTER PERIPHERALS,
WHICH SHOWED 12.3% AND 4.0% GROWTH RESPECTIVELY COMPARED TO LAST JANUARY. THE
DATA STORAGE SEGMENT REMAINED DEPRESSED OWING TO THE RELOCATION OF LOW END
PRODUCTION OVERSEAS. THE INFOCOMMS & CONSUMER ELECTRONICS SEGMENT
CONTRACTED AT 5.9% DUE TO DECLINES IN OUTPUT OF TELECOMMUNICATION PRODUCTS AND
CONSUMER ELECTRONICS.}

^{THE CHEMICALS CLUSTER GREW 3.3% IN JANUARY
2007 WITH EXPANSIONS IN THE PETROCHEMICALS AND SPECIALTY CHEMICALS SEGMENTS AT
5.8% AND 7.6% RESPECTIVELY. HOWEVER, THESE EXPANSIONS WERE MODERATED BY THE
CONTRACTION OF 2.3% IN THE PETROLEUM SEGMENT. OIL REFINERS REDUCED THEIR CRUDE
OIL PROCESSING BECAUSE OF LOWER REFINING MARGINS. THE OUTPUT LEVEL WAS ALSO
AFFECTED BY SOME PLANT SHUTDOWNS FOR MAINTENANCE.}

^{THE GENERAL MANUFACTURING INDUSTRIES EXPANDED
11.0% IN JANUARY 2007. PRODUCTION OF FOOD AND BEVERAGES INDUSTRIES INCREASED
12.7%, ESPECIALLY FOR FOOD, CHOCOLATE PRODUCTS AND DRINKS WHICH MEET HIGHER
FESTIVE DEMAND. THE PRINTING INDUSTRIES ALSO EXPANDED BY 13.4%}

^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 ELECTRONICS CLUSTER EXPECTS BUSINESS TO
SOFTEN IN THE FIRST HALF OF 2007 IN ALL SEGMENTS EXCEPT THE COMPUTER PERIPHERALS
SEGMENT. THE SEMICONDUCTOR SEGMENT ANTICIPATES A DECELERATION OF THE
SEMICONDUCTOR MARKET IN THE FIRST HALF OF 2007 COMPARED TO THE LAST QUARTER OF
2006, DUE TO WEAKER DEMAND AND EXCESS INVENTORIES. OUTPUT FOR THIS SEGMENT,
HOWEVER, IS EXPECTED TO INCREASE IN THE FIRST QUARTER OF 2007 COMPARED TO A
QUARTER AGO, TO FULFILL PRE-ARRANGED ORDERS.
IN THE INFOCOMMS AND CONSUMER ELECTRONICS, AND OTHER ELECTRONIC MODULES
AND COMPONENTS SEGMENTS, PRICING PRESSURES AND SEASONAL WEAKNESS CONTRIBUTED TO
THE DIP IN SENTIMENTS. PRODUCTION LEVELS IN THE FIRST QUARTER OF THE YEAR ARE
ALSO EXPECTED TO DROP IN THESE SEGMENTS, COMPARED TO THE OCTOBER TO DECEMBER
2006 PERIOD, AS SOME PRODUCTION LINES ARE TRANSFERRED OUT OF SINGAPORE. OVERALL
EMPLOYMENT IN THIS CLUSTER IS EXPECTED TO INCREASE, BOOSTED BY THE POSITIVE
OUTLOOK IN THE COMPUTER PERIPHERALS SEGMENT, WHICH ANTICIPATES A CORRESPONDING
RISE IN OUTPUT AND DIRECT EXPORTS IN THE FIRST QUARTER OF THE YEAR, COMPARED
WITH THE PREVIOUS QUARTER.}

^{THE CHEMICALS CLUSTER FORECASTS AN
IMPROVEMENT IN THE BUSINESS CONDITIONS IN THE FIRST SIX MONTHS OF 2007,
COMPARED WITH THE FOURTH QUARTER OF 2006. THIS POSITIVE OUTLOOK IS LED BY THE
SPECIALTIES AND OTHER CHEMICALS SEGMENT, WHICH ANTICIPATE A PICK-UP IN ACTIVITIES
DUE TO THE FESTIVE SEASON AND STRONG MARKET DEMAND. THE SPECIALTIES SEGMENT
EXPECTS HIGHER OUTPUT OF PAINTS AND INDUSTRIAL GASES IN THE FIRST QUARTER OF
2007 COMPARED TO THE FOURTH QUARTER OF 2006, IN TANDEM WITH EXPECTED INCREASES
IN DOMESTIC AND EXPORT SALES. IN THE PETROLEUM REFINING SEGMENT, THROUGHPUT IS
EXPECTED TO HOLD STEADY COMPARED TO THE PREVIOUS QUARTER, DESPITE SOME REFINERY
UNITS UNDERGOING MAINTENANCE AND REPAIR IN THE FIRST QUARTER OF 2007. THE BUSINESS SITUATION IN THE BIOMEDICAL
MANUFACTURING CLUSTER IS EXPECTED TO REMAIN THE SAME IN THE NEXT SIX MONTHS
ENDING JUNE 2007, COMPARED TO THE LAST QUARTER OF 2006. IN THE PHARMACEUTICAL
SEGMENT, PRODUCTION IN THE FIRST QUARTER OF THE YEAR IS EXPECTED TO FALL FROM
THE HIGH LEVELS IN THE FOURTH QUARTER OF 2006. STOCK OF ACTIVE PHARMACEUTICALS
INGREDIENTS IS ALSO EXPECTED TO CONTINUE BEING RUN DOWN TO MEET DEMAND IN THIS
QUARTER. THE MAJORITY OF MANUFACTURERS IN THE MEDICAL TECHNOLOGY SEGMENT ALSO
EXPECT OUTPUT TO REMAIN LARGELY THE SAME AS FOURTH QUARTER 2006 LEVELS. IN
TERMS OF EMPLOYMENT OUTLOOK, PHARMACEUTICAL MANUFACTURERS EXPECT TO HIRE MORE
WORKERS IN THE FIRST QUARTER OF 2007 IN ANTICIPATION OF NEW PRODUCTION LINES
LATER IN THE YEAR.}

^{A NET WEIGHTED BALANCE OF 4% OF PRECISION
ENGINEERING MANUFACTURERS EXPECT BUSINESS CONDITIONS IN THEIR INDUSTRY TO
IMPROVE IN THE FIRST HALF OF 2007, COMPARED TO THE LAST QUARTER OF 2006. ON THE
PRODUCTION FRONT, HOWEVER, MANUFACTURE AND REPAIR OF LIFTS, ESCALATORS AND
LIFTING AND HANDLING EQUIPMENT, AND MANUFACTURE OF SEMICONDUCTOR ASSEMBLY AND
TESTING EQUIPMENT IN THE MACHINERY AND SYSTEMS SEGMENT IS EXPECTED TO DECREASE
DUE TO HOLIDAY DOWNTIMES AND MODERATION OF
DEMAND IN THE SEMICONDUCTOR MARKET. IN THE PRECISION MODULES AND COMPONENTS
SEGMENT, PRODUCTION OF PLASTIC PRECISION PARTS, CONNECTORS AND ELECTRIC MOTORS
IS SIMILARLY EXPECTED TO TAPER DURING THE FIRST QUARTER OF 2007 DUE LARGELY TO
DECREASED ORDERS AMIDST CONTINUED STIFF COMPETITION.}

^{THE TRANSPORT ENGINEERING CLUSTER ANTICIPATES
ROBUST BUSINESS CONDITIONS TO CONTINUE INTO THE FIRST SIX MONTHS OF 2007
COMPARED TO THE FOURTH QUARTER OF 2006. OUTPUT IN ALL SEGMENTS OF THE CLUSTER
IS FORECAST TO INCREASE IN THE FIRST QUARTER OF 2007, COMPARED TO THE LAST
QUARTER OF THE PREVIOUS YEAR. THE MARINE AND OFFSHORE ENGINEERING SEGMENT IS
SPURRED ON BY SUSTAINED DEMAND FOR OIL-RIGS AND OFFSHORE VESSELS, AND RISING
DEMAND FOR SHIP REPAIR ACTIVITIES DUE TO INCREASED SHIPPING ACTIVITIES IN ASIA PACIFIC AND A GROWING GLOBAL FLEET. IN THE LAND
TRANSPORT SEGMENT, OUTPUT IS EXPECTED TO RISE ON THE BACK OF HIGHER LEVELS OF
LOCAL SALES AND EXPORT ORDERS.}

^{EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE}

^{SINGAPORE
DEPARTMENT OF STATISTICS}

^{ECONOMIC DEVELOPMENT BOARD}

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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