MIRA INFORM REPORT

Report Date :

16.11.2007

IDENTIFICATION DETAILS

Name :	BNF INDUSTRIES PTE LTD

Registered Office :	^{3 Upper Aljunied Link, Blk B #06-03 Joo Seng Warehouse,}^{Singapore –}³⁶⁷⁹⁰²

Country :	Singapore

Date of Incorporation :	^03/11/1998

Com. Reg. No.:	^199805416K

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Focusing on Environmental & Process Solution Business Serving

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

BNF INDUSTRIES PTE LTD

Line Of Business

FOCUSING ON ENVIRONMENTAL & PROCESS SOLUTION BUSINESS SERVING

Parent Company

Financial Elements

Sales : N.A.

Networth : N.A.

Paid-Up Capital : S$1,000,000

Net result : N.A.

Net Margin(%) : N.A.

Return on Equity(%) : N.A.

Leverage Ratio : N.A.

COMPANY IDENTIFICATION

^{Subject Company :}^{BNF INDUSTRIES
PTE LTD}

^{Former Name :}^-

^{Business Address :}^{3 UPPER ALJUNIED
LINK}

^{BLK B #06-03 JOO SENG WAREHOUSE}

^{Town :
SINGAPORE}

^{Postcode :}³⁶⁷⁹⁰²

^{County :
-}

^{Country :
Singapore}

^{Telephone :}^{6742 6118}

^{Fax :}^{6742 6119}

^{ROC Number :}^199805416K

^{Reg. Town :
-}

SUMMARY

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

^{Legal Form :}^{Exempt Pte Ltd}

^{Date Inc. :}^03/11/1998

^{Previous Legal Form :}^-

^{Summary year :}^-

^{Sales :}^-

^{Networth :}^-

^{Capital :}^-

^{Paid-Up Capital :}^1,000,000

^{Employees :}¹¹

^{Net result :}^-

^{Share value :
-}

^{Auditor :}^{S K LAI & CO}

REFERENCES

^{Litigation :
No}

^{Company status :
TRADING}

^{Started :}^03/11/1998

PRINCIPAL(S)

^{LEE YEW SIN S1463654D
Director}

DIRECTOR(S)

^{LEE YEW SIN S1463654D Director}

^{Appointed on : 03/11/1998}

^{Street : 29
LORONG LEW LIAN}

^#03-07

^{CHERY HILL CONDOMINIUM}

^{Town: SINGAPORE}

^{Postcode: 536471}

^{Country: Singapore}

^{LEE BOON
CHONG S1704720E Director}

^{Appointed on : 03/11/1998}

^{Street : 515
DUNMAN ROAD}

^#11-03

^{DUNMAN PLACE}

^{Town: SINGAPORE}

^{Postcode: 439204}

^{Country: Singapore}

^{CHAN LAI YIN S1296164B Company Secretary}

^{Appointed on : 17/06/2002}

^{Street : 349
WOODLANDS AVENUE 3}

^#13-51

^{Town: SINGAPORE}

^{Postcode: 730349}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{CHAN FOOK
MENG
S2557235A}

ACTIVITY(IES)

^{ENGINEERS -
ENVIRONMENTAL
Code:8000}

^{ENGINEERING
CONSULTANCY SERVICES
Code:7865}

^{BASED ON ACRA'S
RECORD AS AT 12/10/2007}

^{1) ENVIRONMENTAL
ENGINEERING SERVICES, ENVIRONMENTAL ENGINEERING SERVICES}

CHARGES

^{Date: 20/12/2002}

^{Comments : CHARGE
NO: 200205605}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWNING}

^{CHARGEE: THE BANK OF EAST ASIA LIMITED}

^{Date: 05/03/2002}

^{Comments : CHARGE
NO: 200201072}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWNING}

^{CHARGEE: STANDARD CHARTERED BANK}

^{Date: 11/07/2000}

^{Comments : CHARGE
NO: 200003105}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWNING}

^{CHARGEE: MALAYAN BANKING BERHAD}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{THE BANK OF EAST ASIA LTD}

^{STANDARD
CHARTERED BANK}

^{MALAYAN BANKING
BERHAD}

SHAREHOLDERS(S)

^{LEE YEW SIN 550,000 Private Person}

^{Street : 29
LORONG LEW LIAN}

^#03-07

^{CHERY HILL
CONDOMINIUM}

^{Town: SINGAPORE}

^{Postcode: 536471}

^{Country: Singapore}

^{LEE BOON
CHONG 450,000 Private Person}

^{Street : 515
DUNMAN ROAD}

^#11-03

^{DUNMAN PLACE}

^{Town: SINGAPORE}

^{Postcode: 439204}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend :
LEVEL}

^{Financial
Situation : UNKNOWN}

FINANCIAL COMMENTS

^{EXEMPT PRIVATE COMPANY}

^{WHERE THE SHARES
OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE
THAN 20 MEMBERS, THE PRIVATE COMPANY IS KNOWN AS AN EXEMPT PRIVATE COMPANY. AN
EXEMPT PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A PRIVATE COMPANY.
IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE REGISTRAR IF IT CAN PRODUCE A
CERTIFICATE SIGNED BY ONE OF ITS DIRECTORS, SECRETARY AND AUDITOR CONFIRMING
THE FOLLOWING POINTS:}

^{1. THE COMPANY IS
AN EXEMPT PRIVATE COMPANY.}

^{2. THE AUDITED
ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS AT THE ANNUAL GENERAL
MEETING.}

^{3. THE COMPANY IS
ABLE TO MEET ITS LIABILITIES.}

THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL MEETING OF THE COMPANY.

^{A PRIVATE COMPANY
THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF
THE MINISTER FOR FINANCE, IN THE NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A
GAZETTE NOTIFICATION.}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE
COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL
YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL
YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004,
THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE
STILL REQUIRED TO MAINTAIN PROPER ACCOUNTING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 03/11/1998 AS A LIMITED EXEMPT PRIVATE
COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "BNF INDUSTRIES PTE
LTD".}

^{AS AT 12/11/2007,
THE COMPANY HAS ISSUED AND PAID-UP
CAPITAL OF 1,000,000 SHARES OF A VALUE OF S$1,000,000.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1) ENVIRONMENTAL
ENGINEERING SERVICES, ENVIRONMENTAL ENGINEERING SERVICES}

^{2) INDUSTRIAL
PLANT ENGINEERING SERVICES, INDUSTRIAL PLANT ENGINEERING SERVICES}

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

^{THE SUBJECT IS
PART OF THE BNF GROUP.}

^{BACKGROUND OF BNF
GROUP:}

^{THE COMPANY HAD
ITS ORIGIN IN 1983. STARTING OFF AS A PROCUREMENT SERVICE PROVIDER TO THE THEN
BURGEONING IRON & STEEL INDUSTRIES IN MALAYSIA, THEY HAVE GROWN FROM
STRENGTH TO STRENGTH. SINCE 1983, BNF GROUP HAS DIVERSIFIED INTO SEVERAL
BUSINESSES WITH DEDICATED STRATEGIC BUSINESS ENTERPRISE (SBE), NAMELY;}

^{* MECHANICAL
& ELECTRICAL ENGINEERING STRATEGIC BUSINESS ENTERPRISE (M&E SBE)}

^{* INTEGRATED
MAINTENANCE SERVICES STRATEGIC BUSINESS ENTERPRISE (IMS SBE)}

^{* ENVIRONMENTAL
& PROCESS STRATEGIC BUSINESS ENTERPRISE (EPS SBE)}

^{* MATERIALS &
CHEMICAL STRATEGIC BUSINESS ENTERPRISE (M&C SBE)}

^{SUBJECT ENGAGES
IN THE FOLLOWING ACTIVITIES:}

^{* FOCUSING ON
ENVIRONMENTAL & PROCESS SOLUTION BUSINESS SERVING ORIGINAL EQUIPMENT
MANUFACTURER, PLANT END USER & ENGINEERING PROCUREMENT CONTRACTOR.}

^SERVICES:

^{* ENVIRONMENTAL
ENGINEERING (EE)}

^{* PROCESS
ENGINEERING (PE)}

^{* AIR HANDLING
& PURIFICATION ENGINEERING (AHPE)}

^{* ENGINEERING
SERVICES (ES)}

^{INDUSTRIES
SERVED:}

^{* CEMENT}

^{* CHEMICAL}

^{* HYDROCARBON
PROCESSING}

^{* IRON &
STEEL}

^{* OIL & GAS}

^{* POWER
GENERATION}

^{* PULP &
PAPER}

^{* WASTE TREATMENT}

^{* ETC}

^{OVERSEAS OFFICES
IN THE ASIA PACIFIC REGION}

^{* MALAYSIA}

^{* THAILAND}

^{* PHILIPPINES}

^{* INDONESIA}

^{* CHINA}

^{* PLANS TO SET UP
CHINA - SHANGHAI AND VIETNAM OFFICES}

^{QUALITY
ASSESSMENT:}

^{* ISO 9001:2000}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 14/11/2007, THE FOLLOWING WAS GATHERED:}

^ACTIVITIES:

^{* SUPPLY GAS USED
IN REFRIGERATOR}

^{IMPORT COUNTRIES:}

^{* ASIA}

^{EXPORT COUNTRIES:}

^{* KOREA}

^{* NEW ZEALAND}

^{* UNITED STATES
OF AMERICA}

^{THE SUBJECT
EXPORTS AND DOES SELL LOCALLY IN THE SAME PERCENTAGE.}

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY - 2007:
11}

^{NO OTHER TRADE INFORMATION
IS AVAILABLE ON 14/11/2007.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{3 UPPER ALJUNIED
LINK}

^{BLK B #06-03 JOO
SENG WAREHOUSE}

^{SINGAPORE 367902}

^{DATE OF CHANGE OF
ADDRESS: -}

^{- OWNED BY BNF
ENGINEERING (S) PTE LTD}

^WEBSITE:

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

^EMAIL:

^gc@bnf.com

MANAGEMENT

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

^{1) LEE YEW SIN, A
SINGAPOREAN}

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

^{BNF ENGINEERING
(S) PTE LTD}

^{BNF ENGINEERING
& SUPPLIES (M) SDN BHD}

^{BNF SERVICES PTE
LTD}

^{VST DISTRIBUTION
(S) PTE LTD}

^{BNF INTERNATIONAL
PTE LTD}

^{2) LEE BOON
CHONG, A SINGAPOREAN}

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

^{BNF ENGINEERING
(S) PTE LTD}

^{BNF SERVICES PTE
LTD}

^{BNF INTERNATIONAL
PTE LTD}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME :
LEE YEW SIN}

^{ADVERSE REPORT
AGAINST DIRECTOR : NOT
AVAILABLE FROM OUR DATABASE}

^{PROPERTY
OWNERSHIP :
OWNS 1}

^{ANNUAL VALUE :
S$66,000}

^{CO-OWNER(S) :
WEE LAY TENG}

^{DIRECTOR'S NAME :
LEE BOON CHONG}

^{ADVERSE REPORT
AGAINST DIRECTOR : NOT
AVAILABLE FROM OUR DATABASE}

^{PROPERTY
OWNERSHIP :
OWNS 1}

^{ANNUAL VALUE :
S$13,800}

^{CO-OWNER(S) :
TAN MEI HEOH}

^{* 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.}

Singapore’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.

HIGH QUALITY COMPETITIVENESS IN ASIA

EXCELLENT BUSINESS CLIMATE

POLITICAL STABILITY.

WEAKNESSES

SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.

AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.

GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.

BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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.	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