MIRA INFORM REPORT

Report Date :

06.09.2007

IDENTIFICATION DETAILS

Name :	NOVOZYMES SINGAPORE PTE LTD
Registered Office :	^8 Cross Street, #11-00^, Pwc Building, Singapore^– 048424
Country :	Singapore
Financials (as on) :	31.12.2006
Date of Incorporation :	^15/09/1994
Com. Reg. No.:	^199406596H
Legal Form :	^Pte Ltd
Line of Business :	Trading in Industrial Enzymes

RATING & COMMENTS

MIRA’s Rating :

B

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 :	Small Company
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

NOVOZYMES SINGAPORE PTE LTD

Line Of Business 

TRADING IN INDUSTRIAL ENZYMES

Parent Company

NOVOZYMES A/S

(PERCENTAGE OF SHAREHOLDING: 100.00%)

Financial Elements

FY 2006

COMPANY

Sales : S$20,059,148

Networth : S$2,814,888

Paid-Up Capital : S$2,000,000

Net result : S$397,540

Net Margin(%) : 1.98

Return on Equity(%) : 14.12

Leverage Ratio : 3.17

COMPANY IDENTIFICATION

^{Subject Company: NOVOZYMES SINGAPORE PTE LTD}

^{Former Name: NOVO ENZYMES [S] PTE LTD}

^{Registered Address: 8 CROSS STREET}

^#11-00

^{PWC BUILDING}

^{Town: SINGAPORE}

^{Postcode: 048424}

^{County: -}

^{Country: Singapore}

^{Telephone: Not Listed}

^{Fax: Not Listed}

^{ROC Number: 199406596H}

^{Reg. Town: -}

PREVIOUS IDENTIFICATION

^{NOVO ENZYMES [S] PTE LTD DATE OF CHANGE OF NAME: 25/10/2000}

SUMMARY

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

^{Legal Form: Pte Ltd}

^{Date Inc.: 15/09/1994}

^{Previous Legal Form: -}

^{Summary year: 31/12/2006}

^{Sales: 20,059,148}

^{Net worth: 2,814,888}

^{Capital: -}

^{Paid-Up Capital: 2,000,000}

^{Employees: Not available}

^{Net result: 397,540}

^{Share value: -}

^{Auditor: PRICEWATERHOUSECOOPERS}

REFERENCES

^{Litigation: No}

^{Company status: TRADING}

^{Started: 15/09/1994}

PRINCIPAL(S)

^{KAN MUN LEONG EDDIE S0341298I Director}

DIRECTOR(S)

^{KAN MUN LEONG EDDIE S0341298I Director}

^{Appointed on: 01/12/2000}

^{Street: 24 JALAN ARNAP}

^{KIM LIN PARK}

^{Town: SINGAPORE}

^{Postcode: 249330}

^{Country: Singapore}

^{JOHN AUSTIN SLADE JR 017527678 Director}

^{Appointed on: 15/09/2005}

^{Street: THE WESTIN, KUALA LUMPUR}

^{RESIDENCE APARTMENT}

^{199 JALAN BUKIT BINTANG}

^{Town: KUALA LUMPUR}

^{Postcode: 55100}

^{Country: Malaysia}

^{THOMAS VIDEBAEK 101406410 Director}

^{Appointed on: 15/09/2005}

^{Street: MARGRETHEVEJ 18, DK-2900}

^{Town: HELLERUP}

^{Postcode: -}

^{Country: Denmark}

^{MADS FERDINANDSEN BODENHOFF 102349955 Director}

^{Appointed on: 01/03/2004}

^{Street: BEIJING RIVIERA APARTMENT}

^{B231, NO. 1 XIANG JIANG BEI ROAD}

^{CHAO YANG DISTRICT}

^{Town: BEIJING}

^{Postcode: 100103}

^{Country: China}

^{WOO MAY POH S7128630D Company Secretary}

^{Appointed on: 02/06/2005}

^{Street: 476 ANG MO KIO AVENUE 1O}

^#11-796

^{Town: SINGAPORE}

^{Postcode: 560476}

^{Country: Singapore}

^{LIM AIK KUN S7161644D Company Secretary}

^{Appointed on: 17/07/2006}

^{Street: 49 HUME AVENUE}

^#07-01

^{PARC PALAIS}

^{Town: SINGAPORE}

^{Postcode: 598749}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{JANITOR SERVICE Code:12220}

^{BASED ON ACRA'S RECORD AS AT 03/09/2007}

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS); TRADING IN INDUSTRIAL ENZYMES}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Banker Information In Our Database

SHAREHOLDERS(S)

^{NOVOZYMES A/S 2,000,000 Company}

^{Street: KROGSHOEJVEJ 36, DK-2880}

^{Town: BAGSVAERD}

^{Postcode: -}

^{Country: Denmark}

HOLDING COMPANY

^{NOVOZYMES A/S UF29105M %: 100}

SUBSIDIARY(IES)

^{NOVOZYMES SOUTH EAST ASIA PRIVATE LIMITED}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity: SUFFICIENT}

^{Payments: REGULAR}

^{Trend: DOWNWARD}

^{Financial Situation: AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 14/08/2007}

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

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Preliminary Exp - 18,659}

^{Investments 2,002,708 2,002,708}

^{Total Fixed Assets: 2,002,708 2,021,367}

^{Inventories: 3,558,542 2,960,845}

^{Receivables: 5,031,975 4,515,607}

^{Cash,Banks,Securities: 936,076 677,641}

^{Other current assets: 196,362 118,618}

^{Total Current Assets: 9,722,955 8,272,711}

^{TOTAL ASSETS: 11,725,663 10,294,078}

^{--- LIABILITIES}

^{Equity capital: 2,000,000 2,000,000}

^{Profit & loss Account: 814,888 1,067,348}

^{Total Equity: 2,814,888 3,067,348}

^{Trade Creditors: 8,666,078 7,021,288}

^{Prepay. & Def. charges: 132,435 71,000}

^{Provisions: 112,262 134,442}

^{Total short term Liab.: 8,910,775 7,226,730}

^{TOTAL LIABILITIES: 8,910,775 7,226,730}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 20,059,148 20,681,839}

^{Purchases,Sces & Other Goods: 18,286,461 18,762,110}

^{Gross Profit: 1,772,687 1,919,729}

^{NET RESULT BEFORE TAX: 617,880 1,190,413}

^{Tax: 220,340 234,361}

^{Net income/loss year: 397,540 956,052}

^{Dividends: 650,000 1,000,000}

^{Directors Emoluments: 1,500 -}

^{Wages and Salaries: 60,651 -}

RATIOS

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

^{Net result / Turnover(%): 0.02 0.05}

^{Stock / Turnover(%): 0.18 0.14}

^{Net Margin(%): 1.98 4.62}

^{Return on Equity(%): 14.12 31.17}

^{Return on Assets(%): 3.39 9.29}

^{Dividends Coverage: 0.61 0.96}

^{Net Working capital: 812180.00 1045981.00}

^{Cash Ratio: 0.11 0.09}

^{Quick Ratio: 0.67 0.72}

^{Current ratio: 1.09 1.14}

^{Receivables Turnover: 90.31 78.60}

^{Leverage Ratio: 3.17 2.36}

^{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 EVEN THOUGH NET WORTH DECREASED BY 8.23% FROM S$3,067,348 IN 2005 TO S$2,814,888 IN 2006.}

^{THIS WAS DUE TO LOWER RETAINED EARNINGS OF S$814,888 (2005: S$1,067,348); A RISE OF 23.65% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 97.25% (2005: 97.16%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$8,666,078 (2005: S$7,021,288). THE BREAKDOWN IS AS FOLLOWS:}

^{-THIRD PARTIES - 2006: S$258,033 (2005: S$151,788)}

^{-IMMEDIATE HOLDING CORPORATION - 2006: S$5,807,533 (2005: S$3,463,963)}

^{-RELATED CORPORATIONS - 2006: S$2,600,512 (2005: S$3,405,537)}

^{SUBJECT DID NOT INCUR ANY LONG TERM LIABILITIES DURING THE FINANCIAL YEAR UNDER REVIEW.}

^{IN ALL, LEVERAGE RATIO ROSE FROM 2.36 TIMES TO 3.17 TIMES AS A RESULT OF A FALL IN TOTAL EQUITY AND A RISE IN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE EVEN THOUGH NET WORKING CAPITAL FELL BY 22.35% TO S$812,180 (2005: S$1,045,981).}

^{CURRENT RATIO FELL TO 1.09 TIMES, DOWN FROM 1.14 TIMES AND QUICK RATIO DECREASED TO 0.67 TIMES FROM 0.72 TIMES IN 2005.}

^{PROFITABILITY:}

^{REVENUE POSTED A DECREASE OF 3.01% FROM S$20,681,839 IN 2005 TO S$20,059,148 AND NET PROFIT DROPPED BY 58.42% TO S$397,540 (2005: S$956,052).}

^{HENCE, NET MARGIN FELL TO 1.98% (2005: 4.62%).}

^{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, SUBJECT DID NOT INCUR ANY INTEREST EXPENSES DURING THE FINANCIAL YEAR.}

^{NON-CURRENT ASSETS:}

^{THE FOLLOWING ITEM IS CLASSIFIED UNDER PRELIMINARY:}

^{-DEFERRED INCOME TAX ASSET - 2006: - (2005: S$18,659)}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 15/09/1994 AS A LIMITED PRIVATE COMPANY UNDER THE NAMESTYLE OF "NOVO NORDISK (SINGAPORE) PTE LTD". ON 20/12/1999, IT CHANGED TO THE NAMESTYLE OF "NOVO ENZYMES [S] PTE LTD".}

^{SUBSEQUENTLY ON 03/09/2007, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE OF "NOVOZYMES SINGAPORE PTE LTD".}

^{AS AT 03/09/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 2,000,000 SHARES, OF A VALUE OF S$2,000,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS); TRADING IN INDUSTRIAL ENZYMES}

^{2) BUILDING-CLEANING ACTIVITIES (EG JANITORIAL SERVICE)}

^{DURING THE FINANCIAL YEAR (S) UNDER REVIEW, THE PRINCIPAL ACTIVITY OF THE COMPANY CONSIST OF TRADING IN INDUSTRIAL ENZYMES.}

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

^ACTIVITIES

^{- MANUFACTURING/PROCESS-ING OF INDUSTRIAL ENZYMES AND THE DISTRIBUTION OF VARIOUS}

^{INDUSTRIAL ENZYMES}

^{SUBJECT IS A MEMBER OF THE FOLLOWING ENTITY}

^{- SINGAPORE BUSINESS FEDERATION}

^{SUBJECT'S CONTACT NUMBERS ARE NOT LISTED ON THE LOCAL DIRECTORIES NOR AT ITS WEBSITE, HENCE TELE-INTERVIEW COULD NOT BE CONDUCTED AT THE TIME OF THIS REPORT.}

^{THE COMPANY'S IMMEDIATE HOLDING CORPORATION IS NOVOZYMES A/S, INCORPORATED IN DENMARK. THE ULTIMATE HOLDING CORPORATION IS NOVO A/S, INCORPORATED IN DENMARK.}

^{NUMBER OF EMPLOYEES (31 DECEMBER)}

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

^{REGISTERED ADDRESS:}

^{8 CROSS STREET}

^#11-00

^{PWC BUILDING}

^{SINGAPORE 048424}

^{DATE OF CHANGE OF ADDRESS: 15/06/2005}

^{- YOUR PROVIDED CONTACT NUMBERS}

^{- TEL: 89961588; FAX: 89961403}

^{--NOT VALID LOCAL NUMBERS}

^WEBSITE:

^{www.novozymes.com (HOLDING COMPANY'S)}

^EMAIL:

^{NOT AVAILABLE}

MANAGEMENT

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

^{1) JOHN AUSTIN SLADE JR, AN AMERICAN}

^{- BASED IN MALAYSIA}

^{2) THOMAS VIDEBAEK, A DANISH}

^{- BASED IN DENMARK}

^{3) MADS FERDINANDSEN BODENHOFF, A DANISH}

^{- BASED IN CHINA}

^{4) KAN MUN LEONG EDDIE, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED 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.

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