MIRA INFORM REPORT

Report Date :

17.09.2007

IDENTIFICATION DETAILS

Name :	SAMSUNG ASIA PTE LTD
Registered Office :	^3 Church Street, #26-01^, Singapore – 049483
Country :	Singapore
Financials (as on) :	31.12.2006
Date of Incorporation :	^15/12/1990
Com. Reg. No.:	^199006166W
Legal Form :	^Pte Ltd
Line of Business :	Trading in Semiconductors, Computers, Consumer Electronic Products and Telecommunication Equipment, as well as to act as an Importer and Exporter, Commission Agent and Procurement Office of Electronic Components for its related companies.

RATING & COMMENTS

MIRA’s Rating :

Aa

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 :	Regular
Litigation :	Exists

Subject Company

SAMSUNG ASIA PTE LTD

Line Of Business 

TRADING IN SEMICONDUCTORS, COMPUTERS, CONSUMER ELECTRONIC PRODUCTS AND TELECOMMUNICATION EQUIPMENT, AS WELL AS TO ACT AS AN IMPORTER AND EXPORTER, COMMISSION AGENT AND PROCUREMENT OFFICE OF ELECTRONIC COMPONENTS FOR ITS RELATED COMPANIES

Parent Company

SAMSUNG ELECTRONICS CO LTD

(PERCENTAGE OF SHAREHOLDING: 70%)

Financial Elements

FY 2006

COMPANY

Sales : US$5,316,439,000

Networth : US$282,318,000

Paid-Up Capital : US$33,307,000

Net result : US$39,483,000

Net Margin(%) : 0.74

Return on Equity(%) : 13.99

Leverage Ratio : 2.89

COMPANY IDENTIFICATION

^{Subject Company : SAMSUNG ASIA PTE LTD}

^{Former Name : SAMSUNG ELECTRONICS SINGAPORE}

^{Business Address: 3 CHURCH STREET}

^#26-01

^{Town: SINGAPORE}

^{Postcode: 049483}

^{County: -}

^{Country: Singapore}

^{Telephone: 6833 3000}

^{Fax: 6550 8333}

^{ROC Number: 199006166W}

^{Reg. Town: -}

PREVIOUS IDENTIFICATION

^{SAMSUNG ELECTRONICS SINGAPORE PTE LTD}

^{DATE OF CHANGE OF NAME: 11/09/1985}

SUMMARY

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

^{Legal Form: Pte Ltd}

^{Date Inc.: 15/12/1990}

^{Previous Legal Form: -}

^{Summary year : 31/12/2006}

^{Sales: 5,316,439,000}

^{Networth : 282,318,000}

^{Capital: -}

^{Paid-Up Capital: 33,307,000}

^{Employees: 360}

^{Net result : 39,483,000}

^{Share value: -}

^{AUDITOR: PRICEWATERHOUSECOOPERS}

^{BASED ON ACRA'S RECORD AS AT 07/09/2007}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED CAPITAL 61,301,929 SGD 61,301,929.00}

^{PAID-UP CAPITAL - SGD 61,301,929.00}

REFERENCES

^{Litigation: Yes}

^{Company status : TRADING}

^{Started : 15/12/1990}

PRINCIPAL(S)

^{PARK KI ON G5737963X Director}

DIRECTOR(S)

^{KWEK BENG BENG KELVIN S6800216H Company Secretary}

^{Appointed on : 02/06/2003}

^{Street : 65 SUNSET WAY}

^#03-16

^{FREESIA WOODS}

^{Town: SINGAPORE}

^{Postcode: 597090}

^{Country: Singapore}

^{PARK KI ON G5737963X Director}

^{Appointed on : 05/03/2004}

^{Street : 50 NEWTON ROAD}

^#23-02

^{NEWTON GEMS}

^{Town: SINGAPORE}

^{Postcode: 307991}

^{Country: Singapore}

^{PARK SANG JIN G5737965R Director}

^{Appointed on : 05/03/2004}

^{Street : 10 CUSCADEN WALK}

^#10-01

^{Town: SINGAPORE}

^{Postcode: 249693}

^{Country: Singapore}

^{KIM YANG BAI G5795514M Director}

^{Appointed on : 04/02/2005}

^{Street : 152 PRINCE CHARLES CRESCENT}

^#20-08

^{TANGLIN VIEW}

^{Town: SINGAPORE}

^{Postcode: 159013}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{ANG ANDREW S0208183J}

^{KAN MUN LEONG EDDIE S0341298I}

^{FOO SOON SOO S1310912E}

^{SOHN YUL RAK 1985458}

^{DAHM HUH 2935147}

^{LIM LOKE SAN ANGELA S7000769Z}

^{MIN JAE-HONG SF0205202}

^{YOON JI-WON SF2301076}

^{HUH SOH-KIL SF2314131}

^{MOON CHANG BEOM F5512098Q}

^{KIM JIN KI F5516009X}

^{YANG GIL CHANG F5531991W}

^{KOO JANG YUEL 2834294}

^{OH DONG JIN F5629406Q}

^{PARK NOH JIN G5513609U}

^{KIM IN SOO G5596013K}

^{AHN JAE KEUN G5646861M}

^{OM CHANG SUP SG0006903}

^{KIM KWANG SOO JR1319551}

ACTIVITY(IES)

^{COMPUTER PERIPHERALS And ACCESSORIES-WHSLE And MFR Code:5088}

^{SEMICONDUCTOR DEVICES Code:19130}

^{ELECTRONIC EQUIPMENT And SUPPLIES - WHSLE And MFRS Code:7640}

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD AS AT 07/09/2007}

^{1) MANUFACTURE OF COMPUTERS & DATA PROCESSING EQUIPMENT EXCEPT COMPUTER PERIPHERAL EQUIPMENT}

CHARGES

^{Comments : CHARGE NO: 9603497 (DISCHARGED - 15/05/1998)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): UNITED OVERSEAS BANK LIMITED}

^{Comments : CHARGE NO: 9202520 (DISCHARGED - 11/03/1996)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{Date: 28/08/1995}

^{Comments : CHARGE NO: 9505260 (DISCHARGED - 24/10/2000)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): OVERSEAS UNION BANK LTD}

^{Date: 06/05/1999}

^{Comments : CHARGE NO: 199901607 (DISCHARGED - 21/09/1999)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED}

^{Date: 05/01/2000}

^{Comments : CHARGE NO: 200000093 (DISCHARGED - 24/10/2000)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): OVERSEAS UNION BANK LIMITED}

^{Date: 15/10/2004}

^{Comments : CHARGE NO: C200405124 (DISCHARGED - 25/05/2005)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): STANDARD CHARTERED BANK (HONGKONG) LIMITED}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{ABN AMRO BANK N.V.}

^{SOCIETE GENERALE}

^{KOREA EXCHANGE BANK}

^{BNP PARIBAS}

ASSOCIATED COMPANY(IES)

^{SAMSUNG SDI (MALAYSIA) BHD}

^Malaysia

^{SAMSUNG ELECTRONICS DISPLAY}

^Malaysia

^{SAMSUNG ELECTRO-MECHANICS}

^Thailand

^{SKYWORLD CORPORATION}

^Philippines

SHAREHOLDERS(S)

^{SAMSUNG ELECTRONICS CO LTD 42,911,351 Company}

^{Street : 250 RAEPYUNG-RO JUNGKU}

^{Town: SEOUL}

^Postcode:

^{Country: Korea, Republic of}

^{SAMSUNG CORPORATION 18,390,578 Company}

^{Street : TAEPYUNG-RO BLDG}

^{310, 2-KA TAEPYUNG-RO}

^CHUNG-KU

^{Town: SEOUL}

^Postcode:

^{Country: Korea, Republic of}

FORMER SHAREHOLDER(S)

^{SOHN YUL RAK 1}

^{PAE HYUN KEUN 1}

HOLDING COMPANY

^{SAMSUNG ELECTRONICS CO LTD UF07188W % : 70.00}

SUBSIDIARY(IES)

^{SAMSUNG ELECTRONICS PHILIPPINES CORPORATION}

^Philippines

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : DOWNWARD

Financial Situation: AVERAGE

LITIGATION(S)

Type Of Case: Magistrate Court - W/S

Case Number: MCS20572/2006

Defendant SAMSUNG ASIA PTE LTD ROC # : 199006166W

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 15/08/2007}

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

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Preliminary Exp 8,014,000 3,328,000}

^{Tangible Fixed Assets: 1,746,000 894,000}

^{Investments 34,275,000 34,275,000}

^{Total Fixed Assets: 44,035,000 38,497,000}

^{Inventories: 45,191,000 55,214,000}

^{Receivables: 584,008,000 631,866,000}

^{Cash,Banks, Securitis: 238,486,000 206,381,000}

^{Other current assets: 186,417,000 190,008,000}

^{Total Current Assets: 1,054,102,000 1,083,469,000}

^{TOTAL ASSETS: 1,098,137,000 1,121,966,000}

^{--- LIABILITIES}

^{Equity capital: 33,307,000 33,307,000}

^{Profit & loss Account: 249,011,000 209,528,000}

^{TOTAL EQUITY: 282,318,000 242,835,000}

^{Long Term Loans: 50,000,000 -}

^{Total L/T Liabilities: 50,000,000 -}

^{Trade Creditors: 449,680,000 475,873,000}

^{Prepay. & Def. charges: 10,088,000 7,185,000}

^{Due to Bank: 276,575,000 369,698,000}

^{Provisions: 18,298,000 14,822,000}

^{Other Short term Liab.: 11,178,000 11,553,000}

^{Total short term Liab.: 765,819,000 879,131,000}

^{TOTAL LIABILITIES: 815,819,000 879,131,000}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 5,316,439,000 5,888,664,000}

^{Cost of Goods Sold: 5,221,953,000 5,804,633,000}

^{Gross Profit: 94,486,000 84,031,000}

^{NET RESULT BEFORE TAX: 47,137,000 66,347,000}

^{Tax : 7,654,000 3,114,000}

^{Net income/loss year: 39,483,000 63,233,000}

^{Interest Paid: 21,528,000 15,447,000}

^{Depreciation: 735,000 533,000}

^{Wages and Salaries: 23,973,000 14,064,000}

^{Financial Income: 28,029,000 17,597,000}

RATIOS

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

^{Turnover per employee: 14767886.11 16357400.00}

^{Net result / Turnover(%): 0.01 0.01}

^{Stock / Turnover(%): 0.01 0.01}

^{Net Margin(%): 0.74 1.07}

^{Return on Equity(%): 13.99 26.04}

^{Return on Assets(%): 3.60 5.64}

^{Net Working capital: 288283000.00 204338000.00}

^{Cash Ratio: 0.31 0.23}

^{Quick Ratio: 1.07 0.95}

^{Current ratio: 1.38 1.23}

^{Receivables Turnover: 39.55 38.63}

^{Leverage Ratio: 2.89 3.62}

^{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 SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 16.26% FROM US$242,835,000 IN FY 2005 TO US$282,318,000 IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF US$249,011,000 (2005: US$209,528,000); A RISE OF 18.84% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 58.72% (2005: 54.13%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$449,680,000 (2005: US$475,873,000). THE BREAKDOWN IS AS FOLLOWS:}

^{-HOLDING CORPORATION - 2006: US$202,624,000 (2005: US$197,486,000)}

^{-SUBSIDIARY - 2006: US$25,000 (2005: -)}

^{-RELATED CORPORATIONS - 2006: US$43,165,000 (2005: US$103,323,000)}

^{-MINORITY SHAREHOLDER - 2006: US$40,998,000 (2005: US$15,872,000)}

^{-THIRD PARTIES - 2006: US$162,868,000 (2005: US$159,192,000)}

^{IN THE LONG-TERM, SUBJECT WAS WHOLLY FINANCED BY LONG-TERM LOANS AND AMOUNTED TO US$50,000,000 (2005: -). THE BREAKDOWN IS AS FOLLOWS:}

^{-BANK BORROWINGS - 2006: US$50,000,000 (2005: -)}

^{AMOUNT DUE TO BANKS OF US$276,575,000 (2005: US$369,698,000) CONSISTED OF:}

^{-BANK OVERDRAFTS - 2006: US$210,075,000 (2005: US$236,698,000)}

^{-SHORT-TERM BANK BORROWINGS (UNSECURED) - 2006: US$66,500,000 (2005: US$83,000,000)}

^{-CURRENT PORTION OF LONG-TERM BANK BORROWINGS (UNSECURED) - 2006: - (2005: US$50,000,000)}

^{IN ALL, LEVERAGE RATIO FELL FROM 3.62 TIMES TO 2.89 TIMES AS A RESULT OF A DECLINE IN TOTAL LIABILITIES AND A RISE IN 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 ROSE TO 1.38 TIMES, UP FROM 1.23 TIMES AND QUICK RATIO IMPROVED TO 1.07 TIMES FROM 0.95 TIMES IN FY 2005.}

^{NET WORKING CAPITAL IMPROVED BY 41.08% FROM US$204,338,000 IN FY 2005 TO US$288,283,000.}

^{PROFITABILITY:}

^{REVENUE POSTED A DECLINE OF 9.72% FROM US$5,888,664,000 IN FY 2005 TO US$5,316,439,000 AND NET PROFIT DROPPED BY 37.56% TO US$39,483,000 (2005: US$63,233,000). HENCE, NET MARGIN FELL TO 0.74% (2005: 1.07%).}

^REVENUE:

^{-SALE OF GOODS - 2006: US$5,313,776,000 (2005: US$5,887,198,000)}

^{-COMMISSION INCOME - 2006: US$2,663,000 (2005: US$1,466,000)}

^{DEBT SERVICING:}

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

^{NON-CURRENT ASSETS:}

^{THE FOLLOWING ITEMS ARE CLASSIFIED UNDER PRELIMINARY:}

^{-STAFF LOANS - 2006: US$1,324,000 (2005: US$1,315,000)}

^{-CLUB MEMBERSHIP - 2006: US$641,000 (2005: US$641,000)}

^{-EQUITY SHARES - 2006: US$4,207,000 (2005: -)}

^{-DEFERRED TAX ASSET - 2006: US$1,842,000 (2005: US$1,372,000)}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 15/12/1990 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "SAMSUNG ELECTRONICS SINGAPORE PTE. LTD.".}

^{SUBSEQUENTLY, ON 11/09/1995, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE AS "SAMSUNG ASIA PTE LTD".}

^{AS AT 07/09/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 61,301,929 SHARES OF A VALUE OF S$61,301,929.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) MANUFACTURE OF PCS AND DATA PROCESSING EQUIPMENT PC PERIPHERAL EQUIPMENT}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF TRADING IN SEMICONDUCTORS, COMPUTERS, CONSUMER ELECTRONIC PRODUCTS AND TELECOMMUNICATION EQUIPMENT, AS WELL AS TO AC AS AN IMPORTER AND EXPORTER, COMMISSION AGENT AND PROCUREMENT OFFICE OF ELECTRONIC COMPONENTS FOR ITS RELATED COMPANIES.}

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

^{BACKGROUND OF SAMSUNG ELECTRONICS CO LTD:}

^{SAMSUNG ELECTRONICS CO., LTD. IS A GLOBAL LEADER IN SEMICONDUCTOR, TELECOMMUNICATION, DIGITAL MEDIA AND DIGITAL CONVERGENCE TECHNOLOGIES. EMPLOYING APPROXIMATELY 128,000 PEOPLE IN OVER 120 OFFICES IN 57 COUNTRIES, THE COMPANY CONSISTS OF FIVE MAIN BUSINESS UNITS: DIGITAL APPLIANCE BUSINESS, DIGITAL MEDIA BUSINESS, LCD BUSINESS, BUSINESS AND TELECOMMUNICATION NETWORK BUSINESS. RECOGNIZED AS ONE OF THE FASTEST GROWING GLOBAL BRANDS, SAMSUNG ELECTRONICS IS A LEADING PRODUCER OF DIGITAL TVS, MEMORY CHIPS, MOBILE PHONES AND TFT-LCDS.}

^{BACKGROUND OF THE SUBJECT:}

^{THE REGIONAL HEADQUARTER REPRESENTED BY SEVEN COUNTRIES AND 11 ENTITIES ACROSS SOUTHEAST ASIA, AND AUSTRALIA. THE SUBJECT HAS A LARGE PRODUCT PORTFOLIO COMPRISING A WIDE VARIETY OF HOUSEHOLD CONSUMER ELECTRONICS, MEMORY PRODUCTS, MOBILE PHONES, IT PRODUCTS AND LCD PANELS.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* THE DOMESTIC SALES OF CONSUMER ELECTRONICS, IT AND MOBILE PHONES}

^{* PROVIDING CORPORATE SUPPORT (PERSONNEL, TRAINING, RESEARCH, ACCOUNTING & MANAGEMENT INFORMATION SYSTEM) TO SAMSUNG SUBSIDIARY COMPANIES IN SOUTH EAST ASIA REGION}

^{* SOURCES IN ASIA FOR ELECTRONIC DEVICES AND COMPONENTS SUCH AS IC DIODES AND TRANSISTORS, CAPACITORS, RESISTORS, ELECTROMECHANICAL COMPONENTS, CONNECTORS, SWITCHES AND MORE. THERE ARE 30 BUYERS IN SINGAPORE IPO OFFICE SUPPORTING SAMSUNG OVERSEAS FACTORIES.}

^{PRODUCTS OR SERVICES:}

^{* ELECTRONIC EQUIPMENT & SUPPLIES}

^{* MICROWAVE OVENS}

^{* RADIO CASSETTE RECORDERS - MANUFACTURERS}

^{* REFRIGERATORS: DOMESTIC}

^{* TELEVISION DEALERS - RETAIL}

^{* TELEVISION: HOUSEHOLD - MANUFACTURES & WHOLESALE}

^{* WASHING MACHINES: LAUNDRY}

^{* CTV, LCD TV, PROJECTION TV, DVD/VCD PLAYER, COMCORDER, MP3 PLAYER, DIGITAL STILL CAMERA, PALM PDA, COLOR PRINTER, SEMICONDUCTORS, DRAM, FLASH & SMARTMEDIA, SRAM, GRAPHICS MEMORY, HARD DISK DRIVE, OPTICAL DISK DRIVE,}

^{* HOME APPLICANCES, WASHING MACHINE, MICROWAVE OVEN, VACUUM CLEANER, CELLULAR PHONES, FACSIMILE MACHINES, MONITORS}

^BRANDS:

^{* SAMSUNG, HOME APPLIANCES & CONSUMER ELECTRONIC PRODUCTS}

^{ACHIEVEMENTS:}

^{* CONCISTENTLY CLINCH TOP 3 POSITIONS FOR TELEVISIONS, MONITORS/LCD MONITORS, SIDE-BY-SIDE REFRIGERATORS, WASHING MACHINES AND DVD PLAYERS ACROSS THE SOUTH-EAST ASIA PACIFIC REGION.}

^{* THE SECOND LARGEST MOBILE COMPANY IN THE SOUTH EAST ASIA PACIFIC REGION.}

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

^{* SINGAPORE INTERNATIONAL CHAMBER OF COMMERCE}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 02/03/2004, THE FOLLOWING WAS GATHERED:}

^{* TERMS OF IMPORT: 30-60 DAYS, ETC}

^{* IMPORT COUNTRIES: ASIA REGION (MALAYSIA, KOREA, ETC)}

^{* TERMS SALES: 30-60 DAYS, ETC}

^{* TERMS OF EXPORT: 30-60 DAYS, ETC}

^{* EXPORT COUNTRIES: SOUTH EAST ASIA REGION (MALAYSIA, PHILIPPINES, KOREA, ETC)}

^{SEVERAL ATTEMPTS HAVE BEEN MADE TO RECONFIRM THE ABOVE INFORMATION. HOWEVER, THE PERSON-IN-CHARGE CAN'T BE FOUND.}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 14/09/2007.}

^{THE COMPANY'S IMMEDIATE AND ULTIMATE HOLDING CORPORATION IS SAMSUNG ELECTRONICS CO., LTD, INCORPORATED IN THE REPUBLIC OF SOUTH KOREA.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

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

^{2004: NOT AVAILABLE; 2003: 200+; 2002: 257; 2001: 298)}

^{* GROUP - 2006: NOT AVAILABLE (2005: NOT AVAILABLE;}

^{2004: 360; 2003: 296; 2002: 318; 2001: 336)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{3 CHURCH STREET}

^#26-01

^{SINGAPORE 049483}

^{- DATE OF CHANGE OF ADDRESS: 26/06/2006}

^{- REGIONAL HEADQUARTER}

^{THE UNIT #26-01 IS OCCUPIED BY THE PERSONNEL DEPARTMENT.}

^{THE SUBJECT OCCUPIES 22ND TO 26TH FLOOR IN THE BUILDING.}

^{OTHER BUSINESS ADDRESS:}

^{20 TOH GUAN ROAD}

^{#01-01/#07-01}

^{ACCORD DISTRI CENTRE}

^{SINGAPORE 608839}

^{- CUSTOMER SERVICE CENTRE AND WAREHOUSE}

^{- TEL: 6567 1446}

^{- FAX: 6542 6775}

^{YOUR PROVIDED ADDRESS:}

^{3 TEMASEK AVE}

^{#26-03 CENTENNIAL TOWER}

^SINGAPORE

^{- INCORRECT}

^WEBSITE:

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

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

^EMAIL:

^{doriwon@samsung.co.kr}

MANAGEMENT

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

^{1) PARK KI ON, A SOUTH KOREAN}

^{- BASED IN SINGAPORE.}

^{2) PARK SANG JIN, A SOUTH KOREAN}

^{- BASED IN SINGAPORE.}

^{3) KIM YANG BAI, A SOUTH KOREAN}

^{- BASED IN SINGAPORE.}

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%)

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