MIRA INFORM REPORT

Report Date :

11.02.2008

IDENTIFICATION DETAILS

Name :	EARNST HARDWARE ENGINEERING PTE LTD

Registered Office :	^{13 Pioneer Road North} ^{# 01-75} ⁶²⁸⁴⁶³

Country :	Singapore

Date of Incorporation :	^29.04.1999

Com. Reg. No.:	^199902233H

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Manufacture of Bolts, Nuts, Rivets, Fasteners and Screw Machine Products

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 :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

EARNST HARDWARE ENGINEERING PTE LTD

Line Of Business

MANUFACTURE OF BOLTS, NUTS, RIVETS, FASTENERS AND SCREW MACHINE PRODUCTS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$ 200,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject
Company : EARNST
HARDWARE ENGINEERING PTE LTD}

^{Former
Name : -}

^{Business
Address : 13 PIONEER ROAD
NORTH}

^#01-75

^{Town :
SINGAPORE}

^{Postcode : 628463}

^{Country :
Singapore}

^{Telephone : 6266 4484}

^{Fax :
6266 4494}

^{ROC
Number :
199902233H}

^{Reg.
Town : -}

SUMMARY

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

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

^{Date
Inc. :
29/04/1999}

^{Previous
Legal Form :
-}

^{Summary
year :
-}

^{Sales :
-}

^{Networth
:
-}

^{Capital :
-}

^{Paid-Up
Capital :
200,000}

^{Employees :
10}

^{Net
result :
-}

^{Share
value :
1}

^{Auditor :
K H TAY & CO}

^{BASED
ON ACRA'S RECORD}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED
ORDINARY 200,000 SGD 200,000.00}

^{PAID-UP
ORDINARY - SGD 200,000.00}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :
29/04/1999}

PRINCIPAL(S)

^{TOH CHIN WAH
S7119971A Director}

DIRECTOR(S)

^{TOH
AH HOI
S1218050J Company Secretary}

^{Appointed
on : 29/04/1999}

^{Street
:
12A MARIGOLD DRIVE}

^{ADELPHI
PARK ESTATE}

^{Town : SINGAPORE}

^{Postcode : 576414}

^{Country : Singapore}

^{TOH
CHIN WAH S7119971A Director}

^{Appointed
on : 29/04/1999}

^{Street
:
525 JELAPANG ROAD}

^#15-111

^{Town :
SINGAPORE}

^{Postcode : 670525}

^{Country : Singapore}

ACTIVITY(IES)

^{MACHINERY
Code:13260}

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S
RECORD}

^{1) MANUFACTURE OF
BOLTS, NUTS, RIVETS, FASTENERS AND SCREW MACHINE} ^PRODUCTS

CHARGES

^{Date : 08/03/2006}

^{Comments :
CHARGE NO :
C200601495}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : HONG
LEONG FINANCE LIMITED}

PREMISES/PROPERTY INFORMATIONS

^{Date :
11/02/2008}

^{Tax rate : 10}

^{Site Address : 13 PIONEER ROAD NORTH}

^#01-75

^{Town : -}

^{Postcode : 628463}

^{Country : Singapore}

^{Annual Value : 50,000}

* 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% (I.E 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.

SHAREHOLDERS(S)

^{TOH SIEW LAN 80,000
Private Person}

^{Street : 43
WEST COAST AVENUE}

^{HONG LEONG GARDEN}

^{Town: SINGAPORE}

^{Postcode: 128097}

^{Country: Singapore}

^{TOH CHIN WAH 120,000 Private Person}

^{Street : 525
JELAPANG ROAD}

^#15-111

^{Town: SINGAPORE}

^{Postcode: 670525}

^{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 29/04/1999 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "EARNST HARDWARE ENGINEERING PTE LTD".

THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 200,000 SHARES, OF A VALUE OF S$200,000.

PRINCIPAL ACTIVITIES:

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

(1) MANUFACTURE OF BOLTS, NUTS, RIVETS, FASTENERS AND SCREW MACHINE PRODUCTS

(2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)

THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: HARDWARE – RETAIL

FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:

ACTIVTIES:

* IMPORT AND TRADING OF FASTENERS AND GENERAL HARDWARE

PRODUCTS DEALING:

* ANCHOR

* BOLT

* CHANGING PRODUCTS

* CLIP

* NUT

* PIN

* WASHER

* MACHINE SCREW

* SOCKET SCREW

* WOOD SCREW

INDUSTRY SERVED:

* HARDWARE AND ENGINEERING

NUMBER OF EMPLOYEES:

2007: 10

NO OTHER TRADE INFORMATION WAS AVAILABLE AS TELE-INTERVIEW WAS NOT

GRANTED BY SUBJECT'S PERSONNEL

REGISTERED AND BUSINESS ADDRESS:

13 PIONEER ROAD NORTH

#01-75

SINGAPORE 628463

DATE OF CHANGE OF ADDRESS: 18/04/2006

- OWNED PREMISE

WEBSITE:

http://www.earnst-hne.com

EMAIL:

earnst@singnet.com.sg

MANAGEMENT

THE DIRECTOR AT THE TIME OF THIS REPORT IS:

1) TOH CHIN WAH, A SINGAPOREAN

- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

ADVERSE ON DIRECTORS

DIRECTOR'S NAME : TOH CHIN WAH

ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR DATABASE

PROPERTY OWNERSHIP : 1

ANNUAL VALUE : S$ 7,200

CO-OWNER (S) : CHENG HWEE LENG

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.

MANUFACTURING SECTOR

PAST PERFORMANCE

THE MANUFACTURING SECTOR GREW BY 10.0% IN 3Q 2007, UP FROM 8.3% IN 2Q 2007. GROWTH WAS MAINLY DUE TO THE BIOMEDICAL MANUFACTURING CLUSTER, FOLLOWED BY THE TRANSPORT ENGINEERING, ELECTRONICS AND CHEMICALS CLUSTERS. THE PRECISION ENGINEERING CLUSTER CONTINUED TO REMAIN WEAK.

WITH THE EXPANSIONS IN THE PHARMACEUTICALS AND AND MEDICAL TECHNOLOGY SEGMENTS, THE BIOMEDICAL MANUFACTURING CLUSTER GREW 29.0%, FASTER THAN THE 11.0% IN 2Q 2007.

THE PHARMACEUTICAL SEGMENT ROSE BY A SUBSTANTIAL 28.0% WITH INCREASED PRODUCTION OF SEVERAL VARIETIES OF ACTIVE PHARMACEUTICAL INGREDIENTS. THE MEDICAL TECHNOLOGY SEGMENT REGISTERED HIGHER GROWTH OF 39%, AS EXPORT DEMAND CONTINUED TO BOOST THE MANUFACTURE OF MEDICAL DEVICES AND APPLIANCES.

THE TRANSPORT ENGINEERING CLUSTER ROSE BY 18.0%, COMPARED TO 31.0% IN 2Q 2007. THE MARINE AND OFFSHORE ENGINEERING SEGMENT REGISTERED A RISE IN OUTPUT BY 24.0%, WITH LOCAL SHIPYARDS ENGAGING ON A NUMBER OF SHIP-BUILDING, SHIP REPAIRING AND SHIP CONVERSION PROJECTS. SOME OF WHICH ARE DUE FOR DELIVERY IN 2008. LIKEWISE, ACTIVITY IN OIL RIG FABRICATION CONTINUED TO GROW AT A STRONG PACE. THE AEROSPACE SEGMENT GREW 7.2%, BOOSTED BY THE INCREASED DEMAND FOR COMMERCIAL AIRCRAFT REPAIRS. THE LAND TRANSPORT SEGMENT ROSE BY 18.0% TO MEET OVERSEAS ORDERS FOR VEHICLE PARTS.

THE ELECTRONICS CLUSTER ROSE BY 4.0%, UP FROM 1.3% IN 2Q 2007. THE PRODUCTION OF SEMICONDUCTORS GREW 9.3% WITH INCREASED PRODUCTION OF DRAMS AND CHIPS FOR WIRELESS PRODUCTS, WHILE THE DATA STORAGE SEGMENT ROSE BY 8.0%, AS HIGHER OUTPUT OF DISK MEDIA PRODUCTS COMPENSATED FOE THE LOWER OUTPUT OF DISK DRIVES, AND AS A RESULT, REVERSING SIX QUARTERS OF DECLINE.

THE CHEMICALS CLUSTER EXPANDED BY 2.6% IN 3Q 2007, SLIGHTLY LOWER THAN 3.0% IN THE PREVIOUS QUARTER. THE PETROCHEMICALS AND SPECIALTY CHEMICALS SEGMENT ROSE BY 13.0% AND 3.8% RESPECTIVELY, WHILE THE PETROLEUM SEGMENT FELL BY 4.2% ARISING FROM

MAINTENANCE SHUTDOWNS IN JULY AND AUGUST.

ALTHOUGH THE PRECISION ENGINEERING CLUSTER DECLINED BY 0.3%, ITS PERFORMANCE IMPROVED FROM THE 1.4% DECLINE IN 2Q 2007. THE OUTPUT EXPANSION OF 6.3% IN THE MACHINERY AND SYSTEMS SEGMENT WAS OFFSET BY THE CONTRACTION OF 4.6% IN THE PRECISION MODULES AND COMPONENTS SEGMENT. THIS WAS ATTRIBUTED TO SLUGGISH DEMAND FOR PRECISION COMPONENTS, METAL STAMPINGS AND BEARINGS.

GROWTH IN THE GENERAL MANUFACTURING INDUSTRIES MODERATED TO 5.9%, AFTER EXPANDING BY 8.4% IN 2Q 2007. THE FOOD, BEVERAGES AND TOBACCO INDUSTRIES SEGMENT CONTINUED TO IMPROVE, WITH A 11% INCREASE IN OUTPUT, WHILE THE PRINTING INDUSTRIES GREW BY A MORE MODEST 2.8%.

OUTLOOK

THE MANUFACTURING SECTOR EXPRESS POSITIVE SENTIMENTS IN THE MONTHS ENDING MARCH 2008. A NET WEIGHTED BALANCE OF 25% OF MANUFACTURERS FORECASTS BETTER BUSINESS CONDITIONS, SLIGHTLY HIGHER THAN THE 22.0% RECORDED IN 2Q 2007 AND 3Q 2006.

THE ELECTRONICS CLUSTER IS OPTISMTIC WITH A NET WEIGHTED BALANCE OF 33% OF FIRMS EXPECTING BETTER BUSINESS AHEAD, SIMILAR TO THE 34% RECORDED IN 2Q 2007. THOSE INVOLVED IN THE MANUFACTURING OF COMPUTER PERIPHERALS AND INFOCOMMS AND CUSTOMER ELECTRONICS EXPECT OUTPUT AND EXPORTS TO RISE DUE TO NEW PRODUCT LAUNCHES AND THE YEAR-END FESTIVE SEASON. SEMICONDUCTOR PRODUCTS EXPECT HIGHER OUTPUT AND ORDER INTAKES IN 4Q 2007 COMPARED TO 3Q 2007.

IN THE TRANSPORT ENGINEERING CLUSTER, A NET WEIGHTED BALANCE OF 33.0% OF FIRMS EXPECTS THE BUSINESS CLIMATE TO IMPROVE IN THE MONTHS ENDING MARCH 2008, BETTER THAN THE 25% OBSERVED IN 2Q 2007. THE MARINE AND OFFSHORE ENGINEERING SEGMENT FORESEES GLOBAL DEMAND FOR OIL RIGS, OILFIELD EQUIPMENT, AND SHIP CONVERSION AND REPAIRING ACTIVITIES TO CONTINUE TO RISE. PRODUCTION IS EXPECTED TO REMAIN THE SAME AS 3Q 2007 FOR AEROSPACE AND LAND TRANSPORT SEGMENTS.

IN THE CHEMICALS CLUSTER, A NET WEIGHTED BALANCE OF 22.0% OF FIRMS EXPECTS THE BUSINESS CLIMATE TO IMPROVE, COMPARED WITH 2% IN 2Q 2007. THE PETROCHEMICALS, SPECIALTIES AND OTHER CHEMICALS SEGMENTS FORECAST AN INCREASE IN PRODUCTION FOR 4Q 2007, ABOVE 3Q 2007. THIS IS ATTRIBUTED TO YEAR-END SEASONAL EFFECTS AND SEVERAL RESUMPTIONS TO NORMAL PRODUCTION FOLLOWING MAINTENANCE SHUTDOWNS IN 3Q 2007.

THE BIOMEDICAL MANUFACTURING CLUSTER IS POSITIVE ABOUT THE BUSINESS OUTLOOK.

A NET WEIGHTED BALANCE OF 22.0% OF FIRMS EXPECT BRISK BUSINESS IN THE COMING MONTHS, COMPARED TO 10.0% IN 3Q 2007. THIS IS DESPITE AN ANTICIPATED DECLINE IN PRODUCTION IN 4Q 2007 COMPARED TO 3Q 2007 IN THE PHARMACEUTICAL AND MEDICAL TECHNOLOGY SEGMENTS.

IN THE PRECISION ENGINEERING CLUSTER, A NET WEIGHTED BALANCE OF 11% OF FIRMS FORECASTS POSITIVE BUSINESS CONDITIONS, SIMILAR TO THE 12.0% RECORDED IN 3Q 2007.

THE MACHINERY AND SYSTEMS SEGMENT IS MORE OPTIMISTIC DUE TO THE BOOMING CONSTRUCTION SECTOR AND AN ANTICIPATED RECOVERY IN THE SEMICONDCUTOR INDUSTRY. PRODUCTION IS EXPECTED TO REMAIN STABLE IN THE PRECISION MODULES AND COMPONENTS SEGMENT.

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