MIRA INFORM REPORT

Report Date :

28.12.2007

IDENTIFICATION DETAILS

Name :	BETA DRILLING PTE. LTD.

Registered Office :	8 Shenton Way, #32-03, Singapore – 068811

Country :	Singapore

Date of Incorporation :	^11/08/2006

Com. Reg. No.:	^200611674N

Legal Form :	^{Pte Ltd}

Line of Business :	Manufacture and Repair of Oil Rigs

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 :	Unknown

Litigation :	Clear

Subject Company

BETA DRILLING PTE. LTD.

Line Of Business

MANUFACTURE AND REPAIR OF OIL RIGS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : US$ 30,500,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : BETA DRILLING PTE. LTD.}

^{Former Name
: -}

^{Business Address : 8 SHENTON WAY}

^#32-03

^{Town :
SINGAPORE}

^{Postcode :
068811}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
-}

^{Fax :
-}

^{ROC Number :
200611674N}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form :
Pte Ltd}

^{Date Inc. :
11/08/2006}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Networth :
-}

^{Capital :
-}

^{Paid-Up Capital :
30,500,000}

^{Employees :
-}

^{Net result :
-}

^{Share value : 1}

^{Auditor :
PRICEWATERHOUSECOOPERS}

^{BASED ON ACRA'S RECORD AS AT 21/12/2007,}

^{NO
OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 30,500,000 USD 30,500,000.00}

^{PAID-UP ORDINARY - USD 30,500,000.00}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
11/08/2006}

PRINCIPAL(S)

^{CHAKKUNGAL PATHAYAPURA G6019850R Director}

DIRECTOR(S)

^{CHAKKUNGAL PATHAYAPURA G6019850R Director}

^{Appointed on :
18/04/2007}

^{Street :
6 CAIRNHILL CIRCLE}

^#05-07

^{CAIRNHILL CREST}

^{Town :
SINGAPORE}

^{Postcode :
229813}

^{Country :
Singapore}

^{KARTHIK SUNDARAJOO S0033476F
Director}

^{Appointed on :
18/04/2007}

^{Street :
666 YISHUN AVENUE 4}

^#05-159

^{Town :
SINGAPORE}

^{Postcode :
760666}

^{Country :
Singapore}

^{ONG HWEE SIENG FLORENCE S1818721C Company Secretary}

^{Appointed on :
16/08/2006}

^{Street :
3 CORONATION DRIVE}

^{Town :
SINGAPORE}

^{Postcode :
269558}

^{Country :
Singapore}

^{PARAMESWARAN VENKATESWARA IYER G1949075 Director}

^{Appointed on :
21/09/2007}

^{Street
: 42 B KASTURI
RANGA ROAD}

^{ALWARPET, TAMIL NADU}

^{Town :
CHENNAI}

^{Postcode :
600018}

^{Country :
India}

ACTIVITY(IES)

^{OIL FIELD SERVICE Code:15290}

^{SHIPPING Code:19325}

^{BASED ON ACRA'S RECORD AS AT 21/12/2007,}

^{1) MANUFACTURE AND REPAIR OF OIL RIGS;
OWNERSHIP, CONSTRUCTION AND OPERATION OF DRILLING RIGS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{SINVEST ASA 30,500,000 Company}

^{Street : GYLDENLOVES
GATE 2 B}

⁴⁶¹¹

^{Town: KRISTIANSANDS 2}

^{Postcode: -}

^{Country: Norway}

HOLDING COMPANY

^{SINVEST ASA UF36477R % : 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity :
UNKNOWN}

^{Payments :
UNKNOWN}

^{Trend :
UNKNOWN}

^{Financial Situation : UNKNOWN}

FINANCIAL COMMENTS

^{NEWLY-SET UP
COMPANY}

^{SUBJECT BEING NEWLY INCORPORATED AND HAS YET
TO FILE IN ITS FIRST SET OF ACCOUNTS. A NEWLY INCORPORATED COMPANY HAS UP TO 18
MONTHS FROM THE DATE OF INCORPORATION TO FILE IN ITS FIRST SET OF ACCOUNTS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON 11/08/2006 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER
ITS PRESENT NAMESTYLE AS "BETA DRILLING PTE. LTD.".}

^{AS AT 21/12/2007, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF 30,500,000 SHARES, OF A VALUE OF US$ 30,500,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{(1) MANUFACTURE AND REPAIR OF OIL RIGS;
OWNERSHIP, CONSTRUCTION AND OPERATION OF DRILLING RIGS}

^{(2) SHIP MANAGEMENT SERVICES}

^{THE COMPANY IS NOT LISTED IN THE LOCAL
SINGAPORE DIRECTORY.}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* MANUFACTURE AND REPAIR OF OIL RIGS}

^{ATTEMPTS HAVE BEEN MADE TO CONTACT THE
COMPANY'S SECRETARY, FLORENCE ONG HWEE SIENG, AT HER HOME NUMBER 6469 6061, BUT
SHE WAS NOT AVAILABLE.}

^{THE IMMEDIATE HOLDING COMPANY IS SINVEST AS,
INCORPORATED IN NORWAY, WHICH IS ALSO ITS ULTIMATE HOLDING COMPANY.}

^{INFORMATION ON SINVEST AS:}

^BACKGROUND:

^{* SINVEST ASA IS A PUBLIC LISTED COMPANY, AND
HAS BEEN LISTED ON THE OSLO STOCK EXCHANGE SINCE ITS INCORPORATION EARLY IN
2001.}

^{* THE COMPANY IS LOCATED IN KRISTIANSAND.}

^{* SINVEST'S OBJECTIVE IS TO BE A LONG-TERM
FINANCIAL AND STRATEGIC INVESTOR IN OIL- AND OFFSHORE COMPANIES.}

^{NUMBER OF EMPLOYEES:}

^{2006: 5}

^{WEBSITE: http://www.sinvest.nO}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE ON
26/12/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{8 SHENTON WAY}

^#32-03

^{SINGAPORE 068811}

^{DATE OF CHANGE OF ADDRESS: 27/08/2007}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: MGP RAFFLE PTE. LIMITED}

^{ADDRESS PROVIDED BY CLIENT:}

^{38A JAMBOL #02-11}

^{SINGAPORE 119519}

^{- CANNOT BE VERIFIED}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) PARAMESWARAN VENKATESWARA IYER, AN INDIAN}

^{- BASED IN INDIA}

^{2) CHAKKUNGAL PATHAYAPURA GOPALAKRISHNAN, AN INDIAN}

^{- BASED IN SINGAPORE}

^{3) KARTHIK SUNDARAJOO, A SINGAPOREAN}

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

^{MOTOR MATE PRODUCTS PTE LTD}

^{PARKER INTERNATIONAL PTE LTD}

^{NIIT ASIA PACIFIC PTE LTD}

^{INTRALOG SINGAPORE PTE LTD}

^{SDITECHNOLOGIES PTE LTD}

^{RATREM SINGAPORE PTE LTD}

^{SEEC SINGAPORE PTE LTD}

^{SIERRA ATLANTIC PTE LTD}

^{KAMADHENU TRADING PTE LTD}

^{DARLINGTON TRADING PTE LTD}

^{POLYMET SA (S) PTE LTD}

^{HIGHLAND MERCHANT CO PTE LTD}

^{IDEE NOUVELLE PTE. LTD.}

^{SWEETCO INTERNATIONAL PTE. LTD.}

^{KBS GLOBAL (S) PTE. LTD.}

^{VISION IMPEX PTE LTD}

^{BERRYLAND HOLDINGS PTE. LTD.}

^{EARTHSHINE IMPEX PTE. LTD.}

^{WF SINGAPORE PTE. LTD.}

^{DEEP DRILLING 4 PTE. LTD.}

^{DEEP DRILLING 5 PTE. LTD.}

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 18.8% COMPARED TO Q2 OF 2006, RIDING ON STRONG GROWTH FROM THE BIOMEDICAL MANUFACTURING AND TRANSPORT ENGINEERING CLUSTERS. TOTAL MANUFACTURING OUTPUT GREW BY 7.8% COMPARED TO OUTPUT IN THE SAME PERIOD LAST YEAR.

BIOMEDICAL MANUFACTURING CLUSTER REBOUNDED FROM ITS CONTRACTION IN MARCH. SPEARHEADING THE JUMP OF 98.5% IN APRIL’S OUTPUT OVER APRIL LAST YEAR WAS THE PHARMACEUTICALS SEGMENT. THE PRODUCTION OF ACTIVE PHARMACEUTICAL INGREDIENTS SHOT UP BY 120.5% THIS APRIL DUE TO THE VERY LOW OUTPUT LEVEL LAST APRIL. THE MEDICAL TECHNOLOGY SEGMENT CONTINUED TO EXPAND ITS OUTPUT OF MEDICAL DEVICES AND APPLIANCES BY 16.1%. THE GROWTH OF BOTH SEGMENTS PUSHED CUMULATIVE OUTPUT OF THE WHOLE CLUSTER UP BY 10.5% IN THE FIRST FOUR MONTHS OF THIS YEAR COMPARED TO THE SAME PERIOD IN 2006.

TRANSPORT ENGINEERING CLUSTER RECORDED ITS FOURTH CONSECUTIVE MONTHLY YEAR-ON-YEAR GROWTH IN 2007. Q2 GROWTH OF 24.4% WAS CONTRIBUTED BY ALL THREE SEGMENTS. THE MARINE & OFFSHORE SEGMENT GREW 32.0% AS SHIPYARDS QUICKENED THEIR PACE OF SHIPBUILDING, SHIP CONVERSION AND SHIP REPAIRING. THE AEROSPACE SEGMENT GREW 13.5% WITH MORE REPAIRS COMPLETED FOR COMMERCIAL AIRCRAFTS. THE LAND TRANSPORT SEGMENT GREW 38.0% WITH HIGHER PRODUCTION OF LAND VEHICLE EQUIPMENT TO MEET LOCAL AND OVERSEAS ORDERS. CUMULATIVELY, THE CLUSTER GREW 23.9% IN THE FIRST FOUR MONTHS OF 2007 COMPARED TO THE SAME PERIOD LAST YEAR.

THE ELECTRONICS CLUSTER’S OUTPUT IN Q2 INCREASED BY 7.4% COMPARED TO Q2 OF 2006, BOOSTED MAINLY BY THE 18.0% INCREASE IN THE PRODUCTION OF SEMICONDUCTORS. THE ELECTRONIC MODULES AND COMPONENTS SEGMENT GREW 5.5%. ON THE OTHER HAND, CONTRACTIONS WERE SEEN IN THE OUTPUT OF INFOCOMMS & CONSUMER ELECTRONICS (-10.1%), DATA STORAGE (-2.8%) AND COMPUTER PERIPHERALS (-0.2%). FOR THE FIRST FOUR MONTHS OF THIS YEAR, THE ELECTRONICS CLUSTER GREW CUMULATIVELY BY 3.9% COMPARED TO THE SAME PERIOD IN 2006.

THE CHEMICALS CLUSTER GREW 4.1% IN Q2 COMPARED TO LAST YEAR'S SECOND QUARTER. THE OUTPUT OF PETROLEUM ROSE 21.7% FROM A YEAR AGO WHEN OUTPUT WAS LOW ARISING FROM MAINTENANCE SHUTDOWNS IN SOME REFINERY PLANTS. THE PRODUCTION OF PETROCHEMICALS FELL SLIGHTLY BY 0.6%. THE OUTPUT OF SPECIALTY CHEMICALS SHRANK 9.6% ON ACCOUNT OF LESS OUTPUT OF EPOXY COMPOUNDS, MINERAL OIL ADDITIVES AND CHEMICAL CATALYSTS. THE CLUSTER RECORDED A CUMULATIVE GROWTH OF 1.8% IN THE FIRST FOUR MONTHS OF 2007 COMPARED TO THE SAME PERIOD LAST YEAR.

OUTPUT OF THE PRECISION ENGINEERING CLUSTER FELL BY 2.5% IN Q2 2007. THIS CAME FROM THE CONTRACTIONS OF 1.4% AND 3.2% FOR THE MACHINERY & SYSTEMS SEGMENT AND PRECISION MODULES & COMPONENTS SEGMENT RESPECTIVELY. CUMULATIVELY, THE FIRST FOUR MONTHS’ OUTPUT THIS YEAR WAS 0.9% LESS THAN THE OUTPUT IN THE SAME PERIOD OF 2006.

THE GENERAL MANUFACTURING INDUSTRIES GREW 11.3% YEAR-ON-YEAR IN Q2 2007. THE FOOD, BEVERAGES AND TOBACCO INDUSTRIES CONTRIBUTED LARGELY TO THE GROWTH WITH OUTPUT INCREASES OF 18.3%. THE MISCELLANEOUS INDUSTRIES ALSO GREW 14.9%. CUMULATIVE OUTPUT FOR THIS GROUP OF INDUSTRIES GREW 9.8% IN THE FIRST FOUR MONTHS OF THIS YEAR COMPARED TO THE SAME PERIOD IN 2006.

OUTLOOK

THE MANUFACTURING SECTOR IS MORE OPTIMISTIC IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007, COMPARED TO THE FIRST QUARTER OF THE YEAR. OVERALL, A WEIGHTED 30% OF MANUFACTURERS FORESEE AN IMPROVED OUTLOOK, WHILE 4% PREDICT DETERIORATION. THIS RESULTS IN A NET WEIGHTED BALANCE OF 26% OF MANUFACTURERS EXPECTING BUSINESS CONDITIONS TO IMPROVE, WHICH IS HIGHER THAN THE 7% RECORDED A QUARTER AGO. THE POSITIVE BUSINESS SENTIMENT IS LED BY THE ELECTRONICS CLUSTER.

BUSINESS OUTLOOK IN THE BIOMEDICAL MANUFACTURING CLUSTER REMAINS RELATIVELY STABLE FOR THE NEXT SIX MONTHS ENDING SEPTEMBER 2007, COMPARED TO THE FIRST QUARTER OF THE YEAR. IN BOTH THE PHARMACEUTICAL AND MEDICAL TECHNOLOGY SEGMENTS, OUTPUT FORECAST IS ANTICIPATED TO BE HIGHER IN THE SECOND QUARTER OF 2007, COMPARED TO THE FIRST QUARTER, IN PREPARATION FOR ORDERS AND DELIVERIES TO BE MADE IN THE SAME PERIOD.

THE TRANSPORT ENGINEERING CLUSTER REMAINS POSITIVE ABOUT BUSINESS PROSPECTS IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007, COMPARED TO LAST QUARTER. THE MARINE & OFFSHORE ENGINEERING SEGMENT REMAINS ROBUST, WITH THE MAJORITY OF SHIPYARDS ANTICIPATING HIGHER LEVELS OF REPAIRING AND CONVERSION ACTIVITIES IN SECOND QUARTER OF 2007, COMPARED WITH THE FIRST QUARTER OF THE YEAR. STRONGER PERFORMANCE IS ALSO ANTICIPATED IN THE AEROSPACE SEGMENT ON A QUARTER TO QUARTER BASIS, AS AIRCRAFT REPAIR AND SERVICING ACTIVITIES INCREASE IN LINE WITH MORE OVERSEAS ORDERS AND EXPORTS. OUTPUT IN THE LAND TRANSPORT SEGMENT IS ALSO EXPECTED TO RISE IN THE SECOND QUARTER OF THE YEAR, COMPARED WITH A QUARTER AGO, IN FULFILLMENT OF CONTRACTUAL ORDERS.

THE ELECTRONICS CLUSTER IS SIGNIFICANTLY MORE OPTIMISTIC COMPARED TO THE FIRST QUARTER OF THE YEAR. A NET WEIGHTED BALANCE OF 38% OF MANUFACTURERS EXPECTS BUSINESS CONDITIONS TO IMPROVE IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007, COMPARED TO A NET WEIGHTED BALANCE OF -1% RECORDED IN THE FIRST QUARTER. IN PARTICULAR, MANUFACTURERS IN THE COMPUTER PERIPHERALS AND INFOCOMMS AND CONSUMER ELECTRONICS SEGMENTS ARE MORE BULLISH DUE TO NEW PRODUCT INTRODUCTIONS AND AN EXPECTED PICK UP IN MARKET DEMAND FOLLOWING THE FIRST QUARTER SEASONAL LULL. CHIP MAKERS ALSO PREDICT SUSTAINED GLOBAL DEMAND OVER THE SECOND AND THIRD QUARTERS OF THE YEAR, AS EVIDENCED BY AN EXPECTED INCREASE IN EXPORT ORDERS AND SALES. PRODUCTION IN ALL SEGMENTS OF THE CLUSTER IS EXPECTED TO RISE IN THE SECOND QUARTER, OVER THE LOW LEVELS IN THE FIRST QUARTER OF 2007. IN TERMS OF EMPLOYMENT OUTLOOK, A NET WEIGHTED 24% OF THE ELECTRONICS CLUSTER IS EXPECTED TO HIRE MORE WORKERS IN THE SECOND QUARTER OF 2007, AS PRODUCTION AND SALES INCREASE.

IN THE CHEMICALS CLUSTER, A NET WEIGHTED 10% OF MANUFACTURERS EXPECT THE BUSINESS ENVIRONMENT IN THE SECTOR TO IMPROVE IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007. FIRMS IN THE SPECIALTIES AND OTHER CHEMICALS SEGMENTS ARE MORE OPTIMISTIC AS THE TREND OF SALES LEVEL DURING THE APRIL TO SEPTEMBER PERIOD IS EXPECTED TO RISE, FOLLOWING SEASONAL WEAKNESS IN THE FIRST THREE MONTHS OF 2007. OUTPUT IN ALL SEGMENTS OF THE CLUSTER IS PROJECTED TO INCREASE IN THE SECOND QUARTER OF THE YEAR, AS COMPARED TO THE FIRST. THE ONLY EXCEPTION IS IN THE PETROLEUM REFINERY SEGMENT, WHERE SOME MAINTENANCE DOWNTIME IS PLANNED DURING THIS PERIOD.

A NET WEIGHTED BALANCE OF 24% OF THE PRECISION ENGINEERING CLUSTER EXPECT AN IMPROVEMENT IN THE OPERATING ENVIRONMENT IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007, AS COMPARED TO ONLY 4% RECORDED A QUARTER AGO. ON THE PRODUCTION FRONT, A TURNAROUND FROM THE SEASONALLY WEAK FIRST QUARTER IS ALSO EXPECTED. THE MACHINERY & SYSTEMS SEGMENT FORECAST AN INCREASE IN THE OUTPUT OF INDUSTRIAL PROCESS CONTROL EQUIPMENT AND SEMICONDUCTOR ASSEMBLY AND TESTING EQUIPMENT, IN VIEW OF HIGHER ORDERS AND DELIVERIES ANTICIPATED IN THE SECOND QUARTER OF 2007. MANUFACTURERS IN THE PRECISION MODULES & COMPONENTS SEGMENT EXPECT AN INCREASE IN PRODUCTION DUE TO THE INTRODUCTION OF SOME NEW PRODUCT LINES, AND IN RESPONSE TO HIGHER ORDER LEVELS. MOREOVER, SINGAPORE'S PRECISION ENGINEERING SECTOR IS GROWING AND INCREASING ITS OUTPUT ANNUALLY AND IS EXPECTED TO GENERATE S$28 BILLION BY 2010.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

economic development board

CONTACT SINGAPORE

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