MIRA INFORM REPORT

Report Date :

05.03.2008

IDENTIFICATION DETAILS

Name :	FUJITEC SINGAPORE CORPORATION LTD
Registered Office :	^204 Bedok South Avenue 1
Country :	Singapore
Financials (as on) :	^31/12/2006
Date of Incorporation :	^23/08/1972
Com. Reg. No.:	^197201108W
Legal Form :	^Pub Ltd Co
Line of Business :	Manufacturer of elevators, escalators and related components of all descriptions and the installation and maintenance of such elevators and escalators.

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

FUJITEC SINGAPORE CORPORATION LTD

Line Of Business

THE MANUFACTURING OF ELEVATORS, ESCALATORS AND RELATED COMPONENTS OF ALL DESCRIPTIONS AND THE INSTALLATION AND MAINTENANCE OF SUCH ELEVATORS AND ESCALATORS

Parent Company

---

Financial Elements

FY 2006

CONSOLIDATED

Sales : S$119,988,326

Networth : S$106,506,614

Paid-Up Capital : S$8,200,000

Net result : S$11,959,597

Net Margin(%) : 9.97

Return on Equity(%) : 11.23

Leverage Ratio : 0.20

COMPANY IDENTIFICATION

^{Subject Company : FUJITEC SINGAPORE CORPORATION LTD}

^{Former Name : -}

^{Business Address: 204 BEDOK SOUTH AVENUE 1}

^{Town: SINGAPORE}

^{Postcode: 469333}

^{County: -}

^{Country: Singapore}

^{Telephone: 6241 6222}

^{Fax: 6444 7626}

^{ROC Number: 197201108W}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Pub Ltd Co}

^{Date Inc.: 23/08/1972}

^{Previous Legal Form: -}

^{Summary year : 31/12/2006}

^{Sales: 119,988,326}

^{Networth : 106,506,614}

^{Capital: -}

^{Paid-Up Capital: 8,200,000}

^{Employees: 1,217}

^{Net result : 11,959,597}

^{Share value: -}

^{AUDITOR : FOO KON TAN GRANT THORNTON}

REFERENCES

^{Litigation: Yes}

^{Company status : TRADING}

^{Started : 23/08/1972}

PRINCIPAL(S)

^{HONG TUCK KUN S0150044I Director}

DIRECTOR(S)

^{HONG TUCK KUN S0150044I Director}

^{Appointed on : 10/07/2003}

^{Street : 30 SANDILANDS ROAD}

^{Town: SINGAPORE}

^{Postcode: 546090}

^{Country: Singapore}

^{TOH BAN LENG JAMES S1703020E Director}

^{Appointed on : 19/09/1990}

^{Street : 22C CORNWALL GARDENS}

^{Town: SINGAPORE}

^{Postcode: 299926}

^{Country: Singapore}

^{NARAYANAPILLAI SUGUMARAN S2191752D Director}

^{Appointed on : 01/07/1991}

^{Street : 641 BEDOK RESERVOIR ROAD}

^#13-67

^{Town: SINGAPORE}

^{Postcode: 410641}

^{Country: Singapore}

^{KENJI OTANI ME7633657 Director}

^{Appointed on : 04/10/1982}

^{Street : KOUSHIEN-GUCHI 2-27-24}

^{NISHINOMIYA CITY}

^{Town: OSAKA}

^{Postcode: 663-8113}

^{Country: Japan}

^{TAKAKAZU UCHIYAMA MH0407346 Director}

^{Appointed on : 19/12/1986}

^{Street : 2-10 MIKAGE-YAMATC 1-CHOME}

^{HIGASHINADA-KU KOBE}

^{Town: KOBE}

^Postcode:

^{Country: Japan}

^{ONG AH KOW (WANG TIANCHENG) S0611079G Director}

^{Appointed on : 25/03/2003}

^{Street : 83 CHUAN DRIVE}

^{Town: SINGAPORE}

^{Postcode: 554731}

^{Country: Singapore}

^{FOO SOON SOO S1310912E Company Secretary}

^{Appointed on : 18/02/2005}

^{Street : 4 MIMOSA VALE}

^{MIMOSA VALE}

^{Town: SINGAPORE}

^{Postcode: 807927}

^{Country: Singapore}

^{HIROKI TOKUAMI TZ0162498 Director}

^{Appointed on : 20/11/2006}

^{Street : 300 TANJONG KATONG ROAD}

^#03-10

^{CHELSEA LODGE}

^{Town: SINGAPORE}

^{Postcode: 437083}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{TAN HENG CHEOW S0002126A}

^{ELSIE LOW S0111325I}

^{CECIL LIVERA TENNAKOON S0247826I}

^{SOH KIM SOON S0339758J}

^{KAN SIEW KWAI PETER S1412707J}

^{SHOTARO UCHIYAMA RCB86818}

^{KAZUMASU KAZAMA TZ0073566}

^{TASAKA IZUMI SG3062408}

^{LEONG WAI YEE S0012761B}

^{HATA TAKAO Unknown}

^{ASADA ZENICHI Unknown}

^{YASUYUKI UCHIYAMA F1439871Q}

^{TOH SOO CHIN MERLENE MDM S1406671C}

^{MARK CUNLIFE EMERSON S2614245H}

^{KWAN HON KAY @ LAWRENCE KWAN S0283956C}

^{TEH SIEW DUAN S1310921E}

ACTIVITY(IES)

^{ELEVATORS - HOME - INSTALLATION And SERVICE Code:7730}

^{BASED ON ACRA'S RECORD}

^{1) INSTALLATION AND ERECTION OF BUILDING EQUIPMENT (EG LIFTS, ESCALATORS TRAVELLATORS)}

CHARGES

^{Date: 23/09/1974 Amount: 5,500,000}

^{Comments : CHARGE NO : 7400986}

^{SECURED : 5,500,000.00 ( SINGAPORE DOLLAR )}

^{CHARGEE : DBS BANK LTD}

^{Date: 04/10/1976 Amount: 2,300,000}

^{Comments : CHARGE NO : 7601332}

^{SECURED : 2,300,000.00 ( SINGAPORE DOLLAR )}

^{CHARGEE : SUMITOMO MITSUI BANKING CORPORATION}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{DBS BANK LTD.}

^{SUMITOMO MITSUI BANKING CORPORATION}

ASSOCIATED COMPANY(IES)

^{FUJITEC (M) SDN BHD}

^Malaysia

SHAREHOLDERS(S)

^{A.C.T. HOLDINGS PTE LTD 900,000 Company}

^{Street : 43 MOSQUE STREET}

^#04-02

^{Town: SINGAPORE}

^{Postcode: 059521}

^{Country: Singapore}

^{FUJITEC CO.,LTD. 5,149,000 Company}

^{Street : 28-10 SHOH 1-CHOME}

^IABARAKI

^{Town: OSAKA PREFECTURE}

^Postcode:

^{Country: Japan}

^{SHOTARO UCHIYAMA 124,000 Private Person}

^{Street : 220 KITAMACHI KOSHIENGUCHI}

^{NISHIROMIYA HYOGO}

^JAPAN

^{Town: HYOGO}

^Postcode:

^{Country: Japan}

^{TAKASHI ISHIDA 10,000 Private Person}

^{Street : C/O FUJITEC CO LTD}

^{28-10 SHOH 1-CHOME}

^IBARAKI

^{Town: OSAKA}

^Postcode:

^{Country: Japan}

^{THE ASAHI BANK,LTD. 100,000 Company}

^{Street : 1-2, OTE-MACHI 1-CHOME}

^{Town: CHIYODA-KU}

^{Postcode: 1000004}

^{Country: Japan}

^{THE DAIWA BANK, LIMITED 200,000 Company}

^{Street : 2-1, BINGO-MACHI 2-CHOME}

^{Town: CHUO-KU OSAKA-SHI}

^{Postcode: 5410051}

^{Country: Japan}

^{DBS BANK LTD. 2,600,000 Company}

^{Street : 6 SHENTON WAY}

^{DBS BUILDING TOWER ONE}

^{Town: SINGAPORE}

^{Postcode: 068809}

^{Country: Singapore}

^{THE FUJI BANK LIMITED 100,000 Company}

^{Street : 5-5 1 CHOME OTEMACHI CHIYODA}

^KU

^{Town: TOKYO}

^Postcode:

^{Country: Japan}

^{THE LONG TERM CREDIT BANK OF JAPAN 150,000 Company}

^{Street : 2-4 OTEMACHI, 1-CHOME, TOKYO}

^{Town: CHIYODA-KU}

^{Postcode: 1000011}

^{Country: Japan}

^{THE SANWA BANK LTD 100,000 Company}

^{Street : 10 FUSHIMI-CHO 4-CHOME}

^{Town: HIGASHI-KU OSAKA}

^{Postcode: 5410044}

^{Country: Japan}

^{THE SUMITOMO BANK LTD 100,000 Company}

^{Street : 22,5 KITAHAMA 4 CHOME}

^{CHUOU KU OSAKA}

^JAPAN

^{Town: OSAKA}

^Postcode:

^{Country: Japan}

^{YASUHIRO KAMITAKEHARA 6,000 Private Person}

^{Street : ROOM NO 3410-3415 HONGKONG PLAZA}

^{188 CONNAUGHT ROAD WEST}

^Town:

^Postcode:

^{Country: Hong Kong}

^{YUTAKA FUKUDA 50,000 Private Person}

^{Street : 6228 TSUJIDO, FUJISAWA CITY}

^{KANAGAWA PREFECTURE}

^Town:

^Postcode:

^{Country: Japan}

^{YUTAKA MIYASE 6,000 Private Person}

^{Street : C/O FUJITEC CO LTD}

^{28-10 SHOH 1-CHOME}

^IBARAKI

^{Town: OSAKA}

^Postcode:

^{Country: Japan}

^{ETSUKO KAJIMOTO (MRS) 6,000 Private Person}

^{Street : 4-3-4 MAYUMI IKOMA SHI}

^NARA

^Town:

^Postcode:

^{Country: Japan}

SUBSIDIARY(IES)

^{PT FUJITEC INDONESIA}

^Indonesia

^{FSP ELEVATORS PVT. LTD}

India

^{FUJITEC (M) SDN BHD}

Malaysia

^{FSP PTE LTD}

^Singapore

^{FUJITEC VIETNAM CO. LTD}

Vietnam

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity : ABUNDANT}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation: AVERAGE}

LITIGATION(S)

^{Type Of Case: District Court - W/S}

^{Case Number: DCS00231/2005}

Defendant FUJITEC SINGAPORE CORPORATION LTD ROC # : 197201108W

^{Type Of Case: Magistrate Court - W/S}

^{Case Number: MCS00089/2001}

Defendant FUJITEC SINGAPORE CORPORATION LTD ROC # : 197201108W

^{Type Of Case: District Court - W/S}

^{Case Number: DCS600558/2000}

Defendant FUJITEC SINGAPORE CORPORATION LTD ROC # : 197201108W

^{Type Of Case: District Court - W/S}

^{Case Number: DCS00188/1997}

Defendant FUJITEC SINGAPORE CORPORATION LTD ROC # : 197201108W

^{Type Of Case: District Court - W/S}

^{Case Number: DCS00360/1995}

Defendant FUJITEC SINGAPORE CORPORATION LTD ROC # : 197201108W

^{Type Of Case: Magistrate Court - W/S}

^{Case Number: MCS04573/1995}

Defendant FUJITEC SINGAPORE CORPORATION LTD ROC # : 197201108W

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 16/05/2007}

^{Balance Sheet Date: 31/12/2006 31/12/2005 31/12/2004}

^{Number of weeks: 52 52 52}

^{Consolidation Code: CONSOLIDATED CONSOLIDATED CONSOLIDATED}

^{--- ASSETS}

^{Intangible Fixed Assets: - - 82,202}

^{Tangible Fixed Assets: 22,036,116 22,296,756 21,518,919}

^{Investments 15,291 15,467 15,190}

^{Total Fixed Assets: 22,051,407 22,312,223 21,616,311}

^{Inventories: 22,162,674 16,735,656 10,186,372}

^{Receivables: 20,091,960 20,728,375 28,172,523}

^{Cash,Banks, Securities: 56,422,169 61,991,359 70,154,901}

^{Other current assets: 6,819,564 3,804,255 4,579,409}

^{Total Current Assets: 105,496,367 103,259,645 113,093,205}

^{TOTAL ASSETS: 127,547,774 125,571,868 134,709,516}

^{--- LIABILITIES}

^{Equity capital: 8,200,000 7,300,000 7,300,000}

^{Reserves: -1,315,910 -440,476 780,135}

^{Profit & loss Account: 97,752,080 97,637,330 97,607,135}

^{Other: 1,870,444 1,684,263 1,683,076}

^{Total Equity: 106,506,614 106,181,117 107,370,346}

^{L/T deffered taxes: 999,475 951,717 904,105}

^{Other long term Liab.: - 16,277 50,267}

^{Total L/T Liabilities: 999,475 967,994 954,372}

^{Trade Creditors: 14,113,530 11,791,114 16,839,236}

^{Short term liabilities: 15,385 17,022 -}

^{Provisions: 3,337,062 4,006,393 5,390,412}

^{Other Short term Liab.: 2,575,708 2,608,228 4,155,150}

^{Total short term Liab.: 20,041,685 18,422,757 26,384,798}

^{TOTAL LIABILITIES: 21,041,160 19,390,751 27,339,170}

^{--- PROFIT & LOSS ACCOUNT}

^{Net Sales 119,988,326 113,423,990 116,313,183}

^{Gross Profit: 20,422,500 24,903,823 28,605,467}

^{Result of ordinary}

^{operations 15,104,294 18,384,258}

^{NET RESULT BEFORE TAX: 15,104,294 18,384,258 21,266,456}

^{Tax : 3,144,697 3,742,346 4,365,696}

^{Net income/loss year: 11,959,597 14,641,912 16,900,760}

^{Interest Paid: 1,144 1,903 -}

^{Depreciation: 2,109,304 1,498,293 1,504,026}

^{Dividends: - - 14,600,000}

^{Directors Emoluments: 835,526 1,071,072 1,031,181}

^{Purchases,Sces & Other}

^{Goods: 99,565,826 88,520,167 -}

^{Wages and Salaries: 31,890,284 32,268,077 31,189,059}

^{Financial Income: 2,001,480 1,179,817 551,104}

RATIOS

^{31/12/2006 31/12/2005 31/12/2004}

^{Turnover per employee: 98593.53 93199.66 95573.69}

^{Net result / Turnover(%): 0.10 0.13 0.15}

^{Stock / Turnover(%): 0.18 0.15 0.09}

^{Net Margin(%): 9.97 12.91 14.53}

^{Return on Equity(%): 11.23 13.79 15.74}

^{Return on Assets(%): 9.38 11.66 12.55}

^{Dividends Coverage: 1.16}

^{Net Working capital: 85454682.00 84836888.00 86708407.00}

^{Cash Ratio: 2.82 3.36 2.66}

^{Quick Ratio: 3.82 4.49 3.73}

^{Current ratio: 5.26 5.61 4.29}

^{Receivables Turnover: 60.28 65.79 87.20}

^{Leverage Ratio: 0.20 0.18 0.25}

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 0.31% FROM S$106,181,117 IN FY 2005 TO S$106,506,614 IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$97,752,080 (2005:}

^{S$97,637,330); A RISE OF 0.12% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 70.42% (2005: 64.00%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$14,113,530 (2005: S$11,791,114). THE BREAKDOWN IS AS FOLLOWS:}

^{-ULTIMATE HOLDING COMPANY - 2006: - (2005: S$53,982)}

^{-FELLOW SUBSIDIARIES - 2006: - (2005: S$449,863)}

^{-OTHERS - 2006: S$14,113,530 (2005: S$11,287,269)}

^{IN ALL, LEVERAGE RATIO ROSE FROM 0.18 TIMES TO 0.20 TIMES AS A RESULT OF A GREATER RISE IN TOTAL LIABILITIES THAN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS STRONG AS SEEN FROM THE CHANGES IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO FELL TO 5.26 TIMES, DOWN FROM 5.61 TIMES AND QUICK RATIO FELL TO 3.82 TIMES FROM 4.49 TIMES IN FY 2005.}

^{NET WORKING CAPITAL IMPROVED BY 0.73% FROM S$84,836,888 IN FY 2005 TO S$85,454,682.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-FIXED DEPOSITS - 2006: S$53,985,500 (2005: S$57,615,491)}

^{-CASH AND BANK BALANCES - 2006: S$2,436,669 (2005: S$4,375,868)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 5.79% FROM S$113,423,990 IN FY 2005 TO S$119,988,326 BUT NET PROFIT DROPPED BY 18.32% TO S$11,959,597 (2005: S$14,641,912). THIS COULD BE DUE TO HIGHER ADMINISTRATIVE EXPENSES OF S$6,116,568 IN FY 2006 (2005: S$5,685,543). HENCE, NET MARGIN FELL TO 9.97% (2005: 12.91%).}

^REVENUE:

^{-MANUFACTURING AND INSTALLATION OF ELEVATORS, ESCALATORS AND RELATED COMPONENTS - 2006: S$62,012,642 (2005: S$54,403,856)}

^{-MAINTENANCE SERVICES - 2006: S$57,975,684 (2005: S$59,020,134)}

^{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, ITS INTEREST COVERAGE WAS HEALTHY CONSIDERING THAT ITS INTEREST EXPENSES WERE LOW AT S$1,144 IN FY 2006 (2005: S$1,903).}

^{AVERAGE COLLECTION PERIOD HAS SHORTENED FROM 65.79 DAYS TO 60.28 DAYS. A SHORTER AVERAGE COLLECTION PERIOD POSES LESSER RISK OF TURNING INTO BAD DEBTS. HOWEVER, IT IS STILL WORTH NOTING THAT DEBT SERVICING ABILITY MAY BE AFFECTED IF TRADE RECEIVABLES ARE NON FORTHCOMING.}

NOTES TO THE FINANCIAL STATEMENTS

^{CONTINGENT LIABILITIES:}

^{THE COMPANY AND THE GROUP:}

^{PERFORMANCE BONDS, LETTERS OF GUARANTEE AND LETTER OF CREDIT ISSUED IN THE ORDINARY}

^{COURSE OF BUSINESS}

^{-SECURED - 2006: S$1,859,000 (2005: S$1,747,280)}

^{-UNSECURED - 2006: S$14,991,778 (2005: S$21,989,210)}

^{THIS IS SECURED FOR UP TO S$5.5 MILLION BY A CHARGE ON THE WHOLE OF THE COMPANY'S ASSETS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 23/08/1972 AS A PUBLIC COMPANY LIMITED BY SHARES AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "FUJITEC SINGAPORE CORPORATION LTD"}

^{AS AT 29/02/2008, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 7,300,000 SHARES OF A VALUE OF S$7,300,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) INSTALLATION AND ERECTION OF BUILDING EQUIPMENT (EG LIFTS, ESCALATORS TRAVELLATORS)}

^{2) MANUFACTURE AND REPAIR OF LIFTS AND ESCALATORS}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF THE MANUFACTURING OF ELEVATORS, ESCALATORS AND RELATED COMPONENTS OF ALL DESCRIPTIONS AND THE INSTALLATION AND MAINTENANCE OF SUCH ELEVATORS AND ESCALATORS.}

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

^{BACKGROUND OF THE SUBEJCT:}

^{THE COMPANY SPECIALISES IN DESIGNING, MANUFACTURING, INSTALLATION AND MAINTENANCE OF ELEVATORS AND ESCALATORS.}

^{IN 1992, THE COMPANY SET UP A PRODUCTION PLANT IN BATAM INDUSTRIAL PARK, INDONESIA, TO ENHANCE ITS MANUFACTURING CAPACITY IN THE REGION.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* MANUFACTURING OF ELEVATORS, ESCALATORS AND RELATED COMPONENTS}

^{EXPORT COUNTRIES:}

^{* THAILAND}

^{* MALAYSIA}

^{* VIETNAM}

^{* MYANMAR}

^{* INDONESIA}

^{* THE PHILLIPINES}

^{PRODUCTS DEALINGS:}

^{* PASSENGER LIFTS}

^{* FREIGHT LIFTS}

^{* ESCALATOR}

^{TYPES OF PROJECTS:}

^{* PUBLIC HOUSING}

^{* PUBLIC SECTOR}

^{* COMMERCIAL}

^{* HOTEL}

^{* INDUSTRIAL}

^{* PRIVATE HOUSING}

^{REGISTERED WITH:}

^{* THE CONSTRUCTION AND INDUSTRIAL DEVELOPMENT BOARD}

^{QUALITY ASSESSMENT:}

^{* ISO 9001 JOINTLY CERTIFIED BY BRITISH STANDARDS INSTITUTION AND SINGAPORE'S PRODUCTIVITY AND STANDARDS BOARD}

^{SUBJECT IS A MEMBER OF THE FOLLOWING ENTITIES}

^{* SINGAPORE LIFTS AND ESCALATORS CONTRACTORS AND MANUFACTURING ASSOCIATION}

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT GRANTED BY SUBJECT'S PERSONNEL}

^{THE IMMEDIATE AND ULTIMATE HOLDING COMPANY IS FUJITEC CO. LTD., WHICH IS INCORPORATED IN JAPAN.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{GROUP - 2006: NOT AVAILABLE (2005: NOT AVAILABLE; 2004: 1,217;}

^{2003: 1,188; 2002: 1,327)}

^{COMPANY - 2006: NOT AVAILABLE (2005: NOT AVAILABLE; 2004: 798;}

^{2003: 798; 2002: 938)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{204 BEDOK SOUTH AVENUE 1}

^{SINGAPORE 469333}

^{- OWNED BY SINGAPORE FUJITEC ELEVATOR COPRN LTD}

^{- DATE OF CHANGE OF ADDRESS: -}

^{- GLOBAL FUJITEC GROUP'S HEADQUARTER FOR SOUTH ASIA MARKET}

^WEBSITE:

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

^EMAIL:

^{fujitec@fujitecsg.com}

MANAGEMENT

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

^{1) KENJI OTANI, A JAPANESE}

^{- BASED IN JAPAN.}

^{2) TAKAKAZU UCHIYAMA, A JAPANESE}

^{- BASED IN JAPAN.}

^{3) HONG TUCK KUN, A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{DBS FACTORS PTE LTD}

^{4) ONG AH KOW (WANG TIANCHENG), A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{A.C.T. HOLDINGS PTE LTD}

^{5) TOH BAN LENG JAMES, A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{HITACHI HIGH-TECHNOLOGIES (SINGAPORE) PTE. LTD.}

^{HITACHI CABLE ASIA PACIFIC PTE. LTD.}

^{6) NARAYANAPILLAI SUGUMARAN, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

^{7) HIROKI TOKUAMI, A JAPANESE}

^{- 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.

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.

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.

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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