MIRA INFORM REPORT

Report Date :

25.03.2008

IDENTIFICATION DETAILS

Name :	^ADAMPAK LIMITED
Formerly Known As :	^ADAMPAK PTE. LTD.
Registered Office :	6 Loyang Way 4, Postcode: 507605
Country :	Singapore
Financials (as on) :	31.12.2006
Date of Incorporation :	^10/01/1979
Com. Reg. No.:	^197900079M
Legal Form :	^Pub Ltd Co
Line of Business :	The Manufacturer of labels, seals and other die-cut components mainly for the electronics, pharmaceutical/medical equipment and supplies and chemical industries.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exists

Subject Company

ADAMPAK LIMITED

Line Of Business 

THE MANUFACTURING OF LABELS, SEALS AND OTHER DIE-CUT COMPONENTS MAINLY FOR THE ELECTRONICS, PHARMACEUTICAL/MEDICAL EQUIPMENT AND SUPPLIES AND CHEMICAL INDUSTRIES

Parent Company

-

Financial Elements

FY 2006

CONSOLIDATED

Sales US$31,882,000

Networth US$25,848,000

Paid-Up Capital US$10,936,000

Net result US$5,765,000

Net Margin(%) 18.08

Return on Equity(%) 22.30

Leverage Ratio 0.28

COMPANY IDENTIFICATION

^{Subject Company : ADAMPAK LIMITED}

^{Former Name : ADAMPAK PTE. LTD.}

^{Business Address: 6 LOYANG WAY 4}

^{Town: SINGAPORE}

^{Postcode: 507605}

^{County: -}

^{Country: Singapore}

^{Telephone: 6747 9922}

^{Fax: 6743 4720}

^{ROC Number: 197900079M}

^{Reg. Town: -}

PREVIOUS IDENTIFICATION

^{ADAMPAK PTE. LTD.}

^{DATE OF CHANGE OF NAME: 15/07/2004}

ADAMPAK & PRINT PTE LTD

^{DATE OF CHANGE OF NAME: 09/07/2004}

SUMMARY

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

^{Legal Form: Pub Ltd Co}

^{Date Inc.: 10/01/1979}

^{Previous Legal Form: Exempt Pte Ltd}

^{Summary year : 31/12/2006}

^{Sales: 31,882,000}

^{Networth : 25,848,000}

^{Capital: -}

^{Paid-Up Capital: 10,936,000}

^{Employees: 150}

^{Net result : 5,765,000}

^{Share value: -}

^{AUDITOR : LTC & ASSOCIATES}

^{BASED ON ACRA'S RECORD}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED ORDINARY 263,625,000 SGD 25,415,377.00}

^{PAID-UP ORDINARY - SGD 25,415,377.00}

REFERENCES

^{Litigation: Yes}

^{Company status : TRADING}

^{Started : 10/01/1979}

PRINCIPAL(S)

^{TAY SONG SENG S0189475G Director}

DIRECTOR(S)

^{CHUA CHENG SONG S0194740J Director}

^{Appointed on : 01/08/1998}

^{Street : 311 ANG MO KIO AVENUE 3}

^#02-2118

^{Town: SINGAPORE}

^{Postcode: 560311}

^{Country: Singapore}

^{CHUA HOOK BENG S2019644J Director}

^{Appointed on : 26/03/1996}

^{Street : 44R HILLSIDE DRIVE}

^{Town: SINGAPORE}

^{Postcode: 549034}

^{Country: Singapore}

^{TAY SONG SENG S0189475G Director}

^{Appointed on : 10/01/1979}

^{Street : 27A POOLE ROAD}

^{Town: SINGAPORE}

^{Postcode: 437518}

^{Country: Singapore}

^{TAN CHER LIANG S0039242A Company Secretary}

^{Appointed on : 01/07/2004}

^{Street : 19 JALAN KAYU MANIS}

^{KIMSIA PARK}

^{Town: SINGAPORE}

^{Postcode: 228978}

^{Country: Singapore}

^{GOH SIANG KHIN S0086620B Director}

^{Appointed on : 13/08/2004}

^{Street : 36 HARVEY CRESCENT}

^{Town: SINGAPORE}

^{Postcode: 489399}

^{Country: Singapore}

^{TEO KIANG KOK S1163581D Director}

^{Appointed on : 13/08/2004}

^{Street : 11 HILLVIEW WAY}

^{Town: SINGAPORE}

^{Postcode: 669182}

^{Country: Singapore}

^{LEE JOO HAI S2532861B Director}

^{Appointed on : 13/08/2004}

^{Street : 203F PONGGOL SEVENTEENTH AVENUE}

^{Town: SINGAPORE}

^{Postcode: 829669}

^{Country: Singapore}

^{CHAN SHOK HING S2665939F Company Secretary}

^{Appointed on : 05/04/2004}

^{Street : 18 LORONG 7 TOA PAYOH}

^#04-240

^{Town: SINGAPORE}

^{Postcode: 310018}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{TAN AH GEK ESTHER S0149028A}

^{SOH CHUN SENG S0284026Z}

^{GOH KAH LIN S0362916C}

^{ONG HOCK LENG S0949876A}

^{THAM KIM PAR S1084728A}

^{YVONNE CHOO S0090447C}

^{WANG LI-ER SHERYLENE S1837635J}

ACTIVITY(IES)

^{LABEL STOCK - ADHESIVE Code:12600}

^{COMMISSION MERCHANTS Code:4990}

^{BASED ON ACRA'S RECORD}

^{1) OTHER SUPPORT ACTIVITIES;}

^{MANUFACTURER OF LABELS,ADHESIVE LABELS,SIGNBOARDS & POSTER}

CHARGES

^{Date: 04/09/1998}

^{Comments : CHARGE NO : 199804606}

^{SECURED : 0.00 ALL MONIES OWING}

^{CHARGEE(S) : THE DEVELOPEMNT BANK OF SINGAPORE LIMITED}

^{Date: 06/11/1997}

^{Comments : CHARGE NO : 199706788}

^{SECURED : 0.00 ALL MONEIS OWING}

^{CHARGEE(S) : THE DEVELOPMENT BANK OF SINGAPORE LIMITED}

^{Date: 05/08/1997}

^{Comments : CHARGE NO : 199704734}

^{SECURED : 0.00 ALL MONIES OWING}

^{CHARGEE(S) : THE DEVELOPMENT BANK OF SINGAPORE LIMITED}

^{Date: 11/11/1992}

^{Comments : CHARGE NO : 9204779}

^{SECURED : 0.00 ALL MONIES OWING}

^{CHARGEE(S) : THE DEVELOPMENT BANK OF SINGAPORE LIMITED}

^{Date: 08/06/2000}

^{Comments : CHARGE NO : 200002535}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : DBS BANK LTD}

PREMISES/PROPERTY INFORMATIONS

^{Date: 20/07/2006}

^{Tax rate: 10}

^{Site Address : 6 LOYANG WAY 4}

^{Town: SINGAPORE}

^{Postcode: 507605}

^{Country: Singapore}

^{Annual Value: 395,000 (SGD)}

^{Date: 20/07/2006}

^{Tax rate: 10}

^{Site Address : 10 LOYANG DRIVE}

^{Town: SINGAPORE}

^{Postcode: 508940}

^{Country: Singapore}

^{Annual Value: 126,000 (SGD)}

*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.

BANKERS

^{DBS BANK LTD.}

ASSOCIATED COMPANY(IES)

^{AIDENT CORPORATION SDN BHD}

^Malaysia

^{AIDENT CORPORATION (KL) SDN BHD}

^Malaysia

SHAREHOLDERS(S)

^{TAY SONG SENG 66,200,000 Private Person}

^{Street : 27A POOLE ROAD}

^{Town: SINGAPORE}

^{Postcode: 437518}

^{Country: Singapore}

^{SOH CHUN SENG 7,812,500 Private Person}

^{Street : 702 UPPER CHANGI ROAD EAST}

^#03-10

^{Town: SINGAPORE}

^{Postcode: 486832}

^{Country: Singapore}

^{ONG HOCK LENG 20,175,000 Private Person}

^{Street : 49 DAISY AVENUE}

^{Town: SINGAPORE}

^{Postcode: 359525}

^{Country: Singapore}

^{THAM KIM PAR 6,683,000 Private Person}

^{Street : 34 JALAN TIGA RATUS}

^{Town: SINGAPORE}

^{Postcode: 488072}

^{Country: Singapore}

^{CHUA HOOK BENG 8,612,500 Private Person}

^{Street : 44R HILLSIDE DRIVE}

^{Town: SINGAPORE}

^{Postcode: 549034}

^{Country: Singapore}

^{CHUA CHENG SONG 4,078,000 Private Person}

^{Street : 311 ANG MO KIO AVENUE 3}

^#02-2118

^{Town: SINGAPORE}

^{Postcode: 560311}

^{Country: Singapore}

^{SEE BENG LIAN JANICE 5,287,000 Private Person}

^{Street :}

^Town:

^Postcode:

^{Country: Singapore}

^{TAN AIK BOON 2,100,000 Private Person}

^{Street :}

^{Town: SINGAPORE}

^Postcode:

^{Country: Singapore}

^{UOB KAY HIAN PTE LTD 2,580,000 Company}

^{Street :}

^Town:

^Postcode:

^{Country: Singapore}

^{PHILLIP SECURITIES PTE LTD 4,541,000 Company}

^{Street : 000}

^{Town: 000}

^{Postcode: 000}

^{Country: Singapore}

^{CHOW GAN SOONG 1,610,000 Private Person}

^{Street :}

^Town:

^Postcode:

^{Country: Singapore}

^{CIMB-GK SECURITIES PTE LTD 1,112,000 Company}

^{Street :}

^{Town: SINGAPORE}

^Postcode:

^{Country: Singapore}

^{UNITED OVERSEAS BANK NOMINEES [PTE] 10,048,000 Company}

^{Street : 1 BONHAM STREET}

^#15-00

^{U O B BUILDING}

^{Town: SINGAPORE}

^{Postcode: 049782}

^{Country: Singapore}

^{KIM ENG SECURITIES PTE LTD 3,180,000 Company}

^{Street : 9 TEMASEK BOULEVARD}

^#39-00

^{SUNTEC TOWER TWO}

^{Town: SINGAPORE}

^{Postcode: 038989}

^{Country: Singapore}

^{HSBC (SINGAPORE) NOMINEES PTE LTD 2,718,000 Company}

^{Street : 10 COLLYER QUAY}

^#02-02

^{OCEAN BUILDING}

^{Town: SINGAPORE}

^{Postcode: 049315}

^{Country: Singapore}

^{LIM MUI SWAN 1,475,000 Private Person}

^{Street :}

^Town:

^Postcode:

^{Country: Singapore}

^{CHAN WAI TIEN 1,400,000 Private Person}

^{Street :}

^Town:

^Postcode:

^{Country: Singapore}

^{NG TECK CHER 1,313,000 Private Person}

^{Street :}

^Town:

^Postcode:

^{Country: Singapore}

^{CITIBANK CONSUMER NOMINEES PTE LTD 1,200,000 Company}

^{Street : 000}

^{Town: SINGAPORE}

^{Postcode: 000}

^{Country: Singapore}

^{DBS VICKERS SECURITIES (S) PTE LTD 1,139,000 Company}

^{Street :}

^Town:

^Postcode:

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{KO BENG SOO 3,063,000}

^{TAN LYE HUAT 1,034,000}

^{DBS NOMINEES (PRIVATE) LIMITED 868,000}

^{CHOW GOON CHAU PATRICIA 800,000}

^{WONG WAI KAR MICHAEL 750,000}

^{YEO KHEE SIANG 580,000}

SUBSIDIARY(IES)

^{ADAMPAK SCREEN PRINTING PTE LTD}

Singapore

^{ADAMPAK PRINT (PHILS.) INC.}

Philippines

^{ADAMPAK (THAILAND) LTD}

Thailand

^{ADAMPAK (SUZHOU) CO. LTD}

China

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity : ABUNDANT}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation: AVERAGE}

LITIGATION(S)

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

^{Case Number: MCS015180/2001}

Defendant ADAMPAK LIMITED ROC # : 197900079M

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 25/05/2007}

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

^{Number of weeks: 52 52}

^{Consolidation Code: CONSOLIDATED CONSOLIDATED}

^{--- ASSETS}

^{Tangible Fixed Assets: 8,443,000 6,057,000}

^{Investments 5,775,000 4,642,000}

^{Total Fixed Assets: 14,218,000 10,699,000}

^{Inventories: 3,690,000 3,700,000}

^{Receivables: 7,124,000 6,113,000}

^{Cash,Banks, Securitis: 7,384,000 4,586,000}

^{Other current assets: 653,000 346,000}

^{Total Current Assets: 18,851,000 14,745,000}

^{TOTAL ASSETS: 33,069,000 25,444,000}

^{--- LIABILITIES}

^{Equity capital: 10,936,000 8,444,000}

^{Reserves: 346,000 -225,000}

^{Reeval. Reserves: 798,000 798,000}

^{Profit & loss Account: 13,768,000 9,392,000}

^{Surplus equity: - 2,492,000}

^{Total Equity: 25,848,000 20,901,000}

^{Long Term Loans: 416,000 501,000}

^{L/T deffered taxes: 316,000 221,000}

^{Other long term Liab.: - 15,000}

^{Total L/T Liabilities: 732,000 737,000}

^{Trade Creditors: 3,309,000 2,359,000}

^{Prepay. & Def. charges: 597,000 404,000}

^{Short term liabilities: 17,000 248,000}

^{Due to Bank: 1,160,000 73,000}

^{Provisions: 709,000 722,000}

^{Other Short term Liab.: 697,000 -}

^{Total short term Liab.: 6,489,000 3,806,000}

^{TOTAL LIABILITIES: 7,221,000 4,543,000}

^{--- PROFIT & LOSS ACCOUNT}

^{Net Sales 31,882,000 26,353,000}

^{Purchases,Sces & Other Goods: 21,335,000 18,863,000}

^{Gross Profit: 10,547,000 7,490,000}

^{NET RESULT BEFORE TAX: 6,657,000 4,406,000}

^{Tax : 892,000 835,000}

^{Net income/loss year: 5,765,000 3,571,000}

^{Interest Paid: 57,000 45,000}

^{Dividends: 1,389,000 1,583,000}

^{Directors Emoluments: 1,264,000 1,023,000}

^{Wages and Salaries: 7,042,000 5,736,000}

^{Financial Income: 185,000 65,000}

RATIOS

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

^{Turnover per employee: 212546.67 175686.67}

^{Net result / Turnover(%): 0.18 0.14}

^{Stock / Turnover(%): 0.12 0.14}

^{Net Margin(%): 18.08 13.55}

^{Return on Equity(%): 22.30 17.09}

^{Return on Assets(%): 17.43 14.03}

^{Dividends Coverage: 4.15 2.26}

^{Net Working capital: 12362000.00 10939000.00}

^{Cash Ratio: 1.14 1.20}

^{Quick Ratio: 2.24 2.81}

^{Current ratio: 2.91 3.87}

^{Receivables Turnover: 80.44 83.51}

^{Leverage Ratio: 0.28 0.22}

^{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 23.67% FROM US$20,901,000 IN FY 2005 TO US$25,848,000 IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF US$13,768,000}

^{(2005: US$9,392,000); A RISE OF 46.59% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 50.99% (2005: 61.98%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$3,309,000 (2005: US$2,359,000). THE BREAKDOWN IS AS FOLLOWS:}

^{-THIRD PARTIES - 2006: US$3,308,000 (2005: US$2,355,000)}

^{-ASSOCIATE - 2006: US$1,000 (2005: US$4,000)}

^{IN THE LONG-TERM, SUBJECT WAS LARGELY FINANCED BY LONG-TERM LOANS WHICH MADE UP 56.83%}

^{(2005:67.98%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$416,000 (2005: US$501,000).}

^{AMOUNT DUE TO BANKS OF US$1,160,000 (2005: US$73,000) CONSISTED OF:}

^{-BANK OVERDRAFTS - 2006: US$752,000 (2005: -)}

^{-BANK LOAN - 2006: US$83,000 (2005: US$73,000)}

^{-REVOLVING CREDITS - 2006: US$325,000 (2005: -)}

^{IN ALL, LEVERAGE RATIO ROSE FROM 0.22 TIMES TO 0.28 TIMES AS A RESULT OF A GREATER RELATIVE RISE IN TOTAL LIABILITIES THAN 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 FELL TO 2.91 TIMES, DOWN FROM 3.87 TIMES AND QUICK RATIO FELL TO 2.24 TIMES FROM 2.81 TIMES IN FY 2005. NET WORKING CAPITAL IMPROVED BY 13.01% FROM US$10,939,000 IN FY 2005 TO US$12,362,000.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-CASH AT BANK AND ON HAND - 2006: US$4,103,000 (2005: US$1,963,000)}

^{-FIXED DEPOSITS WITH BANKS - 2006: US$3,281,000 (2005: US$2,623,000)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 20.98% FROM US$26,353,000 IN FY 2005 TO US$31,882,000 AND NET PROFIT ROSE BY 61.44% TO US$5,765,000 (2005: US $3,571,000). HENCE, NET MARGIN ROSE TO 18.08% (2005: 13.55%).}

^REVENUE:

^{-TRADING INCOME FROM MANUFACTURED GOODS - 2006: US$30,857,000}

^{(2005: US$25,906,000)}

^{-TRADING INCOME FROM MERCHANDISE - 2006: US$1,025,000}

^{(2005: US$447,000)}

^{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 US$57,000 IN FY 2006 (2005: US$45,000).}

NOTES TO THE FINANCIAL STATEMENTS

^{BANK LOANS}

^{THE MATURITY OF BANK LOANS IS AS FOLLOWS: WITHIN ONE YEAR - 2006: US$83,000 (2005: US$73,000)}

^{AFTER ONE YEAR BUT WITHIN FIVE YEARS - 2006: US$344,000 (2005: US$341,000)}

^{AFTER FIVE YEARS - 2006: US$72,000 (2005: US$160,000)}

^{THE AVERAGE EFFECTIVE INTEREST RATES OF BANK OVERDRAFT AND REVOLVING CREDITS ARE 5.25% AND 4.79% (2005: NIL) PER ANNUM RESPECTIVELY. THE BANK LOAN BEARS EFFECTIVE INTEREST RATES RANGING FROM 4.5% TO 5% (2005: 3% TO 3.75%) PER ANNUM AND IS REPAYABLE OVER 180 MONTHLY INSTALMENTS COMMENCING IN DECEMBER 1997.}

^{THE BANK LOAN IS SECURED BY THE LEGAL MORTGAGE OF THE COMPANY'S LEASEHOLD FACTORY BUIDLINGS WITH A NET BOOK VALUE OF US$3,232,000 (2005: US$3,355,000).}

^{CONTINGENT LIABILITIES}

^{BANKER'S GUARANTEES - 2006: US$20,000 (2005: US$53,000)}

^{CORPORATE GUARANTEE - 2006: US$2,830,000 (2005: US$2,643,000)}

^{AS AT 31/12/2006, THE OUTSTANDIN BANKERS' GUARANTEES WERE ISSUED ON BEHALF OF THE GROUP AND THE COMPANY IN RESPECT OF CERTAIN PERFORMANCE BONDS AS REQUIRED IN THE ORDINARY COURSE OF BUSINESS.}

^{THE CORPORATE GUARANTEE IS PROVIDED TO A FINANCIAL INSTITUTION IN RESPECT OF BANKING FACILITIES GRANTED TO AN ASSOCIATE.}

^{SUBSEQUENT TO THE FINANCIAL YEAR END, THE COMPANY EXTENDED AN ADDITIONAL CORPORATE GUARANTEE AMOUNTING TO RM7,420,000 (APPROXIMATELY US$2,100,000) TO A FINANCIAL INSTITUTION IN RESPECT OF BANKING FACILITIES GRANTED TO AN ASSOCIATE.}

^{EVENT AFTER BALANCE SHEET DATE}

^{ON 28/02/2007, THE COMPANY ANNOUNCED A PROPOSED RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE ("RIGHTS ISSUE") OF UP TO 87,875,000 NEW SHARES ("RIGHTS SHARES") AT AN ISSUE PRICE OF S$0.082 FOR EACH RIGHTS SHARE, ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY TWO (2) SHARES HELD BY SHAREHOLDERS AS AT THE BOOK CLOSURE DATE TO BE ANNOUNCED BY}

^{THE COMPANY, FRACTIONAL ENTITLEMENTS TO BE DISREGARDED, AND AVAILABILITY OF OPTION TO ELECT TO UTILISE ALL OR PART OF THE NET AMOUNT OF BONUS DIVIDEND TO SUBSCRIBE FOR THE RIGHTS SHARES. AT THE DATE OF AUTHORISATION OF FINANCIAL STATEMENTS, THE COMPANY IS AWAITING THE IN-PRINCIPLE OF APPROVAL FOR THE RIGHTS ISSUE AND THE LISTING AND QUOTATION OF THE RIGHTS SHARES FROM THE SGX-ST.}

^{GEOGRAPHICAL SEGMENTS}

^{DISTRIBUTION OF TOTAL SALES BY GEOGRAPHICAL MARKETS IRRESPECTIVE OF WHERE THE GOODS ARE PRODUCED:}

^{SINGAPORE - 2006: US$8,371,000 (2005: US$9,367,000)}

^{MALAYSIA - 2006: US$2,620,000 (2005: US$1,899,000)}

^{CHINA - 2006: US$7,531,000 (2005: US$4,478,000)}

^{PHILIPPINES - 2006: US$4,624,000 (2005: US$3,973,000)}

^{THAILAND - 2006: US$8,276,000 (2005: US$5,894,000)}

^{OTHERS - 2006: US$460,000 (2005: US$742,000)}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 10/01/1979 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "ADAMPAK & PRINT PTE LTD". SUBSEQUENTLY, ON 09/07/2004, THE COMPANY CHANGED TO ITS NAMESTYLE AS "ADAMPAK PTE. LTD.".}

^{SUBSEQUENTLY, ON 15/07/2004, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE AS "ADAMPAK LIMITED" AND IS TRADING AS A PUBLIC COMPANY LIMITED BY SHARES.}

^{THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 263,625,000 SHARES OF A VALUE OF S$25,415,377.}

PRINCIPAL ACTIVITIES:

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

^{1) OTHER SUPPORT ACTIVITIES; MANUFACTURER OF LABELS,ADHESIVE LABELS,SIGNBOARDS & POSTER}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF THE MANUFACTURING OF LABELS, SEALS AND OTHER DIE-CUT COMPONENTS MAINLY FOR THE ELECTRONICS, PHARMACEUTICAL/MEDICAL EQUIPMENT AND SUPPLIES AND CHEMICAL INDUSTRIES.}

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

^LISTINGS

^{* LISTED ON 29/12/2004 ON SGX SESDAQ}

^BACKGROUND

^{THE GROUP IS PRINCIPALLY INTO THE MANUFACTURE OF PRESSURE-SENSITIVE LABELS, SEALS AND OTHER DIE-CUT COMPONENTS MAINLY FOR THE ELECTRONICS, PHARMACEUTICAL/ MEDICAL EQUIPMENT AND SUPPLIES AND CHEMICAL INDUSTRIES.}

^{THE GROUP MANUFACTURES INFORMATION LABELS, BLANK LABELS AND BAR CODE LABELS, USED MAINLY FOR COMPUTER AND PERIPHERALS, CONSUMER ELECTRONICS, PHARMACEUTICAL/ MEDICAL EQUIPMENT AND SUPPLIES, INDUSTRIES, COMMERCIAL AND OTHER CONSUMER PRODUCTS. THE GROUP ALSO PRODUCES SEALS MAINLY FOR HARD DISK DRIVES, AND OTHER DIE-CUT COMPONENTS FOR BONDING, SEALING, INSULATION, PROTECTION AND SHIELDING FOR ELECTRONICS, TELECOMMUNICATION AND OTHER EQUIPMENT. IN ADDITION, IT ALSO ON-SELL THERMAL TRANSFER RIBBONS AND PRINTER HEADS TO ITS CUSTOMERS.}

^{TODAY, IT HAS WHOLLY OWNED SUBSIDIARIES IN PHILIPPINES AND THAILAND AND ASSOCIATE COMPANIES IN MALAYSIA AND CHINA TO SERVE ITS WORLDWIDE CUSTOMERS. FROM A STAFF OF 5 IN 1979, ADAMPAK CURRENTLY EMPLOYS MORE THAN 300 STAFF IN TOTAL.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* MANUFACTURER OF SELF-ADHESIVE LABELS, DECALS, MOUSE PADS, TAMPER EVIDENT LABELS, ADHESIVE FREE ZONE(AFZ) SEALS, LCD/KEYPAD ATTACHMEN DOUBLE SIDED TAPE, EMI/FRI INSULATORS SEALS}

^{PRODUCTS DEALINGS:}

^LABELS:

^{* PRE-PRINTED LABELS}

^{* BAR CODE LABELS}

^{* HIGH TEMPERATURE RESISTANT LABELS}

^{* PHARMACEUTICAL/MEDICAL LABELS/FDA LABELS}

^{* PROTECTIVE LABELS}

^{OVERLAYS/NAMEPLATES}

^{* POLYCARBONATE/LEXAN OVERLAYS}

^{* DECALS}

^{* MOUSEPADS}

^{PRECISION MULTI-LAYER DIE-CUT}

^{* ADHESIVE FREE ZONE SEALS FOR HDD}

^{* DAMPENING ADHESIVE}

^{* EMI/RFI/INSULATORS SEALS}

^{* LCD/LENS/KEYPAD ATTACHMENT DOUBLE SIDED TAPE}

^{UL TYPE L LABELS}

^RFID

^{SECURITY/TAMPER EVIDENT SOLUTIONS}

^{* STANDARD TAMPER EVIDENT LABELS}

^{* ADAMPAK/TRUSTCOPY ALLIANCE}

^SERVICES:

^{TECHNICAL CAPABILITIES}

^{FULL-SERVICE INCLINATION}

^{* IN-HOUSE PRE-PRESS FACILITIES}

^{* FIRST ARTICLE INSPECTION}

^{* QUALITY CONTROL}

^{* CLEANROOM CAPABILITIES}

^{PRODUCTION CAPABILITIES}

^{* PRODUCTION DEPARTMENT}

^{* BARCODE DEPARTMENT}

^{* SILK-SCREEN DEPARTMENT}

^{KEY SUPPLIERS:}

^{* 3M}

^{* FASSON}

^{* FLEXCON}

^{* RAFLATAC}

^{* LINTEC}

^{SOME OF SUBJECT'S MAJOR CLIENTS:}

^{* SEAGATE}

^{* HEWLETT PACKARD}

^{* WESTERN DIGITAL}

^{* MAXTOR}

^{MANUFACTURING FACILITIES:}

^{* TWO IN SINGAPORE}

^{* ONE IN PHILIPPINES}

^{* ONE IN THAILAND}

^{QUALITY ASSESSMENT:}

^{* ISO 9001: 2000}

^{* ISO 14001: 1996}

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

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

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

^{2004: NOT AVAILABLE)}

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

^{2004: NOT AVAILABLE)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{6 LOYANG WAY 4}

^{SINGAPORE 507605}

^{- DATE OF CHANGE OF ADDRESS: 03/06/1998}

^{YOUR PROVIDED EMAIL:}

^{eunicetan@adampak.com.sg}

^-CORRECT

^WEBSITE:

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

^EMAIL:

^{sales@adampak.com.sg}

MANAGEMENT

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

^{1) GOH SIANG KHIN, A SINGAPOREAN}

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

^{2) TAY SONG SENG, A SINGAPOREAN}

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

^{3) CHUA CHENG SONG, A SINGAPOREAN}

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

^{4) TEO KIANG KOK, A SINGAPOREAN}

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

^{MAYFRAN INTERNATIONAL LTD}

^{SM SUMMIT HOLDINGS LIMITED}

^{OCEAN SKY INTERNATIONAL LIMITED}

^{UNISTEEL TECHNOLOGY LIMITED}

^{JADASON ENTERPRISES LTD}

^{HYFLUX LTD}

^{WESTCOMB FINANCIAL GROUP LIMITED}

^{5) CHUA HOOK BENG GEORGE, A SINGAPOREAN}

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

^{6) LEE JOO HAI, A SINGAPORE PERMANENT RESIDENT}

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

^{UNISTEEL TECHNOLOGY LIMITED}

^{NTI INTERNATIONAL LTD}

Singapore’s Country Rating 2007

Rating: A1

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