MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	ST ELECTRONICS (INFO-COMM SYSTEMS) PTE. LTD.

Formerly Known As :	CET TECHNOLOGIES PTE LTD

Registered Office :	100 Jurong East Street 21 St Electronics Jurong East Bldg Singapore 609602

Country :	Singapore

Financials (as on) :	31.12.2010

Date of Incorporation :	15.07.1986

Com. Reg. No.:	198601460K

Legal Form :	Limited Private Company

Line of Business :	Other Business Support Services Activities Nec (Eg Administration Of Loyalty Programmes) Design/Devt, Sys Integratn, Mfg/Sale-Comm Equipt, Gps-Based Fleet Mgt Sys Etc

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXECUTIVE SUMMARY

Company Name	:	ST ELECTRONICS (INFO-COMM SYSTEMS) PTE. LTD.
Registration No	:	198601460K
Date of Registration	:	15/07/1986
Former Name	:	1.METHEUS SINGAPORE PTE LTD Eff. date : 15/07/1986 Eff. date : 15/07/1986 2.CEI TECHNOLOGIES PTE LTD Eff. date : 27/12/1991 Eff. date : 27/12/1991 3.CET TECHNOLOGIES PTE LTD Eff. date : 21/04/1997 Eff. date : 21/04/1997
Date of Change of Name	:	28/04/2005
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	100 JURONG EAST STREET 21 ST ELECTRONICS JURONG EAST BLDG SINGAPORE 609602
Date of Change of Address	:	01/02/2005
Contact No.	:	6567 6769
Fax No.	:	6567 6300
Website	:	www.stee.stengg.com
Registered Activities	:	1. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES) DESIGN/DEVT, SYS INTEGRATN, MFG/SALE-COMM EQUIPT, GPS-BASED FLEET MGT SYS ETC 2. GENERAL CONTRACTORS (NON-BUILDING CONSTRUCTION) DESIGN & CONSTRUCTION OF TRAFFIC MONITORING & INFORMATION SYSTEMS
Issued Ordinary Capital*	:	$8,915,200.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 8,915,200
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$8,915,200.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	2
No. of Local Associates	:	NA
Auditor	:	KPMG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 314,447,000.00 (FY2010)
Net Worth	:	SGD - SIN 17,763,000.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 1000 / FG50 Ranking	:	797 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 793 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011) 802 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010) 766 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 820 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)
Compounded Annual Growth Rate (CAGR)	:	13.32% (4 years)

SHAREHOLDER DETAILS

NAME	:	SINGAPORE TECHNOLOGIES ELECTRONICS LIMITED
SHAREHOLDER ID	:	196900084E
NATIONALITY	:	SINGAPORE
ADDRESS	:	24 ANG MO KIO STREET 65 SINGAPORE 569061
NO. OF ORD SHARES	:	8,915,200
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	CHANG YEW KONG
ADDRESS	:	52 HUME AVENUE #04-10 SUMMERHILL SINGAPORE 596230
POSITION	:	DIRECTOR
DATE OF APPT	:	31/03/1998
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1107703Z

NAME	:	TANG KUM CHUEN
ADDRESS	:	7 KOVAN ROAD #16-26 KOVAN RESIDENCES SINGAPORE 544896
POSITION	:	DIRECTOR
DATE OF APPT	:	01/03/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1165803B

NAME	:	CHONG LIT CHEONG
ADDRESS	:	719A BUKIT TIMAH ROAD SINGAPORE 269779
POSITION	:	DIRECTOR
DATE OF APPT	:	08/12/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1191078E

NAME	:	LEE FOOK SUN
ADDRESS	:	19A LENGKONG DUA SINGAPORE 417698
POSITION	:	DIRECTOR
DATE OF APPT	:	01/07/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1191272I

NAME	:	SEAH MOON MING
ADDRESS	:	66 KEW HEIGHTS SINGAPORE 465861
POSITION	:	DIRECTOR
DATE OF APPT	:	01/07/1997
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1196097I

NAME	:	LAU THIAM BENG
ADDRESS	:	22 JALAN REMAJA BAMBOO GROVE PARK SINGAPORE 668682
POSITION	:	DIRECTOR
DATE OF APPT	:	01/03/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1551899E

NAME	:	NG KWEE LIAN
ADDRESS	:	117 POTONG PASIR AVENUE 1 #10-924 SINGAPORE 350117
POSITION	:	SECRETARY
DATE OF APPT	:	01/06/1998
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1604340J

NAME	:	LAI CHUNG HAN
ADDRESS	:	320 UPPER EAST COAST ROAD #02-09 BREEZE BY THE EAST SINGAPORE 466452
POSITION	:	DIRECTOR
DATE OF APPT	:	01/06/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7303672J

KEY PERSONNEL PROFILE

Name:	SEAH MOON MING
NRIC Number:	S1196097I
Available Address:	66 KEW HEIGHTS SINGAPORE 465861

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	ALEXANDRA HEALTH SYSTEM PTE. LTD.	DIRECTOR	15/07/2011	-	-
2	CITYCAB PTE LTD	DIRECTOR	25/10/2004	-	-
3	DSO NATIONAL LABORATORIES	DIRECTOR	01/09/2009	-	-
4	PRESCIENT SYSTEMS & TECHNOLOGIES PTE. LTD.	DIRECTOR	12/11/2003	-	-
5	SIM UNIVERSITY	DIRECTOR	01/06/2011	-	-
6	SINGAPORE TECHNOLOGIES AEROSPACE LTD	DIRECTOR	16/09/2009	-	-
7	SINGAPORE TECHNOLOGIES DYNAMICS PTE LTD	DIRECTOR	01/08/2002	-	-
8	SINGAPORE TECHNOLOGIES ELECTRONICS LIMITED	DIRECTOR	01/09/2009	-	-
9	SINGAPORE TECHNOLOGIES KINETICS LTD	DIRECTOR	11/08/2004	-	-
10	SINGAPORE TECHNOLOGIES MARINE LTD	DIRECTOR	01/09/2009	-	-
11	ST ELECTRONICS (INFO-COMM SYSTEMS) PTE. LTD.	DIRECTOR	01/07/1997	-	-
12	ST ELECTRONICS (INFO-SOFTWARE SYSTEMS) PTE. LTD.	DIRECTOR	10/12/1996	-	-
13	ST ELECTRONICS (SATELLITE SYSTEMS) PTE. LTD.	DIRECTOR	28/04/2010	-	-
14	ST ENGINEERING FINANCIAL I LTD.	DIRECTOR	28/05/2009	-	-
15	ST ENGINEERING FINANCIAL II PTE. LTD.	DIRECTOR	06/05/2010	-	-
16	STSE ENGINEERING SERVICES PTE LTD	DIRECTOR	01/05/2010	-	-
17	TP INNOVATION HOLDINGS PTE LTD	DIRECTOR	19/07/2005	-	-
18	TREK 2000 INTERNATIONAL LTD	DIRECTOR	03/06/2002	-	-
19	TRUSTED BOARD LTD	DIRECTOR	30/01/2002	24000	0.62
20	TRUSTED HUB LTD	DIRECTOR	15/02/2001	18250	0.32
21	UNICORN INTERNATIONAL PTE LIMITED	DIRECTOR	15/07/2004	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ALEXANDRA HEALTH PTE. LTD.	LIVE COMPANY	DIRECTOR	01/10/2007	15/07/2011
2	ASIA-PACIFIC TRAINING AND SIMULATION PTE LIMITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	01/07/1997	31/03/2004
3	DATAMARK TECHNOLOGIES PTE LTD	LIVE COMPANY	DIRECTOR	02/05/1999	16/11/2007
4	ECS HOLDINGS LIMITED	LIVE COMPANY	DIRECTOR	03/01/2005	31/12/2007
5	GDIS PTE. LTD.	IN LIQUIDATION - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	16/10/2000	03/01/2007
6	INFOWAVE PTE LTD	DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)	DIRECTOR	28/06/2002	08/09/2007
7	ITS TECHNOLOGIES PTE LTD	LIVE COMPANY	DIRECTOR	19/02/1999	15/08/2009
8	KNOWLEDGE ALIVE PTE. LTD.	LIVE COMPANY	DIRECTOR	28/10/2002	23/11/2007
9	MOBILE SOLUTIONS AND PAYMENT SERVICES PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	10/01/2002	10/01/2008
10	MPAYMENT PTE LTD	LIVE COMPANY	DIRECTOR	04/08/2001	01/04/2005
11	PRESCIENT SYSTEMS & TECHNOLOGIES PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	05/01/2012
12	SINGAPORE INSTITUTE OF MANUFACTURING TECHNOLOGY	LIVE COMPANY	DIRECTOR	01/01/1999	31/07/2001
13	SINGAPORE TECHNOLOGIES ELECTRONICS LIMITED	LIVE COMPANY	MANAGING DIRECTOR	01/07/1997	01/04/2000
14	ST ELECTRONICS (INFO-COMM SYSTEMS) PTE. LTD.	LIVE COMPANY	MANAGER	01/07/1994	01/07/1997
15	ST ELECTRONICS (INFO-SECURITY) PTE. LTD.	LIVE COMPANY	DIRECTOR	21/05/1999	16/11/2007
16	ST ELECTRONICS (SATCOM & SENSOR SYSTEMS) PTE. LTD.	LIVE COMPANY	DIRECTOR	27/03/1997	01/09/2009
17	ST ELECTRONICS (SATELLITE SYSTEMS) PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	06/03/2012
18	ST ELECTRONICS (TRAINING & SIMULATION SYSTEMS) PTE. LTD.	LIVE COMPANY	DIRECTOR	01/07/1997	01/09/2009
19	ST LOGITRACK PTE LTD	LIVE COMPANY	DIRECTOR	27/05/2008	27/05/2008
20	STELOP PTE. LTD.	LIVE COMPANY	DIRECTOR	17/08/1994	01/07/2009
21	TRANSYS PTE LTD	LIVE COMPANY	DIRECTOR	14/12/2000	21/04/2006
22	TRUSTED SOURCE PTE. LTD.	LIVE COMPANY	DIRECTOR	09/11/2004	04/03/2005
23	VALENS CGV PTE. LTD.	LIVE COMPANY	DIRECTOR	05/09/2002	12/01/2005
24	WIZVISION PTE. LTD.	LIVE COMPANY	DIRECTOR	12/01/2002	15/08/2009

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)

ST ELECTRONICS (INFO-SECURITY) PTE. LTD.	100
STELCOMMS PTE. LTD.	51

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years Bef 01 Jan 2012

Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	1
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	0

Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	4702
	Date of Filing	:	24/02/2006
	Amount	:	28,242.48
	Cause	:	Others / Miscellaneous
	Case Status	:	CONCLUDED
	Plaintiff	:	TELEINFO MEDIA PTE LTD

COMPLIANCE

Date of Last AGM	:	18/04/2011
Date of Last AR	:	11/05/2011
Date of A/C Laid At Last AGM	:	31/12/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	314,447,000	7.93	291,337,000	218,763,000	190,248,000	190,716,000
Profit/(Loss) Before Tax	37,961,000	31.92	28,775,000	24,231,000	25,212,000	27,879,000
Profit After Tax attributable to Shareholders	31,670,000	30.06	24,350,000	19,475,000	20,936,000	25,690,000

Balance Sheet Key Figures
Total Assets	341,785,000	-2.63	351,029,000	353,123,000	366,805,000	178,450,000
Current Assets	204,614,000	-5.07	215,550,000	218,886,000	227,997,000	151,134,000
Non Current Assets	137,171,000	1.25	135,479,000	134,237,000	138,808,000	27,316,000

Total Liabilities	324,022,000	-3.84	336,951,000	340,884,000	354,737,000	165,851,000
Current Liabilities	242,043,000	10.34	219,355,000	171,572,000	249,937,000	133,910,000
Non Current Liabilities	81,979,000	-30.29	117,596,000	169,312,000	104,800,000	31,941,000

Shareholders' Funds	17,763,000	26.18	14,078,000	12,239,000	12,068,000	12,599,000
Share Capital	8,915,000	0.00	8,915,000	8,915,000	8,915,000	8,915,000
Total Reserves	8,848,000	71.37	5,163,000	3,324,000	3,153,000	3,684,000

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	7.93	33.17	14.99	-0.25	NA

Profitability
Profit Margin (%)	10.07	8.36	8.90	11.00	13.47
Return on Equity (%)	178.29	172.96	159.12	173.48	203.91
Return on Assets (%)	9.27	6.94	5.52	5.71	14.40

Leverage
Total Debt/Equity (Times)	18.24	23.93	27.85	29.39	13.16
Current Debt/Equity (Times)	13.63	15.58	14.02	20.71	10.63
Long Term Debt To Equity (Times)	4.62	8.35	13.83	8.68	2.54
Total Asset To Total Equity (Times)	19.24	24.93	28.85	30.39	14.16

Asset Management
Total Assets Turnover (Times)	0.92	0.83	0.62	0.52	1.07
Fixed Assets Turnover (Times)	2.29	2.15	1.63	1.37	6.98

Liquidity
Current Ratio (Times)	0.85	0.98	1.28	0.91	1.13

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 13.32% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The company yielded a rate of net profit on sales of 10.07 per cent in FY10 (FY09: 8.36 per cent). The company is now able to book in SGD - SIN 0.10 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.08 a year ago.

Liquidity

Current ratio stood at 0.85 times in FY10 (FY09: 0.98 times). This means that the company has SGD - SIN 0.85 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 18.24 times in FY10, compared with 23.93 times in FY09. This means that the company requires additional external financing of SGD - SIN 18.24 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 178.29 per cent for Subject in the current financial period, as compared to 172.96 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 9.27 per cent (FY09: 6.94 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 0.92 times in FY10 (FY09: 0.83 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.64

INFORMATION DETAILS

Report Prepared by :

PRL

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	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
--	NB	New Business	--

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

Bef 01 Jan 2012

COMPLIANCE

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

FINANCIAL COMMENTARY

Unit