MIRA INFORM REPORT

Report Date :

18.11.2013

IDENTIFICATION DETAILS

Name :	ESCO MICRO PTE LTD

Formerly Known As :	CAPRI MARKETING SERVICES PTE LTD

Registered Office :	21, Changi South Street 1, 486777

Country :	Singapore

Date of Incorporation :	12.01.1984

Com. Reg. No.:	198400165-W

Legal Form :	Exempt Private

Line of Business :	Dealing and Servicing of Clean Air, Containment and Laboratory Equipment, Fume Filtration and Biotechnology Equipment

No. of Employees :	80

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 :	Unknown

Litigation :	Exist

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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Singapore

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

198400165-W

COMPANY NAME

ESCO MICRO PTE LTD

FORMER NAME

CAPRI MARKETING SERVICES PTE LTD (14/06/1994)

INCORPORATION DATE

12/01/1984

COMPANY STATUS

EXIST

LEGAL FORM

EXEMPT PRIVATE

LISTED STATUS

REGISTERED ADDRESS

21, CHANGI SOUTH STREET 1, 486777, SINGAPORE.

BUSINESS ADDRESS

21, CHANGI SOUTH STREET 1, 486777, SINGAPORE.

TEL.NO.

65-65420833

FAX.NO.

65-65426920

MAIL@ESCOGLOBAL.COM

WEB SITE

WWW.ESCOGLOBAL.COM

CONTACT PERSON

LIM LAY YEW ( DIRECTOR )

PRINCIPAL ACTIVITY

DEALING AND SERVICING OF CLEAN AIR, CONTAINMENT AND LABORATORY EQUIPMENT, FUME FILTRATION AND BIOTECHNOLOGY EQUIPMENT

ISSUED AND PAID UP CAPITAL

6,505,035.00 ORDINARY SHARE, OF A VALUE OF SGD 6,515,075.00

SALES

N/A

NET WORTH

N/A

STAFF STRENGTH

80 [2013]

BANKER (S)

OVERSEAS UNION BANK LTD

STANDARD CHARTERED BANK

UNITED OVERSEAS BANK LIMITED

LITIGATION

TRACED

FINANCIAL CONDITION

N/A

PAYMENT

N/A

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

MODERATE

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the SC has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the SC is able to meet all its obligations as and when they fall due. The SC is not required to have their accounts audited. However, the SC will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The SC is principally engaged in the (as a / as an) dealing and servicing of clean air, containment and laboratory equipment, fume filtration and biotechnology equipment.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
LOW YAE FOONG +	26, SENNETT TERRACE, S, 466721, SINGAPORE.	S2554224Z	2,602,014.00	40.00
LIN XIANG QIAN +	33, KEPPEL BAY VIEW, 10-96, REFLECTIONS AT KEPPEL BAY, 098419, SINGAPORE.	S8404232C	2,602,014.00	40.00
LIM LAY YEW +	26, SENNETT TERRACE, SENNETT VILLE, 466721, SINGAPORE.	S0005859I	1,301,007.00	20.00
			---------------	------
			6,505,035.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LIM LAY YEW
Address	:	26, SENNETT TERRACE, SENNETT VILLE, 466721, SINGAPORE.
IC / PP No	:	S0005859I



Nationality	:	SINGAPOREAN
Date of Appointment	:	24/01/1984

DIRECTOR 2

Name Of Subject	:	LOW YAE FOONG
Address	:	26, SENNETT TERRACE, S, 466721, SINGAPORE.
IC / PP No	:	S2554224Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	24/01/1984

DIRECTOR 3

Name Of Subject	:	LIN XIANG QIAN
Address	:	33, KEPPEL BAY VIEW, 10-96, REFLECTIONS AT KEPPEL BAY, 098419, SINGAPORE.
IC / PP No	:	S8404232C



Nationality	:	SINGAPOREAN
Date of Appointment	:	22/03/2011

MANAGEMENT

1)	Name of Subject	:	LIM LAY YEW
	Position	:	DIRECTOR

AUDITOR

Auditor	:	RELIANCE AUDIT LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN LAI YIN
	IC / PP No	:	S1296164B

	Address	:	349, WOODLANDS AVENUE 3, 13-51, 730349, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	OVERSEAS UNION BANK LTD

2)	Name	:	STANDARD CHARTERED BANK

3)	Name	Z:	UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
199704828	08/08/1997	ALL MONIES OWING	OVERSEAS UNION BANK LIMITED	N/A	Unsatisfied
C200906374	07/10/2009	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201207950	17/07/2012	N/A	UNITED OVERSEAS BANK LIMITED	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION

Code No

Case No

6886

Year

2008

Place

SINGAPORE

Court

MAGISTRATE COURT

Date Filed

20/03/2008

Solicitor Ref

GTW.ACC. 12180.0 7

Solicitor Firm

GOH JP & WONG

Plaintiff

KOH TING KIN

Defendants

ESCO MICRO PTE LTD (198400165)

21 CHANGI SOUTH STREET 1, 486777, SINGAPORE.

Amount Claimed

5940

Nature of Claim

SGD

Remark

TORT-NEGLIGENCE (MOTOR ACCIDENTS WITH INJURY)

Code No

Case No

19835

Year

2008

Place

SINGAPORE

Court

MAGISTRATE COURT

Date Filed

07/08/2008

Solicitor

GOH TECK WEE

Solicitor Ref

GTW.ACC. 12181.0 7

Solicitor Firm

GOH JP & WONG

Plaintiff

LIM BOON CHUAN

Defendants

ESCO MICRO PTE LTD (198400165)

21 CHANGI SOUTH STREET 1, 486777, SINGAPORE.

Amount Claimed

1532

Nature of Claim

SGD

Remark

TORT-NEGLIGENCE (MOTOR ACCIDENTS WITH INJURY)

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

CLEAN AIR, CONTAINMENT AND LABORATORY EQUIPMENT, FUME FILTRATION AND BIOTECHNOLOGY EQUIPMENT

Award

1 ) ISO 14001 Year :0
2 ) ISO 9001 Year :0

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	80	80

Branch

Other Information:

The SC is principally engaged in the (as a / as an) dealing and servicing of clean air, containment and laboratory equipment, fume filtration and biotechnology equipment.

The SC is a company focused on clean air and containment equipment technology. It is highly oriented towards the international marketplace with distribution in more than 70 countries - and a direct presence in 10 of the key global markets

The SC involved in the following activities:

* Dealing of clean air, containment and laboratory equipment, fume filtration and biotechnology equipment

* Supply of complete range of clean room related products and supplies

* Static elimination/ESD equipment & products, clean room apparel, complete range of filters

hepa/ashrae/viledon filters) and water purification systems.

* Supply and installation of laminar flow devices, biohazard cabinets, air-shower and pass boxes

* Certification/calibration services for clean rooms/laminar flow devices/biohazard cabinets/fume cupboards/ESD equipment.
* Complete range of services from evaluation to assessment to rectification of indoor air quality problem/sick building syndrome

Products:
* Laboratory Equipment

* Cleanroom Construction Components

* Cleanroom Equipment & Supplies

* Cleanroom Apparel

* Cleanroom Filters

* Horizontal Laminar Flow Cabinets

* Vertical Laminar Flow Cabinets

* Class Ii Safety Cabinets

* Class Iii Safety Cabinets

* Cytotoxic Cabinets

* Pcr Cabinets

* Animal Handling Cabinets

* Ivf Cabinets

* Weighing Cabinets

* Ergonomic Accessories

* Accessories

Trade names:

* Esco Labculture

Industries served:

* Biotechnology

* Life Sciences

* Pharmaceuticals

* Education

* Clinical

The SC is a member of following entities:

* The Pharmaceutical Society of Singapore

* Singapore Manufacturers' Federation

* Asia-Pacific Biosafety Association

* Institute of Environmental Sciences and Technology (IEST)

* American Biological Safety Association (ABSA)

* Laboratory Products Association (LPA).

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6565420833
Current Telephone Number	:	65-65420833
Match	:	YES

Address Provided by Client	:	21 CHANGI SOUTH STREET 1 SINGAPORE 486777
Current Address	:	21, CHANGI SOUTH STREET 1, 486777, SINGAPORE.
Match	:	YES

We have contacted the SC's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

Other Investigations

On 12th November 2013 we contacted one of the staff from the Admin Department. She provided some information on the SC.

FINANCIAL ANALYSIS

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

Overall financial condition of the SC : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012

Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0

Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52

Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4

Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>

Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2

INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>

Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3

Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9

Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30

* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING


The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.


OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1984, the SC is a Exempt Private company, focusing on dealing and servicing of clean air, containment and laboratory equipment, fume filtration and biotechnology equipment. With over 2 decades of experience in the business, the SC has fairly rich experiences in the business and has achieved a certain market share. The capital standing of the SC is fair.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a moderate size company, the SC has a total workforce of 80 employees in its business operations. Overall, we regard that the SC's management capability is average.

As the SC is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Due to the unavailability of the SC's latest financial information, we recommend credit be granted to the SC with close monitoring.

FINANCIAL ACCOUNT

No latest financial accounts are available at the Registry Office.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.06
UK Pound	1	Rs.101.15
Euro	1	Rs.84.95

INFORMATION DETAILS

Report Prepared by :

NNA

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.