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PREMISESPROPERTY

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PREMISESPROPERTY

     () Since 1995

    COMPANY IDENTIFICATION

     Subject Company : SAMPLE CO PTE LTD Former Name : SAMPLE G CO PTE LTD

     Date of Change : 22/09/94 Business Address: 1234 PARIBUS ROAD

     GALILEO INDUSTRIAL ESTATE Town: SINGAPORE Postcode: 987654

     County: Country: Singapore

     Telephone: 545 2222 Fax: 545 3333 Telex: Not Listed

     ROC Number: 196800401E Reg. Town:

SUMMARY

     Legal Form: Exempt Pte Ltd Date Inc.: 24/11/1978 Previous Legal Form: Date of Change:

     Summary year : 31/12/1998 All amounts in this report are in : SGD Sales: 4,627,306 Networth : 1,668,589

     Capital: 1,000,000 Paid-Up Capital: 1,000,000 Employees: 50 Net result : -606,543

     Share value: 1 AUDITOR : VAUGHAN & PARTNERS

REFERENCES

     Credinet Number: 702000343393 Report Date: 23/02/2000

     Update Date: 23/02/2000

     Credit Requested: Credit Rating: ABOVE AVG RISK Credit Opinion: GBP 310,000

     PROCEED ON GBP 100,000 Protested Bills: No Litigation: Yes

     Company status : TRADING Started : 24/11/1978

    PRINCIPAL(S)

     LIM GEK HUAT 1234567A Director

DIRECTOR(S)

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

     LIM GEK HUAT 1234567A Director Appointed on : 01/10/1997

     Street : 123 SAFARI WAY Town: SINGAPORE

     Postcode: 123456

     Country: Singapore

     LIM YOK SOO 2345678B Director Appointed on : 01/10/1997

     Street : 456 ATLANTIS DRIVE Town: SINGAPORE

     Postcode: 234567 Country: Singapore

     LIM BEE PAN 3456789C Director

     Appointed on : 01/01/1995 Street : 789 JUNO LANE

     Town: SINGAPORE Postcode: 345678

     Country: Singapore

     LIM GIOK HNG 4567890D Director Appointed on : 01/09/1993

     Street : 234 EUROPA CRESCENT Town: SINGAPORE

     Postcode: 456789 Country: Singapore

     LIM GEK KHOON 5678901E Company Secretary

     Appointed on : 01/03/1998 Street : 567 ANDROMEDA LOOP

     Town: SINGAPORE Postcode: 567890

     Country: Singapore

     LIM GEK CHONG 6789012F Managing Director Appointed on : 01/10/1997

     Street : 678 NEBULA STREET

     Town: SINGAPORE

     Postcode: 678910 Country: Singapore

FORMER DIRECTOR(S)

     LIM HONG KHIM 7891011F

ACTIVITY(IES)

     IMPORTERS And EXPORTERS Code:11760

     COMMISSION MERCHANTS Code:4990

    CHARGES

     Date: 09/10/1997

     Comments : CHARGE NO : 199706162

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

     SECURED : 0.00 ALL MONIES OWING CHARGEE(S) : BANK OF CHINA

     Date: 20/02/1997

     Comments : CHARGE NO : 199701117 SECURED : 0.0000 ALL MONIES OWING

     CHARGEE : SINGAPORE FINANCE LIMITED

     Date: 20/02/1997

     Comments : CHARGE NO : 199701116 SECURED : 0.0000 ALL MONIES OWING

     CHARGEE : SINGAPORE FINANCE LIMITED

     Date: 08/12/1994

     Comments : CHARGE NO : 9407121 DISCHARGED SECURED : 0.0000 ALL MONIES OWING

     CHARGEE : HELLER ASIA CAPITAL (SINGAPORE) LTD

     Date: 27/01/1994 Comments : CHARGE NO : 9400532

     SECURED : 0.0000 ALL MONIES OWING CHARGEE : BANK OF CHINA

     Date: 24/06/1999 Comments : CHARGE NO : 199902370

     SECURED : 0.00 ALL MONIES OWING CHARGEE(S) : BANK OF CHINA

PREMISES/PROPERTY INFORMATIONS

     Date: 23/02/2000

     Estimated Value : 53,866,667 Tax rate: 12 % Site Address : 1234 PARIBUS ROAD

     GALILEO INDUSTRIAL ESTATE

     Town: SINGAPORE

     County: Postcode: 987654 Country: Singapore

     Annual Value: 808,000

    ASSOCIATED COMPANY(IES)

     ASSOCIATE SAMPLE I CO PTE LTD

     234 STAR DRIVE

     SINGAPORE Singapore

     ASSOCIATE SAMPLE II CO PTE LTD

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

     123 MOON AVENUE SINGAPORE Singapore

BANKERS

     BANK OF CHINA

     THE DEVELOPMENT BANK OF SINGAPORE LTD

     LLOYDS BANK PLC

    SHAREHOLDERS(S)

     SAMPLE & CO. (PRIVATE) LIMITED 750,000 Company Street : 560 CAMEROON ROAD

     Town: SINGAPORE Postcode: 654321 Country: Singapore

     SAMPLE INVESTMENT PTE LTD 150,000 Company

     Street : 112 FISKI CRESCENT Town: SINGAPORE

     Postcode: 678912 Country: Singapore

     LIM GEK HUAT 50,000 Private Person

     Street : 123 SAFARI WAY Town: SINGAPORE

     Postcode: 123456 Country: Singapore

     LIM YOK SOO 50,000 Private Person

     Street : 456 ATLANTIS DRIVE Town: SINGAPORE

     Postcode: 234567 Country: Singapore

    FORMER SHAREHOLDER(S)

     LIM GEK CHONG 53,000

    HOLDING COMPANY

     SAMPLE & CO. (PRIVATE) LIMITED 196000000D % : 75.00

    SUBSIDIARY(IES)

     SAMPLE CITY PTE LTD

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

     SAMPLE AUDIO SERVICES PTE LTD

    PAYMENT HISTORY AND EXPERIENCES

     Trade Morality: AVERAGE Liquidity : SUFFICIENT

     Payments : SLOW Trend : DOWNWARD Financial Situation:AVERAGE

LITIGATION(S)

     Type Of Case: High Court - W/S Subject Is Defendant Case Number: HWS12345/90

     Plaintiff LEO INDUSTRIES PRIVATE LIMITED

     Type Of Case: District Court - W/S Subject Is Plaintiff Case Number: DCS12345/91

     Defendant AQUARIUS HOLDINGS PRIVATE LIMITED

     Type Of Case: High Court - W/S Subject Is Plaintiff Case Number: HWS23456/92

     Defendant GEMINI PRIVATE LIMITED

     Type Of Case: Filling Of Court Winding Up Subject Is Plaintiff Case Number: HCW34567/98

     Defendant CAPRICORN LIMITED

     Type Of Case: Petition For Banktruptcy Subject Is Plaintiff Case Number: HBP45678/99

     Defendant ARIES & ASSOCIATES

     Type Of Case: High Court - W/S Subject Is Plaintiff Case Number: HWS78910/99

     Defendant GEMINI SERVICES PRIVATE LIMITED

    SINGAPORE: COUNTRY RATING

Short-term: A2 Medium-Term: Very Low Risk

     Singapore has managed to record a growth rate approaching 10% in 200 as a result of exports of

    electronic and chemical products and a healthy retail market. However, with the downturn in the electronic cycle and the slackening in the US demand, this impressive performance may

    deteriorate.

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

Nevertheless, Singapore’s fundamentals remain excellent with core indicators not adversely affected by the crisis. Factors that strengthen Singapore’s position as a commercial and

    financial center in the region include efficient education system, a protected environment and excellent infrastructure.

While at present the country is only modestly impacted by Indonesia’s poor economic performance, an increase in political tension would certainly have more serious repercussions.

     However, default risk is still low.

- Coface Copyright. All Rights Reserved.

WHOLESALE AND RETAIL TRADE SECTOR OUTLOOK

     The wholesale and retail trade sector expanded by 6.9% in the first quarter of 2001, declining sharply from the 13% growth in the fourth quarter of last year.

     Entrepot trade was affected by the weaker global economic conditions as well as the continued

    slowdown of the global electronics cycle. As a result, non-oil re-exports growth slowed to 17%

    in the first quarter, down from the 31% in the fourth quarter of 2000. However, strong growth

    in the sale of motor vehicles continued to support domestic trade.

    With the retailing industry in Singapore changing significantly over the past few years, retailers need to be more aware of consumers' needs. Being in the Internet era, consumers can

    now purchase virtually anything from anywhere around the world. More Singaporeans are also traveling overseas for shopping. With the HDB retailers facing much lower retail activity and

    oversupply of retail space, they face difficulty in their fight for survival.

The sharp downturn in global electronics will depress manufacturing growth and will feed through to other related industries like airfreight and wholesale trade. The regional economies are also

    highly dependent on electronics, our exports to the region will be similarly affected. Singapore has also begun to initiate talks with a number of countries to reach bilateral Free Trade Agreements (FTA). The impact of the FTAs on trade remain to be seen.

     Source : The figures are obtained from the Ministry of Trade and Industry

FINANCIAL ELEMENTS

     All amounts in this report are in : SGD

     Audit Qualification: "MILD" UNCERTAINTIES "MILD" UNCERTAINTIES

     Date Account Lodged: 30/06/1999

     Balance Sheet Date: 31/12/1998 31/12/1997 Number of weeks: 52 52

     Consolidation Code: CONSOLIDATED CONSOLIDATED --- ASSETS

     Tangible Fixed Assets: 1,343,321 6,601,642

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

     Total Fixed Assets: 1,343,321 6,601,642

     Inventories: 400,321 520,501 Receivables: 610,927 1,003,711

     Cash,Banks, Securitis: 5,337 676,180

     Other current assets: 3,618,673 3,320,032

     Total Current Assets: 4,635,258 5,520,424 TOTAL ASSETS: 5,978,579 12,122,066

     --- LIABILITIES

     Equity capital: 1,000,000 1,000,000

     Reserves: 191,097 3,358,360 Profit & lost Account: 477,492 294,759

     Total Equity: 1,668,589 4,653,119

     Long Term Loans: 1,389,380 3,711,629

     Total L/T Liabilities: 1,389,380 3,711,629

     Trade Creditors: 1,278,638 913,690

     Short term liabilities: 85,000 Due to Bank: 1,341,861 2,695,467

     Provisions: 5,588 18,038 Other Short term Liab.: 209,523 130,123

     Total short term Liab.: 2,920,610 3,757,318

     TOTAL LIABILITIES: 4,309,990 7,468,947

     --- PROFIT & LOSS ACCOUNT

     Net Sales 4,627,306 8,628,415 NET RESULT BEFORE TAX: -606,543 -550,662

     Tax : 81 Net income/loss year: -606,543 -550,743

     Interest Paid: 511,215 545,339 Depreciation: 149,623 156,684

     Directors Emoluments: 276,800 448,512 Extraordinary Items: -2,377,987

RATIOS

     31/12/1998 31/12/1997 Turnover per employee: 92546.12 172568.30

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

     Net result / Turnover(%): -0.13 -0.06 Fin. Charges / Turnover(%):0.11 0.06

     Stock / Turnover(%): 0.09 0.06 Net Margin(%): -13.11 -6.38

     Return on Equity(%): -36.35 -11.84

     Return on Assets(%): -10.15 -4.54 Net Working capital: 1714648.00 1763106.00

     Cash Ratio: 0.18 Quick Ratio: 0.21 0.45

     Current ratio: 1.59 1.47 Inventory Turnover: 31.14 21.72

     Receivables Turnover: 47.53 41.88 Leverage Ratio: 2.58 1.61

     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

     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

     AUDITOR'S QUALIFICATION:

     WE ARE UNABLE TO SATISFY OURSELVES AS TO THE RECOVERABILITY OF AMOUNT DUE BY A FORMER DIRECTOR AMOUNTING TO S$130,570 (NOTE 7) FOR WHICH NO

     PROVISION FOR DOUBTFUL DEBTS HAS BEEN MADE IN THE FINANCIAL STATEMENTS

     AUDITOR'S COMMENTS:

     WITHOUT QUALIFYING OUR OPINION, WE DRAW ATTENTION THAT THE COMPANY HAS

     TRADE DEBTORS AMOUNTING TO S$230,000 IN MALAYSIA, THAILAND AND INDONESIA WHICH ARE CURRENTLY EXPERIENCING ECONOMIC AND CURRENCY

     TURMOIL. IN VIEW OF THE CONTINUING ECONOMIC TURMOIL AND THE ATTENDANT INSTABILITY OF THE MARKETS IN THE REGION, THERE EXIST SIGNIFICANT

     UNCERTAINTY OVER THE VALUATIONS AND RECOVERABILTY OF THESE AMOUNTS.

     THE FINANCIAL STATEMENTS DO NOT INCLUDE ANY ADJUSTMENTS THAT MIGHT

     RESULT FROM THESE UNCERTAINTIES.

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

     SUBJECT TO THE ABOVE, THE FINANCIAL CONDITION OF THE COMPANY IS SEEN TO BE FAIR TO LIMITED IN VIEW THAT:

     NET WORTH

    - BALANCE SHEET IS STILL PASSABLE ALTHOUGH NET WORTH HAS DWINDLED BY 64.4 % FROM SGD 4,653,119 TO SGD 1,668,589, LARGELY DUE TO LOWER TRANSLATION RESERVE.

     LEVERAGE

    Interest Bearing Debt VS Total

    Shareholders' fund

    Interest37%Bearing Debt

    Total

    Shareholder's63%

    Fund

THE COMPANY IS FINANCED BY BANK TRUST RECEIPTS, TERM LOANS AND BANK

    OVERDRAFTS.

    AND THE GEARING IS CONSIDERED AGGRESSIVE AT 2.58. IN ADDITION, THE SUBJECT HAS SUBSTANTIAL LEVEL OF FIXED OBLIGATION DEBT WHICH WILL FALL DUE WITHIN THE NEXT TWELVE

     MONTHS.

     PROFITABILITY

    Net Margin

    0

    1-51998

    1997-10

    Percentage-15

    Year

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

     () Since 1995

     - EARNINGS REMAIN NON-EXISTENT AND LOSSES HAVE DETERIORATED FROM -$550,743 TO -S$606,543 WHILE TURNOVER HAS DECLINED BY FURTHER

     46.4% FROM S$8,628,415 TO S$4,627,306. HENCE, THE NET MARGIN RATIO PLUNGED FROM 6.38 TO 13.11.

     DEBT SERVICING

    Current Assets VS Current Liabilities

    39%

    61%

    Current AssetsCurrent Liabilities

     - DEBT SERVICING PROBLEMS MIGHT BE ANTICIPATED WITH CASH BALANCES

     LOWERING FURTHER AND NET INTEREST COVERAGE REMAINING INADEQUATE AT 0.11 TIMES (1997: 0.27 TIMES). ALTHOUGH THE CURRENT RATIO SEEM ADEQUATE

     AT 1.59 TIMES, IT IS LARGELY COMPRISED OF AMOUNT OWING BY RELATED COMPANIES THAT DOES NOT CARRY FIXED TERM OF REPAYMENTS AND INTEREST FREE. HENCE, THE

     LIQUIDITY SITUTION OF THE COMPANY MAY WEAKEN. FINANCIAL FACILITIES:

     THE BANK LOANS AND TRUST RECEIPTS ARE SECURED BY THE COMPANY'S LEGAL MORTGAGE OF FREEHOLD PROPERTIES, FLOATING CHARGE ON THE ASSETS AND

     A PLEDGE ON FIXED ASSETS. EXTRAORDINARY ITEMS:

     THE COMPANY DISPOSED OFF ITS FREEHOLD PROPERTY (TERRACE FACTORY)

     AND MADE AN EXTRAORDINARY LOSS OF S$2,377,987 IN FY 1998. CONTINGENT LIABILITIES:

     AS AT BALANCE SHEET DATE, THE COMPANY ISSUED CORPORATE GUARANTEE OF

     S$3.2 MILLION (1997: S$3.2 MILLION) IN FAVOUR OF A FINANCIAL INSTITUTION IN CONSIDERATION OF LOAN FACILITIES GRANTED TO TWO

     DIRECTORS. NON-TRADE DUES BY DIRECTORS AND SHAREHOLDERS:

     THIS AMOUNTED TO A TOTAL OF S$3,019,456 (1997: S$2,907,910) AND

     CONSTITUTES ABOUT 65% OF THE TOTAL CURRENT ASSETS AND ARE UNSECURED, INTEREST-FREE AND HAVE NO FIXED REPAYMENT TERMS.

BACKGROUND/OPERATION

    P 02607

     : (86 755) 8963 7607 : (86 755) 8963 3197 : info@katung.com.cn : www.katung.com.cn

     :

    67L14

     : (852) 2741 1999 : (852) 2740 9811 : info@chinabest.com.hk : www.chinabest.com.hk

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