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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_903_edei--EntityRegistrantName_c20230101__20231231_z0l8YgN4ifCa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityRegistrantName">JE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zTHHNn2G68lh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressAddressLine1">3
Woodlands Sector 1</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zbxErNONiNYf"><span id="xdx_901_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zIz9zjfAg8wa"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000034" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:EntityAddressCityOrTown">Singapore</ix:nonNumeric></ix:nonNumeric></span></span>
<span id="xdx_900_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zisMUupG5uG3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:EntityAddressPostalZipCode">738361</ix:nonNumeric></span></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, email and/or fax number and address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    <span id="xdx_90D_edei--SecurityExchangeName_c20230101__20231231_zBfamtC9g1w"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000039" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Stock Market LLC</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(g) of the Act: <b>None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:1 <b>None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--EntityCommonStockSharesOutstanding_iI_c20231231_zGy0FRw4bv46"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000040" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,006,666</ix:nonFraction></span>
Ordinary Shares, $0.003 par value, at December 31, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_90A_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zzSePVmNRFZ5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000041" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the report is an annual or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section
13 or 15D of the Securities Exchange Act of 1934.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_908_edei--EntityVoluntaryFilers_c20230101__20231231_zrkIZHAD8ZBe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--EntityCurrentReportingStatus_c20230101__20231231_zRUguEbV6LAi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--EntityInteractiveDataCurrent_c20230101__20231231_zJ3XsrY5Wk08"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    Accelerated Filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    Filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--EntityFilerCategory_c20230101__20231231_zeFQXWuP3XDl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000045" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> &#9746;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    Growth Company <span id="xdx_908_edei--EntityEmergingGrowthCompany_c20230101__20231231_zaPqoDEYeO2a"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000046" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. <span id="xdx_90C_edei--EntityExTransitionPeriod_c20230101__20231231_zBIZb7rubhM9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000047" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_905_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zUoqzz4vzo42"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90D_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zcAUXLfdiWG6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000049" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the Registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--DocumentAccountingStandard_c20230101__20231231_zZzKutOs9jCj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000050" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
Registrant has elected to follow:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
17 &#9744; Item 18 &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; No <span id="xdx_90C_edei--EntityShellCompany_dbF_c20230101__20231231_za5wmOh1Rkqg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000051" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">TABLE
OF CONTENTS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
    I</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identity
    of Directors, Senior Management and Advisors</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer
    Statistics and Expected Timetable</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
    Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
    on the Company</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_001">Unresolved
    Staff Comments</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">58</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_002">Operating
    and Financial Review and Prospects</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">58</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_003">Directors,
    Senior Management and Employees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">78</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_004">Major
    Shareholders and Related Party Transactions</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">84</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_005">Financial
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">86</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_006">The
    Offer and Listing</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">86</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_007">Additional
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">86</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_008">Quantitative
    and Qualitative Disclosures about Market Risk</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">97</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_009">Description
    of Securities Other Than Equity Securities</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">97</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_010">PART
    II</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_011">Defaults,
    Dividend Arrearages and Delinquencies</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">97</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_012">Material
    Modifications to the Rights of Security Holders and Use of Proceeds</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">97</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_013">Controls
    and Procedures</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">97</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_014">Reserved</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">98</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_015">Audit
    Committee Financial Expert</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">98</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_016">Code
    of Ethics</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">98</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_017">Principal
    Accountant Fees and Services</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">99</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_018">Exemptions
    from the Listing Standards for Audit Committees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">99</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_019">Purchases
    of Equity Securities by the Issuer and Affiliates Purchasers</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">99</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_020">Changes
    in Registrant&#8217;s Certifying Accountants</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">99</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_021">Corporate
    Governance</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">99</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_022">Mine
    Safety Disclosure</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_023">Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16J.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_024">Insider
    Trading Policies</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">100</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16K.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_025">Cybersecurity</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">100</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_026">PART
    III</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_027">Financial
    Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">101</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_028">Financial
    Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_029">Exhibits</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_030">SIGNATURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORWARD-LOOKING
STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report on Form 20-F contains forward-looking statements. A forward-looking statement is a projection about a future event or result,
and whether the statement comes true is subject to many risks and uncertainties. These statements often can be identified by the use
of terms such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221;
&#8220;approximate&#8221; or &#8220;continue,&#8221; or the negative thereof. The actual results or activities of the Company will likely
differ from projected results or activities of the Company as described in this Annual Report, and such differences could be material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and performance of the
Company to be different from any future results, performance and achievements expressed or implied by these statements. In other words,
our performance might be quite different from what the forward-looking statements imply. You should review carefully all information
included in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the forward-looking statements that reflect management&#8217;s view as of the date of this Annual Report. We undertake
no obligation to publicly revise or update these forward-looking statements to reflect subsequent events or circumstances. You should
also carefully review the risk factors described in other documents we file from time to time with the Securities and Exchange Commission
(the &#8220;SEC&#8221;). The Private Securities Reform Act of 1995 contains a safe harbor for forward-looking statements on which the
Company relies in making such disclosures. In connection with the &#8220;safe harbor,&#8221; we are hereby identifying important factors
that could cause actual results to differ materially from those contained in any forward-looking statements made by us or on our behalf.
Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled &#8220;Risk Factors&#8221;
under Item 3. - &#8220;Key Information.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
STATEMENTS AND CURRENCY PRESENTATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America
and publish our financial statements in United States Dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REFERENCES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Annual Report, &#8220;China&#8221; refers to all parts of the People&#8217;s Republic of China other than the Special Administrative
Region of Hong Kong. The terms &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; &#8220;the Group&#8221; and the &#8220;Company&#8221;
refer to JE Cleantech Holdings Limited and, where the context so requires or suggests, our direct and indirect subsidiaries. References
to &#8220;dollars,&#8221; &#8220;U.S. Dollars&#8221; or &#8220;US$&#8221; are to United States Dollars and &#8220;SGD&#8221; are to Singaporean Dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_001"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>Item
1. Identity of Directors, Senior Management and Advisors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_003"></span>Item
2. Offer Statistics and Expected Timetable</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_004"></span>Item
3. Key Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Reserved</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Capitalization and Indebtedness</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Reasons for the Offer and Use of Proceeds.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should carefully consider the following risks, together with all other information included in this Annual Report. The realization of
any of the risks described below could have a material adverse effect on our business, results of operations and future prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Business and Industry</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
only have a limited number of customer groups and our business is significantly dependent on our major customer groups&#8217; needs and
our relationships with them. We may be unsuccessful in attracting new customers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
aggregate sales generated from our top five customer groups amounted to approximately 80.6%, 68.1% and 66.1% of our revenue for the
years ended December 31, 2021, 2022 and 2023, respectively. In particular, sales to our largest customer group, which is principally
engaged in the manufacture of hard disk drives (&#8220;HDD&#8221;) and semiconductors, amounted to approximately SGD4.8 million,
SGD4.1 million and SGD4.4 million, representing approximately 32.7%, 22.0% and 24.2% of our revenue, for the years ended December
31, 2021, 2022 and 2023, respectively. Accordingly, our sales would be significantly affected by changes in our relationship with or
in the needs of our major customer groups, particularly our largest customer group, as well as other factors that may affect their
purchases from us, many of which are beyond our control. Any adverse changes in the economic conditions in the markets in which our
customer groups operate and in their business expansion plans may negatively affect their purchasing practices and result in a
reduction in demand for our products and services. Furthermore, we have a limited number of customer groups for both our sale of
cleaning systems and other equipment business and our centralized dishwashing and general cleaning services business. Our
centralized dishwashing services and general cleaning services business provided centralized dishwashing services to 54, 60 and 123
customer groups during the years ended December 31, 2021, 2022 and 2023, respectively, and provided general cleaning services to 7,
3 and 4 customer groups, respectively, during those periods. If our major customer groups do not place their new orders with us, our
business, financial condition, results of operations and prospects could be materially and adversely affected. In addition to
maintaining and growing our business with existing customers, the success of our business also depends on our ability to attract new
customers. If we are unable to attract new customers, our business growth will be hampered and our business, financial condition,
results of operations and prospects may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent upon our largest customer group for a substantial amount of our revenue.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
derived a significant portion of our revenue from our largest customer group during the years ended December 31, 2021, 2022 and 2023.
Our sales to that customer group amounted to approximately SGD4.8 million, SGD4.1 million and SGD4.4 million for the years ended December
31, 2021, 2022 and 2023, respectively, which accounted for approximately 32.7%, 22.0% and 24.2% of our total revenue for the years ended
December 31, 2021, 2022 and 2023, respectively. We expect that this customer group will continue to account for a significant portion
of our total revenue for a considerable period of time if we cannot expand our customer base and our geographical coverage. There is
no assurance that we will be able to maintain the same or achieve even higher sales amounts to that customer group. Our sales to such
customer group will be affected by the results of operations of the companies within that group, which may in turn be affected by many
factors such as global and/or regional political, economic or social conditions, foreign trade or monetary policies, legal or regulatory
requirements or taxation or tariff regime, demand for their products and implementation of sales and marketing strategies for their products.
If the companies within our largest customer group are unable to launch their marketing plans for their products successfully, or if
there is any material and adverse change in political, economic or social conditions, foreign trade or monetary policies, legal or regulatory
requirements or taxation or tariff regime or if the demand for their products weakens materially, and if we are unable to develop new
customers and secure purchase orders of comparable size or under substantially the same terms, our business, financial condition, results
of operations and prospects may be materially and adversely affected. Further, if we fail to achieve more diversified income or reduce
our reliance on such customer group, or if we fail to secure a similar level of business from other customers on comparable commercial
terms, such that the reduction in revenue from our largest customer group could be partly or wholly offset, our business, financial condition,
results of operations and prospects may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there is generally no long-term commitment from customers of our cleaning systems and other equipment business to purchase
an agreed amount from us. Therefore, any material change in a customer&#8217;s product development plan may also directly affect its
demand for our products. If we fail to quote a competitive price to our customer, if the quality of our products does not meet our customer&#8217;s
specifications or if there is any disruption to our business relationship with our customer, we may be unable to secure further business
from such customer. Any significant decrease in sales to any of our customers for any reason, including any disruption to our business
relationship with them, may materially and adversely affect our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks relating to the operation of our production and processing facilities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dependent on our JCS Facility and Hygieia Facility for our operations. Our production and processing facilities are subject to the
risk of operational breakdowns caused by accidents occurring during the production process, including, but not limited to, faulty machines,
suspension of utilities, human error or subpar output or efficiency. Any interruption in, or prolonged suspension of any part of production
at, or any damage to or destruction of, any of our production and processing facilities arising from unexpected or catastrophic events
or otherwise may prevent us from carrying out our businesses of the sale of cleaning systems and other equipment and provision of centralized
dishwashing services to our customers, which in turn may result in a material adverse effect on our results of operations and financial
condition. In addition, any interruption or suspension of the production process or failure to supply our products and/or services to
our customers in a timely manner may result in breach of contract and loss of sales, as well as expose us to liability and the requirement
to pay compensation under the relevant contracts with our customers, lawsuits and damage to our reputation, which may have a material
and adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operation of our production and processing facilities is also subject to risks and issues in respect of our production processes such
as mechanical and system failures, equipment upgrades and delays in the delivery of machinery and equipment, any of which could cause
interruption or suspension of the production process and reduced output.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
there may be accidents or injuries to our workers caused by the use of machinery or equipment at our production and processing facilities,
which could interrupt our operations and result in legal and regulatory liabilities. While none of our workers were involved in any work-related
accidents or suffered any work-related injuries during the years ended December 31, 2021, 2022 and 2023, or during the period from January
1, 2023 through the present date, there is no assurance that there will not be any such accidents or injuries in the future, which could
cause operational breakdowns. Any such operational breakdowns, interruptions or suspensions may affect our business, financial condition,
results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
non-recurring nature of our cleaning systems and other equipment business means that there is no guarantee that we will be able to secure
new orders, leading to fluctuations in revenue.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not enter into any long term agreements with our customers for sale of cleaning systems and other equipment, and sell cleaning systems
and other equipment on an order-by-order basis. Therefore, our customers are under no obligation to continue to award contracts to or
place orders with us and there is no assurance that we will be able to secure new orders in the future. In this regard, the number of
contracts and orders and the amount of revenue that we are able to derive therefrom are affected by a series of factors including but
not limited to changes in our customers&#8217; businesses and changes in market and economic conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
there is uncertainty as to whether we will be able to secure new contracts and orders in the future and in the event that our Group fails
to secure new contracts or orders of contract values, size and/or margins comparable to previous orders, our business, financial condition,
results of operations and prospect may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not enter into long-term agreements for the provision of centralized dishwashing and general cleaning services and there is no assurance
that such agreements will be renewed in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term of our agreements for our provision of centralized dishwashing services and general cleaning services is usually for a period of
one to two years. Our customers are not obliged to renew the agreement or engage us again for the provision of such services upon the
expiration of the agreement. We do not have any long-term agreements with our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no assurance that our existing customers will renew their agreements or that we will be able to secure new contracts from our existing
and new customers with similar or better terms. In the event that we are unable to secure new contracts from existing or new customers,
there may be a significant decrease in revenue and our business, financial condition, results of operations and prospects may be materially
and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on our key management team and our experienced and skilled personnel and our business may be severely disrupted if we are unable
to retain them or to attract suitable replacements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
performance depends on the continued service and performance of our directors and senior management because they play an important role
in guiding the implementation of our business strategies and future plans. We also depend on our key employees, Mr. Wui Chin Hou and
Mr. Zhao Liang. The relationships that our experienced management team has developed with our customers over the years are important
to the future development of our business. If any of our directors, any members of our senior management or either of our key employees
were to terminate their services or employment, there is no assurance that we would be able to find suitable replacements in a timely
manner. The loss of services of either of these key personnel and/or the inability to identify, hire, train and retain other qualified
engineering, technical and operations personnel in the future may materially and adversely affect our business, financial condition,
results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
Ms. Hong Bee Yin, our Chairman, Executive Director and Chief Executive Officer, contributes significantly to various key aspects of our
business, including business development and operations, the continued success and growth of our Group is dependent on our ability to
retain her services. We do carry key person life insurance on the life of Ms. Hong.
The loss of Ms. Hong&#8217;s services as our Chairman, Executive Director and Chief Executive Officer may materially and adversely affect
our business, future plans and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also rely on experienced and skilled personnel for our operations and our ability to design and manufacture quality products and provide
good customer care service depends to a large extent on whether we are able to secure adequately skilled personnel for our operations.
In particular, we rely on our team of qualified engineers for the design and manufacture of our cleaning systems. If we are unable to
employ suitable personnel, or if our personnel do not fulfill their roles or if we experience a high turnover of experienced and skilled
personnel without suitable, timely or sufficient replacements, the quality of our products and/or services may decline, which may adversely
affect our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be affected by the prospects of the industries in which our customers are engaged.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cleaning systems and other equipment sales business is largely dependent on orders and contracts from our major customers, which are
primarily in the hard-disk drive, semiconductor and industrial electronics equipment/product manufacturing industries in Singapore and
Malaysia. Our provision of centralized dishwashing services and ancillary services is dependent on contracts from our customers in the
food and beverage industry in Singapore. We are therefore dependent on the outlook for these industries, and are indirectly exposed to
the uncertainties and business fluctuations of these industries. Accordingly, our business may be adversely affected if there is any
slowdown in the growth and development of such industries that compels industry participants to reduce their capital expenditures and
budgets. These industries are also subject to the impact of the industry cycle, general market and economic conditions and government
policies and expenditures, which are factors beyond our control. A decline in the number of new contracts and orders due to these factors
may cause us to operate in a more competitive environment, and we also may be required to be more competitive in our pricing which, in
turn, may adversely impact our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
war in Ukraine could materially and adversely affect our business and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of war in February 2022 in Ukraine has affected global economic markets, including a dramatic increase in the price of oil and
gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia&#8217;s
military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union
and other countries against Russia. Russia&#8217;s military incursion and the resulting sanctions could adversely affect global energy
and financial markets and thus could affect our customers&#8217; businesses and our business, even though we do not have any direct exposure
to Russia or the adjoining geographic regions. In addition, Russia and Ukraine are major exporters of critical minerals needed for semiconductors,
which could have a significant negative impact on many of our customers. The extent and duration of the military action, sanctions and
resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian military action
or resulting sanctions may magnify the impact of other risks described in this section. We cannot predict the progress or outcome of
the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest,
intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy,
and such effect could in turn have a material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to meet the specifications of our customers or keep up with fast-changing technological developments.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
needs of our customers may change as a result of new developments in technology. Our future success depends on our ability to launch
better cleaning systems that meet evolving market demands of our customers, and in particular, new cleaning systems that are compatible
with new products sold by our customers. The preferences and purchasing patterns of our customers can change rapidly due to technological
developments in their respective industries. There is no assurance that we will be able to respond to changes in the specifications of
our customers in a timely manner. Our success depends on our ability to adapt our products to the requirements and specifications of
our customers. There is also no assurance that we will be able to sufficiently and promptly respond to changes in customer preferences
to make corresponding adjustments to our products or services, and failing to do so may have a material and adverse effect on our business,
financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are vulnerable to fluctuations in the cost or supply of our raw materials.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
for raw materials, such as stainless steel, aluminum and electronic components, constitute most of our cost of revenues, representing
approximately 43.5%, 57.8% and 40.5% of our total cost of revenues for the years ended December 31, 2021, 2022 and 2023, respectively.
Expenses for raw materials as a percentage of our total cost of revenue have not materially changed through the present date. A shortage
of raw materials or material increases in the cost of raw materials may materially and adversely affect our operations and profitability,
and there is no assurance that we will be able to identify suitable alternatives at comparable prices and quality in order to meet our
contract requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our contract price is fixed at the time that our customer confirms an order, it is difficult for us to manage the pricing of our cleaning
systems and other equipment to pass on any increase in costs to our customers. In the event of a shortage of raw materials, there may
be a resultant material increase in the purchase prices of such key materials. In such event, if we are unable to pass on such price
increases to our customers, our cost of production will increase whereupon our gross margin and profitability may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks relating to computer hardware or software systems and potential computer system failure and disruptions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
of our work is carried out by computers and software systems used for design and engineering works such as the ANSYS Discovery, SolidWorks
and AutoCAD software systems. During the years ended December 31, 2021, 2022 and 2023 and during the period from January 1, 2023 to the
present date, we engaged third party information technology service providers to provide support services for our various hardware and
software systems. The computer systems of our Group are currently located at our office in Singapore, with access restricted to authorized
personnel. A physical breakdown of and/or damage to our computer hardware and software systems and/or data storage facilities may lead
to a loss of data. In addition, our software systems may be vulnerable to interruptions due to events beyond our control, including,
but not limited to, telecommunications or electricity failure, computer viruses, hackers and other security issues, and any such interruption
or failure could disrupt our business and operations. There is no assurance that we have sufficient ability to protect our computer hardware
and software systems and data storage facilities from all possible damage, including telecommunications or electricity failure or other
unexpected events.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to environmental, health and safety regulations and penalties, and may be adversely affected by new and changing laws and
regulations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to laws, regulations and policies relating to the protection of the environment and to workplace health and safety. We are
required to adopt measures to control the discharge of polluting matters, toxic substances or hazardous substances and noise at our production
and processing facilities in accordance with such applicable laws and regulations and to implement such measures that ensure the safety
and health of our employees. Changes to current laws, regulations or policies or the imposition of new laws, regulations and policies
in the cleaning systems or the dishwashing industry could impose new restrictions or prohibitions on our current practices. We may incur
significant costs and expenses and need to budget additional resources to comply with any such requirements, which may have a material
and adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to successfully implement our business strategies and future plans.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our business strategies and future plans, we intend to expand our product portfolio, expand our research and development and
engineering team, strengthen our production capability for cleaning systems and other equipment and improve the production efficiency
of our centralized dishwashing services business. While we have planned such expansion based on our outlook regarding our business prospects,
there is no assurance that such expansion plans will be commercially successful or that the actual outcome of those expansion plans will
match our expectations. The success and viability of our expansion plans are dependent upon our ability to successfully implement our
research and development projects, hire and retain skilled employees to carry out our business strategies and future plans and implement
strategic business development and marketing plans effectively and upon an increase in demand for our products and services by existing
and new customers in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the implementation of our business strategies and future plans may require substantial capital expenditure and additional financial resources
and commitments. There is no assurance that these business strategies and future plans will achieve the expected results or outcome such
as an increase in revenue that will be commensurate with our investment costs or the ability to generate any costs savings, increased
operational efficiency and/or productivity improvements to our operations. There is also no assurance that we will be able to obtain
financing on terms that are favorable, if at all. If the results or outcome of our future plans do not meet our expectations, if we fail
to achieve a sufficient level of revenue or if we fail to manage our costs efficiently, we may not be able to recover our investment
costs and our business, financial condition, results of operation and prospects may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increased
labor costs could affect our financial performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to recruit additional staff to expand our research and development and engineering team and to build up our business development
team. Both the cleaning equipment industry and the dishwashing industry face labor shortages and rising labor costs in Singapore. This
may result in a need to employ more foreign workers for companies involved in the manufacturing sector in Singapore. If we are unable
to recruit and retain sufficient and qualified staff, including foreign workers, for us to execute our business, or if we have to increase
our costs to attract and maintain such staff, our results of operations and financial performance may be materially and adversely affected
and our future growth may be inhibited. Further, we may be unable to recruit additional staff necessary to implement our business strategies.
We incurred employee benefit expenses of approximately SGD3.2 million, SGD4.5 million and SGD4.0 million, representing approximately 21.6%,
24.2% and 22.2% of our total revenue for the years ended December 31, 2021, 2022 and 2023, respectively. Although our labor costs will
increase upon recruitment of additional staff, there is no assurance that our revenue or gross profit will increase accordingly. As such,
in the event we are unable to obtain more orders for both our sale of cleaning systems and other equipment business and our centralized
dishwashing and ancillary services business after implementation of such planned investment, our business, financial position and profitability
may be adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-renewal
of permits and business licenses would have a material adverse effect on our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to carry on our business operations, we are required to obtain certain permits, licenses and certificates from various governmental
authorities and organizations. As of the date of this Annual Report, we have obtained all material permits and licenses for our business
operations. However, certain of these permits and licenses are subject to periodic renewal and reassessment by the relevant government
authorities and organizations, and the standards of compliance required in relation thereto may be subject to change. Non-renewal of
our permits, licenses and certificates would have a material adverse effect on our operations. We would be unable to carry on our business
without such permits, licenses and certificates being granted or renewed. In addition, if there are any subsequent modifications of,
additions or new restrictions to compliance standards for our permits, licenses or certificates, it may be costly for us to comply with
such subsequent modifications of, additions or new restrictions to, these compliance standards. In such event, we may incur additional
costs to comply with such new or modified standards which may adversely affect our profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on the quality of the work of our sub-contractors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
engage third party sub-contractors, mainly for specific works during the production and manufacturing of our cleaning systems and other
equipment and for the provision of labor for our centralized dishwashing operations and on-site cleaning services from time to time.
We generally select our sub-contractors based on their pricing, quality of services, capacity and market reputation. However, there is
no assurance that the sub-contractors will meet the requirements of our Group and our customers. We may be unable to monitor the performance
of our sub-contractors as directly and efficiently as with our own staff. As we remain contractually responsible for the delivery of
products and/or services in accordance with the requirements and contract terms of our customers, any delay, non-performance or poor
performance by our sub-contractors may cause us to breach our contracts with our customers and expose us to the risk of damages. If such
events were to occur, there may be a material and adverse effect on our business, financial condition and results of operations, as well
as reputational damage to our Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are exposed to the credit risks of our customers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
extend credit terms to our customers. Our average accounts receivable turnover days were approximately 86.7 days and 96.7 days for
the years ended December 31, 2022 and 2023, respectively. Our customers may be unable to meet their contractual payment obligations to
us, either in a timely manner or at all. The reasons for payment delays, cancellations or default by our customers may include insolvency
or bankruptcy, or insufficient financing or working capital due to late payments by their respective customers. While we did not experience
any material order cancellations by our customers during the years ended December 31, 2021, 2022 and 2023, or during the period from
January 1, 2024 to the present date, there is no assurance that our customers will not cancel their orders and/or refuse to make payment
in the future in a timely manner or at all. We may not be able to enforce our contractual rights to receive payment through legal proceedings.
In the event that we are unable to collect payments from our customers, we are still obliged to pay our suppliers in a timely manner
and thus our business, financial condition and results of operations may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to maintain and protect our intellectual property, or if third parties assert that we infringe on their intellectual property
rights, our business could suffer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business depends, in part, on our ability to identify and protect proprietary information and other intellectual property such as our
client lists and information and business methods. We rely on trade secrets, confidentiality policies, non-disclosure and other contractual
arrangements and copyright and trademark laws to protect our intellectual property rights. However, we may not adequately protect these
rights, and their disclosure to, or use by, third parties may harm our competitive position. Our inability to detect unauthorized use
of, or to take appropriate or timely steps to enforce, our intellectual property rights may harm our business. Also, third parties may
claim that our business operations infringe on their intellectual property rights. These claims may harm our reputation, be a financial
burden to defend, distract the attention of our management and prevent us from offering some services. Intellectual property is increasingly
stored or carried on mobile devices, such as laptop computers, which increases the risk of inadvertent disclosure if the mobile devices
are lost or stolen and the information has not been adequately safeguarded or encrypted. This also makes it easier for someone with access
to our systems, or someone who gains unauthorized access, to steal information and use it to our disadvantage. Advances in technology,
which permit increasingly large amounts of information to be stored on mobile devices or on third-party &#8220;cloud&#8221; servers,
may increase these risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations
or prevent fraud, and investor confidence and the market price of our Ordinary Shares may be materially and adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our management has concluded that our internal control over financial reporting is effective, our independent registered public accounting
firm has not conducted an audit of our internal control over financial reporting. After conducting its own independent testing, it may
issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. Our reporting obligations as a public
company may also place a burden on our management, operational and financial resources and systems for the foreseeable future such that
we may be unable to timely complete our evaluation testing and any required remediation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure
controls and procedures, is designed to prevent fraud. There can be no assurance that our internal controls will continue to be effectively
implemented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements
that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors
to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of the
Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the completion of our Initial Public Offering in April 2022, we became a public company in the United States subject to the Sarbanes-Oxley
Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, requires that we include a report of management on our internal
control over financial reporting in our annual report on Form 20-F. In addition, if we cease to be an &#8220;emerging growth company&#8221;
as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness
of our internal control over financial reporting on an annual basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify
material weaknesses and deficiencies in our internal control over financial reporting. The Public Company Accounting Oversight Board,
or PCAOB, has defined a material weakness as &#8220;a deficiency, or a combination of deficiencies in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim statements will not be prevented
or detected on a timely basis.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented
or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial
reporting in accordance with Section 404. Generally speaking, if we fail to maintain an effective internal control environment, we could
suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors
to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of
operations and lead to a decline in the trading price of our Ordinary Shares. Additionally, ineffective internal control over financial
reporting could expose us to increased risk of fraud, misuse of corporate assets and legal actions under the United States securities
laws and subject us to potential delisting from Nasdaq, to regulatory investigations and to civil or criminal sanctions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to detect, deter and prevent all instances of fraud or other misconduct committed by our employees or other third parties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of fraud or other misconduct by our employees and other third parties. Misconduct by such parties may include
theft, unauthorized business transactions, bribery or breaches of applicable laws and regulations, which may be difficult to detect or
prevent. We are not aware of any instances of fraud, theft and other misconduct involving employees and other third parties that had
any material and adverse impact on our business and results of operations during the years ended December 31, 2021, 2022 and 2023, or
during the period from January 1, 2024 to the present date. However, there is no assurance that there will not be any such instances
in the future. We may be unable to prevent, detect or deter all instances of misconduct. Any misconduct committed against our interests,
which may include past acts that have gone undetected or future acts, could subject us to financial losses and harm our reputation and
may have a material and adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be harmed by negative publicity.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in highly competitive industries and there are other companies in the market that offer similar products and services. We derive
most of our customers through word of mouth and we rely on the positive feedback of our customers. Thus, customer satisfaction with our
cleaning systems and other equipment, and with our centralized dishwashing and ancillary services, is critical to the success of our
business as this will also result in potential referrals from our existing customers. If we fail to meet our customers&#8217; expectations,
there may be negative feedback regarding our products and/or services, which may have an adverse impact on our business and reputation.
In the event we are unable to maintain a high level of customer satisfaction or any customer dissatisfaction is inadequately addressed,
our business, financial condition, results of operations and prospects may also be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reputation may also be adversely affected by negative publicity in reports, publications such as major newspapers and forums, or any
other negative publicity or rumors. There is no assurance that our Group will not experience negative publicity in the future or that
such negative publicity will not have a material and adverse effect on our reputation or prospects. This may result in our inability
to attract new customers or retain existing customers and may in turn adversely affect our business and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
insurance coverage may be inadequate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain insurance coverage for our major assets and operations, including insurance covering plant and machinery, fire, theft,
accident and key person life insurance. However, we do not have or are unable to obtain insurance in respect of losses arising from certain operating risks, such
as acts of terrorism. Our insurance policies may be insufficient to cover all of our losses in all events. The occurrence of certain
incidents, including fraud, confiscation by investigating authorities or misconduct committed by our employees or third parties,
severe weather conditions, war, flooding and power outages may not be covered adequately, if at all, by our insurance policies. If
our losses exceed the insurance coverage or are not covered by our insurance policies, we may be liable to bear such losses. Our
insurance premiums may also increase substantially due to claims made. In such circumstances, our business, financial condition,
results of operations and prospects may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are exposed to risks in respect of acts of war, terrorist attacks, epidemics, political unrest, adverse weather conditions and other
uncontrollable events.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unforeseeable
circumstances and other factors such as power outages, labor disputes, adverse weather conditions or other catastrophes, epidemics or
outbreaks of communicable diseases such as COVID-19, Severe Acute Respiratory Syndrome, Middle East Respiratory Syndrome, Ebola or other
contagious diseases, may disrupt our operations and cause loss and damage to our production and processing facilities, and acts of war,
terrorist attacks or other acts of violence may further materially and adversely affect the global financial markets and consumer confidence.
Our business may also be affected by macroeconomic factors in the countries in which we operate, such as general economic conditions,
market sentiment, social and political unrest and regulatory, fiscal and other governmental policies, all of which are beyond our control.
Any such events may cause damage or disruption to our business, markets, customers and suppliers, any of which may materially and adversely
affect our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business and operations may be materially and adversely affected if there is a major resurgence of COVID-19 or another significant natural
disaster or pandemic in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
was initially reported in China in December 2019, and in March 2020, the World Health Organization characterized COVID-19 as a pandemic.
Although on May 5, 2023, the WHO declared the end to the COVID-19 pandemic as a global health emergency, it stressed that COVID-19 is
here to stay, that it remains a global threat and that the risk remains of new variants emerging that may cause new surges in cases and
deaths. COVID-19 has had a widespread and detrimental effect on the global economy as a result of the ongoing number of cases and affected
countries and actions taken by public health and governmental authorities, businesses, other organizations and individuals to address
the pandemic, including travel bans and restrictions, quarantines, shelter in place, stay at home or total lock-down orders and business
limitations and shutdowns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of COVID-19 had a material adverse impact on the global, regional and local economies of Singapore and other countries in which
our clients are or were based, which decreased the demand for our services. A significant recurrence of COVID-19 or the occurrence of
another epidemic or natural disaster in Singapore may result in a similar decrease in the demand for our services in the future, may
cause delay in the tender and/or quotation processes of prospective contracts and/or may cause termination of our existing orders and
contracts by our customers. In addition, such a recurrence or event could result in further disruption of the global supply chain, a
delay or shortage of raw materials, supplies and/or services by our suppliers and sub-contractors, the re-imposition of lockdown measures
or quarantines or a significant number of our workers being unable to report to work due to illness, any of which may materially and
adversely affect our business and operations. Our revenue and profitability also may be materially affected if any such occurrence materially
affects the overall economic and market conditions in Singapore or in any of the other countries in which we have significant operations,
as an economic slowdown and/or negative business sentiment could potentially have an adverse impact on our business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict if or when any new outbreaks of COVID-19 or another pandemic or natural disaster may occur or how long it may take for
any such outbreaks to be contained or for the effects of any such disaster to be rectified, and we cannot predict the impact that any
such event may have on our operations. If Singapore or any of the other countries in which we have significant operations experiences
a major resurgence of COVID-19 or if another pandemic or a significant natural disaster were to occur in the future, our business, financial
condition, results of operations and prospects may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are exposed to risks arising from fluctuations of foreign currency exchange rates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is exposed to certain foreign currency exchange risks as our reporting currency is Singapore dollars and our overseas sales
and procurement are denominated in United States dollars during the years ended December 31, 2021, 2022 and 2023. To the extent that
our Group&#8217;s sales, purchases and operating costs are not denominated in the same currency and to the extent that there are timing
differences between invoicing and payment from our customers and to our suppliers, we may be exposed to foreign currency exchange gains
or losses arising from transactions in currencies other than our reporting currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be affected by adverse changes in the political, economic, regulatory or social conditions in the countries in which we and our customers
and suppliers operate or into which we intend to expand.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our customers and suppliers are governed by the laws, regulations and government policies in each of the countries in which we and
our customers and suppliers operate or into which we intend to expand our business and operations, such as Singapore, Malaysia, Thailand,
Belgium and South Korea. Our business and future growth are dependent on the political, economic, regulatory and social conditions in
these countries, which are beyond our control. Any economic downturn, changes in policies, currency and interest rate fluctuations, capital
controls or capital restrictions, labor laws, changes in environmental protection laws and regulations, duties and taxation and limitations
on imports and exports in these countries may materially and adversely affect our business, financial condition, results of operations
and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face the risk of inventory obsolescence.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, we had inventories of SGD11.9 million and SGD14.1 million, respectively. The higher inventory for the year
ended December 31, 2023 was primarily the result of purchasing more raw materials in anticipation of slower delivery times due to
supply chain issues and increased orders received for precision cleaning systems. Our inventory turnover days for the years ended
December 31, 2022 and 2023 were 122.0 days and 346.7 days, respectively. The higher number of days for the year ended December 31, 2023
was mainly due to the extension by a major customer of its delivery schedule for certain projects to 2024 and 2026. Our business
relies on customer demand for our products. Any reduction in customer demand for our products may have an adverse impact on our
product sales, which may in turn lead to inventory obsolescence, decline in inventory value or inventory write-off. In that case,
our business, financial condition, results of operations and prospects may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business is subject to various cybersecurity and other operational risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face various cybersecurity and other operational risks relating to our businesses on a daily basis. We rely heavily on financial, accounting,
communication and other data processing systems as well as the experienced staff who operate them to securely process, transmit and store
sensitive and confidential customer information, and to communicate with our staff, customers, partners and suppliers. We also depend
on various third-party software and cloud-based storage platforms as well as other information technology systems in our business operations.
These systems may fail to operate properly or become disabled as a result of tampering or a breach of our network security systems or
otherwise, including for reasons beyond our control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers typically provide us with sensitive and confidential information as part of our business arrangements. We are susceptible to
attempts to obtain unauthorized access to such sensitive and confidential customer information. We also may be subject to cyber<i>-</i>attacks
involving leaks and destruction of sensitive and confidential customer information and our proprietary information, which could result
from an employee&#8217;s or agent&#8217;s failure to follow data security procedures or from actions by third parties, including actions
by government authorities. Although cyber-attacks have not had a material impact on our operations to date, breaches of our or third-party
network security systems on which we rely could involve attacks that are intended to obtain unauthorized access to and disclose sensitive
and confidential customer information and our proprietary information, destroy data or disable, degrade or sabotage our systems, often
through the introduction of computer viruses and other means, and could originate from a wide variety of sources, including state actors
or other unknown third parties. The increase in using mobile technologies can heighten these and other operational risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we or the third parties on which we rely will be able to anticipate, detect or implement effective preventative
measures against frequently changing cyber-attacks. We may incur significant costs in maintaining and enhancing appropriate protections
to keep pace with increasingly sophisticated methods of attack. In addition to the implementation of data security measures, we require
our employees to maintain the confidentiality of the proprietary information that we hold. If an employee&#8217;s failure to follow proper
data security procedures results in the improper release of confidential information, or our systems are otherwise compromised, malfunctioning
or disabled, we could suffer a disruption of our business, financial losses, liability to customers, regulatory sanctions and damage
to our reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to maintain compliance with Nasdaq&#8217;s continued listing requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 3, 2022, we received a written notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC (the &#8220;2022
Nasdaq Notification&#8221;) stating that our Ordinary Shares had failed to maintain a minimum bid price of $1.00 over the last 30 consecutive
business days as required by Nasdaq Listing Rule 5550(a)(2) (the &#8220;Minimum Bid Requirement Listing Rule&#8221;). As of November
3, 2023, we regained compliance with the Minimum Bid Requirement Listing Rule, and the matter was closed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2023, we received another written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC
(the &#8220;2023 Nasdaq Notification&#8221;) stating that our Ordinary Shares failed to maintain a minimum bid price of $1.00 over the
last 30 consecutive business days as required by the Minimum Bid Price Requirement Listing Rule. Receipt of the 2023 Nasdaq Notification
does not result in the immediate delisting of our Ordinary Shares and has no immediate effect on the listing or the trading of our Ordinary
Shares on the Nasdaq Capital Market under the symbol &#8220;JCSE.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Nasdaq Listing Rule 5810(c)(3)(A), we now have a compliance period of 180 calendar days from the date of the 2023 Nasdaq Notification,
or until June 11, 2024, to regain compliance with the Minimum Bid Requirement Listing Rule. In the event that we do not regain compliance
by June 11, 2024, we may be eligible for additional time to qualify. 	In the event that we do not regain compliance with the Minimum
Bid Price Requirement Listing Rule by June 11, 2024, and are ineligible for an additional grace period, Nasdaq will provide further written
notice that our Ordinary Shares are subject to delisting from The Nasdaq Capital Market. In that event, we may appeal the determination
to a Nasdaq hearings panel or consider transferring the listing and trading of our ordinary shares to the OTCQX of the OTC Markets. See
&#8220;Item 4. Information on the Company - History of the Company - Recent and Other Developments - Nasdaq Deficiency.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our Ordinary Shares are delisted from Nasdaq, we could face significant material adverse consequences, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limited
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as long as our Ordinary Shares are listed on Nasdaq, U.S. federal law prevents or preempts the states from regulating their
sale, although the law does allow the states to investigate companies if there is a suspicion of fraud and, if there is a finding of
fraudulent activity, then the states can regulate or bar their sale. If we were no longer listed on Nasdaq, we would be subject to regulations
in each state in which we offer our shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
recent initial public offerings of companies with public floats comparable to our public float have experienced extreme volatility that
was seemingly unrelated to the underlying performance of their businesses. We have experienced similar volatility, which makes it difficult
to assess the value of our Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the risks addressed below in &#8220;- An active trading market for our Ordinary Shares may not continue and the trading price
for our Ordinary Shares may fluctuate significantly,&#8221; our Ordinary Shares have been subject to extreme volatility that is seemingly
unrelated to the underlying performance of our business. Recently, companies with public floats and initial public offering sizes comparable
to ours have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was
seemingly unrelated to the respective companies&#8217; underlying performance. Although the specific cause of such volatility is unclear,
our public float may amplify the impact that actions taken by a few shareholders have on the price of our Ordinary Shares, which may
cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business.
Since our Ordinary Shares have experienced a decline, and may continue to experience either run-ups or declines that are seemingly unrelated
to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing
the rapidly changing value of our Ordinary Shares. In addition, investors of our Ordinary Shares may experience losses, which may be
material, if the price of our Ordinary Shares declines or if such investors purchase our Ordinary Shares prior to any price decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of our Ordinary Shares may not be able to readily liquidate their investments or may be forced to sell at depressed prices due to low
trading volume. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of
our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. Furthermore,
extreme volatility may confuse public investors regarding the value of our stock, distort the market perception of our stock price and
our financial performance and public image and negatively affect the long-term liquidity of our Ordinary Shares, regardless of our actual
or expected operating performance. If we continue to encounter such volatility, including any rapid stock price increases and declines
seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult
and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and understand the value thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
active trading market for our Ordinary Shares may not continue and the trading price for our Ordinary Shares has fluctuated significantly.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that an active public market for our Ordinary Shares will continue. If an active public market for our Ordinary Shares
does not continue, the market price and liquidity of our Ordinary Shares may be materially and adversely affected. As a result, investors
in our Ordinary Shares may experience a significant decrease in the value of their Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
trading price and trading volume of our Ordinary Shares has been volatile, which could result in substantial losses to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our Ordinary Shares commenced trading on April 22, 2022, the trading price of our Ordinary Shares has been volatile and has fluctuated
widely due to factors beyond our control. This may continue in the future because of broad market and industry factors, such as the performance
and fluctuation of the market prices of other companies with business operations located mainly in Singapore that have listed their securities
in the United States. In addition to market and industry factors, the price and trading volume for our shares may be highly volatile
for factors specific to our own operations, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in our revenues, earnings and cash flow;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in financial estimates by securities analysts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    or departures of key personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">release
    of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    litigation or regulatory investigations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our Ordinary Shares have been subject to extreme volatility that is seemingly unrelated to the underlying performance of our
business. Although the specific cause of such volatility is unclear, the relatively small size of our public float may amplify the impact
the actions taken by a few shareholders have on the price of our Ordinary Shares, which may cause our share price to deviate, potentially
significantly, from a price that better reflects the underlying performance of our business. Since our Ordinary Shares have experienced
a decline, and may continue to experience either run-ups or declines that are seemingly unrelated to our actual or expected operating
performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our
Ordinary Shares. In addition, investors of our Ordinary Shares may experience losses, which may be material, if the price of our Ordinary
Shares declines or if such investors purchase our Ordinary Shares prior to any price decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of our Ordinary Shares also may not be able to readily liquidate their investment or may be forced to sell at depressed prices due to
low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price
of our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. Furthermore,
extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our
financial performance and public image and negatively affect the long-term liquidity of our Ordinary Shares, regardless of our actual
or expected operating performance. If we continue to encounter such volatility, including any rapid stock price increases and declines
seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult
and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and to understand the value thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount
of our management&#8217;s attention and other resources from our business and operations and require us to incur significant expenses
to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding our Ordinary Shares, the market price for our Ordinary Shares and trading volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our shares will be influenced by research or reports that industry or securities analysts publish about our business.
If one or more analysts downgrade our shares, the market price for our shares would likely decline. If one or more of these analysts
cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could
cause the market price or trading volume for our shares to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
sale or availability for sale of substantial amounts of our Ordinary Shares could adversely affect their market price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely
affect the market price of our shares and could materially impair our ability to raise capital through equity offerings in the
future. We currently have 5,006,666 Ordinary Shares outstanding, of which 1,806,666 shares are freely tradable without restriction
or further registration under the Securities Act. The remaining 3,200,000 shares, all of which are beneficially owned by our
controlling shareholder, may also be sold in the public market in the future in accordance with Rule 144 and Rule 701 under the
Securities Act. We cannot predict what effect, if any, market sales of securities held by our controlling shareholder or any other
shareholder or the availability of these securities for future sale will have on the market price of our shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Short
selling may drive down the market price of our Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short
selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention
of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value
of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay
less in that purchase than it received in the sale. As it is in the short seller&#8217;s interest for the price of the shares to decline,
many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its
business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These
short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity,
whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such
allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the
manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of
commercial confidentiality.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Ordinary Shares for a return
on your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain all of our available funds and any future earnings to fund the development and growth of our business. As
a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our
shares as a source for any future dividend income. Our board of directors has complete discretion as to whether to distribute dividends,
subject to certain requirements of Singapore law. Even if our board of directors decides to declare and pay dividends, the timing, amount
and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital
requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual
restrictions and other factors as determined by our board of directors. Accordingly, the return on your investment in our Ordinary Shares
will likely depend entirely upon any future price appreciation of our Ordinary Shares. There is no guarantee that our Ordinary Shares
will appreciate in value or even maintain the price at which you purchase our shares. You may not realize a return on your investment
in our shares and you may even lose your entire investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States
federal income tax consequences.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for
any taxable year if, for such year, either</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that
    are held for the production of passive income is at least 50%.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passive
income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade
or business) and gains from the disposition of passive assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who
holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional
reporting requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that, for our current taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive
income. We will make this determination following the end of any particular tax year. We treat our affiliated entities as being owned
by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities
but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results
in our consolidated financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its
pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to
be a PFIC, see &#8220;Material Tax Considerations - Passive Foreign Investment Company Considerations.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
controlling shareholder has substantial influence over the Company. Her interests may not be aligned with the interests of our other
shareholders, and she could prevent or cause a change of control or other transactions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Hong Bee Yin, our Chairman, Executive Director and Chief Executive Officer, beneficially owns an aggregate of approximately 64% of our
issued and outstanding Ordinary Shares. Accordingly, our controlling shareholder could control the outcome of any corporate transaction
or other matter submitted to the shareholders for approval, including mergers, consolidations, the election of directors and other significant
corporate actions, including the power to prevent or cause a change in control. The interests of our largest shareholder may differ from
the interests of our other shareholders. Without the consent of our controlling shareholder, we may be prevented from entering into transactions
that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline
in the value of our shares. For more information regarding our principal shareholders and their affiliated entities, see &#8220;Item
7. Major Shareholders and Related Party Transactions - Major Shareholders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a &#8220;controlled company,&#8221; we are exempt from certain Nasdaq corporate governance requirements, which may result in our independent
directors not having as much influence as they would if we were not a controlled company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;controlled company&#8221; as defined under the Nasdaq Stock Market Rules, because one of our shareholders holds more than
50% of our voting power. As a result, for so long as we remain a controlled company as defined under that rule, we are exempt from, and
our shareholders generally are not provided with the benefits of, some of the Nasdaq Stock Market corporate governance requirements,
including that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    compensation committee must be composed entirely of independent directors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we intend to have a majority of independent directors and for our compensation and our corporate governance and nomination committees
to be composed entirely of independent directors, that may change in the future so long as we remain a controlled company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders
than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer whose Ordinary Shares are traded on Nasdaq, we rely on a provision in the Nasdaq corporate governance listing
standards that allows us to follow Cayman Islands law with regard to certain aspects of corporate governance. This allows us to follow
certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S.
companies listed on Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, we are exempt from Nasdaq regulations that require a listed U.S. company to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Ordinary Shares, such
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Although we intend to have
a majority of independent directors and for our compensation and our corporate governance and nomination committees to be composed entirely
of independent directors, that may change in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies
listed on Nasdaq. Therefore, we intend to maintain a fully independent audit committee in accordance with Rule 10A-3 of the Exchange
Act. However, because we are a foreign private issuer, our audit committee is not subject to additional Nasdaq corporate governance requirements
applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that
all members are &#8220;independent,&#8221; using more stringent criteria than those applicable to us as a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed
by our Amended and Restated Memorandum of Association (our &#8220;Amended and Restated Memorandum&#8221;) and our Amended and Restated
Articles of Association (our &#8220;Amended and Restated Articles&#8221;), the Companies Act and the common law of the Cayman Islands.
The rights of shareholders to take action against our directors and us, actions by minority shareholders and the fiduciary duties of
our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of
the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common
law, which are generally of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders
and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or
judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws
than the United States, and provide significantly less protection to investors. In addition, Cayman Islands companies may not have the
standing to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the
Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally recognize and enforce
a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than
the Amended and Restated Memorandum and Amended and Restated Articles) or to obtain copies of lists of shareholders of these companies.
Our directors are not required under our Amended and Restated Memorandum or our Amended and Restated Articles to make our corporate records
available for inspection by our shareholders. This may make it more difficult for you to obtain the information needed to establish any
facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as U.S. states. Currently, we do not plan to follow home country practice with respect to most
corporate governance matters. However, if we so choose, we may do so in the future. Accordingly, our shareholders may be afforded less
protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by our
management, members of the board of directors or controlling shareholder than they would as shareholders of a company incorporated in
a U.S. state.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
judgments obtained against us by our shareholders may not be enforceable.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all
of our current directors and officers are nationals and residents of countries other than the United States and substantially all of
the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service
of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including
judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.
Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and Singapore may render you unable to
enforce a judgment against our assets or the assets of our directors and officers. As a result of all of the above, our shareholders
may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders
than would shareholders of a corporation incorporated in a jurisdiction in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company,&#8221; as defined in the JOBS Act, and we may take advantage of certain exemptions from various
requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth
company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain
information they may deem important.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards
until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words,
an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We have elected to take advantage of the extended transition period, although we have early adopted certain
new and revised accounting standards based on transition guidance permitted under such standards. As a result of this election, our future
financial statements may not be comparable to other public companies that comply with the public company effective dates for these new
or revised accounting standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to
United States domestic public companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered
    under the Exchange Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability
    for insiders who profit from trades made in a short period of time; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    selective disclosure rules by issuers of material non-public information under Regulation FD.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to file an annual report on Form 20-F within four months after the end of each fiscal year. In addition, we intend to publish
our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of Nasdaq. Press
releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we
are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the
SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to
you if you were investing in a U.S. domestic issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and
current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business
Day of an issuer&#8217;s most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect
to us on June 30, 2024. In the future, we would lose our foreign private issuer status if (i) more than 50% of our outstanding voting
securities are owned by U.S. residents; and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or
we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private
issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which
are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy
requirements, and our officers, directors and 10% shareholders will become subject to the short-swing profit disclosure and recovery
provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance
requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur
significant additional legal, accounting and other expenses that we do not incur as a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increasing
scrutiny and changing expectations from investors, lenders and other market participants with respect to our environmental, social and
governance (&#8220;ESG&#8221;) policies may impose additional costs on us or expose us to additional risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional
investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years have
placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG
and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital
as a result of their assessment of a company&#8217;s ESG practices. Companies which do not adapt to or comply with investor, lender or
other industry shareholder expectations and standards, which are evolving, or which are perceived to have not responded appropriately
to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage
and the business, financial condition and/or stock price of such a company could be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change,
to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to
implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and
make further investments in us. If we do not meet these standards, our business and/or our ability to access capital could be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
certain investors and lenders may exclude companies, such as us, from their investing portfolios altogether due to environmental, social
and governance factors. These limitations in both the debt and equity capital markets may affect our ability to grow as our plans for
growth may include accessing the equity and debt capital markets. If those markets are unavailable, or if we are unable to access alternative
means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse
effect on our financial condition and results of operations and impair our ability to service our then indebtedness. Further, it is likely
that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements.
The occurrence of any of the foregoing could have a material adverse effect on our business and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>Item
4. Information on the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group&#8217;s history can be traced back to November 1999 when JCS-Echigo Pte. Ltd. (&#8220;JCS&#8221;) was founded by Ms. Hong Bee Yin,
our Chairman, Executive Director and Chief Executive Officer. Our Group commenced business in the selling of cleaning systems in 2005,
before starting our business in the design, development, manufacture and sale of cleaning systems in Singapore in 2006. We manufacture
a broad range of cleaning systems, including aqueous washing systems, plating and cleaning systems, train cleaning systems and other
equipment for our customers. Since 2013, we have also been in the business of providing centralized dishwashing services for the food
and beverage industry, mainly for food and beverage establishments in Singapore such as food courts, hawker centers, restaurants, cookhouses,
eldercare homes and an inflight catering service provider. We have also provided general cleaning services since 2015, mainly for food
courts in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, our Group is comprised of the Company and its subsidiaries, JE Cleantech International Limited, JCS-Echigo
Pte Ltd., Hygieia Warewashing Pte. Ltd. and Evoluxe Pte. Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
and Other Developments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Initial
Public Offering</i></b>. On April 22, 2022, we closed on our Initial Public Offering of 3,020,000 Ordinary Shares at a price of $4.00
per share. In addition, a selling shareholder affiliated with us sold an aggregate of 750,000 Ordinary Shares in the offering. The gross
proceeds of the offering to us, before underwriting discounts and commissions and estimated offering expenses, were approximately $12
million (including the partial exercise of the overallotment option). We did not receive any of the proceeds from the sale of Ordinary
Shares by the selling shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
Deficiency.</i></b> On November 3, 2022, we received a written notification from Nasdaq indicating that, because the closing bid price
of our Ordinary Shares for the last 30 consecutive business days was below $1.00 per share, we no longer met the minimum bid price requirement
under Nasdaq rule 5550(a)(2) (the &#8220;Rule&#8221;). As of November 3, 2023, we regained compliance with the Minimum Bid Requirement
Listing Rule, and the matter was closed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2023, we received another written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC
(the &#8220;2023 Nasdaq Notification&#8221;) stating that our Ordinary Shares failed to maintain a minimum bid price of $1.00 over the
last 30 consecutive business days as required by the Minimum Bid Price Requirement Listing Rule. Receipt of the 2023 Nasdaq Notification
does not result in the immediate delisting of our Ordinary Shares and has no immediate effect on the listing or the trading of our Ordinary
Shares on the Nasdaq Capital Market under the symbol &#8220;JCSE.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Nasdaq Listing Rule 5810(c)(3)(A), we now have a compliance period of 180 calendar days from the date of the 2023 Nasdaq Notification,
or until June 11, 2024, to regain compliance with the Minimum Bid Requirement Listing Rule. If at any time before June 11, 2024, the
closing bid of our Ordinary Shares is at least $1.00 for a minimum of 10 consecutive business days, we will be deemed to have regained
compliance with the Minimum Bid Requirement Listing Rule following which Nasdaq will provide a written confirmation of compliance and
the matter will be closed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we do not regain compliance by June 11, 2024, we may be eligible for additional time to qualify. To qualify for additional
time, we will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market with the exception of the bid price requirement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we do not regain compliance with the Minimum Bid Price Requirement Listing Rule by June 11, 2024, and are ineligible for
an additional grace period, Nasdaq will provide further written notice that our Ordinary Shares are subject to delisting from The Nasdaq
Capital Market. In that event, we may appeal the determination to a Nasdaq hearings panel or consider transferring the listing and trading
of our Ordinary Shares to the OTCQX of the OTC Markets. See &#8220;Item 3D - Risk Factors - Risks Related to Our Securities - We may
not be able to maintain compliance with Nasdaq&#8217;s continued listing requirements&#8221; for information regarding the effects of
transferring trading to the OTC Markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to continuously monitor the closing bid price of our Ordinary Shares. Receipt of the 2023 Nasdaq Notification has no effect on
our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Consolidation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
a Special Meeting of Stockholders held on August 29, 2023, our members (Stockholders) approved a share consolidation (the &#8220;Share
Consolidation&#8221;) and granted our Board of Directors the authority to determine the final ratio and when to proceed with the Share
Consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
effected the Share Consolidation at a ratio of 1-for-3, effective as of 11:59 pm on October 13, 2023 (the &#8220;Effective Time&#8221;),
in order to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq&#8217;s Marketplace Rule 5450(a)(1). Our
Ordinary Shares began trading on a Share Consolidation-adjusted basis on Nasdaq as of the opening of trading on October 16, 2023, under
the existing ticker symbol &#8220;JCSE. The CUSIP number for the Company&#8217;s Ordinary Shares changed to G50875 205 following the
Share Consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the Effective Time, every three shares of our issued and outstanding Ordinary Shares were combined into one issued and outstanding
Ordinary Share, thereby reducing the number of outstanding shares from 15,020,000 to 5,006,666. The total number of authorized Ordinary
Shares was reduced from 100,000,000 to 33,333,333.33, and the par value changed from $0.001 per share to $0.003 per share. No fractional
Ordinary Shares were issued in connection with the Share Consolidation, and any shareholders of record who otherwise would have been
entitled to receive a fraction of a share because they held a number of pre-consolidation Ordinary Shares not evenly divisible by three
became entitled to receive such number of Ordinary Shares as rounded down to the nearest whole share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the Effective Time, proportional adjustments were also made to the number of Ordinary Shares issuable upon the exercise of any outstanding
stock options, the number of shares issuable pursuant to outstanding restricted stock awards and the number of shares authorized and
reserved for issuance pursuant to the Company&#8217;s 2022 Equity Incentive Plan. The exercise prices and stock price targets of any
outstanding stock options, warrants and equity awards were also proportionately adjusted, as applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Share Consolidation, the daily closing bid price of our Ordinary Shares remained above $1.00 per share for ten consecutive business
days from October 16, 2023 to October 27, 2023. Consequently, we were in compliance with all applicable Nasdaq listing standards and
the prior bid price deficiency matter was closed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company was incorporated in the Cayman Islands on January 29, 2019 under the Companies Act as an exempted company with limited liability.
Our authorized share capital is US$100,000 divided into 100,000,000 Ordinary Shares, par value US$0.001 each. Prior to a group reorganization,
JE Cleantech International Limited was the holding company of our group of companies comprised of JCS-Echigo Pte. Ltd., Hygieia Warewashing
Pte. Ltd. and Evoluxe Pte. Ltd. JE Cleantech International Limited was held 80% by JE Cleantech Global Limited (which is wholly-owned
by Ms. Hong Bee Yin, our CEO), 14% by Triple Business Limited, 4% by Ever Bloom Properties Company Limited and 2% by Aqua Lady Group
Limited. Upon completion of our reorganization, we were owned as to 9,600,000, 1,680,000, 480,000 and 240,000 Ordinary Shares by JE Cleantech
Global Limited, Triple Business Limited, Ever Bloom Properties Company Limited and Aqua Lady Group Limited, respectively, and JE Cleantech
International Limited, JCS-Echigo Pte. Ltd., Hygieia Warewashing Pte. Ltd. and Evoluxe Pte. Ltd. became our direct and indirect subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2022, we closed on the sale of 3,020,000 newly issued Ordinary Shares and Triple Business Limited sold 750,000 of our Ordinary
Shares in our Initial Public Offering. See &#8220;Item 7. Major Shareholders and Related Party Transactions - Major Shareholders&#8221;
for information on the current shareholdings of our major shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Organization
Chart</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chart below sets out our corporate structure as of the date of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 384px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Entities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
description of our subsidiaries is set out below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>JE
Cleantech International Limited (&#8220;JEC International&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 9, 2018, JEC International was incorporated in the BVI as a BVI business company with limited liability. JEC International is authorized
to issue a maximum of 50,000 shares of a single class of US$1.00 par value each. As part of a group reorganization on December 28, 2021,
JEC International became a direct wholly-owned subsidiary of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JEC
International has been an investment holding company with no business operations since its incorporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>JCS-Echigo
Pte. Ltd. (&#8220;JCS&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 25, 1999, JCS was incorporated in Singapore as a private company with limited liability. JCS commenced business in 2005 and
is principally engaged in the manufacture and sale of cleaning systems and other equipment. As part of a group reorganization on December
28, 2021, JCS became an indirect wholly-owned subsidiary of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Hygieia
Warewashing Pte. Ltd. (&#8220;Hygieia&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 29, 2010, Hygieia was incorporated in Singapore as a private company with limited liability. Hygieia commenced business in 2013
and is principally engaged in the provision of centralized dishwashing services, general cleaning services and leasing of dishwashing
equipment. As part of an internal reorganization on December 28, 2021, Hygieia became an indirect wholly-owned subsidiary of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Evoluxe
Pte. Ltd. (&#8220;Evoluxe&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 6, 2016, Evoluxe was incorporated in Singapore as a private company with limited liability. Evoluxe has been dormant since incorporation
and has not engaged in any business activities since its incorporation. As part of an internal reorganization on December 28, 2021, Evoluxe
became an indirect wholly-owned subsidiary of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.05pt; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Milestones</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
key milestones in the development of our Group are highlighted chronologically below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Milestones</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1999</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS
    was established.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2005</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS
    began its business in the sale of cleaning systems.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2006</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            established the JCS Facility and commenced the business of the design, development, manufacture
                                            and sale of cleaning systems.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.05pt"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">We completed our first order for a cassette washing system for a customer in
    the HDD industry.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2007</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    registered our first patent in Singapore under JCS for a cleaning process and apparatus.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2010</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia
    was established.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2011</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    completed our first order for a medical cleaning system.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    completed our first order for a dish cleaning system.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia
    commenced provision of centralized dishwashing services at a customer&#8217;s premises.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    established the Hygieia Facility.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    received an invitation from a statutory board in Singapore to showcase a prototype of a robot floor scrubber for the interior of
    public trains.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    completed our Initial Public Offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Company was listed on Nasdaq.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
of Our Operating Subsidiaries</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Overview</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group is based in Singapore and is principally engaged in: (i) the sale of cleaning systems and other equipment; and (ii) the provision
of centralized dishwashing and ancillary services. Our cleaning systems business started in 2006 and we design, develop, manufacture
and sell cleaning systems for various industrial end-use applications to customers mainly in Singapore and Malaysia. We have also provided
centralized dishwashing since 2013 and general cleaning services since 2015, mainly for food and beverage establishments in Singapore.
We are also a leading centralized dishwashing services provider in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, our Group generated approximately SGD9.0 million, SGD11.4 million and SGD11.0 million
of revenue from our sale of cleaning systems and other equipment business, representing approximately 60.8%, 61.4% and 61.0% of our total
revenue, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, our Group generated approximately SGD5.8 million, SGD7.8 million and SGD7.0 of revenue
from our provision of centralized dishwashing and ancillary services business, representing approximately 39.2%, 38.6% and 39.0% of our
total revenue, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
portion of our revenue from each business line has not changed substantially through March 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Products and Services</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Products</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cleaning systems and other equipment we manufacture and sell can be categorized into four different categories, namely aqueous washing
systems, plating and cleaning systems, train cleaning systems and other equipment, such as filtration units. The product lives of our
cleaning systems and other equipment range from two to ten years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the focus of our sale of cleaning systems and other equipment business is on precision cleaning, we are also able to design, develop
and manufacture other cleaning systems for various industrial end-use applications using our R&amp;D and engineering capabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on our customers&#8217; requirements and specifications, our cleaning systems are designed to enable our users to monitor various parameters
and control the cleaning system or equipment. This enables our customers to monitor critical data and information such as water level,
wash and rinse tank temperatures, flow rate of water and chemicals, megasonic or ultrasonic generator power, ultrasonic or megasonic
frequency and pH value of the chemicals and waste water. Such critical data and information are crucial to our customers for their cleaning
systems, particularly in the HDD, semiconductor and industrial electronic equipment/product manufacturing industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses
with a wide range of frequencies, high pressure drying technology, high flow rate spray and deionized water rinses, which are designed
for effective removal of contaminants and to minimize particle generation and entrapment. In particular, precision cleaning systems to
be installed in cleanrooms (enclosed spaces in which airborne particulates, contaminants and pollutants are kept within strict limits),
such as those sold to HDD customers, will need to meet stringent cleanliness standards and requirements, and are also equipped with High
Efficiency Particulate Air (HEPA) filters to trap particles that are 0.3 microns and larger in size and/or Ultra Low Particulate Air
(ULPA) filters to trap particles that are 0.12 microns and larger in size, in order to ensure stringent cleanliness performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cleaning systems are designed and developed for megasonic cleaning or ultrasonic cleaning, and have megasonic or ultrasonic generators
to generate rinses with a wide range of frequencies. In particular, megasonic cleaning uses higher frequencies to produce controlled
cavitations, with cleaning bubbles that are smaller and less energetic but more numerous, thereby providing more gentle cleaning of fragile
and delicate components and the removal of microscopic contaminants. Megasonic cleaning also reduces or eliminates cavitation erosion
and the likelihood of surface damage to the product being cleaned.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth the revenue generated from our sale of cleaning systems and other equipment by product type during the years ended
December 31, 2021, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets out the features and major types of industrial end-use applications of the different types of cleaning systems:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 624px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cleaning systems are designed and customized based on our customers&#8217; requirements and specifications, and accordingly the cleaning
systems that we manufacture and sell are of varying sizes and have different features and functions. Our cleaning systems also are comprised
of different modules and components, parts and materials and the production and manufacturing process for each cleaning system will vary
between orders, depending on the complexity of the design and the component lead time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we also provide repair and servicing of the cleaning systems that we sell to our customers, and we also sell related parts
used in such cleaning systems which we purchase from third party suppliers such as proximity sensors and transducer plates.
Provision of repair and servicing of cleaning systems and sale of related parts amounted to approximately SGD1.2 million, SGD1.0
million and SGD0.8 million in revenue, representing approximately 7.9%, 5.2% and 4.5% of our total revenue, for the years ended
December 31, 2021, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are the sole distributor of STICO anti-slip shoes in Singapore, and our customers are mainly food and beverage establishments in Singapore.
The STICO anti-slip shoes are made of ethylene-vinyl acetate (EVA) material and are light with an anti-slip resistance function, making
them suitable for wear on wet and oily surfaces. Sale of such STICO anti-slip shoes amounted to approximately SGD120,000, SGD159,000 and
SGD92,000 in revenue, recognized as other income, for the years ended December 31, 2021, 2022 and 2023, respectively. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generally provide a one-year warranty period for the cleaning systems manufactured and sold to our customers from acceptance of delivery
of such cleaning systems. During the warranty period, we offer free replacement for components and related parts, as well as repair and
servicing of our cleaning systems. After expiry of the warranty period, repair and maintenance services will be provided with additional
charges, based on the complexity of the services and cost of components required for any such repair or maintenance. Other equipment
is warranted to be in good working order without faulty workmanship or faulty materials. We generally do not offer any product return
or refunds for our cleaning systems and other equipment as our customers acknowledge that our products are functional and met their technical
specifications upon delivery and inspection by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Services</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide centralized dishwashing services at our Hygieia Facility in Singapore. Leveraging on our expertise in designing, developing and
manufacturing cleaning systems, we set up our Hygieia Facility in 2014 with semi-automated washing lines, which are designed and manufactured
in-house, for our centralized dishwashing operations. As of the date of this Annual Report, four semi-automated dishwashing lines are
installed at our Hygieia Facility, of which two are for washing Halal dishware and another two are for washing non-Halal dishware. Our
dishwashing lines have the flexibility to process dishware made of different materials including melamine, stainless steel, porcelain
and glass. The Halal washing lines at our Hygieia Facility have obtained a Halal certification, and are thus suitable for the washing
of Halal dishware.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporating
our experience and know-how from precision cleaning, each of our in-house designed semi-automated washing lines are over 20 meters in
length and are designed for automated cleaning and washing of dishware, with high capacity to handle large volume and each washing line
can wash up to 20 to 30 tubs per hour, depending on the size and number of items in each tub.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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washing lines also have proper segregation to minimize cross contamination. Each of the washing lines at our Hygieia Facility is standalone
and separate, and the configuration of our Hygieia Facility is such that all the soiled dishware will be loaded on the respective washing
lines at the same end and the cleaned dishware is removed and unloaded from the washing lines at the other end, thus keeping the soiled
dishware and tubs completely separate from the cleaned dishware and tubs and Halal dishware completely separate from the non-Halal dishware.
Our technical support team at our Hygieia Facility oversees our centralized dishwashing operations and provides maintenance services
for our washing lines in order to ensure high reliability for our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soiled
dishware is collected from our customers&#8217; premises and transported to our Hygieia Facility for centralized dishwashing and then
sent back to our customers&#8217; premises daily throughout the year. As the soiled dishware can be loaded into our washing lines without
the need for pre-rinsing, this removes the need for dishwashers at our customers&#8217; premises and saves time and labor costs. The
risks of contamination due to food remnants or cleaning detergent is also eradicated. Our off-site centralized dishwashing services also
allows our customers to cut down on manpower needed to wash dishware as well as the space allocated to dishwashing in order to maximize
the dining area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
2015, we also provide general cleaning services to food courts and hawker centers in Singapore, which comprise off-site centralized dishwashing
services and on-site cleaning services. For such general cleaning services, we provide the off-site centralized dishwashing services
at our Hygieia Facility and generally outsource the on-site cleaning services to third party sub-contractors. Such customers enter into
general cleaning service contracts with our Group to appoint us as the main contractor to provide integrated cleaning solutions and services
for their food courts or hawker centers, thereby reducing their administrative burden in having to liaise with various service providers
for the cleaning of different aspects of the food and beverage establishment. As our Group specializes in centralized dishwashing services,
we generally outsource the labor-intensive on-site cleaning services to our sub-contractors in order to focus our resources on our core
competencies. Such on-site cleaning services include, among others, cleaning and maintenance of the entire food and beverage establishment
and pest control, as well as the removal and disposal of food waste, litter, rubbish and refuse.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
typically enter into contracts for our provision of centralized dishwashing and general cleaning services with our customers for a term
of one to two years. In view of the continued long-term relationship of at least three to four years with most of the customer groups
with whom the Group has expiring contracts, we are confident that the Group will be able to renew those contracts upon expiry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generally charge our customers a fixed monthly fee for both our centralized dishwashing services and general cleaning services, and additional
fees if extra services are required. Such extra services include ad hoc logistics services and extra manpower for the decolorization
or de-staining of the dishware. Our sub-contractors are then paid a monthly fee for their on-site cleaning services, depending on the
number of on-site staff required to work at the relevant food and beverage establishment during the relevant period. For further details,
please refer to the paragraphs headed &#8220;Key contract terms with customers - Provision of general cleaning services&#8221; and &#8220;Sub-contracting&#8221;
in this section.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dishwashing
equipment that we lease to customers</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also provide leasing services of dishwashing equipment to our customers, mainly for use at food and beverage establishments in Singapore.
The terms of such leases are typically for a period of one to two year(s) and renew automatically, and our customers are charged a fixed
monthly fee for such leasing services. For further details, please refer to the paragraphs headed &#8220;Key contract terms with customers-
Provision of dishwashing equipment leasing services.&#8221; The dishwashing equipment leased to our customers typically enables a food
and beverage establishment to wash up to 150 racks of items per hour, depending on the size of the equipment. Such dishwashing equipment
is designed and manufactured in-house and can be customized to accommodate the needs of different customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sale
of Cleaning Systems</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cleaning systems designed, developed, manufactured and sold by our Group can generally be divided into two categories, namely precision
cleaning systems and other cleaning systems, and are designed and customized based on our customers&#8217; requirements and specifications.
Precision cleaning systems consist of equipment and machines designed for the cleaning of critical surfaces in precision equipment with
minimal particle generation and entrapment. Such cleaning processes aim to meet a measured limit of contaminants such as the particle
count and/or non-volatile residue requirements, which are supplied by the customer or industry standards. Our cleaning systems are generally
sold to HDD, semiconductor manufacturers or industrial electronic equipment/product manufacturers and are designed for cleaning of surfaces
and product parts in various industrial end-use applications. Leveraging on our engineering know-how and expertise, we are able to design,
develop and manufacture quality and customized products that suit our customers&#8217; varying needs. Ancillary to our sale of cleaning
systems, our Group also manufactures and sells other equipment such as filtration units, provides repair and servicing of cleaning systems
and sells related parts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Design,
Development and Sale Process</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
brief description of our design and development process of our cleaning systems is set out as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(1)
Customers contact our sales team to inquire about our cleaning systems or we submit tenders to potential customers to bid for contracts</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
customers will approach our sales team to inquire about the purchase of our cleaning systems and may inform us of their specifications
or requirements. In addition, when suitable opportunities arise, we will also submit tenders to potential customers to bid for certain
contracts based on customers&#8217; tender requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(2)
Our R&amp;D and engineering team will evaluate our customer</i>&#8217;<i>s requirements and specifications</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the customer&#8217;s initial instructions, our R&amp;D and engineering team will evaluate and will have internal discussions on the
design and development plan for the proposed cleaning system. Such discussions include product functions, fabrication and assembly requirements,
components, parts and materials required and any customized designs and/or functions required to be implemented in order to develop and
manufacture the proposed cleaning system according to our customer&#8217;s requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(3)
Our R&amp;D and engineering team will discuss the feasibility, design and specifications of the proposed cleaning system with our customer</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
R&amp;D and engineering team will discuss the feasibility, design and specifications of the proposed cleaning system with our customer,
in order to understand their specific needs and requirements, the proposed budget and intended usage for such cleaning systems. We will
also discuss market developments and trends with our customer, in order to better understand the latest cleaning systems technology utilized
in its industry, so that we can provide a comprehensive proposal to our customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
such discussions with our customer, we will provide a proposal, which may include draft designs with suggestions on the technical specifications
and materials to be used for the cleaning system. The technical specifications of any cleaning system largely depend on its intended
use, type and desired outcome of our customer, including washing or rinsing frequency, spray rinse flow rate, drying speed, cleanroom
standards, desired residual liquid or air particle count or non-volatile residual levels. It generally takes approximately one to two
weeks for us to deliver a proposal to a customer, depending on the complexity of the design.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(4)
Our sales team will provide a price quotation to our customers</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the proposal and the designs of the cleaning system have been finalized and confirmed by our customer, our R&amp;D and engineering team
will discuss the proposed requirements with our procurement team in order to provide a price quotation to our customer. The quotation
will take into account the complexity of the cleaning system to be manufactured and sold, the cost of the relevant parts and materials
and the expected duration of the project. It generally takes approximately one to two weeks for us to deliver a quotation to a customer,
depending on the complexity of the design and the time required to source for and obtain quotations from our suppliers for certain parts
and components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(5)
After receiving confirmation from our customer, we will prepare detailed drawings, 3D designs and/or model simulations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the quotation has been accepted by our customer, our R&amp;D and engineering team will prepare the designs and detailed drawings for
fabrication, manufacture and assembly of the cleaning system. Depending on the nature of the project, we may also use our software systems
to prepare design simulations to enable the customer to have a preview of the proposed cleaning system upon the request of the customer,
and to demonstrate the feasibility and functionality of the design. It generally takes approximately one to two weeks for our R&amp;D
and engineering team to prepare such detail drawings and designs and/or model simulations for our customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(6)
Once the drawings and designs are finalized, we will procure the relevant parts, materials and components</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the design and development plan for the cleaning system has been finalized, our R&amp;D and engineering team will prepare the finalized
list of relevant parts, materials and components required for the manufacturing and production process, which will then be handed over
to our procurement team. Our procurement team will then proceed to source for and place orders for such parts, materials and components
from our suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(7)
Production and manufacturing</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
our production process begins with the fabrication of the outer enclosure or tank for the cleaning system or equipment while we wait
for the necessary parts, materials and components to be delivered. Once we have the necessary supplies on hand, our engineering and technical
support team manufactures and assembles the various modules and components, which will comprise the cleaning system or equipment based
or the detailed drawings and designs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
JCS Facility is well-equipped for the fabrication, production, assembly and in-house testing of our cleaning systems and equipment. In
particular, our JCS Facility is fitted with machines, which utilize the CNC manufacturing process for automated control of tools and
machinery using pre- programmed computer software. We also have various machinery and tools at our JCS Facility which are used in the
production and manufacturing of the modules and components of the cleaning systems, including laser cutting machines and welding machines.
Once the various modules and components have been produced, they are sent to our sub-assembly and system integration units for assembly
and implementation. Once the final product has been assembled and completed, we conduct in-house testing on the cleaning system or equipment
prior to delivery to our customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
brief description of the flow of our production and manufacturing process of cleaning systems and equipment is set out as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)
Fabrication of outer body of the cleaning system or equipment</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the design and development plan for the cleaning system or equipment has been finalized, our engineers and technical support team will
commence the production and manufacturing process by starting the fabrication of the outer body, which is usually the structure, enclosure
or tank for the cleaning system or equipment, mainly using stainless steel. Such fabrication of the outer body is done in-house using
(a) laser cutting machines which cut the metal sheets; (b) hydraulic press brake machines which bend the metal sheets to form the shape
of the enclosure or tanks; and (c) welding machines to join the material together by welding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)
Delivery of components, parts and materials which undergo quality checks</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the relevant components, parts and materials required for the manufacture of the cleaning system and equipment have been delivered to
our JCS Facility, our quality control team will conduct an inspection upon their arrival to determine whether such components, parts
and materials conform to our quality standards and the requirements stated in our purchase orders, or whether there are any defects,
dents or scratches.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)
Production and manufacturing of modules and components</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the relevant components, parts and materials have been inspected, we will proceed to produce and manufacture the cleaning system or equipment.
Our engineers and technical support team will use the designs created for our customer to start fabrication of the cleaning system or
equipment. The production and manufacturing process utilizes CNC machines for automated control of tools and machinery using pre-programmed
computer software, thus minimizing the manual operation and labor required, and enabling us to manufacture each component more efficiently.
Once the software program has been input, we will conduct a trial run to ensure that the cleaning system or equipment meets our customer&#8217;s
requirements and specifications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
production and manufacturing processes for the modules and components of our cleaning systems and equipment include (a) laser cutting
machines to cut metal sheets to form the machine cover and various parts required to assemble the cleaning system or equipment, such
as brackets and air knives; (b) welding machines to weld together and assemble the fabricated tanks or enclosures with the various parts
manufactured; and (c) machining tools to manufacture precision parts such as robotic arms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)
Sub-assembly and system integration of modules and components</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
each module and component has been manufactured, it is sent to our sub-assembly and system integration units for assembly and implementation.
At this stage, the various manufactured modules and components are assembled together, together with the additional related parts such
as pipings, pumps and filters, as well as the control panels and electrical wiring to establish the electrical connection for the cleaning
systems and equipment. Certain modules and components will also undergo electropolishing prior to assembly to provide additional protection
to their stainless steel surface.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the sub-assembly stage, our engineers and technical support team also conduct quality checks on the functionality and performance of
each cleaning system module and component.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(e)
In-house testing of assembled cleaning systems and modules</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the final product has been assembled and completed, the cleaning system or equipment is sent for in-house testing prior to delivery to
our customer. Our technical support team will conduct functionality tests to ensure that the overall performance of the cleaning system
or equipment is satisfactory and that none of the modules and components are malfunctional, perform in-house quality checks and ensure
that the final product functions and performs in accordance with our customer&#8217;s order and specifications. A programmer will also
check all the input/output points with an electrician, before conducting the program testing and testing the cleaning system or equipment
for load and dryness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(f)
Delivery, implementation and inspection by our customer</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
production, manufacturing and in-house testing have been completed, the cleaning system or equipment will be delivered to our customer&#8217;s
designated location. Our technical support team will assist with the implementation of the cleaning system or equipment at our customer&#8217;s
premises and assist our customer during any inspection or tests conducted. Our customers will typically use cleanliness testing devices,
such as a liquid particle counter which is an analytical instrument used to size and count particles in a liquid, to verify that the
cleaned item achieves the desired limit of post-cleaning residual contaminants and meets their standards. After our customer conducts
its inspections or tests, it is required to sign on a checklist to acknowledge that the cleaning system was functional and met their
technical specifications. If required, we will also provide on-site training to our customer on the use and maintenance of the cleaning
system or equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lead time from confirmation of an order by our customer to delivery of the final product generally takes approximately eight to 18 weeks,
depending on the complexity of the design and the component lead time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Provision
of Centralized Dishwashing Services</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide centralized dishwashing services at our Hygieia Facility which has four semi- automated dishwashing lines, of which two are for
washing Halal dishware and the other two are for washing non-Halal dishware.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
brief description of the flow of the centralized dishwashing process is set out as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(1)
Customers contact our sales team and inquire about our centralized dishwashing services or we may submit tenders to potential customers
to bid for contracts</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
customers will approach us to inquire about the scope and fees for our centralized dishwashing services and request a quotation for such
services. In addition, when suitable opportunities arise, we will also submit tenders to potential customers to bid for certain contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
customers may also request a quotation for general cleaning services for the food and beverage establishments, which will comprise both
off-site centralized dishwashing services and on-site cleaning services. In such instances, we may request a quotation for such on-site
cleaning services from our sub-contractors or may undertake such on-site cleaning services ourselves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(2)
Our sales team conducts site visit at our customer</i>&#8217;<i>s premises and assesses the services required</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sales team will conduct a site visit at the customer&#8217;s premises, to inspect the space and the logistical arrangements to be made
for collection of the soiled dishware to our Hygieia Facility and delivery of the cleaned dishware from our Hygieia Facility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(3)
Our sales team will provide a price quotation to our customer. After receiving confirmation, we proceed with provision of centralized
dishwashing services</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our customers&#8217; requirements, our sales team will prepare a price quotation, which will take into account, among other things,
(a) the size of the food and beverage establishment, number of seats and expected customer turnover, (b) frequency of collection and
delivery of dishware on a daily basis; (c) whether thermo stickers are required; (d) whether the services of a third party logistics
provider for collection and return of the dishware are required; and (e) whether the services of our sub-contractor for on-site cleaning
services are required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the quotation has been accepted by our customer and the service contract has been entered into, we will proceed with the provision of
centralized dishwashing services based on the agreed terms of the contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(4)
We or a third party logistics services provider will collect and deliver the soiled dishware from our customer to our facility</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
a daily basis, the soiled dishware will be placed in tubs and trolleys provided by us at our customer&#8217;s premises, with Halal dishware
being separated from non-Halal dishware. Generally, we or a third party logistics services provider will collect the soiled dishware
from our customer&#8217;s premises, which will be delivered to our Hygieia Facility, usually one to two times per day depending on the
customers&#8217; needs. Upon arrival at our Hygieia Facility, the soiled dishware will be unpacked from the tubs by our staff and food
remnants will be removed, if necessary, before the dishware is placed onto the respective Halal and non-Halal semi-automated washing
lines for washing, rinsing and blow-drying. The rinsing is performed with high temperatures to sanitize the dishware. In addition, our
customers may also request that thermo stickers are placed on a random sample of dishware to ensure that the temperature during the dishwashing
process is maintained at a certain minimum temperature for sanitization purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lead time from collection of the soiled dishware from our customer&#8217;s premises to completion of the dishwashing process takes approximately
four to 12 hours, depending on the location of our customer&#8217;s premises and frequency of collection.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(5)
Our team will perform quality checks, and any dishware that requires further washing will be put back onto the washing lines. Cleaned
dishware will be packed for delivery</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the dishware has been washed, rinsed and dried, the cleaned dishware is inspected by our staff before it is packed for delivery back
to our customer&#8217;s premises. If any of the dishware does not pass our quality checks, the dishware will be put back onto the washing
lines for re-washing. Once the cleaned dishware has passed our quality checks, it will be packed into clean tubs and trolleys, and moved
to the storage area at our Hygieia Facility and will be ready for delivery back to our customers&#8217; premises according to the delivery
schedule, usually one to two times per day depending on our customers&#8217; needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(6)
The cleaned dishware will be packed and delivered by us or the third party logistics services provider to our customer</i>&#8217;<i>s
premises</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the scheduled time, we or our third party logistics services provider will pick up the cleaned dishware from our Hygieia Facility for
delivery back to our customer&#8217;s premises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lead time from the inspection and quality checks on the cleaned dishware to the delivery of the cleaned dishware back to our customers&#8217;
premises takes approximately three to 12 hours, depending on the delivery schedule for each customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pricing
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the sale of cleaning systems and other equipment, we generally determine the price on a cost-plus basis for each cleaning
system or equipment that we manufacture and produce as our cleaning systems are customized. The unit selling price and gross profit margin
of each product may fluctuate significantly from order to order, depending on various factors and considerations, including but not limited
to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
complexity of the design, particularly for aqueous washing systems and train cleaning systems, as the cleaning systems may include different
features and various modules, components and parts, such as ultrasonic wash and rinse stations, spray rinse stations, vacuum oven, cleaning
stations with robotic transfer functions, washing baskets, pneumatic control systems, heaters, sensors and pumps;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the type and availability of the components and materials, such as stainless steel or aluminum, used for the cleaning system or equipment,
which would vary in terms of cost price and component lead time;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
technical requirements for the production, including whether the customer&#8217;s approval is required for any changes to the processes,
products or services for the production and manufacturing process;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
size and dimensions of the cleaning system or equipment, including the overall machine dimension, tank dimension and the size and number
of modules, components and parts installed;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
level and number of functionality tests to be conducted, including whether test reports and certificates are to be provided to the customer;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the customer&#8217;s specifications for certain designated suppliers and/or sub-contractors to be used for the production and manufacture
of the cleaning system;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
purchase quantity, as certain customers may place orders for more than one unit of the same cleaning system or equipment;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
timeline for the production and manufacture of the cleaning system or equipment;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
provision of installation, testing and commissioning services;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
provision of on-site training by our technical personnel for our customer&#8217;s employees; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the expected number of units to be placed by our customer in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling price and the corresponding profit margin for each cleaning system or equipment which we manufacture and sell will depend on
the above factors and considerations, and in particular, the complexity of the cleaning system or equipment to be manufactured and sold,
the cost of the relevant parts and materials and the expected duration of the project. Complex aqueous washing systems and train cleaning
systems which are generally larger in size and comprised of various modules, components and parts will require a longer time for our
R&amp;D and engineering team to prepare the detailed drawings, designs and/or model simulations and will also require a longer time for
production and manufacture, with a corresponding increase in the cost of production and the number of relevant parts and materials. Less
complex aqueous washing systems such as standalone cleaning machines will require a comparatively shorter time for design, production
and manufacture, as well as lower cost of production. From a commercial perspective, our Group will usually quote an initial higher selling
price taking into consideration the aforesaid factors and with reference to the range of selling prices for similar cleaning systems
and equipment sold by our Group with an aim to maximizing our profit. During the price negotiation process, our Group will adopt different
negotiation strategies for different customers and our pricing is affected by various factors, such as the budget and cost consciousness
of the customer, size of the customer, our relationship with the customer, the customer&#8217;s specifications and requirements, the
features and functions of each product and the needs of the customer. The final selling price for each cleaning system or equipment will
be arrived at after arm&#8217;s length negotiation and largely dependent on the respective bargaining power of our Group and the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the sale of related parts used in our cleaning systems, we generally determine the price based on the selling price suggested
by our suppliers or at a mark-up of our own costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the provision of centralized dishwashing services and general cleaning services, we generally charge our customers a fixed
monthly fee which is determined with reference to factors such as the size, number of seats and expected customer turnover of the food
and beverage establishment, frequency of delivery and collection of dishware on a daily basis, our costs of dishwashing (including staff
costs, cleaning detergent costs and utilities costs), sub-contracting costs, logistic costs, expected costs to be incurred by our customers
if they had the capacity and were to engage their own staff to wash the dishware, duration of the contract and the capacity and utilization
rate of our dishwashing lines. We may charge our customers additional fees if extra services are required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the dishwashing equipment leasing services, the rental of our dishwashing equipment to our customers is determined with reference
to prevailing market rates. In respect of our wholesale sale of STICO anti-slip shoes, the prices are determined with reference to the
suggested retail price under our distributorship arrangement and the purchase quantity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
period and payment methods</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the manufacture and sale of cleaning systems, depending on, among other things, the technical requirements, project
amount and size, project costs, relationship with our customers and the credit period offered by our suppliers to our Group in
respect of the materials and components used in the cleaning systems, our customers may be required to pay a deposit and settle the
remaining purchase price upon delivery and acceptance of the product, according to the terms of the contract. In other cases, our
customers are generally offered credit terms of 30 days to 60 days from delivery. In respect of the sale of other equipment, our
customers are generally offered credit terms of 30 days to 45 days from the day on which the order is completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the sale of related parts used in our cleaning systems, our customers are generally offered credit periods ranging from 30
days to 60 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the provision of centralized dishwashing services and general cleaning services, our customers are generally offered
credit terms of 7 days to 30 days upon the receipt of invoice. In respect of the provision of dishwashing equipment leasing
services, our customers are generally offered credit terms of 30 days upon receipt of invoice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlements
with our customers who purchase cleaning systems and other equipment from us are mainly in SGD or US$ by way of check or telegraphic transfers.
Settlements with our customers who use our centralized dishwashing services, general cleaning services and dishwashing equipment leasing
services are mainly in SGD by way of check or telegraphic transfers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Directors believe that both our sale of cleaning systems and other equipment operations and our provision of centralized dishwashing
services and ancillary services operations are not subject to any seasonality.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Customers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2021, 2022 and 2023, our customers were from various industries, including HDD manufacturing, semiconductor
manufacturing, food and beverage and public transportation. As of the date of this Annual Report, our customers continue to be from such
various industries. Our cleaning systems and other equipment are mainly sold in Singapore and Malaysia, and we provided centralized dishwashing
and ancillary services to customers in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Top
five customers</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, our top five customers accounted for approximately 80.6%, 68.1% and 66.1% of our
total revenue, respectively. Our Group&#8217;s largest customer accounted for approximately 32.7%, 22.0% and 24.2% of our total
revenue, respectively, for the corresponding year. During the years ended December 31, 2021, 2022 and 2023 and up to the date of
this Annual Report, we have not experienced any material disputes with our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets out information on our top five customers for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the year ended December 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Three of the entities in Customer Group A, which are principally engaged in the manufacture of HDD, were our customers for the years
ended December 31, 2021, 2022 and 2023, respectively. The ultimate holding company of Customer Group A is headquartered in the United
States with international offices, and is listed on Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)
</sup>Four, five and four entities in Customer Group B, which are principally engaged in the provision of engine and industrial solutions,
were our customers for the years ended December 31, 2021, 2022 and 2023, respectively. The ultimate holding company of Customer Group
E is headquartered in the United States with international offices, and is listed on the New York Stock Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)
</sup>Two of the entities in Customer Group C, which are principally engaged as operators of food courts, were our customers for the
years ended December 31, 2021, 2022 and 2023, respectively. The shares of Customer Group C&#8217;s parent company were listed on the
Mainboard of the Singapore Exchange Securities Trading Limited prior to June 5, 2020. The company is now privatized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)
</sup>Four, four, three of the entities in Customer Group D, all of which are principally engaged as operators of food courts and
retail malls or health and eldercare service providers, were our customers for the years ended December 31, 2021, 2022 and 2023, respectively.
The holding entity of Customer Group D is headquartered in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(5)
</sup>Two entities in Customer Group E, which are principally engaged as ground-handling and in-flight catering services providers,
were our customers for the years ended December 31, 2021, 2022 and 2023. The parent company of Customer Group F is headquartered in Singapore
and is listed on the Mainboard of the Singapore Exchange Securities Trading Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(6)
</sup>One entity in Customer Group F, which are principally engaged in the provision of customized commercial and industrial solution
services, were our customers for the years ended December 31, 2021, 2022 and 2023. The parent company of Customer Group F is headquartered
in Switzerland and is listed on the Mainboard of the SIX Swiss Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competitive
Strengths</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Long
and proven track record in precision cleaning in Singapore</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been providing cleaning systems to our customers for over 14 years and have accumulated extensive industry experience. We believe
our strong R&amp;D and engineering capabilities enable us to design, develop and manufacture quality precision cleaning systems and other
cleaning systems for various industrial end-use applications, which are customized to each of our customers&#8217; needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2018, JCS was awarded the Singapore Quality Class Certification by Enterprise Singapore, which validates JCS&#8217;s commitment
towards continuous improvement and sustainable business performance and commendable management practices. The management system of JCS
has also been assessed as conforming to ISO 9001: 2015 and ISO 45001: 2018 for design, manufacture, supply, installation and serving
of integrated cleaning systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our strong track record in precision cleaning will facilitate the promotion and demand for our products with both existing and
new customers, as well as the expansion of our business. We will continue to develop products for different industrial end-use applications
and to meet the needs of our customers across various industries by expanding our product portfolio.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stable
relationships with our major customers</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
2006, we have developed stable relationships with our major customers and we believe that our engineering know-how and ability to design,
develop and manufacture customized cleaning systems to meet our customers&#8217; requirements and specifications and our ability to provide
centralized dishwashing services have been the key drivers for them to appoint us as their suppliers over the years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have maintained stable business relationships with a majority of our major customers. During the years ended December 31, 2021, 2022
and 2023, our top five customers included renowned HDD manufacturers, international engine and industrial solutions provider and food
and beverage establishment operators in Singapore, three of which have more than 11 years of business relationships with us. As of the
date of this Annual Report, our customers continue to be from such various industries. We believe that certain customers, such as multinational
corporations, may have stringent selection processes for their suppliers and we have had to meet certain criteria and audit checks before
becoming an approved qualified supplier.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Experienced
R&amp;D and engineering team</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have an experienced R&amp;D and engineering team led by Mr. Zhao Liang, who is also a member of our senior management team. Our Directors
believe that our Group has strong in-house R&amp;D and engineering capabilities to design high quality precision cleaning systems and
other cleaning systems customized to meet the standards and particular needs of our customers, including HDD, semiconductors and industrial
electronic equipment/product manufacturers. As of the date of this Annual Report, our R&amp;D and engineering team has 11members, six
of whom have obtained a bachelor&#8217;s degree in engineering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
our strong R&amp;D and engineering team, we are able to design and develop customized cleaning systems catered to our customers&#8217;
requirements and specifications. Against the backdrop of Industry 4.0 and an increasing demand for digitized and automated machinery
in the manufacturing space, we have entered into collaborations with a customer, as well as other parties, to develop new customized
cleaning solutions. In addition to previously co-developing a high performance dryer with one of our customers, we have also developed
an initial prototype of a robot floor scrubber, which comprises a robotic enhancement that can be attached to floor cleaning equipment,
which will then enable such floor cleaning equipment to be used without manual operation. Following from this, we have entered into a
collaboration with a statutory board whose functions and duties include the management and operation of the segment of the public transportation
system in Singapore (&#8220;Collaboration Partner&#8221;) to co-develop an autonomous train interior cleaning robot, which is capable
of cleaning the floor of the interior of public trains autonomously based on the train type and car configuration. Our Directors believe
that such customized cleaning systems and collaborations demonstrate our customers&#8217; belief in the strength of our R&amp;D and engineering
capabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Experienced
management team</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have an experienced management team, led by Ms. Hong Bee Yin, our Chairman, Executive Director, Chief Executive Officer and founder,
who has been instrumental in spearheading the growth of our Group. Ms. Hong has over 18 years of experience in the cleaning solutions
industry in Singapore and she is primarily responsible for planning and execution of our Group&#8217;s business strategies, including
product development, as well as managing our Group&#8217;s relationships.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group is supported by a senior management team with substantial experience in the cleaning solutions industry. Our senior management
team includes members such as Mr. Zhao Liang, who is the head of our R&amp;D and engineering team and has over 15 years of experience
in the precision cleaning equipment industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
details of the profiles of the senior management team, please refer to &#8220;Management&#8221; in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
Strategies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to expand our business and strengthen our market position in the cleaning systems industry in Singapore, Malaysia and other countries
and in the centralized dishwashing services industry in Singapore by implementing the following business strategies and future plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Expand
our product portfolio and R&amp;D and engineering team</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our R&amp;D capabilities and engineering expertise are vital in maintaining our long-term competitiveness and driving our
business growth. We expect Industry 4.0 and artificial intelligence is the current trend for automation of industrial manufacturing and
it has been an ongoing process in Singapore. As part of the Industry 4.0 and robotic initiatives, the Singapore government has allocated
investment in R&amp;D projects that speed up industry transformation projects to help local manufacturers undergo the industry transformation.
Such ongoing initiatives help create the demand for both digitized and automated machinery in the manufacturing space.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(1)
Expand our product portfolio</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a long track record in the manufacture and sale of precision cleaning systems and other equipment and we are committed to continuing
to increase our R&amp;D and engineering capabilities so as to align ourselves with the Industry 4.0 initiatives and to cope with the
continuously increasing standards and requirements of our customers. Going forward, against the backdrop of Industry 4.0, we expect an
increase in demand for total automation products and solutions and we intend to leverage on our established reputation and engineering
know-how, as well as industry expertise to capture opportunities arising therefrom. In this regard, we intend to further grow our automated
cleaning systems and equipment business by expanding our product portfolio and developing cleaning systems which can be used across various
industries for industrial and/or commercial uses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
expand our product portfolio and as part of our R&amp;D efforts, we have developed an initial prototype of a robot floor scrubber, which
comprises a robotic enhancement that can be attached to floor cleaning equipment, which will then enable such floor cleaning equipment
to be used without manual operation. The development of this initial prototype led us to enter into a collaboration with our Collaboration
Partner, to co-develop an autonomous train interior cleaning robot which is capable of cleaning the floor of the interior of public trains
autonomously based on the train type and car configuration. Our Group intends to further develop, build on and customize our initial
prototype of a robot floor scrubber to develop an autonomous train interior cleaning robot, which can operate in the required space and
configuration of public trains, for the collaboration with our Collaboration Partner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, we believe that we will be able to market and sell the autonomous robot floor scrubbers to our existing customers in the
food and beverage industry for our centralized dishwashing and ancillary services, given that such customers are already using our products
and services to automate the dishwashing process at their respective food and beverage establishments and commercial properties. There
is a push by the Singapore government for Industry 4.0 initiatives to elevate productivity in the food and beverage services sector,
including the introduction of centralized dishwashing services at hawker centers, allocating investment into R&amp;D projects that speed
up industry transformation projects and strengthening the workforce&#8217;s skillsets, to boost productivity in the face of manpower
challenges in the food and beverage industry. In light of the fact that such push will drive growth in the dishwashing cleaning sector,
our Directors believe that there also will be a corresponding increase in demand for other automation cleaning products and solutions
by food and beverage establishments. On the other hand, our existing customers, such as cookhouses, eldercare homes and hospitals for
which we have provided centralized dishwashing and ancillary services, may become our potential customers for the sale and marketing
of the autonomous robot floor scrubbers in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we can leverage on our existing customer base to market and sell the autonomous robot floor scrubbers in place of or to
supplement our on-site cleaning services, while still retaining the customer base for our centralized dishwashing services. We believe
that there will be sufficient demand for the autonomous robot scrubbers, which will also reduce our reliance on third party sub-contractors
given that our on-site cleaning services are generally outsourced to third party sub-contractors in order to focus our resources on our
core competencies, and therefore the autonomous robot scrubbers will not cannibalize our general cleaning services business. The autonomous
robotic cleaning equipment industry is relatively new in Singapore. This is seen as a potential solution for the labor squeeze in Singapore&#8217;s
cleaning force, especially for the commercial property and food and beverage cleaning sectors. Since the industry was still in its fast-growing
stage in 2021, with a strong push due to the COVID-19 pandemic which increased the demand for unmanned cleaning solutions for commercial
properties and public spaces in Singapore, the overall industry is expected to grow at a CAGR of 30.5% from 2021 to 2025. With the launch
of grants and incentives to companies for adoption of the technology (for example, the Ministry of Education of Singapore has put out
a tender to have these cleaning robots in schools), the growth of the industry is supported by the Singapore government. It is also expected
that there will be further advancement in cloud infrastructure, artificial intelligence and 5G that will make the robots more attractive
and cost competitive. Accordingly, we believe that there will be sufficient market demand for the commercial sale of the autonomous robot
floor scrubbers for the public transportation, food and beverage and other industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
description of our leased real properties is below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Location</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Usage</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Lease period</td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                            Rent</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(SGD)</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Approximate gross floor area (sq.
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center; width: 19%">JCS Facility <br/> 3 Woodlands Sector 1 <br/> Singapore 738361</td><td style="width: 2%">&#160;</td>
    <td style="text-align: center; width: 16%">Manufacturing facility and office</td><td style="width: 2%">&#160;</td>
    <td style="width: 21%; text-align: center">To November 15, 2027, with a further term of 30 years from expiry</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">36,759</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right">33,785.6</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Hygieia Facility<br/> 17 Woodlands Sector 1<br/> Singapore 738354</td><td>&#160;</td>
    <td style="text-align: center">Centralized dishwashing facility and office</td><td>&#160;</td>
    <td style="text-align: center">To March 15, 2044</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">52,020</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34,276.7</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Production
Capacity and Utilization Rate</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>JCS
Facility</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is difficult to quantify the production capacity and utilization rates of our JCS Facility as the cleaning systems and other equipment
manufactured by us at our JCS Facility are customized depending on our customers&#8217; specific requirements, and are therefore of varying
sizes, scale and capacity. Our JCS Facility is fitted with various types of machinery and equipment and the manufacturing process for
each cleaning system utilizes different types of machinery and equipment with different components, parts and materials. The production
and manufacturing process will also vary between orders, depending on the complexity of design and component lead time. We periodically
monitor the overall usage and capacity of the machinery and equipment at our JCS Facility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors are of the view that our JCS Facility has sufficient capacity to process the orders for cleaning systems and other equipment
for at least the next 12 months for the following reasons:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
during the production process, the most time-consuming process is engineering. Engineering work includes machine set up and pre-programming
for laser cutting and machining, and jig and fixture preparation. All the above work could generally take more than 60% of the machine&#8217;s
total production lead time. The average production lead time for the production and manufacturing of bulk orders for the same cleaning
system/module is shorter as less time is required to use the relevant machinery and equipment for the aforesaid engineering work. In
general, our Group can reduce the engineering process time of the subsequent units by about 90% as compared to the first machine built;
and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the operating hours of our JCS Facility may be increased from time to time in order to meet the delivery schedule of the orders for cleaning
systems and other equipment as needed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
utilization rates of the CNC lathe machine and the laser cutting machine are calculated based on 8.5 operating hours per working day
on weekdays and 3.5 operating hours on Saturdays. In the event that the current hours of usage cannot meet the demand, our management
will consider adding one or two more shifts on weekdays, and/or increasing the number of working hours on weekends to increase the production
capacity of the CNC lathe machine and the laser cutting machine to meet the production schedule.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
production floor at our JCS Facility has a total usable floor area of approximately 1,470.1 square meters; the total estimated usable
floor area which is utilized by our machinery and equipment is approximately 1,219.4 square meters, representing approximately 83.0%
of the available space.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Hygieia
Facility</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
processing capacity and utilization rates at our Hygieia Facility with respect to our provision of centralized dishwashing services during
the fiscal years ended December 31, 2021, 2022 and 2023 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="34" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                            annual processing</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(tubs)</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>For illustration purposes only, the processing capacity is determined by identifying the maximum number of tubs (which will contain
the soiled dishware) we can wash per year. In this regard, the processing capacity is calculated based on the following assumptions:
(i) 20.5 operating hours per working day (excluding equipment cleaning time and workers&#8217; lunch break); and (ii) 361 working days
each year for the years ended December 31, 2021, 2022 and 2023 (excluding holidays and regular maintenance).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)
</sup>For illustration purposes only, the utilization rate is calculated by dividing the actual processing volume by the processing capacity
for the same year, which is calculated based on the assumptions set out above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than for our Halal semi-automated washing line, there was a steady increase in the utilization rates of the washing lines at our Hygieia
Facility from the year ended December 31, 2022 to the year ended December 31, 2023 as (i) the number of food establishments utilizing
our centralized dishwashing services increased; (ii) there was higher footfall and demand for dine-in services at our customers&#8217;
food and beverage establishments as a result of the resumption of dine-in services, which resulted in a higher volume of soiled dishware
from our customers; and (iii) additional customers contracted for our centralized dishwashing services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
diners in food and beverage establishments usually finish their meals at approximately the same time, customers of our centralized dishwashing
services business generally require the soiled dishware to be washed and returned to their food and beverage establishments during the
day and particularly after mealtimes, with the peak hours being from 3:30 p.m. to 9:30 p.m. on weekdays, even though our Hygieia Facility
operates in three shifts and 20.5 hours per day. Therefore, the average utilization rate of the Halal and non-Halal washing lines at
our Hygieia Facility during peak hours reaches 100%, calculated based on the number of tubs washed divided by the processing capacity
of the respective washing lines, as we have more tubs arriving at our Hygieia Facility than we can process during peak hours.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impact
of COVID-19 on our business and operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
World Health Organization declared the spread of COVID-19 a pandemic on March 11, 2020. The pandemic disrupted business, trade, commerce,
financial and credit markets in Singapore and globally. Beginning in April 2020, in response to COVID-19, the Singapore government implemented
extensive regulations imposing restrictions on premises and businesses in relation to the closure of businesses, on essential and non-essential
service providers and on the movement of people, both in public places and in residences. On December 28, 2020, social, cultural, religious
and business gatherings or events were resumed, although gathering sizes remained limited, and services and activities that involved
significant prolonged close contact or significant crowds in an enclosed space were allowed to be re-opened, subject to their ability
to effectively implement strict safe management measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to changing conditions and infection rates, throughout the pandemic and through 2022, the Singapore government adjusted restrictions
in both directions, such as alternately reducing and increasing allowed gathering group sizes of larger scale events or activities and
reinstating or removing &#8220;work-from-home&#8221; requirements at workplaces to minimize workplace interactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lockdown and other measures implemented by the government of Singapore had a material adverse impact on our business, results of operations
and financial condition during the fiscal years ended December 31, 2020 and 2021, although our revenue started to rebound during the
fiscal year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 5, 2023, WHO declared that COVID-19 is now an established and ongoing health issue, which no longer constitutes a public health emergency
of international concern. As of the date of this prospectus, our businesses have essentially returned to pre-COVID-19 levels and we do
not expect to encounter any further material business disruptions as the outbreak of COVID-19 in Singapore is generally under control
and the government has generally relaxed its control measures. However, it is not possible to predict the ongoing impact that long COVID-19
or continuing COVID-19-related global supply chain issues may have on our business, liquidity, capital resources or financial results
in the future. In addition, we are uncertain as to if or when any new outbreaks of COVID-19 may occur or how long it may take for any
such outbreaks to be contained, and we cannot predict the impact that any such outbreaks may have on our operations. If Singapore experiences
a major resurgence of COVID-19, or if another significant natural disaster or pandemic were to occur in the future, our business, financial
condition, results of operations and prospects may be materially and adversely affected. We plan to continue to monitor the evolution
of COVID-19, which may still be considered a threat in the long term because the virus continues to evolve and spread.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Licenses
and Permits</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following licenses are material for our Group&#8217;s operations:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuing
    Authority</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expiry
    Date</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issued
    to</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License
    to operate a cleaning business</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEA</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    26, 2025</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License
    / Certificate issued under the Radiation Protection Act</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEA</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    2, 2025</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certifications</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 1, 2024, we have received the following certifications:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relevant
    authority/organization</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recipient</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relevant
    list/category</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Qualification/
    License/Grading</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of grant/registration</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of expiry</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Workplace
    Safety and Health Council</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BizSAFE</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    7, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    10, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Workplace
    Safety and Health Council</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BizSAFE</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    Star</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    23, 2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    22, 2026</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Islamic
    Religious Council of Singapore</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Storage
    management</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Halal
    Certificate</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    31, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food
    safety management</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISO
    22000: 2005</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    25, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOCOTEC
    Certification International</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Occupational
    Health and Safety Management</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISO
    45001: 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    7, 2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    22, 2026</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOCOTEC
    Certification International</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quality
    management system</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISO
    9001: 2015</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    23, 2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    22, 2026</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to apply for the renewal of the above relevant certifications prior to their respective expiry dates and based on past experience,
our directors do not foresee any material difficulties in renewing the certifications of our Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Awards
and Accreditations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Throughout
our operating history, our Group has received a number of awards and accreditations in recognition of our performance and quality products
and services. The following table sets forth the awards and accreditations we have been granted up to April 1, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Award</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organized/Granted
    By</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recipient</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enterprise
    50 Award</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KPMG
    and the Business Times</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SME
    1000 Ranking - Top companies ranked by sales/turnover (745th), net profit (443th) and return on equity (680th)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experian</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SME
    1000 Ranking - Top companies ranked by return on equity (631st)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experian</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SME
    1000 Ranking - Emerging 500 companies ranked by sales turnover (1134th)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experian</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore
    Quality Class - Recognition of Commendable Performance in Business Excellence</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enterprise
    Singapore</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clean
    Mark Silver Award</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEA</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SME
    1000 Ranking - Emerging 500 companies ranked by sale turnover (1118th)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experian</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JCS</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SME
    1000 Ranking - Emerging 500 companies ranked by sales turnover (1490th)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experian</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clean
    Mark Silver Award</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEA</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clean
    Mark Silver Award</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEA</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hygieia</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
precision cleaning equipment market in Singapore is niche and relatively consolidated with just over 10 companies in play comprised of
a handful of larger global companies that operate offices in Singapore, as well as several small and medium-sized players, with high
barriers to entry in the form of high set-up and operating costs, and track record. We are of the view that there is a trend towards
consolidation in the wider precision cleaning market by industry players, as companies move towards offering total solutions in the value
chain of both cleaning equipment and cleaning services in order to stand out from the competition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are of the view that the precision cleaning manufacturing industry in Malaysia is highly consolidated, with the top five companies in
the industry accounting for more than 80% of industry sales. The leading players in the industry are primarily present in the electronics
industry. These manufacturers benefit from the robust growth of Malaysia&#8217;s position as a global hub for semiconductor manufacturing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also of the view that the dishwashing services market in Singapore currently has a low penetration rate, and that approximately 80%
of the potential food and beverage market remains untapped and relatively consolidated to about 10 players, with four bigger companies,
including our Group, dominating the market, and several other smaller players making up the remainder. In particular, there is keen competition
for dishwashing services in the food and beverage industry due to low barriers to entry and low switching costs, the relatively low set-up
and labor costs compared to other industries and clients being able to easily switch service providers given the relatively short span
of contracts, with quality of service as the key differentiating factor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
And Marketing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 1, 2024, our sales and marketing team consisted of one full-time employee based in Singapore. Our Chairman, Ms. Hong Bee Yin,
oversees our sales and marketing department.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
of our key channels for marketing is through word of mouth as our new customers are usually referred by our existing customers or business
contacts. Our Group and our Chairman, Ms. Hong, have participated in overseas exhibitions, trade shows and industry forums to promote
our Group&#8217;s products and services. Our Chairman, Ms. Hong has also taken interviews from magazines and newspapers to promote our
Group&#8217;s products and services. Our Group has also participated in overseas exhibitions and trade shows where we showcase our products
to potential customers in order to increase our publicity and presence in the cleaning solutions industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sales and marketing team also communicates with our existing customers to understand their needs and markets trends, so as to improve
our cleaning systems and equipment. We consider customer feedback a valuable tool for improving our products and services. Our sales
and marketing team is also responsible for handling customers&#8217; complaints and any complaints arising from product defects or service
quality and will relay such feedback internally to the relevant teams for follow up.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group relates to a few industry associations, with JCS being a member of the Singapore Precision Engineering &amp; Technology Association
and a Technology Extension Partner of Singapore Institute of Manufacturing Technology, and Hygieia being a member of the Association
of Catering Professionals Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group has developed a strong existing customer base in Singapore and overseas. Our customers are corporate groups with their respective
group members incorporated or established in various jurisdictions, such as Malaysia, Australia, the U.S., Thailand, Belgium, Philippines,
India, South Korea, Taiwan, Japan and the PRC, for our sale of cleaning systems and other equipment business during the years ended December
31, 2022 and 2023. Please refer to the paragraph headed &#8220;Our Customers - Top five customers&#8221; in this section for further
details of our top five customers and their respective countries of incorporation or establishment. We have established stable business
relationships with our customers, with three out of our top five customers having more than 10 years of business relationships with us.
The profile of our existing customer base, coupled with the stable business relationships we have with our customers, allowed our Group
(i) to secure orders from repeat customers, which contributed to approximately 100% of the total sales of our cleaning systems and other
equipment for the years ended December 31, 2021, 2022 and 2023, and (ii) to gain referrals from our existing customers. Our Group also
strives to maintain good customer relationships by producing high quality products and providing professional technical support, and
therefore it is not necessary for our Group to actively engage in significant sales and marketing efforts for maintaining such business
relationships with our existing customers. In addition, as the average utilization rate of certain major machinery and equipment used
at our JCS Facility in respect of the production and manufacture of cleaning systems and other equipment during the years ended December
31, 2021, 2022 and 2023 generally exceeded 100%, our Group was unable to take on a large number of new orders from new customers. Rather,
we mainly focused on fulfilling orders from repeat customers to maintain our business relationships. Under such circumstances, we did
not actively engage in sales and marketing activities to pursue orders from new customers and only maintained a small sales and marketing
team during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables set forth the breakdown of our revenue contributed from the sale of precision and other cleaning systems and equipment
from each geographical region during the years ended December 31, 2021, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
ended December 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
ended December 31, 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographical
    Region</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
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    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Method
    of Procurement</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transaction
                                            Amount</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(SGD&#8217;000)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orders
    from existing customers</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,609</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malaysia</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orders
    from existing customer</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">758</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thailand</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orders
    from existing customer</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,945</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Belgium</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orders
    from existing customer</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,470</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.4</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taiwan</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orders
    from existing customer</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orders
    from existing customer</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">356</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">240</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,181</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2022 and 2023, 100% of our sales were comprised of orders from existing customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inventory</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we generally manufacture and sell our cleaning systems and other equipment to our customers on an order-by-order basis, we maintain minimal
levels of raw materials and components required for the manufacture of cleaning systems and other equipment and we source for raw materials
and other components and parts based on the orders made by our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group&#8217;s intellectual property rights are important to its business. As of the date of this Annual Report, the Group has:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
registered eight trademarks in Singapore and one trademark in Hong Kong;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
registered 24 patents in Singapore, Malaysia, the United States, Taiwan and the PRC, and applied for the registration of 9 patents in
Singapore, Malaysia and Thailand; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
registered one design in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we were not involved in any proceedings with regard to, and we have not received notice of any claims
of infringement of, any intellectual property rights that may be threatened or pending, in which we may be involved either as a claimant
or respondent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we employed a total of 103 persons, who were all located in Singapore, as compared to 102 as of December 31, 2022
and 90 of December 31, 2021, who were also all located in Singapore. Employees are not covered by collective bargaining agreements. We
consider our global labor practices and employee relations to be good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insurance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain property insurance policies covering our equipment and facilities in accordance with customary industry practice. We carry occupational
injury, medical, pension, maternity and unemployment insurance for our employees, in compliance with applicable regulations. We also carry key person life insurance on the life of Ms. Hong Bee Yin, our Chairman,
Executive Director and Chief Executive Officer. We will continue to review and assess our risk portfolio and
make necessary and appropriate adjustments to our insurance practices to align with our needs and with industry practice in Singapore
and in the markets in which we operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Litigation
And Other Legal Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, we are not party to any significant proceedings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Laws
And Regulations Relating To Our Business In Singapore</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">This section sets forth a summary of the material laws and regulations that affect our Group&#8217;s business and
operations in Singapore. Information contained in this section should not be construed as a comprehensive summary nor a detailed analysis
of laws and regulations applicable to the business and operations of our Group. This overview is provided as general information only
and not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws
and regulations of Singapore on our business and operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business operations are not subject to any special legislation or regulatory controls other than those generally applicable to companies
and businesses incorporated and/or operating in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Environmental
Public Health Act</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Environmental Public Health Act 1987 of Singapore (the &#8220;EPHA&#8221;) is administered by the NEA and regulates, among other things,
the disposal and treatment of industrial waste and public nuisances. Under the EPHA, the Director-General of Public Health of Singapore
(the &#8220;DGPH&#8221;) may, upon receipt of any information with respect to the existence of a nuisance liable to be dealt with summarily
under the EPHA and if satisfied of the existence of a nuisance, serve a nuisance order on the person by whose act, default or sufferance
the nuisance arises or continues, or if the person cannot be found, on the owner or occupier of the premises on which the nuisance arises.
Some of the nuisances which are liable to be dealt with summarily under the EPHA include any factory or workplace which is not kept in
a clean state, any place where there exists or is likely to exist any condition giving rise, or capable of giving rise to the breeding
of flies or mosquitoes, any place where there occurs, or from which there emanates noise or vibration as to amount to a nuisance and
any machinery, plant or any method or process used in any premises which causes a nuisance or is dangerous to public health and safety.
If the DGPH receives any information in respect of the existence of a nuisance liable to be dealt with under the EPHA, a nuisance order
may be served on the person responsible for the nuisance prescribing the measures to be taken to remedy the nuisance. Any failure to
comply with the nuisance order served is an offense and such person is liable upon conviction for a fine not exceeding SGD10,000 for the
first offense and to a further fine not exceeding SGD1,000 for every day during which the offense continues after conviction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cleaning
Business License</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EPHA also regulates the cleaning standards and productivity of the cleaning industry through the licensing of cleaning businesses which
comprises the provision of cleaning work, being work carried out in Singapore that involves, as its main or only component, the bringing
of premises or any public place into, or keeping of premises or any public place in, a clean condition, and includes supervising the
carrying out of such work but excludes any work that the Minister for the Environment and Water Resources declares not to be cleaning
work. Any person who fails to obtain and maintain a cleaning business license while carrying on a cleaning business in Singapore will
be guilty of an offense and liable on conviction for a fine not exceeding SGD10,000 or to imprisonment for a term not exceeding 12 months
or both, and in the case of a continuing offense, for a further fine not exceeding SGD1,000 for every day or part thereof during which
the offense continues after the conviction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to being licensed, cleaning businesses must meet several track record, training and salary requirements which include (a) in respect
of an existing cleaning business, having at least one cleaning contract ongoing or completed in the 12 months preceding the license application
(for renewal of an existing cleaning business) and in respect of new start-ups, having at least one employee with no less than 2 years
of practical experience in supervising cleaning work or who has attended the requisite training modules under the Environmental Cleaning
(EC) Singapore Workforce Skills Qualifications (the &#8220;WSQ&#8221;); (b) having training for its cleaning workforce, where cleaners
attend at least one module under the WSQ framework or the Institute of Technical Education Skills Certificate in Housekeeping Operations
(Healthcare). At the point of license application and throughout the license period, at least 50% of the cleaners are to be trained and
at the point of license renewal and throughout the license period, 100% of the cleaners are to be trained; and (c) submitting and implementing
a progressive wage plan for resident (i.e. Singapore citizens or permanent residents) cleaners employed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Progressive
wage model</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
obtain a cleaning business license, companies must, among other things, submit a progressive wage plan that covers employed resident
cleaners (being Singapore citizens and permanent residents) whether they are full-time, part-time or casual employees, and such plan
must (a) specify the basic wage for each class of cleaners; and (b) conform to the wage levels specified under the progressive wage model
by the Commissioner for Labor, based on the recommendations of the Tripartite Cluster for Cleaners. A tripartite effort which is made
up of seven unions, whose members are representatives from the National Trades Union Congress, Singapore National Employers Federation,
Employment and Employability Institute, Building Construction and Timber Industries Employees&#8217; Union, Environmental Management
Association of Singapore, ISS Facility Services Private Limited, Integrated Property Management Pte Ltd, CapitaLand Mall Asia Limited,
City Developments Limited, town councils, the Singapore Ministry of Manpower (&#8220;MOM&#8221;), the National Environmental Agency of
Singapore (&#8220;NEA&#8221;) and Workforce Singapore. The progressive wage model was introduced in 2014 as a productivity-based wage
progression pathway that helps to increase wages of workers through upgrading skills and improving productivity, and is regulated for
the cleaning industry in Singapore by the NEA. The progressive wage model covers three broad categories of cleaning jobs: offices and
commercial buildings, food &amp; beverage establishments (which includes hawker centers and food courts), and the conservancy sector
(which includes town councils and public cleansing).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2016, the Tripartite Cluster of Cleaners recommended the introduction of (i) yearly wage adjustments to each wage point in the
progressive wage model from 2017 to 2019; (ii) scheduled wage increases from 2020 to 2022; and (iii) an annual bonus equivalent to two
weeks of basic monthly wages, for all wage points from 2020 onwards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 7, 2021, the Tripartite Cluster of Cleaners recommended the introduction of a six-year schedule of sustained wage increases from
July 1, 2023 to June 30, 2029, which will be reviewed in 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EC
WSQ Qualification</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cleaners
employed by a cleaning business are required to attend at least one module under the EC WSQ framework. The WSQ is a national credentialing
system. The EC WSQ is one of the 33 WSQ industry frameworks developed to date, and is designed to help workers in the cleaning industry
improve their employability as well as progress in their careers. This framework caters to the training of cleaning crew, stewards and
supervisors in two sub-sectors: (a) commercial and private residential cleaning; and (b) public cleaning. The types of EC WSQ qualifications
available include (i) the WSQ Certificate in Environmental Cleaning, which aims to equip cleaning professionals with skills needed to
perform basic cleaning activities; (ii) the WSQ Higher Certificate in Environmental Cleaning, which is suitable for cleaning professionals
who want to advance their skills with in-depth training and gain the soft skills required of a cleaning steward; and (iii) WSQ Advanced
Certificate in Environmental Cleaning, which aims to equip cleaning professionals with skills needed for supervisory positions. Upon
the completion of each unit, the worker will be awarded a statement of attainment (&#8220;SOA&#8221;). The WSQ qualifications will be
awarded after the worker completes the required number of SOAs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
help employers meet the challenge of having to release workers for training, Workforce Singapore has introduced the Assessment Only Pathway
(&#8220;AOP&#8221;) qualifying criteria, aimed at allowing workers to obtain their EC WSQ qualification through assessment without having
to attend classroom training. These workers would either have some prior training in cleaning or have a number of years of relevant working
experience, and will be screened before they are allowed to enroll in the AOP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 7, 2021, the Tripartite Cluster of Cleaners recommended the introduction of enhanced mandatory training requirements under the Skills
Framework for Environmental Services and that the number of WSQ training modules be increased as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Job
    Roles</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>By
    December 31, 2023</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Beyond
    2025</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    cleaners</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum
    of 1 WSQ module (for licensing conditions)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    modules in total (1 mandatory workplace safety and health related module and 1 core module that is endorsed by the Tripartite Cluster
    of Cleaners)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
    modules in total</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multi-skilled
    cleaners</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4
    modules in total</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mechanical
    Driver</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supervisor</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environmental
Protection and Management Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Environmental Protection and Management Act 1999 of Singapore and its subsidiary legislation are administered by the NEA, which provide
for, among other things, laws relating to pollution control in Singapore through the regulation of various industries. Pursuant to the
Environmental Protection and Management (Boundary Noise Limits for Factory Premises) Regulations (the &#8220;EPM Regulations&#8221;),
the owner or occupier of any factory premises shall ensure that the level of noise emitted from his premises does not exceed the maximum
permissible noise levels as set out in the First Schedule to the EPM Regulations. The permissible noise levels may vary depending on
the type of affected premises, which include, among others, noise sensitive premises that require peace and quiet, residential premises
and commercial premises not including factory premises. Any person who fails to comply with the requirements under the EPM Regulations
is guilty of an offense and liable upon conviction for (a) a fine not exceeding SGD5,000 on the first conviction, and in the case of a
continuing offense, to a further fine not exceeding SGD200 for every day or part thereof the offense continues after the conviction; and
(b) a fine not exceeding SGD10,000 on a subsequent conviction, and in the case of a continuing offense, to a further fine not exceeding
SGD300 for every day or part thereof during which the offense continues after conviction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Radiation
Protection Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Radiation Protection Act 2007 of Singapore (the &#8220;RPA&#8221;) controls and regulates, among other things, the possession and use
of radioactive materials and irradiating apparatus. The RPA provides that no person shall, except under and in accordance with a license,
have in his possession or under his control or use or otherwise deal in any radioactive material or irradiating apparatus. Any person
who contravenes the aforementioned requirement under the RPA is guilty of an offense and liable upon conviction for a fine not exceeding
SGD100,000 or imprisonment for a term not exceeding five years or both.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
licenses are issued by the Radiation Protection and Nuclear Science Department under the RPA and its subsidiary legislation, such as
the Radiation Protection (Non-Ionizing Radiation) Regulations of Singapore (the &#8220;Non-Ionizing Radiation Regulations&#8221;), which
regulate, among other things, the licenses and requirements for the manufacture or dealing with, keeping or possession for use and the
import of a consignment of certain controlled irradiating apparatus, such as ultrasound apparatus and high power lasers. Ultrasound apparatus
means any industrial apparatus designed to generate and emit ultrasonic power at acoustic frequencies above 16kHz. High power lasers
means any laser apparatus from Class 3b and Class 4 based on the classification set out in the Second Schedule of the Non-Ionizing Radiation
Regulations, being those emitting visible and/or invisible laser radiation with specified maximum accessible emission levels and those
exceeding the accessible emission limits respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Non-Ionizing Radiation Regulations further set out the requirements for (a) ultrasound apparatus, including the requirement that every
ultrasound apparatus shall be designed and constructed in such a manner that all marks, labels and signs are permanently affixed thereon
and clearly visible and all user controls, meters, lights or other indicators are clearly visible, readily discernible and clearly labeled
to indicate their function; and (b) high power lasers, including the requirement that every high power laser shall have a protective
housing that prevents human access during operation to laser and collateral radiation that exceed the specified accessible emission limits,
a safety interlock for each portion of the protective housing that is designed to be removed or displaced during operation or maintenance,
a readily available remote control connector, a key-actuated master control and an emission indicator which provides a visible or audible
signal during emission of accessible laser radiation in excess of the specified accessible emission limits. Any person who contravenes
any of the provisions of the Non-Ionizing Radiation Regulations is guilty of an offense and liable on conviction for a fine not exceeding
SGD2,000 or imprisonment for a term not exceeding six months or both.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiary, JCS, has a license issued under the RPA for the possession of four industrial ultrasound apparatus and one high powered industrial
laser.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Workplace
Safety and Health Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Workplace Safety and Health Act 2006 of Singapore (the &#8220;WSHA&#8221;) provides that every employer has the duty to take, so far
as is reasonably practicable, such measures as are necessary to ensure the safety and health of its employees at work. These measures
include providing and maintaining for the employees a work environment that is safe, without risk to health, and adequate with regards
to facilities and arrangements for employees&#8217; welfare at work, ensuring that adequate safety measures are taken in respect of any
machinery, equipment, plant, article or process used by the employees, ensuring that the employees are not exposed to hazards arising
out of the arrangement, disposal, manipulation, organization, processing, storage, transport, working or use of things in or near their
workplace and under the control of the employer, developing and implementing procedures for dealing with emergencies that may arise while
those persons are at work and ensuring that the employees at work have adequate instruction, information, training and supervision as
is necessary for them to perform their work. The relevant regulatory body is the MOM.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
person who breaches his duty under the WSHA is guilty of an offense and will be liable on conviction, in the case of a body corporate,
to a fine not exceeding SGD500,000 and if the contravention continues after the conviction, the body corporate shall be guilty of a further
offense and will be liable to a fine not exceeding SGD5,000 for every day or part thereof during which the offense continues after conviction.
For repeat offenders, where a person has on at least one previous occasion been convicted of an offense under the WSHA that causes the
death of any person and that person is subsequently convicted of the same offense that causes the death of another person, the court
may, in addition to any imprisonment, if prescribed, punish the person, in the case of a body corporate, with a fine not exceeding SGD1
million and, in the case of a continuing offense, with a further fine not exceeding SGD5,000 for every day or part thereof during which
the offense continues after conviction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the WSHA, it is the duty of any person who manufactures any machinery, equipment or hazardous substance (&#8220;MEHS&#8221;), which includes,
among other things, welding equipment, for use at work to ensure, so far as is reasonably practicable, that (a) information regarding
the safe use of the MEHS is supplied for use at work (which should include precautions to be taken for the proper use and maintenance
of such MEHS, the health hazards associated with the MEHS and the information relating to and the results of any examinations or tests
of the MEHS that are relevant to its safe use); (b) the MEHS are safe, and without risk to health, when properly used; and (c) the MEHS
are examined and tested in compliance with the obligation imposed by paragraph (b). The duties imposed on any person in respect of the
aforementioned shall (i) apply only if the MEHS are manufactured or supplied in the course of a trade or business carried on by the person
(whether for profit or not); (ii) apply whether the MEHS are exclusively manufactured or supplied for use by persons at work; (iii) extend
to the supply of the MEHS by way of sale, transfer, lease or hire and whether as principal or agent, and to the supply of the MEHS to
a person for the purpose of supply to others; and (iv) not apply to a person by reason only that the person supplies the machinery or
equipment under a lease-purchase agreement, conditional sale agreement or credit-sale agreement to another (&#8220;customer&#8221;) in
the course of a business of financing the acquisition of the machinery or equipment by the customer from others. In the event any person
contravenes the relevant provision in the WSHA that imposes the aforementioned duty on such person, that person is guilty of an offense,
and liable on conviction (in the case of a natural person) for a fine not exceeding SGD200,000 or imprisonment for a term not exceeding
two years or both, or (in the case of a body corporate) for a fine not exceeding SGD500,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the Commissioner for Workplace Safety and Health (the &#8220;CWSH&#8221;) may serve a remedial order or a stop-work order in respect
of a workplace if he is satisfied that (a) the workplace is in such condition, or is so located, or any part of the machinery, equipment,
plant or article in the workplace is so used, that any work or process carried on in the workplace cannot be carried on with due regard
to the safety, health and welfare of persons at work; (b) any person has contravened any duty imposed by the WSHA; or (c) any person
has done any act, or has refrained from doing any act which, in the opinion of the CWSH, poses or is likely to pose a risk to the safety,
health and welfare of persons at work. The remedial order shall direct the person served with the order to take such measures, to the
satisfaction of the CWSH, to, among other things, remedy any danger so as to enable the work or process in the workplace to be carried
on with due regard to the safety, health and welfare of the persons at work, whereas a stop-work order will direct the person served
with the order to immediately cease to carry on any work or process indefinitely or until such measures as are required by the CWSH have
been taken, to the satisfaction of the CWSH, to remedy any danger so as to enable the work or process in the workplace to be carried
on with due regard to the safety, health and welfare of the persons at work, and shall specify the date on which such order is to take
effect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Workplace Safety and Health (Noise) Regulations 2011 of Singapore (the &#8220;WSHNR&#8221;), the occupier of a workplace must
take reasonably practicable measures to reduce or control the noise from any machinery or equipment used or from any process, operation
or work carried out by him in the workplace, so that no person at work in the workplace is exposed or likely to be exposed to excessive
noise. This may include replacing noisy machinery, equipment, processes, operations or work with less noisy machinery, equipment, processes,
operations or work, and such other measures as prescribed under the WSHNR. Where it is not practicable to reduce the noise, the occupier
of a workplace shall limit the duration of time persons at work are exposed to the noise in accordance with the time limits prescribed
in the Schedule under the WSHNR. Any person who contravenes the aforementioned is guilty of an offense and is liable on conviction for
a fine not exceeding SGD10,000, and in the case of a second or subsequent conviction, for a fine not exceeding SGD20,000 or imprisonment
for a term not exceeding six months or both.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Workplace Safety and Health (Risk Management) Regulations, the employer in a workplace is supposed to, among other things, conduct
a risk assessment in relation to the safety and health risks posed to any person who may be affected by his undertaking in the workplace,
take all reasonably practicable steps to eliminate or minimize foreseeable risks, implement measures or safety procedures to address
the risks, and to inform workers of the same, maintain records of such risk assessments and measures/safety procedures for a period of
not less than three years and submit such records to the CWSH when required by the CWSH from time to time. Any employer who fails to
comply with the aforementioned requirements is guilty of an offense and is liable on conviction for a fine not exceeding SGD10,000 for
the first offense, and for a fine not exceeding SGD20,000 for a subsequent offense or imprisonment for a term not exceeding six months
or both.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Work
Injury Compensation Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Work Injury Compensation Act 2019 of Singapore (The &#8220;WICA&#8221;), which is regulated by the MOM, applies to all employees who
are engaged under a contract of service or apprenticeship with an employer regardless of their level of earnings. The WICA does not cover
self-employed persons or independent contractors. However, as the WICA provides that, where any person (referred to as the principal)
in the course of or for the purpose of his trade or business contracts with any other person (referred to as the subcontractor employer),
the principal shall be liable to compensate those employees of the subcontractor employer who were injured while employed in the execution
of work for the principal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
WICA provides that if an employee dies or sustains injuries in a work-related accident or contracts occupational diseases in the course
of the employment, the employer shall be liable to pay compensation in accordance with the provisions of the WICA. An injured employee
is entitled to claim medical leave wages, medical expenses and lump sum compensation for permanent incapacity or death, subject to certain
limits stipulated in the WICA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
employee who has suffered an injury arising out of and in the course of his employment can choose to either:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
report the accident to his employer in order to submit a claim for compensation through the MOM without needing to prove fault or negligence
on anyone&#8217;s part. There is a fixed formula in the WICA for the amount of compensation to be awarded; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
commence legal proceedings to claim damages under common law against the employer for breach of duty or negligence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Damages
under a common law claim are usually more than an award under the WICA and may include compensation for pain and suffering, loss of wages,
medical expenses and any future loss of earnings. However, the employee must show that the employer has failed to provide a safe system
of work, or breached a duty required by law or that the employer&#8217;s negligence caused the injury.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the WICA, every employer is required to insure and maintain insurance under approved policies with an insurer against all liabilities
which he may incur under the provisions of the WICA in respect of all employees employed by him, unless specifically exempted. Further,
every employer is required to maintain work injury compensation insurance for all employees engaged in manual work labor regardless of
their salary level, as well as all employees doing non-manual work who earn SGD2,100 or less a month. Failure to provide adequate insurance
is an offense carrying a fine of up to SGD10,000 or imprisonment for a term of up to 12 months, or both. For further information on our
Group&#8217;s insurance policies, please refer to Item 4. &#8220;Information on the Company - Insurance&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Employment Act 1968 of Singapore (the &#8220;Employment Act&#8221;) is the main legislation governing employment in Singapore and is
administered by the MOM. The Employment Act covers every employee who is under a contract of service with an employer and includes a
workman (as defined under the Employment Act) but does not include, among others, any person employed in a managerial or executive position
(subject to the exceptions set out below). The definition of &#8220;employee&#8221; under the Employment Act does not extend to freelance
contractors who have entered into a contract for service. Accordingly, freelance contractors are not considered to be employees of our
Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
workman is defined under the Employment Act as including, among others, (a) any person, skilled or unskilled, who has entered into a
contract of service with an employer in pursuance of which he is engaged in manual labor, including any apprentice; and (b) any person
employed partly for manual labor and partly for the purpose of supervising in person any workman in and throughout the performance of
his work.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
employment provisions of the Employment Act, such as public holiday and sick leave entitlements, minimum days of annual leave, payment
of salary and allowable deductions and release for wrongful dismissal, cover all employees, including persons employed in a managerial
or executive position, except public servants, domestic workers, seafarers and those who are covered separately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the core employment provisions of the Employment Act, Part IV of the Employment Act contains provisions relating to, among
other things, working hours, overtime, rest days, holidays, annual leave, payment of retrenchment benefit, priority of retirement benefit,
annual wage supplements and other conditions of work or service (&#8220;Part IV&#8221;). However, such Part IV provisions only apply
to: (a) workmen earning basic monthly salaries of not more than SGD4,500; and (b) employees (excluding workmen) earning basic monthly
salaries of not more than SGD2,600.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
employer who breaches any provision of Part IV of the Employment Act is guilty of an offense and is liable on conviction for a fine not
exceeding SGD5,000, and for a second or subsequent offense a fine not exceeding SGD10,000 or imprisonment for a term not exceeding 12 months
or both.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
April 1, 2016, employers are required to issue to their employees who are covered by the Employment Act and who are employed for 14 days
or more a written record of the key employment terms of the employee. The key employment terms required to be provided (unless inapplicable
to such employee) include, among other things, working arrangements (such as daily working hours, number of working days per week and
rest day(s)), salary period, basic salary, fixed allowances and deductions, overtime rate of pay, types of leave and other medical benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
of Foreign Manpower Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
employment of foreign employees in Singapore is governed by the Employment of Foreign Manpower Act 1990 of Singapore (the &#8220;EFMA&#8221;)
and is regulated by the MOM. The EFMA prescribes the responsibilities and obligations of employers of foreign employees in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EFMA provides that no person shall employ a foreign employee unless the foreign employee has obtained a valid work pass from the MOM
in accordance with the Employment of Foreign Manpower (Work Passes) Regulations 2012, which allows the foreign employee to work for him.
Any person who fails to comply with or contravenes this provision of the EFMA is guilty of an offense and will: (a) be liable on conviction
for a fine not less than SGD5,000 and not more than SGD30,000 or imprisonment for a term not exceeding 12 months or both; and (b) on a
second or subsequent conviction: (i) in the case of an individual, be liable for a fine of not less than SGD10,000 and not more than SGD30,000
and imprisonment for a term of not less than one month and not more than 12 months; or (ii) in any other case, be punished with a fine
of not less than SGD20,000 and not more than SGD60,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Singapore, the work pass to be issued to a foreigner is contingent on, among other things, the type of work and salary being received
by the foreigner in question. Foreign professionals, managers and executives earning a fixed monthly salary of at least SGD4,500 with
acceptable qualifications (such as a good university degree, professional qualifications or specialist skills) may apply for an employment
pass, whereas older and more experienced candidates will need higher salaries. Mid-level skilled staff earning a fixed monthly salary
of at least SGD2,500 who possess a degree, diploma or technical certificate and have the relevant work experience may apply for an S-pass;
and semi-skilled foreign workers from approved source countries working in, among others, the manufacturing sector may apply for a work
permit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
under the Employment of Foreign Manpower (Work Passes) Regulations 2012, an employer is required to purchase and maintain medical insurance
with coverage of at least SGD15,000 per 12-month period of a foreign workers&#8217; employment (or for such shorter period where the foreign
workers&#8217; period of employment is less than 12 months) for the foreign workers&#8217; in-patient care and day surgery except as
the Controller of Work Passes may otherwise provide by notification in writing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the employment of foreign workers is also subject to sector-specific rules regulated by the MOM through the following policy
instruments: (a) business activity; (b) approved source countries; (c) the imposition of security bonds and levies; and (d) quota (or
dependency ratio ceilings) based on the ratio of local to foreign workers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
activity</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
be considered to be under the manufacturing sector, a company must have a valid factory notification or registration, use machinery to
manufacture or produce items from raw materials and operate in a designated industrial setting area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Approved
source countries</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
approved source countries for manufacturing workers are Malaysia, the PRC, and NAS countries. The minimum age for all foreign workers
(other than domestic foreign workers) is 18, and all workers can only work up to 60 years of age. In addition, Malaysian foreign workers
must be under 58 years of age and non-Malaysian foreign workers must be under 50 years of age in order to apply for a work permit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
for the manufacturing sector, the maximum number of years a foreign worker can work in Singapore on a work permit is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Quota
and levies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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number of foreign workers that employers can hire under a work pass is limited by the quota or dependency ratio ceiling, and employers
pay the requisite levy according to the qualification of the foreign worker employed. The levy rates are tiered so that employers who
hire close to the maximum quota will be required to pay a higher levy, and the levy rates are subject to changes as and when announced
by the Singapore government. The levy rates for the manufacturing sector are set out in the table below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
levy rates for the services sector are set out in the table below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tier 2:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD600</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD19.73</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD400</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD13.16</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tier 3:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Above 25% to 35% of the total workforce</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD800</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD26.31</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD600</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD19.73</span></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>The daily levy rate only applies to work permit holders who did not work for a full calendar month. The daily levy rate is calculated
as follows: (Monthly levy rate X 12)/365 = rounding up to the nearest cent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
quota for the services sector is set at 35%. A Singaporean or Permanent Resident employee employed under a contract of service, including
the company&#8217;s director, is counted as (a) one local employee if they earn the LQS of at least SGD1,400 per month; and (b) 0.5 local
employee if they earn half the LQS of at least SGD700 to SGD1,400 per month.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employers
pay less levy for higher skilled foreign workers. Foreign workers with the following certificates will qualify as higher skilled workers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Type
    of qualification</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certificates
    needed</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Academic
    qualifications</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
                                            Malaysia: Sijil Pelajaran Malaysia</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    NAS: High school certificates</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    PRC: Diploma Skills</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluation
    Test (&#8220;SET&#8221;) conducted by the Institute of Technical Education (&#8220;ITE&#8221;)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SET
    Level 1 or National ITE Certificate (Nitec)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Workforce
    skills qualification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composite
    Assessment for Generic Manufacturing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market-Based
    Skills Recognition Framework</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earn
    a fixed monthly salary of at least SGD1,600 and worked at least four years in Singapore as a work permit holder</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Required
safety courses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the manufacturing sector, foreign workers who handle metals and machinery in the metalworking industry, such as our foreign workers employed
under JCS, must take a Metalworking Safety Orientation Course or an Apply Workplace Safety and Health in Metal Work course before their
work permits can be issued, and such courses may be conducted by either the Occupational Safety and Health Training and Promotion Centre
or other training institutions approved by the Chief Inspector appointed by the Minister of Manpower.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
work permit cannot be issued to the foreign worker until he has taken the safety course. Employers are responsible for their workers
passing the test. If the foreign workers fail the course, they should retake it as soon as possible and are required to pass the course
within three months of their arrival or their work permit could be revoked. Foreign workers in the metalworking industry that have worked
in the metalworking industry for (a) less than six years must pass the safety course once every two years; and (b) more than six years
must pass the safety course once every four years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employers
renewing a work permit must ensure that the foreign worker&#8217;s safety course certificate has a validity period of more than one month
on the day of renewal, otherwise the work permit will not be renewed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Infectious
Diseases Act 1976</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Infectious Diseases Act 1976 of Singapore (the &#8220;IDA&#8221;) relates to the quarantine and the prevention of infectious diseases.
Under the IDA, if the Director of Medical Services (the &#8220;DMS&#8221;) has reason to believe that there exist on any premises conditions
that are likely to lead to the outbreak or spread of any infectious disease, he may, among other things, by written notice, order the
closure of the premises for a period not exceeding 14 days, and require the owner or occupier of the premises to cleanse or disinfect
the premises in the manner and within the time specified in the notice or carry out such additional measures as the DMS may require in
the manner and within the time specified in the notice. Such notice directing the owner or the occupier of the premises to close the
premises may be renewed by the DMS from time to time for such period, not exceeding 14 days, as the DMS may, by written notice, specify.</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the DMS may order any person who is, or is suspected to be, a case or carrier or contact of an infectious disease to be detained
and isolated in a hospital or other place for such period of time and subject to such conditions as the DMS may determine. The DMS may
also direct any person carrying on any occupation, trade or business in a manner as is likely to cause the spread of infectious disease
to take preventative action that the DMS reasonably believes is necessary to prevent the possible outbreak or prevent or reduce the spread
of the infectious disease. Under the IDA, &#8220;preventative action&#8221; in the case of such direction, includes, among other things,
requiring the person to stop carrying on, or not carry on, the occupation, trade or business during a period of time specified in the
direction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
person who, without reasonable excuse, fails to comply with any requirement of such notice or direction given to that person by the DMS
is guilty of an offense. While there are no specific penalties for such offense, any person guilty of an offense under the IDA for which
no penalty is expressly provided shall (a) in the case of a first offense, be liable on conviction for a fine not exceeding SGD10,000
or imprisonment for a term not exceeding 6 months or both; and (b) in the case of a second or subsequent offense, be liable on conviction
for a fine not exceeding SGD20,000 or imprisonment for a term not exceeding 12 months or both.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Central
Provident Fund Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Central Provident Fund (&#8220;CPF&#8221;) system is a mandatory social security savings scheme funded by contributions from employers
and employees. Pursuant to the Central Provident Fund Act 1953 of Singapore (&#8220;CPFA&#8221;), an employer is obliged to make CPF
contributions for all employees who are Singapore citizens or permanent residents who are employed in Singapore by an employer (save
for employees who are employed as a master, a seaman or an apprentice in any vessel, subject to an exception for non-exempted owners).
CPF contributions are not applicable for foreigners who hold employment passes, S passes or work permits. CPF contributions are required
for both ordinary wages and additional wages (subject to an ordinary wage ceiling and a yearly additional wage ceiling) of employees
at the applicable prescribed rates which is dependent on, among other things, the amount of monthly wages and the age of the employee.
An employer must pay both the employer&#8217;s and employee&#8217;s share of the monthly CPF contribution. However, an employer can recover
the employee&#8217;s share of CPF contributions by deducting it from their wages when the contributions are paid for that month.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the amount of the contributions which an employer is liable to pay under the CPFA in respect of any month is not paid within such period
as may be prescribed, the employer shall be liable for the payment of interest on the amount for every day the amount remains unpaid
commencing from the first day of the month succeeding the month in respect of which the amount is payable and the interest shall be calculated
at the rate of 1.5% per month or the sum of SGD5, whichever is greater. Where any employer who has recovered any amount from the monthly
wages of an employee in accordance with the CPFA fails to pay the contributions to the CPF within such time as may be prescribed, he
will be guilty of an offense and will be liable on conviction for a fine not exceeding SGD10,000 or imprisonment for a term not exceeding
seven years or both. Where an offense has been committed under the CPFA but there are no penalties provided, the offender may be liable
for a fine not exceeding SGD5,000 or imprisonment for a term not exceeding six months or both, and where the offense is repeated by the
same offender, the offender may be liable for a fine not exceeding SGD10,000 or imprisonment for a term not exceeding 12 months or both.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customs
Regulations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goods
exported from Singapore are regulated under the Customs Act 1960 of Singapore (the &#8220;Customs Act&#8221;). To export goods from Singapore,
the exporter is required to declare the goods to Singapore Customs, a department under the Ministry of Finance, which is the lead agency
for trade facilitation and revenue enforcement. The Singapore Goods and Services Tax (the &#8220;GST&#8221;) is not levied on goods exported
from Singapore. A Customs export permit is required for, among other things, the export of locally manufactured goods or local GST paid
goods, the export of goods from free trade zones, dutiable goods from licensed warehouses and non-dutiable goods from a zero-rated warehouse.
The exporter will be the party that issues the commercial invoice to his overseas customer. Exporters who intend to engage in import
and/or export activities in Singapore or appoint a declaring agent to apply for Customs import, export and transhipment permits or certificates
will need to activate their Customs Account with Singapore Customs, further to which a declaring agent may be appointed to apply for
Customs permits on their behalf. Declaring agents have to be registered with Singapore Customs. Exporters may be penalized if they do
not comply with the requirements and conditions imposed under the Customs Act. Making an incorrect declaration or failing to make a declaration
of goods imported into, exported from or transhipped in Singapore will result in being liable on conviction for a fine not exceeding
SGD10,000, or the equivalent of the amount of the customs duty, excise duty or GST payable, whichever is the greater amount, or imprisonment
for a term not exceeding 12 months, or both.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
protection of industrial designs is provided for under the Registered Designs Act 2000 of Singapore. There are two key criteria for registration:
the subject matter must be (a) a &#8216;design&#8217;, which means features of shape, configuration, pattern or ornament applied to article
by any industrial process; and (b) &#8216;new&#8217;, being a design that is not the same, or substantially the same, as any other design
that has been registered or published in Singapore or elsewhere, and publication includes sale or use of any article which embodies the
design.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventions
are protected in Singapore under the Patents Act 1994 of Singapore and may be registered either through a domestic application filed
with the Registry of Patents within the Intellectual Property Office of Singapore (the &#8220;IPOS&#8221;) or an international application
filed in accordance with the Patent Cooperation Treaty, with the Registry of Patents acting as the receiving office for the application.
A patent may be granted for an invention which is a product or a process, and such invention must (a) be new; (b) involve an inventive
step (being a step that is not obvious to a person who is skilled in the relevant art); (c) be capable of industrial application; and
(d) not encourage offensive, immoral or anti-social behavior through its publication or exploitation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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may be protected both under the Trade Marks Act 1998 of Singapore (the &#8220;TMA&#8221;) and under common law. These two systems are
independent of each other. Protection under the TMA is conditional upon registration of the trademark with the Registry of Trade Marks
within the IPOS. There are three key criteria for registration: the subject matter must be (a) a &#8216;trademark&#8217;, which is any
sign capable of being graphically represented that is used, or proposed to be used, by a trader to distinguish his goods or services
from those of other traders; (b) &#8216;distinctive,&#8217; if it is not descriptive of those goods or services. It is a question of
degree in every case whether the sign is so descriptive of the goods or services in question that it will be refused registration; and
(c) does not conflict with an earlier trademark, that is an earlier registered trade mark or a trademark (whether registered or not)
which is well known in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="na_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
4A. Unresolved Staff Comments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_002"></span>Item
5. Operating and Financial Review and Prospects</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated
Financial Statements included elsewhere in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Group is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision
of centralized dishwashing and ancillary services. Our Group commenced business in the selling of cleaning systems in 2005, before starting
our business in the design, development, manufacture and sale of cleaning systems in Singapore in 2006. We design, develop, manufacture
and sell cleaning systems for various industrial end-use applications to our customers mainly in Singapore and Malaysia. We also have
provided centralized dishwashing services since 2013 and general cleaning services since 2015 mainly for food and beverage establishments
in Singapore.</span></p>

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the years ended December 31, 2021, 2022 and 2023, our revenue amounted to approximately SGD14.8 million, SGD18.6 million and SGD18.0 million,
respectively. Our net income amounted to approximately SGD2,000, SGD1.2 million and SGD0.5 million for the years ended December 31, 2021,
2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table shows our Statement of Operations data for the years ended December 31, 2021, 2022 and 2023 in SGD and, for 2023, in
USD. For further information regarding the results of our operations, see our consolidated financial statements appearing elsewhere in
this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculated
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Factors Affecting the Results of Our Group&#8217;s Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial condition and results of operation have been and will continue to be affected by a number of factors, many of which may be
beyond our control, including those factors set out in the section headed &#8216;&#8216;Risk Factors&#8217;&#8217; in this Annual Report
and those set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Demand
from our major customer groups</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
aggregate sales generated from our top five customers were approximately 80.6%, 68.1% and 66.1% of our revenue for the years ended December
31, 2021, 2022 and 2023, respectively. In particular, sales to our largest customer amounted to approximately SGD4.8 million, SGD4.1 million
and SGD4.4 million, representing approximately 32.7%, 22.0% and 24.2% of our revenue for the years ended December 31, 2021, 2022 and 2023,
respectively. Accordingly, our sales would be significantly affected by the demands of our top five customer groups, and particularly
our largest customer group, as well as certain inherent risks, among others, changes and development in the local political, regulatory
and business conditions, that may affect their purchases from us, many of which are beyond our control. These uncertainties could have
a material adverse effect on our business, results of operations and financial conditions, and affect our ability to remain profitable
and achieve business growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-recurring
nature of our sale of cleaning systems and other equipment business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
design, manufacture and sell cleaning systems and other equipment on an order-by-order basis. Our customers are under no obligation to
continue to award contracts to or place orders with us and there is no assurance that we will be able to secure new orders in the future.
Moreover, our Group generally must go through a tendering or quotation process to secure new orders, and the number of orders and the
amount of revenue that we are able to derive therefrom are affected by a series of factors including but not limited to changes in our
clients&#8217; businesses and changes in market and economic conditions. The result of such process is beyond our control and there is
no assurance that our Group will secure new projects from future tender submissions or new orders. Accordingly, our results of operations,
revenue and financial performance may be adversely affected if our Group is unable to obtain new orders from our customers of contract
values, size and/or margins comparable to previous orders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuations
in the cost of our raw materials</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw
materials, such as steel and electronic components, are the largest component of our cost of revenues, representing approximately 46.3%,
57.8% and 40.1% of our total cost of revenues for the years ended December 31, 2021, 2022 and 2023, respectively. As our contract price
is fixed once our customer confirms an order for a cleaning system or other equipment, it is difficult for us to manage the pricing of
our cleaning systems and other equipment to pass on any increase in costs to our customers. Any fluctuations in the cost of raw materials
would affect our profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prices at which we purchase such raw materials are determined principally by market forces such as the relevant supply and demand of
such raw materials, as well as our bargaining power with our suppliers. During the years ended December 31, 2021, 2022 and 2023, the
majority of our raw materials were commonly available from the marketplace, and their prices are affected by market forces. We monitor
supply and cost trends of these raw materials and take appropriate actions to obtain the materials we need for production. We expect
fluctuations in the cost of key materials to continue to affect our margins.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the raw materials we procure, including stainless steel, aluminum and electronic components, are purchased from a number of suppliers
to ensure adequate supply and efficient delivery to our production and processing facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
and Analysis of Principal Components of Our Results of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following discussion is based on our Group&#8217;s historical results of operations and may not be indicative of our Group&#8217;s future
operating performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p>

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the years ended December 31, 2021, 2022 and 2023, our revenue was derived from (i) our sale of cleaning systems and other equipment business;
and (ii) our provision of centralized dishwashing and ancillary services business. The following table sets out the revenue generated
from each of our business sectors during the years ended December 31, 2021, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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2023 from approximately SGD18.6 million for the year ended December 31, 2022. The decrease was mainly attributable to the decrease
in revenue generated from our sale of cleaning systems and other equipment business of approximately SGD0.5 million and decrease in
revenue generated from our provision of centralized dishwashing and ancillary services business of approximately SGD0.1 million. The
decreases were mainly attributable to a slowdown in shipments for other cleaning systems and other equipment in the electronics and
hard drive industries and decreased sales for general cleaning services of food courts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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total revenue increased by approximately SGD3.9 million or 26.2% to approximately SGD18.6 million for the year ended December 31, 2022
from approximately SGD14.8 million for the year ended December 31, 2021. The increase was mainly attributable to the increase in revenue
generated from our sale of cleaning systems and other equipment business of approximately SGD2.5 million and increase in revenue generated
from our provision of centralized dishwashing and ancillary services business of approximately SGD1.4 million. The increases were mainly
attributable to the recovery of business from the negative impact of COVID-19 pandemic.</span></p>

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approximately SGD21.4 million for the financial year ended December 31, 2020 was mainly attributable to the decrease in revenue generated
from our sale of cleaning systems and other equipment business of approximately SGD8.0 million, while partially offset by the increase
in revenue generated from our provision of centralized dishwashing and ancillary services business of approximately SGD1.3 million. The
decrease in revenue generated from our sale of cleaning systems and other equipment business for the year ended December 31, 2021 was
primarily attributable to an approximately SGD8.4 million decrease in revenue from subsidiaries of a certain customer group in Malaysia
caused by the disruption by COVlD-19 of their expansion in production facilities that resulted in the postponement of delivery of their
orders.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p>

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of the relevant year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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from customers located in Singapore and approximately 33.1%, 22.9% and 5.6% of our total revenue, respectively, was generated from customers
located in Malaysia. For the same years, our revenue generated from customers located in other countries accounted for approximately
23.3%, 22.7% and 21.4% of our total revenue, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>For the years ended December 31, 2021, 2022 and 2023, other countries include the U.S., Thailand, Belgium, Philippines, India,
South Korea, Taiwan, Japan and the PRC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Singapore</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in revenue in Singapore for the year ended December 31, 2023 was mainly due to an increase in revenue generated from sales of
precision cleaning systems from our existing customers with new orders of approximately SGD4.7 million offset by a decrease in revenue
generated from sales of other cleaning systems and other equipment of SGD1.5 million due to project completion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in revenue in Singapore for the year ended December 31, 2022 was mainly due to the increase in revenue generated from sales
of precision and other cleaning systems and equipment from our existing and new customers by approximately SGD2.4 million and provision
of centralized dishwashing and general cleaning services by approximately SGD1.4 million attributable to the recovery of business from
the negative impact of COVID-19 pandemic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The increase in revenue in Singapore for the financial year ended December 31, 2021 <span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
mainly due to the increase in revenue generated from provision of centralized dishwashing and general cleaning services by approximately
SGD1.3 million.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Malaysia</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease in revenue in Malaysia for the year ended December 31, 2023 was primarily attributable to a decrease in revenue from subsidiaries
of a certain customer group in Malaysia of approximately SGD3.2 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease in revenue in Malaysia for the year ended December 31, 2022 was primarily attributable to a decrease in revenue from subsidiaries
of a certain customer group in Malaysia of approximately SGD0.5 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The
decrease in revenue in Malaysia for the financial year ended December 31, 2021 was primarily attributable to the decrease in revenue from subsidiaries of a certain customer group in Malaysia of
approximately SGD8.3 million mainly due to the delivery for the orders received for the sales of precision cleaning machines which will
take place in FY2022 as their progress of expansion in production facilities has been disrupted by COVID-19.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
marginal decrease in revenue in other countries for the year ended December 31, 2023 was mainly due to a decrease in orders from an existing
customer in Thailand and the increase in revenue in other countries for the year ended December 31, 2022 was mainly due to an increase
in orders from an existing customer in Thailand. The revenue contributed by other countries for the financial year ended December 31,
2021 is relatively stable as compared with the financial year ended December 31, 2020 with only marginal fluctuation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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increase in the cost of raw materials, such as stainless steel, aluminum and electronic components, and in production overhead. The increase
in cost of sales for the year ended December 31, 2022 as compared to the year ended December 31, 2021 was primarily due to an increase
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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2021, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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total gross profit amounted to approximately SGD2.3 million, SGD5.1 million and SGD4.4 million for the years ended December 31,
2021, 2022 and 2023, respectively. Our overall gross profit margins were approximately 15.9%, 27.5% and 24.2% for the years ended
December 31, 2021, 2022 and 2023, respectively. Our total gross profit decreased during the year ended December 31, 2023, primarily
due to an increase in the cost of raw materials, such as stainless steel, aluminum and electronic components, and in production
overhead. While the provision of centralized dishwashing and ancillary services business activity was lower year-on-year, the Group
successfully renewed contracts with certain clients at higher prices and hence resulted increase in gross profit and gross profit
margin for this business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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cleaning machines during the year. Our total gross profit during the year ended December 31, 2021 was lower than our total gross profit
for both fiscal years ended December 31, 2023 and 2022, which was mainly due to the decrease in 2021 in our revenue from the sales of
precision cleaning systems and other equipment business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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selling and marketing expenses amounted to approximately SGD22,000, SGD27,000 and SGD53,000 for the years ended December 31, 2021, 2022
and 2023, respectively. The increase for the year ended December 31, 2023 was mainly due to increased participation in overseas exhibitions.
The increase for the year ended December 31, 2022 was mainly due to the increase in transportation expenses for overseas business trips
to customers&#8217; sites. The slight increase in promotion and marketing expenses for the financial
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
and administrative expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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general and administrative expenses primarily consist of (i) staff cost; (ii) depreciation; (iii) office supplies and upkeep expenses;
(iv) travelling and entertainment; (v) legal and professional fees; (vi) corporate secretarial and administrative fees; (vii) Nasdaq annual listing fee;
(viii) directors&#8217; and officers&#8217; liability insurance; and (ix) miscellaneous expenses. The following table sets forth the
breakdown of our administrative expenses for the years ended December 31, 2021, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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general and administrative expenses amounted to approximately SGD2.3 million, SGD3.3 million and SGD3.3 million for the years ended
December 31, 2021, 2022 and 2023, respectively, representing approximately 15.4%, 17.9% and 18.3% of our total revenue for the
corresponding years.</span></p>

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costs mainly represented the salaries, employee benefits and retirement benefit costs to our employees and directors&#8217; remuneration.
The staff costs of our Group decreased during the year ended December 31, 2023 by approximately SGD0.4 million mainly due to lower accrual
of staff incentives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense is charged on our property, plant and equipment, which included (i) leasehold buildings; (ii) right-of-use assets; (iii) computer
equipment; and (iv) furniture and fittings. The decrease in depreciation for the year ended December 31, 2023 as compared to 2022 is
mainly due to certain assets being fully depreciated in 2022.</span></p>

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supplies and upkeep expenses mainly represented office supplies, cleaning cost and the relevant utilities expenses such as electricity
and water.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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and entertainment mainly represented expenditures for business travel and costs incurred for social gatherings and refreshments for our
staff.</span></p>

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and professional fees mainly represented auditor&#8217;s remuneration and other professional fees for applications, registrations
and renewal of trademarks and patents, legal consultation fees, corporate consultation and business advisory fee corporate
secretarial and registered office fees, transfer agent fee and staff recruitment services. The increase was mainly due to an
increase in legal and professional fees post listing in April 2022, corporate consultation services and business advisory fees
related to a follow up offering expensed off during the year ended December 31, 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors&#8217;
and officers&#8217; liability insurance relates to liability insurance payable to the directors and officers of a company, or to the
organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such
a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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expenses were mainly comprised of office upkeep and maintenance, membership and subscription fees, recruitment expenses, permits and licenses renewal
fee, medical expenses, donation and other miscellaneous expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
income</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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income of our Group amounted to approximately SGD0.7 million, SGD0.5 million and SGD0.7 million for the years ended December 31, 2022, 2022
and 2023, respectively. The income was mainly derived from wholesale sales of STICO anti-slip shoes, Jobs Support Scheme, Jobs Growth
Incentive, government capability development grant and gain on disposal of plant and equipment. The following table sets forth the breakdown
of our other income for these periods:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Others mainly consist of sale of scrap materials, other government incentives and other miscellaneous income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The increase in interest income is mainly arising from increase in fixed deposits placement during the year ended
December 31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wholesale
sales of STICO anti-slip shoes represented the income generated from wholesale of STICO anti-slip shoes mainly to food and beverage establishments
in Singapore, which amounted to approximately SGD0.1 million, SGD0.2 million and SGD0.1 million for the years ended December 31, 2021, 2022
and 2023, respectively. For the year ended December 31, 2022, wholesale sales of STICO anti-slip shoes increased by approximately 32.5%
due to resumption of demand from food and beverage establishments after the elimination of Covid-19 restrictions. For the year ended
December 31, 2023, wholesale sales of STICO anti-slip shoes decreased by approximately 42.1% due to a transition period necessitated
by changes in certain models of the shoes that resulted in lower sales for the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jobs
Support Scheme was an initiative introduced by the Singapore Government in February 2020 in response to the outbreak of COVID-19, and
further enhanced in April, May and August 2020, to provide wage support to employers to help them retain local employees by co-funding
25% to 75% of the first SGD4,600 of monthly salaries paid to each local employee in a 10-month period up to August 2020, and 10% to 50%
of the same in the subsequent seven-month period from September 2020 to March 2021 and further extended to September 2021 with final
payout received in March 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jobs
Growth Incentive is an initiative introduced by the Singapore Government in August 2020 to support local hiring from September 2020 to
March 2023, to provide wage support to employers to help them in hiring local employees by co-funding monthly salaries paid to each local
employee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Progressive
Wage Credit Scheme is an initiative introduced by the Singapore Government in 2022 to provide transitional wage support for employers
to adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements
and to voluntarily raise wages of lower-wage workers. Under the scheme, the Singapore Government will co-fund wage increases of eligible
resident employees from 2022 to 2026 and receive the payout for the respective year by the first quarter of the following year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
government capability development grant for the years ended December 31, 2023 and December 31, 2022 is a financial support from the Singapore
Government to support the capabilities in development of autonomous and robotic products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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increased by approximately SGD0.1 million and SGD0.2 million, respectively, mainly due to increases in interest rates. For more details
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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the previous year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
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the year. The following table sets forth the breakdown of our income tax for the years ended December 31, 2021, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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to the rules and regulations of the Cayman Islands and the BVI, our Group is not subject to any income tax in the Cayman Islands and
the BVI. Our Group&#8217;s operations are based in Singapore and we are subject to income tax on an entity basis on the estimated chargeable
income arising in Singapore at the statutory rate of 17%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, our income tax decreased to approximately SGD0.1 million, and our effective tax rate was approximately
17.6%. During the year ended December 31, 2022, our income tax increased to approximately SGD0.2 million and our effective tax rate was
approximately 16.5%. Our income tax decreased to nil for the financial year ended December 31,
2021 and was generally in line with the decrease in our profit for the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Group had no tax obligation arising from any other jurisdiction during the years ended December 31, 2021, 2022 and 2023. During the years
ended December 31, 2021, 2022 and 2023, our Group had no material dispute or unresolved tax issues with the relevant tax authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
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a result of the foregoing, our net income for the year amounted to approximately SGD2,000, SGD1.2 million and SGD0.5 million for the years
ended December 31, 2021, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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liquidity and working capital requirements primarily related to our operating expenses. We have met our working capital and other liquidity
requirements primarily through a combination of cash generated from our operations, loans from banking facilities and the net proceeds
from our initial public offering. Going forward, we expect to fund our working capital and other liquidity requirements from various
sources, including but not limited to cash generated from our operations, loans from banking facilities and other equity and debt financings
as and when appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our assets, liabilities and shareholders&#8217; equity as of December 31, 2022 and 2023 in SGD and,
for 2023, in US$:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giving
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                                            audited consolidated financial statements</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculated
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had positive working capital of approximately SGD12.9 million (US$9.8 million), total assets of
approximately SGD35.5 million (US$26.9 million), total liabilities of approximately SGD18.8 million (US$14.2 million) and
shareholders&#8217; equity of approximately SGD16.7 million (US$12.7 million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(211</td><td style="text-align: left">)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
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the years ended December 31, 2021, 2022 and 2023, the cash inflows from our operating activities were primarily derived from the revenue
generated from our sale of cleaning systems and other equipment and provision of centralized dishwashing and ancillary services, whereas
the cash outflows for our operating activities mainly comprised the purchase of raw materials, sub-contracting fees, staff costs and
administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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net cash generated from/(used in) operating activities primarily reflected our net income, as adjusted for non-operating items, such
as depreciation, (gain)/loss on disposal of property, plant and equipment, reversal/provision of loss allowance, change in fair value
of financial instruments and effects of changes in working capital such as increase or decrease in inventories, accounts receivable,
accounts payable, accruals and other current liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the year ended December 31, 2021, our net cash generated from operating activities was approximately SGD3.4 million, which primarily reflected
our profit before tax of approximately SGD2,000, as positively adjusted by (i) the non-cash depreciation of property, plant and equipment
of approximately SGD0.6 million; and (ii) the decrease in accounts receivable of approximately SGD5.5 million. The effect of these factors
was partially mitigated by (i) the increase in inventories of approximately SGD1.2 million; and (ii) the decrease in accounts payable,
accruals and other current liabilities of approximately SGD1.5 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the year ended December 31, 2022, our net cash used in operating activities was approximately SGD5.2 million, which primarily reflected
our net income of approximately SGD1.2 million, as adjusted positively by (i) the non-cash depreciation of property, plant and equipment
of approximately SGD0.7 million; and (ii) the increase in accounts payable, accruals and other current liabilities of approximately SGD4.7
million. The effect of these factors was offset by (i) the increase in accounts receivable of approximately SGD2.5 million; and (ii) the
increase in inventories of approximately SGD9.3 million, which was primarily the result of purchasing more raw materials in anticipation
of slower delivery times due to supply chain issues and increased orders for 2023.</span></p>

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the year ended December 31, 2023, our net cash generated from operating activities was approximately SGD1.7 million, which primarily reflected
our net income of approximately SGD0.5 million, as positively adjusted by (i) the non-cash depreciation of property, plant and equipment
of approximately SGD0.7 million, (ii) the increase in contract liabilities of approximately SGD2.6 million, and (iii) the decrease in accounts
receivable of approximately SGD0.8 million. The effect of these adjustments was offset by the decrease in accounts payable, accruals and
other current liabilities of approximately SGD0.8 million, the increase in inventories of approximately SGD2.2 million and repayment of lease liabilities of approximately SGD0.3 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
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cash flows used in investing activities primarily consisted of (i) the proceeds from disposal of property, plant and equipment; and (ii)
the purchase of property, plant and equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the year ended December 31, 2021, our net cash used in investing activities was approximately SGD0.7 million, primarily due to the purchase
of property, plant and equipment of approximately SGD0.8 million for replacement of obsolete equipment and partially offset by the proceeds
from disposal of plant and equipment of approximately SGD0.1 million.</span></p>

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the year ended December 31, 2022, our net cash used in investing activities was approximately SGD0.8 million, primarily due to the purchase
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, our net cash used in investing activities was approximately SGD0.2 million, primarily due to the purchase
of property, plant and equipment of approximately SGD0.2 million to increase our operating capacity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
flows from financing activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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cash flows (used in)/generated from financing activities primarily consists of proceeds from and repayment of bank loans and
controlling shareholder loans, dividends paid, proceeds from the issuance of shares, placement of deposit with escrow agent and
payment of deferred financing costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the year ended December 31, 2021, our Group recorded net cash used in financing activities of approximately SGD2.1 million, which was
mainly attributable to (i) dividends paid of SGD2.9 million, (ii) net repayment of bank loans of approximately SGD0.3 million; and (iii)
payment of deferred financing costs of approximately SGD0.4 million while partially mitigated by the cash inflow from the proceeds from
a controlling shareholder loan of SGD1.5 million.</span></p>

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the year ended December 31, 2022, our Group recorded net cash generated from financing activities of approximately SGD11.5 million, which
was mainly attributable to the net proceeds from the issuance of Ordinary Shares of approximately SGD14.9 million; and partially offset
by (i) the placement of a deposit with an escrow agent of approximately SGD0.8 million as a result of our initial public offering; (ii)
the payment of deferred financing costs of approximately SGD1.5 million; (iii) the repayment of bank loans of approximately SGD0.3 million;
and (iv) the repayment of controlling shareholder loans of approximately SGD0.8 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the year ended December 31, 2023, our Group recorded net cash used in financing activities of approximately SGD2.9 million, which
was mainly attributable to the repayment of bank loans of approximately SGD1.7 million, repayment of a controlling shareholder loan of SGD0.7 million and payment of deferred financing costs
of $0.4 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Working
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our Group has sufficient working capital for our requirements for at least the next 12 months from the date of this Annual
Report, in the absence of unforeseen circumstances, taking into account the financial resources presently available to us, including
cash and cash equivalents on hand, cash flows from our operations and the net proceeds from our initial public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounts
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
accounts receivable, net, decreased from approximately SGD5.6 million as of December 31, 2022 to approximately SGD4.8 million as of December
31, 2023. The decrease was primarily attributable to a decrease in sales during the year ended December 31, 2023.</span></p>

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did not charge any interest on, or hold any collateral as security over these accounts receivable balances. We generally offer
credit periods of 30 days to 60 days to our customers in respect of the manufacture and sale of cleaning systems and other
equipment, whereas our customers will be offered credit terms of 7 days to 30 days in respect of the provision of centralized
dishwashing services and general cleaning services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the ageing analysis of our accounts receivable, net, based on the invoiced date as of the dates mentioned
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a policy for determining the allowance for impairment based on the evaluation of collectability and ageing analysis of accounts
receivable and on management&#8217;s judgment, including the change in credit quality, the past collection history of each customer and
the current market condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loss allowance for accounts receivable related to a general provision for accounts receivable applying the simplified approach to providing
for expected credit loss(es) (the &#8216;&#8216;ECL(s)&#8217;&#8217;). Credit risk grades are defined using qualitative and quantitative
factors that are indicative of the risk of default. An ECL rate is calculated based on historical loss rates of the industry in which
our customers operate and ageing of the accounts receivable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table sets forth our average accounts receivable turnover days for the years ended December 31, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">86.7</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Average accounts receivable turnover days is calculated as the average of the beginning and ending of accounts receivable balance
for the respective year divided by revenue for the respective year and multiplied the number of days in the respective year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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average accounts receivable turnover days were approximately 86.7 days and 96.7 days for the years ended December 31, 2022 and 2023,
respectively. The increase in average accounts receivable turnover days for the year ended December 31, 2023 was mainly due to slower payment term from certain major customers. During the years ended December 31, 2022 and 2023, the credit term offered to our major
customers ranged from 30 days to 90 days. For details of the credit terms of our top five customers for the years ended December 31,
2022 and 2023, please refer to the section headed &#8216;&#8216;Business &#8211; Our Customers&#8217;&#8217; in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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and 2023, accounts receivable were closely monitored and reviewed on a regular basis to identify any potential non-payment or delay in
payment. Our Group conducted an individual review on each of the customers to determine the impairment, which is aligned with external
credit rating agencies&#8217; definition when it is available or based on other data such as available press information about the customer
and past due status. Although there was improvement in the average accounts receivable turnover days for the year ended December 31,
2023, considering the increase in the balance of accounts receivable as of December 31, 2022, we have further implemented certain procedures
to strengthen our credit control. For instance, we are actively monitoring the credit terms of our customers and follow up on collection
regularly to ensure greater control over our accounts receivable. For details of the background of our top five customers for the years
ended December 31, 2022 and 2023, please refer to the section headed &#8216;&#8216;Business &#8211; Our Customers&#8217;&#8217; in this Annual
Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Prepaid
expenses and other current assets, net</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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expenses and other current assets, net of our Group mainly represents advances made to suppliers and prepaid of operating expenses. The following table sets forth the breakdown of the prepaid expenses and other current assets, net
as of the dates indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total other receivables, deposits and prepayments increased from approximately SGD2.2 million as of December 31, 2022 to approximately
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inventory</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Average inventory turnover days is calculated as the average of the beginning and ending of inventory balance for the respective
year divided by cost of purchases for the respective year and multiplied the number of days in the respective year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in inventories of approximately SGD2.2 million and average turnover period was primarily the result of purchasing more raw materials
in anticipation of slower delivery times due to supply chain issues, increased orders received for precision cleaning systems and the
extension of the delivery schedule for certain projects by a major customer to 2024 and 2026. There is no obsolete inventory identified as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounts
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounts
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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general credit terms from our major suppliers are 15 days to 90 days. Our accounts payable decreased from approximately SGD1.8
million as of December 31, 2022 to approximately SGD1.4 million as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table sets forth our average accounts payable turnover days for the years ended December 31, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Average accounts payable turnover days is calculated as the average of the beginning and ending of accounts payable balance for
the respective year divided by cost of revenues for the respective year and multiplied the number of days in the respective year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
average accounts payable turnover days remained relatively within credit term and amounted to approximately 42.4 days for the year ended
December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our accounts payable as of December 31, 2022 have been fully settled.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group did not have any material default in payment of accounts payable during the years ended December 31, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accruals</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accruals
mainly represented expenses related to our listing of our Ordinary Shares, salaries and bonus. As of December 31, 2022, our Group&#8217;s
accruals amounted to approximately SGD0.8 million. Our Group&#8217;s accruals decreased to approximately SGD0.7 million as of December
31, 2023 primarily attributable to the lower accrual of incentive bonuses of approximately SGD0.1 million and professional fees of approximately
SGD0.1 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group did not have any material default in payment of other payables during the years ended December 31, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contract
liabilities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
contract liabilities represent the sales deposits and installments received during the year in respect of machineries still under production
but not yet recognized as revenue under our revenue recognition policies. Our contract liabilities amounted to approximately SGD4.3 million
and SGD7.0 million as of December 31, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bank
indebtedness</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, our bank indebtedness equaled an aggregate of SGD9.4 million of which SGD9.2 million is denominated in Singapore
dollars and bears interest at a variable rate ranging from 1.25% to 1.5% above the Singapore Interbank Offered Rate (&#8220;SIBOR&#8221;)
and SGD0.2 million is denominated in US dollars and bears interest at 1.25% above the London Interbank Offer Rate (&#8220;LIBOR&#8221;).
SGD5.5 million of our bank indebtedness constitutes current liability and S3.9 million constitutes non-current liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our bank indebtedness equaled an aggregate of SGD8.0 million, of which SGD7.8 million is denominated in Singapore
dollars and bears interest at a variable rate ranging from 1.25% to 1.5% above the Singapore Interbank Offered Rate (&#8220;SIBOR&#8221;)
and SGD0.1 million is denominated in US dollars and bears interest at 1.25% above the London Interbank Offer Rate (&#8220;LIBOR&#8221;).
SGD4.2 million of our bank indebtedness constitutes current liability and SGD3.8 million constitutes non-current liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warranty
liabilities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
warranty liabilities during the years ended December 31, 2022 and 2023 mainly represented the provision for warranty for machines sold,
which usually covers a 12-month period from the date on which the machines are delivered. The provision is based on estimates made from
historical warranty data associated with similar products and services. As of December 31, 2022 and 2023, our Group recorded warranty
liabilities of approximately SGD22 thousand and SGD22 thousand, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
taxes payable</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
income taxes payable as of December 31, 2022 were SGD0.3 million and SGD0.1 million as of December 31, 2023. The decrease in income taxes
payable as of December 31, 2023 was mainly due to lower taxable income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Deferred
tax (assets)/liabilities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
deferred tax (assets)/liabilities during the years ended December 31, 2022 and 2023 mainly represented the Singapore tax implication
on the temporary difference between the tax written down value and the net book value of the property, plant and equipment, which are
owned by our Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
commitments</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, our Group did not have any capital commitments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Expenditures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Historical
capital expenditures</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
capital expenditures during the years ended December 31, 2022 and 2023 mainly related to replacement of obsolete equipment. For the years
ended December 31, 2022 and 2023, our capital expenditures in relation to property, plant and equipment were approximately SGD0.8 million
and SGD0.2 million, respectively. We principally funded our capital expenditures through cash flows from operations and borrowings during
the years ended December 31, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements
and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues
and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various
other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments
about the carrying values of assets and liabilities that are not readily apparent from other sources. We have identified certain accounting
policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding
of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal
of our financial conditions and results of operations and require management&#8217;s difficult, subjective, or complex judgment, often
as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods.
Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility
that future events affecting the estimate may differ significantly from management&#8217;s current judgments. While our significant accounting
policies are more fully described in Note 2 to the consolidated financial statements included elsewhere in this Annual Report, we believe
the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company&#8221; as defined under the federal securities laws and, as such, will be subject to reduced public
company reporting requirements. Section 107 of the JOBS Act provides that an &#8220;emerging growth company&#8221; can take advantage
of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting
standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards
and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act. As a result of our election, our financial statements
may not be comparable to those of companies that comply with public company effective dates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use
of Estimates and Assumptions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates
reflected in our consolidated financial statements include the allowance for uncollectible accounts receivable, inventory valuation and
fair value of financial instruments. Actual results could differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
Recognition</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognized our revenue under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC606). We recognize
revenue to depict the transfer of promised goods or services (that is, an asset) to customers in an amount that reflects the consideration
to which we expect to receive in exchange for those goods or services. An asset is transferred when the customer obtains control of that
asset. It also requires us to identify contractual performance obligations and determine whether revenue should be recognized at a point
in time or over time, based on when control of goods and services transfers to a customer. We elected the modified retrospective method
which required a cumulative adjustment to retained earnings instead of retrospectively adjusting prior periods. The adoption of ASC 606
did not have a material impact on the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
achieve that core principle, we apply the five steps defined under Topic 606: (i) identify the contract(s) with a customer, (ii) identify
the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance
obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms,
are identified, the contract has commercial substance and consideration to collect is substantially probable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 340-40,which requires the capitalization of all incremental costs from obtaining and fulfilling a contract with a
customer if such costs are expected to be recovered with the period of more than one year, we capitalize certain contract acquisition
costs consisting primarily of consulting fees, and expect such consulting fees as a result of obtaining customer contracts to be recoverable.
For contracts with the realization period of less than one year, the guidance provides a practical expedient that permits an entity to
immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been
amortized in one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
recognition policies for each type of revenue stream are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Goods and services sold</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize revenue for our goods and services sold when we have satisfied a performance obligation by transferring control of a promised
good or service to the customer. The amount of revenue recognized is the amount of the transaction price allocated to the satisfied performance
obligation, which is the amount of the consideration in the contract to which our Group expects to be entitled in exchange for transferring
the promised goods or services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
may be recognized at a point in time or over time following the timing of satisfaction of the performance obligation. If a performance
obligation is satisfied over time, revenue is recognized based on the percentage of completion reflecting the progress towards complete
satisfaction of that performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Rental of dishware washing machines</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize revenue for our rental of our dishware washing machines on a straight-line basis over the term of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
Accounting Pronouncements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 2 of the notes to the consolidated financial statements included elsewhere in this Annual Report for a discussion of recently issued
accounting standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impact
of Inflation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Monetary Authority of Singapore, the year-over-year percentage changes in the consumer price index for 2021, 2022
and 2023 were 2.3%, 6.1% and 4.8%, respectively. Inflation in Singapore has not materially affected our profitability and operating results.
However, we can provide no assurance that we will be unaffected by higher inflation rates in Singapore in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and Qualitative Disclosures about Market Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to interest rate risk while we have short-term bank loans outstanding. Although interest rates for our short-term loans are
typically fixed for the terms of the loans, the terms are typically twelve months and interest rates are subject to change upon renewal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through in-house research
and analysis of the relevant economy and the underlying obligors and transaction structures. We identify credit risk collectively based
on industry, geography and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the &#8220;probability
of default&#8221; by the customer on its contractual obligations and consider the current financial position of the customer and the
current and likely future exposures to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet
our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures.
When necessary, we will turn to financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Exchange Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
our reporting currency is the U.S. dollar, almost all of our consolidated revenues and consolidated costs and expenses are denominated
in SGD. All of our assets are denominated in SGD. As a result, we are exposed to foreign exchange risk as our revenues and results of operations
may be affected by fluctuations in the exchange rate between the U.S. dollar and SGD. If the SGD depreciates against the U.S. dollar, the
value of our SGD revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. We have not entered
into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_003"></span>Item
6. Directors, Senior Management and Key Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
names, titles and ages of the members of the Company&#8217;s Board of Directors, executive officers and key personnel as of the date
of this Annual Report are as set forth in the below table.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 56%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Executive
    Officers and Directors:</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Bee Yin</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman,
    Executive Director and Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long
    Jia Kwang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Director and Chief Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Independent
    Non-executive Directors:</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singh
    Karmjit</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-executive Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tay
    Jingyan, Gerald</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-executive Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Khoo
    Su Nee, Joanne</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-executive Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Key
    Personnel:</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhao
    Liang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head
    of design department</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wui
    Chin Hou</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Field
    operations manager</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
arrangement or understanding exists between any such director or officer and any other persons pursuant to which any director or executive
officer was elected as a director or executive officer. Our directors are elected annually and serve until their successors take office
or until their death, resignation or removal. The executive officers serve at the pleasure of the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Officers and Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ms.
Hong Bee Yin</i></b> is the founder of our Group, having incorporated JCS in November 1999. Ms. Hong is currently our Chairman, Executive
Director and Chief Executive Officer. She was appointed as our Director on January 29, 2019 and re-designated as our Executive Director
on March 5, 2020. Ms. Hong is primarily responsible for planning and execution of our Group&#8217;s strategies including product innovation
and customization, as well as managing our Group&#8217;s relationship with major customers and suppliers. She is also responsible for
overseeing all day-to-day aspects of our Group&#8217;s operation including production, inventory and material control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
commencing her start-up business, JCS, in November 1999, Ms. Hong has accumulated more than 21 years of operational experience in providing
cleaning solutions for the cleaning industry. Prior to forming our Group, Ms. Hong worked at JLW Property Consultants Pte Ltd. from June
1993 to June 1998 with her last position as assistant manager (Industrial Department). From June 1998 to approximately September 1999,
she worked at JCS Automation Pte Ltd. (now known as JCS Biotech Pte. Ltd.) as marketing manager.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Hong obtained a Diploma in Electronic and Computer Engineering from Ngee Ann Polytechnic, Singapore in August 1993. She also completed
the Tsinghua SEM Indonesia-Singapore Executive Program and SPRING CEO Leadership Circle Program in May 2014 and November 2016, respectively.
Ms. Hong was appointed as the deputy chairman of Singapore Precision Engineering and Technology Association from April 2017 to April
2019, and she has been appointed as the chairman from April 2019 to April 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Long Jia Kwang</i></b> joined our Group as financial controller in December 2014 and was appointed as our Executive Director and Chief
Financial Officer on March 5, 2020. Mr. Long is primarily responsible for managing accounting and finance, human resources and administrative
functions of our Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Long has over 21 years of experience in auditing, accounting and financial management. Prior to joining our Group, Mr. Long worked at
KPMG in Johor Bahru, Malaysia from February 2000 to September 2007 with his last position as deputy audit manager. From October 2007
to October 2014, he worked at KPMG Services Pte. Ltd. in Singapore with his last position being senior manager. Since November 2023,
he has also served as an independent non-executive director of Davis Commodities Limited (a company listed on the Nasdaq Stock Market
(stock code: DTCK)).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Long obtained a Bachelor of Commerce degree from the University of Adelaide, Australia in December 1999. Mr. Long was a certified practicing
accountant of CPA Australia from November 2004 to April 2015, a chartered accountant of the Malaysian Institute of Accountants from September
2006 to February 2010 and a member of the Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public
Accountants of Singapore) since April 2013.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
Non-executive Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ms.
Khoo Su Nee, Joanne</i></b> was appointed as an independent Non-executive Director of the Company on January 19, 2022. Ms. Khoo will
serve as the chairman of the audit committee and as a member of the compensation and nomination committees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Khoo has over 27 years of experience in corporate finance and business advisory services. Ms. Khoo started her career at PricewaterhouseCoopers
in January 1997 and her last position was senior associate in February 2000. From May 2000 to August 2004, she worked at Stone Forest
Consulting Pte Ltd., a business advisory company, and her last position was an assistant manager. She was responsible for providing consultancy
services including IPO advisory, working capital consulting, business turnaround and profit improvement. Ms. Khoo worked in the corporate
finance industry at several companies, which include (i) Hong Leong Finance Limited from September 2004 to November 2005 as an assistant
vice president; (ii) Phillip Securities Pte Ltd. from November 2005 to January 2008 as an assistant vice president; and (iii) Canaccord
Genuity Singapore Pte. Ltd. (formerly known as Collins Stewart Pte. Limited) from February 2008 to October 2012 with her last position
as a director. She founded and has acted as an executive director of Bowmen Capital Private Limited, a management consultancy company,
since February 2013. From October 2019 to April 2020, she also served as a director of PayLinks Pte. Ltd., a financial service company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Khoo served as an independent director of Kitchen Culture Holdings Limited (a company listed on the Catalist of the Singapore
Exchange Limited (stock code: SGX:5TI)) from October 2012 to February 2019. Since January 2014, she has served as an independent
director of Teho International Inc Ltd. (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5OQ)).
Ms. Khoo served as an independent director of Excelpoint Technology Ltd. (a company listed on the main board of the Singapore
Exchange Limited (stock code: SGX: BDF)) from September 2016 to April 2022. She has also served as an independent non-executive
director of Xamble Group Limited, formerly known as Netccentric Limited (a company listed on The Australian Securities Exchange
(stock code: ASX: XGL)) since July 2017. Since June 2020, she has also served as an independent non-executive director of ES Group
(Holdings) Limited (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5RC). Since February 2024,
she has also served as an independent non-executive director of Ryde Group Ltd (a company listed on the NYSE American (stock code:
NYSE AMERICAN:RYDE).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Khoo obtained a Bachelor of Business degree in Accountancy from Royal Melbourne Institute of Technology in November 1997. She was admitted
as a Certified Practicing Accountant of the CPA Australia in October 1999 and a Chartered Accountant of the Malaysian Institute of Accountants
in July 2000. Ms. Khoo was a member of the Women Corporate Directors from September 2018 to June 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Karmjit Singh </i></b>was appointed as a Non-executive Director of the Company on March 5, 2020 and redesignated as our independent Non-executive
Director on November 12, 2021. Mr. Singh serves as the chairman of the nomination committee and as a member of the audit and compensation
committees. Mr. Singh is primarily responsible for providing guidance to the management team on corporate strategies and governance matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Singh has over 46 years of experience in business management. From 1974 to 1998, Mr. Singh worked at Singapore Airlines Limited serving
in a variety of managerial capacities covering corporate affairs, planning, aviation fuel and administrative services. Mr. Singh joined
SATS Ltd. in July 1998 as the chief executive of SATS Airport Services Pte Ltd. and then became the chief operating officer of SATS Ltd.
in July 2004 overseeing the ground handling and inflight catering operation of the SATS group of companies until his retirement in September
2009. He then became the consultant to the president and chief executive officer of SATS Ltd. from October 2009 until September 2010.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Singh has been an independent director of Keppel Telecommunications &amp; Transportation Ltd. since October 2020, chairman of that company&#8217;s
nominating committee from October 2012 to July 2019, a member of its audit committee from January 2011 to July 2019 and a member of its
board safety committee since July 2019. Keppel Telecommunications &amp; Transportation Ltd. was listed on Singapore Exchange Limited
(stock code: K11) and subsequently delisted on May 8, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Singh obtained a Bachelor of Arts degree in Geography from the National University of Singapore in June 1970. Mr. Singh has been actively
engaged in prominent civil and industry affairs in Singapore. Mr. Singh has served as the chairman of Chartered Institute of Logistics
and Transport Singapore since 1994. Mr. Singh was a council member of the Public Transport Council, Singapore from August 2005 to May
2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Tay Jingyan, Gerald</i></b> was appointed as an independent Non-executive Director of the Company on January 19, 2022. Mr. Tay will serve
as chairman of the compensation committee and as a member of the audit and nomination committees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tay has over 19 years of experience in business management and financial advisory services. Since October 2014, Mr. Tay has been the
group chief executive officer of TPS Group Alliance, an alliance of companies offering a variety of professional services including corporate
services, statutory compliance, accounting, corporate advisory, real estate and family office services. Mr. Tay worked with TPS Group
Alliance as an associate from January 2005 until his promotion as the chief executive officer. From August 2013 to January 2014 and from
May 2014 to the present, Mr. Tay was and has also been a director of Capilion Corporation Pte. Ltd., a company together with companies
within its group engaging in private equity, corporate services, real estate and financial securities. Mr. Tay also founded and has acted
as the director of Excelsus Tech Pte Ltd. (formerly known as Excelsus Capital Pte. Ltd.), a holding company for technology-related businesses
and projects, since February 2014, and Galacthor International Pte Ltd, a company for general physical commodities trading, since December
2011.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tay obtained a Bachelor of Arts degree in Communication from the University at Buffalo, The State University of New York in February
2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Personnel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Zhao Liang</i></b> joined our Group as the head of the design department in October 2010 and is mainly responsible for leading the design
of the mechanical and process aspects of cleaning systems and other equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Zhao has over 15 years of experience in engineering and mechanical design. From February 2006 to September 2010, Mr. Zhao worked in JCS
Automation Pte Ltd. with his last position as the head of the design department.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Zhao obtained a Bachelor of Engineering degree in Mechanical Engineering from the Nanyang Technological University, Singapore in February
2012 and a Master of Science degree in Management from the Singapore Management University in August 2016.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Wui Chin Hou </i></b>is the field operations manager of our Group and is mainly responsible for managing the operation of dishwashing
facilities and the cleaning operation of food courts. Mr. Wui joined our Group in September 2016.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Wui has over 25 years of experience in production management. Prior to joining our Group, Mr. Wui worked at Mitsubishi Chemical Infonics
Pte Ltd. from January 1996 to September 2008 with his last position as a production supervisor. From September 2008 to September 2016,
Mr. Wui worked at Armstrong Industrial Corporation Limited with his last position as an assistant production manager.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Wui obtained a Diploma in Computer Studies from the Comsertrac School of Computer Training in Singapore in June 1992.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among the directors or executive officers of either the Company or its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Committees
of the Board of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has established an audit committee, a compensation committee and a nomination committee, each of which will operate
pursuant to a charter adopted by our board of directors. The board of directors may also establish other committees from time to time
to assist our company and the board of directors. The composition and functioning of all of our committees are intended to comply with
all applicable requirements of the Sarbanes-Oxley Act of 2002, Nasdaq and SEC rules and regulations, if applicable. Each committee&#8217;s
charter is available on our website at http://www.jecleantech.sg. The reference to our website address does not constitute incorporation
by reference of the information contained at or available through our website, and you should not consider it to be part of this Annual
Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Khoo, Mr. Singh and Mr. Tay will serve on the audit committee, which will be chaired by Ms. Khoo. Our board of directors has determined
that each are &#8220;independent&#8221; for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and
that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated
Ms. Khoo as an &#8220;audit committee financial expert,&#8221; as defined under the applicable rules of the SEC. The audit committee&#8217;s
responsibilities include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing,
    approving the compensation of, and assessing the independence of our independent registered public accounting firm;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving
    auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public
    accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    statements and related disclosures as well as critical accounting policies and practices used by us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">coordinating
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
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    audit committee&#8217;s review and discussions with management and our independent registered public accounting firm, whether our
    audited financial statements shall be included in our Annual Report on Form 20-F;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuously
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
26, 2024, our Board of Directors approved an amendment to the audit committee charter (the &#8220;Audit Committee Charter&#8221;)
pursuant to which it adopted a cybersecurity policy (the &#8220;Cybersecurity Policy&#8221;) and further resolved that the audit
committee will have full authority and power to implement the Cybersecurity Policy. The Audit Committee Charter provides the members
of the Audit Committee with authorization and authority to conduct continuous analysis of and review for any potential cybersecurity
risks as part of the Company&#8217;s overall risk management program and to create a cyber-resilient organization, which will
contribute to the value preservation of the Company. The Audit Committee Charter further provides authority and responsibility to
the members of the audit committee to: (i) understand the economic drivers and impact of cyber-risk, including the financial impact
to our Company; (ii) align cyber-risk management policies with our business needs by integrating cyber-risk analysis into
significant business decisions; (iii) ensure our organizational structure supports cybersecurity goals; and (iv) incorporate
cybersecurity expertise into board governance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional information regarding our Cybersecurity Policy, please refer to Item 16K included in this Annual Report on Form 20-F for the
year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tay, Ms. Khoo and Mr. Singh will serve on the compensation committee, which will be chaired by Mr. Tay. Our board of directors has determined
that each such member satisfies the &#8220;independence&#8221; requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock
Market. The compensation committee&#8217;s responsibilities include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation
    matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified
    in the applicable Nasdaq rules;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retaining
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
December 1, 2023, our Board of Directors amended the compensation committee charter (the &#8220;Compensation Committee Charter&#8221;)
so as to include a compensation recovery policy (the &#8220;Compensation Recovery Policy&#8221;) and to give the compensation committee
full authority and power to implement that policy. The Compensation Committee Charter provides the members of the compensation committee
with authorization and authority to carry out such duties and responsibilities associated with the Compensation Recovery Policy. The
compensation committee shall, in the event of a restatement of the Company&#8217;s financial statements, have the authority and power
to: (i) determine such executive officers who served at any time during the performance period for the incentive-based compensation;
(ii) determine the relevant recovery period; (iii) determine the amount of incentive-based compensation that must be subject to the Company&#8217;s
Compensation Recovery Policy and establish procedures for recovery; (iv) maintain documentation of the above-referenced determinations;
and (v) prepare and have filed all disclosures with respect to the Compensation Recovery Policy in accordance with federal securities
laws, including the disclosure required in the applicable Securities and Exchange Commission filings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 to this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nomination
committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Singh, Ms. Khoo and Mr. Tay and will serve on the nomination committee, which will be chaired by Mr. Singh. Our board of directors has
determined that each member of the nomination committee is &#8220;independent&#8221; as defined in the applicable Nasdaq rules. The nomination
committee&#8217;s responsibilities include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
    and recommending to the board of directors criteria for board and committee membership;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    to advise us.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we do not have a formal policy regarding board diversity, our nomination committee and board of directors will consider a broad range
of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national
origin). Our nomination committee&#8217;s and board of directors&#8217; priority in selecting board members is identification of persons
who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute
positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and
professional and personal experience and expertise relevant to our growth strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Private Issuer Status</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such
as us, to follow &#8220;home country&#8221; corporate governance practices in lieu of the otherwise applicable corporate governance standards
of the Nasdaq. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not
follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance
standard. We currently follow Cayman Islands corporate governance practices in lieu of the corporate governance requirements of the Nasdaq
in respect of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    requirement under Section 5605(d) of the Nasdaq listing rules that a compensation committee comprised solely of independent directors
    governed by a compensation committee charter oversee executive compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    either a majority of the independent directors or a nominations committee comprised solely of independent directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    requirement under Section 5605(b)(2) of the Nasdaq listing rules that the independent directors have regularly scheduled meetings
    with only the independent directors present.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Conduct and Code of Ethics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief
executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. A current
copy of this code is posted on the Corporate Governance section of our website, which is located at http://www.jecleantech.sg. The information
on our website is deemed not to be incorporated in this Annual Report or to be a part of this Annual Report. We intend to disclose any
amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers
and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance
rules of the Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, we paid an aggregate of SGD952,000 as compensation to our directors, our executive officers and our
key employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not set aside or accrue any amounts to provide pension, retirement or similar benefits for directors and officers for the year ended
December 31, 2022 and 2023 other than contributions to our Provident Fund Plan as social insurances and housing provident fund, which
aggregated SGD63,000 and SGD68,000 for officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Recovery Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required by the listing standards of the Nasdaq Listing Rules, Rule 10D under the Exchange Act, and Rule 10D-1 under the Exchange Act,
the Compensation Committee of the Board of Directors has adopted a compensation recovery policy, also known as a clawback policy (the
&#8220;Compensation Recovery Policy&#8221;), effective December 1, 2023. In the event of a restatement of the Company&#8217;s financial
statements, the Compensation Recovery Policy requires the Company to recover the incremental portion of any incentive-based compensation
received by any current or former executive officer of the Company that was in excess of the amount the officer would have received had his or her incentive compensation
been determined based on the restated financial statements. Events requiring a restatement of financial statements include the material
noncompliance of the Company with any financial reporting requirements under the securities laws, including any required accounting restatement
to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that
would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
and after the last completed fiscal year, the Company was not required to prepare an accounting restatement that required recovery of
erroneously awarded compensation pursuant to the registrant&#8217;s Compensation Recovery Policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 to this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Employment Agreements with Executive Directors</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Employment Agreement
with Hong Bee Yin</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Effective
as of January 1, 2014, we entered into an employment agreement with Hong Bee Yin pursuant to which she was employed as Executive Director
of JCS-Echigo Pte Ltd. The agreement provides for an annual base salary of SGD300,000 and annual base director fee of SGD24,000, which amount
may be adjusted from time to time in the discretion of the Company. Under the terms of the agreement, Ms. Hong is entitled to receive
an annual cash bonus in the amount of SGD500,000 for any year in which the Company&#8217;s net profit, after tax, (inclusive of any amounts
payable or to be set aside for all bonuses) equals at least SGD5 million, together with such additional bonus as may be agreed from time
to time with the Company. Ms. Hong&#8217;s employment will continue indefinitely, subject to termination by either party to the agreement
upon 6 months&#8217; prior written notice or the equivalent salary in lieu of such notice. The agreement also contains non-compete and
non-disclosure provisions and restrictions against the unauthorized use of the Company&#8217;s intellectual property. Effective as of
March 5, 2020, we entered into an employment agreement with Hong Bee Yin pursuant to which she was employed as an Executive Director,
Chairman and Chief Executive Officer of JE Cleantech Holdings Limited. The agreement provides for a monthly base director fee of US$6,000.
The other terms stated herein remain unchanged. The aggregate compensation paid to Ms. Hong for the year ended December 31, 2023 were US$352,286.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Employment Agreement
with Long Jia Kwang</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">We entered
into an employment agreement dated September 5, 2014 with Long Jia Kwang pursuant to which he was employed as Financial Controller for
JCS-Echigo Pte Ltd. The agreement provides for a monthly base salary of SGD9,750, plus a transportation allowance of SGD750 per month. These
amounts may be adjusted from time to time. The agreement provides that the Company may, in its discretion, transfer or assign Mr. Long
to any position compatible with that of Financial Controller or to any of the companies in our Group. Under the terms of the agreement,
Mr. Long&#8217;s employment will continue indefinitely, subject to termination by either party to the agreement upon 1 months&#8217; written
notice or the equivalent salary in lieu of such notice. Effective as of March 5, 2020, we entered into an employment agreement with Long
Jia Kwang pursuant to which he was employed as an Executive Director and Chief Financial Officer of JE Cleantech Holdings Limited. The
agreement provides for a monthly base director fee of US$4,000. The other terms stated herein remain unchanged. The aggregate compensation
paid to Mr. Long for the year ended December 31, 2023 was US$162,191.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Independent Non-Executive
Directors&#8217; Agreements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Each
of our independent Non-executive Directors has entered into a Director&#8217;s Agreement with the Company and where relevant, a subsidiary.
The terms and conditions of such Directors&#8217; Agreements are similar in all material aspects, save for the director&#8217;s fees.
Each Director&#8217;s Agreement is for an initial term of one year and will continue until the independent Non-executive Director&#8217;s
successor is duly elected and qualified. Each independent Non-executive Director will be up for re-election each year at the annual shareholders&#8217;
meeting and, upon re-election, the terms and provisions of his or her Director&#8217;s Agreement will remain in full force and effect.
Any such Director&#8217;s Agreement may be terminated for any or no reason by the independent Non-executive Director or at a meeting called
expressly for that purpose by a vote of the shareholders holding more than 50% of the Company&#8217;s issued and outstanding Ordinary
Shares entitled to vote.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Other
than as disclosed above, none of our independent Non-executive Directors has entered into a service agreement with our Company or any
of our subsidiaries that provides for benefits upon termination of employment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnification
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify
our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made
by reason of their being a director or officer of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the end of 2023, we employed a total of 103 persons, 54 of whom are employed by JCS-Echigo and 49 of which are employed by Hygiea.
Employees are not covered by collective bargaining agreements. We consider our labor practices and employee relations to be good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_004"></span>Item
7. Major Shareholders and Related Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not directly or indirectly owned or controlled by any foreign government or by another corporation. The following table sets forth
the number of the Company&#8217;s ordinary shares beneficially owned as of December 31, 2023 by (i) those persons or groups known to
beneficially own more than 5% of our ordinary shares; (ii) each executive officer and director; and (iv) all directors and executive
officers as a group. The information is determined in accordance with Rule 13d-3 promulgated under the Exchange Act. Under those rules,
beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment power and also any
shares which the individual has the right to acquire within 60 days of the date hereof, through the exercise or conversion of any stock
option, convertible security, warrant or other right. Including those shares in the tables does not, however, constitute an admission
that the named stockholder is a direct or indirect beneficial owner of those shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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as indicated below, the stockholders listed possess sole voting and investment power with respect to their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-decoration: underline">5% Shareholders:</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Based on 5,006,666 shares outstanding as of the date of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no arrangements known to us that may at a subsequent date result in a change in control of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and
all such transactions be approved by the committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below are related party transactions of our Company for the years ended December 31, 2021, 2022 and 2023, which are identified
in accordance with the rules prescribed under Form 20-F and may not be considered as related party transactions under Singapore law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 24, 2021, prior to the reorganization and the Company&#8217;s initial public offering, the Company declared a dividend of SGD
2.9 million (approximately US$2.1 million) payable in cash to its shareholders-JE Cleantech Global Limited, which is wholly-owned by
Ms. Hong Bee Yin, the Company&#8217;s controlling shareholder, and Triple Business Limited. The dividend was subsequently paid in full.
Of this amount, SGD 2.5 million (approximately US$1.9 million) was paid to JE Cleantech Global Limited and SGD 406,000 (approximately
US$0.3 million was paid to Triple Business Limited. On October 5, 2021, the Company entered into a loan facility agreement with Ms. Hong
Bee Yin, the Company&#8217;s controlling shareholder, for a revolving loan facility of up to approximately SGD 1.4 million (approximately US$ 1.1 million) for general
working capital and general corporate purposes, including the payment of expenses related to the Company&#8217;s initiative to raise capital
through an initial public offering and simultaneous listing of the Company&#8217;s ordinary shares on a globally recognized stock exchange.
Ms. Hong and the Company entered into a subsequent revolving loan facility on October 6, 2021 in the amount of SGD 1.0 million (approximately
US$ 0.7 million) to be used for the same purposes. The total amount of the revolving loan facility of approximately SGD 2.4 million (approximately
US$ 1.8 million) from Ms. Hong Bee Yin, the Company&#8217;s controlling shareholder, is non-trade, unsecured, interest-free and payable
on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the financial years ended December 31, 2021 and 2022, an amount
of SGD 1.5 million (approximately US$ 1.2 million) and SGD 0.6 million (approximately US$ 0.5 million), respectively, were drawn down
from the original revolving loan facility made available by Ms. Hong Bee Yin to the Company in 2021. In the financial year ended December
31, 2022 and 2023, the Company made a repayment of SGD 1.4 million (approximately US$ 1.1 million) and SGD 0.7 million (approximately
US$ 0.6 million), respectively, to Ms. Hong Bee Yin. As of December 31, 2023, the amount of outstanding loan owed to Ms. Hong Bee Yin
is Nil.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the above-mentioned disclosure, there were no significant related party transactions conducted during the years ended December 31,
2021, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
of Experts and Counsel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_005"></span>Item
8. Financial Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Consolidated Financial Statements are set forth under Item 18. - &#8220;Financial Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_006"></span>Item
9. The Offer and Listing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
and Listing Details</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares commenced trading on the Nasdaq Capital Market on April 22, 2022 under the symbol &#8220;JCSE.&#8221; Subsequent to the
effective date of the Share Consolidation, our CUSIP number for our Ordinary Shares changed to G50875 205.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Agent</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for the ordinary shares of the Company is VStock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598;
telephone: 212-828-8436, toll-free: 855-9VSTOCK; Facsimile: 646-536-3179.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_007"></span>Item
10. Additional Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated with limited liability in the Cayman Islands. Our affairs are governed by our Amended Memorandum
and Articles of Association, the Companies Act and the common law of the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, our authorized share capital is US$100,000 divided into 33,333,333.33 Ordinary Shares, par value US$0.003
each.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of certain material provisions of our Amended and Restated Memorandum of Association and our Amended and Restated
Articles of Association and of the Companies Act insofar as they relate to the material terms of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered
form. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of our Ordinary Shares are entitled to such dividends as may be declared by our shareholders or board of directors subject to
the Companies Act and to the Articles of Association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting
Rights</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
ordinary share is entitled to one vote on all matters upon which the Ordinary Shares are entitled to vote. Voting at any meeting of shareholders
is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one shareholder present
in person or by proxy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
ordinary resolution to be passed by the shareholders requires the affirmative vote of a simple majority of votes attached to the Ordinary
Shares cast in a general meeting, while a special resolution requires the affirmative vote of no less than two-thirds of votes cast attached
to the Ordinary Shares. A special resolution will be required for important matters such as a change of name or making changes to our
memorandum and Articles of Association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transfer
of Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the restrictions contained in our Articles of Association, as applicable, any of our shareholders may transfer all or any of his or
her Ordinary Shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share. Our board of directors may
also decline to register any transfer of any ordinary share unless:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other
    evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Ordinary Shares transferred are fully paid and free of any lien in favor of us; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    fee related to the transfer has been paid to us; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    transfer is not to more than four joint holders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of Ordinary Shares), assets available
for distribution among the holders of Ordinary Shares shall be distributed among the holders of the Ordinary Shares on a <i>pro rata
</i>basis. If our assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed
so that the losses are borne by our shareholders proportionately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Calls
on Ordinary Shares and Forfeiture of Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares. The Ordinary Shares
that have been called upon and remain unpaid are subject to forfeiture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption
of Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Companies Act and other applicable law, we may issue shares on terms that are subject to redemption, at our
option or at the option of the holders, on such terms and in such manner, including out of capital, as may be determined by the board
of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Variations
of Rights of Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
at any time, our share capital is divided into different classes of shares, all or any of the special rights attached to any class of
shares may, subject to the provisions of the Companies Act, be varied with the sanction of a special resolution passed at a general meeting
of the holders of the shares of that class. Consequently, the rights of any class of shares cannot be detrimentally altered without a
majority of two-thirds of the vote of all of the shares in that class. The rights conferred upon the holders of the shares of any class
issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class,
be deemed to be varied by the creation or issue of further shares ranking <i>pari passu </i>with such existing class of shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
Meetings of Shareholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#8217;
meetings may be convened by a majority of our board of directors or our chairman. Advance notice of at least ten clear days is required
for the convening of our annual general shareholders&#8217; meeting and any other general meeting of our shareholders. A quorum required
for a meeting of shareholders consists of at least two shareholders present or by proxy, representing not less than one-third in nominal
value of the total issued voting shares in our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inspection
of Books and Records</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or
our corporate records. However, we will in our Articles of Association provide our shareholders with the right to inspect our list of
shareholders and to receive annual audited financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Capital</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may from time to time by ordinary resolution:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase
    the share capital by such sum, to be divided into shares of such classes and amount, as the resolution shall prescribe;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consolidate
    and divide all or any of our share capital into shares of a larger amount than our existing shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sub-divide
    our existing shares, or any of them into shares of a smaller amount; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cancel
    any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish
    the amount of our share capital by the amount of the shares so cancelled.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may by special resolution reduce our share capital or any capital redemption reserve in any manner permitted by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
and Articles of Incorporation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company with limited liability under the Companies Act of the Cayman Islands. The Companies Act in the Cayman Islands
distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts
business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company
are essentially the same as for an ordinary company except for the exemptions and privileges listed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company&#8217;s register of members is not open to inspection;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company does not have to hold an annual general meeting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
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    20 years in the first instance);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a limited duration company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a segregated portfolio company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Limited
liability&#8221; means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company. We are subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers.
We currently comply with the Nasdaq Rules in lieu of following home country practice. The Nasdaq Rules require that every company listed
on Nasdaq hold an annual general meeting of shareholders. In addition, our Articles of Association allow directors to call special meetings
of shareholders pursuant to the procedures set forth in our Articles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mergers
and Similar Arrangements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by (a) a majority in number representing seventy-five percent (75%) in value
of the shareholders voting together as one class and (b) if the shares to be issued to each shareholder in the surviving company are
to have the same rights and economic value as the shares held in the constituent company, a special resolution of the shareholders voting
together as one class.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders.
For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by
the parent company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save
in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares
upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for
the right to seek relief on the grounds that the merger or consolidation is void or unlawful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement
is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must,
in addition, represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and
voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently
the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express
to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines
that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    statutory provisions as to the required majority vote have been met;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion
    of the minority to promote interests adverse to those of the class;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
a takeover offer is made and accepted within four months by holders of 90% of the shares that are the subject of the offer, the offeror
may, within a two-month period commencing on the expiration of such four month period, require the holders of the remaining shares to
transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely
to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash
for the judicially determined value of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders&#8217;
Suits</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions
to the foregoing principle, including when:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company acts or proposes to act illegally or ultra vires;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has
    not been obtained; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
    who control the company are perpetrating a &#8220;fraud on the minority&#8221;.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indemnification
of Directors and Executive Officers and Limitation of Liability</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands law does not limit the extent to which a company&#8217;s articles of association may provide for indemnification of officers
and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such
as to provide indemnification against civil fraud or the consequences of committing a crime. Our Articles of Association permit indemnification
of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages
arise from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted
under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements
with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided
in our Articles of Association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-Takeover
Provisions in the Memorandum and Articles of Association</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
provisions of our Amended Memorandum and Articles of Association may discourage, delay or prevent a change in control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without
any further vote or action by our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum and Articles
of Association, as amended and restated from time to time, for what they believe in good faith to be in the best interests of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors&#8217;
Fiduciary Duties</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty
has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use
his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best
interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder
and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis,
in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company - a duty to act bona fide in the best interests of the
company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not
to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third
party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that
a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a
person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with
regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholder
Action by Written Consent</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. Our Articles of Association provide that any action required or permitted to be taken at general meetings
of the Company may only be taken upon the vote of shareholders at general meeting and shareholders may not approve corporate matters
by way of a unanimous written resolution without a meeting being held.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholder
Proposals</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
Cayman Islands law nor our Articles of Association allow our shareholders to requisition a shareholders&#8217; meeting. As an exempted
Cayman Islands company, we are not obliged by law to call shareholders&#8217; annual general meetings. However, our Articles of Association
require us to call such meetings every year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cumulative
Voting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative
voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder
to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder&#8217;s voting power
with respect to electing such director. As permitted under Cayman Islands law, our Articles of Association do not provide for cumulative
voting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Removal
of Directors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Articles of Association, directors may be removed by ordinary resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transactions
with Interested Shareholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an &#8220;interested shareholder&#8221; for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target&#8217;s
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination
or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware
corporation to negotiate the terms of any acquisition transaction with the target&#8217;s board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business
combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders,
it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate
purpose and not with the effect of constituting a fraud on the minority shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dissolution;
Winding Up</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors
may it be approved by a simple majority of the corporation&#8217;s outstanding shares. Delaware law allows a Delaware corporation to
include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.
Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution
of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has
authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable
to do so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Act of the Cayman Islands and our Articles of Association, our company may be dissolved, liquidated or wound up by the
vote of holders of two-thirds of our shares voting at a meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Variation
of Rights of Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our Articles of Association,
if our share capital is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction
of a special resolution passed at a general meeting of the holders of the shares of that class.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendment
of Governing Documents</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Delaware General Corporation Act, a corporation&#8217;s governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law,
our Amended Memorandum and Articles of Association may only be amended by special resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights
of Non-Resident or Foreign Shareholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no limitations imposed by our Amended Memorandum and Articles of Association on the rights of non-resident or foreign shareholders
to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended Memorandum and Articles of Association
governing the ownership threshold above which shareholder ownership must be disclosed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors&#8217;
Power to Issue Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to applicable law, our board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred,
deferred, qualified or other special rights or restrictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
Contracts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
other material contracts, other than those entered into in the ordinary course of business, are described in Item 4 and Item 6, or elsewhere
in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
and Dividend Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
dividends have been declared or paid by the companies comprising our Group for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a dividend policy, according to which our board of directors shall take into account, among other things, the following
factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b)
cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim
dividend paid, if any; (g) capital requirement and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions;
(j) any restrictions on payment of dividends; and (k) any other factors that our board may consider relevant. The payment of dividends,
in certain circumstances is also subject to the approval of our Shareholders, the Cayman Islands Companies Act and our Articles of Association
as well as any other applicable laws. Currently, we do not have any predetermined dividend distribution ratio.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings,
capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors
may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries
to pay dividends on our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
Controls</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation
of our significant subsidiaries that would affect the payment or remittance of dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our Ordinary Shares by U.S. Holders (as defined below) that hold our Ordinary Shares as &#8220;capital assets&#8221; (generally, property
held for investment) under the United States Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). This discussion is based
upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive
effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion
does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their
specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks),
cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of
accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and
tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly,
or constructively) 10% or more of our stock (by vote or value), investors that will hold their Ordinary Shares as part of a straddle,
hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders
that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those
summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such
as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net
investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United
States income and other tax considerations of an investment in our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of our Ordinary Shares that is, for United States federal
income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated
as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any
state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal
income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of
a United States court and which has one or more United States persons who have the authority to control all substantial decisions of
the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial
owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner
as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in
such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment
in our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld
therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings
and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year
received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings
and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent
of the U.S. Holder&#8217;s adjusted tax basis, determined for federal income tax purposes, in the Ordinary Shares with respect to which
the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information
necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be
unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution
as a &#8220;dividend&#8221; for United States federal income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will
generally constitute passive category income. Depending on the U.S. Holder&#8217;s particular facts and circumstances, a U.S. Holder
may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes
imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not
elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes,
in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes.
The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability
of the foreign tax credit under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a
spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign
currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income
tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the
date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the
foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign
currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the
foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources
within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the
treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars
on a date subsequent to receipt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sale
or Other Disposition of Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Ordinary Shares, in an amount equal to
the difference between the amount realized and the U.S. Holder&#8217;s adjusted tax basis, determined for federal income tax purposes,
in such Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the
Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign
tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who
are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on
a disposition of our Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of our Ordinary Shares will
realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary
Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date).
An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize
foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange
rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency
received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition
or conversion of the currency will be United States source ordinary income or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Considerations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a &#8220;passive
foreign investment company,&#8221; or &#8220;PFIC&#8221; if, in the case of any particular taxable year, either (a) 75% or more of our
gross income for such year consists of certain types of &#8220;passive&#8221; income or (b) 50% or more of the value of our assets (generally
determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon
our current and expected income and assets, including goodwill, and taking into account the market price of our Ordinary Shares, we do
not expect to be a PFIC for the current taxable year or the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or
will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification
of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current
or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and
other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition
of our income and assets may also be affected by how, and how quickly, we use our liquid assets. It is also possible that the Internal
Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs
(a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming
a PFIC for the current or future taxable years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution
that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than
125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding period
for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge,
of Ordinary Shares. Under the PFIC rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    excess distribution and/or gain will be allocated ratably over the U.S. Holder&#8217;s holding period for the Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    amount allocated to the current taxable year and any taxable years in the U.S. Holder&#8217;s holding period prior to the first taxable
    year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
    applicable to the U.S. Holder for that year; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year,
    other than a pre-PFIC year.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and we own any equity in a non-United States
entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the
shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors
regarding the application of the PFIC rules to any of the entities in which we may own equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an alternative to the foregoing rules, a U.S. Holder of &#8220;marketable stock&#8221; in a PFIC may make a mark-to-market election with
respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly
traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines
is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value.
Our Ordinary Shares have been approved for listing on Nasdaq under the symbol JCSE. However, we cannot guarantee that, once listed, our
Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors
as to whether the Ordinary Shares are considered marketable for these purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary
income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the
taxable year over its adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted
tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end
of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.
The U.S. Holder&#8217;s adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the
mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized
upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss,
but only to the extent of the net amount previously included in income as a result of the mark-to-market election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not
be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market
election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder&#8217;s
indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an
annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder
if we are or become a PFIC, including the possibility of making a mark-to-market election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
on Display</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may read and copy documents referred to in this Annual Report on Form 20-F that have been filed with the SEC at the SEC&#8217;s Public
Reference Room, 450 Fifth Street, N.W., Washington, D.C. You may obtain information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. You can also obtain copies of our SEC filings by going to the SEC&#8217;s website at http://www.sec.gov.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC allows us to &#8220;incorporate by reference&#8221; the information we file with the SEC. This means that we can disclose important
information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered
to be part of this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_008"></span>Item
11. Quantitative and Qualitative Disclosures About Market Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
Rate Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently not subject to significant interest rate risk due to its lack of outstanding loans or large deposit accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Currency Exchange Rates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is exposed to certain foreign currency exchange risks as our reporting currency is Singapore dollars and our overseas sales
and procurement were denominated in United States dollars during the years ended December 31, 2021, 2022 and 2023. To the extent that
our Group&#8217;s sales and purchases and operating costs are not denominated in the same currency and to the extent that there are timing
differences between invoicing and payment from our customers and to our suppliers, we may be exposed to foreign currency exchange gains
or losses arising from transactions in currencies other than our reporting currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_009"></span>Item
12. Description of Securities Other Than Equity Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_010"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_011"></span>Item
13. Defaults, Dividend Arrearages and Delinquencies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_012"></span>Item
14. Material Modifications to the Rights of Security Holders and Use of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_013"></span>Item
15. Controls and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e)
and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports
that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the SEC&#8217;s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the issuer&#8217;s management, including its principal executive officer or officers and principal financial officer
or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the end of the period covered by this Annual Report, our Chief Executive Officer and Principal Accounting Officer (the &#8220;Certifying
Officer&#8221;), conducted an evaluation of our disclosure controls and procedures. Based on this evaluation, the Certifying Officer
has concluded that our disclosure controls and procedures were effective to ensure that material information is recorded, processed,
summarized and reported by our management on a timely basis in order to comply with our disclosure obligations under the Exchange Act
and the rules and regulations promulgated thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management&#8217;s
Report on Internal Control over Financial Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)).
The Company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the
Company conducted an evaluation of the effectiveness of the Company&#8217;s internal control over financial reporting as of December
31, 2023 using the criteria established in &#8220;Internal Control - Integrated Framework&#8221; issued by the Committee of Sponsoring
Organizations of the Treadway Commission (&#8220;COSO&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Company&#8217;s annual or interim financial statements will not be prevented
or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of December 31,
2023, the Company determined that there were no control deficiencies that constituted material weaknesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Internal Control over Financial Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period ended December 31, 2023, there was no change in the Company&#8217;s internal control over financial reporting period covered
by this Annual Report that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control
over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_014"></span>Item
16. Reserved</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_015"></span>Item
16A. Audit Committee Financial Expert</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has determined that the Company has at least one audit committee financial expert serving on its audit committee.
Our board of directors has determined that each member of our audit committee is &#8220;independent&#8221; for audit committee purposes
as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters
to serve on the audit committee. Our board of directors has designated Ms. Khoo as an &#8220;audit committee financial expert,&#8221;
as defined under the applicable rules of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_016"></span>Item
16B. Code of Ethics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including
our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions.
A current copy of this code is posted on the Corporate Governance section of our website, which is located at http://www.jecleantech.sg.
The information on our website is deemed not to be incorporated in or to be a part of this Annual Report. We intend to disclose any amendments
to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior
finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules
of Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_017"></span>Item
16C. Principal Accountant Fees and Services</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the fees billed to us by our auditors during the years ended December 31, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                            Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                            Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2023</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 60%"><span style="font-family: Times New Roman, Times, Serif">Audit Fees</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: right; width: 16%"><span style="font-family: Times New Roman, Times, Serif">100,000</span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: right; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,000</span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Audit Related Fees</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax Fees</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">All Other Fees</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Fees </i>consist of the aggregate fees billed for professional services rendered for the audit of our annual financial statements and
the reviews of the financial statements included in our Forms 6-K and for any other services that were normally provided by our independent
auditor in connection with our statutory and regulatory filings or engagements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Related Fees </i>consist of the aggregate fees billed for professional services rendered for assurance and related services that were
reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit Fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax
Fees </i>consist of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning. Included
in such Tax Fees are fees for preparation of our tax returns and consultancy and advice on other tax planning matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>All
Other Fees </i>consist of the aggregate fees billed for products and services provided by our independent auditor and not otherwise included
in Audit Fees, Audit Related Fees or Tax Fees. Included in such Other Fees would be fees for services rendered by our independent auditor
in connection with any private and public offerings conducted during such periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_018"></span>Item
16D. Exemptions from the Listing Standards for Audit Committees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards. However, our audit committee is required to comply
with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on Nasdaq. Therefore, we have a fully
independent audit committee in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our
audit committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including
the requirements to have a minimum of three members and to affirmatively determine that all members are &#8220;independent,&#8221; using
more stringent criteria than those applicable to us as a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_019"></span>Item
16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_020"></span>Item
16F. Changes in Registrant&#8217;s Certifying Accountants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_021"></span>Item
16G. Corporate Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_022"></span>Item
16H. Mine Safety Disclosure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_023"></span>Item
16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_024"></span>Item
16J. Insider Trading Policies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted an insider trading policy governing the purchase, sale and other dispositions of its securities by directors, senior
management and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations
and the listing standards of the Nasdaq Capital Market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_025"></span>Item
16K. Cybersecurity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted a cybersecurity risk policy governing the establishment and application of certain procedures and safeguards to identify
potential cybersecurity risks and, in the event of a cybersecurity breach, the protocol for disclosing to the Securities and Exchange
Commission, including possible remedies. We review cybersecurity risk as part of our overall risk-management program. This ensures that
cybersecurity risk management remains a meaningful priority in our business strategy and operations. Our risk management strategy for
cybersecurity generally includes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Identification</i>:
                                            We aim to proactively identify the manners in which our business could be materially impacted
                                            by cybersecurity risks.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Assessment</i>:
                                            We periodically assess our risks relating to cybersecurity threats, including risks relating
                                            to our reliance on third parties. In so doing, we consider the likelihood and impact that
                                            could result from the manifesting of such risks, together with the sufficiency of existing
                                            policies, procedures, systems, and safeguards in place to manage such risks.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management</i>:
                                            If deemed appropriate, we design and implement reasonable safeguards to address any identified
                                            gaps in our existing processes and procedures.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
presently do not engage third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity practices.
The Company did not have any material cybersecurity breaches during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
criteria for determining the materiality of cybersecurity incidents includes assessing potential or actual financial impacts, reputational
damage, and operational disruptions. In the event of a cybersecurity incident, all material and known facts would be recorded, including
their nature, scope, and financial implications; and Form 6-K filings required in relation to any material cybersecurity incident would
be prepared and timely filed (with any reasons for delayed disclosures being documented in writing). The Company believes these steps
will help ensure compliance with SEC requirements and maintain overall stakeholder confidence in the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee of our Board of Directors is the governance body involved in, and ultimately responsible for, cybersecurity oversight.
They will generally coordinate with our Chief Financial Officer in this regard. If needed, the full Board would be updated on cybersecurity
risks and incidents. None of our directors on the Audit Committee nor our Chief Financial Officer have particular experience in cybersecurity
matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a cybersecurity concern or event, our incident response approach would have our Chief Financial Officer report to our Audit
Committee and full Board of Directors, as well as legal counsel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_026"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_027"></span>Item
17. Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_028"></span>Item
18. Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following Financial Statements are filed as part of this Annual Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contents</b></span></td>
    <td style="width: 0.1in">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pages</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_001">Report
    of Independent Registered Public Accounting Firm PCAOB ID No 1171, WWC, P.C, San Mateo, California</a></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_002">Consolidated
    Balance Sheets as of December 31, 2022 and 2023</a></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_003">Consolidated
    Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2022 and 2023</a></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_004">Consolidated
    Statements of Changes in Stockholders&#8217; Equity for the years ended December 31, 2022 and 2023</a></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_005">Consolidated
    Statements of Cash Flows for the years ended December 31, 2022 and 2023</a></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_006">Notes
    to Consolidated Financial Statements</a></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6
    to F-23</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_004.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors and Shareholders of </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JE
    Cleantech Holdings Limited</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of JE Cleantech Holdings Limited and its subsidiaries (collectively the &#8220;Company&#8221;)
as of December 31, 2022 and 2023, and the related consolidated statements of income and comprehensive income (loss), changes in
shareholders&#8217; equity, and cash flows in each of the years for the three-year period ended December 31, 2023, and the related notes
(collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2022 and 2023, and the results of its operations and its cash flows in
each of the years for the three-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the
United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <span id="xdx_901_edei--AuditorName_c20230101__20231231_zNSF9yWJrabh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000052" name="dei:AuditorName">WWC, P.C.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified
    Public Accountants</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCAOB
    ID No.<span id="xdx_90D_edei--AuditorFirmId_c20230101__20231231_zq2CHwuSYnWb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:AuditorFirmId">1171</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have served as the Company&#8217;s auditor since 2021.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--AuditorLocation_c20230101__20231231_ziQ5T2BoqVGc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorLocation">San
                                            Mateo, California</ix:nonNumeric></span></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
     30, 2024</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="form20-f_003.jpg" alt=""/></b></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_002"></span>JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amount
in thousands, except for share and per share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LiabilitiesAbstract_iB_zaHmv4XqGgla" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--LoansPayableCurrent_i02I_maLCzyur_zWwFQA4K4vq" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzyur_zg4ulHroRPcc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Lease payable - current</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--AccountsPayableOtherCurrent_i02I_maLCzyur_zJwWYwdnGMfb" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_ecustom--WarrantyLiabilitiesCurrent_i02I_maLCzyur_z3SjIbfakpwa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Warranty liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="JCSE:WarrantyLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000124" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">22</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--WarrantyLiabilitiesCurrent_iI_pn3n3_uUSD_maCL_c20231231_zPzPp0ZQGxSj" style="text-align: right"><ix:nonFraction name="JCSE:WarrantyLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000126" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--TaxesPayableCurrent_i02I_maLCzyur_zUDNn8olwx" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Income taxes payable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000129" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">149</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_maLCzyur_zHy5grvo5v83" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Contract liabilities</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--OtherLiabilitiesCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--MajorityShareholderMember_maLCzyur_z5T9l5591wV9" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0137">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OtherLiabilitiesCurrent_iI_pn3n3_uUSD_maCL_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--MajorityShareholderMember_zklDvw1Pdoc6" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0138">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--LiabilitiesCurrent_i02TI_maLzzpo_mtLCzyur_za24bxyiefS5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">13,802</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000141" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">13,757</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--LiabilitiesCurrent_iTI_pn3n3_uUSD_mtCL_maTL_c20231231_z1UJlLqYPA61" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000142" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,428</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LongTermLoansPayable_i01I_maLNznad_z0DczcTMTzT8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Bank loans &#8211; non-current</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_maLNznad_zAkVRHyAign2" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 10pt">Lease payable &#8211; non-current</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000148" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">1,406</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000149" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">1,283</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_uUSD_maNCL_c20231231_zhqflUzIoCH" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000150" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">973</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--LiabilitiesNoncurrent_i01TI_maLzzpo_mtLNznad_z0ezXsztBHE1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000153" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">5,023</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--LiabilitiesNoncurrent_iTI_pn3n3_uUSD_mtNCL_maTL_c20231231_zOmbhgGLUqvc" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,808</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--Liabilities_i01TI_mtLzzpo_maLASEzAn1_z2JZwwtspe5j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0D_zRZBKPaH8eud" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zJwRat0BoIZg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000210" xml:lang="en-US">Giving
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_003"></span>JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amount
in thousands, except for share and per share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Income tax expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>
<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_004"></span>JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amount
in thousands, except for share and per share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_404_eus-gaap--NetIncomeLoss_zQnyYLW2o0m5" style="vertical-align: bottom; background-color: White">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span id="xdx_F09_znXbbuluGZuj" style="font-size: 10pt">*</span></td><td style="text-align: justify"><span id="xdx_F16_zlpkf0hNYokd" style="font-size: 10pt"><ix:footnote id="Footnote000507" xml:lang="en-US">Giving retroactive effect to the reverse share split effected which are detailed in Note 15 to the consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_005"></span>JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amount
in thousands, except for share and per share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="width: 40%; text-align: left">Net income</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--DepreciationAndAmortization_i01_maNCPBUzJJp_zPvMB92GBPGl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Depreciation and amortization</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_i01N_di_msNCPBUzJJp_zcyNGh67dbk5" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--GainLossOnSecuritizationOfFinancialAssets_i01N_di_msNCPBUzJJp_z0taLGUf7oTe" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_iB_zfQi2e2736y9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Changes in operating assets:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInInventories_i01N_di_msNCPBUzJJp_z85qStO27Uba" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Increase in inventories</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInAccountsReceivable_i01N_di_msNCPBUzJJp_zwPJtLH433Zd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_i01_maNCPBUzJJp_zWxJnGAVNAga" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000559" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SGD">1,480</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000560" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">374</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--IncreaseDecreaseInContractLiabilities_i01_maNCPBUzJJp_z3Hu2DJgU5lk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Increase of contract liabilities</td><td>&#160;</td>
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  <tr id="xdx_40F_ecustom--IncreaseDecreaseInRepaymentofLeaseLiabilities_i01N_di_msNCPBUzJJp_z9enmPeIylu4" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0572">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iT_mtNCPBUzJJp_maCCERCzk2I_zFqgBOpWwvyk" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Cash provided by/(used in) operating activities</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_maNCPBUzXwH_zG1Qc7NjXN39" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from disposal of property, plant and equipment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0585">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_iN_di_msNCPBUzXwH_zqM7Q5wc7dTk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Purchase of property, plant and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_mtNCPBUzXwH_maCCERCzk2I_zPncWoPD6Ycg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Cash used in investing activities</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--ProceedsFromBankDebt_maNCPBUzHuA_z7bxFHR8dJ5f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Proceeds from bank loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2021-01-012021-12-31" id="Fact000601" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">1,750</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0602">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000603" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">250</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ProceedsFromBankDebt_pn3n3_uUSD_c20230101__20231231_zJRsJewklu1k" title="Proceeds from bank loans" style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000605" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">189</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_maNCPBUzHuA_zNBgGYeUTcLh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net proceeds from/(repayment of) controlling shareholder loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" contextRef="From2021-01-012021-12-31" id="Fact000607" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">1,523</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" contextRef="From2022-01-012022-12-31" id="Fact000608" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SGD">782</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000609" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="SGD">741</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_pn3n3_uUSD_c20230101__20231231_zLW3kyY3eBt4" title="Net proceeds from/(repayment of) controlling shareholder loan" style="text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000611" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">562</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--RepaymentsOfBankDebt_iN_di_msNCPBUzHuA_zCVF8JrHcr4g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Repayment of bank loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfBankDebt" contextRef="From2021-01-012021-12-31" id="Fact000613" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">2,094</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfBankDebt" contextRef="From2022-01-012022-12-31" id="Fact000614" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">312</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfBankDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000615" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">1,702</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--RepaymentsOfBankDebt_iN_pn3n3_di_uUSD_c20230101__20231231_zW74jWtVXyr9" title="Repayment of bank loans" style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfBankDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000617" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,290</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--PaymentsOfDividends_iN_di_msNCPBUzHuA_zDd7sAdEYJf6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Dividends paid</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsOfDividends" contextRef="From2021-01-012021-12-31" id="Fact000619" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">2,900</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0620">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0621">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--PaymentsOfDividends_iN_pn3n3_di_uUSD_c20230101__20231231_z8ltYkOC4Ebh" title="Dividends paid" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0623">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--ProceedsFromIssuanceOfCommonStock_maNCPBUzHuA_zsjPZ0mUNbE7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Proceeds from issuance of shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0625">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-01-012022-12-31" id="Fact000626" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">14,931</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0627">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn3n3_uUSD_c20230101__20231231_zECQF2pLEPnl" title="Proceeds from issuance of shares" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0629">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--AcquisitionOfTreasuryShares_iN_di_msNCPBUzHuA_z5Ybjqaa2vDh" style="vertical-align: bottom; background-color: White">
    <td>Acquisition of treasury shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0631">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0632">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="JCSE:AcquisitionOfTreasuryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000633" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">18</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--AcquisitionOfTreasuryShares_iN_pn3n3_di_uUSD_c20230101__20231231_zTPUuHmCwq53" title="Acquisition of treasury shares" style="text-align: right">(<ix:nonFraction name="JCSE:AcquisitionOfTreasuryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000635" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_ecustom--PlacementOfEscrowedFunds_iN_di_msNCPBUzHuA_zDLtUUdE9DLh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Placement of escrowed funds with escrow agent</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0637">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="JCSE:PlacementOfEscrowedFunds" contextRef="From2022-01-012022-12-31" id="Fact000638" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">804</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0639">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--PlacementOfEscrowedFunds_iN_pn3n3_di_uUSD_c20230101__20231231_zm8BHzmp1cWl" title="Placement of escrowed funds with escrow agent" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0641">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--PaymentsOfFinancingCosts_iN_di_msNCPBUzHuA_zN5vki8mXLqg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Payment of deferred financing costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 106; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_006"></span>JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000707" name="us-gaap:NatureOfOperations"><p id="xdx_80E_eus-gaap--NatureOfOperations_zPrJRUDUmize" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
<span id="xdx_826_zo8IuMSAsLff">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 29, 2019, JE Cleantech Holdings Limited (the &#8220;Company&#8221;) was incorporated in the Cayman Islands, as an investment
holding company. The Company conducts its primary operations through its indirectly held wholly owned subsidiaries that are incorporated
and domiciled in Singapore, namely: 1.) by JCS-Echigo Pte. Ltd. (&#8220;JCS-Echigo&#8221;) which is principally engaged in the manufacture
and sale of cleaning systems, related cleaning equipment, equipment parts and components, and 2.) Hygieia Warewashing Pte. Ltd. (&#8220;Hygieia&#8221;)
which is principally engaged in the provision of centralized dishwashing and ancillary services. The Company holds JCS-Echigo via its
wholly owned subsidiary JE Cleantech International Ltd (&#8220;JEC International&#8221;), a company that is incorporated and domiciled
in the British Virgin Islands; Hygenia is a wholly owned subsidiary of the JCS-Echigo. JCS-Echigo wholly owns Evoluxe Pte. Ltd (&#8220;Evoluxe&#8221;)
which is also incorporated and domiciled in Singapore, which, as of the date of the report, is dormant. The Company is headquartered
in Singapore and conducts its operations domestically.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000709" name="us-gaap:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock_zXuKbWONyAlf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zJzGqno3jiLd" style="display: none">SCHEDULE OF SUBSIDIARIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></p>

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</ix:nonNumeric><p id="xdx_8A1_zm9J21Tm4DQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements are presented assuming that the Company was an existence at the beginning of the
first period presented.</span></p>
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<ix:exclude><!-- Field: Page; Sequence: 107; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000747" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zGxQq25VyJI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
<span id="xdx_823_zDOMcVixzuw8">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000749" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zq6GRvGe91J6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)
<span id="xdx_86B_zfNBHXzttSq6">Basis of presentation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;US GAAP&#8221;) and pursuant to the regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000751" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_841_eus-gaap--ConsolidationPolicyTextBlock_zGEWzQYnp4Xf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)
<span id="xdx_861_zFSEVSSkxrx4">Consolidation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions,
if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000753" name="us-gaap:UseOfEstimates"><p id="xdx_84C_eus-gaap--UseOfEstimates_zc64yPNngidh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)
<span id="xdx_86E_zk0Ur7JfZ20i">Use of estimates</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. GAAP requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during
the reporting period. The most significant estimates relate to allowance for uncollectible accounts receivable, inventory valuation and
fair value of financial instruments. Actual results could vary from the estimates and assumptions that were used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000755" name="JCSE:RisksAndUncertaintiesPolicyTextBlock"><p id="xdx_84F_ecustom--RisksAndUncertaintiesPolicyTextBlock_znUX0FxSjMKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)
<span id="xdx_866_zPDcm8aGGrSj">Risks and uncertainties</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main operations of the Company are located in Singapore. Accordingly, the Company&#8217;s business, financial condition, and results
of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy
in Singapore. The Company&#8217;s results may be adversely affected by changes in the political, regulatory and social conditions in
Singapore. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing
laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters,
extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company&#8217;s
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000757" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_847_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z5mLEOQBnEi5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(e)
<span id="xdx_86B_z2UGIucQ0LGh">Foreign currency translation and transaction and Convenience translation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements are presented in the Singaporean dollar (&#8220;SGD&#8221;), which is the reporting currency
of the Company. The functional currency of the Company and its subsidiary JEC International are the US$, respectively. JCS-Echigo, Hygieia,
and Evoluxe use the Singaporean dollar as their functional currencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
and liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of
exchange prevailing at the balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations
and comprehensive loss as other comprehensive income or loss. Transactions in currencies other than the reporting currency are measured
and recorded in the reporting currency at the exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign
currency transactions is reflected in the consolidated statements of income and comprehensive income as other income (other expenses).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of foreign currencies including, the US Dollar, may fluctuate against the Singaporean Dollar. Any significant variations of the
aforementioned currencies relative to the Singaporean Dollar may materially affect the Company&#8217;s financial condition in terms of
reporting in SGD. The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated
financial statements:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000759" name="us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zfzhuHcaAyq" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_z4PVqMztsODb" style="display: none">SCHEDULE
OF CURRENCY EXCHANGE RATES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">SGD to US$ Average Rate</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zpJJLoWDz11c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translations
of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from SGD
into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate
of US$ <span id="xdx_90E_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_c20231231__us-gaap--AwardTypeAxis__custom--USDMember_zoQxjmLWSBW7" title="Exchange rate"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2023-12-31_custom_USDMember" id="Fact000769" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.7580</ix:nonFraction></span> = SGD <span id="xdx_904_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_c20231231__us-gaap--AwardTypeAxis__custom--SGDMember_zbQt98cLpVi2" title="Exchange rate"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2023-12-31_custom_SGDMember" id="Fact000771" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1</ix:nonFraction></span>, as set forth in the statistical release of the Federal Reserve System on December 29, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000773" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_z2L7U03LDBeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(f)
<span id="xdx_86B_zvoe1wbO6u0c">Fair Value Measurement</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required
or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact,
and it considers assumptions that market participants would use when pricing the asset or liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of
unobservable inputs when measuring fair value. A financial instrument&#8217;s categorization within the fair value hierarchy is based
upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs
that may be used to measure fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable
    for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical
    asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations
    in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents, accounts receivable, other current assets, financial instruments, bank loans, leases, accounts payables and accruals
are financial assets and liabilities. Cash and cash equivalents, accounts receivables, prepaid expenses and other currents, accounts
payables and accruals, warranty liabilities, and contract liabilities are subject to fair value measurement; however, because of their
being short term in nature management believes their carrying values approximate their fair value. Financial instruments are fair value
financial assets that are marked to fair value and are accounted for under as Level 3 under the above hierarchy. The Company accounts
for bank loans and leases at amortized cost and has elected not to account for them under the fair value hierarchy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>


<ix:exclude><!-- Field: Page; Sequence: 109; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000775" name="JCSE:RelatedPartiesPolicyTextBlock"><p id="xdx_840_ecustom--RelatedPartiesPolicyTextBlock_zi2jfhViU0kc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(g)
<span id="xdx_864_zjCVvkwaGGha">Related parties</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000777" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_842_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zbsApxxrft34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(h)
<span id="xdx_864_zIlQ0f4VQT6f">Cash and cash equivalents</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents consist of cash on hand, the Company&#8217;s demand deposit placed with financial institutions, which have original
maturities of less than three months and unrestricted as to withdrawal and use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000779" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"><p id="xdx_84C_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zK6XtVTTjIjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)
<span id="xdx_86D_zGDQJZ5YRCT2">Restricted cash</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
cash are bank deposits that are pledge to the bank as security for outstanding loans and bank borrowings. The carrying amount for restricted
cash was <span id="xdx_902_eus-gaap--RestrictedCash_iI_dxL_c20231231_zDMe1OSfUfs7" title="Restricted cash::XDX::-"><span id="xdx_90C_eus-gaap--RestrictedCash_iI_dxL_c20221231_zGxPfXrO3uvk" title="Restricted cash::XDX::-"><span id="xdx_908_eus-gaap--RestrictedCash_iI_dxL_c20211231_zKreNPmdfenl" title="Restricted cash::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0781"><span style="-sec-ix-hidden: xdx2ixbrl0783"><span style="-sec-ix-hidden: xdx2ixbrl0785">Nil</span></span></span></span></span></span> as of December 31, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000787" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_842_eus-gaap--TradeAndOtherAccountsReceivablePolicy_ztTpxv34lptj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(j)
<span id="xdx_866_zJ49hmuNV5E5">Accounts Receivable, net</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected
credit loss is estimated based upon the Company&#8217;s assessment of various factors including historical experience, the age of the
accounts receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative
factors that may affect the Company&#8217;s customers&#8217; ability to pay. An allowance is also made when there is objective evidence
for the Company to reasonably estimate the amount of probable loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000789" name="JCSE:PrepaidExpensesAndOtherCurrentAssetsNetPolicyTextBlock"><p id="xdx_848_ecustom--PrepaidExpensesAndOtherCurrentAssetsNetPolicyTextBlock_zKXr9OG1uW5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i>(k) <span id="xdx_860_zj8WtXrFN6b">Prepaid expenses and other current assets,
net</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Prepaid expenses and other current asset, net mainly represents advances made to suppliers and prepaid of operating expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000791" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_84E_eus-gaap--InventoryPolicyTextBlock_zwcGRdkCxWB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(l)
<span id="xdx_867_z82PlDCNPGLd">Inventories</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle, and
includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them
to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of production overheads based on normal operating capacity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000793" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_848_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z7MmcRIsmQNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(m)
<span id="xdx_862_z7DA2eU8TRS">Property, plant and equipment, net</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis
over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the
asset into its intended use. Estimated useful lives are as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000795" name="JCSE:ScheduleOfEstimatedUsefulLivesTableTextBlock"><p id="xdx_89B_ecustom--ScheduleOfEstimatedUsefulLivesTableTextBlock_zYniBmeviVW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_z3DSamfeMgm8" style="display: none">SCHEDULE
OF ESTIMATED USEFUL LIVES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
    useful lives</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land
    use right</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLive_c20230101__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LandUseRightMember_zKbc4oEthbia" title="Land use right"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LandUseRightMember" id="Fact000797" name="JCSE:PropertyPlantAndEquipmentEstimatedUsefulLive">Over
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    buildings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LeaseholdBuildingsMember_zTrc2jKuFiH9" title="Leasehold buildings"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_LeaseholdBuildingsMember" format="ixt-sec:duryear" id="Fact000799" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">30</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
    and machinery</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zXKMLiAJujo5" title="Plant and machinery"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_MachineryAndEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000801" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    to <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zMg2I368yrI9" title="Plant and machinery"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_MachineryAndEquipmentMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000803" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric></span> years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment,
    furniture and fittings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zTjiNKNNA3h9" title="Equipment, furniture and fittings"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_FurnitureAndFixturesMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000805" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">1</ix:nonNumeric></span>-<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zkMh5zzNLnZ9" title="Equipment, furniture and fittings"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_FurnitureAndFixturesMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000807" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A8_zWLn5RUD6GMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditure
for repair and maintenance costs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred,
whereas the expenditure for major renewals and betterment that substantially extends the useful lives of property and equipment are capitalized
as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation
and impairment with any resulting gain or loss recognized in the consolidated statements of income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 110; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000809" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84F_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zji58IYAgxt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(n)
<span id="xdx_863_zRtziK0aY3U7">Impairment of long-lived assets</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of
an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the
long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition.
If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment
loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. <span id="xdx_90D_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20230101__20231231_zRUheoLoTNrg" title="Impairment of long-lived assets"><span id="xdx_907_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20220101__20221231_zavLClo6OPKh" title="Impairment of long-lived assets"><span id="xdx_902_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20210101__20211231_zKKKqwk4Lll1" title="Impairment of long-lived assets"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2023-01-01to2023-12-31" id="Fact000811" format="ixt-sec:numwordsen" decimals="0" unitRef="SGD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2022-01-012022-12-31" id="Fact000813" format="ixt-sec:numwordsen" decimals="0" unitRef="SGD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2021-01-012021-12-31" id="Fact000815" format="ixt-sec:numwordsen" decimals="0" unitRef="SGD">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment
of long-lived assets was recognized as of December 31, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000817" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_84F_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zVs6eWbdVyTe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(o)
<span id="xdx_861_zOLhTTBq3Z35">Contract liabilities</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contract liability is recognized when the customer pays non-refundable consideration before the Company recognizes the related revenue.
A contract liability would also be recognized if the Company has an unconditional right to receive nonrefundable considerations before
the Company recognizes the related revenue. In such cases, a corresponding receivable would also be recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000819" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><p id="xdx_846_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zQioQbekJpW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(p)
<span id="xdx_86C_z3tJlLWyf3P1">Commitments and contingencies</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal
proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax
matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable
estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including
historical and the specific facts and circumstances of each matter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000821" name="JCSE:TreasureSharesPolicyTextBlock"><p id="xdx_846_ecustom--TreasureSharesPolicyTextBlock_zxSQjdyQehU9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(q)
<span id="xdx_86D_zqgG4w501a7f">Treasury shares</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
repurchases are accounted for under ASC 505-30, which requires them be recorded and shown separately as a reduction to shareholders&#8217;
equity. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000823" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_84B_eus-gaap--RevenueRecognitionPolicyTextBlock_z08cbab7k546" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(r)
<span id="xdx_862_zirAxeDzu2k">Revenue recognition</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently generates its revenue from the following main sources:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from goods sold and services provided</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sales of goods and services in the ordinary course of business is recognized when the Company satisfies a performance obligation
(&#8216;&#8216;PO&#8217;&#8217;) by transferring control of a promised good or service to the customer. The amount of revenue recognized
is the amount of the transaction price allocated to the satisfied PO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction price is allocated to each PO in the contract on the basis of the relative stand-alone selling prices of the promised goods
or services. The individual standalone selling price of a good or service that has not previously been sold on a stand-alone basis, or
has a highly variable selling price, is determined based on the residual portion of the transaction price after allocating the transaction
price to goods and/or services with observable stand-alone selling price. A discount or variable consideration is allocated to one or
more, but not all, of the performance obligations if it relates specifically to those performance obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
price is the amount of consideration in the contract to which the Company expects to be entitled in exchange for transferring the promised
goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a
significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive
a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in
the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when
the uncertainty associated with the variable consideration is resolved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
may be recognized at a point in time or over time following the timing of satisfaction of the PO. If a PO is satisfied over time, revenue
is recognized based on the percentage of completion reflecting the progress towards complete satisfaction of that PO. Typically, POs
for products where the process is described as below, the PO is satisfied at point in time. POs for services are more typically satisfied
over time such as in the contracts for provision of centralised dishware washing and general cleaning service where the Company delivers
service daily over the course of a month, and the Company will recognize revenue and charge the client on a monthly basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the sales of sterilization and cleaning systems, related cleaning equipment, equipment parts and components, the Company typically receives
purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered,
terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in
order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at their location
at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer
acceptance indicating receipts of the products. The Company also bundles the delivery of the products and installation/commission services
to their customers in a single contract that are not distinct within the context of the contract, the performance obligation is satisfied
at a point in time upon completion of the installation services and is accepted by customer. The Company includes a warranty on its product
for one year from the point of delivery and acceptance. The warranty is antecedent to the performance obligation set forth above; however,
management develops an estimate of future warranty costs and accrues that amount to cost of sales in the period that revenue is recognized
to the Company&#8217;s consolidated statements of income and the corresponding amount to the warrant liabilities on the Company&#8217;s
consolidated balance sheets. Details on the changes in the warranty liabilities can be found in Note 11 below. Typical payment terms
set forth in the purchase order ranges from 30 to 90 days from the date of delivery. The amount of revenue recognized from contract liabilities
to the Company&#8217;s result of operations can be found in Note 12 below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from rental of dishware washing machines</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 842 Lease Topics. The Company accounts for the rental of dishware washing machines as direct finance leases where,
lease income from the prospective of lessor is recognized to the Company&#8217;s statement of income straight-line basis over the term
of the lease once management has determined that the lease payments are reasonably expected to be collected. The performance obligation
under these leasing arrangements is to deliver the unit to the customer at their location and ensure that the equipment is ready for
use, and to ensure that the equipment is available for use over the life of the lease contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000825" name="JCSE:CostOfRevenuePolicyTextBlock"><p id="xdx_84B_ecustom--CostOfRevenuePolicyTextBlock_zWO8wPaJb5Kg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(s)
<span id="xdx_863_z0vsyVlcKEA7">Cost of revenue</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenue mainly consists of raw material costs, labor costs, sub-contracting costs and production overhead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000827" name="JCSE:SellingAndMarketingExpensesPolicyTextBlock"><p id="xdx_847_ecustom--SellingAndMarketingExpensesPolicyTextBlock_z5yKZHmtxbf9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(t)
<span id="xdx_863_zt1aWFaAeA15">Selling and marketing expenses</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
expenses mainly consists of promotion and marketing expenses and transportation expenses. The Company does not carry any capitalized
contract acquisition costs that would be amortized to its results of operations over time, and potential expenses related to customer
and contract acquisitions costs if any are accounted for as periodic costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000829" name="us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock"><p id="xdx_84D_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_ziByj6rbkVjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(u)
<span id="xdx_863_zxR2aa39796g">General and administrative expenses</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses mainly consist of staff cost, depreciation, office supplies and upkeep expenses, travelling and entertainment,
legal and professional fees, property and related expenses, other miscellaneous administrative expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000831" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_847_eus-gaap--LesseeLeasesPolicyTextBlock_zwpTjVL9mxa7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(v)
<span id="xdx_867_zUa5L1geItQ5">Operating leases</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included
in operating lease right-of-use (&#8220;ROU&#8221;) assets, operating lease liability, and operating lease liability, non-current in
the Company&#8217;s consolidated balance sheets. ROU assets represent the Company&#8217;s right to use an underlying asset for the lease
term and lease liabilities represent the Company&#8217;s obligation to make lease payments arising from the lease. Operating lease ROU
assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining
the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that
option, if any. As the Company&#8217;s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on
the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the
following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and
does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements;
and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1,
2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and
(c) initial direct costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000833" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_844_eus-gaap--IncomeTaxPolicyTextBlock_zvZdeA1lHMJc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(w)
<span id="xdx_866_zq5K0vEJDgt1">Income taxes</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective
tax bases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets
to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of ASC 740-10-25, &#8220;Accounting for Uncertainty in Income Taxes,&#8221; prescribe a more-likely-than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This
interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred
income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line
of its consolidated statements of income for the years ended December 31, 2021, 2022 and 2023, respectively. The Company does not expect
that its assessment regarding unrecognized tax positions will materially change over the next 12 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000835" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_84D_eus-gaap--EarningsPerSharePolicyTextBlock_zEEgIfwqUDtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(x)
<span id="xdx_861_zLBMRXU7Nd3l">Earnings per share</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary
shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other
contracts to issue ordinary shares were exercised or converted into ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000837" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_841_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zYW6kJAtBqxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(y)
<span id="xdx_86A_zlRXtrCkCnT1">Recent accounting pronouncements</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company&#8217;s audited consolidated balance sheets, statements of income and comprehensive income and statements of cash
flows.</span></p>

</ix:nonNumeric><p id="xdx_85C_zJ8ALQUvDAQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000839" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p id="xdx_80F_eus-gaap--AccountsAndNontradeReceivableTextBlock_zfD1y0njvmBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span id="xdx_82F_zc6i82omTkE6">ACCOUNTS RECEIVABLE, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000841" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zBuLubJxBrEd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable, net, consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_z49hFgR3Izp6" style="display: none">SCHEDULE OF ACCOUNTS
RECEIVABLE, NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</ix:nonNumeric><p id="xdx_8AF_zbXSLv0NjiBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000858" name="JCSE:ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock_zndYagVDHvJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zz8neYbUOvae" style="display: none">SCHEDULE OF ALLOWANCE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zUds2BEHgaYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000880" name="JCSE:ScheduleOfAccountsReceivableNetOfAllowanceForDoubtfulAccountsTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfAccountsReceivableNetOfAllowanceForDoubtfulAccountsTableTextBlock_zDtxoviDT3N8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the end of each of the financial year, the ageing analysis of accounts receivable, net of allowance for expected credit losses, based
on the invoice date is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zrjoOFxEN1f7" style="display: none">SCHEDULE OF ACCOUNTS
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--AccountsReceivableNet_iI_pn3n3_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--WithinThirtyDaysMember_zsTIKoSr1hp9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eus-gaap--AccountsReceivableNet_iI_pn3n3_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--BetweenThirtyOneAndSixtyDaysMember_zVDtgheqreNc" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--AccountsReceivableNet_iI_pn3n3_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--BetweenSixtyOneAndNintyDaysMember_ziArKNPqYS4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Between 61 and 90 days</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2022-12-31_custom_BetweenSixtyOneAndNintyDaysMember" id="Fact000892" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">270</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2023-12-31_custom_BetweenSixtyOneAndNintyDaysMember" id="Fact000893" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">38</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--AccountsReceivableNet_iI_pn3n3_uUSD_c20231231__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--BetweenSixtyOneAndNintyDaysMember_zAw3z377rl27" title="Between 61 and 90 days" style="text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2023-12-31_custom_BetweenSixtyOneAndNintyDaysMember" id="Fact000895" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--AccountsReceivableNet_iI_pn3n3_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--MoreThanNintyDaysMember_zZyBXet4RRyd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--AccountsReceivableNet_iI_pn3n3_zQdrmf5CQbCa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A2_zpTZunQGtPG" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000907" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_803_eus-gaap--InventoryDisclosureTextBlock_zN49PmikMWzd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
<span id="xdx_827_zM71DMQyL7Bb">INVENTORY</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000909" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zSEv7dAfyFkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zQjztDAceqAh" style="display: none">SCHEDULE
OF INVENTORIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_495_20221231_zf01ep2vcX7c" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20231231_zXVV2CGZYnU7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_eus-gaap--InventoryRawMaterialsAndSupplies_iI_pn3n3_maINztUF_zcmJqWlqYkCj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Raw materials</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_402_eus-gaap--InventoryWorkInProcess_iI_pn3n3_maINztUF_zbKlRNsdNZVe" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--InventoryFinishedGoods_iI_pn3n3_uUSD_maINztUF_c20231231_z8bBJ1nlS49k" title="Finished goods" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2023-12-31" id="Fact000924" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">663</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--InventoryNet_iTI_pn3n3_mtINztUF_zAXlM3UJxib7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total inventory</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--InventoryNet_iTI_pn3n3_uUSD_mtINztUF_c20231231_zC4unyeoGuIg" title="Total inventory, net" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-12-31" id="Fact000929" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,667</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A4_zUvyfeUbLV8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000931" name="us-gaap:FairValueMeasurementInputsDisclosureTextBlock"><p id="xdx_80F_eus-gaap--FairValueMeasurementInputsDisclosureTextBlock_z5zj60QhB8Df" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
<span id="xdx_826_zv6EGDt6pWD8">FINANCIAL INSTRUMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Financial instrument is key management insurance policy. The fair value of the key management insurance policy is determined by reference
to the surrender cash value of the insurance policy at the end of each of the reporting period, which is primarily based on the performance
of the underlying investment portfolio together with the guaranteed minimum returns of <span id="xdx_903_eus-gaap--FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerSharePercentDebtSecurities_iI_pid_dp_uPure_c20231231_zq8eExS49lL9" title="Guaranteed minimum returns percentage"><ix:nonFraction name="us-gaap:FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerSharePercentDebtSecurities" contextRef="AsOf2023-12-31" id="Fact000933" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span>% per annum. The fair value measurement of
the key management insurance contract has been categorized as a Level 3 fair value based on the inputs to the valuation technique used
and is positively correlated to the surrender cash value that is valued by the policy underwriter at the end of each reporting period.
There is no change in both valuation approach and valuation technique. The financial instrument is pledged with a bank to secure bank
loans (Note 9).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 114; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000935" name="us-gaap:FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"><p id="xdx_89E_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zxl63nStvGBd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows a reconciliation from the opening balances to the ending balances for Level 3 fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zJ37F8fCpZxd" style="display: none">SCHEDULE OF FINANCIAL
INSTRUMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20220101__20221231_zD2bbpdwJ9s2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20230101__20231231_zMaGMSlmaJ" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold">USD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_z6ycGEHpLu12" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">As of January 1,</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" contextRef="AsOf2021-12-31" id="Fact000937" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">243</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" contextRef="AsOf2022-12-31" id="Fact000938" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">245</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_uUSD_c20230101__20231231_zf5VupVTDBb8" title="As of January 1," style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" contextRef="AsOf2022-12-31" id="Fact000940" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">186</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_pn3n3_zL0Yz3JznKS5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Change in fair value recognized in profit or loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" contextRef="From2022-01-012022-12-31" id="Fact000942" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">2</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0943">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_pn3n3_uUSD_c20230101__20231231_zhGtA1Sg1UNi" title="Change in fair value recognized in profit or loss" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0945">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_zZ3OwpzOhjq6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">As of December 31,</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" contextRef="AsOf2022-12-31" id="Fact000947" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">245</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" contextRef="AsOf2023-12-31" id="Fact000948" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">245</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_uUSD_c20230101__20231231_z0Qan4yYn8nh" title="As of December 31," style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" contextRef="AsOf2023-12-31" id="Fact000950" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">186</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zig1PLlBu7o3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000952" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80B_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z0IIXEjZpmdj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.
<span id="xdx_826_zjUasrsp0mqc">PROPERTY, PLANT AND EQUIPMENT, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000954" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_896_eus-gaap--PropertyPlantAndEquipmentTextBlock_zrnMWIragoG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, net, consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zbOu9BIMnV19" style="display: none">SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20221231_z8tsdwWz9gA5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20231231_zu1htNacYzlb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold">USD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold">USD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zyb4HgVGQMSk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Leasehold buildings</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_LeaseholdImprovementsMember" id="Fact000956" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">7,523</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--RightOfUseAssetsMember_zYE5fMxk8Vka" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_custom_RightOfUseAssetsMember" id="Fact000961" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">2,603</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_custom_RightOfUseAssetsMember" id="Fact000962" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">2,592</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zQNRBB3XRqQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact000987" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">8,515</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_zKdXCiDsR1ak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense was approximately SGD<span id="xdx_900_eus-gaap--Depreciation_pn3n3_uSGD_c20220101__20221231_zGTJNz5u2NT1"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact000990" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">672</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
buildings are pledged with a bank to secure bank loans (Note 9).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000994" name="JCSE:RightOfUseAssetsAndLeasePayableTextBlock"><p id="xdx_806_ecustom--RightOfUseAssetsAndLeasePayableTextBlock_zDyRsbLeC3Kl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.
<span style="text-transform: uppercase"><span id="xdx_821_zaOnx3dKlR1g">RIGHT-OF-USE (&#8220;ROU&#8221;) ASSETS AND LEASE PAYABLE</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right-of-use assets relate to leases of industrial lands in Singapore, certain plant and machinery, furniture and fittings and motor
vehicles under a number of leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000996" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><p id="xdx_89B_eus-gaap--OperatingLeaseLeaseIncomeTableTextBlock_zC0nryN6aEMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized operating lease ROU assets and lease liabilities as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zgb4K6vm15I8" style="display: none">SCHEDULE OF RIGHT OF USE ASSETS AND LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_409_ecustom--OperatingLeaseRightOfUseAssets_iI_pn3n3_zgjCN9TFPGk2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="width: 52%; text-align: left">Current portion</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLz4Rd_z97Vr9D25y33" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Non-current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_uUSD_c20231231_zJyNYB5zCzSi" title="Non-current portion" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact001010" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">973</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLz4Rd_zhqx14IRsq8k" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2022-12-31" id="Fact001012" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">1,686</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001013" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">1,583</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A8_zBazO1WnLtF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operating lease ROU asset with carrying amount of SGD<span id="xdx_903_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_uSGD_c20221231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember_zUqDSCXq5MEi"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-12-31_custom_SecuredFloatingRateBankLoansMember" id="Fact001016" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">676</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 115; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001020" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_896_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zZeitP1z5Tw1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, future minimum lease payments under the non-cancelable operating leases are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zejPckbNONdc" style="display: none">SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Future payment</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 70%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzx8c_zi4JJhlNnYV" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_uUSD_c20231231_zBn0v1EdTG75" title="2025" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001028" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">223</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzx8c_z7cAYtyFVAM7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact001030" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">232</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzx8c_zYpUqEIP5aQ1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2027</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_uUSD_c20231231_zoXc2OudnaY7" title="2027" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2023-12-31" id="Fact001036" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">69</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_maLOLLPzx8c_zWkYdEgr37T7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2028</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2023-12-31" id="Fact001038" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">28</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_uUSD_c20231231_zZIFAAxWSoo" title="2028" style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2023-12-31" id="Fact001040" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_maLOLLPzx8c_zgNLVcQb1ur1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2023-12-31" id="Fact001042" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">638</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_uUSD_c20231231_zg0wbid0BbG1" title="Thereafter" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2023-12-31" id="Fact001044" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">484</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzx8c_zxPXtj3cK6c1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001046" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">1,583</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_uUSD_c20231231_zOyOT13wYQDf" title="Total" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001048" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,200</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zm2mqzwl7gza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001050" name="JCSE:ScheduleOfOtherSupplementInformationLeaseTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfOtherSupplementInformationLeaseTableTextBlock_z9w8s8RRO08l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes other supplemental information about the Company&#8217;s operating lease as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zc3KyP99Ne6h" style="display: none">SCHEDULE OF OTHER SUPPLEMENTAL INFORMATION ABOUT THE COMPANY&#8217;S OPERATING LEASE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%">Weighted average discount rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_zJHuOnYz5un2" title="Weighted average discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact001052" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.45</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted average remaining lease term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zDZlxUgtRnS9" title="Weighted average remaining lease term (years)" style="text-align: right"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001054" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">12</ix:nonNumeric></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zEghVh5VNkSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001056" name="JCSE:DeferredFinancingCostsTextBlock"><p id="xdx_80F_ecustom--DeferredFinancingCostsTextBlock_zJCNIzuDGgbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.
<span id="xdx_823_zqufaZSqG8Kj">DEFERRED FINANCING COSTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (&#8220;SAB&#8221;) Topic 5A &#8212;
&#8220;Expenses of Offering&#8221;. Deferred offering costs consist of underwriting, legal and other expenses incurred through the
balance sheet date that are directly related to the intended IPO. Deferred offering costs will be charged to shareholders&#8217;
equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses
to be incurred, will be charged to operations. As of December 31, 2022, deferred offering costs has been offset against the offering
proceeds at the closing of the IPO. As of December 31, 2023, the Company capitalized SGD<span id="xdx_905_eus-gaap--DeferredOfferingCosts_iI_pn3n3_uSGD_c20231231_zyi1GNNnW8Il"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2023-12-31" id="Fact001057" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">356</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand
(US$<span id="xdx_900_eus-gaap--DeferredOfferingCosts_iI_pn3n3_uUSD_c20231231_z9ltR4XWnxsa"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2023-12-31" id="Fact001058" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">270</ix:nonFraction></span> thousand) of deferred offering costs relating to an offering exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001060" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_805_eus-gaap--DebtDisclosureTextBlock_zcM5JqJ7nnG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.
<span id="xdx_82C_zCjWQ1UJtj58">BANK LOANS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001062" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfDebtTableTextBlock_zaeGbsphta8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bank loans as of December 31, 2022 and 2023 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zvLANhkY2k7b" style="display: none">SCHEDULE OF BANK LOANS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Bank loans</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Currency</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Period</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest rate</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Third Party guarantee</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors&#8217;
                                            </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Personal
                                            </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>guarantee</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Carrying amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 17%">Secured floating rate bank loans &#12288;</td><td style="width: 2%">&#160;</td>
    <td style="text-align: right; width: 8%">SGD</td><td style="width: 2%">&#160;</td>
    <td style="text-align: left; width: 10%"><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDateDescription_c20220101__20221231__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__srt--CurrencyAxis__currency--SGD_fdnZ2_zRyLrHOj5Lrg" title="Debt instrument maturity date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SingaporeInterbankOfferedRateSIBORMember_custom_SecuredFloatingRateBankLoansMember_currency_SGD" id="Fact001064" name="us-gaap:DebtInstrumentMaturityDateDescription">2022 - 2028</ix:nonNumeric></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 17%"><span id="xdx_90C_eus-gaap--DebtInstrumentDescriptionOfVariableRateBasis_c20220101__20221231__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__srt--CurrencyAxis__currency--SGD_zOHfR0fxzj9c" title="Debt instrument interest rate"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SingaporeInterbankOfferedRateSIBORMember_custom_SecuredFloatingRateBankLoansMember_currency_SGD" id="Fact001066" name="us-gaap:DebtInstrumentDescriptionOfVariableRateBasis">SIBOR+<span id="xdx_908_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_uPure_c20220101__20221231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__srt--RangeAxis__srt--MinimumMember_z4qL0dXtkE3e" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgTE9BTlMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2022-01-012022-12-31_custom_SecuredFloatingRateBankLoansMember_custom_SingaporeInterbankOfferedRateSIBORMember_srt_MinimumMember" id="Fact001067" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.25</ix:nonFraction></span>% to +<span id="xdx_907_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_uPure_c20220101__20221231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__srt--RangeAxis__srt--MaximumMember_zDxfWpE0Zsq3" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgTE9BTlMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2022-01-012022-12-31_custom_SecuredFloatingRateBankLoansMember_custom_SingaporeInterbankOfferedRateSIBORMember_srt_MaximumMember" id="Fact001068" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span>%</ix:nonNumeric></span></td><td style="width: 2%">&#160;</td>
    <td style="text-align: center; width: 12%">NIL</td><td style="width: 2%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 10%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__srt--CurrencyAxis__currency--SGD_zQcuMEqTBMu9" style="text-align: right; width: 10%"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_SecuredFloatingRateBankLoansMember_custom_SingaporeInterbankOfferedRateSIBORMember_currency_SGD" id="Fact001069" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">9,269</ix:nonFraction></td><td style="text-align: left; width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: right; padding-bottom: 1.5pt">US$</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt"><span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDateDescription_c20220101__20221231__us-gaap--VariableRateAxis__custom--LondonInterbanksOfferedRateLIBORMember__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__srt--CurrencyAxis__currency--USD_zFcABpwPqwX2" title="Debt instrument maturity date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_LondonInterbanksOfferedRateLIBORMember_custom_SecuredFloatingRateBankLoansMember_currency_USD" id="Fact001071" name="us-gaap:DebtInstrumentMaturityDateDescription">2029</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt"><span id="xdx_907_eus-gaap--DebtInstrumentDescriptionOfVariableRateBasis_c20220101__20221231__us-gaap--VariableRateAxis__custom--LondonInterbanksOfferedRateLIBORMember__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__srt--CurrencyAxis__currency--USD_zJqSwp1ZUDCh" title="Debt instrument interest rate"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_LondonInterbanksOfferedRateLIBORMember_custom_SecuredFloatingRateBankLoansMember_currency_USD" id="Fact001073" name="us-gaap:DebtInstrumentDescriptionOfVariableRateBasis">London Inter Bank Offer Rate +<span id="xdx_908_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_uPure_c20220101__20221231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--LondonInterbanksOfferedRateLIBORMember_z8oeNw624AVd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgTE9BTlMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2022-01-012022-12-31_custom_SecuredFloatingRateBankLoansMember_custom_LondonInterbanksOfferedRateLIBORMember" id="Fact001074" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.25</ix:nonFraction></span>%</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">NIL</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--LondonInterbanksOfferedRateLIBORMember__srt--CurrencyAxis__currency--USD_z2CCK3XEG7bi" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_SecuredFloatingRateBankLoansMember_custom_LondonInterbanksOfferedRateLIBORMember_currency_USD" id="Fact001075" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">164</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Balance as of December 31, 2022</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: right; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td id="xdx_984_ecustom--DirectorsPersonalGuarantee_iI_c20221231_zn6e6aQoj5kg" style="padding-bottom: 2.5pt; text-align: right"><ix:nonFraction name="JCSE:DirectorsPersonalGuarantee" contextRef="AsOf2022-12-31" id="Fact001076" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">3,430</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231_zBmwApIs6ng" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31" id="Fact001077" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">9,433</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Secured floating rate bank loans &#12288;</td><td>&#160;</td>
    <td style="text-align: right">SGD</td><td>&#160;</td>
    <td style="text-align: left"><span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDateDescription_c20230101__20231231__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__srt--CurrencyAxis__currency--SGD_fdnZ2_zzij1EwKjws8" title="Debt instrument maturity date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SingaporeInterbankOfferedRateSIBORMember_custom_SecuredFloatingRateBankLoansMember_currency_SGD" id="Fact001079" name="us-gaap:DebtInstrumentMaturityDateDescription">2023 - 2028</ix:nonNumeric></span></td><td>&#160;</td>
    <td><span id="xdx_908_eus-gaap--DebtInstrumentDescriptionOfVariableRateBasis_c20230101__20231231__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__srt--CurrencyAxis__currency--SGD_zBcLNOjRPFOe" title="Debt instrument interest rate"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SingaporeInterbankOfferedRateSIBORMember_custom_SecuredFloatingRateBankLoansMember_currency_SGD" id="Fact001081" name="us-gaap:DebtInstrumentDescriptionOfVariableRateBasis">SIBOR+<span id="xdx_909_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_uPure_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__srt--RangeAxis__srt--MinimumMember_zN8st8HwAgHa" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgTE9BTlMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2023-01-012023-12-31_custom_SecuredFloatingRateBankLoansMember_custom_SingaporeInterbankOfferedRateSIBORMember_srt_MinimumMember" id="Fact001082" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.25</ix:nonFraction></span>% to +<span id="xdx_90B_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_uPure_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__srt--RangeAxis__srt--MaximumMember_zIbtNXKVcrKj" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgTE9BTlMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2023-01-012023-12-31_custom_SecuredFloatingRateBankLoansMember_custom_SingaporeInterbankOfferedRateSIBORMember_srt_MaximumMember" id="Fact001083" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span>%</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center">NIL</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20231231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--SingaporeInterbankOfferedRateSIBORMember__srt--CurrencyAxis__currency--SGD_zzwjC1TKRJI6" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2023-12-31_custom_SecuredFloatingRateBankLoansMember_custom_SingaporeInterbankOfferedRateSIBORMember_currency_SGD" id="Fact001084" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">7,841</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: right; padding-bottom: 1.5pt">US$</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt"><span id="xdx_906_eus-gaap--DebtInstrumentMaturityDateDescription_c20230101__20231231__us-gaap--VariableRateAxis__custom--LondonInterbanksOfferedRateLIBORMember__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__srt--CurrencyAxis__currency--USD_zX7bgaSFHtB6" title="Debt instrument maturity date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LondonInterbanksOfferedRateLIBORMember_custom_SecuredFloatingRateBankLoansMember_currency_USD" id="Fact001086" name="us-gaap:DebtInstrumentMaturityDateDescription">2029</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt"><span id="xdx_90C_eus-gaap--DebtInstrumentDescriptionOfVariableRateBasis_c20230101__20231231__us-gaap--VariableRateAxis__custom--LondonInterbanksOfferedRateLIBORMember__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__srt--CurrencyAxis__currency--USD_zaA3BvrypWxj" title="Debt instrument interest rate"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LondonInterbanksOfferedRateLIBORMember_custom_SecuredFloatingRateBankLoansMember_currency_USD" id="Fact001088" name="us-gaap:DebtInstrumentDescriptionOfVariableRateBasis">London Inter Bank Offer Rate +<span id="xdx_90B_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_uPure_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingRateBankLoansMember__us-gaap--VariableRateAxis__custom--LondonInterbanksOfferedRateLIBORMember_zOQugE0ksc5d" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgTE9BTlMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2023-01-012023-12-31_custom_SecuredFloatingRateBankLoansMember_custom_LondonInterbanksOfferedRateLIBORMember" id="Fact001089" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.25</ix:nonFraction></span>%</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A2_zjIUv4sqUyZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than directors&#8217; personal guarantee, the bank loans are secured by corporate guarantee provided the Company, financial instrument
(Note 5), leasehold buildings (Note 6) and operating lease ROU asset (Note 7).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 116; Value: 1 -->
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<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001096" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zAo3eUaMKQI8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zGeMzeGFlFA4" style="display: none">SCHEDULE OF MATURITIES OF BANK LOANS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingInterestMember_zaI4Zlws1Qib" title="Carrying amount" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_SecuredFloatingInterestMember" id="Fact001112" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">164</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pn3n3_c20221231__us-gaap--DebtInstrumentAxis__custom--SecuredFloatingInterestMember_zGfM3yPgkzfg" title="Year one" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AsOf2022-12-31_custom_SecuredFloatingInterestMember" id="Fact001114" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">24</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A7_z9jsFa7psiLh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001196" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_803_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zdVPbDTH8u29" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
<span id="xdx_824_zjCM7fPwmKr4">ACCOUNTS PAYABLE, ACCRUALS AND OTHER CURRENT LIABILITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001198" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zAaUU893uTB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
payable, accrued expenses and other liabilities consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zoOtgtSzcu57" style="display: none">SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr id="xdx_403_ecustom--PayableToOtherServices_iI_pn3n3_maAPAOAzlMq_zYSfkxzUEDAi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Payable to other services</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--Deposits_iI_pn3n3_maAPAOAzlMq_zYVAX1Rq9xZ5" style="vertical-align: bottom; background-color: White">
    <td>Deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1214">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2023-12-31" id="Fact001215" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">6</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A9_z4DHTtJ8xBX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001229" name="JCSE:WarrantyLiabilitiesTextBlock"><p id="xdx_802_ecustom--WarrantyLiabilitiesTextBlock_zDW6ZjtcDOp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.
<span id="xdx_825_zdHv6UKeEd4e">WARRANTY LIABILITIES</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001231" name="us-gaap:ScheduleOfProductWarrantyLiabilityTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfProductWarrantyLiabilityTableTextBlock_z2nLME5fG1fl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zVsEQOuv2WPi" style="display: none">SCHEDULE OF WARRANTY LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_492_20220101__20221231_zc12SLgArr48" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49E_20230101__20231231_zGqKBAP35XOk" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_eus-gaap--StandardProductWarrantyAccrualWarrantiesIssued_pn3n3_z1Udd3r8Y0Ac" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Additional accrual</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--StandardProductWarrantyUtilized_pn3n3_zhHXvoNuxMEi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Utilized</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt">As of December 31,</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zRSUaBZ7jso5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--StandardProductWarrantyDescription_c20230101__20231231_zhGBzRR3zIFc" title="Warranty for machines"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001252" name="us-gaap:StandardProductWarrantyDescription">The
warranty for machines sold typically covers a 12-month period from the date on which the machines are delivered and accepted by the customers</ix:nonNumeric></span>.
The warrant liability is based on estimates made from historical warranty data associated with similar products and services. The Company
expects to make use of the accrued liability over the next operating period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 117; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001254" name="JCSE:ContractWithCustomerLiabilityTextBlock"><p id="xdx_80B_ecustom--ContractWithCustomerLiabilityTextBlock_z0lo9SDDbqPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.
<span id="xdx_82B_zLLIO7USUGa6">CONTRACT LIABILITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities primarily relate to the advance consideration received from customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001256" name="us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock"><p id="xdx_898_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_ziFLmTenmpKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement
in contract liabilities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zwuMg9RJDj6l" style="display: none">SCHEDULE OF MOVEMENT IN CONTRACT LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 52%">As of January 1,</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1258">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_403_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_zJXI4V3Mc7h8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Decrease in contract liabilities as a result of recognizing revenue during the year that was included
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  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_pn3n3_znKxmpiL7sMd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Increase in contract liabilities as a result of receiving forward sales deposits
    and instalments during the year in respect of machines still under production</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" contextRef="From2022-01-012022-12-31" id="Fact001268" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">4,319</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--ContractWithCustomerLiabilityCurrent_iE_pn3n3_zhKE6UM0eiBi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">As of December 31,</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact001273" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">4,319</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001274" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">6,960</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A2_zUZ6Kq7pbXz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001278" name="JCSE:LoanFromControllingShareholderTextBlock"><p id="xdx_804_ecustom--LoanFromControllingShareholderTextBlock_zK69WduAFvp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.
<span id="xdx_82E_zbjV8IhkA9Bc">LOAN FROM CONTROLLING SHAREHOLDER</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of loan from controlling shareholder is non-trade, unsecured, interest-free and repayable on demand. The amount has been fully
repaid by the Company during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001280" name="JCSE:DeferredTaxAssetsAndLiabilitiesTextBlock"><p id="xdx_80A_ecustom--DeferredTaxAssetsAndLiabilitiesTextBlock_zOwnSsOeScDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.
<span id="xdx_824_z7wrt8RiEE52">DEFERRED TAX ASSETS/ LIABILITIES</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001282" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zIyPBN0O7NW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zASjgP6oIEub" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49F_20221231_zv5SC7lvJ9ha" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49B_20231231_z57BCXbkcjSb" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A7_zicFWTNhmBFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001299" name="JCSE:ScheduleOfDeferredTaxAssetsAndLiabilitiesRecognizedByTheCompanyTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfDeferredTaxAssetsAndLiabilitiesRecognizedByTheCompanyTableTextBlock_zViJZqtiokfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are the major deferred tax assets and liabilities recognized by the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zbW8ie75quEj" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES RECOGNIZED BY THE COMPANY</span></span></p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_c20220101__20221231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--PropertyPlantAndEquipmentMember_zrPdZNcSgzuh" title="Recognized in statements of income" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31_us-gaap_PropertyPlantAndEquipmentMember" id="Fact001325" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">192</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_zEUmK2nhdtpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001357" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z21OmwOk0HQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.
<span id="xdx_825_zgGAmf4uvEw5">EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Common
shares</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the sake of undertaking a public offering of the Company&#8217;s ordinary shares, the Company has performed a series of re-organizing
transactions resulting in <span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrwaTUjgwSQf" title="Ordinary shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember" id="Fact001359" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,000,000</ix:nonFraction></span> shares of ordinary shares outstanding that have been retroactively restated to the beginning of
the first period presented. The Company only has one single class of ordinary shares that are accounted for as permanent equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 22, 2022, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220420__20220422__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z6acyt3BKA2l" title="Shares issued on initial public offering"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-04-202022-04-22_us-gaap_IPOMember" id="Fact001361" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,020,000</ix:nonFraction></span> ordinary shares pursuant to the initial public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 13, 2023, the authorized share capital of the Company was US$ <span id="xdx_905_eus-gaap--CommonStockValue_iI_uUSD_c20231013_zdhFVQ6IgA3k" title="Common stock, value"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-10-13" id="Fact001363" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span>
divided into <span id="xdx_902_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231013_zI72fbAEOn2c" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-10-13" id="Fact001365" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span>
shares with a par value of US$ <span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20231013_ztZraCvyBWo7" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-10-13" id="Fact001367" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span>
per share and following the implementation of a <span id="xdx_90B_eus-gaap--StockholdersEquityReverseStockSplit_c20231013__20231013_zGsceA92cRal" title="Reverse stock split"><ix:nonNumeric contextRef="From2023-10-132023-10-13" id="Fact001369" name="us-gaap:StockholdersEquityReverseStockSplit">reverse
share split at a ratio of 1:3</ix:nonNumeric></span>, the authorized share capital of the Company will be US$ <span id="xdx_902_eus-gaap--CommonStockValue_iI_uUSD_c20231013__us-gaap--StatementClassOfStockAxis__custom--ReverseStockSplitMember_zoUXSDkFcvv5" title="Common stock, value"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-10-13_custom_ReverseStockSplitMember" id="Fact001371" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span>
divided into <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231013__us-gaap--StatementClassOfStockAxis__custom--ReverseStockSplitMember_ziEl6gkSRiYc" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-10-13_custom_ReverseStockSplitMember" id="Fact001373" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,333,333</ix:nonFraction></span>
shares with a par value of US$ <span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20231013__us-gaap--StatementClassOfStockAxis__custom--ReverseStockSplitMember_zoUK58GTkbxa" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-10-13_custom_ReverseStockSplitMember" id="Fact001375" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.003</ix:nonFraction></span>
per share. The <span id="xdx_906_eus-gaap--StockholdersEquityReverseStockSplit_c20231013__20231013__us-gaap--StatementClassOfStockAxis__custom--ReverseStockSplitMember_zLoEHtKAa3Ej" title="Reverse stock split"><ix:nonNumeric contextRef="From2023-10-132023-10-13_custom_ReverseStockSplitMember" id="Fact001377" name="us-gaap:StockholdersEquityReverseStockSplit">Company
effected the reverse share split of all issued and outstanding shares of 15,020,000 shares at a ratio of 3:1</ix:nonNumeric></span>. As a result of
the reverse share split, the Company now have <span id="xdx_90D_eus-gaap--CommonStockSharesIssued_iI_pid_c20231013_zwTKdLxjSiob" title="Common stock, shares issued"><span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231013_zBBd5zbK7bE2" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-10-13" id="Fact001379" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-10-13" id="Fact001381" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,006,666</ix:nonFraction></ix:nonFraction></span></span>
common shares issued and outstanding as of the date hereof. Unless indicated or the context otherwise requires, all number of ordinary shares in this report has been retrospectively
adjusted for the reverse share split, as if such reverse share split occurred on the first day of the years presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Treasury
shares</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the financial year ended December 31, 2023, the Company acquired <span id="xdx_906_eus-gaap--TreasuryStockSharesAcquired_pid_c20230101__20231231_zQM0aamFz6c4" title="Number of shares acquired"><ix:nonFraction name="us-gaap:TreasuryStockSharesAcquired" contextRef="From2023-01-01to2023-12-31" id="Fact001383" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,952</ix:nonFraction></span> of its own shares at the total purchase consideration of SGD<span id="xdx_90D_eus-gaap--TreasuryStockValueAcquiredCostMethod_pn3n3_uSGD_c20230101__20231231_zuwbVe1m1MBi" title="Acquired share purchase value"><ix:nonFraction name="us-gaap:TreasuryStockValueAcquiredCostMethod" contextRef="From2023-01-01to2023-12-31" id="Fact001385" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">18</ix:nonFraction></span>
thousand (US$<span id="xdx_908_eus-gaap--TreasuryStockValueAcquiredCostMethod_pn3n3_uUSD_c20230101__20231231_zvcQWGs4cHhh" title="Acquired share purchase value"><ix:nonFraction name="us-gaap:TreasuryStockValueAcquiredCostMethod" contextRef="From2023-01-01to2023-12-31" id="Fact001387" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></span> thousand).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001389" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_80F_eus-gaap--RevenueFromContractWithCustomerTextBlock_z2GFddGTVuF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.
<span id="xdx_822_zfUqK5aFY8Rj">REVENUES BY PRODUCT AND GEOGRAPHY</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001391" name="us-gaap:ScheduleOfPrincipalTransactionsRevenueTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfPrincipalTransactionsRevenueTextBlock_zj1t4WkOLrl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zaKrdiVouqFb" style="display: none">SCHEDULE OF PRINCIPAL TRANSACTIONS REVENUE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49E_20210101__20211231_z5avqe2eZkB" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_499_20220101__20221231_zv7xeTGaokid" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49B_20230101__20231231_z14jWuTymBOf" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A1_zV0JEOB75tM9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001417" name="JCSE:ScheduleOfRevenueInformationByProductTypeTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfRevenueInformationByProductTypeTableTextBlock_zAqpIKqL6Jx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the following table, revenue is disaggregated by the timing of revenue recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A7_zhHqy0QEOCI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001547" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80F_eus-gaap--IncomeTaxDisclosureTextBlock_zLsgXAsDORP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.
<span id="xdx_820_zppW47T6JRH9">INCOME TAX EXPENSES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Caymans
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiary, JE Cleantech International Ltd. are domiciled in the Cayman Islands and the British Virgin Islands, respectively.
Both localities currently enjoy permanent income tax holidays; accordingly, the Company and JE Cleantech International Ltd. do not accrue
for income taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Singapore</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiary, JCS-Echigo Pte. Ltd. and Hygieia Warewashing Pte. Ltd are considered Singapore tax resident enterprises under
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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income tax provision consists of the following components:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zt1QkZoobLw4" style="display: none">SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE BENEFIT</span></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact001586" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">54</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A9_zQ3hBzZj5YNa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 121; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231_zZm9JA7fJlm1" title="Statutory income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact001597" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction></span>% (2022: <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231_zhEunm5ksXkj" title="Statutory income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31" id="Fact001599" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction></span>%)
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    <td colspan="2" id="xdx_491_20210101__20211231_zvFBfnGBfnT5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact001635" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">111</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zw68a7LyMiF7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, 2022 and 2023, the one of the Company&#8217;s subsidiaries in Singapore, namely Hygieia Warewashing Pte Ltd had
net operating loss carryforwards of approximately SGD<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_dxL_uSGD_c20211231_zkmEoG79vn7e" title="Operating loss carryforwards::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1639">751,000</span></span>, SGD<span id="xdx_90C_eus-gaap--OperatingLossCarryforwards_iI_uSGD_c20221231_z00A4JvUkNU8" title="Operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2022-12-31" id="Fact001641" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">147,000</ix:nonFraction></span> and <span id="xdx_903_eus-gaap--OperatingLossCarryforwards_iI_dxL_uSGD_c20231231_ztvzcqdN8TP4" title="Operating loss carryforwards::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1643">Nil</span></span>, respectively. As of December 31, 2021, 2022 and 2023,
deferred tax assets from the net operating loss carryforwards amounted to SGD<span id="xdx_901_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_dxL_uSGD_c20211231_ztiSjrLJH3d2" title="Deferred tax assets operating loss carryforwards::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1645">163,000</span></span>, SGD<span id="xdx_904_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_uSGD_c20221231_zDJpPL241Cbl" title="Deferred tax assets operating loss carryforwards"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2022-12-31" id="Fact001647" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">25,000</ix:nonFraction></span> and <span id="xdx_902_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_dxL_uSGD_c20231231_znempTIaHPMg" title="Deferred tax assets operating loss carryforwards::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1649">Nil</span></span>, respectively, and the Company
has provided a valuation allowance as it has concluded that it is more likely than not that these net operating losses would not be utilized
in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001651" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_802_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z52WwhGUgM1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
<span id="xdx_821_zjLJVxR7HmD4">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 24, 2021, prior to the reorganization and the Company&#8217;s initial public offering, the Company declared a dividend of
SGD <span id="xdx_90F_eus-gaap--Dividends_pn5n6_uSGD_c20210924__20210924__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--MajorityShareholderMember_zZeKil805gv2" title="Dividends"><ix:nonFraction name="us-gaap:Dividends" contextRef="From2021-09-242021-09-24_us-gaap_MajorityShareholderMember" id="Fact001653" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">2.9</ix:nonFraction></span>
million (approximately US$ <span id="xdx_909_eus-gaap--Dividends_pn5n6_uUSD_c20210924__20210924__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--MajorityShareholderMember_zVgIslvW1tw9" title="Dividends"><ix:nonFraction name="us-gaap:Dividends" contextRef="From2021-09-242021-09-24_us-gaap_MajorityShareholderMember" id="Fact001655" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.1</ix:nonFraction></span>
million) payable in cash to its shareholders&#8212;JE Cleantech Global Limited, which is wholly-owned by Ms. Hong Bee Yin, the
Company&#8217;s controlling shareholder, and Triple Business Limited. The dividend was subsequently paid in full. Of this amount,
SGD <span id="xdx_901_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn5n6_uSGD_c20210924__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--MajorityShareholderMember_zKwFkxO2VbN9" title="Dividends payable"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2021-09-24_us-gaap_MajorityShareholderMember" id="Fact001657" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">2.5</ix:nonFraction></span>
million (approximately US$ <span id="xdx_90E_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn5n6_uUSD_c20210924__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--MajorityShareholderMember_z06h0sv9kd97" title="Dividends payable"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2021-09-24_us-gaap_MajorityShareholderMember" id="Fact001659" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.9</ix:nonFraction></span>
million) was paid to JE Cleantech Global Limited and SGD <span id="xdx_904_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_uSGD_c20210924__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TripleBusinessLimitedMember_zomuXv5r9Z0e" title="Dividends payable"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2021-09-24_custom_TripleBusinessLimitedMember" id="Fact001661" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">406,000</ix:nonFraction></span>
(approximately US$ <span id="xdx_900_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn5n6_uUSD_c20210924__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TripleBusinessLimitedMember_zwYx0lSe0CFk" title="Dividends payable"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2021-09-24_custom_TripleBusinessLimitedMember" id="Fact001663" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span>
million) was paid to Triple Business Limited. On October 5, 2021, the Company entered into a loan facility agreement with Ms. Hong
Bee Yin, the Company&#8217;s controlling shareholder, for a revolving loan facility of up to SGD <span id="xdx_906_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_pn5n6_uSGD_c20211005__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zpmHhF57KLie" title="Revolving loan facility value"><ix:nonFraction name="us-gaap:LineOfCreditFacilityFairValueOfAmountOutstanding" contextRef="AsOf2021-10-05_custom_MsHongBeeYinMember_us-gaap_RevolvingCreditFacilityMember" id="Fact001665" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">1.4</ix:nonFraction></span> million (approximately US$ <span id="xdx_909_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_pn5n6_uUSD_c20211005__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zy91fpnQ0LKi" title="Revolving loan facility value"><ix:nonFraction name="us-gaap:LineOfCreditFacilityFairValueOfAmountOutstanding" contextRef="AsOf2021-10-05_custom_MsHongBeeYinMember_us-gaap_RevolvingCreditFacilityMember" id="Fact001667" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span>
million) for general working capital and general corporate purposes, including the payment of expenses related to the
Company&#8217;s initiative to raise capital through an initial public offering and simultaneous listing of the Company&#8217;s
ordinary shares on a globally recognized stock exchange. Ms. Hong and the Company entered into a subsequent revolving loan facility
on October 6, 2021 in the amount of SGD <span id="xdx_906_eus-gaap--LoansPayable_iI_pn5n6_uSGD_c20211006__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zFhatILDphOl" title="Loans payable"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2021-10-06_custom_MsHongBeeYinMember_us-gaap_RevolvingCreditFacilityMember" id="Fact001669" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">1.0</ix:nonFraction></span> million (approximately US$ <span id="xdx_902_eus-gaap--LoansPayable_iI_pn5n6_uUSD_c20211006__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zmukVzgyQ16l" title="Loans payable"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2021-10-06_custom_MsHongBeeYinMember_us-gaap_RevolvingCreditFacilityMember" id="Fact001671" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.7</ix:nonFraction></span>
million) to be used for the same purposes. The total amount of the revolving loan facility of approximately SGD <span id="xdx_90B_eus-gaap--LoansPayable_iI_pn5n6_uSGD_c20211006__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember_zXibTlOmOEK" title="Loans payable"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2021-10-06_custom_MsHongBeeYinMember" id="Fact001673" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">2.4</ix:nonFraction></span> million
(approximately US$ <span id="xdx_90B_eus-gaap--LoansPayable_iI_pn5n6_uUSD_c20211006__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember_zamAZBXWlvmj" title="Loans payable"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2021-10-06_custom_MsHongBeeYinMember" id="Fact001675" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span>
million) from Ms. Hong Bee Yin, the Company&#8217;s controlling shareholder, is non-trade, unsecured, interest-free and payable on
demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the financial years ended December 31, 2021 and 2022, an amount of SGD <span id="xdx_900_eus-gaap--LineOfCredit_iI_pn5n6_uSGD_c20211231_zyFdm2AZ4UW5" title="Revolving loan facility"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2021-12-31" id="Fact001677" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">1.5</ix:nonFraction></span> million (approximately US$ <span id="xdx_90F_eus-gaap--LineOfCredit_iI_pn5n6_uUSD_c20211231_z1lAtFhRxSf5" title="Revolving loan facility"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2021-12-31" id="Fact001679" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.2</ix:nonFraction></span>
million) and SGD <span id="xdx_903_eus-gaap--LineOfCredit_iI_pn5n6_uSGD_c20221231_zAZAespv5A6i" title="Revolving loan facility"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2022-12-31" id="Fact001681" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">0.6</ix:nonFraction></span> million (approximately US$ <span id="xdx_90A_eus-gaap--LineOfCredit_iI_pn5n6_uUSD_c20221231_zchzFGI8J0z1" title="Revolving loan facility"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2022-12-31" id="Fact001683" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span>
million), respectively, were drawn down from the original revolving loan facility made available by Ms. Hong Bee Yin to the Company
in 2021. In the financial year ended December 31, 2022 and 2023, the Company made a repayment of SGD <span id="xdx_90F_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_pn5n6_uSGD_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zLI3PaTGXnP3" title="Line of credit repayment value"><ix:nonFraction name="us-gaap:LineOfCreditFacilityFairValueOfAmountOutstanding" contextRef="AsOf2022-12-31_custom_MsHongBeeYinMember_us-gaap_RevolvingCreditFacilityMember" id="Fact001685" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">1.4</ix:nonFraction></span> million (approximately US$ <span id="xdx_905_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_pn5n6_uUSD_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zi5WDBAKGu9j" title="Line of credit repayment value"><ix:nonFraction name="us-gaap:LineOfCreditFacilityFairValueOfAmountOutstanding" contextRef="AsOf2022-12-31_custom_MsHongBeeYinMember_us-gaap_RevolvingCreditFacilityMember" id="Fact001687" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span>
million) and SGD <span id="xdx_900_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_pn5n6_uSGD_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zU4Qdj1NaQHk" title="Line of credit repayment value"><ix:nonFraction name="us-gaap:LineOfCreditFacilityFairValueOfAmountOutstanding" contextRef="AsOf2023-12-31_custom_MsHongBeeYinMember_us-gaap_RevolvingCreditFacilityMember" id="Fact001689" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="SGD">0.7</ix:nonFraction></span> million (approximately US$ <span id="xdx_90E_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_pn5n6_uUSD_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zDxofi5Pkzz4" title="Line of credit repayment value"><ix:nonFraction name="us-gaap:LineOfCreditFacilityFairValueOfAmountOutstanding" contextRef="AsOf2023-12-31_custom_MsHongBeeYinMember_us-gaap_RevolvingCreditFacilityMember" id="Fact001691" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction></span>
million), respectively, to Ms. Hong Bee Yin. As of December 31, 2023, the amount of outstanding loan owed to Ms. Hong Bee Yin is <span id="xdx_90E_eus-gaap--LineOfCreditFacilityAverageOutstandingAmount_dxL_uUSD_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsHongBeeYinMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zlXrzZEh8Abb" title="Line of credit outstanding loan::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1693">Nil</span></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the above-mentioned disclosure, there were no other significant related party transactions conducted during the years ended December
31, 2021, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 122; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001695" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_805_eus-gaap--ConcentrationRiskDisclosureTextBlock_zlSllgsfvvH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.
<span id="xdx_828_zalwMtJfygs8">CONCENTRATIONS AND RISKS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentrations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company
conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates
its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts
periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001697" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_894_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zkrEBLjDjZzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of single customers who represent 10% or more of the Company&#8217;s total revenue:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zSwytyZScQR7" style="display: none">SCHEDULE OF CONCENTRATION RISK BY RISK FACTOR</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the financial years ended December
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_904_eus-gaap--Revenues_pn3n3_uSGD_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zK9XKVgbthlb" title="Revenue"><span style="-sec-ix-hidden: xdx2ixbrl1712">-</span></span>*</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td id="xdx_F0C_zKDf0kdHfvVa" style="font: 10pt Times New Roman, Times, Serif; width: 47px; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of single customers who represent 10% or more of the Company&#8217;s total accounts receivable:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Customer B</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Customer C</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--AccountsReceivableSale_pn3n3_uUSD_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerDMember_zFAcCzr0yt1b" title="Account receivable" style="text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableSale" contextRef="From2023-01-012023-12-31_custom_CustomerDMember" id="Fact001733" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,745</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 47px; text-align: right"><span id="xdx_F0C_z10exnRKsbif" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of suppliers who represent 10% or more of the Company&#8217;s total purchases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the financial years ended December
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SGD&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amount of the Company&#8217;s purchase</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%; text-align: left">Supplier A</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--AccountsReceivablePurchase_pn3n3_uSGD_c20210101__20211231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierAMember_zMMBA5XD2jDj" title="Amount of purchase" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivablePurchase" contextRef="From2021-01-012021-12-31_custom_SupplierAMember" id="Fact001736" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">551</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Supplier B</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--AccountsReceivablePurchase_pn3n3_uSGD_c20210101__20211231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--SupplierBMember_zGijjst0TsKl" title="Amount of purchase" style="text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivablePurchase" contextRef="From2021-01-012021-12-31_custom_SupplierBMember" id="Fact001744" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">507</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Supplier C</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Supplier E</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial
and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure
to credit risk is the carrying amounts of trade and other receivables (exclude prepayments) and cash and bank deposits presented on the
consolidated statements of financial position. The Company has no other financial assets which carry significant exposure to credit risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. The Company&#8217;s approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company&#8217;s reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Typically,
the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the
servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted,
such as natural disasters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001796" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80B_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zdgufcOpqNua" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contingencies</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and
a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable,
and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation
as of December 31, 2023 and through the issuance date of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has assessed all events from December 31, 2023 through April 30, 2024, which is the date that these consolidated financial
statements are available to be issued, there are not any material subsequent events that require disclosure in these consolidated financial
statements other than events detailed below.</span></p>

</ix:nonNumeric><p id="xdx_817_zDO1MYHYH1m4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 124; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_029"></span>Item
19. Exhibits</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
List</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
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    Statement on Form F-1 filed with the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex3-2.htm" style="-sec-extract: exhibit">Amended
    and Restated Articles of Association of the Registrant (incorporated by reference to Exhibit 3.2 to the Company&#8217;s Registration
    Statement on Form F-1 filed with the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex2-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Registered Securities* </span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-1.htm" style="-sec-extract: exhibit">Form
    of Directors&#8217; Agreement (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form F-1
    filed with the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-2.htm" style="-sec-extract: exhibit">Form
    of Indemnification Agreement (incorporated by reference to Exhibit 10.2 to the Company&#8217;s Registration Statement on Form F-1
    filed with the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banking Facility from United Overseas Bank Limited to JCS-Echigo Pte Ltd (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on March 10, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-4.htm" style="-sec-extract: exhibit">Loan
    Facility Agreement between Hong Bee Yin and JE Cleantech Holdings Limited (incorporated by reference to Exhibit 10.4 to the Company&#8217;s
    Registration Statement on Form F-1 filed with the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-5.htm" style="-sec-extract: exhibit">Audit
    Committee Charter (incorporated by reference to Exhibit 10.5 to the Company&#8217;s Registration Statement on Form F-1 filed with
    the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-6.htm">Amended Audit Committee Charter*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-6.htm" style="-sec-extract: exhibit">Nomination
    Committee Charter (incorporated by reference to Exhibit 10.6 to the Company&#8217;s Registration Statement on Form F-1 filed with
    the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-7.htm" style="-sec-extract: exhibit">Compensation
    Committee Charter (incorporated by reference to Exhibit 10.7 to the Company&#8217;s Registration Statement on Form F-1 filed with
    the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-9.htm">Amended Compensation Committee Charter*</a> </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex21-1.htm" style="-sec-extract: exhibit">List of Subsidiaries of JE Cleantech Holdings Limited (incorporated by reference to Exhibit 21.1 to the Company&#8217;s Registration Statement on Form F-1 filed with the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex14.htm" style="-sec-extract: exhibit">Code
    of Ethics of the Company (incorporated by reference to Exhibit 14 to the Company&#8217;s Registration Statement on Form F-1 filed
    with the SEC on March 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex11-2.htm">Insider Trading Policy of JE Cleantech Holdings Limited*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Certification of Officer Pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Certification of Officer Pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">Certification of Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-2.htm">Certification of Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex97-1.htm">Compensation Recovery Policy relating to recovery of erroneously awarded compensation as required by Nasdaq Capital Markets listing standard pursuant to 17 CFR 240.10D-1.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span>INS</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Inline XBRL Instance Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span>SCH</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Inline XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span>CAL</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Inline XBRL Taxonomy Extension Calculation Linkbase Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span>DEF</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Inline XBRL Taxonomy Definition Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span>LAM</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Inline XBRL Taxonomy Extension Label Linkbase</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span>PRE</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> XBRL Taxonomy Extension Label Linkbase</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (the cover page iXBRL tags are embedded within the Inline XBRL</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.85in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_030"></span>SIGNATURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JE
    CLEANTECH HOLDINGS LIMITED</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
    April 30, 2024</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    HONG Bee Yin</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HONG
    Bee Yin, Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
    April 30, 2024</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    LONG Jia Kwang </i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LONG
    Jia Kwang, Chief Financial Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2549109}]
{"company-data": {"conformed-name": "JE Cleantech Holdings Ltd", "cik": "0001905511", "assigned-sic": "3990", "organization-name": "04 Manufacturing", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41335", "film-number": "24898690"}, "business-address": {"street1": "3 WOODLANDS SECTOR 1", "city": "SINGAPORE", "state": "U0", "zip": "738361", "phone": "65-6368-4198"}, "mail-address": {"street1": "3 WOODLANDS SECTOR 1", "city": "SINGAPORE", "state": "U0", "zip": "738361"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
                                            REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the Fiscal Year Ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
File Number:
001-41335
JE
CLEANTECH HOLDINGS LIMITED
(Exact
name of Registrant as specified in its charter)
Cayman
Islands
(Jurisdiction
of incorporation or organization)
3
Woodlands Sector 1
Singapore
738361
(Address
of principal executive offices)
Bee
Yin Hong, CEO
Tel:
+65
6368 4198
Email:
Elise.hong@jcs-echigo.com.sg
3
Woodlands Sector 1
Singapore
738361
(Name,
Telephone, email and/or fax number and address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    symbol(s)
Name
    of each exchange on which registered
Ordinary
    Shares, par value US$0.001
JCSE
The
Nasdaq
Stock Market LLC
Securities
registered pursuant to Section 12(g) of the Act:
None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:1
None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
5,006,666
Ordinary Shares, $0.003 par value, at December 31, 2023
Indicate
by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933.
Yes
☐
No
☒
If
the report is an annual or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section
13 or 15D of the Securities Exchange Act of 1934.
Yes
☐
No
☒
Indicate
by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company.
Large
    Accelerated Filer ☐
Accelerated
    Filer ☐
Non-accelerated
    filer
☒
Emerging
    Growth Company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the Registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued by the International Accounting Standards Board ☐
Other
    ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
Registrant has elected to follow:
Item
17 ☐ Item 18 ☐
If
this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act.)
Yes
☐ No
☒
TABLE
OF CONTENTS
Page
PART
    I
Item
    1.
Identity
    of Directors, Senior Management and Advisors
3
Item
    2.
Offer
    Statistics and Expected Timetable
3
Item
    3.
Key
    Information
3
Item
    4.
Information
    on the Company
21
Item
    4A.
Unresolved
    Staff Comments
58
Item
    5.
Operating
    and Financial Review and Prospects
58
Item
    6.
Directors,
    Senior Management and Employees
78
Item
    7.
Major
    Shareholders and Related Party Transactions
84
Item
    8.
Financial
    Information
86
Item
    9.
The
    Offer and Listing
86
Item
    10.
Additional
    Information
86
Item
    11.
Quantitative
    and Qualitative Disclosures about Market Risk
97
Item
    12.
Description
    of Securities Other Than Equity Securities
97
PART
    II
Item
    13.
Defaults,
    Dividend Arrearages and Delinquencies
97
Item
    14.
Material
    Modifications to the Rights of Security Holders and Use of Proceeds
97
Item
    15.
Controls
    and Procedures
97
Item
    16.
Reserved
98
Item
    16A.
Audit
    Committee Financial Expert
98
Item
    16B.
Code
    of Ethics
98
Item
    16C.
Principal
    Accountant Fees and Services
99
Item
    16D.
Exemptions
    from the Listing Standards for Audit Committees
99
Item
    16E.
Purchases
    of Equity Securities by the Issuer and Affiliates Purchasers
99
Item
    16F.
Changes
    in Registrant's Certifying Accountants
99
Item
    16G.
Corporate
    Governance
99
Item
    16H.
Mine
    Safety Disclosure
100
Item
    16I.
Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections
100
Item
    16J.
Insider
    Trading Policies
100
Item
    16K.
Cybersecurity
100
PART
    III
Item
    17.
Financial
    Statements
101
Item
    18.
Financial
    Statements
101
Item
    19.
Exhibits
102
SIGNATURES
103
2
FORWARD-LOOKING
STATEMENTS
This
Annual Report on Form 20-F contains forward-looking statements. A forward-looking statement is a projection about a future event or result,
and whether the statement comes true is subject to many risks and uncertainties. These statements often can be identified by the use
of terms such as "may," "will," "expect," "believe," "anticipate," "estimate,"
"approximate" or "continue," or the negative thereof. The actual results or activities of the Company will likely
differ from projected results or activities of the Company as described in this Annual Report, and such differences could be material.
Forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and performance of the
Company to be different from any future results, performance and achievements expressed or implied by these statements. In other words,
our performance might be quite different from what the forward-looking statements imply. You should review carefully all information
included in this Annual Report.
You
should rely only on the forward-looking statements that reflect management's view as of the date of this Annual Report. We undertake
no obligation to publicly revise or update these forward-looking statements to reflect subsequent events or circumstances. You should
also carefully review the risk factors described in other documents we file from time to time with the Securities and Exchange Commission
(the "SEC"). The Private Securities Reform Act of 1995 contains a safe harbor for forward-looking statements on which the
Company relies in making such disclosures. In connection with the "safe harbor," we are hereby identifying important factors
that could cause actual results to differ materially from those contained in any forward-looking statements made by us or on our behalf.
Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled "Risk Factors"
under Item 3. - "Key Information."
FINANCIAL
STATEMENTS AND CURRENCY PRESENTATION
We
prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America
and publish our financial statements in United States Dollars.
REFERENCES
In
this Annual Report, "China" refers to all parts of the People's Republic of China other than the Special Administrative
Region of Hong Kong. The terms "we," "our," "us," "the Group" and the "Company"
refer to JE Cleantech Holdings Limited and, where the context so requires or suggests, our direct and indirect subsidiaries. References
to "dollars," "U.S. Dollars" or "US$" are to United States Dollars and "SGD" are to Singaporean Dollars.
PART
I
Item
1. Identity of Directors, Senior Management and Advisors
Not
Applicable
Item
2. Offer Statistics and Expected Timetable
Not
Applicable
Item
3. Key Information
A.
Reserved
B.
Capitalization and Indebtedness
Not
applicable
C.
Reasons for the Offer and Use of Proceeds.
Not
applicable
D.
Risk Factors
You
should carefully consider the following risks, together with all other information included in this Annual Report. The realization of
any of the risks described below could have a material adverse effect on our business, results of operations and future prospects.
3
Risks
Related to Our Business and Industry
We
only have a limited number of customer groups and our business is significantly dependent on our major customer groups' needs and
our relationships with them. We may be unsuccessful in attracting new customers.
Our
aggregate sales generated from our top five customer groups amounted to approximately 80.6%, 68.1% and 66.1% of our revenue for the
years ended December 31, 2021, 2022 and 2023, respectively. In particular, sales to our largest customer group, which is principally
engaged in the manufacture of hard disk drives ("HDD") and semiconductors, amounted to approximately SGD4.8 million,
SGD4.1 million and SGD4.4 million, representing approximately 32.7%, 22.0% and 24.2% of our revenue, for the years ended December
31, 2021, 2022 and 2023, respectively. Accordingly, our sales would be significantly affected by changes in our relationship with or
in the needs of our major customer groups, particularly our largest customer group, as well as other factors that may affect their
purchases from us, many of which are beyond our control. Any adverse changes in the economic conditions in the markets in which our
customer groups operate and in their business expansion plans may negatively affect their purchasing practices and result in a
reduction in demand for our products and services. Furthermore, we have a limited number of customer groups for both our sale of
cleaning systems and other equipment business and our centralized dishwashing and general cleaning services business. Our
centralized dishwashing services and general cleaning services business provided centralized dishwashing services to 54, 60 and 123
customer groups during the years ended December 31, 2021, 2022 and 2023, respectively, and provided general cleaning services to 7,
3 and 4 customer groups, respectively, during those periods. If our major customer groups do not place their new orders with us, our
business, financial condition, results of operations and prospects could be materially and adversely affected. In addition to
maintaining and growing our business with existing customers, the success of our business also depends on our ability to attract new
customers. If we are unable to attract new customers, our business growth will be hampered and our business, financial condition,
results of operations and prospects may be materially and adversely affected.
We
are dependent upon our largest customer group for a substantial amount of our revenue.
We
derived a significant portion of our revenue from our largest customer group during the years ended December 31, 2021, 2022 and 2023.
Our sales to that customer group amounted to approximately SGD4.8 million, SGD4.1 million and SGD4.4 million for the years ended December
31, 2021, 2022 and 2023, respectively, which accounted for approximately 32.7%, 22.0% and 24.2% of our total revenue for the years ended
December 31, 2021, 2022 and 2023, respectively. We expect that this customer group will continue to account for a significant portion
of our total revenue for a considerable period of time if we cannot expand our customer base and our geographical coverage. There is
no assurance that we will be able to maintain the same or achieve even higher sales amounts to that customer group. Our sales to such
customer group will be affected by the results of operations of the companies within that group, which may in turn be affected by many
factors such as global and/or regional political, economic or social conditions, foreign trade or monetary policies, legal or regulatory
requirements or taxation or tariff regime, demand for their products and implementation of sales and marketing strategies for their products.
If the companies within our largest customer group are unable to launch their marketing plans for their products successfully, or if
there is any material and adverse change in political, economic or social conditions, foreign trade or monetary policies, legal or regulatory
requirements or taxation or tariff regime or if the demand for their products weakens materially, and if we are unable to develop new
customers and secure purchase orders of comparable size or under substantially the same terms, our business, financial condition, results
of operations and prospects may be materially and adversely affected. Further, if we fail to achieve more diversified income or reduce
our reliance on such customer group, or if we fail to secure a similar level of business from other customers on comparable commercial
terms, such that the reduction in revenue from our largest customer group could be partly or wholly offset, our business, financial condition,
results of operations and prospects may be materially and adversely affected.
In
addition, there is generally no long-term commitment from customers of our cleaning systems and other equipment business to purchase
an agreed amount from us. Therefore, any material change in a customer's product development plan may also directly affect its
demand for our products. If we fail to quote a competitive price to our customer, if the quality of our products does not meet our customer's
specifications or if there is any disruption to our business relationship with our customer, we may be unable to secure further business
from such customer. Any significant decrease in sales to any of our customers for any reason, including any disruption to our business
relationship with them, may materially and adversely affect our business, financial condition, results of operations and prospects.
4
We
are subject to risks relating to the operation of our production and processing facilities.
We
are dependent on our JCS Facility and Hygieia Facility for our operations. Our production and processing facilities are subject to the
risk of operational breakdowns caused by accidents occurring during the production process, including, but not limited to, faulty machines,
suspension of utilities, human error or subpar output or efficiency. Any interruption in, or prolonged suspension of any part of production
at, or any damage to or destruction of, any of our production and processing facilities arising from unexpected or catastrophic events
or otherwise may prevent us from carrying out our businesses of the sale of cleaning systems and other equipment and provision of centralized
dishwashing services to our customers, which in turn may result in a material adverse effect on our results of operations and financial
condition. In addition, any interruption or suspension of the production process or failure to supply our products and/or services to
our customers in a timely manner may result in breach of contract and loss of sales, as well as expose us to liability and the requirement
to pay compensation under the relevant contracts with our customers, lawsuits and damage to our reputation, which may have a material
and adverse effect on our business, financial condition, results of operations and prospects.
The
operation of our production and processing facilities is also subject to risks and issues in respect of our production processes such
as mechanical and system failures, equipment upgrades and delays in the delivery of machinery and equipment, any of which could cause
interruption or suspension of the production process and reduced output.
Additionally,
there may be accidents or injuries to our workers caused by the use of machinery or equipment at our production and processing facilities,
which could interrupt our operations and result in legal and regulatory liabilities. While none of our workers were involved in any work-related
accidents or suffered any work-related injuries during the years ended December 31, 2021, 2022 and 2023, or during the period from January
1, 2023 through the present date, there is no assurance that there will not be any such accidents or injuries in the future, which could
cause operational breakdowns. Any such operational breakdowns, interruptions or suspensions may affect our business, financial condition,
results of operations and prospects.
The
non-recurring nature of our cleaning systems and other equipment business means that there is no guarantee that we will be able to secure
new orders, leading to fluctuations in revenue.
We
do not enter into any long term agreements with our customers for sale of cleaning systems and other equipment, and sell cleaning systems
and other equipment on an order-by-order basis. Therefore, our customers are under no obligation to continue to award contracts to or
place orders with us and there is no assurance that we will be able to secure new orders in the future. In this regard, the number of
contracts and orders and the amount of revenue that we are able to derive therefrom are affected by a series of factors including but
not limited to changes in our customers' businesses and changes in market and economic conditions.
Accordingly,
there is uncertainty as to whether we will be able to secure new contracts and orders in the future and in the event that our Group fails
to secure new contracts or orders of contract values, size and/or margins comparable to previous orders, our business, financial condition,
results of operations and prospect may be materially and adversely affected.
We
do not enter into long-term agreements for the provision of centralized dishwashing and general cleaning services and there is no assurance
that such agreements will be renewed in the future.
The
term of our agreements for our provision of centralized dishwashing services and general cleaning services is usually for a period of
one to two years. Our customers are not obliged to renew the agreement or engage us again for the provision of such services upon the
expiration of the agreement. We do not have any long-term agreements with our customers.
There
is no assurance that our existing customers will renew their agreements or that we will be able to secure new contracts from our existing
and new customers with similar or better terms. In the event that we are unable to secure new contracts from existing or new customers,
there may be a significant decrease in revenue and our business, financial condition, results of operations and prospects may be materially
and adversely affected.
5
We
depend on our key management team and our experienced and skilled personnel and our business may be severely disrupted if we are unable
to retain them or to attract suitable replacements.
Our
performance depends on the continued service and performance of our directors and senior management because they play an important role
in guiding the implementation of our business strategies and future plans. We also depend on our key employees, Mr. Wui Chin Hou and
Mr. Zhao Liang. The relationships that our experienced management team has developed with our customers over the years are important
to the future development of our business. If any of our directors, any members of our senior management or either of our key employees
were to terminate their services or employment, there is no assurance that we would be able to find suitable replacements in a timely
manner. The loss of services of either of these key personnel and/or the inability to identify, hire, train and retain other qualified
engineering, technical and operations personnel in the future may materially and adversely affect our business, financial condition,
results of operations and prospects.
As
Ms. Hong Bee Yin, our Chairman, Executive Director and Chief Executive Officer, contributes significantly to various key aspects of our
business, including business development and operations, the continued success and growth of our Group is dependent on our ability to
retain her services. We do carry key person life insurance on the life of Ms. Hong.
The loss of Ms. Hong's services as our Chairman, Executive Director and Chief Executive Officer may materially and adversely affect
our business, future plans and prospects.
We
also rely on experienced and skilled personnel for our operations and our ability to design and manufacture quality products and provide
good customer care service depends to a large extent on whether we are able to secure adequately skilled personnel for our operations.
In particular, we rely on our team of qualified engineers for the design and manufacture of our cleaning systems. If we are unable to
employ suitable personnel, or if our personnel do not fulfill their roles or if we experience a high turnover of experienced and skilled
personnel without suitable, timely or sufficient replacements, the quality of our products and/or services may decline, which may adversely
affect our business, financial condition, results of operations and prospects.
We
may be affected by the prospects of the industries in which our customers are engaged.
Our
cleaning systems and other equipment sales business is largely dependent on orders and contracts from our major customers, which are
primarily in the hard-disk drive, semiconductor and industrial electronics equipment/product manufacturing industries in Singapore and
Malaysia. Our provision of centralized dishwashing services and ancillary services is dependent on contracts from our customers in the
food and beverage industry in Singapore. We are therefore dependent on the outlook for these industries, and are indirectly exposed to
the uncertainties and business fluctuations of these industries. Accordingly, our business may be adversely affected if there is any
slowdown in the growth and development of such industries that compels industry participants to reduce their capital expenditures and
budgets. These industries are also subject to the impact of the industry cycle, general market and economic conditions and government
policies and expenditures, which are factors beyond our control. A decline in the number of new contracts and orders due to these factors
may cause us to operate in a more competitive environment, and we also may be required to be more competitive in our pricing which, in
turn, may adversely impact our business, financial condition, results of operations and prospects.
The
war in Ukraine could materially and adversely affect our business and results of operations.
The
outbreak of war in February 2022 in Ukraine has affected global economic markets, including a dramatic increase in the price of oil and
gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia's
military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union
and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy
and financial markets and thus could affect our customers' businesses and our business, even though we do not have any direct exposure
to Russia or the adjoining geographic regions. In addition, Russia and Ukraine are major exporters of critical minerals needed for semiconductors,
which could have a significant negative impact on many of our customers. The extent and duration of the military action, sanctions and
resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian military action
or resulting sanctions may magnify the impact of other risks described in this section. We cannot predict the progress or outcome of
the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest,
intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy,
and such effect could in turn have a material adverse effect on our business, financial condition, results of operations and prospects.
6
We
may be unable to meet the specifications of our customers or keep up with fast-changing technological developments.
The
needs of our customers may change as a result of new developments in technology. Our future success depends on our ability to launch
better cleaning systems that meet evolving market demands of our customers, and in particular, new cleaning systems that are compatible
with new products sold by our customers. The preferences and purchasing patterns of our customers can change rapidly due to technological
developments in their respective industries. There is no assurance that we will be able to respond to changes in the specifications of
our customers in a timely manner. Our success depends on our ability to adapt our products to the requirements and specifications of
our customers. There is also no assurance that we will be able to sufficiently and promptly respond to changes in customer preferences
to make corresponding adjustments to our products or services, and failing to do so may have a material and adverse effect on our business,
financial condition, results of operations and prospects.
We
are vulnerable to fluctuations in the cost or supply of our raw materials.
Expenses
for raw materials, such as stainless steel, aluminum and electronic components, constitute most of our cost of revenues, representing
approximately 43.5%, 57.8% and 40.5% of our total cost of revenues for the years ended December 31, 2021, 2022 and 2023, respectively.
Expenses for raw materials as a percentage of our total cost of revenue have not materially changed through the present date. A shortage
of raw materials or material increases in the cost of raw materials may materially and adversely affect our operations and profitability,
and there is no assurance that we will be able to identify suitable alternatives at comparable prices and quality in order to meet our
contract requirements.
As
our contract price is fixed at the time that our customer confirms an order, it is difficult for us to manage the pricing of our cleaning
systems and other equipment to pass on any increase in costs to our customers. In the event of a shortage of raw materials, there may
be a resultant material increase in the purchase prices of such key materials. In such event, if we are unable to pass on such price
increases to our customers, our cost of production will increase whereupon our gross margin and profitability may be adversely affected.
We
are subject to risks relating to computer hardware or software systems and potential computer system failure and disruptions.
Part
of our work is carried out by computers and software systems used for design and engineering works such as the ANSYS Discovery, SolidWorks
and AutoCAD software systems. During the years ended December 31, 2021, 2022 and 2023 and during the period from January 1, 2023 to the
present date, we engaged third party information technology service providers to provide support services for our various hardware and
software systems. The computer systems of our Group are currently located at our office in Singapore, with access restricted to authorized
personnel. A physical breakdown of and/or damage to our computer hardware and software systems and/or data storage facilities may lead
to a loss of data. In addition, our software systems may be vulnerable to interruptions due to events beyond our control, including,
but not limited to, telecommunications or electricity failure, computer viruses, hackers and other security issues, and any such interruption
or failure could disrupt our business and operations. There is no assurance that we have sufficient ability to protect our computer hardware
and software systems and data storage facilities from all possible damage, including telecommunications or electricity failure or other
unexpected events.
7
We
are subject to environmental, health and safety regulations and penalties, and may be adversely affected by new and changing laws and
regulations.
We
are subject to laws, regulations and policies relating to the protection of the environment and to workplace health and safety. We are
required to adopt measures to control the discharge of polluting matters, toxic substances or hazardous substances and noise at our production
and processing facilities in accordance with such applicable laws and regulations and to implement such measures that ensure the safety
and health of our employees. Changes to current laws, regulations or policies or the imposition of new laws, regulations and policies
in the cleaning systems or the dishwashing industry could impose new restrictions or prohibitions on our current practices. We may incur
significant costs and expenses and need to budget additional resources to comply with any such requirements, which may have a material
and adverse effect on our business, financial condition, results of operations and prospects.
We
may be unable to successfully implement our business strategies and future plans.
As
part of our business strategies and future plans, we intend to expand our product portfolio, expand our research and development and
engineering team, strengthen our production capability for cleaning systems and other equipment and improve the production efficiency
of our centralized dishwashing services business. While we have planned such expansion based on our outlook regarding our business prospects,
there is no assurance that such expansion plans will be commercially successful or that the actual outcome of those expansion plans will
match our expectations. The success and viability of our expansion plans are dependent upon our ability to successfully implement our
research and development projects, hire and retain skilled employees to carry out our business strategies and future plans and implement
strategic business development and marketing plans effectively and upon an increase in demand for our products and services by existing
and new customers in the future.
Further,
the implementation of our business strategies and future plans may require substantial capital expenditure and additional financial resources
and commitments. There is no assurance that these business strategies and future plans will achieve the expected results or outcome such
as an increase in revenue that will be commensurate with our investment costs or the ability to generate any costs savings, increased
operational efficiency and/or productivity improvements to our operations. There is also no assurance that we will be able to obtain
financing on terms that are favorable, if at all. If the results or outcome of our future plans do not meet our expectations, if we fail
to achieve a sufficient level of revenue or if we fail to manage our costs efficiently, we may not be able to recover our investment
costs and our business, financial condition, results of operation and prospects may be adversely affected.
Increased
labor costs could affect our financial performance.
We
intend to recruit additional staff to expand our research and development and engineering team and to build up our business development
team. Both the cleaning equipment industry and the dishwashing industry face labor shortages and rising labor costs in Singapore. This
may result in a need to employ more foreign workers for companies involved in the manufacturing sector in Singapore. If we are unable
to recruit and retain sufficient and qualified staff, including foreign workers, for us to execute our business, or if we have to increase
our costs to attract and maintain such staff, our results of operations and financial performance may be materially and adversely affected
and our future growth may be inhibited. Further, we may be unable to recruit additional staff necessary to implement our business strategies.
We incurred employee benefit expenses of approximately SGD3.2 million, SGD4.5 million and SGD4.0 million, representing approximately 21.6%,
24.2% and 22.2% of our total revenue for the years ended December 31, 2021, 2022 and 2023, respectively. Although our labor costs will
increase upon recruitment of additional staff, there is no assurance that our revenue or gross profit will increase accordingly. As such,
in the event we are unable to obtain more orders for both our sale of cleaning systems and other equipment business and our centralized
dishwashing and ancillary services business after implementation of such planned investment, our business, financial position and profitability
may be adversely affected.
8
Non-renewal
of permits and business licenses would have a material adverse effect on our operations.
In
order to carry on our business operations, we are required to obtain certain permits, licenses and certificates from various governmental
authorities and organizations. As of the date of this Annual Report, we have obtained all material permits and licenses for our business
operations. However, certain of these permits and licenses are subject to periodic renewal and reassessment by the relevant government
authorities and organizations, and the standards of compliance required in relation thereto may be subject to change. Non-renewal of
our permits, licenses and certificates would have a material adverse effect on our operations. We would be unable to carry on our business
without such permits, licenses and certificates being granted or renewed. In addition, if there are any subsequent modifications of,
additions or new restrictions to compliance standards for our permits, licenses or certificates, it may be costly for us to comply with
such subsequent modifications of, additions or new restrictions to, these compliance standards. In such event, we may incur additional
costs to comply with such new or modified standards which may adversely affect our profitability.
We
depend on the quality of the work of our sub-contractors.
We
engage third party sub-contractors, mainly for specific works during the production and manufacturing of our cleaning systems and other
equipment and for the provision of labor for our centralized dishwashing operations and on-site cleaning services from time to time.
We generally select our sub-contractors based on their pricing, quality of services, capacity and market reputation. However, there is
no assurance that the sub-contractors will meet the requirements of our Group and our customers. We may be unable to monitor the performance
of our sub-contractors as directly and efficiently as with our own staff. As we remain contractually responsible for the delivery of
products and/or services in accordance with the requirements and contract terms of our customers, any delay, non-performance or poor
performance by our sub-contractors may cause us to breach our contracts with our customers and expose us to the risk of damages. If such
events were to occur, there may be a material and adverse effect on our business, financial condition and results of operations, as well
as reputational damage to our Group.
We
are exposed to the credit risks of our customers.
We
extend credit terms to our customers. Our average accounts receivable turnover days were approximately 86.7 days and 96.7 days for
the years ended December 31, 2022 and 2023, respectively. Our customers may be unable to meet their contractual payment obligations to
us, either in a timely manner or at all. The reasons for payment delays, cancellations or default by our customers may include insolvency
or bankruptcy, or insufficient financing or working capital due to late payments by their respective customers. While we did not experience
any material order cancellations by our customers during the years ended December 31, 2021, 2022 and 2023, or during the period from
January 1, 2024 to the present date, there is no assurance that our customers will not cancel their orders and/or refuse to make payment
in the future in a timely manner or at all. We may not be able to enforce our contractual rights to receive payment through legal proceedings.
In the event that we are unable to collect payments from our customers, we are still obliged to pay our suppliers in a timely manner
and thus our business, financial condition and results of operations may be adversely affected.
If
we are unable to maintain and protect our intellectual property, or if third parties assert that we infringe on their intellectual property
rights, our business could suffer.
Our
business depends, in part, on our ability to identify and protect proprietary information and other intellectual property such as our
client lists and information and business methods. We rely on trade secrets, confidentiality policies, non-disclosure and other contractual
arrangements and copyright and trademark laws to protect our intellectual property rights. However, we may not adequately protect these
rights, and their disclosure to, or use by, third parties may harm our competitive position. Our inability to detect unauthorized use
of, or to take appropriate or timely steps to enforce, our intellectual property rights may harm our business. Also, third parties may
claim that our business operations infringe on their intellectual property rights. These claims may harm our reputation, be a financial
burden to defend, distract the attention of our management and prevent us from offering some services. Intellectual property is increasingly
stored or carried on mobile devices, such as laptop computers, which increases the risk of inadvertent disclosure if the mobile devices
are lost or stolen and the information has not been adequately safeguarded or encrypted. This also makes it easier for someone with access
to our systems, or someone who gains unauthorized access, to steal information and use it to our disadvantage. Advances in technology,
which permit increasingly large amounts of information to be stored on mobile devices or on third-party "cloud" servers,
may increase these risks.
9
If
we fail to maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations
or prevent fraud, and investor confidence and the market price of our Ordinary Shares may be materially and adversely affected.
Although
our management has concluded that our internal control over financial reporting is effective, our independent registered public accounting
firm has not conducted an audit of our internal control over financial reporting. After conducting its own independent testing, it may
issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. Our reporting obligations as a public
company may also place a burden on our management, operational and financial resources and systems for the foreseeable future such that
we may be unable to timely complete our evaluation testing and any required remediation.
Effective
internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure
controls and procedures, is designed to prevent fraud. There can be no assurance that our internal controls will continue to be effectively
implemented.
Our
failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements
that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors
to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of the
Ordinary Shares.
Upon
the completion of our Initial Public Offering in April 2022, we became a public company in the United States subject to the Sarbanes-Oxley
Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, requires that we include a report of management on our internal
control over financial reporting in our annual report on Form 20-F. In addition, if we cease to be an "emerging growth company"
as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness
of our internal control over financial reporting on an annual basis.
During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify
material weaknesses and deficiencies in our internal control over financial reporting. The Public Company Accounting Oversight Board,
or PCAOB, has defined a material weakness as "a deficiency, or a combination of deficiencies in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim statements will not be prevented
or detected on a timely basis."
In
addition, if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented
or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial
reporting in accordance with Section 404. Generally speaking, if we fail to maintain an effective internal control environment, we could
suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors
to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of
operations and lead to a decline in the trading price of our Ordinary Shares. Additionally, ineffective internal control over financial
reporting could expose us to increased risk of fraud, misuse of corporate assets and legal actions under the United States securities
laws and subject us to potential delisting from Nasdaq, to regulatory investigations and to civil or criminal sanctions.
We
may be unable to detect, deter and prevent all instances of fraud or other misconduct committed by our employees or other third parties.
We
are exposed to the risk of fraud or other misconduct by our employees and other third parties. Misconduct by such parties may include
theft, unauthorized business transactions, bribery or breaches of applicable laws and regulations, which may be difficult to detect or
prevent. We are not aware of any instances of fraud, theft and other misconduct involving employees and other third parties that had
any material and adverse impact on our business and results of operations during the years ended December 31, 2021, 2022 and 2023, or
during the period from January 1, 2024 to the present date. However, there is no assurance that there will not be any such instances
in the future. We may be unable to prevent, detect or deter all instances of misconduct. Any misconduct committed against our interests,
which may include past acts that have gone undetected or future acts, could subject us to financial losses and harm our reputation and
may have a material and adverse effect on our business, financial condition, results of operations and prospects.
10
We
may be harmed by negative publicity.
We
operate in highly competitive industries and there are other companies in the market that offer similar products and services. We derive
most of our customers through word of mouth and we rely on the positive feedback of our customers. Thus, customer satisfaction with our
cleaning systems and other equipment, and with our centralized dishwashing and ancillary services, is critical to the success of our
business as this will also result in potential referrals from our existing customers. If we fail to meet our customers' expectations,
there may be negative feedback regarding our products and/or services, which may have an adverse impact on our business and reputation.
In the event we are unable to maintain a high level of customer satisfaction or any customer dissatisfaction is inadequately addressed,
our business, financial condition, results of operations and prospects may also be adversely affected.
Our
reputation may also be adversely affected by negative publicity in reports, publications such as major newspapers and forums, or any
other negative publicity or rumors. There is no assurance that our Group will not experience negative publicity in the future or that
such negative publicity will not have a material and adverse effect on our reputation or prospects. This may result in our inability
to attract new customers or retain existing customers and may in turn adversely affect our business and results of operations.
Our
insurance coverage may be inadequate.
We
maintain insurance coverage for our major assets and operations, including insurance covering plant and machinery, fire, theft,
accident and key person life insurance. However, we do not have or are unable to obtain insurance in respect of losses arising from certain operating risks, such
as acts of terrorism. Our insurance policies may be insufficient to cover all of our losses in all events. The occurrence of certain
incidents, including fraud, confiscation by investigating authorities or misconduct committed by our employees or third parties,
severe weather conditions, war, flooding and power outages may not be covered adequately, if at all, by our insurance policies. If
our losses exceed the insurance coverage or are not covered by our insurance policies, we may be liable to bear such losses. Our
insurance premiums may also increase substantially due to claims made. In such circumstances, our business, financial condition,
results of operations and prospects may be materially and adversely affected.
We
are exposed to risks in respect of acts of war, terrorist attacks, epidemics, political unrest, adverse weather conditions and other
uncontrollable events.
Unforeseeable
circumstances and other factors such as power outages, labor disputes, adverse weather conditions or other catastrophes, epidemics or
outbreaks of communicable diseases such as COVID-19, Severe Acute Respiratory Syndrome, Middle East Respiratory Syndrome, Ebola or other
contagious diseases, may disrupt our operations and cause loss and damage to our production and processing facilities, and acts of war,
terrorist attacks or other acts of violence may further materially and adversely affect the global financial markets and consumer confidence.
Our business may also be affected by macroeconomic factors in the countries in which we operate, such as general economic conditions,
market sentiment, social and political unrest and regulatory, fiscal and other governmental policies, all of which are beyond our control.
Any such events may cause damage or disruption to our business, markets, customers and suppliers, any of which may materially and adversely
affect our business, financial condition, results of operations and prospects.
Our
business and operations may be materially and adversely affected if there is a major resurgence of COVID-19 or another significant natural
disaster or pandemic in the future.
COVID-19
was initially reported in China in December 2019, and in March 2020, the World Health Organization characterized COVID-19 as a pandemic.
Although on May 5, 2023, the WHO declared the end to the COVID-19 pandemic as a global health emergency, it stressed that COVID-19 is
here to stay, that it remains a global threat and that the risk remains of new variants emerging that may cause new surges in cases and
deaths. COVID-19 has had a widespread and detrimental effect on the global economy as a result of the ongoing number of cases and affected
countries and actions taken by public health and governmental authorities, businesses, other organizations and individuals to address
the pandemic, including travel bans and restrictions, quarantines, shelter in place, stay at home or total lock-down orders and business
limitations and shutdowns.
11
The
outbreak of COVID-19 had a material adverse impact on the global, regional and local economies of Singapore and other countries in which
our clients are or were based, which decreased the demand for our services. A significant recurrence of COVID-19 or the occurrence of
another epidemic or natural disaster in Singapore may result in a similar decrease in the demand for our services in the future, may
cause delay in the tender and/or quotation processes of prospective contracts and/or may cause termination of our existing orders and
contracts by our customers. In addition, such a recurrence or event could result in further disruption of the global supply chain, a
delay or shortage of raw materials, supplies and/or services by our suppliers and sub-contractors, the re-imposition of lockdown measures
or quarantines or a significant number of our workers being unable to report to work due to illness, any of which may materially and
adversely affect our business and operations. Our revenue and profitability also may be materially affected if any such occurrence materially
affects the overall economic and market conditions in Singapore or in any of the other countries in which we have significant operations,
as an economic slowdown and/or negative business sentiment could potentially have an adverse impact on our business and operations.
We
cannot predict if or when any new outbreaks of COVID-19 or another pandemic or natural disaster may occur or how long it may take for
any such outbreaks to be contained or for the effects of any such disaster to be rectified, and we cannot predict the impact that any
such event may have on our operations. If Singapore or any of the other countries in which we have significant operations experiences
a major resurgence of COVID-19 or if another pandemic or a significant natural disaster were to occur in the future, our business, financial
condition, results of operations and prospects may be materially and adversely affected.
We
are exposed to risks arising from fluctuations of foreign currency exchange rates.
Our
business is exposed to certain foreign currency exchange risks as our reporting currency is Singapore dollars and our overseas sales
and procurement are denominated in United States dollars during the years ended December 31, 2021, 2022 and 2023. To the extent that
our Group's sales, purchases and operating costs are not denominated in the same currency and to the extent that there are timing
differences between invoicing and payment from our customers and to our suppliers, we may be exposed to foreign currency exchange gains
or losses arising from transactions in currencies other than our reporting currency.
We
may be affected by adverse changes in the political, economic, regulatory or social conditions in the countries in which we and our customers
and suppliers operate or into which we intend to expand.
We
and our customers and suppliers are governed by the laws, regulations and government policies in each of the countries in which we and
our customers and suppliers operate or into which we intend to expand our business and operations, such as Singapore, Malaysia, Thailand,
Belgium and South Korea. Our business and future growth are dependent on the political, economic, regulatory and social conditions in
these countries, which are beyond our control. Any economic downturn, changes in policies, currency and interest rate fluctuations, capital
controls or capital restrictions, labor laws, changes in environmental protection laws and regulations, duties and taxation and limitations
on imports and exports in these countries may materially and adversely affect our business, financial condition, results of operations
and prospects.
We
may face the risk of inventory obsolescence.
As
of December 31, 2022 and 2023, we had inventories of SGD11.9 million and SGD14.1 million, respectively. The higher inventory for the year
ended December 31, 2023 was primarily the result of purchasing more raw materials in anticipation of slower delivery times due to
supply chain issues and increased orders received for precision cleaning systems. Our inventory turnover days for the years ended
December 31, 2022 and 2023 were 122.0 days and 346.7 days, respectively. The higher number of days for the year ended December 31, 2023
was mainly due to the extension by a major customer of its delivery schedule for certain projects to 2024 and 2026. Our business
relies on customer demand for our products. Any reduction in customer demand for our products may have an adverse impact on our
product sales, which may in turn lead to inventory obsolescence, decline in inventory value or inventory write-off. In that case,
our business, financial condition, results of operations and prospects may be materially and adversely affected.
12
Our
business is subject to various cybersecurity and other operational risks.
We
face various cybersecurity and other operational risks relating to our businesses on a daily basis. We rely heavily on financial, accounting,
communication and other data processing systems as well as the experienced staff who operate them to securely process, transmit and store
sensitive and confidential customer information, and to communicate with our staff, customers, partners and suppliers. We also depend
on various third-party software and cloud-based storage platforms as well as other information technology systems in our business operations.
These systems may fail to operate properly or become disabled as a result of tampering or a breach of our network security systems or
otherwise, including for reasons beyond our control.
Our
customers typically provide us with sensitive and confidential information as part of our business arrangements. We are susceptible to
attempts to obtain unauthorized access to such sensitive and confidential customer information. We also may be subject to cyber
-
attacks
involving leaks and destruction of sensitive and confidential customer information and our proprietary information, which could result
from an employee's or agent's failure to follow data security procedures or from actions by third parties, including actions
by government authorities. Although cyber-attacks have not had a material impact on our operations to date, breaches of our or third-party
network security systems on which we rely could involve attacks that are intended to obtain unauthorized access to and disclose sensitive
and confidential customer information and our proprietary information, destroy data or disable, degrade or sabotage our systems, often
through the introduction of computer viruses and other means, and could originate from a wide variety of sources, including state actors
or other unknown third parties. The increase in using mobile technologies can heighten these and other operational risks.
We
cannot assure you that we or the third parties on which we rely will be able to anticipate, detect or implement effective preventative
measures against frequently changing cyber-attacks. We may incur significant costs in maintaining and enhancing appropriate protections
to keep pace with increasingly sophisticated methods of attack. In addition to the implementation of data security measures, we require
our employees to maintain the confidentiality of the proprietary information that we hold. If an employee's failure to follow proper
data security procedures results in the improper release of confidential information, or our systems are otherwise compromised, malfunctioning
or disabled, we could suffer a disruption of our business, financial losses, liability to customers, regulatory sanctions and damage
to our reputation.
Risks
Related to Our Securities
We
may not be able to maintain compliance with Nasdaq's continued listing requirements.
On
November 3, 2022, we received a written notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC (the "2022
Nasdaq Notification") stating that our Ordinary Shares had failed to maintain a minimum bid price of $1.00 over the last 30 consecutive
business days as required by Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Requirement Listing Rule"). As of November
3, 2023, we regained compliance with the Minimum Bid Requirement Listing Rule, and the matter was closed.
On
December 14, 2023, we received another written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC
(the "2023 Nasdaq Notification") stating that our Ordinary Shares failed to maintain a minimum bid price of $1.00 over the
last 30 consecutive business days as required by the Minimum Bid Price Requirement Listing Rule. Receipt of the 2023 Nasdaq Notification
does not result in the immediate delisting of our Ordinary Shares and has no immediate effect on the listing or the trading of our Ordinary
Shares on the Nasdaq Capital Market under the symbol "JCSE."
Pursuant
to Nasdaq Listing Rule 5810(c)(3)(A), we now have a compliance period of 180 calendar days from the date of the 2023 Nasdaq Notification,
or until June 11, 2024, to regain compliance with the Minimum Bid Requirement Listing Rule. In the event that we do not regain compliance
by June 11, 2024, we may be eligible for additional time to qualify. 	In the event that we do not regain compliance with the Minimum
Bid Price Requirement Listing Rule by June 11, 2024, and are ineligible for an additional grace period, Nasdaq will provide further written
notice that our Ordinary Shares are subject to delisting from The Nasdaq Capital Market. In that event, we may appeal the determination
to a Nasdaq hearings panel or consider transferring the listing and trading of our ordinary shares to the OTCQX of the OTC Markets. See
"Item 4. Information on the Company - History of the Company - Recent and Other Developments - Nasdaq Deficiency."
13
If
our Ordinary Shares are delisted from Nasdaq, we could face significant material adverse consequences, including:
●
limited
    availability of market quotations for our Ordinary Shares;
●
reduced
    liquidity for our Ordinary Shares;
●
a
    determination that our Ordinary Shares are "penny stock," which will require brokers trading in our shares to adhere
    to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Ordinary
    Shares;
●
a
    limited amount of news and analyst coverage; and
●
decreased
    ability to issue additional securities or obtain additional financing in the future.
In
addition, as long as our Ordinary Shares are listed on Nasdaq, U.S. federal law prevents or preempts the states from regulating their
sale, although the law does allow the states to investigate companies if there is a suspicion of fraud and, if there is a finding of
fraudulent activity, then the states can regulate or bar their sale. If we were no longer listed on Nasdaq, we would be subject to regulations
in each state in which we offer our shares.
Certain
recent initial public offerings of companies with public floats comparable to our public float have experienced extreme volatility that
was seemingly unrelated to the underlying performance of their businesses. We have experienced similar volatility, which makes it difficult
to assess the value of our Ordinary Shares.
In
addition to the risks addressed below in "- An active trading market for our Ordinary Shares may not continue and the trading price
for our Ordinary Shares may fluctuate significantly," our Ordinary Shares have been subject to extreme volatility that is seemingly
unrelated to the underlying performance of our business. Recently, companies with public floats and initial public offering sizes comparable
to ours have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was
seemingly unrelated to the respective companies' underlying performance. Although the specific cause of such volatility is unclear,
our public float may amplify the impact that actions taken by a few shareholders have on the price of our Ordinary Shares, which may
cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business.
Since our Ordinary Shares have experienced a decline, and may continue to experience either run-ups or declines that are seemingly unrelated
to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing
the rapidly changing value of our Ordinary Shares. In addition, investors of our Ordinary Shares may experience losses, which may be
material, if the price of our Ordinary Shares declines or if such investors purchase our Ordinary Shares prior to any price decline.
Holders
of our Ordinary Shares may not be able to readily liquidate their investments or may be forced to sell at depressed prices due to low
trading volume. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of
our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. Furthermore,
extreme volatility may confuse public investors regarding the value of our stock, distort the market perception of our stock price and
our financial performance and public image and negatively affect the long-term liquidity of our Ordinary Shares, regardless of our actual
or expected operating performance. If we continue to encounter such volatility, including any rapid stock price increases and declines
seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult
and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and understand the value thereof.
14
An
active trading market for our Ordinary Shares may not continue and the trading price for our Ordinary Shares has fluctuated significantly.
We
cannot assure you that an active public market for our Ordinary Shares will continue. If an active public market for our Ordinary Shares
does not continue, the market price and liquidity of our Ordinary Shares may be materially and adversely affected. As a result, investors
in our Ordinary Shares may experience a significant decrease in the value of their Ordinary Shares.
The
trading price and trading volume of our Ordinary Shares has been volatile, which could result in substantial losses to investors.
Since
our Ordinary Shares commenced trading on April 22, 2022, the trading price of our Ordinary Shares has been volatile and has fluctuated
widely due to factors beyond our control. This may continue in the future because of broad market and industry factors, such as the performance
and fluctuation of the market prices of other companies with business operations located mainly in Singapore that have listed their securities
in the United States. In addition to market and industry factors, the price and trading volume for our shares may be highly volatile
for factors specific to our own operations, including the following:
●
fluctuations
    in our revenues, earnings and cash flow;
●
changes
    in financial estimates by securities analysts;
●
additions
    or departures of key personnel;
●
release
    of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and
●
potential
    litigation or regulatory investigations.
Any
of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.
In
addition, our Ordinary Shares have been subject to extreme volatility that is seemingly unrelated to the underlying performance of our
business. Although the specific cause of such volatility is unclear, the relatively small size of our public float may amplify the impact
the actions taken by a few shareholders have on the price of our Ordinary Shares, which may cause our share price to deviate, potentially
significantly, from a price that better reflects the underlying performance of our business. Since our Ordinary Shares have experienced
a decline, and may continue to experience either run-ups or declines that are seemingly unrelated to our actual or expected operating
performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our
Ordinary Shares. In addition, investors of our Ordinary Shares may experience losses, which may be material, if the price of our Ordinary
Shares declines or if such investors purchase our Ordinary Shares prior to any price decline.
Holders
of our Ordinary Shares also may not be able to readily liquidate their investment or may be forced to sell at depressed prices due to
low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price
of our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. Furthermore,
extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our
financial performance and public image and negatively affect the long-term liquidity of our Ordinary Shares, regardless of our actual
or expected operating performance. If we continue to encounter such volatility, including any rapid stock price increases and declines
seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult
and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and to understand the value thereof.
In
the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount
of our management's attention and other resources from our business and operations and require us to incur significant expenses
to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.
15
If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding our Ordinary Shares, the market price for our Ordinary Shares and trading volume could decline.
The
trading market for our shares will be influenced by research or reports that industry or securities analysts publish about our business.
If one or more analysts downgrade our shares, the market price for our shares would likely decline. If one or more of these analysts
cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could
cause the market price or trading volume for our shares to decline.
The
sale or availability for sale of substantial amounts of our Ordinary Shares could adversely affect their market price.
Sales
of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely
affect the market price of our shares and could materially impair our ability to raise capital through equity offerings in the
future. We currently have 5,006,666 Ordinary Shares outstanding, of which 1,806,666 shares are freely tradable without restriction
or further registration under the Securities Act. The remaining 3,200,000 shares, all of which are beneficially owned by our
controlling shareholder, may also be sold in the public market in the future in accordance with Rule 144 and Rule 701 under the
Securities Act. We cannot predict what effect, if any, market sales of securities held by our controlling shareholder or any other
shareholder or the availability of these securities for future sale will have on the market price of our shares.
Short
selling may drive down the market price of our Ordinary Shares.
Short
selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention
of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value
of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay
less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline,
many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its
business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These
short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity,
whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such
allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the
manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of
commercial confidentiality.
Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Ordinary Shares for a return
on your investment.
We
currently intend to retain all of our available funds and any future earnings to fund the development and growth of our business. As
a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our
shares as a source for any future dividend income. Our board of directors has complete discretion as to whether to distribute dividends,
subject to certain requirements of Singapore law. Even if our board of directors decides to declare and pay dividends, the timing, amount
and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital
requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual
restrictions and other factors as determined by our board of directors. Accordingly, the return on your investment in our Ordinary Shares
will likely depend entirely upon any future price appreciation of our Ordinary Shares. There is no guarantee that our Ordinary Shares
will appreciate in value or even maintain the price at which you purchase our shares. You may not realize a return on your investment
in our shares and you may even lose your entire investment.
16
If
we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States
federal income tax consequences.
We
are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for
any taxable year if, for such year, either
●
At
    least 75% of our gross income for the year is passive income; or
●
The
    average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that
    are held for the production of passive income is at least 50%.
Passive
income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade
or business) and gains from the disposition of passive assets.
If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who
holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional
reporting requirements.
It
is possible that, for our current taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive
income. We will make this determination following the end of any particular tax year. We treat our affiliated entities as being owned
by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities
but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results
in our consolidated financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its
pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.
For
a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to
be a PFIC, see "Material Tax Considerations - Passive Foreign Investment Company Considerations."
Our
controlling shareholder has substantial influence over the Company. Her interests may not be aligned with the interests of our other
shareholders, and she could prevent or cause a change of control or other transactions.
Ms.
Hong Bee Yin, our Chairman, Executive Director and Chief Executive Officer, beneficially owns an aggregate of approximately 64% of our
issued and outstanding Ordinary Shares. Accordingly, our controlling shareholder could control the outcome of any corporate transaction
or other matter submitted to the shareholders for approval, including mergers, consolidations, the election of directors and other significant
corporate actions, including the power to prevent or cause a change in control. The interests of our largest shareholder may differ from
the interests of our other shareholders. Without the consent of our controlling shareholder, we may be prevented from entering into transactions
that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline
in the value of our shares. For more information regarding our principal shareholders and their affiliated entities, see "Item
7. Major Shareholders and Related Party Transactions - Major Shareholders."
As
a "controlled company," we are exempt from certain Nasdaq corporate governance requirements, which may result in our independent
directors not having as much influence as they would if we were not a controlled company.
We
are a "controlled company" as defined under the Nasdaq Stock Market Rules, because one of our shareholders holds more than
50% of our voting power. As a result, for so long as we remain a controlled company as defined under that rule, we are exempt from, and
our shareholders generally are not provided with the benefits of, some of the Nasdaq Stock Market corporate governance requirements,
including that:
●
a
    majority of our board of directors must be independent directors;
17
●
our
    compensation committee must be composed entirely of independent directors; and
●
our
    corporate governance and nomination committee must be composed entirely of independent directors.
Although
we intend to have a majority of independent directors and for our compensation and our corporate governance and nomination committees
to be composed entirely of independent directors, that may change in the future so long as we remain a controlled company.
As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders
than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.
As
a foreign private issuer whose Ordinary Shares are traded on Nasdaq, we rely on a provision in the Nasdaq corporate governance listing
standards that allows us to follow Cayman Islands law with regard to certain aspects of corporate governance. This allows us to follow
certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S.
companies listed on Nasdaq.
For
example, we are exempt from Nasdaq regulations that require a listed U.S. company to:
●
have
    a majority of the board of directors consist of independent directors;
●
require
    non-management directors to meet on a regular basis without management present;
●
have
    an independent compensation committee;
●
have
    an independent nominating committee; and
●
seek
    shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Ordinary Shares, such
    as transactions, other than a public offering, involving the sale of 20% or more of our Ordinary Shares for less than the greater
    of book or market value of the shares.
As
a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Although we intend to have
a majority of independent directors and for our compensation and our corporate governance and nomination committees to be composed entirely
of independent directors, that may change in the future.
However,
our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies
listed on Nasdaq. Therefore, we intend to maintain a fully independent audit committee in accordance with Rule 10A-3 of the Exchange
Act. However, because we are a foreign private issuer, our audit committee is not subject to additional Nasdaq corporate governance requirements
applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that
all members are "independent," using more stringent criteria than those applicable to us as a foreign private issuer.
18
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.
We
are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed
by our Amended and Restated Memorandum of Association (our "Amended and Restated Memorandum") and our Amended and Restated
Articles of Association (our "Amended and Restated Articles"), the Companies Act and the common law of the Cayman Islands.
The rights of shareholders to take action against our directors and us, actions by minority shareholders and the fiduciary duties of
our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of
the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common
law, which are generally of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders
and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or
judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws
than the United States, and provide significantly less protection to investors. In addition, Cayman Islands companies may not have the
standing to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the
Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally recognize and enforce
a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than
the Amended and Restated Memorandum and Amended and Restated Articles) or to obtain copies of lists of shareholders of these companies.
Our directors are not required under our Amended and Restated Memorandum or our Amended and Restated Articles to make our corporate records
available for inspection by our shareholders. This may make it more difficult for you to obtain the information needed to establish any
facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.
Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as U.S. states. Currently, we do not plan to follow home country practice with respect to most
corporate governance matters. However, if we so choose, we may do so in the future. Accordingly, our shareholders may be afforded less
protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.
As
a result of all of the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by our
management, members of the board of directors or controlling shareholder than they would as shareholders of a company incorporated in
a U.S. state.
Certain
judgments obtained against us by our shareholders may not be enforceable.
We
are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all
of our current directors and officers are nationals and residents of countries other than the United States and substantially all of
the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service
of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including
judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.
Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and Singapore may render you unable to
enforce a judgment against our assets or the assets of our directors and officers. As a result of all of the above, our shareholders
may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders
than would shareholders of a corporation incorporated in a jurisdiction in the United States.
We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We
are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from various
requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth
company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain
information they may deem important.
19
The
JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards
until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words,
an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We have elected to take advantage of the extended transition period, although we have early adopted certain
new and revised accounting standards based on transition guidance permitted under such standards. As a result of this election, our future
financial statements may not be comparable to other public companies that comply with the public company effective dates for these new
or revised accounting standards.
We
are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to
United States domestic public companies.
Because
we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:
●
the
    rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;
●
the
    sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered
    under the Exchange Act;
●
the
    sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability
    for insiders who profit from trades made in a short period of time; and
●
the
    selective disclosure rules by issuers of material non-public information under Regulation FD.
We
are required to file an annual report on Form 20-F within four months after the end of each fiscal year. In addition, we intend to publish
our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of Nasdaq. Press
releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we
are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the
SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to
you if you were investing in a U.S. domestic issuer.
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.
As
discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and
current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business
Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect
to us on June 30, 2024. In the future, we would lose our foreign private issuer status if (i) more than 50% of our outstanding voting
securities are owned by U.S. residents; and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or
we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private
issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which
are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy
requirements, and our officers, directors and 10% shareholders will become subject to the short-swing profit disclosure and recovery
provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance
requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur
significant additional legal, accounting and other expenses that we do not incur as a foreign private issuer.
20
Increasing
scrutiny and changing expectations from investors, lenders and other market participants with respect to our environmental, social and
governance ("ESG") policies may impose additional costs on us or expose us to additional risks.
Companies
across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional
investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years have
placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG
and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital
as a result of their assessment of a company's ESG practices. Companies which do not adapt to or comply with investor, lender or
other industry shareholder expectations and standards, which are evolving, or which are perceived to have not responded appropriately
to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage
and the business, financial condition and/or stock price of such a company could be materially and adversely affected.
We
may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change,
to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to
implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and
make further investments in us. If we do not meet these standards, our business and/or our ability to access capital could be harmed.
Additionally,
certain investors and lenders may exclude companies, such as us, from their investing portfolios altogether due to environmental, social
and governance factors. These limitations in both the debt and equity capital markets may affect our ability to grow as our plans for
growth may include accessing the equity and debt capital markets. If those markets are unavailable, or if we are unable to access alternative
means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse
effect on our financial condition and results of operations and impair our ability to service our then indebtedness. Further, it is likely
that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements.
The occurrence of any of the foregoing could have a material adverse effect on our business and financial condition.
Item
4. Information on the Company
History
of the Company
Our
Group's history can be traced back to November 1999 when JCS-Echigo Pte. Ltd. ("JCS") was founded by Ms. Hong Bee Yin,
our Chairman, Executive Director and Chief Executive Officer. Our Group commenced business in the selling of cleaning systems in 2005,
before starting our business in the design, development, manufacture and sale of cleaning systems in Singapore in 2006. We manufacture
a broad range of cleaning systems, including aqueous washing systems, plating and cleaning systems, train cleaning systems and other
equipment for our customers. Since 2013, we have also been in the business of providing centralized dishwashing services for the food
and beverage industry, mainly for food and beverage establishments in Singapore such as food courts, hawker centers, restaurants, cookhouses,
eldercare homes and an inflight catering service provider. We have also provided general cleaning services since 2015, mainly for food
courts in Singapore.
As
of the date of this Annual Report, our Group is comprised of the Company and its subsidiaries, JE Cleantech International Limited, JCS-Echigo
Pte Ltd., Hygieia Warewashing Pte. Ltd. and Evoluxe Pte. Ltd.
Recent
and Other Developments
Initial
Public Offering
. On April 22, 2022, we closed on our Initial Public Offering of 3,020,000 Ordinary Shares at a price of $4.00
per share. In addition, a selling shareholder affiliated with us sold an aggregate of 750,000 Ordinary Shares in the offering. The gross
proceeds of the offering to us, before underwriting discounts and commissions and estimated offering expenses, were approximately $12
million (including the partial exercise of the overallotment option). We did not receive any of the proceeds from the sale of Ordinary
Shares by the selling shareholder.
Nasdaq
Deficiency.
On November 3, 2022, we received a written notification from Nasdaq indicating that, because the closing bid price
of our Ordinary Shares for the last 30 consecutive business days was below $1.00 per share, we no longer met the minimum bid price requirement
under Nasdaq rule 5550(a)(2) (the "Rule"). As of November 3, 2023, we regained compliance with the Minimum Bid Requirement
Listing Rule, and the matter was closed.
21
On
December 14, 2023, we received another written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC
(the "2023 Nasdaq Notification") stating that our Ordinary Shares failed to maintain a minimum bid price of $1.00 over the
last 30 consecutive business days as required by the Minimum Bid Price Requirement Listing Rule. Receipt of the 2023 Nasdaq Notification
does not result in the immediate delisting of our Ordinary Shares and has no immediate effect on the listing or the trading of our Ordinary
Shares on the Nasdaq Capital Market under the symbol "JCSE."
Pursuant
to Nasdaq Listing Rule 5810(c)(3)(A), we now have a compliance period of 180 calendar days from the date of the 2023 Nasdaq Notification,
or until June 11, 2024, to regain compliance with the Minimum Bid Requirement Listing Rule. If at any time before June 11, 2024, the
closing bid of our Ordinary Shares is at least $1.00 for a minimum of 10 consecutive business days, we will be deemed to have regained
compliance with the Minimum Bid Requirement Listing Rule following which Nasdaq will provide a written confirmation of compliance and
the matter will be closed.
In
the event that we do not regain compliance by June 11, 2024, we may be eligible for additional time to qualify. To qualify for additional
time, we will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market with the exception of the bid price requirement.
In
the event that we do not regain compliance with the Minimum Bid Price Requirement Listing Rule by June 11, 2024, and are ineligible for
an additional grace period, Nasdaq will provide further written notice that our Ordinary Shares are subject to delisting from The Nasdaq
Capital Market. In that event, we may appeal the determination to a Nasdaq hearings panel or consider transferring the listing and trading
of our Ordinary Shares to the OTCQX of the OTC Markets. See "Item 3D - Risk Factors - Risks Related to Our Securities - We may
not be able to maintain compliance with Nasdaq's continued listing requirements" for information regarding the effects of
transferring trading to the OTC Markets.
We
intend to continuously monitor the closing bid price of our Ordinary Shares. Receipt of the 2023 Nasdaq Notification has no effect on
our business operations.
Share
Consolidation
At
a Special Meeting of Stockholders held on August 29, 2023, our members (Stockholders) approved a share consolidation (the "Share
Consolidation") and granted our Board of Directors the authority to determine the final ratio and when to proceed with the Share
Consolidation.
We
effected the Share Consolidation at a ratio of 1-for-3, effective as of 11:59 pm on October 13, 2023 (the "Effective Time"),
in order to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rule 5450(a)(1). Our
Ordinary Shares began trading on a Share Consolidation-adjusted basis on Nasdaq as of the opening of trading on October 16, 2023, under
the existing ticker symbol "JCSE. The CUSIP number for the Company's Ordinary Shares changed to G50875 205 following the
Share Consolidation.
As
of the Effective Time, every three shares of our issued and outstanding Ordinary Shares were combined into one issued and outstanding
Ordinary Share, thereby reducing the number of outstanding shares from 15,020,000 to 5,006,666. The total number of authorized Ordinary
Shares was reduced from 100,000,000 to 33,333,333.33, and the par value changed from $0.001 per share to $0.003 per share. No fractional
Ordinary Shares were issued in connection with the Share Consolidation, and any shareholders of record who otherwise would have been
entitled to receive a fraction of a share because they held a number of pre-consolidation Ordinary Shares not evenly divisible by three
became entitled to receive such number of Ordinary Shares as rounded down to the nearest whole share.
As
of the Effective Time, proportional adjustments were also made to the number of Ordinary Shares issuable upon the exercise of any outstanding
stock options, the number of shares issuable pursuant to outstanding restricted stock awards and the number of shares authorized and
reserved for issuance pursuant to the Company's 2022 Equity Incentive Plan. The exercise prices and stock price targets of any
outstanding stock options, warrants and equity awards were also proportionately adjusted, as applicable.
22
Following
the Share Consolidation, the daily closing bid price of our Ordinary Shares remained above $1.00 per share for ten consecutive business
days from October 16, 2023 to October 27, 2023. Consequently, we were in compliance with all applicable Nasdaq listing standards and
the prior bid price deficiency matter was closed.
Corporate
Structure
Our
Company was incorporated in the Cayman Islands on January 29, 2019 under the Companies Act as an exempted company with limited liability.
Our authorized share capital is US$100,000 divided into 100,000,000 Ordinary Shares, par value US$0.001 each. Prior to a group reorganization,
JE Cleantech International Limited was the holding company of our group of companies comprised of JCS-Echigo Pte. Ltd., Hygieia Warewashing
Pte. Ltd. and Evoluxe Pte. Ltd. JE Cleantech International Limited was held 80% by JE Cleantech Global Limited (which is wholly-owned
by Ms. Hong Bee Yin, our CEO), 14% by Triple Business Limited, 4% by Ever Bloom Properties Company Limited and 2% by Aqua Lady Group
Limited. Upon completion of our reorganization, we were owned as to 9,600,000, 1,680,000, 480,000 and 240,000 Ordinary Shares by JE Cleantech
Global Limited, Triple Business Limited, Ever Bloom Properties Company Limited and Aqua Lady Group Limited, respectively, and JE Cleantech
International Limited, JCS-Echigo Pte. Ltd., Hygieia Warewashing Pte. Ltd. and Evoluxe Pte. Ltd. became our direct and indirect subsidiaries.
In
April 2022, we closed on the sale of 3,020,000 newly issued Ordinary Shares and Triple Business Limited sold 750,000 of our Ordinary
Shares in our Initial Public Offering. See "Item 7. Major Shareholders and Related Party Transactions - Major Shareholders"
for information on the current shareholdings of our major shareholders.
Organization
Chart
The
chart below sets out our corporate structure as of the date of this Annual Report.
23
Entities
A
description of our subsidiaries is set out below.
JE
Cleantech International Limited ("JEC International")
On
April 9, 2018, JEC International was incorporated in the BVI as a BVI business company with limited liability. JEC International is authorized
to issue a maximum of 50,000 shares of a single class of US$1.00 par value each. As part of a group reorganization on December 28, 2021,
JEC International became a direct wholly-owned subsidiary of our Company.
JEC
International has been an investment holding company with no business operations since its incorporation.
JCS-Echigo
Pte. Ltd. ("JCS")
On
November 25, 1999, JCS was incorporated in Singapore as a private company with limited liability. JCS commenced business in 2005 and
is principally engaged in the manufacture and sale of cleaning systems and other equipment. As part of a group reorganization on December
28, 2021, JCS became an indirect wholly-owned subsidiary of our Company.
Hygieia
Warewashing Pte. Ltd. ("Hygieia")
On
December 29, 2010, Hygieia was incorporated in Singapore as a private company with limited liability. Hygieia commenced business in 2013
and is principally engaged in the provision of centralized dishwashing services, general cleaning services and leasing of dishwashing
equipment. As part of an internal reorganization on December 28, 2021, Hygieia became an indirect wholly-owned subsidiary of our Company.
Evoluxe
Pte. Ltd. ("Evoluxe")
On
May 6, 2016, Evoluxe was incorporated in Singapore as a private company with limited liability. Evoluxe has been dormant since incorporation
and has not engaged in any business activities since its incorporation. As part of an internal reorganization on December 28, 2021, Evoluxe
became an indirect wholly-owned subsidiary of our Company.
24
Key
Milestones
The
key milestones in the development of our Group are highlighted chronologically below:
Year
Milestones
1999
JCS
    was established.
2005
JCS
    began its business in the sale of cleaning systems.
2006
We
                                            established the JCS Facility and commenced the business of the design, development, manufacture
                                            and sale of cleaning systems.
We completed our first order for a cassette washing system for a customer in
    the HDD industry.
2007
We
    registered our first patent in Singapore under JCS for a cleaning process and apparatus.
2010
Hygieia
    was established.
2011
We
    completed our first order for a medical cleaning system.
2012
We
    completed our first order for a dish cleaning system.
2013
Hygieia
    commenced provision of centralized dishwashing services at a customer's premises.
2014
We
    established the Hygieia Facility.
2018
We
    received an invitation from a statutory board in Singapore to showcase a prototype of a robot floor scrubber for the interior of
    public trains.
2022
We
    completed our Initial Public Offering.
Our
    Company was listed on Nasdaq.
Business
of Our Operating Subsidiaries
Overview
Our
Group is based in Singapore and is principally engaged in: (i) the sale of cleaning systems and other equipment; and (ii) the provision
of centralized dishwashing and ancillary services. Our cleaning systems business started in 2006 and we design, develop, manufacture
and sell cleaning systems for various industrial end-use applications to customers mainly in Singapore and Malaysia. We have also provided
centralized dishwashing since 2013 and general cleaning services since 2015, mainly for food and beverage establishments in Singapore.
We are also a leading centralized dishwashing services provider in Singapore.
For
the years ended December 31, 2021, 2022 and 2023, our Group generated approximately SGD9.0 million, SGD11.4 million and SGD11.0 million
of revenue from our sale of cleaning systems and other equipment business, representing approximately 60.8%, 61.4% and 61.0% of our total
revenue, respectively.
For
the years ended December 31, 2021, 2022 and 2023, our Group generated approximately SGD5.8 million, SGD7.8 million and SGD7.0 of revenue
from our provision of centralized dishwashing and ancillary services business, representing approximately 39.2%, 38.6% and 39.0% of our
total revenue, respectively.
The
portion of our revenue from each business line has not changed substantially through March 31, 2024.
Our
Products and Services
Our
Products
The
cleaning systems and other equipment we manufacture and sell can be categorized into four different categories, namely aqueous washing
systems, plating and cleaning systems, train cleaning systems and other equipment, such as filtration units. The product lives of our
cleaning systems and other equipment range from two to ten years.
25
While
the focus of our sale of cleaning systems and other equipment business is on precision cleaning, we are also able to design, develop
and manufacture other cleaning systems for various industrial end-use applications using our R&D and engineering capabilities.
Depending
on our customers' requirements and specifications, our cleaning systems are designed to enable our users to monitor various parameters
and control the cleaning system or equipment. This enables our customers to monitor critical data and information such as water level,
wash and rinse tank temperatures, flow rate of water and chemicals, megasonic or ultrasonic generator power, ultrasonic or megasonic
frequency and pH value of the chemicals and waste water. Such critical data and information are crucial to our customers for their cleaning
systems, particularly in the HDD, semiconductor and industrial electronic equipment/product manufacturing industries.
Our
cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses
with a wide range of frequencies, high pressure drying technology, high flow rate spray and deionized water rinses, which are designed
for effective removal of contaminants and to minimize particle generation and entrapment. In particular, precision cleaning systems to
be installed in cleanrooms (enclosed spaces in which airborne particulates, contaminants and pollutants are kept within strict limits),
such as those sold to HDD customers, will need to meet stringent cleanliness standards and requirements, and are also equipped with High
Efficiency Particulate Air (HEPA) filters to trap particles that are 0.3 microns and larger in size and/or Ultra Low Particulate Air
(ULPA) filters to trap particles that are 0.12 microns and larger in size, in order to ensure stringent cleanliness performance.
Our
cleaning systems are designed and developed for megasonic cleaning or ultrasonic cleaning, and have megasonic or ultrasonic generators
to generate rinses with a wide range of frequencies. In particular, megasonic cleaning uses higher frequencies to produce controlled
cavitations, with cleaning bubbles that are smaller and less energetic but more numerous, thereby providing more gentle cleaning of fragile
and delicate components and the removal of microscopic contaminants. Megasonic cleaning also reduces or eliminates cavitation erosion
and the likelihood of surface damage to the product being cleaned.
The
table below sets forth the revenue generated from our sale of cleaning systems and other equipment by product type during the years ended
December 31, 2021, 2022 and 2023:
2021
2022
2023
SGD'000
%
SGD'000
%
SGD'000
%
Aqueous washing systems
4,757
60.9
5,171
49.3
5,600
55.0
Plating and cleaning systems
-
-
-
-
-
-
Other equipment
3,056
39.1
5,311
50.7
4,581
45.0
Total
7,813
100.0
10,482
100.0
10,181
100.0
26
The
table below sets out the features and major types of industrial end-use applications of the different types of cleaning systems:
Our
cleaning systems are designed and customized based on our customers' requirements and specifications, and accordingly the cleaning
systems that we manufacture and sell are of varying sizes and have different features and functions. Our cleaning systems also are comprised
of different modules and components, parts and materials and the production and manufacturing process for each cleaning system will vary
between orders, depending on the complexity of the design and the component lead time.
In
addition, we also provide repair and servicing of the cleaning systems that we sell to our customers, and we also sell related parts
used in such cleaning systems which we purchase from third party suppliers such as proximity sensors and transducer plates.
Provision of repair and servicing of cleaning systems and sale of related parts amounted to approximately SGD1.2 million, SGD1.0
million and SGD0.8 million in revenue, representing approximately 7.9%, 5.2% and 4.5% of our total revenue, for the years ended
December 31, 2021, 2022 and 2023, respectively.
27
We
are the sole distributor of STICO anti-slip shoes in Singapore, and our customers are mainly food and beverage establishments in Singapore.
The STICO anti-slip shoes are made of ethylene-vinyl acetate (EVA) material and are light with an anti-slip resistance function, making
them suitable for wear on wet and oily surfaces. Sale of such STICO anti-slip shoes amounted to approximately SGD120,000, SGD159,000 and
SGD92,000 in revenue, recognized as other income, for the years ended December 31, 2021, 2022 and 2023, respectively.
We
generally provide a one-year warranty period for the cleaning systems manufactured and sold to our customers from acceptance of delivery
of such cleaning systems. During the warranty period, we offer free replacement for components and related parts, as well as repair and
servicing of our cleaning systems. After expiry of the warranty period, repair and maintenance services will be provided with additional
charges, based on the complexity of the services and cost of components required for any such repair or maintenance. Other equipment
is warranted to be in good working order without faulty workmanship or faulty materials. We generally do not offer any product return
or refunds for our cleaning systems and other equipment as our customers acknowledge that our products are functional and met their technical
specifications upon delivery and inspection by them.
Our
Services
We
provide centralized dishwashing services at our Hygieia Facility in Singapore. Leveraging on our expertise in designing, developing and
manufacturing cleaning systems, we set up our Hygieia Facility in 2014 with semi-automated washing lines, which are designed and manufactured
in-house, for our centralized dishwashing operations. As of the date of this Annual Report, four semi-automated dishwashing lines are
installed at our Hygieia Facility, of which two are for washing Halal dishware and another two are for washing non-Halal dishware. Our
dishwashing lines have the flexibility to process dishware made of different materials including melamine, stainless steel, porcelain
and glass. The Halal washing lines at our Hygieia Facility have obtained a Halal certification, and are thus suitable for the washing
of Halal dishware.
Incorporating
our experience and know-how from precision cleaning, each of our in-house designed semi-automated washing lines are over 20 meters in
length and are designed for automated cleaning and washing of dishware, with high capacity to handle large volume and each washing line
can wash up to 20 to 30 tubs per hour, depending on the size and number of items in each tub.
Our
washing lines also have proper segregation to minimize cross contamination. Each of the washing lines at our Hygieia Facility is standalone
and separate, and the configuration of our Hygieia Facility is such that all the soiled dishware will be loaded on the respective washing
lines at the same end and the cleaned dishware is removed and unloaded from the washing lines at the other end, thus keeping the soiled
dishware and tubs completely separate from the cleaned dishware and tubs and Halal dishware completely separate from the non-Halal dishware.
Our technical support team at our Hygieia Facility oversees our centralized dishwashing operations and provides maintenance services
for our washing lines in order to ensure high reliability for our customers.
Soiled
dishware is collected from our customers' premises and transported to our Hygieia Facility for centralized dishwashing and then
sent back to our customers' premises daily throughout the year. As the soiled dishware can be loaded into our washing lines without
the need for pre-rinsing, this removes the need for dishwashers at our customers' premises and saves time and labor costs. The
risks of contamination due to food remnants or cleaning detergent is also eradicated. Our off-site centralized dishwashing services also
allows our customers to cut down on manpower needed to wash dishware as well as the space allocated to dishwashing in order to maximize
the dining area.
Since
2015, we also provide general cleaning services to food courts and hawker centers in Singapore, which comprise off-site centralized dishwashing
services and on-site cleaning services. For such general cleaning services, we provide the off-site centralized dishwashing services
at our Hygieia Facility and generally outsource the on-site cleaning services to third party sub-contractors. Such customers enter into
general cleaning service contracts with our Group to appoint us as the main contractor to provide integrated cleaning solutions and services
for their food courts or hawker centers, thereby reducing their administrative burden in having to liaise with various service providers
for the cleaning of different aspects of the food and beverage establishment. As our Group specializes in centralized dishwashing services,
we generally outsource the labor-intensive on-site cleaning services to our sub-contractors in order to focus our resources on our core
competencies. Such on-site cleaning services include, among others, cleaning and maintenance of the entire food and beverage establishment
and pest control, as well as the removal and disposal of food waste, litter, rubbish and refuse.
28
We
typically enter into contracts for our provision of centralized dishwashing and general cleaning services with our customers for a term
of one to two years. In view of the continued long-term relationship of at least three to four years with most of the customer groups
with whom the Group has expiring contracts, we are confident that the Group will be able to renew those contracts upon expiry.
We
generally charge our customers a fixed monthly fee for both our centralized dishwashing services and general cleaning services, and additional
fees if extra services are required. Such extra services include ad hoc logistics services and extra manpower for the decolorization
or de-staining of the dishware. Our sub-contractors are then paid a monthly fee for their on-site cleaning services, depending on the
number of on-site staff required to work at the relevant food and beverage establishment during the relevant period. For further details,
please refer to the paragraphs headed "Key contract terms with customers - Provision of general cleaning services" and "Sub-contracting"
in this section.
Dishwashing
equipment that we lease to customers
We
also provide leasing services of dishwashing equipment to our customers, mainly for use at food and beverage establishments in Singapore.
The terms of such leases are typically for a period of one to two year(s) and renew automatically, and our customers are charged a fixed
monthly fee for such leasing services. For further details, please refer to the paragraphs headed "Key contract terms with customers-
Provision of dishwashing equipment leasing services." The dishwashing equipment leased to our customers typically enables a food
and beverage establishment to wash up to 150 racks of items per hour, depending on the size of the equipment. Such dishwashing equipment
is designed and manufactured in-house and can be customized to accommodate the needs of different customers.
Sale
of Cleaning Systems
The
cleaning systems designed, developed, manufactured and sold by our Group can generally be divided into two categories, namely precision
cleaning systems and other cleaning systems, and are designed and customized based on our customers' requirements and specifications.
Precision cleaning systems consist of equipment and machines designed for the cleaning of critical surfaces in precision equipment with
minimal particle generation and entrapment. Such cleaning processes aim to meet a measured limit of contaminants such as the particle
count and/or non-volatile residue requirements, which are supplied by the customer or industry standards. Our cleaning systems are generally
sold to HDD, semiconductor manufacturers or industrial electronic equipment/product manufacturers and are designed for cleaning of surfaces
and product parts in various industrial end-use applications. Leveraging on our engineering know-how and expertise, we are able to design,
develop and manufacture quality and customized products that suit our customers' varying needs. Ancillary to our sale of cleaning
systems, our Group also manufactures and sells other equipment such as filtration units, provides repair and servicing of cleaning systems
and sells related parts.
Design,
Development and Sale Process
A
brief description of our design and development process of our cleaning systems is set out as follows:
(1)
Customers contact our sales team to inquire about our cleaning systems or we submit tenders to potential customers to bid for contracts
Generally,
customers will approach our sales team to inquire about the purchase of our cleaning systems and may inform us of their specifications
or requirements. In addition, when suitable opportunities arise, we will also submit tenders to potential customers to bid for certain
contracts based on customers' tender requirements.
29
(2)
Our R&D and engineering team will evaluate our customer
'
s requirements and specifications
Based
on the customer's initial instructions, our R&D and engineering team will evaluate and will have internal discussions on the
design and development plan for the proposed cleaning system. Such discussions include product functions, fabrication and assembly requirements,
components, parts and materials required and any customized designs and/or functions required to be implemented in order to develop and
manufacture the proposed cleaning system according to our customer's requirements.
(3)
Our R&D and engineering team will discuss the feasibility, design and specifications of the proposed cleaning system with our customer
Our
R&D and engineering team will discuss the feasibility, design and specifications of the proposed cleaning system with our customer,
in order to understand their specific needs and requirements, the proposed budget and intended usage for such cleaning systems. We will
also discuss market developments and trends with our customer, in order to better understand the latest cleaning systems technology utilized
in its industry, so that we can provide a comprehensive proposal to our customer.
After
such discussions with our customer, we will provide a proposal, which may include draft designs with suggestions on the technical specifications
and materials to be used for the cleaning system. The technical specifications of any cleaning system largely depend on its intended
use, type and desired outcome of our customer, including washing or rinsing frequency, spray rinse flow rate, drying speed, cleanroom
standards, desired residual liquid or air particle count or non-volatile residual levels. It generally takes approximately one to two
weeks for us to deliver a proposal to a customer, depending on the complexity of the design.
(4)
Our sales team will provide a price quotation to our customers
After
the proposal and the designs of the cleaning system have been finalized and confirmed by our customer, our R&D and engineering team
will discuss the proposed requirements with our procurement team in order to provide a price quotation to our customer. The quotation
will take into account the complexity of the cleaning system to be manufactured and sold, the cost of the relevant parts and materials
and the expected duration of the project. It generally takes approximately one to two weeks for us to deliver a quotation to a customer,
depending on the complexity of the design and the time required to source for and obtain quotations from our suppliers for certain parts
and components.
(5)
After receiving confirmation from our customer, we will prepare detailed drawings, 3D designs and/or model simulations
After
the quotation has been accepted by our customer, our R&D and engineering team will prepare the designs and detailed drawings for
fabrication, manufacture and assembly of the cleaning system. Depending on the nature of the project, we may also use our software systems
to prepare design simulations to enable the customer to have a preview of the proposed cleaning system upon the request of the customer,
and to demonstrate the feasibility and functionality of the design. It generally takes approximately one to two weeks for our R&D
and engineering team to prepare such detail drawings and designs and/or model simulations for our customer.
(6)
Once the drawings and designs are finalized, we will procure the relevant parts, materials and components
Once
the design and development plan for the cleaning system has been finalized, our R&D and engineering team will prepare the finalized
list of relevant parts, materials and components required for the manufacturing and production process, which will then be handed over
to our procurement team. Our procurement team will then proceed to source for and place orders for such parts, materials and components
from our suppliers.
(7)
Production and manufacturing
Generally,
our production process begins with the fabrication of the outer enclosure or tank for the cleaning system or equipment while we wait
for the necessary parts, materials and components to be delivered. Once we have the necessary supplies on hand, our engineering and technical
support team manufactures and assembles the various modules and components, which will comprise the cleaning system or equipment based
or the detailed drawings and designs.
30
Our
JCS Facility is well-equipped for the fabrication, production, assembly and in-house testing of our cleaning systems and equipment. In
particular, our JCS Facility is fitted with machines, which utilize the CNC manufacturing process for automated control of tools and
machinery using pre- programmed computer software. We also have various machinery and tools at our JCS Facility which are used in the
production and manufacturing of the modules and components of the cleaning systems, including laser cutting machines and welding machines.
Once the various modules and components have been produced, they are sent to our sub-assembly and system integration units for assembly
and implementation. Once the final product has been assembled and completed, we conduct in-house testing on the cleaning system or equipment
prior to delivery to our customer.
A
brief description of the flow of our production and manufacturing process of cleaning systems and equipment is set out as follows:
(a)
Fabrication of outer body of the cleaning system or equipment
Once
the design and development plan for the cleaning system or equipment has been finalized, our engineers and technical support team will
commence the production and manufacturing process by starting the fabrication of the outer body, which is usually the structure, enclosure
or tank for the cleaning system or equipment, mainly using stainless steel. Such fabrication of the outer body is done in-house using
(a) laser cutting machines which cut the metal sheets; (b) hydraulic press brake machines which bend the metal sheets to form the shape
of the enclosure or tanks; and (c) welding machines to join the material together by welding.
(b)
Delivery of components, parts and materials which undergo quality checks
Once
the relevant components, parts and materials required for the manufacture of the cleaning system and equipment have been delivered to
our JCS Facility, our quality control team will conduct an inspection upon their arrival to determine whether such components, parts
and materials conform to our quality standards and the requirements stated in our purchase orders, or whether there are any defects,
dents or scratches.
(c)
Production and manufacturing of modules and components
Once
the relevant components, parts and materials have been inspected, we will proceed to produce and manufacture the cleaning system or equipment.
Our engineers and technical support team will use the designs created for our customer to start fabrication of the cleaning system or
equipment. The production and manufacturing process utilizes CNC machines for automated control of tools and machinery using pre-programmed
computer software, thus minimizing the manual operation and labor required, and enabling us to manufacture each component more efficiently.
Once the software program has been input, we will conduct a trial run to ensure that the cleaning system or equipment meets our customer's
requirements and specifications.
The
production and manufacturing processes for the modules and components of our cleaning systems and equipment include (a) laser cutting
machines to cut metal sheets to form the machine cover and various parts required to assemble the cleaning system or equipment, such
as brackets and air knives; (b) welding machines to weld together and assemble the fabricated tanks or enclosures with the various parts
manufactured; and (c) machining tools to manufacture precision parts such as robotic arms.
(d)
Sub-assembly and system integration of modules and components
Once
each module and component has been manufactured, it is sent to our sub-assembly and system integration units for assembly and implementation.
At this stage, the various manufactured modules and components are assembled together, together with the additional related parts such
as pipings, pumps and filters, as well as the control panels and electrical wiring to establish the electrical connection for the cleaning
systems and equipment. Certain modules and components will also undergo electropolishing prior to assembly to provide additional protection
to their stainless steel surface.
31
At
the sub-assembly stage, our engineers and technical support team also conduct quality checks on the functionality and performance of
each cleaning system module and component.
(e)
In-house testing of assembled cleaning systems and modules
Once
the final product has been assembled and completed, the cleaning system or equipment is sent for in-house testing prior to delivery to
our customer. Our technical support team will conduct functionality tests to ensure that the overall performance of the cleaning system
or equipment is satisfactory and that none of the modules and components are malfunctional, perform in-house quality checks and ensure
that the final product functions and performs in accordance with our customer's order and specifications. A programmer will also
check all the input/output points with an electrician, before conducting the program testing and testing the cleaning system or equipment
for load and dryness.
(f)
Delivery, implementation and inspection by our customer
After
production, manufacturing and in-house testing have been completed, the cleaning system or equipment will be delivered to our customer's
designated location. Our technical support team will assist with the implementation of the cleaning system or equipment at our customer's
premises and assist our customer during any inspection or tests conducted. Our customers will typically use cleanliness testing devices,
such as a liquid particle counter which is an analytical instrument used to size and count particles in a liquid, to verify that the
cleaned item achieves the desired limit of post-cleaning residual contaminants and meets their standards. After our customer conducts
its inspections or tests, it is required to sign on a checklist to acknowledge that the cleaning system was functional and met their
technical specifications. If required, we will also provide on-site training to our customer on the use and maintenance of the cleaning
system or equipment.
The
lead time from confirmation of an order by our customer to delivery of the final product generally takes approximately eight to 18 weeks,
depending on the complexity of the design and the component lead time.
Provision
of Centralized Dishwashing Services
We
provide centralized dishwashing services at our Hygieia Facility which has four semi- automated dishwashing lines, of which two are for
washing Halal dishware and the other two are for washing non-Halal dishware.
A
brief description of the flow of the centralized dishwashing process is set out as follows:
(1)
Customers contact our sales team and inquire about our centralized dishwashing services or we may submit tenders to potential customers
to bid for contracts
Generally,
customers will approach us to inquire about the scope and fees for our centralized dishwashing services and request a quotation for such
services. In addition, when suitable opportunities arise, we will also submit tenders to potential customers to bid for certain contracts.
Some
customers may also request a quotation for general cleaning services for the food and beverage establishments, which will comprise both
off-site centralized dishwashing services and on-site cleaning services. In such instances, we may request a quotation for such on-site
cleaning services from our sub-contractors or may undertake such on-site cleaning services ourselves.
(2)
Our sales team conducts site visit at our customer
'
s premises and assesses the services required
Our
sales team will conduct a site visit at the customer's premises, to inspect the space and the logistical arrangements to be made
for collection of the soiled dishware to our Hygieia Facility and delivery of the cleaned dishware from our Hygieia Facility.
32
(3)
Our sales team will provide a price quotation to our customer. After receiving confirmation, we proceed with provision of centralized
dishwashing services
Based
on our customers' requirements, our sales team will prepare a price quotation, which will take into account, among other things,
(a) the size of the food and beverage establishment, number of seats and expected customer turnover, (b) frequency of collection and
delivery of dishware on a daily basis; (c) whether thermo stickers are required; (d) whether the services of a third party logistics
provider for collection and return of the dishware are required; and (e) whether the services of our sub-contractor for on-site cleaning
services are required.
After
the quotation has been accepted by our customer and the service contract has been entered into, we will proceed with the provision of
centralized dishwashing services based on the agreed terms of the contract.
(4)
We or a third party logistics services provider will collect and deliver the soiled dishware from our customer to our facility
On
a daily basis, the soiled dishware will be placed in tubs and trolleys provided by us at our customer's premises, with Halal dishware
being separated from non-Halal dishware. Generally, we or a third party logistics services provider will collect the soiled dishware
from our customer's premises, which will be delivered to our Hygieia Facility, usually one to two times per day depending on the
customers' needs. Upon arrival at our Hygieia Facility, the soiled dishware will be unpacked from the tubs by our staff and food
remnants will be removed, if necessary, before the dishware is placed onto the respective Halal and non-Halal semi-automated washing
lines for washing, rinsing and blow-drying. The rinsing is performed with high temperatures to sanitize the dishware. In addition, our
customers may also request that thermo stickers are placed on a random sample of dishware to ensure that the temperature during the dishwashing
process is maintained at a certain minimum temperature for sanitization purposes.
The
lead time from collection of the soiled dishware from our customer's premises to completion of the dishwashing process takes approximately
four to 12 hours, depending on the location of our customer's premises and frequency of collection.
(5)
Our team will perform quality checks, and any dishware that requires further washing will be put back onto the washing lines. Cleaned
dishware will be packed for delivery
After
the dishware has been washed, rinsed and dried, the cleaned dishware is inspected by our staff before it is packed for delivery back
to our customer's premises. If any of the dishware does not pass our quality checks, the dishware will be put back onto the washing
lines for re-washing. Once the cleaned dishware has passed our quality checks, it will be packed into clean tubs and trolleys, and moved
to the storage area at our Hygieia Facility and will be ready for delivery back to our customers' premises according to the delivery
schedule, usually one to two times per day depending on our customers' needs.
(6)
The cleaned dishware will be packed and delivered by us or the third party logistics services provider to our customer
'
s
premises
At
the scheduled time, we or our third party logistics services provider will pick up the cleaned dishware from our Hygieia Facility for
delivery back to our customer's premises.
The
lead time from the inspection and quality checks on the cleaned dishware to the delivery of the cleaned dishware back to our customers'
premises takes approximately three to 12 hours, depending on the delivery schedule for each customer.
Pricing
Policy
In
respect of the sale of cleaning systems and other equipment, we generally determine the price on a cost-plus basis for each cleaning
system or equipment that we manufacture and produce as our cleaning systems are customized. The unit selling price and gross profit margin
of each product may fluctuate significantly from order to order, depending on various factors and considerations, including but not limited
to the following:
33
●
complexity of the design, particularly for aqueous washing systems and train cleaning systems, as the cleaning systems may include different
features and various modules, components and parts, such as ultrasonic wash and rinse stations, spray rinse stations, vacuum oven, cleaning
stations with robotic transfer functions, washing baskets, pneumatic control systems, heaters, sensors and pumps;
●
the type and availability of the components and materials, such as stainless steel or aluminum, used for the cleaning system or equipment,
which would vary in terms of cost price and component lead time;
●
technical requirements for the production, including whether the customer's approval is required for any changes to the processes,
products or services for the production and manufacturing process;
●
size and dimensions of the cleaning system or equipment, including the overall machine dimension, tank dimension and the size and number
of modules, components and parts installed;
●
level and number of functionality tests to be conducted, including whether test reports and certificates are to be provided to the customer;
●
the customer's specifications for certain designated suppliers and/or sub-contractors to be used for the production and manufacture
of the cleaning system;
●
purchase quantity, as certain customers may place orders for more than one unit of the same cleaning system or equipment;
●
timeline for the production and manufacture of the cleaning system or equipment;
●
provision of installation, testing and commissioning services;
●
provision of on-site training by our technical personnel for our customer's employees; and
●
the expected number of units to be placed by our customer in the future.
The
selling price and the corresponding profit margin for each cleaning system or equipment which we manufacture and sell will depend on
the above factors and considerations, and in particular, the complexity of the cleaning system or equipment to be manufactured and sold,
the cost of the relevant parts and materials and the expected duration of the project. Complex aqueous washing systems and train cleaning
systems which are generally larger in size and comprised of various modules, components and parts will require a longer time for our
R&D and engineering team to prepare the detailed drawings, designs and/or model simulations and will also require a longer time for
production and manufacture, with a corresponding increase in the cost of production and the number of relevant parts and materials. Less
complex aqueous washing systems such as standalone cleaning machines will require a comparatively shorter time for design, production
and manufacture, as well as lower cost of production. From a commercial perspective, our Group will usually quote an initial higher selling
price taking into consideration the aforesaid factors and with reference to the range of selling prices for similar cleaning systems
and equipment sold by our Group with an aim to maximizing our profit. During the price negotiation process, our Group will adopt different
negotiation strategies for different customers and our pricing is affected by various factors, such as the budget and cost consciousness
of the customer, size of the customer, our relationship with the customer, the customer's specifications and requirements, the
features and functions of each product and the needs of the customer. The final selling price for each cleaning system or equipment will
be arrived at after arm's length negotiation and largely dependent on the respective bargaining power of our Group and the customer.
In
respect of the sale of related parts used in our cleaning systems, we generally determine the price based on the selling price suggested
by our suppliers or at a mark-up of our own costs.
In
respect of the provision of centralized dishwashing services and general cleaning services, we generally charge our customers a fixed
monthly fee which is determined with reference to factors such as the size, number of seats and expected customer turnover of the food
and beverage establishment, frequency of delivery and collection of dishware on a daily basis, our costs of dishwashing (including staff
costs, cleaning detergent costs and utilities costs), sub-contracting costs, logistic costs, expected costs to be incurred by our customers
if they had the capacity and were to engage their own staff to wash the dishware, duration of the contract and the capacity and utilization
rate of our dishwashing lines. We may charge our customers additional fees if extra services are required.
34
In
respect of the dishwashing equipment leasing services, the rental of our dishwashing equipment to our customers is determined with reference
to prevailing market rates. In respect of our wholesale sale of STICO anti-slip shoes, the prices are determined with reference to the
suggested retail price under our distributorship arrangement and the purchase quantity.
Credit
period and payment methods
In
respect of the manufacture and sale of cleaning systems, depending on, among other things, the technical requirements, project
amount and size, project costs, relationship with our customers and the credit period offered by our suppliers to our Group in
respect of the materials and components used in the cleaning systems, our customers may be required to pay a deposit and settle the
remaining purchase price upon delivery and acceptance of the product, according to the terms of the contract. In other cases, our
customers are generally offered credit terms of 30 days to 60 days from delivery. In respect of the sale of other equipment, our
customers are generally offered credit terms of 30 days to 45 days from the day on which the order is completed.
In
respect of the sale of related parts used in our cleaning systems, our customers are generally offered credit periods ranging from 30
days to 60 days.
In
respect of the provision of centralized dishwashing services and general cleaning services, our customers are generally offered
credit terms of 7 days to 30 days upon the receipt of invoice. In respect of the provision of dishwashing equipment leasing
services, our customers are generally offered credit terms of 30 days upon receipt of invoice.
Settlements
with our customers who purchase cleaning systems and other equipment from us are mainly in SGD or US$ by way of check or telegraphic transfers.
Settlements with our customers who use our centralized dishwashing services, general cleaning services and dishwashing equipment leasing
services are mainly in SGD by way of check or telegraphic transfers.
Seasonality
Our
Directors believe that both our sale of cleaning systems and other equipment operations and our provision of centralized dishwashing
services and ancillary services operations are not subject to any seasonality.
Our
Customers
During
the years ended December 31, 2021, 2022 and 2023, our customers were from various industries, including HDD manufacturing, semiconductor
manufacturing, food and beverage and public transportation. As of the date of this Annual Report, our customers continue to be from such
various industries. Our cleaning systems and other equipment are mainly sold in Singapore and Malaysia, and we provided centralized dishwashing
and ancillary services to customers in Singapore.
Top
five customers
For
the years ended December 31, 2021, 2022 and 2023, our top five customers accounted for approximately 80.6%, 68.1% and 66.1% of our
total revenue, respectively. Our Group's largest customer accounted for approximately 32.7%, 22.0% and 24.2% of our total
revenue, respectively, for the corresponding year. During the years ended December 31, 2021, 2022 and 2023 and up to the date of
this Annual Report, we have not experienced any material disputes with our customers.
35
The
following table sets out information on our top five customers for the periods indicated:
For
the year ended December 31, 2021
Customer
Country of Incorporation/Establishment
Product/Services
Year of Commencement of Business
    Relationship
Credit Terms
General Payments
Transaction
                                            Amounts
(SGD'000)
% of Total Sales
Group A
(1)
Malaysia and the United States
Cleaning systems
2009
60 days
Telegraphic transfer
$
4,833
32.7
Group B
(2)
South Korea, Thailand, Belgium and the United States
Other equipment & related parts
2008
60 days
Telegraphic transfer
$
3,188
21.6
Group C
(3)
Singapore
General cleaning services & leasing of dishwashing equipment
2015
30 days
Telegraphic transfer
$
1,441
9.8
Group D
(4)
Singapore
General cleaning services & leasing of dishwashing equipment
2016
45 - 60 days
Telegraphic transfer
$
1,188
8.0
Group E
(5)
Singapore
Centralized dishwashing & general cleaning services
2015
30 days
Telegraphic transfer
$
1,254
8.5
TOTAL
$
11,904
80.6
For
the year ended December 31, 2022
Customer
Country of Incorporation/Establishment
Product/Services
Year of Commencement of Business
    Relationship
Credit Terms
General Payments
Transaction
                                            Amounts
(SGD'000)
% of Total Sales
Group A
(1)
Malaysia and the United States
Cleaning systems
2009
60 days
Telegraphic transfer
$
4,094
22.0
Group B
(2)
South Korea, Thailand, Belgium and the United States
Other equipment & related parts
2008
60 days
Telegraphic transfer
$
3,902
20.9
Group C
(3)
Singapore
General cleaning services & leasing of dishwashing equipment
2016
30 days
Telegraphic transfer
$
1,801
9.7
Group D
(4)
Singapore
General cleaning services & leasing of dishwashing equipment
2015
45 - 60 days
Telegraphic transfer
$
1,522
8.2
Group E
(5)
Singapore
Centralized dishwashing & general cleaning services
2015
30 days
Telegraphic transfer
$
1,370
7.3
TOTAL
$
12,689
68.1
36
For
the year ended December 31, 2023
Customer
Country of Incorporation/Establishment
Product/Services
Year of Commencement of Business
    Relationship
Credit Terms
General Payments
Transaction
                                            Amounts
(SGD'000)
% of Total Sales
Group A
(1)
Malaysia and the United States
Cleaning systems
2009
90 days
Telegraphic transfer
$
1,212
6.7
Group B
(2)
South Korea, Thailand, Belgium and the United States
Other equipment & related parts
2008
90 days
Telegraphic transfer
$
3,495
19.4
Group D
(4)
Singapore
General cleaning services & leasing of dishwashing equipment
2015
60 days
Telegraphic transfer
$
1,200
6.7
Group E
(5)
Singapore
Centralized dishwashing & general cleaning services
2015
30 days
Telegraphic transfer
$
1,642
9.1
Group F
(6)
Singapore
Cleaning systems
2016
60 days
Telegraphic transfer
$
4,372
24.2
TOTAL
$
11,921
66.1
(1)
Three of the entities in Customer Group A, which are principally engaged in the manufacture of HDD, were our customers for the years
ended December 31, 2021, 2022 and 2023, respectively. The ultimate holding company of Customer Group A is headquartered in the United
States with international offices, and is listed on Nasdaq.
(2)
Four, five and four entities in Customer Group B, which are principally engaged in the provision of engine and industrial solutions,
were our customers for the years ended December 31, 2021, 2022 and 2023, respectively. The ultimate holding company of Customer Group
E is headquartered in the United States with international offices, and is listed on the New York Stock Exchange.
(3)
Two of the entities in Customer Group C, which are principally engaged as operators of food courts, were our customers for the
years ended December 31, 2021, 2022 and 2023, respectively. The shares of Customer Group C's parent company were listed on the
Mainboard of the Singapore Exchange Securities Trading Limited prior to June 5, 2020. The company is now privatized.
(4)
Four, four, three of the entities in Customer Group D, all of which are principally engaged as operators of food courts and
retail malls or health and eldercare service providers, were our customers for the years ended December 31, 2021, 2022 and 2023, respectively.
The holding entity of Customer Group D is headquartered in Singapore.
(5)
Two entities in Customer Group E, which are principally engaged as ground-handling and in-flight catering services providers,
were our customers for the years ended December 31, 2021, 2022 and 2023. The parent company of Customer Group F is headquartered in Singapore
and is listed on the Mainboard of the Singapore Exchange Securities Trading Limited.
(6)
One entity in Customer Group F, which are principally engaged in the provision of customized commercial and industrial solution
services, were our customers for the years ended December 31, 2021, 2022 and 2023. The parent company of Customer Group F is headquartered
in Switzerland and is listed on the Mainboard of the SIX Swiss Exchange.
37
Competitive
Strengths
Long
and proven track record in precision cleaning in Singapore
We
have been providing cleaning systems to our customers for over 14 years and have accumulated extensive industry experience. We believe
our strong R&D and engineering capabilities enable us to design, develop and manufacture quality precision cleaning systems and other
cleaning systems for various industrial end-use applications, which are customized to each of our customers' needs.
In
April 2018, JCS was awarded the Singapore Quality Class Certification by Enterprise Singapore, which validates JCS's commitment
towards continuous improvement and sustainable business performance and commendable management practices. The management system of JCS
has also been assessed as conforming to ISO 9001: 2015 and ISO 45001: 2018 for design, manufacture, supply, installation and serving
of integrated cleaning systems.
We
believe our strong track record in precision cleaning will facilitate the promotion and demand for our products with both existing and
new customers, as well as the expansion of our business. We will continue to develop products for different industrial end-use applications
and to meet the needs of our customers across various industries by expanding our product portfolio.
Stable
relationships with our major customers
Since
2006, we have developed stable relationships with our major customers and we believe that our engineering know-how and ability to design,
develop and manufacture customized cleaning systems to meet our customers' requirements and specifications and our ability to provide
centralized dishwashing services have been the key drivers for them to appoint us as their suppliers over the years.
We
have maintained stable business relationships with a majority of our major customers. During the years ended December 31, 2021, 2022
and 2023, our top five customers included renowned HDD manufacturers, international engine and industrial solutions provider and food
and beverage establishment operators in Singapore, three of which have more than 11 years of business relationships with us. As of the
date of this Annual Report, our customers continue to be from such various industries. We believe that certain customers, such as multinational
corporations, may have stringent selection processes for their suppliers and we have had to meet certain criteria and audit checks before
becoming an approved qualified supplier.
Experienced
R&D and engineering team
We
have an experienced R&D and engineering team led by Mr. Zhao Liang, who is also a member of our senior management team. Our Directors
believe that our Group has strong in-house R&D and engineering capabilities to design high quality precision cleaning systems and
other cleaning systems customized to meet the standards and particular needs of our customers, including HDD, semiconductors and industrial
electronic equipment/product manufacturers. As of the date of this Annual Report, our R&D and engineering team has 11members, six
of whom have obtained a bachelor's degree in engineering.
With
our strong R&D and engineering team, we are able to design and develop customized cleaning systems catered to our customers'
requirements and specifications. Against the backdrop of Industry 4.0 and an increasing demand for digitized and automated machinery
in the manufacturing space, we have entered into collaborations with a customer, as well as other parties, to develop new customized
cleaning solutions. In addition to previously co-developing a high performance dryer with one of our customers, we have also developed
an initial prototype of a robot floor scrubber, which comprises a robotic enhancement that can be attached to floor cleaning equipment,
which will then enable such floor cleaning equipment to be used without manual operation. Following from this, we have entered into a
collaboration with a statutory board whose functions and duties include the management and operation of the segment of the public transportation
system in Singapore ("Collaboration Partner") to co-develop an autonomous train interior cleaning robot, which is capable
of cleaning the floor of the interior of public trains autonomously based on the train type and car configuration. Our Directors believe
that such customized cleaning systems and collaborations demonstrate our customers' belief in the strength of our R&D and engineering
capabilities.
38
Experienced
management team
We
have an experienced management team, led by Ms. Hong Bee Yin, our Chairman, Executive Director, Chief Executive Officer and founder,
who has been instrumental in spearheading the growth of our Group. Ms. Hong has over 18 years of experience in the cleaning solutions
industry in Singapore and she is primarily responsible for planning and execution of our Group's business strategies, including
product development, as well as managing our Group's relationships.
Our
Group is supported by a senior management team with substantial experience in the cleaning solutions industry. Our senior management
team includes members such as Mr. Zhao Liang, who is the head of our R&D and engineering team and has over 15 years of experience
in the precision cleaning equipment industry.
For
details of the profiles of the senior management team, please refer to "Management" in this Annual Report.
Business
Strategies
We
intend to expand our business and strengthen our market position in the cleaning systems industry in Singapore, Malaysia and other countries
and in the centralized dishwashing services industry in Singapore by implementing the following business strategies and future plans.
Expand
our product portfolio and R&D and engineering team
We
believe that our R&D capabilities and engineering expertise are vital in maintaining our long-term competitiveness and driving our
business growth. We expect Industry 4.0 and artificial intelligence is the current trend for automation of industrial manufacturing and
it has been an ongoing process in Singapore. As part of the Industry 4.0 and robotic initiatives, the Singapore government has allocated
investment in R&D projects that speed up industry transformation projects to help local manufacturers undergo the industry transformation.
Such ongoing initiatives help create the demand for both digitized and automated machinery in the manufacturing space.
(1)
Expand our product portfolio
We
have a long track record in the manufacture and sale of precision cleaning systems and other equipment and we are committed to continuing
to increase our R&D and engineering capabilities so as to align ourselves with the Industry 4.0 initiatives and to cope with the
continuously increasing standards and requirements of our customers. Going forward, against the backdrop of Industry 4.0, we expect an
increase in demand for total automation products and solutions and we intend to leverage on our established reputation and engineering
know-how, as well as industry expertise to capture opportunities arising therefrom. In this regard, we intend to further grow our automated
cleaning systems and equipment business by expanding our product portfolio and developing cleaning systems which can be used across various
industries for industrial and/or commercial uses.
To
expand our product portfolio and as part of our R&D efforts, we have developed an initial prototype of a robot floor scrubber, which
comprises a robotic enhancement that can be attached to floor cleaning equipment, which will then enable such floor cleaning equipment
to be used without manual operation. The development of this initial prototype led us to enter into a collaboration with our Collaboration
Partner, to co-develop an autonomous train interior cleaning robot which is capable of cleaning the floor of the interior of public trains
autonomously based on the train type and car configuration. Our Group intends to further develop, build on and customize our initial
prototype of a robot floor scrubber to develop an autonomous train interior cleaning robot, which can operate in the required space and
configuration of public trains, for the collaboration with our Collaboration Partner.
39
In
particular, we believe that we will be able to market and sell the autonomous robot floor scrubbers to our existing customers in the
food and beverage industry for our centralized dishwashing and ancillary services, given that such customers are already using our products
and services to automate the dishwashing process at their respective food and beverage establishments and commercial properties. There
is a push by the Singapore government for Industry 4.0 initiatives to elevate productivity in the food and beverage services sector,
including the introduction of centralized dishwashing services at hawker centers, allocating investment into R&D projects that speed
up industry transformation projects and strengthening the workforce's skillsets, to boost productivity in the face of manpower
challenges in the food and beverage industry. In light of the fact that such push will drive growth in the dishwashing cleaning sector,
our Directors believe that there also will be a corresponding increase in demand for other automation cleaning products and solutions
by food and beverage establishments. On the other hand, our existing customers, such as cookhouses, eldercare homes and hospitals for
which we have provided centralized dishwashing and ancillary services, may become our potential customers for the sale and marketing
of the autonomous robot floor scrubbers in the future.
We
believe that we can leverage on our existing customer base to market and sell the autonomous robot floor scrubbers in place of or to
supplement our on-site cleaning services, while still retaining the customer base for our centralized dishwashing services. We believe
that there will be sufficient demand for the autonomous robot scrubbers, which will also reduce our reliance on third party sub-contractors
given that our on-site cleaning services are generally outsourced to third party sub-contractors in order to focus our resources on our
core competencies, and therefore the autonomous robot scrubbers will not cannibalize our general cleaning services business. The autonomous
robotic cleaning equipment industry is relatively new in Singapore. This is seen as a potential solution for the labor squeeze in Singapore's
cleaning force, especially for the commercial property and food and beverage cleaning sectors. Since the industry was still in its fast-growing
stage in 2021, with a strong push due to the COVID-19 pandemic which increased the demand for unmanned cleaning solutions for commercial
properties and public spaces in Singapore, the overall industry is expected to grow at a CAGR of 30.5% from 2021 to 2025. With the launch
of grants and incentives to companies for adoption of the technology (for example, the Ministry of Education of Singapore has put out
a tender to have these cleaning robots in schools), the growth of the industry is supported by the Singapore government. It is also expected
that there will be further advancement in cloud infrastructure, artificial intelligence and 5G that will make the robots more attractive
and cost competitive. Accordingly, we believe that there will be sufficient market demand for the commercial sale of the autonomous robot
floor scrubbers for the public transportation, food and beverage and other industries.
Real
Property
A
description of our leased real properties is below:
Location
Usage
Lease period
Annual
                                            Rent
(SGD)
Approximate gross floor area (sq.
    ft.)
JCS Facility
3 Woodlands Sector 1
Singapore 738361
Manufacturing facility and office
To November 15, 2027, with a further term of 30 years from expiry
36,759
33,785.6
Hygieia Facility
17 Woodlands Sector 1
Singapore 738354
Centralized dishwashing facility and office
To March 15, 2044
52,020
34,276.7
40
Production
Capacity and Utilization Rate
JCS
Facility
It
is difficult to quantify the production capacity and utilization rates of our JCS Facility as the cleaning systems and other equipment
manufactured by us at our JCS Facility are customized depending on our customers' specific requirements, and are therefore of varying
sizes, scale and capacity. Our JCS Facility is fitted with various types of machinery and equipment and the manufacturing process for
each cleaning system utilizes different types of machinery and equipment with different components, parts and materials. The production
and manufacturing process will also vary between orders, depending on the complexity of design and component lead time. We periodically
monitor the overall usage and capacity of the machinery and equipment at our JCS Facility.
Our
directors are of the view that our JCS Facility has sufficient capacity to process the orders for cleaning systems and other equipment
for at least the next 12 months for the following reasons:
●
during the production process, the most time-consuming process is engineering. Engineering work includes machine set up and pre-programming
for laser cutting and machining, and jig and fixture preparation. All the above work could generally take more than 60% of the machine's
total production lead time. The average production lead time for the production and manufacturing of bulk orders for the same cleaning
system/module is shorter as less time is required to use the relevant machinery and equipment for the aforesaid engineering work. In
general, our Group can reduce the engineering process time of the subsequent units by about 90% as compared to the first machine built;
and
●
the operating hours of our JCS Facility may be increased from time to time in order to meet the delivery schedule of the orders for cleaning
systems and other equipment as needed.
The
utilization rates of the CNC lathe machine and the laser cutting machine are calculated based on 8.5 operating hours per working day
on weekdays and 3.5 operating hours on Saturdays. In the event that the current hours of usage cannot meet the demand, our management
will consider adding one or two more shifts on weekdays, and/or increasing the number of working hours on weekends to increase the production
capacity of the CNC lathe machine and the laser cutting machine to meet the production schedule.
The
production floor at our JCS Facility has a total usable floor area of approximately 1,470.1 square meters; the total estimated usable
floor area which is utilized by our machinery and equipment is approximately 1,219.4 square meters, representing approximately 83.0%
of the available space.
41
Hygieia
Facility
The
processing capacity and utilization rates at our Hygieia Facility with respect to our provision of centralized dishwashing services during
the fiscal years ended December 31, 2021, 2022 and 2023 are as follows:
Year ended December 31,
2021
2022
2023
Actual
                                            annual processing
(tubs)
Annual
                                            processing capacity
(1)
(tubs)
Average
                                            daily utilization
rate
(2)
(%)
Actual
                                            annual processing
(tubs)
Annual
                                            processing capacity
(1)
(tubs)
Average
                                            daily utilization
rate
(2)
(%)
Actual
                                            annual processing
(tubs)
Annual
                                            processing capacity
(1)
(tubs)
Average
daily
                                            utilization
rate
(2)
(%)
Halal semi-automated washing line A
91,289
148,010
61.7
101,979
148,010
68.9
119,148
148,010
80.5
Halal semi-automated washing line B
78,119
214,614
36.4
39,489
214,614
18.4
89,494
214,614
41.7
Non-Halal semi-automated washing line C
196,110
310,821
63.1
285,023
310,821
91.7
271,658
310,821
87.4
Non-Halal semi-automated washing line D
69,157
155,410
44.5
108,165
155,410
69.6
85,942
155,410
55.3
(1)
For illustration purposes only, the processing capacity is determined by identifying the maximum number of tubs (which will contain
the soiled dishware) we can wash per year. In this regard, the processing capacity is calculated based on the following assumptions:
(i) 20.5 operating hours per working day (excluding equipment cleaning time and workers' lunch break); and (ii) 361 working days
each year for the years ended December 31, 2021, 2022 and 2023 (excluding holidays and regular maintenance).
(2)
For illustration purposes only, the utilization rate is calculated by dividing the actual processing volume by the processing capacity
for the same year, which is calculated based on the assumptions set out above.
Other
than for our Halal semi-automated washing line, there was a steady increase in the utilization rates of the washing lines at our Hygieia
Facility from the year ended December 31, 2022 to the year ended December 31, 2023 as (i) the number of food establishments utilizing
our centralized dishwashing services increased; (ii) there was higher footfall and demand for dine-in services at our customers'
food and beverage establishments as a result of the resumption of dine-in services, which resulted in a higher volume of soiled dishware
from our customers; and (iii) additional customers contracted for our centralized dishwashing services.
As
diners in food and beverage establishments usually finish their meals at approximately the same time, customers of our centralized dishwashing
services business generally require the soiled dishware to be washed and returned to their food and beverage establishments during the
day and particularly after mealtimes, with the peak hours being from 3:30 p.m. to 9:30 p.m. on weekdays, even though our Hygieia Facility
operates in three shifts and 20.5 hours per day. Therefore, the average utilization rate of the Halal and non-Halal washing lines at
our Hygieia Facility during peak hours reaches 100%, calculated based on the number of tubs washed divided by the processing capacity
of the respective washing lines, as we have more tubs arriving at our Hygieia Facility than we can process during peak hours.
42
Impact
of COVID-19 on our business and operations
The
World Health Organization declared the spread of COVID-19 a pandemic on March 11, 2020. The pandemic disrupted business, trade, commerce,
financial and credit markets in Singapore and globally. Beginning in April 2020, in response to COVID-19, the Singapore government implemented
extensive regulations imposing restrictions on premises and businesses in relation to the closure of businesses, on essential and non-essential
service providers and on the movement of people, both in public places and in residences. On December 28, 2020, social, cultural, religious
and business gatherings or events were resumed, although gathering sizes remained limited, and services and activities that involved
significant prolonged close contact or significant crowds in an enclosed space were allowed to be re-opened, subject to their ability
to effectively implement strict safe management measures.
In
response to changing conditions and infection rates, throughout the pandemic and through 2022, the Singapore government adjusted restrictions
in both directions, such as alternately reducing and increasing allowed gathering group sizes of larger scale events or activities and
reinstating or removing "work-from-home" requirements at workplaces to minimize workplace interactions.
The
lockdown and other measures implemented by the government of Singapore had a material adverse impact on our business, results of operations
and financial condition during the fiscal years ended December 31, 2020 and 2021, although our revenue started to rebound during the
fiscal year ended December 31, 2022.
On
May 5, 2023, WHO declared that COVID-19 is now an established and ongoing health issue, which no longer constitutes a public health emergency
of international concern. As of the date of this prospectus, our businesses have essentially returned to pre-COVID-19 levels and we do
not expect to encounter any further material business disruptions as the outbreak of COVID-19 in Singapore is generally under control
and the government has generally relaxed its control measures. However, it is not possible to predict the ongoing impact that long COVID-19
or continuing COVID-19-related global supply chain issues may have on our business, liquidity, capital resources or financial results
in the future. In addition, we are uncertain as to if or when any new outbreaks of COVID-19 may occur or how long it may take for any
such outbreaks to be contained, and we cannot predict the impact that any such outbreaks may have on our operations. If Singapore experiences
a major resurgence of COVID-19, or if another significant natural disaster or pandemic were to occur in the future, our business, financial
condition, results of operations and prospects may be materially and adversely affected. We plan to continue to monitor the evolution
of COVID-19, which may still be considered a threat in the long term because the virus continues to evolve and spread.
Licenses
and Permits
The
following licenses are material for our Group's operations:
Description
Issuing
    Authority
Expiry
    Date
Issued
    to
License
    to operate a cleaning business
NEA
February
    26, 2025
Hygieia
License
    / Certificate issued under the Radiation Protection Act
NEA
July
    2, 2025
JCS
43
Certifications
As
of April 1, 2024, we have received the following certifications:
Relevant
    authority/organization
Recipient
Relevant
    list/category
Qualification/
    License/Grading
Date
    of grant/registration
Date
    of expiry
Workplace
    Safety and Health Council
Hygieia
BizSAFE
Level
    3
August
    7, 2021
August
    10, 2024
Workplace
    Safety and Health Council
JCS
BizSAFE
Level
    Star
August
    23, 2017
June
    22, 2026
Islamic
    Religious Council of Singapore
Hygieia
Storage
    management
Halal
    Certificate
N/A
March
    31, 2025
SGS
Hygieia
Food
    safety management
ISO
    22000: 2005
August
    26, 2021
August
    25, 2024
SOCOTEC
    Certification International
JCS
Occupational
    Health and Safety Management
ISO
    45001: 2018
July
    7, 2017
June
    22, 2026
SOCOTEC
    Certification International
JCS
Quality
    management system
ISO
    9001: 2015
June
    23, 2017
June
    22, 2026
We
intend to apply for the renewal of the above relevant certifications prior to their respective expiry dates and based on past experience,
our directors do not foresee any material difficulties in renewing the certifications of our Group.
Awards
and Accreditations
Throughout
our operating history, our Group has received a number of awards and accreditations in recognition of our performance and quality products
and services. The following table sets forth the awards and accreditations we have been granted up to April 1, 2024.
Year
Award
Organized/Granted
    By
Recipient
2013
Enterprise
    50 Award
KPMG
    and the Business Times
JCS
2016
SME
    1000 Ranking - Top companies ranked by sales/turnover (745th), net profit (443th) and return on equity (680th)
Experian
JCS
2017
SME
    1000 Ranking - Top companies ranked by return on equity (631st)
Experian
JCS
2017
SME
    1000 Ranking - Emerging 500 companies ranked by sales turnover (1134th)
Experian
JCS
2018
Singapore
    Quality Class - Recognition of Commendable Performance in Business Excellence
Enterprise
    Singapore
JCS
2018
Clean
    Mark Silver Award
NEA
Hygieia
2018
SME
    1000 Ranking - Emerging 500 companies ranked by sale turnover (1118th)
Experian
JCS
2019
SME
    1000 Ranking - Emerging 500 companies ranked by sales turnover (1490th)
Experian
Hygieia
2021
Clean
    Mark Silver Award
NEA
Hygieia
2022
Clean
    Mark Silver Award
NEA
Hygieia
Competition
The
precision cleaning equipment market in Singapore is niche and relatively consolidated with just over 10 companies in play comprised of
a handful of larger global companies that operate offices in Singapore, as well as several small and medium-sized players, with high
barriers to entry in the form of high set-up and operating costs, and track record. We are of the view that there is a trend towards
consolidation in the wider precision cleaning market by industry players, as companies move towards offering total solutions in the value
chain of both cleaning equipment and cleaning services in order to stand out from the competition.
We
are of the view that the precision cleaning manufacturing industry in Malaysia is highly consolidated, with the top five companies in
the industry accounting for more than 80% of industry sales. The leading players in the industry are primarily present in the electronics
industry. These manufacturers benefit from the robust growth of Malaysia's position as a global hub for semiconductor manufacturing.
44
We
are also of the view that the dishwashing services market in Singapore currently has a low penetration rate, and that approximately 80%
of the potential food and beverage market remains untapped and relatively consolidated to about 10 players, with four bigger companies,
including our Group, dominating the market, and several other smaller players making up the remainder. In particular, there is keen competition
for dishwashing services in the food and beverage industry due to low barriers to entry and low switching costs, the relatively low set-up
and labor costs compared to other industries and clients being able to easily switch service providers given the relatively short span
of contracts, with quality of service as the key differentiating factor.
Sales
And Marketing
As
of April 1, 2024, our sales and marketing team consisted of one full-time employee based in Singapore. Our Chairman, Ms. Hong Bee Yin,
oversees our sales and marketing department.
One
of our key channels for marketing is through word of mouth as our new customers are usually referred by our existing customers or business
contacts. Our Group and our Chairman, Ms. Hong, have participated in overseas exhibitions, trade shows and industry forums to promote
our Group's products and services. Our Chairman, Ms. Hong has also taken interviews from magazines and newspapers to promote our
Group's products and services. Our Group has also participated in overseas exhibitions and trade shows where we showcase our products
to potential customers in order to increase our publicity and presence in the cleaning solutions industry.
Our
sales and marketing team also communicates with our existing customers to understand their needs and markets trends, so as to improve
our cleaning systems and equipment. We consider customer feedback a valuable tool for improving our products and services. Our sales
and marketing team is also responsible for handling customers' complaints and any complaints arising from product defects or service
quality and will relay such feedback internally to the relevant teams for follow up.
Our
Group relates to a few industry associations, with JCS being a member of the Singapore Precision Engineering & Technology Association
and a Technology Extension Partner of Singapore Institute of Manufacturing Technology, and Hygieia being a member of the Association
of Catering Professionals Singapore.
Our
Group has developed a strong existing customer base in Singapore and overseas. Our customers are corporate groups with their respective
group members incorporated or established in various jurisdictions, such as Malaysia, Australia, the U.S., Thailand, Belgium, Philippines,
India, South Korea, Taiwan, Japan and the PRC, for our sale of cleaning systems and other equipment business during the years ended December
31, 2022 and 2023. Please refer to the paragraph headed "Our Customers - Top five customers" in this section for further
details of our top five customers and their respective countries of incorporation or establishment. We have established stable business
relationships with our customers, with three out of our top five customers having more than 10 years of business relationships with us.
The profile of our existing customer base, coupled with the stable business relationships we have with our customers, allowed our Group
(i) to secure orders from repeat customers, which contributed to approximately 100% of the total sales of our cleaning systems and other
equipment for the years ended December 31, 2021, 2022 and 2023, and (ii) to gain referrals from our existing customers. Our Group also
strives to maintain good customer relationships by producing high quality products and providing professional technical support, and
therefore it is not necessary for our Group to actively engage in significant sales and marketing efforts for maintaining such business
relationships with our existing customers. In addition, as the average utilization rate of certain major machinery and equipment used
at our JCS Facility in respect of the production and manufacture of cleaning systems and other equipment during the years ended December
31, 2021, 2022 and 2023 generally exceeded 100%, our Group was unable to take on a large number of new orders from new customers. Rather,
we mainly focused on fulfilling orders from repeat customers to maintain our business relationships. Under such circumstances, we did
not actively engage in sales and marketing activities to pursue orders from new customers and only maintained a small sales and marketing
team during the year ended December 31, 2023.
45
The
following tables set forth the breakdown of our revenue contributed from the sale of precision and other cleaning systems and equipment
from each geographical region during the years ended December 31, 2021, 2022 and 2023:
Year
ended December 31, 2021
Geographical Region
Number of Customers
Number of Completed Orders
Method of Procurement
Transaction
                                            Amount
(SGD'000)
% of Total Sales
Singapore
4
3
Orders from existing customers
83
1.1
Malaysia
1
13
Orders from existing customer
4,414
56.5
Thailand
1
42
Orders from existing customer
1,559
20.0
Belgium
1
27
Orders from existing customer
1,182
15.1
South Korea
1
4
Orders from existing customer
73
0.9
Taiwan
1
1
Orders from existing customer
-
-
United States
1
6
Orders from existing customer
376
4.8
PRC
1
1
Orders from existing customer
126
1.6
Total
11
97
7,813
100.0
Year
ended December 31, 2022
Geographical Region
Number of Customers
Number of Completed Orders
Method of Procurement
Transaction
                                            Amount
(SGD'000)
% of Total Sales
Singapore
7
28
Orders from existing customers
2,478
23.6
Malaysia
1
14
Orders from existing customer
3,896
37.2
Thailand
2
46
Orders from existing customers
2,363
22.5
Belgium
1
28
Orders from existing customer
1,389
13.2
South Korea
1
6
Orders from existing customer
178
1.7
Taiwan
1
2
Orders from existing customer
122
1.2
United States
1
3
Orders from existing customer
55
0.6
PRC
-
-
Orders from existing customer
-
-
Total
14
127
10,481
100.0
46
Year
ended December 31, 2023
Geographical
    Region
Number
    of Customers
Number
    of Completed Orders
Method
    of Procurement
Transaction
                                            Amount
(SGD'000)
%
    of Total Sales
Singapore
5
50
Orders
    from existing customers
5,609
55.1
Malaysia
1
19
Orders
    from existing customer
758
7.4
Thailand
1
114
Orders
    from existing customer
1,945
19.1
Belgium
1
51
Orders
    from existing customer
1,470
14.4
Taiwan
1
2
Orders
    from existing customer
43
0.5
United
    States
1
4
Orders
    from existing customer
356
3.5
Total
10
240
10,181
100.0
For
the years ended December 31, 2022 and 2023, 100% of our sales were comprised of orders from existing customers.
Inventory
As
we generally manufacture and sell our cleaning systems and other equipment to our customers on an order-by-order basis, we maintain minimal
levels of raw materials and components required for the manufacture of cleaning systems and other equipment and we source for raw materials
and other components and parts based on the orders made by our customers.
Intellectual
Property
Our
Group's intellectual property rights are important to its business. As of the date of this Annual Report, the Group has:
●
registered eight trademarks in Singapore and one trademark in Hong Kong;
●
registered 24 patents in Singapore, Malaysia, the United States, Taiwan and the PRC, and applied for the registration of 9 patents in
Singapore, Malaysia and Thailand; and
●
registered one design in Singapore.
As
of the date of this Annual Report, we were not involved in any proceedings with regard to, and we have not received notice of any claims
of infringement of, any intellectual property rights that may be threatened or pending, in which we may be involved either as a claimant
or respondent.
Employees
As
of December 31, 2023, we employed a total of 103 persons, who were all located in Singapore, as compared to 102 as of December 31, 2022
and 90 of December 31, 2021, who were also all located in Singapore. Employees are not covered by collective bargaining agreements. We
consider our global labor practices and employee relations to be good.
47
Insurance
We
maintain property insurance policies covering our equipment and facilities in accordance with customary industry practice. We carry occupational
injury, medical, pension, maternity and unemployment insurance for our employees, in compliance with applicable regulations. We also carry key person life insurance on the life of Ms. Hong Bee Yin, our Chairman,
Executive Director and Chief Executive Officer. We will continue to review and assess our risk portfolio and
make necessary and appropriate adjustments to our insurance practices to align with our needs and with industry practice in Singapore
and in the markets in which we operate.
Litigation
And Other Legal Proceedings
As
of the date of this Annual Report, we are not party to any significant proceedings.
Laws
And Regulations Relating To Our Business In Singapore
This section sets forth a summary of the material laws and regulations that affect our Group's business and
operations in Singapore. Information contained in this section should not be construed as a comprehensive summary nor a detailed analysis
of laws and regulations applicable to the business and operations of our Group. This overview is provided as general information only
and not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws
and regulations of Singapore on our business and operations.
Our
business operations are not subject to any special legislation or regulatory controls other than those generally applicable to companies
and businesses incorporated and/or operating in Singapore.
Environmental
Public Health Act
The
Environmental Public Health Act 1987 of Singapore (the "EPHA") is administered by the NEA and regulates, among other things,
the disposal and treatment of industrial waste and public nuisances. Under the EPHA, the Director-General of Public Health of Singapore
(the "DGPH") may, upon receipt of any information with respect to the existence of a nuisance liable to be dealt with summarily
under the EPHA and if satisfied of the existence of a nuisance, serve a nuisance order on the person by whose act, default or sufferance
the nuisance arises or continues, or if the person cannot be found, on the owner or occupier of the premises on which the nuisance arises.
Some of the nuisances which are liable to be dealt with summarily under the EPHA include any factory or workplace which is not kept in
a clean state, any place where there exists or is likely to exist any condition giving rise, or capable of giving rise to the breeding
of flies or mosquitoes, any place where there occurs, or from which there emanates noise or vibration as to amount to a nuisance and
any machinery, plant or any method or process used in any premises which causes a nuisance or is dangerous to public health and safety.
If the DGPH receives any information in respect of the existence of a nuisance liable to be dealt with under the EPHA, a nuisance order
may be served on the person responsible for the nuisance prescribing the measures to be taken to remedy the nuisance. Any failure to
comply with the nuisance order served is an offense and such person is liable upon conviction for a fine not exceeding SGD10,000 for the
first offense and to a further fine not exceeding SGD1,000 for every day during which the offense continues after conviction.
Cleaning
Business License
The
EPHA also regulates the cleaning standards and productivity of the cleaning industry through the licensing of cleaning businesses which
comprises the provision of cleaning work, being work carried out in Singapore that involves, as its main or only component, the bringing
of premises or any public place into, or keeping of premises or any public place in, a clean condition, and includes supervising the
carrying out of such work but excludes any work that the Minister for the Environment and Water Resources declares not to be cleaning
work. Any person who fails to obtain and maintain a cleaning business license while carrying on a cleaning business in Singapore will
be guilty of an offense and liable on conviction for a fine not exceeding SGD10,000 or to imprisonment for a term not exceeding 12 months
or both, and in the case of a continuing offense, for a further fine not exceeding SGD1,000 for every day or part thereof during which
the offense continues after the conviction.
48
Prior
to being licensed, cleaning businesses must meet several track record, training and salary requirements which include (a) in respect
of an existing cleaning business, having at least one cleaning contract ongoing or completed in the 12 months preceding the license application
(for renewal of an existing cleaning business) and in respect of new start-ups, having at least one employee with no less than 2 years
of practical experience in supervising cleaning work or who has attended the requisite training modules under the Environmental Cleaning
(EC) Singapore Workforce Skills Qualifications (the "WSQ"); (b) having training for its cleaning workforce, where cleaners
attend at least one module under the WSQ framework or the Institute of Technical Education Skills Certificate in Housekeeping Operations
(Healthcare). At the point of license application and throughout the license period, at least 50% of the cleaners are to be trained and
at the point of license renewal and throughout the license period, 100% of the cleaners are to be trained; and (c) submitting and implementing
a progressive wage plan for resident (i.e. Singapore citizens or permanent residents) cleaners employed.
Progressive
wage model
To
obtain a cleaning business license, companies must, among other things, submit a progressive wage plan that covers employed resident
cleaners (being Singapore citizens and permanent residents) whether they are full-time, part-time or casual employees, and such plan
must (a) specify the basic wage for each class of cleaners; and (b) conform to the wage levels specified under the progressive wage model
by the Commissioner for Labor, based on the recommendations of the Tripartite Cluster for Cleaners. A tripartite effort which is made
up of seven unions, whose members are representatives from the National Trades Union Congress, Singapore National Employers Federation,
Employment and Employability Institute, Building Construction and Timber Industries Employees' Union, Environmental Management
Association of Singapore, ISS Facility Services Private Limited, Integrated Property Management Pte Ltd, CapitaLand Mall Asia Limited,
City Developments Limited, town councils, the Singapore Ministry of Manpower ("MOM"), the National Environmental Agency of
Singapore ("NEA") and Workforce Singapore. The progressive wage model was introduced in 2014 as a productivity-based wage
progression pathway that helps to increase wages of workers through upgrading skills and improving productivity, and is regulated for
the cleaning industry in Singapore by the NEA. The progressive wage model covers three broad categories of cleaning jobs: offices and
commercial buildings, food & beverage establishments (which includes hawker centers and food courts), and the conservancy sector
(which includes town councils and public cleansing).
In
December 2016, the Tripartite Cluster of Cleaners recommended the introduction of (i) yearly wage adjustments to each wage point in the
progressive wage model from 2017 to 2019; (ii) scheduled wage increases from 2020 to 2022; and (iii) an annual bonus equivalent to two
weeks of basic monthly wages, for all wage points from 2020 onwards.
On
June 7, 2021, the Tripartite Cluster of Cleaners recommended the introduction of a six-year schedule of sustained wage increases from
July 1, 2023 to June 30, 2029, which will be reviewed in 2025.
EC
WSQ Qualification
Cleaners
employed by a cleaning business are required to attend at least one module under the EC WSQ framework. The WSQ is a national credentialing
system. The EC WSQ is one of the 33 WSQ industry frameworks developed to date, and is designed to help workers in the cleaning industry
improve their employability as well as progress in their careers. This framework caters to the training of cleaning crew, stewards and
supervisors in two sub-sectors: (a) commercial and private residential cleaning; and (b) public cleaning. The types of EC WSQ qualifications
available include (i) the WSQ Certificate in Environmental Cleaning, which aims to equip cleaning professionals with skills needed to
perform basic cleaning activities; (ii) the WSQ Higher Certificate in Environmental Cleaning, which is suitable for cleaning professionals
who want to advance their skills with in-depth training and gain the soft skills required of a cleaning steward; and (iii) WSQ Advanced
Certificate in Environmental Cleaning, which aims to equip cleaning professionals with skills needed for supervisory positions. Upon
the completion of each unit, the worker will be awarded a statement of attainment ("SOA"). The WSQ qualifications will be
awarded after the worker completes the required number of SOAs.
To
help employers meet the challenge of having to release workers for training, Workforce Singapore has introduced the Assessment Only Pathway
("AOP") qualifying criteria, aimed at allowing workers to obtain their EC WSQ qualification through assessment without having
to attend classroom training. These workers would either have some prior training in cleaning or have a number of years of relevant working
experience, and will be screened before they are allowed to enroll in the AOP.
49
On
June 7, 2021, the Tripartite Cluster of Cleaners recommended the introduction of enhanced mandatory training requirements under the Skills
Framework for Environmental Services and that the number of WSQ training modules be increased as follows:
Job
    Roles
Current
By
    December 31, 2023
Beyond
    2025
All
    cleaners
Minimum
    of 1 WSQ module (for licensing conditions)
2
    modules in total (1 mandatory workplace safety and health related module and 1 core module that is endorsed by the Tripartite Cluster
    of Cleaners)
3
    modules in total
Multi-skilled
    cleaners
4
    modules in total
Mechanical
    Driver
Supervisor
Environmental
Protection and Management Act
The
Environmental Protection and Management Act 1999 of Singapore and its subsidiary legislation are administered by the NEA, which provide
for, among other things, laws relating to pollution control in Singapore through the regulation of various industries. Pursuant to the
Environmental Protection and Management (Boundary Noise Limits for Factory Premises) Regulations (the "EPM Regulations"),
the owner or occupier of any factory premises shall ensure that the level of noise emitted from his premises does not exceed the maximum
permissible noise levels as set out in the First Schedule to the EPM Regulations. The permissible noise levels may vary depending on
the type of affected premises, which include, among others, noise sensitive premises that require peace and quiet, residential premises
and commercial premises not including factory premises. Any person who fails to comply with the requirements under the EPM Regulations
is guilty of an offense and liable upon conviction for (a) a fine not exceeding SGD5,000 on the first conviction, and in the case of a
continuing offense, to a further fine not exceeding SGD200 for every day or part thereof the offense continues after the conviction; and
(b) a fine not exceeding SGD10,000 on a subsequent conviction, and in the case of a continuing offense, to a further fine not exceeding
SGD300 for every day or part thereof during which the offense continues after conviction.
Radiation
Protection Act
The
Radiation Protection Act 2007 of Singapore (the "RPA") controls and regulates, among other things, the possession and use
of radioactive materials and irradiating apparatus. The RPA provides that no person shall, except under and in accordance with a license,
have in his possession or under his control or use or otherwise deal in any radioactive material or irradiating apparatus. Any person
who contravenes the aforementioned requirement under the RPA is guilty of an offense and liable upon conviction for a fine not exceeding
SGD100,000 or imprisonment for a term not exceeding five years or both.
Such
licenses are issued by the Radiation Protection and Nuclear Science Department under the RPA and its subsidiary legislation, such as
the Radiation Protection (Non-Ionizing Radiation) Regulations of Singapore (the "Non-Ionizing Radiation Regulations"), which
regulate, among other things, the licenses and requirements for the manufacture or dealing with, keeping or possession for use and the
import of a consignment of certain controlled irradiating apparatus, such as ultrasound apparatus and high power lasers. Ultrasound apparatus
means any industrial apparatus designed to generate and emit ultrasonic power at acoustic frequencies above 16kHz. High power lasers
means any laser apparatus from Class 3b and Class 4 based on the classification set out in the Second Schedule of the Non-Ionizing Radiation
Regulations, being those emitting visible and/or invisible laser radiation with specified maximum accessible emission levels and those
exceeding the accessible emission limits respectively.
50
The
Non-Ionizing Radiation Regulations further set out the requirements for (a) ultrasound apparatus, including the requirement that every
ultrasound apparatus shall be designed and constructed in such a manner that all marks, labels and signs are permanently affixed thereon
and clearly visible and all user controls, meters, lights or other indicators are clearly visible, readily discernible and clearly labeled
to indicate their function; and (b) high power lasers, including the requirement that every high power laser shall have a protective
housing that prevents human access during operation to laser and collateral radiation that exceed the specified accessible emission limits,
a safety interlock for each portion of the protective housing that is designed to be removed or displaced during operation or maintenance,
a readily available remote control connector, a key-actuated master control and an emission indicator which provides a visible or audible
signal during emission of accessible laser radiation in excess of the specified accessible emission limits. Any person who contravenes
any of the provisions of the Non-Ionizing Radiation Regulations is guilty of an offense and liable on conviction for a fine not exceeding
SGD2,000 or imprisonment for a term not exceeding six months or both.
Our
subsidiary, JCS, has a license issued under the RPA for the possession of four industrial ultrasound apparatus and one high powered industrial
laser.
Workplace
Safety and Health Act
The
Workplace Safety and Health Act 2006 of Singapore (the "WSHA") provides that every employer has the duty to take, so far
as is reasonably practicable, such measures as are necessary to ensure the safety and health of its employees at work. These measures
include providing and maintaining for the employees a work environment that is safe, without risk to health, and adequate with regards
to facilities and arrangements for employees' welfare at work, ensuring that adequate safety measures are taken in respect of any
machinery, equipment, plant, article or process used by the employees, ensuring that the employees are not exposed to hazards arising
out of the arrangement, disposal, manipulation, organization, processing, storage, transport, working or use of things in or near their
workplace and under the control of the employer, developing and implementing procedures for dealing with emergencies that may arise while
those persons are at work and ensuring that the employees at work have adequate instruction, information, training and supervision as
is necessary for them to perform their work. The relevant regulatory body is the MOM.
Any
person who breaches his duty under the WSHA is guilty of an offense and will be liable on conviction, in the case of a body corporate,
to a fine not exceeding SGD500,000 and if the contravention continues after the conviction, the body corporate shall be guilty of a further
offense and will be liable to a fine not exceeding SGD5,000 for every day or part thereof during which the offense continues after conviction.
For repeat offenders, where a person has on at least one previous occasion been convicted of an offense under the WSHA that causes the
death of any person and that person is subsequently convicted of the same offense that causes the death of another person, the court
may, in addition to any imprisonment, if prescribed, punish the person, in the case of a body corporate, with a fine not exceeding SGD1
million and, in the case of a continuing offense, with a further fine not exceeding SGD5,000 for every day or part thereof during which
the offense continues after conviction.
Under
the WSHA, it is the duty of any person who manufactures any machinery, equipment or hazardous substance ("MEHS"), which includes,
among other things, welding equipment, for use at work to ensure, so far as is reasonably practicable, that (a) information regarding
the safe use of the MEHS is supplied for use at work (which should include precautions to be taken for the proper use and maintenance
of such MEHS, the health hazards associated with the MEHS and the information relating to and the results of any examinations or tests
of the MEHS that are relevant to its safe use); (b) the MEHS are safe, and without risk to health, when properly used; and (c) the MEHS
are examined and tested in compliance with the obligation imposed by paragraph (b). The duties imposed on any person in respect of the
aforementioned shall (i) apply only if the MEHS are manufactured or supplied in the course of a trade or business carried on by the person
(whether for profit or not); (ii) apply whether the MEHS are exclusively manufactured or supplied for use by persons at work; (iii) extend
to the supply of the MEHS by way of sale, transfer, lease or hire and whether as principal or agent, and to the supply of the MEHS to
a person for the purpose of supply to others; and (iv) not apply to a person by reason only that the person supplies the machinery or
equipment under a lease-purchase agreement, conditional sale agreement or credit-sale agreement to another ("customer") in
the course of a business of financing the acquisition of the machinery or equipment by the customer from others. In the event any person
contravenes the relevant provision in the WSHA that imposes the aforementioned duty on such person, that person is guilty of an offense,
and liable on conviction (in the case of a natural person) for a fine not exceeding SGD200,000 or imprisonment for a term not exceeding
two years or both, or (in the case of a body corporate) for a fine not exceeding SGD500,000.
51
Further,
the Commissioner for Workplace Safety and Health (the "CWSH") may serve a remedial order or a stop-work order in respect
of a workplace if he is satisfied that (a) the workplace is in such condition, or is so located, or any part of the machinery, equipment,
plant or article in the workplace is so used, that any work or process carried on in the workplace cannot be carried on with due regard
to the safety, health and welfare of persons at work; (b) any person has contravened any duty imposed by the WSHA; or (c) any person
has done any act, or has refrained from doing any act which, in the opinion of the CWSH, poses or is likely to pose a risk to the safety,
health and welfare of persons at work. The remedial order shall direct the person served with the order to take such measures, to the
satisfaction of the CWSH, to, among other things, remedy any danger so as to enable the work or process in the workplace to be carried
on with due regard to the safety, health and welfare of the persons at work, whereas a stop-work order will direct the person served
with the order to immediately cease to carry on any work or process indefinitely or until such measures as are required by the CWSH have
been taken, to the satisfaction of the CWSH, to remedy any danger so as to enable the work or process in the workplace to be carried
on with due regard to the safety, health and welfare of the persons at work, and shall specify the date on which such order is to take
effect.
Pursuant
to the Workplace Safety and Health (Noise) Regulations 2011 of Singapore (the "WSHNR"), the occupier of a workplace must
take reasonably practicable measures to reduce or control the noise from any machinery or equipment used or from any process, operation
or work carried out by him in the workplace, so that no person at work in the workplace is exposed or likely to be exposed to excessive
noise. This may include replacing noisy machinery, equipment, processes, operations or work with less noisy machinery, equipment, processes,
operations or work, and such other measures as prescribed under the WSHNR. Where it is not practicable to reduce the noise, the occupier
of a workplace shall limit the duration of time persons at work are exposed to the noise in accordance with the time limits prescribed
in the Schedule under the WSHNR. Any person who contravenes the aforementioned is guilty of an offense and is liable on conviction for
a fine not exceeding SGD10,000, and in the case of a second or subsequent conviction, for a fine not exceeding SGD20,000 or imprisonment
for a term not exceeding six months or both.
Pursuant
to the Workplace Safety and Health (Risk Management) Regulations, the employer in a workplace is supposed to, among other things, conduct
a risk assessment in relation to the safety and health risks posed to any person who may be affected by his undertaking in the workplace,
take all reasonably practicable steps to eliminate or minimize foreseeable risks, implement measures or safety procedures to address
the risks, and to inform workers of the same, maintain records of such risk assessments and measures/safety procedures for a period of
not less than three years and submit such records to the CWSH when required by the CWSH from time to time. Any employer who fails to
comply with the aforementioned requirements is guilty of an offense and is liable on conviction for a fine not exceeding SGD10,000 for
the first offense, and for a fine not exceeding SGD20,000 for a subsequent offense or imprisonment for a term not exceeding six months
or both.
Work
Injury Compensation Act
The
Work Injury Compensation Act 2019 of Singapore (The "WICA"), which is regulated by the MOM, applies to all employees who
are engaged under a contract of service or apprenticeship with an employer regardless of their level of earnings. The WICA does not cover
self-employed persons or independent contractors. However, as the WICA provides that, where any person (referred to as the principal)
in the course of or for the purpose of his trade or business contracts with any other person (referred to as the subcontractor employer),
the principal shall be liable to compensate those employees of the subcontractor employer who were injured while employed in the execution
of work for the principal.
The
WICA provides that if an employee dies or sustains injuries in a work-related accident or contracts occupational diseases in the course
of the employment, the employer shall be liable to pay compensation in accordance with the provisions of the WICA. An injured employee
is entitled to claim medical leave wages, medical expenses and lump sum compensation for permanent incapacity or death, subject to certain
limits stipulated in the WICA.
52
An
employee who has suffered an injury arising out of and in the course of his employment can choose to either:
(a)
report the accident to his employer in order to submit a claim for compensation through the MOM without needing to prove fault or negligence
on anyone's part. There is a fixed formula in the WICA for the amount of compensation to be awarded; or
(b)
commence legal proceedings to claim damages under common law against the employer for breach of duty or negligence.
Damages
under a common law claim are usually more than an award under the WICA and may include compensation for pain and suffering, loss of wages,
medical expenses and any future loss of earnings. However, the employee must show that the employer has failed to provide a safe system
of work, or breached a duty required by law or that the employer's negligence caused the injury.
Under
the WICA, every employer is required to insure and maintain insurance under approved policies with an insurer against all liabilities
which he may incur under the provisions of the WICA in respect of all employees employed by him, unless specifically exempted. Further,
every employer is required to maintain work injury compensation insurance for all employees engaged in manual work labor regardless of
their salary level, as well as all employees doing non-manual work who earn SGD2,100 or less a month. Failure to provide adequate insurance
is an offense carrying a fine of up to SGD10,000 or imprisonment for a term of up to 12 months, or both. For further information on our
Group's insurance policies, please refer to Item 4. "Information on the Company - Insurance".
Employment
Act
The
Employment Act 1968 of Singapore (the "Employment Act") is the main legislation governing employment in Singapore and is
administered by the MOM. The Employment Act covers every employee who is under a contract of service with an employer and includes a
workman (as defined under the Employment Act) but does not include, among others, any person employed in a managerial or executive position
(subject to the exceptions set out below). The definition of "employee" under the Employment Act does not extend to freelance
contractors who have entered into a contract for service. Accordingly, freelance contractors are not considered to be employees of our
Group.
A
workman is defined under the Employment Act as including, among others, (a) any person, skilled or unskilled, who has entered into a
contract of service with an employer in pursuance of which he is engaged in manual labor, including any apprentice; and (b) any person
employed partly for manual labor and partly for the purpose of supervising in person any workman in and throughout the performance of
his work.
Core
employment provisions of the Employment Act, such as public holiday and sick leave entitlements, minimum days of annual leave, payment
of salary and allowable deductions and release for wrongful dismissal, cover all employees, including persons employed in a managerial
or executive position, except public servants, domestic workers, seafarers and those who are covered separately.
In
addition to the core employment provisions of the Employment Act, Part IV of the Employment Act contains provisions relating to, among
other things, working hours, overtime, rest days, holidays, annual leave, payment of retrenchment benefit, priority of retirement benefit,
annual wage supplements and other conditions of work or service ("Part IV"). However, such Part IV provisions only apply
to: (a) workmen earning basic monthly salaries of not more than SGD4,500; and (b) employees (excluding workmen) earning basic monthly
salaries of not more than SGD2,600.
An
employer who breaches any provision of Part IV of the Employment Act is guilty of an offense and is liable on conviction for a fine not
exceeding SGD5,000, and for a second or subsequent offense a fine not exceeding SGD10,000 or imprisonment for a term not exceeding 12 months
or both.
53
From
April 1, 2016, employers are required to issue to their employees who are covered by the Employment Act and who are employed for 14 days
or more a written record of the key employment terms of the employee. The key employment terms required to be provided (unless inapplicable
to such employee) include, among other things, working arrangements (such as daily working hours, number of working days per week and
rest day(s)), salary period, basic salary, fixed allowances and deductions, overtime rate of pay, types of leave and other medical benefits.
Employment
of Foreign Manpower Act
The
employment of foreign employees in Singapore is governed by the Employment of Foreign Manpower Act 1990 of Singapore (the "EFMA")
and is regulated by the MOM. The EFMA prescribes the responsibilities and obligations of employers of foreign employees in Singapore.
The
EFMA provides that no person shall employ a foreign employee unless the foreign employee has obtained a valid work pass from the MOM
in accordance with the Employment of Foreign Manpower (Work Passes) Regulations 2012, which allows the foreign employee to work for him.
Any person who fails to comply with or contravenes this provision of the EFMA is guilty of an offense and will: (a) be liable on conviction
for a fine not less than SGD5,000 and not more than SGD30,000 or imprisonment for a term not exceeding 12 months or both; and (b) on a
second or subsequent conviction: (i) in the case of an individual, be liable for a fine of not less than SGD10,000 and not more than SGD30,000
and imprisonment for a term of not less than one month and not more than 12 months; or (ii) in any other case, be punished with a fine
of not less than SGD20,000 and not more than SGD60,000.
In
Singapore, the work pass to be issued to a foreigner is contingent on, among other things, the type of work and salary being received
by the foreigner in question. Foreign professionals, managers and executives earning a fixed monthly salary of at least SGD4,500 with
acceptable qualifications (such as a good university degree, professional qualifications or specialist skills) may apply for an employment
pass, whereas older and more experienced candidates will need higher salaries. Mid-level skilled staff earning a fixed monthly salary
of at least SGD2,500 who possess a degree, diploma or technical certificate and have the relevant work experience may apply for an S-pass;
and semi-skilled foreign workers from approved source countries working in, among others, the manufacturing sector may apply for a work
permit.
Further,
under the Employment of Foreign Manpower (Work Passes) Regulations 2012, an employer is required to purchase and maintain medical insurance
with coverage of at least SGD15,000 per 12-month period of a foreign workers' employment (or for such shorter period where the foreign
workers' period of employment is less than 12 months) for the foreign workers' in-patient care and day surgery except as
the Controller of Work Passes may otherwise provide by notification in writing.
In
addition, the employment of foreign workers is also subject to sector-specific rules regulated by the MOM through the following policy
instruments: (a) business activity; (b) approved source countries; (c) the imposition of security bonds and levies; and (d) quota (or
dependency ratio ceilings) based on the ratio of local to foreign workers.
Business
activity
To
be considered to be under the manufacturing sector, a company must have a valid factory notification or registration, use machinery to
manufacture or produce items from raw materials and operate in a designated industrial setting area.
Approved
source countries
The
approved source countries for manufacturing workers are Malaysia, the PRC, and NAS countries. The minimum age for all foreign workers
(other than domestic foreign workers) is 18, and all workers can only work up to 60 years of age. In addition, Malaysian foreign workers
must be under 58 years of age and non-Malaysian foreign workers must be under 50 years of age in order to apply for a work permit.
54
Further,
for the manufacturing sector, the maximum number of years a foreign worker can work in Singapore on a work permit is as follows:
Nationality
Type
    of worker
Maximum
    period of employment
PRC
Basic
    skilled
14
    years
PRC
Higher
    skilled
22
    years
NAS,
    Malaysia
All
No
    maximum period of employment
Quota
and levies
The
number of foreign workers that employers can hire under a work pass is limited by the quota or dependency ratio ceiling, and employers
pay the requisite levy according to the qualification of the foreign worker employed. The levy rates are tiered so that employers who
hire close to the maximum quota will be required to pay a higher levy, and the levy rates are subject to changes as and when announced
by the Singapore government. The levy rates for the manufacturing sector are set out in the table below:
Basic skilled
Higher skilled
Monthly
Daily
(1)
Monthly
Daily
(1)
Quota
Tier 1:
Up to 25% of the total workforce
SGD370
SGD12.17
SGD250
SGD8.22
Tier 2:
Above 25% of the total workforce
SGD470
SGD15.46
SGD350
SGD11.51
Tier 3:
Above 50% to 60% of the total workforce
SGD650
SGD21.37
SGD550
SGD18.09
The
levy rates for the services sector are set out in the table below:
Basic skilled
Higher skilled
Monthly
Daily
(1)
Monthly
Daily
(1)
Tier 1:
Up to 10% of the total workforce
SGD450
SGD14.80
SGD300
SGD9.87
Tier 2:
Above 10% to 25% of the total workforce
SGD600
SGD19.73
SGD400
SGD13.16
Tier 3:
Above 25% to 35% of the total workforce
SGD800
SGD26.31
SGD600
SGD19.73
(1)
The daily levy rate only applies to work permit holders who did not work for a full calendar month. The daily levy rate is calculated
as follows: (Monthly levy rate X 12)/365 = rounding up to the nearest cent.
The
quota for the services sector is set at 35%. A Singaporean or Permanent Resident employee employed under a contract of service, including
the company's director, is counted as (a) one local employee if they earn the LQS of at least SGD1,400 per month; and (b) 0.5 local
employee if they earn half the LQS of at least SGD700 to SGD1,400 per month.
Employers
pay less levy for higher skilled foreign workers. Foreign workers with the following certificates will qualify as higher skilled workers:
55
Type
    of qualification
Certificates
    needed
Academic
    qualifications
-
                                            Malaysia: Sijil Pelajaran Malaysia
-
    NAS: High school certificates
-
    PRC: Diploma Skills
Evaluation
    Test ("SET") conducted by the Institute of Technical Education ("ITE")
SET
    Level 1 or National ITE Certificate (Nitec)
Workforce
    skills qualification
Composite
    Assessment for Generic Manufacturing
Market-Based
    Skills Recognition Framework
Earn
    a fixed monthly salary of at least SGD1,600 and worked at least four years in Singapore as a work permit holder
Required
safety courses
For
the manufacturing sector, foreign workers who handle metals and machinery in the metalworking industry, such as our foreign workers employed
under JCS, must take a Metalworking Safety Orientation Course or an Apply Workplace Safety and Health in Metal Work course before their
work permits can be issued, and such courses may be conducted by either the Occupational Safety and Health Training and Promotion Centre
or other training institutions approved by the Chief Inspector appointed by the Minister of Manpower.
A
work permit cannot be issued to the foreign worker until he has taken the safety course. Employers are responsible for their workers
passing the test. If the foreign workers fail the course, they should retake it as soon as possible and are required to pass the course
within three months of their arrival or their work permit could be revoked. Foreign workers in the metalworking industry that have worked
in the metalworking industry for (a) less than six years must pass the safety course once every two years; and (b) more than six years
must pass the safety course once every four years.
Employers
renewing a work permit must ensure that the foreign worker's safety course certificate has a validity period of more than one month
on the day of renewal, otherwise the work permit will not be renewed.
Infectious
Diseases Act 1976
The
Infectious Diseases Act 1976 of Singapore (the "IDA") relates to the quarantine and the prevention of infectious diseases.
Under the IDA, if the Director of Medical Services (the "DMS") has reason to believe that there exist on any premises conditions
that are likely to lead to the outbreak or spread of any infectious disease, he may, among other things, by written notice, order the
closure of the premises for a period not exceeding 14 days, and require the owner or occupier of the premises to cleanse or disinfect
the premises in the manner and within the time specified in the notice or carry out such additional measures as the DMS may require in
the manner and within the time specified in the notice. Such notice directing the owner or the occupier of the premises to close the
premises may be renewed by the DMS from time to time for such period, not exceeding 14 days, as the DMS may, by written notice, specify.
In
addition, the DMS may order any person who is, or is suspected to be, a case or carrier or contact of an infectious disease to be detained
and isolated in a hospital or other place for such period of time and subject to such conditions as the DMS may determine. The DMS may
also direct any person carrying on any occupation, trade or business in a manner as is likely to cause the spread of infectious disease
to take preventative action that the DMS reasonably believes is necessary to prevent the possible outbreak or prevent or reduce the spread
of the infectious disease. Under the IDA, "preventative action" in the case of such direction, includes, among other things,
requiring the person to stop carrying on, or not carry on, the occupation, trade or business during a period of time specified in the
direction.
Any
person who, without reasonable excuse, fails to comply with any requirement of such notice or direction given to that person by the DMS
is guilty of an offense. While there are no specific penalties for such offense, any person guilty of an offense under the IDA for which
no penalty is expressly provided shall (a) in the case of a first offense, be liable on conviction for a fine not exceeding SGD10,000
or imprisonment for a term not exceeding 6 months or both; and (b) in the case of a second or subsequent offense, be liable on conviction
for a fine not exceeding SGD20,000 or imprisonment for a term not exceeding 12 months or both.
56
Central
Provident Fund Act
The
Central Provident Fund ("CPF") system is a mandatory social security savings scheme funded by contributions from employers
and employees. Pursuant to the Central Provident Fund Act 1953 of Singapore ("CPFA"), an employer is obliged to make CPF
contributions for all employees who are Singapore citizens or permanent residents who are employed in Singapore by an employer (save
for employees who are employed as a master, a seaman or an apprentice in any vessel, subject to an exception for non-exempted owners).
CPF contributions are not applicable for foreigners who hold employment passes, S passes or work permits. CPF contributions are required
for both ordinary wages and additional wages (subject to an ordinary wage ceiling and a yearly additional wage ceiling) of employees
at the applicable prescribed rates which is dependent on, among other things, the amount of monthly wages and the age of the employee.
An employer must pay both the employer's and employee's share of the monthly CPF contribution. However, an employer can recover
the employee's share of CPF contributions by deducting it from their wages when the contributions are paid for that month.
Where
the amount of the contributions which an employer is liable to pay under the CPFA in respect of any month is not paid within such period
as may be prescribed, the employer shall be liable for the payment of interest on the amount for every day the amount remains unpaid
commencing from the first day of the month succeeding the month in respect of which the amount is payable and the interest shall be calculated
at the rate of 1.5% per month or the sum of SGD5, whichever is greater. Where any employer who has recovered any amount from the monthly
wages of an employee in accordance with the CPFA fails to pay the contributions to the CPF within such time as may be prescribed, he
will be guilty of an offense and will be liable on conviction for a fine not exceeding SGD10,000 or imprisonment for a term not exceeding
seven years or both. Where an offense has been committed under the CPFA but there are no penalties provided, the offender may be liable
for a fine not exceeding SGD5,000 or imprisonment for a term not exceeding six months or both, and where the offense is repeated by the
same offender, the offender may be liable for a fine not exceeding SGD10,000 or imprisonment for a term not exceeding 12 months or both.
Customs
Regulations
Goods
exported from Singapore are regulated under the Customs Act 1960 of Singapore (the "Customs Act"). To export goods from Singapore,
the exporter is required to declare the goods to Singapore Customs, a department under the Ministry of Finance, which is the lead agency
for trade facilitation and revenue enforcement. The Singapore Goods and Services Tax (the "GST") is not levied on goods exported
from Singapore. A Customs export permit is required for, among other things, the export of locally manufactured goods or local GST paid
goods, the export of goods from free trade zones, dutiable goods from licensed warehouses and non-dutiable goods from a zero-rated warehouse.
The exporter will be the party that issues the commercial invoice to his overseas customer. Exporters who intend to engage in import
and/or export activities in Singapore or appoint a declaring agent to apply for Customs import, export and transhipment permits or certificates
will need to activate their Customs Account with Singapore Customs, further to which a declaring agent may be appointed to apply for
Customs permits on their behalf. Declaring agents have to be registered with Singapore Customs. Exporters may be penalized if they do
not comply with the requirements and conditions imposed under the Customs Act. Making an incorrect declaration or failing to make a declaration
of goods imported into, exported from or transhipped in Singapore will result in being liable on conviction for a fine not exceeding
SGD10,000, or the equivalent of the amount of the customs duty, excise duty or GST payable, whichever is the greater amount, or imprisonment
for a term not exceeding 12 months, or both.
Intellectual
Property Rights
The
protection of industrial designs is provided for under the Registered Designs Act 2000 of Singapore. There are two key criteria for registration:
the subject matter must be (a) a 'design', which means features of shape, configuration, pattern or ornament applied to article
by any industrial process; and (b) 'new', being a design that is not the same, or substantially the same, as any other design
that has been registered or published in Singapore or elsewhere, and publication includes sale or use of any article which embodies the
design.
57
Inventions
are protected in Singapore under the Patents Act 1994 of Singapore and may be registered either through a domestic application filed
with the Registry of Patents within the Intellectual Property Office of Singapore (the "IPOS") or an international application
filed in accordance with the Patent Cooperation Treaty, with the Registry of Patents acting as the receiving office for the application.
A patent may be granted for an invention which is a product or a process, and such invention must (a) be new; (b) involve an inventive
step (being a step that is not obvious to a person who is skilled in the relevant art); (c) be capable of industrial application; and
(d) not encourage offensive, immoral or anti-social behavior through its publication or exploitation.
Trademarks
may be protected both under the Trade Marks Act 1998 of Singapore (the "TMA") and under common law. These two systems are
independent of each other. Protection under the TMA is conditional upon registration of the trademark with the Registry of Trade Marks
within the IPOS. There are three key criteria for registration: the subject matter must be (a) a 'trademark', which is any
sign capable of being graphically represented that is used, or proposed to be used, by a trader to distinguish his goods or services
from those of other traders; (b) 'distinctive,' if it is not descriptive of those goods or services. It is a question of
degree in every case whether the sign is so descriptive of the goods or services in question that it will be refused registration; and
(c) does not conflict with an earlier trademark, that is an earlier registered trade mark or a trademark (whether registered or not)
which is well known in Singapore.
Item
4A. Unresolved Staff Comments
Not
Applicable
Item
5. Operating and Financial Review and Prospects
The
following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated
Financial Statements included elsewhere in this Annual Report.
Overview
Our
Group is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision
of centralized dishwashing and ancillary services. Our Group commenced business in the selling of cleaning systems in 2005, before starting
our business in the design, development, manufacture and sale of cleaning systems in Singapore in 2006. We design, develop, manufacture
and sell cleaning systems for various industrial end-use applications to our customers mainly in Singapore and Malaysia. We also have
provided centralized dishwashing services since 2013 and general cleaning services since 2015 mainly for food and beverage establishments
in Singapore.
For
the years ended December 31, 2021, 2022 and 2023, our revenue amounted to approximately SGD14.8 million, SGD18.6 million and SGD18.0 million,
respectively. Our net income amounted to approximately SGD2,000, SGD1.2 million and SGD0.5 million for the years ended December 31, 2021,
2022 and 2023, respectively.
58
The
following table shows our Statement of Operations data for the years ended December 31, 2021, 2022 and 2023 in SGD and, for 2023, in
USD. For further information regarding the results of our operations, see our consolidated financial statements appearing elsewhere in
this Annual Report.
For the financial years ended December
    31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
US$'000 (1)
Revenues
14,764
18,631
18,032
13,668
Cost of revenues
(12,416
)
(13,503
)
(13,666
)
(10,359
)
Gross profit
2,348
5,128
4,366
3,309
Operating expenses:
Selling and marketing expenses
(22
)
(27
)
(53
)
(40
)
General and administrative expenses
(2,267
)
(3,337
)
(3,303
)
(2,504
)
Total operating expenses
(2,289
)
(3,364
)
(3,356
)
(2,544
)
Income from operations
59
1,764
1,010
765
Other income (loss):
Other income
707
542
728
552
Interest expense
(217
)
(336
)
(511
)
(387
)
Other expense
(550
)
(545
)
(597
)
(453
)
Change in fair value in financial instrument
3
2
-
-
Total other loss
(57
)
(337
)
(380
)
(288
)
Income before tax expense
2
1,427
630
477
Income tax expense
-
(235
)
(111
)
(84
)
Net income
2
1,192
519
393
Other comprehensive income
Foreign currency translation gain/(loss), net
(24
)
2
(69
)
(52
)
Total comprehensive income (loss)
(22
)
1,194
450
341
(1)
Calculated
    at the rate of US$1.00 = SGD1.3193 as set forth in the statistical release of the Federal Reserve System on December 29, 2023.
Key
Factors Affecting the Results of Our Group's Operations
Our
financial condition and results of operation have been and will continue to be affected by a number of factors, many of which may be
beyond our control, including those factors set out in the section headed ''Risk Factors'' in this Annual Report
and those set out below:
Demand
from our major customer groups
Our
aggregate sales generated from our top five customers were approximately 80.6%, 68.1% and 66.1% of our revenue for the years ended December
31, 2021, 2022 and 2023, respectively. In particular, sales to our largest customer amounted to approximately SGD4.8 million, SGD4.1 million
and SGD4.4 million, representing approximately 32.7%, 22.0% and 24.2% of our revenue for the years ended December 31, 2021, 2022 and 2023,
respectively. Accordingly, our sales would be significantly affected by the demands of our top five customer groups, and particularly
our largest customer group, as well as certain inherent risks, among others, changes and development in the local political, regulatory
and business conditions, that may affect their purchases from us, many of which are beyond our control. These uncertainties could have
a material adverse effect on our business, results of operations and financial conditions, and affect our ability to remain profitable
and achieve business growth.
Non-recurring
nature of our sale of cleaning systems and other equipment business
We
design, manufacture and sell cleaning systems and other equipment on an order-by-order basis. Our customers are under no obligation to
continue to award contracts to or place orders with us and there is no assurance that we will be able to secure new orders in the future.
Moreover, our Group generally must go through a tendering or quotation process to secure new orders, and the number of orders and the
amount of revenue that we are able to derive therefrom are affected by a series of factors including but not limited to changes in our
clients' businesses and changes in market and economic conditions. The result of such process is beyond our control and there is
no assurance that our Group will secure new projects from future tender submissions or new orders. Accordingly, our results of operations,
revenue and financial performance may be adversely affected if our Group is unable to obtain new orders from our customers of contract
values, size and/or margins comparable to previous orders.
59
Fluctuations
in the cost of our raw materials
Raw
materials, such as steel and electronic components, are the largest component of our cost of revenues, representing approximately 46.3%,
57.8% and 40.1% of our total cost of revenues for the years ended December 31, 2021, 2022 and 2023, respectively. As our contract price
is fixed once our customer confirms an order for a cleaning system or other equipment, it is difficult for us to manage the pricing of
our cleaning systems and other equipment to pass on any increase in costs to our customers. Any fluctuations in the cost of raw materials
would affect our profitability.
The
prices at which we purchase such raw materials are determined principally by market forces such as the relevant supply and demand of
such raw materials, as well as our bargaining power with our suppliers. During the years ended December 31, 2021, 2022 and 2023, the
majority of our raw materials were commonly available from the marketplace, and their prices are affected by market forces. We monitor
supply and cost trends of these raw materials and take appropriate actions to obtain the materials we need for production. We expect
fluctuations in the cost of key materials to continue to affect our margins.
All
of the raw materials we procure, including stainless steel, aluminum and electronic components, are purchased from a number of suppliers
to ensure adequate supply and efficient delivery to our production and processing facilities.
Description
and Analysis of Principal Components of Our Results of Operations
The
following discussion is based on our Group's historical results of operations and may not be indicative of our Group's future
operating performance.
Revenue
During
the years ended December 31, 2021, 2022 and 2023, our revenue was derived from (i) our sale of cleaning systems and other equipment business;
and (ii) our provision of centralized dishwashing and ancillary services business. The following table sets out the revenue generated
from each of our business sectors during the years ended December 31, 2021, 2022 and 2023:
Year ended December 31,
2021
2022
2023
SGD'000
%
SGD'000
%
SGD'000
%
Sale of cleaning systems and other equipment business
Sale of precision cleaning systems
4,757
32.2
6,644
35.7
6,687
37.1
Sale of other cleaning systems and other equipment
3,056
20.7
3,838
20.6
3,494
19.4
Repair and servicing of cleaning systems and sale of related
    parts
1,162
7.9
961
5.1
810
4.5
Sub-total
8,975
60.8
11,443
61.4
10,991
61.0
Provision of centralized dishwashing and ancillary services business
Provision of centralized dishwashing and general cleaning services
5,636
38.2
6,879
36.9
6,710
37.2
Leasing of dishwashing equipment
153
1.0
309
1.7
331
1.8
Sub-total
5,789
39.2
7,188
38.6
7,041
39.0
Total
14,764
100.0
18,631
100.0
18,032
100.0
Our
total revenue decreased by approximately SGD0.6 million, or 3.2%, to approximately SGD18.0 million for the year ended December 31,
2023 from approximately SGD18.6 million for the year ended December 31, 2022. The decrease was mainly attributable to the decrease
in revenue generated from our sale of cleaning systems and other equipment business of approximately SGD0.5 million and decrease in
revenue generated from our provision of centralized dishwashing and ancillary services business of approximately SGD0.1 million. The
decreases were mainly attributable to a slowdown in shipments for other cleaning systems and other equipment in the electronics and
hard drive industries and decreased sales for general cleaning services of food courts.
60
Our
total revenue increased by approximately SGD3.9 million or 26.2% to approximately SGD18.6 million for the year ended December 31, 2022
from approximately SGD14.8 million for the year ended December 31, 2021. The increase was mainly attributable to the increase in revenue
generated from our sale of cleaning systems and other equipment business of approximately SGD2.5 million and increase in revenue generated
from our provision of centralized dishwashing and ancillary services business of approximately SGD1.4 million. The increases were mainly
attributable to the recovery of business from the negative impact of COVID-19 pandemic.
The decrease in our total revenue by approximately SGD6.6 million or 31.0% to approximately SGD14.8 million for the
financial year ended December 31, 2021
from
approximately SGD21.4 million for the financial year ended December 31, 2020 was mainly attributable to the decrease in revenue generated
from our sale of cleaning systems and other equipment business of approximately SGD8.0 million, while partially offset by the increase
in revenue generated from our provision of centralized dishwashing and ancillary services business of approximately SGD1.3 million. The
decrease in revenue generated from our sale of cleaning systems and other equipment business for the year ended December 31, 2021 was
primarily attributable to an approximately SGD8.4 million decrease in revenue from subsidiaries of a certain customer group in Malaysia
caused by the disruption by COVlD-19 of their expansion in production facilities that resulted in the postponement of delivery of their
orders.
The
following table sets forth the movement in orders backlog for our sale of cleaning systems and other equipment in terms of approximate
contract value of orders during the years ended December 31, 2021, 2022 and 2023.
Year
                                            ended
December
                                            31, 2021
Year
                                            ended
December
                                            31, 2022
Year
                                            ended
December
                                            31, 2023
SGD'000
SGD'000
SGD'000
Outstanding contract value as of
    beginning of year
(1)
5,820
19,997
29,050
New contract value for the year
22,208
19,515
6,411
Revenue recognized for the year
8,031
10,462
10,181
Outstanding contract value as of year end
(2)
19,997
29,050
25,280
(1)
Outstanding contract value as of beginning of year represents the contract value of orders which were not completed as of the beginning
of the relevant year.
(2)
Outstanding contract value as of year end represents the contract value of ongoing orders as of the end of the relevant year that
will be carried forward to the next year.
For
the years ended December 31, 2021, 2022 and 2023, approximately 43.6%, 54.4% and 73.0% of our total revenue, respectively, was generated
from customers located in Singapore and approximately 33.1%, 22.9% and 5.6% of our total revenue, respectively, was generated from customers
located in Malaysia. For the same years, our revenue generated from customers located in other countries accounted for approximately
23.3%, 22.7% and 21.4% of our total revenue, respectively.
Revenue
by geographical locations
Our
Group's provision of centralized dishwashing and ancillary services business is located in Singapore. During the years ended December
31, 2021, 2022 and 2023, the customers for our cleaning systems and other equipment were mainly located in Singapore and Malaysia. The
following table sets out a breakdown of our revenue by geographic location of our customers for the years ended December 31, 2021, 2022
and 2023:
Year ended December 31,
2021
2022
2023
SGD'000
%
SGD'000
%
SGD'000
%
Singapore
Sale of precision cleaning systems
-
-
917
4.9
5,587
31.0
Sale of other cleaning systems and other equipment
83
0.6
1,561
8.4
22
0.1
Repair and servicing of cleaning systems and sale of related parts
568
3.8
468
2.5
519
2.9
Provision of centralized dishware washing and general cleaning services
5,636
38.2
6,879
36.9
6,710
37.2
Leasing of dishware washing equipment
153
1.0
309
1.7
331
1.8
Sub-total
6,440
43.6
10,134
54.4
13,169
73.0
61
Year ended December 31,
2021
2022
2023
SGD'000
%
SGD'000
%
SGD'000
%
Malaysia
Sale of precision cleaning systems
4,415
29.9
3,896
20.9
758
4.2
Repair and servicing of cleaning systems and sale of related parts
462
3.2
368
2.0
260
1.4
Sub-total
4,877
33.1
4,264
22.9
1,018
5.6
Year ended December 31,
2021
2022
2023
SGD'000
%
SGD'000
%
SGD'000
%
Other countries
(1)
Sale of precision cleaning systems
343
2.3
357
1.9
342
1.9
Sale of other cleaning systems and other equipment
2,998
20.3
3,751
20.1
3,473
19.3
Repair and servicing of cleaning systems and sale of related parts
106
0.7
125
0.7
30
0.2
Sub-total
3,447
23.3
4,233
22.7
3,845
21.4
Total
14,764
100.0
18,631
100.0
18,032
100.0
(1)
For the years ended December 31, 2021, 2022 and 2023, other countries include the U.S., Thailand, Belgium, Philippines, India,
South Korea, Taiwan, Japan and the PRC.
Singapore
The
increase in revenue in Singapore for the year ended December 31, 2023 was mainly due to an increase in revenue generated from sales of
precision cleaning systems from our existing customers with new orders of approximately SGD4.7 million offset by a decrease in revenue
generated from sales of other cleaning systems and other equipment of SGD1.5 million due to project completion.
The
increase in revenue in Singapore for the year ended December 31, 2022 was mainly due to the increase in revenue generated from sales
of precision and other cleaning systems and equipment from our existing and new customers by approximately SGD2.4 million and provision
of centralized dishwashing and general cleaning services by approximately SGD1.4 million attributable to the recovery of business from
the negative impact of COVID-19 pandemic.
The increase in revenue in Singapore for the financial year ended December 31, 2021
was
mainly due to the increase in revenue generated from provision of centralized dishwashing and general cleaning services by approximately
SGD1.3 million.
62
Malaysia
The
decrease in revenue in Malaysia for the year ended December 31, 2023 was primarily attributable to a decrease in revenue from subsidiaries
of a certain customer group in Malaysia of approximately SGD3.2 million.
The
decrease in revenue in Malaysia for the year ended December 31, 2022 was primarily attributable to a decrease in revenue from subsidiaries
of a certain customer group in Malaysia of approximately SGD0.5 million.
The
decrease in revenue in Malaysia for the financial year ended December 31, 2021 was primarily attributable to the decrease in revenue from subsidiaries of a certain customer group in Malaysia of
approximately SGD8.3 million mainly due to the delivery for the orders received for the sales of precision cleaning machines which will
take place in FY2022 as their progress of expansion in production facilities has been disrupted by COVID-19.
Other
countries
The
marginal decrease in revenue in other countries for the year ended December 31, 2023 was mainly due to a decrease in orders from an existing
customer in Thailand and the increase in revenue in other countries for the year ended December 31, 2022 was mainly due to an increase
in orders from an existing customer in Thailand. The revenue contributed by other countries for the financial year ended December 31,
2021 is relatively stable as compared with the financial year ended December 31, 2020 with only marginal fluctuation.
Cost
of revenues
During
the years ended December 31, 2021, 2022 and 2023, our Group's cost of revenues was mainly comprised of raw materials costs, labor
costs, sub-contracting costs and production overhead. For the years ended December 31, 2021, 2022 and 2023, our cost of revenues amounted
to approximately SGD12.4 million, SGD13.5 million and SGD13.7 million, respectively.
Year ended December 31,
2021
2022
2023
SGD'000
%
SGD'000
%
SGD'000
%
Cost of sale of cleaning systems and other equipment
6,885
55.5
7,113
52.7
7,570
55.4
Cost of provision of centralized dishwashing and ancillary services
5,531
44.5
6,390
47.3
6,096
44.6
Total
12,416
100.0
13,503
100.0
13,666
100.0
The
increase in cost of sales for the year ended December 31, 2023 as compared to the year ended December 31, 2022 was primarily due to an
increase in the cost of raw materials, such as stainless steel, aluminum and electronic components, and in production overhead. The increase
in cost of sales for the year ended December 31, 2022 as compared to the year ended December 31, 2021 was primarily due to an increase
in operating activities and sales. The decrease in cost of sales for the year ended December 31, 2021 as compared to the year ended December 31, 2020
was primarily due to an decrease in operating activities and sales due to COVID-19.
Gross
profit and gross profit margin
The
table below sets forth our Group's gross profit and gross profit margin by business sector during the years ended December 31,
2021, 2022 and 2023:
Year ended December 31,
2021
2022
2023
Gross
Gross
Gross
Gross
Profit
Gross
Profit
Gross
Profit
profit
Margin
Profit
Margin
profit
Margin
SGD'000
%
SGD'000
%
SGD'000
%
Sale of precision cleaning systems and other equipment business
Sale of precision cleaning systems
1,509
30.8
2,657
40.5
2,051
30.7
Sale of other cleaning systems and other equipment
475
15.9
1,456
37.2
943
27.0
Repair and servicing of cleaning systems and sale of related parts
106
9.7
217
22.6
427
52.7
Sub-total/overall
2,090
23.3
4,330
40.8
3,421
31.1
63
Year ended December 31,
2021
2022
2023
Gross
Gross
Gross
Gross
Profit
Gross
Profit
Gross
Profit
profit
Margin
profit
Margin
profit
Margin
SGD'000
%
SGD'000
%
SGD'000
%
Provision of centralized dishwashing and ancillary services business
258
4.5
798
11.1
945
13.4
Total/overall
2,348
15.9
5,128
27.5
4,366
24.2
Our
total gross profit amounted to approximately SGD2.3 million, SGD5.1 million and SGD4.4 million for the years ended December 31,
2021, 2022 and 2023, respectively. Our overall gross profit margins were approximately 15.9%, 27.5% and 24.2% for the years ended
December 31, 2021, 2022 and 2023, respectively. Our total gross profit decreased during the year ended December 31, 2023, primarily
due to an increase in the cost of raw materials, such as stainless steel, aluminum and electronic components, and in production
overhead. While the provision of centralized dishwashing and ancillary services business activity was lower year-on-year, the Group
successfully renewed contracts with certain clients at higher prices and hence resulted increase in gross profit and gross profit
margin for this business.
Our total gross profit
increased during the year ended December 31, 2022, which was generally in line with our revenue growth and revenue contributed from precision
cleaning machines during the year. Our total gross profit during the year ended December 31, 2021 was lower than our total gross profit
for both fiscal years ended December 31, 2023 and 2022, which was mainly due to the decrease in 2021 in our revenue from the sales of
precision cleaning systems and other equipment business.
Selling
and marketing expenses
Our
selling and marketing expenses mainly included promotion and marketing expenses and transportation expenses. The following table sets
forth the breakdown of our selling and marketing expenses for the years ended December 31, 2021, 2022 and 2023:
Year ended December 31,
2021
2022
2023
SGD'000
SGD'000
SGD'000
Promotion and marketing expenses
13
12
36
Transportation expenses
9
15
17
Total
22
27
53
Our
selling and marketing expenses amounted to approximately SGD22,000, SGD27,000 and SGD53,000 for the years ended December 31, 2021, 2022
and 2023, respectively. The increase for the year ended December 31, 2023 was mainly due to increased participation in overseas exhibitions.
The increase for the year ended December 31, 2022 was mainly due to the increase in transportation expenses for overseas business trips
to customers' sites. The slight increase in promotion and marketing expenses for the financial
year ended December 31, 2021 was primarily attributable to an increase in online marketing activities.
64
General
and administrative expenses
Our
general and administrative expenses primarily consist of (i) staff cost; (ii) depreciation; (iii) office supplies and upkeep expenses;
(iv) travelling and entertainment; (v) legal and professional fees; (vi) corporate secretarial and administrative fees; (vii) Nasdaq annual listing fee;
(viii) directors' and officers' liability insurance; and (ix) miscellaneous expenses. The following table sets forth the
breakdown of our administrative expenses for the years ended December 31, 2021, 2022 and 2023:
Year
    ended December 31,
2021
2022
2023
SGD'000
%
SGD'000
%
SGD'000
%
Staff
    costs
1,383
61.0
2,090
62.6
1,689
51.1
Depreciation
379
16.7
409
12.2
163
4.9
Office
    supplies and upkeep expenses
150
6.6
132
3.9
162
4.9
Travel
    and entertainment
105
4.6
158
4.7
234
7.1
Legal
    and professional fees
49
2.2
197
5.9
727
22.0
Corporate
    secretarial and administrative fees
-
-
-
-
25
0.8
Nasdaq
    annual listing fee
-
-
-
-
84
2.5
Directors'
    and officers' liability insurance
-
-
136
4.1
137
4.1
Miscellaneous
    expenses
201
8.9
215
6.6
82
2.5
Total
2,267
100.0
3,337
100.0
3,303
100.0
Our
general and administrative expenses amounted to approximately SGD2.3 million, SGD3.3 million and SGD3.3 million for the years ended
December 31, 2021, 2022 and 2023, respectively, representing approximately 15.4%, 17.9% and 18.3% of our total revenue for the
corresponding years.
Staff
costs mainly represented the salaries, employee benefits and retirement benefit costs to our employees and directors' remuneration.
The staff costs of our Group decreased during the year ended December 31, 2023 by approximately SGD0.4 million mainly due to lower accrual
of staff incentives.
Depreciation
expense is charged on our property, plant and equipment, which included (i) leasehold buildings; (ii) right-of-use assets; (iii) computer
equipment; and (iv) furniture and fittings. The decrease in depreciation for the year ended December 31, 2023 as compared to 2022 is
mainly due to certain assets being fully depreciated in 2022.
Office
supplies and upkeep expenses mainly represented office supplies, cleaning cost and the relevant utilities expenses such as electricity
and water.
Travel
and entertainment mainly represented expenditures for business travel and costs incurred for social gatherings and refreshments for our
staff.
Legal
and professional fees mainly represented auditor's remuneration and other professional fees for applications, registrations
and renewal of trademarks and patents, legal consultation fees, corporate consultation and business advisory fee corporate
secretarial and registered office fees, transfer agent fee and staff recruitment services. The increase was mainly due to an
increase in legal and professional fees post listing in April 2022, corporate consultation services and business advisory fees
related to a follow up offering expensed off during the year ended December 31, 2023.
Directors'
and officers' liability insurance relates to liability insurance payable to the directors and officers of a company, or to the
organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such
a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.
Miscellaneous
expenses were mainly comprised of office upkeep and maintenance, membership and subscription fees, recruitment expenses, permits and licenses renewal
fee, medical expenses, donation and other miscellaneous expenses.
65
Other
income
Other
income of our Group amounted to approximately SGD0.7 million, SGD0.5 million and SGD0.7 million for the years ended December 31, 2022, 2022
and 2023, respectively. The income was mainly derived from wholesale sales of STICO anti-slip shoes, Jobs Support Scheme, Jobs Growth
Incentive, government capability development grant and gain on disposal of plant and equipment. The following table sets forth the breakdown
of our other income for these periods:
Year ended December 31,
2021
2022
2023
SGD'000
SGD'000
SGD'000
Interest income
-
-
175
Wholesale sales of STICO anti-slip shoes
120
159
92
Impairment loss reversed
49
-
-
Jobs Support Scheme
87
10
-
Jobs Growth Incentive
72
72
20
Progressive Wage Credit Scheme
-
-
55
Government capability development grant
-
150
214
Gain on disposal of plant and equipment
71
-
-
Others
(1)
308
151
172
Total
707
542
728
(1)
Others mainly consist of sale of scrap materials, other government incentives and other miscellaneous income.
The increase in interest income is mainly arising from increase in fixed deposits placement during the year ended
December 31, 2023.
Wholesale
sales of STICO anti-slip shoes represented the income generated from wholesale of STICO anti-slip shoes mainly to food and beverage establishments
in Singapore, which amounted to approximately SGD0.1 million, SGD0.2 million and SGD0.1 million for the years ended December 31, 2021, 2022
and 2023, respectively. For the year ended December 31, 2022, wholesale sales of STICO anti-slip shoes increased by approximately 32.5%
due to resumption of demand from food and beverage establishments after the elimination of Covid-19 restrictions. For the year ended
December 31, 2023, wholesale sales of STICO anti-slip shoes decreased by approximately 42.1% due to a transition period necessitated
by changes in certain models of the shoes that resulted in lower sales for the year.
Jobs
Support Scheme was an initiative introduced by the Singapore Government in February 2020 in response to the outbreak of COVID-19, and
further enhanced in April, May and August 2020, to provide wage support to employers to help them retain local employees by co-funding
25% to 75% of the first SGD4,600 of monthly salaries paid to each local employee in a 10-month period up to August 2020, and 10% to 50%
of the same in the subsequent seven-month period from September 2020 to March 2021 and further extended to September 2021 with final
payout received in March 2022.
Jobs
Growth Incentive is an initiative introduced by the Singapore Government in August 2020 to support local hiring from September 2020 to
March 2023, to provide wage support to employers to help them in hiring local employees by co-funding monthly salaries paid to each local
employee.
Progressive
Wage Credit Scheme is an initiative introduced by the Singapore Government in 2022 to provide transitional wage support for employers
to adjust to upcoming mandatory wage increases for lower-wage workers covered by the Progressive Wage and Local Qualifying Salary requirements
and to voluntarily raise wages of lower-wage workers. Under the scheme, the Singapore Government will co-fund wage increases of eligible
resident employees from 2022 to 2026 and receive the payout for the respective year by the first quarter of the following year.
The
government capability development grant for the years ended December 31, 2023 and December 31, 2022 is a financial support from the Singapore
Government to support the capabilities in development of autonomous and robotic products.
66
Interest
expense
Our
interest expense arose from lease liabilities and secured bank loans. For the years ended December 31, 2022 and 2023, our interest expense
increased by approximately SGD0.1 million and SGD0.2 million, respectively, mainly due to increases in interest rates. For more details
of our bank borrowings, please see the paragraph headed ''Bank Indebtedness'' in this section.
Other
expenses
Other
expenses of our Group mainly consist of cost of STICO anti-slip shoes, bank charges and extraordinary expenses. The following table sets
forth the breakdown of our other expenses for the years ended December 31, 2021, 2022 and 2023:
Year ended December 31,
2021
2022
2023
SGD'000
SGD'000
SGD'000
Cost of STICO anti-slip shoes
96
127
56
Bank charges
22
36
24
Exchange loss
-
-
275
Extraordinary expenses
(1)
234
145
-
Others
(2)
198
237
242
Total
550
545
597
(1)
Extraordinary
    expenses relate to business advisory and consultation fees with respect to our initial public offering.
(2)
Others
    mainly consists of gifts and donations, and other miscellaneous expenses.
Other
expenses of our Group amounted to approximately SGD0.6 million for the year ended December 31, 2023 compared to SGD0.5 million for
the year ended December 31, 2022. Other expenses remained relatively unchanged for the year ended December 31, 2022 as compared to
the previous year.
Income
tax
During
the years ended December 31, 2021, 2022 and 2023, our income tax expense was comprised of our current tax expense and deferred tax for
the year. The following table sets forth the breakdown of our income tax for the years ended December 31, 2021, 2022 and 2023:
Year ended December 31,
2021
2022
2023
SGD'000
SGD'000
SGD'000
Current tax expense
37
289
158
Deferred tax
(37
)
(54
)
(47
)
Total
-
235
111
Pursuant
to the rules and regulations of the Cayman Islands and the BVI, our Group is not subject to any income tax in the Cayman Islands and
the BVI. Our Group's operations are based in Singapore and we are subject to income tax on an entity basis on the estimated chargeable
income arising in Singapore at the statutory rate of 17%.
67
For
the year ended December 31, 2023, our income tax decreased to approximately SGD0.1 million, and our effective tax rate was approximately
17.6%. During the year ended December 31, 2022, our income tax increased to approximately SGD0.2 million and our effective tax rate was
approximately 16.5%. Our income tax decreased to nil for the financial year ended December 31,
2021 and was generally in line with the decrease in our profit for the year.
Our
Group had no tax obligation arising from any other jurisdiction during the years ended December 31, 2021, 2022 and 2023. During the years
ended December 31, 2021, 2022 and 2023, our Group had no material dispute or unresolved tax issues with the relevant tax authorities.
Net
Income for the year
As
a result of the foregoing, our net income for the year amounted to approximately SGD2,000, SGD1.2 million and SGD0.5 million for the years
ended December 31, 2021, 2022 and 2023, respectively.
Liquidity
and Capital Resources
Our
liquidity and working capital requirements primarily related to our operating expenses. We have met our working capital and other liquidity
requirements primarily through a combination of cash generated from our operations, loans from banking facilities and the net proceeds
from our initial public offering. Going forward, we expect to fund our working capital and other liquidity requirements from various
sources, including but not limited to cash generated from our operations, loans from banking facilities and other equity and debt financings
as and when appropriate.
68
The
following table sets forth our assets, liabilities and shareholders' equity as of December 31, 2022 and 2023 in SGD and,
for 2023, in US$:
As of December 31,
2022
2023
2023
SGD'000
SGD'000
US$'000（1）
Assets
Current assets:
Cash and cash equivalents
6,561
5,089
3,858
Accounts receivable, net
5,635
4,775
3,619
Prepaid expenses and other current assets, net
2,248
2,366
1,793
Deferred financing costs
-
356
270
Inventory
11,892
14,073
10,667
Total current assets
26,336
26,659
20,207
Financial instrument
245
245
186
Property, plant and equipment, net
8,818
8,515
6,454
Deferred tax assets, net
66
74
56
Total non-current assets
9,129
8,834
6,696
TOTAL ASSETS
35,465
35,493
26,903
Liabilities
Current liabilities:
Bank loans – current
5,457
4,241
3,215
Lease payable – current
280
300
227
Accounts payable, accruals, and other current liabilities
2,664
2,085
1,580
Warranty liabilities
22
22
17
Income taxes payable
319
149
113
Contract liabilities
4,319
6,960
5,276
Loan from controlling shareholder
741
-
-
Total current liabilities
13,802
13,757
10,428
Bank loans – non-current
3,976
3,740
2,835
Lease payable – non-current
1,406
1,283
973
Total non-current liabilities
5,382
5,023
3,808
TOTAL LIABILITIES
19,184
18,780
14,236
Commitments and contingencies
-
-
-
Shareholders' equity
Ordinary shares US$ 0.003 par value per share; 33,333,333 authorized as
of December 31, 2022 and 2023; 5,006,666 shares issued and outstanding as of December 31, 2022 and 2023 *
20
20
15
Additional paid-in capital
15,686
15,686
11,890
Treasury shares (9,952 acquired as of December 31, 2023)
-
(18
)
(14
)
Retained earnings
607
1,126
853
Accumulated other comprehensive loss
(32
)
(101
)
(77
)
Total shareholders' equity
16,281
16,713
12,667
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
35,465
35,493
26,903
*
Giving
                                            retroactive effect to the reverse share split effected which are detailed in Note 15 to the
                                            audited consolidated financial statements
(1)
Calculated
                                            at the rate of US$0.7580 = SGD1, as set forth in the statistical release of the Federal
                                            Reserve System on December 29, 2023.
As
of December 31, 2023, we had positive working capital of approximately SGD12.9 million (US$9.8 million), total assets of
approximately SGD35.5 million (US$26.9 million), total liabilities of approximately SGD18.8 million (US$14.2 million) and
shareholders' equity of approximately SGD16.7 million (US$12.7 million).
Cash
flows
The
following table summarizes our cash flows for the years ended December 31, 2021, 2022 and 2023:
Year ended December 31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
US$'000
Cash and cash equivalents at beginning of the
    year
550
1,108
6,561
4,973
Net cash generated from/(used in) operating activities
3,373
(5,239
)
1,375
1,044
Net cash used in investing activities
(717
)
(797
)
(211
)
(160
)
Net cash (used in)/generated from financing activities
(2,082
)
11,487
(2,567
)
(1,947
)
Foreign currency effect
(16
)
2
(69
)
(52
)
Net change in cash and cash equivalents
558
5,453
(1,472
)
(1,115
)
Cash and cash equivalents at end of the year
1,108
6,561
5,089
3,858
69
Cash
flows from operating activities
During
the years ended December 31, 2021, 2022 and 2023, the cash inflows from our operating activities were primarily derived from the revenue
generated from our sale of cleaning systems and other equipment and provision of centralized dishwashing and ancillary services, whereas
the cash outflows for our operating activities mainly comprised the purchase of raw materials, sub-contracting fees, staff costs and
administrative expenses.
Our
net cash generated from/(used in) operating activities primarily reflected our net income, as adjusted for non-operating items, such
as depreciation, (gain)/loss on disposal of property, plant and equipment, reversal/provision of loss allowance, change in fair value
of financial instruments and effects of changes in working capital such as increase or decrease in inventories, accounts receivable,
accounts payable, accruals and other current liabilities.
For
the year ended December 31, 2021, our net cash generated from operating activities was approximately SGD3.4 million, which primarily reflected
our profit before tax of approximately SGD2,000, as positively adjusted by (i) the non-cash depreciation of property, plant and equipment
of approximately SGD0.6 million; and (ii) the decrease in accounts receivable of approximately SGD5.5 million. The effect of these factors
was partially mitigated by (i) the increase in inventories of approximately SGD1.2 million; and (ii) the decrease in accounts payable,
accruals and other current liabilities of approximately SGD1.5 million.
For
the year ended December 31, 2022, our net cash used in operating activities was approximately SGD5.2 million, which primarily reflected
our net income of approximately SGD1.2 million, as adjusted positively by (i) the non-cash depreciation of property, plant and equipment
of approximately SGD0.7 million; and (ii) the increase in accounts payable, accruals and other current liabilities of approximately SGD4.7
million. The effect of these factors was offset by (i) the increase in accounts receivable of approximately SGD2.5 million; and (ii) the
increase in inventories of approximately SGD9.3 million, which was primarily the result of purchasing more raw materials in anticipation
of slower delivery times due to supply chain issues and increased orders for 2023.
For
the year ended December 31, 2023, our net cash generated from operating activities was approximately SGD1.7 million, which primarily reflected
our net income of approximately SGD0.5 million, as positively adjusted by (i) the non-cash depreciation of property, plant and equipment
of approximately SGD0.7 million, (ii) the increase in contract liabilities of approximately SGD2.6 million, and (iii) the decrease in accounts
receivable of approximately SGD0.8 million. The effect of these adjustments was offset by the decrease in accounts payable, accruals and
other current liabilities of approximately SGD0.8 million, the increase in inventories of approximately SGD2.2 million and repayment of lease liabilities of approximately SGD0.3 million.
Cash
flows from investing activities
Our
cash flows used in investing activities primarily consisted of (i) the proceeds from disposal of property, plant and equipment; and (ii)
the purchase of property, plant and equipment.
For
the year ended December 31, 2021, our net cash used in investing activities was approximately SGD0.7 million, primarily due to the purchase
of property, plant and equipment of approximately SGD0.8 million for replacement of obsolete equipment and partially offset by the proceeds
from disposal of plant and equipment of approximately SGD0.1 million.
For
the year ended December 31, 2022, our net cash used in investing activities was approximately SGD0.8 million, primarily due to the purchase
of property, plant and equipment of approximately SGD0.8 million for replacement of obsolete equipment.
For
the year ended December 31, 2023, our net cash used in investing activities was approximately SGD0.2 million, primarily due to the purchase
of property, plant and equipment of approximately SGD0.2 million to increase our operating capacity.
70
Cash
flows from financing activities
Our
cash flows (used in)/generated from financing activities primarily consists of proceeds from and repayment of bank loans and
controlling shareholder loans, dividends paid, proceeds from the issuance of shares, placement of deposit with escrow agent and
payment of deferred financing costs.
For
the year ended December 31, 2021, our Group recorded net cash used in financing activities of approximately SGD2.1 million, which was
mainly attributable to (i) dividends paid of SGD2.9 million, (ii) net repayment of bank loans of approximately SGD0.3 million; and (iii)
payment of deferred financing costs of approximately SGD0.4 million while partially mitigated by the cash inflow from the proceeds from
a controlling shareholder loan of SGD1.5 million.
For
the year ended December 31, 2022, our Group recorded net cash generated from financing activities of approximately SGD11.5 million, which
was mainly attributable to the net proceeds from the issuance of Ordinary Shares of approximately SGD14.9 million; and partially offset
by (i) the placement of a deposit with an escrow agent of approximately SGD0.8 million as a result of our initial public offering; (ii)
the payment of deferred financing costs of approximately SGD1.5 million; (iii) the repayment of bank loans of approximately SGD0.3 million;
and (iv) the repayment of controlling shareholder loans of approximately SGD0.8 million.
For
the year ended December 31, 2023, our Group recorded net cash used in financing activities of approximately SGD2.9 million, which
was mainly attributable to the repayment of bank loans of approximately SGD1.7 million, repayment of a controlling shareholder loan of SGD0.7 million and payment of deferred financing costs
of $0.4 million.
Working
Capital
We
believe that our Group has sufficient working capital for our requirements for at least the next 12 months from the date of this Annual
Report, in the absence of unforeseen circumstances, taking into account the financial resources presently available to us, including
cash and cash equivalents on hand, cash flows from our operations and the net proceeds from our initial public offering.
Accounts
receivable
Our
accounts receivable, net, decreased from approximately SGD5.6 million as of December 31, 2022 to approximately SGD4.8 million as of December
31, 2023. The decrease was primarily attributable to a decrease in sales during the year ended December 31, 2023.
We
did not charge any interest on, or hold any collateral as security over these accounts receivable balances. We generally offer
credit periods of 30 days to 60 days to our customers in respect of the manufacture and sale of cleaning systems and other
equipment, whereas our customers will be offered credit terms of 7 days to 30 days in respect of the provision of centralized
dishwashing services and general cleaning services.
The
following table sets forth the ageing analysis of our accounts receivable, net, based on the invoiced date as of the dates mentioned
below:
As of December 31,
2022
2023
SGD'000
SGD'000
Within 30 days
3,094
3,923
Between 31 and 60 days
1,683
758
Between 61 and 90 days
270
38
More than 90 days
588
56
Total accounts receivable, net
5,635
4,775
71
Movements
in the provision for impairment of accounts receivable are as follows:
As of December 31,
2022
2023
SGD'000
SGD'000
Opening balance
34
34
(Reversal)/provision of loss allowance
-
(11
)
Closing balance
34
23
We
have a policy for determining the allowance for impairment based on the evaluation of collectability and ageing analysis of accounts
receivable and on management's judgment, including the change in credit quality, the past collection history of each customer and
the current market condition.
The
loss allowance for accounts receivable related to a general provision for accounts receivable applying the simplified approach to providing
for expected credit loss(es) (the ''ECL(s)''). Credit risk grades are defined using qualitative and quantitative
factors that are indicative of the risk of default. An ECL rate is calculated based on historical loss rates of the industry in which
our customers operate and ageing of the accounts receivable.
The
following table sets forth our average accounts receivable turnover days for the years ended December 31, 2022 and 2023:
Year ended December 31,
2022
2023
Average
    accounts receivable turnover days
(1)
86.7
96.7
(1)
Average accounts receivable turnover days is calculated as the average of the beginning and ending of accounts receivable balance
for the respective year divided by revenue for the respective year and multiplied the number of days in the respective year.
Our
average accounts receivable turnover days were approximately 86.7 days and 96.7 days for the years ended December 31, 2022 and 2023,
respectively. The increase in average accounts receivable turnover days for the year ended December 31, 2023 was mainly due to slower payment term from certain major customers. During the years ended December 31, 2022 and 2023, the credit term offered to our major
customers ranged from 30 days to 90 days. For details of the credit terms of our top five customers for the years ended December 31,
2022 and 2023, please refer to the section headed ''Business – Our Customers'' in this Annual Report.
During the years ended December 31, 2022
and 2023, accounts receivable were closely monitored and reviewed on a regular basis to identify any potential non-payment or delay in
payment. Our Group conducted an individual review on each of the customers to determine the impairment, which is aligned with external
credit rating agencies' definition when it is available or based on other data such as available press information about the customer
and past due status. Although there was improvement in the average accounts receivable turnover days for the year ended December 31,
2023, considering the increase in the balance of accounts receivable as of December 31, 2022, we have further implemented certain procedures
to strengthen our credit control. For instance, we are actively monitoring the credit terms of our customers and follow up on collection
regularly to ensure greater control over our accounts receivable. For details of the background of our top five customers for the years
ended December 31, 2022 and 2023, please refer to the section headed ''Business – Our Customers'' in this Annual
Report.
72
Prepaid
expenses and other current assets, net
Prepaid
expenses and other current assets, net of our Group mainly represents advances made to suppliers and prepaid of operating expenses. The following table sets forth the breakdown of the prepaid expenses and other current assets, net
as of the dates indicated:
As of December 31,
2022
2023
SGD'000
SGD'000
Other receivables
58
241
Deposits
39
47
Prepayments
2,151
2,078
Total
2,248
2,366
Our
total other receivables, deposits and prepayments increased from approximately SGD2.2 million as of December 31, 2022 to approximately
SGD2.4 million as of December 31, 2023, primarily attributable to an increase in other receivables by SGD0.2 million offset by a reduction
in prepayments of SGD0.1 million.
Inventory
Our
inventory primarily consists of raw materials, work-in-progress and finished goods as of the dates indicated.
As of December 31,
2022
2023
SGD'000
SGD'000
Raw materials
9,065
10,136
Work-in-progress
2,078
3,062
Finished goods
749
875
11,892
14,073
The
following table sets forth our average inventory turnover days for the years ended December 31, 2022 and 2023:
Year ended December 31,
2022
2023
Average inventory turnover days
(1)
122.0
346.7
(1)
Average inventory turnover days is calculated as the average of the beginning and ending of inventory balance for the respective
year divided by cost of purchases for the respective year and multiplied the number of days in the respective year.
The
increase in inventories of approximately SGD2.2 million and average turnover period was primarily the result of purchasing more raw materials
in anticipation of slower delivery times due to supply chain issues, increased orders received for precision cleaning systems and the
extension of the delivery schedule for certain projects by a major customer to 2024 and 2026. There is no obsolete inventory identified as of December 31, 2023.
Accounts
payable, accruals, and other current liabilities
Accounts
payable
The
general credit terms from our major suppliers are 15 days to 90 days. Our accounts payable decreased from approximately SGD1.8
million as of December 31, 2022 to approximately SGD1.4 million as of December 31, 2023.
73
The
following table sets forth the ageing analysis of our accounts payable based on the invoice date as of the dates mentioned below:
As of December 31,
2022
2023
SGD'000
SGD'000
Within 30 days
1,199
1,314
Between 31 and 60 days
557
82
Between 61 and 90 days
6
-
More than 90 days
19
-
Total
1,781
1,396
The
following table sets forth our average accounts payable turnover days for the years ended December 31, 2022 and 2023:
Year ended December 31,
2022
2023
Average accounts
    payable turnover days
(1)
50.0
42.4
(1)
Average accounts payable turnover days is calculated as the average of the beginning and ending of accounts payable balance for
the respective year divided by cost of revenues for the respective year and multiplied the number of days in the respective year.
Our
average accounts payable turnover days remained relatively within credit term and amounted to approximately 42.4 days for the year ended
December 31, 2023.
As
of December 31, 2023, our accounts payable as of December 31, 2022 have been fully settled.
Our
Group did not have any material default in payment of accounts payable during the years ended December 31, 2022 and 2023.
Accruals
Accruals
mainly represented expenses related to our listing of our Ordinary Shares, salaries and bonus. As of December 31, 2022, our Group's
accruals amounted to approximately SGD0.8 million. Our Group's accruals decreased to approximately SGD0.7 million as of December
31, 2023 primarily attributable to the lower accrual of incentive bonuses of approximately SGD0.1 million and professional fees of approximately
SGD0.1 million.
Our
Group did not have any material default in payment of other payables during the years ended December 31, 2022 and 2023.
Contract
liabilities
Our
contract liabilities represent the sales deposits and installments received during the year in respect of machineries still under production
but not yet recognized as revenue under our revenue recognition policies. Our contract liabilities amounted to approximately SGD4.3 million
and SGD7.0 million as of December 31, 2022 and 2023, respectively.
74
Bank
indebtedness
As
of December 31, 2022, our bank indebtedness equaled an aggregate of SGD9.4 million of which SGD9.2 million is denominated in Singapore
dollars and bears interest at a variable rate ranging from 1.25% to 1.5% above the Singapore Interbank Offered Rate ("SIBOR")
and SGD0.2 million is denominated in US dollars and bears interest at 1.25% above the London Interbank Offer Rate ("LIBOR").
SGD5.5 million of our bank indebtedness constitutes current liability and S3.9 million constitutes non-current liability.
As
of December 31, 2023, our bank indebtedness equaled an aggregate of SGD8.0 million, of which SGD7.8 million is denominated in Singapore
dollars and bears interest at a variable rate ranging from 1.25% to 1.5% above the Singapore Interbank Offered Rate ("SIBOR")
and SGD0.1 million is denominated in US dollars and bears interest at 1.25% above the London Interbank Offer Rate ("LIBOR").
SGD4.2 million of our bank indebtedness constitutes current liability and SGD3.8 million constitutes non-current liability.
Warranty
liabilities
Our
warranty liabilities during the years ended December 31, 2022 and 2023 mainly represented the provision for warranty for machines sold,
which usually covers a 12-month period from the date on which the machines are delivered. The provision is based on estimates made from
historical warranty data associated with similar products and services. As of December 31, 2022 and 2023, our Group recorded warranty
liabilities of approximately SGD22 thousand and SGD22 thousand, respectively.
Income
taxes payable
Our
income taxes payable as of December 31, 2022 were SGD0.3 million and SGD0.1 million as of December 31, 2023. The decrease in income taxes
payable as of December 31, 2023 was mainly due to lower taxable income.
Deferred
tax (assets)/liabilities
Our
deferred tax (assets)/liabilities during the years ended December 31, 2022 and 2023 mainly represented the Singapore tax implication
on the temporary difference between the tax written down value and the net book value of the property, plant and equipment, which are
owned by our Group.
Commitments
Capital
commitments
As
of December 31, 2022 and 2023, our Group did not have any capital commitments.
Capital
Expenditures
Historical
capital expenditures
Our
capital expenditures during the years ended December 31, 2022 and 2023 mainly related to replacement of obsolete equipment. For the years
ended December 31, 2022 and 2023, our capital expenditures in relation to property, plant and equipment were approximately SGD0.8 million
and SGD0.2 million, respectively. We principally funded our capital expenditures through cash flows from operations and borrowings during
the years ended December 31, 2022 and 2023.
Critical
Accounting Policies and Estimates
Our
financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements
and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues
and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various
other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments
about the carrying values of assets and liabilities that are not readily apparent from other sources. We have identified certain accounting
policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding
of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal
of our financial conditions and results of operations and require management's difficult, subjective, or complex judgment, often
as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods.
Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility
that future events affecting the estimate may differ significantly from management's current judgments. While our significant accounting
policies are more fully described in Note 2 to the consolidated financial statements included elsewhere in this Annual Report, we believe
the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial
statements.
75
We
are an "emerging growth company" as defined under the federal securities laws and, as such, will be subject to reduced public
company reporting requirements. Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage
of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting
standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards
and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act. As a result of our election, our financial statements
may not be comparable to those of companies that comply with public company effective dates.
Use
of Estimates and Assumptions
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates
reflected in our consolidated financial statements include the allowance for uncollectible accounts receivable, inventory valuation and
fair value of financial instruments. Actual results could differ from these estimates.
Revenue
Recognition
We
recognized our revenue under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC606). We recognize
revenue to depict the transfer of promised goods or services (that is, an asset) to customers in an amount that reflects the consideration
to which we expect to receive in exchange for those goods or services. An asset is transferred when the customer obtains control of that
asset. It also requires us to identify contractual performance obligations and determine whether revenue should be recognized at a point
in time or over time, based on when control of goods and services transfers to a customer. We elected the modified retrospective method
which required a cumulative adjustment to retained earnings instead of retrospectively adjusting prior periods. The adoption of ASC 606
did not have a material impact on the consolidated financial statements.
To
achieve that core principle, we apply the five steps defined under Topic 606: (i) identify the contract(s) with a customer, (ii) identify
the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance
obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.
We
account for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms,
are identified, the contract has commercial substance and consideration to collect is substantially probable.
In
accordance with ASC 340-40,which requires the capitalization of all incremental costs from obtaining and fulfilling a contract with a
customer if such costs are expected to be recovered with the period of more than one year, we capitalize certain contract acquisition
costs consisting primarily of consulting fees, and expect such consulting fees as a result of obtaining customer contracts to be recoverable.
For contracts with the realization period of less than one year, the guidance provides a practical expedient that permits an entity to
immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been
amortized in one year or less.
76
Revenue
recognition policies for each type of revenue stream are as follows:
(a)
Goods and services sold
We
recognize revenue for our goods and services sold when we have satisfied a performance obligation by transferring control of a promised
good or service to the customer. The amount of revenue recognized is the amount of the transaction price allocated to the satisfied performance
obligation, which is the amount of the consideration in the contract to which our Group expects to be entitled in exchange for transferring
the promised goods or services.
Revenue
may be recognized at a point in time or over time following the timing of satisfaction of the performance obligation. If a performance
obligation is satisfied over time, revenue is recognized based on the percentage of completion reflecting the progress towards complete
satisfaction of that performance obligation.
(b)
Rental of dishware washing machines
We
recognize revenue for our rental of our dishware washing machines on a straight-line basis over the term of the lease.
Recent
Accounting Pronouncements
See
Note 2 of the notes to the consolidated financial statements included elsewhere in this Annual Report for a discussion of recently issued
accounting standards.
Impact
of Inflation
In
accordance with the Monetary Authority of Singapore, the year-over-year percentage changes in the consumer price index for 2021, 2022
and 2023 were 2.3%, 6.1% and 4.8%, respectively. Inflation in Singapore has not materially affected our profitability and operating results.
However, we can provide no assurance that we will be unaffected by higher inflation rates in Singapore in the future.
Quantitative
and Qualitative Disclosures about Market Risk
Interest
Rate Risk
We
are exposed to interest rate risk while we have short-term bank loans outstanding. Although interest rates for our short-term loans are
typically fixed for the terms of the loans, the terms are typically twelve months and interest rates are subject to change upon renewal.
Credit
Risk
Credit
risk is controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through in-house research
and analysis of the relevant economy and the underlying obligors and transaction structures. We identify credit risk collectively based
on industry, geography and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the "probability
of default" by the customer on its contractual obligations and consider the current financial position of the customer and the
current and likely future exposures to the customer.
Liquidity
Risk
We
are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet
our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures.
When necessary, we will turn to financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.
77
Foreign
Exchange Risk
While
our reporting currency is the U.S. dollar, almost all of our consolidated revenues and consolidated costs and expenses are denominated
in SGD. All of our assets are denominated in SGD. As a result, we are exposed to foreign exchange risk as our revenues and results of operations
may be affected by fluctuations in the exchange rate between the U.S. dollar and SGD. If the SGD depreciates against the U.S. dollar, the
value of our SGD revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. We have not entered
into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.
Item
6. Directors, Senior Management and Key Employees
The
names, titles and ages of the members of the Company's Board of Directors, executive officers and key personnel as of the date
of this Annual Report are as set forth in the below table.
Name
Age
Title
Executive
    Officers and Directors:
Hong
    Bee Yin
52
Chairman,
    Executive Director and Chief Executive Officer
Long
    Jia Kwang
46
Executive
    Director and Chief Financial Officer
Independent
    Non-executive Directors:
Singh
    Karmjit
77
Independent
    Non-executive Director
Tay
    Jingyan, Gerald
36
Independent
    Non-executive Director
Khoo
    Su Nee, Joanne
50
Independent
    Non-executive Director
Key
    Personnel:
Zhao
    Liang
42
Head
    of design department
Wui
    Chin Hou
51
Field
    operations manager
No
arrangement or understanding exists between any such director or officer and any other persons pursuant to which any director or executive
officer was elected as a director or executive officer. Our directors are elected annually and serve until their successors take office
or until their death, resignation or removal. The executive officers serve at the pleasure of the Board of Directors.
Executive
Officers and Directors
Ms.
Hong Bee Yin
is the founder of our Group, having incorporated JCS in November 1999. Ms. Hong is currently our Chairman, Executive
Director and Chief Executive Officer. She was appointed as our Director on January 29, 2019 and re-designated as our Executive Director
on March 5, 2020. Ms. Hong is primarily responsible for planning and execution of our Group's strategies including product innovation
and customization, as well as managing our Group's relationship with major customers and suppliers. She is also responsible for
overseeing all day-to-day aspects of our Group's operation including production, inventory and material control.
Since
commencing her start-up business, JCS, in November 1999, Ms. Hong has accumulated more than 21 years of operational experience in providing
cleaning solutions for the cleaning industry. Prior to forming our Group, Ms. Hong worked at JLW Property Consultants Pte Ltd. from June
1993 to June 1998 with her last position as assistant manager (Industrial Department). From June 1998 to approximately September 1999,
she worked at JCS Automation Pte Ltd. (now known as JCS Biotech Pte. Ltd.) as marketing manager.
Ms.
Hong obtained a Diploma in Electronic and Computer Engineering from Ngee Ann Polytechnic, Singapore in August 1993. She also completed
the Tsinghua SEM Indonesia-Singapore Executive Program and SPRING CEO Leadership Circle Program in May 2014 and November 2016, respectively.
Ms. Hong was appointed as the deputy chairman of Singapore Precision Engineering and Technology Association from April 2017 to April
2019, and she has been appointed as the chairman from April 2019 to April 2025.
78
Mr.
Long Jia Kwang
joined our Group as financial controller in December 2014 and was appointed as our Executive Director and Chief
Financial Officer on March 5, 2020. Mr. Long is primarily responsible for managing accounting and finance, human resources and administrative
functions of our Group.
Mr.
Long has over 21 years of experience in auditing, accounting and financial management. Prior to joining our Group, Mr. Long worked at
KPMG in Johor Bahru, Malaysia from February 2000 to September 2007 with his last position as deputy audit manager. From October 2007
to October 2014, he worked at KPMG Services Pte. Ltd. in Singapore with his last position being senior manager. Since November 2023,
he has also served as an independent non-executive director of Davis Commodities Limited (a company listed on the Nasdaq Stock Market
(stock code: DTCK)).
Mr.
Long obtained a Bachelor of Commerce degree from the University of Adelaide, Australia in December 1999. Mr. Long was a certified practicing
accountant of CPA Australia from November 2004 to April 2015, a chartered accountant of the Malaysian Institute of Accountants from September
2006 to February 2010 and a member of the Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public
Accountants of Singapore) since April 2013.
Independent
Non-executive Directors
Ms.
Khoo Su Nee, Joanne
was appointed as an independent Non-executive Director of the Company on January 19, 2022. Ms. Khoo will
serve as the chairman of the audit committee and as a member of the compensation and nomination committees.
Ms.
Khoo has over 27 years of experience in corporate finance and business advisory services. Ms. Khoo started her career at PricewaterhouseCoopers
in January 1997 and her last position was senior associate in February 2000. From May 2000 to August 2004, she worked at Stone Forest
Consulting Pte Ltd., a business advisory company, and her last position was an assistant manager. She was responsible for providing consultancy
services including IPO advisory, working capital consulting, business turnaround and profit improvement. Ms. Khoo worked in the corporate
finance industry at several companies, which include (i) Hong Leong Finance Limited from September 2004 to November 2005 as an assistant
vice president; (ii) Phillip Securities Pte Ltd. from November 2005 to January 2008 as an assistant vice president; and (iii) Canaccord
Genuity Singapore Pte. Ltd. (formerly known as Collins Stewart Pte. Limited) from February 2008 to October 2012 with her last position
as a director. She founded and has acted as an executive director of Bowmen Capital Private Limited, a management consultancy company,
since February 2013. From October 2019 to April 2020, she also served as a director of PayLinks Pte. Ltd., a financial service company.
Ms.
Khoo served as an independent director of Kitchen Culture Holdings Limited (a company listed on the Catalist of the Singapore
Exchange Limited (stock code: SGX:5TI)) from October 2012 to February 2019. Since January 2014, she has served as an independent
director of Teho International Inc Ltd. (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5OQ)).
Ms. Khoo served as an independent director of Excelpoint Technology Ltd. (a company listed on the main board of the Singapore
Exchange Limited (stock code: SGX: BDF)) from September 2016 to April 2022. She has also served as an independent non-executive
director of Xamble Group Limited, formerly known as Netccentric Limited (a company listed on The Australian Securities Exchange
(stock code: ASX: XGL)) since July 2017. Since June 2020, she has also served as an independent non-executive director of ES Group
(Holdings) Limited (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5RC). Since February 2024,
she has also served as an independent non-executive director of Ryde Group Ltd (a company listed on the NYSE American (stock code:
NYSE AMERICAN:RYDE).
Ms.
Khoo obtained a Bachelor of Business degree in Accountancy from Royal Melbourne Institute of Technology in November 1997. She was admitted
as a Certified Practicing Accountant of the CPA Australia in October 1999 and a Chartered Accountant of the Malaysian Institute of Accountants
in July 2000. Ms. Khoo was a member of the Women Corporate Directors from September 2018 to June 2019.
Mr.
Karmjit Singh
was appointed as a Non-executive Director of the Company on March 5, 2020 and redesignated as our independent Non-executive
Director on November 12, 2021. Mr. Singh serves as the chairman of the nomination committee and as a member of the audit and compensation
committees. Mr. Singh is primarily responsible for providing guidance to the management team on corporate strategies and governance matters.
79
Mr.
Singh has over 46 years of experience in business management. From 1974 to 1998, Mr. Singh worked at Singapore Airlines Limited serving
in a variety of managerial capacities covering corporate affairs, planning, aviation fuel and administrative services. Mr. Singh joined
SATS Ltd. in July 1998 as the chief executive of SATS Airport Services Pte Ltd. and then became the chief operating officer of SATS Ltd.
in July 2004 overseeing the ground handling and inflight catering operation of the SATS group of companies until his retirement in September
2009. He then became the consultant to the president and chief executive officer of SATS Ltd. from October 2009 until September 2010.
Mr.
Singh has been an independent director of Keppel Telecommunications & Transportation Ltd. since October 2020, chairman of that company's
nominating committee from October 2012 to July 2019, a member of its audit committee from January 2011 to July 2019 and a member of its
board safety committee since July 2019. Keppel Telecommunications & Transportation Ltd. was listed on Singapore Exchange Limited
(stock code: K11) and subsequently delisted on May 8, 2019.
Mr.
Singh obtained a Bachelor of Arts degree in Geography from the National University of Singapore in June 1970. Mr. Singh has been actively
engaged in prominent civil and industry affairs in Singapore. Mr. Singh has served as the chairman of Chartered Institute of Logistics
and Transport Singapore since 1994. Mr. Singh was a council member of the Public Transport Council, Singapore from August 2005 to May
2019.
Mr.
Tay Jingyan, Gerald
was appointed as an independent Non-executive Director of the Company on January 19, 2022. Mr. Tay will serve
as chairman of the compensation committee and as a member of the audit and nomination committees.
Mr.
Tay has over 19 years of experience in business management and financial advisory services. Since October 2014, Mr. Tay has been the
group chief executive officer of TPS Group Alliance, an alliance of companies offering a variety of professional services including corporate
services, statutory compliance, accounting, corporate advisory, real estate and family office services. Mr. Tay worked with TPS Group
Alliance as an associate from January 2005 until his promotion as the chief executive officer. From August 2013 to January 2014 and from
May 2014 to the present, Mr. Tay was and has also been a director of Capilion Corporation Pte. Ltd., a company together with companies
within its group engaging in private equity, corporate services, real estate and financial securities. Mr. Tay also founded and has acted
as the director of Excelsus Tech Pte Ltd. (formerly known as Excelsus Capital Pte. Ltd.), a holding company for technology-related businesses
and projects, since February 2014, and Galacthor International Pte Ltd, a company for general physical commodities trading, since December
2011.
Mr.
Tay obtained a Bachelor of Arts degree in Communication from the University at Buffalo, The State University of New York in February
2012.
Key
Personnel
Mr.
Zhao Liang
joined our Group as the head of the design department in October 2010 and is mainly responsible for leading the design
of the mechanical and process aspects of cleaning systems and other equipment.
Mr.
Zhao has over 15 years of experience in engineering and mechanical design. From February 2006 to September 2010, Mr. Zhao worked in JCS
Automation Pte Ltd. with his last position as the head of the design department.
Mr.
Zhao obtained a Bachelor of Engineering degree in Mechanical Engineering from the Nanyang Technological University, Singapore in February
2012 and a Master of Science degree in Management from the Singapore Management University in August 2016.
Mr.
Wui Chin Hou
is the field operations manager of our Group and is mainly responsible for managing the operation of dishwashing
facilities and the cleaning operation of food courts. Mr. Wui joined our Group in September 2016.
80
Mr.
Wui has over 25 years of experience in production management. Prior to joining our Group, Mr. Wui worked at Mitsubishi Chemical Infonics
Pte Ltd. from January 1996 to September 2008 with his last position as a production supervisor. From September 2008 to September 2016,
Mr. Wui worked at Armstrong Industrial Corporation Limited with his last position as an assistant production manager.
Mr.
Wui obtained a Diploma in Computer Studies from the Comsertrac School of Computer Training in Singapore in June 1992.
Family
Relationships
There
are no family relationships among the directors or executive officers of either the Company or its subsidiaries.
Committees
of the Board of Directors
Our
board of directors has established an audit committee, a compensation committee and a nomination committee, each of which will operate
pursuant to a charter adopted by our board of directors. The board of directors may also establish other committees from time to time
to assist our company and the board of directors. The composition and functioning of all of our committees are intended to comply with
all applicable requirements of the Sarbanes-Oxley Act of 2002, Nasdaq and SEC rules and regulations, if applicable. Each committee's
charter is available on our website at http://www.jecleantech.sg. The reference to our website address does not constitute incorporation
by reference of the information contained at or available through our website, and you should not consider it to be part of this Annual
Report.
Audit
committee
Ms.
Khoo, Mr. Singh and Mr. Tay will serve on the audit committee, which will be chaired by Ms. Khoo. Our board of directors has determined
that each are "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and
that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated
Ms. Khoo as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's
responsibilities include:
●
appointing,
    approving the compensation of, and assessing the independence of our independent registered public accounting firm;
81
●
pre-approving
    auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public
    accounting firm;
●
reviewing
    the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing
    our financial statements;
●
reviewing
    and discussing with management and our independent registered public accounting firm our annual and quarterly/semi-annual financial
    statements and related disclosures as well as critical accounting policies and practices used by us;
●
coordinating
    the oversight and reviewing the adequacy of our internal control over financial reporting;
●
establishing
    policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the
    audit committee's review and discussions with management and our independent registered public accounting firm, whether our
    audited financial statements shall be included in our Annual Report on Form 20-F;
●
monitoring
    the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial
    statements and accounting matters;
●
preparing
    the audit committee report required by SEC rules, if and when required;
●
reviewing
    all related person transactions for potential conflict of interest situations and approving all such transactions;
●
Continuously
    engaging in the review for any potential cybersecurity risks as part of the Company's overall risk management program; and
●
reviewing
    earnings releases.
April
26, 2024, our Board of Directors approved an amendment to the audit committee charter (the "Audit Committee Charter")
pursuant to which it adopted a cybersecurity policy (the "Cybersecurity Policy") and further resolved that the audit
committee will have full authority and power to implement the Cybersecurity Policy. The Audit Committee Charter provides the members
of the Audit Committee with authorization and authority to conduct continuous analysis of and review for any potential cybersecurity
risks as part of the Company's overall risk management program and to create a cyber-resilient organization, which will
contribute to the value preservation of the Company. The Audit Committee Charter further provides authority and responsibility to
the members of the audit committee to: (i) understand the economic drivers and impact of cyber-risk, including the financial impact
to our Company; (ii) align cyber-risk management policies with our business needs by integrating cyber-risk analysis into
significant business decisions; (iii) ensure our organizational structure supports cybersecurity goals; and (iv) incorporate
cybersecurity expertise into board governance.
For
additional information regarding our Cybersecurity Policy, please refer to Item 16K included in this Annual Report on Form 20-F for the
year ended December 31, 2023.
Compensation
committee
Mr.
Tay, Ms. Khoo and Mr. Singh will serve on the compensation committee, which will be chaired by Mr. Tay. Our board of directors has determined
that each such member satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock
Market. The compensation committee's responsibilities include:
●
evaluating
    the performance of our chief executive officer in light of our company's corporate goals and objectives and, based on such
    evaluation,: (i) recommending to the board of directors the cash compensation of our chief executive officer, and (ii) reviewing
    and approving grants and awards to our chief executive officer under equity-based plans;
●
reviewing
    and recommending to the board of directors the cash compensation of our other executive officers;
●
reviewing
    and establishing our overall management compensation, philosophy and policy;
●
overseeing
    and administering our compensation and similar plans;
●
reviewing
    and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation
    matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified
    in the applicable Nasdaq rules;
●
retaining
    and approving the compensation of any compensation advisors;
●
reviewing
    and approving our policies and procedures for the grant of equity-based awards;
●
reviewing
    and determining the necessity for recovery of certain incentive compensation previously paid to the Company's current and former executive officers in the event of a restatement of the Company's financial statements for any fiscal year;
●
reviewing
    and recommending to the board of directors the compensation of our directors; and
●
preparing
    the compensation committee report required by SEC rules, if and when required.
Effective
December 1, 2023, our Board of Directors amended the compensation committee charter (the "Compensation Committee Charter")
so as to include a compensation recovery policy (the "Compensation Recovery Policy") and to give the compensation committee
full authority and power to implement that policy. The Compensation Committee Charter provides the members of the compensation committee
with authorization and authority to carry out such duties and responsibilities associated with the Compensation Recovery Policy. The
compensation committee shall, in the event of a restatement of the Company's financial statements, have the authority and power
to: (i) determine such executive officers who served at any time during the performance period for the incentive-based compensation;
(ii) determine the relevant recovery period; (iii) determine the amount of incentive-based compensation that must be subject to the Company's
Compensation Recovery Policy and establish procedures for recovery; (iv) maintain documentation of the above-referenced determinations;
and (v) prepare and have filed all disclosures with respect to the Compensation Recovery Policy in accordance with federal securities
laws, including the disclosure required in the applicable Securities and Exchange Commission filings.
For
additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 to this Annual Report.
Nomination
committee
Mr.
Singh, Ms. Khoo and Mr. Tay and will serve on the nomination committee, which will be chaired by Mr. Singh. Our board of directors has
determined that each member of the nomination committee is "independent" as defined in the applicable Nasdaq rules. The nomination
committee's responsibilities include:
●
developing
    and recommending to the board of directors criteria for board and committee membership;
82
●
establishing
    procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; and
●
reviewing
    the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise
    to advise us.
While
we do not have a formal policy regarding board diversity, our nomination committee and board of directors will consider a broad range
of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national
origin). Our nomination committee's and board of directors' priority in selecting board members is identification of persons
who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute
positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and
professional and personal experience and expertise relevant to our growth strategy.
Foreign
Private Issuer Status
The
Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such
as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards
of the Nasdaq. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not
follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance
standard. We currently follow Cayman Islands corporate governance practices in lieu of the corporate governance requirements of the Nasdaq
in respect of the following:
●
the
    majority independent director requirement under Section 5605(b)(1) of the Nasdaq listing rules;
●
the
    requirement under Section 5605(d) of the Nasdaq listing rules that a compensation committee comprised solely of independent directors
    governed by a compensation committee charter oversee executive compensation;
●
the
    requirement under Section 5605(e) of the Nasdaq listing rules that director nominees be selected or recommended for selection by
    either a majority of the independent directors or a nominations committee comprised solely of independent directors;
●
the
    Shareholder Approval Requirements under Section 5635 of the Nasdaq listing rules; and
●
the
    requirement under Section 5605(b)(2) of the Nasdaq listing rules that the independent directors have regularly scheduled meetings
    with only the independent directors present.
Code
of Conduct and Code of Ethics
We
have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief
executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. A current
copy of this code is posted on the Corporate Governance section of our website, which is located at http://www.jecleantech.sg. The information
on our website is deemed not to be incorporated in this Annual Report or to be a part of this Annual Report. We intend to disclose any
amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers
and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance
rules of the Nasdaq.
Compensation
For
the year ended December 31, 2023, we paid an aggregate of SGD952,000 as compensation to our directors, our executive officers and our
key employees.
83
We
did not set aside or accrue any amounts to provide pension, retirement or similar benefits for directors and officers for the year ended
December 31, 2022 and 2023 other than contributions to our Provident Fund Plan as social insurances and housing provident fund, which
aggregated SGD63,000 and SGD68,000 for officers and directors.
Compensation
Recovery Policy
As
required by the listing standards of the Nasdaq Listing Rules, Rule 10D under the Exchange Act, and Rule 10D-1 under the Exchange Act,
the Compensation Committee of the Board of Directors has adopted a compensation recovery policy, also known as a clawback policy (the
"Compensation Recovery Policy"), effective December 1, 2023. In the event of a restatement of the Company's financial
statements, the Compensation Recovery Policy requires the Company to recover the incremental portion of any incentive-based compensation
received by any current or former executive officer of the Company that was in excess of the amount the officer would have received had his or her incentive compensation
been determined based on the restated financial statements. Events requiring a restatement of financial statements include the material
noncompliance of the Company with any financial reporting requirements under the securities laws, including any required accounting restatement
to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that
would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.
During
and after the last completed fiscal year, the Company was not required to prepare an accounting restatement that required recovery of
erroneously awarded compensation pursuant to the registrant's Compensation Recovery Policy.
For
additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 to this Annual Report.
Employment Agreements with Executive Directors
Employment Agreement
with Hong Bee Yin
Effective
as of January 1, 2014, we entered into an employment agreement with Hong Bee Yin pursuant to which she was employed as Executive Director
of JCS-Echigo Pte Ltd. The agreement provides for an annual base salary of SGD300,000 and annual base director fee of SGD24,000, which amount
may be adjusted from time to time in the discretion of the Company. Under the terms of the agreement, Ms. Hong is entitled to receive
an annual cash bonus in the amount of SGD500,000 for any year in which the Company's net profit, after tax, (inclusive of any amounts
payable or to be set aside for all bonuses) equals at least SGD5 million, together with such additional bonus as may be agreed from time
to time with the Company. Ms. Hong's employment will continue indefinitely, subject to termination by either party to the agreement
upon 6 months' prior written notice or the equivalent salary in lieu of such notice. The agreement also contains non-compete and
non-disclosure provisions and restrictions against the unauthorized use of the Company's intellectual property. Effective as of
March 5, 2020, we entered into an employment agreement with Hong Bee Yin pursuant to which she was employed as an Executive Director,
Chairman and Chief Executive Officer of JE Cleantech Holdings Limited. The agreement provides for a monthly base director fee of US$6,000.
The other terms stated herein remain unchanged. The aggregate compensation paid to Ms. Hong for the year ended December 31, 2023 were US$352,286.
Employment Agreement
with Long Jia Kwang
We entered
into an employment agreement dated September 5, 2014 with Long Jia Kwang pursuant to which he was employed as Financial Controller for
JCS-Echigo Pte Ltd. The agreement provides for a monthly base salary of SGD9,750, plus a transportation allowance of SGD750 per month. These
amounts may be adjusted from time to time. The agreement provides that the Company may, in its discretion, transfer or assign Mr. Long
to any position compatible with that of Financial Controller or to any of the companies in our Group. Under the terms of the agreement,
Mr. Long's employment will continue indefinitely, subject to termination by either party to the agreement upon 1 months' written
notice or the equivalent salary in lieu of such notice. Effective as of March 5, 2020, we entered into an employment agreement with Long
Jia Kwang pursuant to which he was employed as an Executive Director and Chief Financial Officer of JE Cleantech Holdings Limited. The
agreement provides for a monthly base director fee of US$4,000. The other terms stated herein remain unchanged. The aggregate compensation
paid to Mr. Long for the year ended December 31, 2023 was US$162,191.
Independent Non-Executive
Directors' Agreements
Each
of our independent Non-executive Directors has entered into a Director's Agreement with the Company and where relevant, a subsidiary.
The terms and conditions of such Directors' Agreements are similar in all material aspects, save for the director's fees.
Each Director's Agreement is for an initial term of one year and will continue until the independent Non-executive Director's
successor is duly elected and qualified. Each independent Non-executive Director will be up for re-election each year at the annual shareholders'
meeting and, upon re-election, the terms and provisions of his or her Director's Agreement will remain in full force and effect.
Any such Director's Agreement may be terminated for any or no reason by the independent Non-executive Director or at a meeting called
expressly for that purpose by a vote of the shareholders holding more than 50% of the Company's issued and outstanding Ordinary
Shares entitled to vote.
Other
than as disclosed above, none of our independent Non-executive Directors has entered into a service agreement with our Company or any
of our subsidiaries that provides for benefits upon termination of employment.
Indemnification
Agreements
We
have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify
our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made
by reason of their being a director or officer of our Company.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
Employees
As
of the end of 2023, we employed a total of 103 persons, 54 of whom are employed by JCS-Echigo and 49 of which are employed by Hygiea.
Employees are not covered by collective bargaining agreements. We consider our labor practices and employee relations to be good.
Item
7. Major Shareholders and Related Party Transactions
Major
shareholders
We
are not directly or indirectly owned or controlled by any foreign government or by another corporation. The following table sets forth
the number of the Company's ordinary shares beneficially owned as of December 31, 2023 by (i) those persons or groups known to
beneficially own more than 5% of our ordinary shares; (ii) each executive officer and director; and (iv) all directors and executive
officers as a group. The information is determined in accordance with Rule 13d-3 promulgated under the Exchange Act. Under those rules,
beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment power and also any
shares which the individual has the right to acquire within 60 days of the date hereof, through the exercise or conversion of any stock
option, convertible security, warrant or other right. Including those shares in the tables does not, however, constitute an admission
that the named stockholder is a direct or indirect beneficial owner of those shares.
84
Except
as indicated below, the stockholders listed possess sole voting and investment power with respect to their shares.
Name of Beneficial Owner
Ordinary
                                            Shares
Beneficially
                                            Owned
Percent
of
                                            Class
(1)
Named Executive Officers and Directors:
Hong Bee Yin
(2)
3,200,000
64
%
Long Jia Kwang
-
-
%
Karmjit Singh
-
-
%
Tay Jingyan, Gerald
-
-
%
Khoo Su Nee, Joanne
-
-
%
All executive officers and Directors as a group (5 persons)
3,200,000
(1)
64
%
5% Shareholders:
JE Cleantech Global Limited
3,200,000
64
%
(1)
Based on 5,006,666 shares outstanding as of the date of this Annual Report.
(2)
Represents shares held by JE Cleantech Global Limited, a company directly owned as to 100.00% by Ms. Hong.
There
are no arrangements known to us that may at a subsequent date result in a change in control of the Company.
Related
Party Transactions
We
have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and
all such transactions be approved by the committee.
Set
forth below are related party transactions of our Company for the years ended December 31, 2021, 2022 and 2023, which are identified
in accordance with the rules prescribed under Form 20-F and may not be considered as related party transactions under Singapore law.
On
September 24, 2021, prior to the reorganization and the Company's initial public offering, the Company declared a dividend of SGD
2.9 million (approximately US$2.1 million) payable in cash to its shareholders-JE Cleantech Global Limited, which is wholly-owned by
Ms. Hong Bee Yin, the Company's controlling shareholder, and Triple Business Limited. The dividend was subsequently paid in full.
Of this amount, SGD 2.5 million (approximately US$1.9 million) was paid to JE Cleantech Global Limited and SGD 406,000 (approximately
US$0.3 million was paid to Triple Business Limited. On October 5, 2021, the Company entered into a loan facility agreement with Ms. Hong
Bee Yin, the Company's controlling shareholder, for a revolving loan facility of up to approximately SGD 1.4 million (approximately US$ 1.1 million) for general
working capital and general corporate purposes, including the payment of expenses related to the Company's initiative to raise capital
through an initial public offering and simultaneous listing of the Company's ordinary shares on a globally recognized stock exchange.
Ms. Hong and the Company entered into a subsequent revolving loan facility on October 6, 2021 in the amount of SGD 1.0 million (approximately
US$ 0.7 million) to be used for the same purposes. The total amount of the revolving loan facility of approximately SGD 2.4 million (approximately
US$ 1.8 million) from Ms. Hong Bee Yin, the Company's controlling shareholder, is non-trade, unsecured, interest-free and payable
on demand.
During the financial years ended December 31, 2021 and 2022, an amount
of SGD 1.5 million (approximately US$ 1.2 million) and SGD 0.6 million (approximately US$ 0.5 million), respectively, were drawn down
from the original revolving loan facility made available by Ms. Hong Bee Yin to the Company in 2021. In the financial year ended December
31, 2022 and 2023, the Company made a repayment of SGD 1.4 million (approximately US$ 1.1 million) and SGD 0.7 million (approximately
US$ 0.6 million), respectively, to Ms. Hong Bee Yin. As of December 31, 2023, the amount of outstanding loan owed to Ms. Hong Bee Yin
is Nil.
85
Other
than the above-mentioned disclosure, there were no significant related party transactions conducted during the years ended December 31,
2021, 2022 and 2023.
Interests
of Experts and Counsel
Not
Applicable
Legal
Proceedings
Not
Applicable
Item
8. Financial Information
Financial
Statements
Our
Consolidated Financial Statements are set forth under Item 18. - "Financial Statements."
Item
9. The Offer and Listing
Offer
and Listing Details
Our
Ordinary Shares commenced trading on the Nasdaq Capital Market on April 22, 2022 under the symbol "JCSE." Subsequent to the
effective date of the Share Consolidation, our CUSIP number for our Ordinary Shares changed to G50875 205.
Transfer
Agent
The
transfer agent and registrar for the ordinary shares of the Company is VStock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598;
telephone: 212-828-8436, toll-free: 855-9VSTOCK; Facsimile: 646-536-3179.
Item
10. Additional Information
Share
Capital
We
are an exempted company incorporated with limited liability in the Cayman Islands. Our affairs are governed by our Amended Memorandum
and Articles of Association, the Companies Act and the common law of the Cayman Islands.
As
of the date of this Annual Report, our authorized share capital is US$100,000 divided into 33,333,333.33 Ordinary Shares, par value US$0.003
each.
The
following are summaries of certain material provisions of our Amended and Restated Memorandum of Association and our Amended and Restated
Articles of Association and of the Companies Act insofar as they relate to the material terms of our Ordinary Shares.
Ordinary
Shares
General
All
of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered
form. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their Ordinary Shares.
86
Dividends
The
holders of our Ordinary Shares are entitled to such dividends as may be declared by our shareholders or board of directors subject to
the Companies Act and to the Articles of Association.
Voting
Rights
Each
ordinary share is entitled to one vote on all matters upon which the Ordinary Shares are entitled to vote. Voting at any meeting of shareholders
is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one shareholder present
in person or by proxy.
An
ordinary resolution to be passed by the shareholders requires the affirmative vote of a simple majority of votes attached to the Ordinary
Shares cast in a general meeting, while a special resolution requires the affirmative vote of no less than two-thirds of votes cast attached
to the Ordinary Shares. A special resolution will be required for important matters such as a change of name or making changes to our
memorandum and Articles of Association.
Transfer
of Ordinary Shares
Subject
to the restrictions contained in our Articles of Association, as applicable, any of our shareholders may transfer all or any of his or
her Ordinary Shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.
Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share. Our board of directors may
also decline to register any transfer of any ordinary share unless:
●
the
    instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other
    evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;
●
the
    instrument of transfer is in respect of only one class of Ordinary Shares;
●
the
    instrument of transfer is properly stamped, if required;
●
the
    Ordinary Shares transferred are fully paid and free of any lien in favor of us; and
●
any
    fee related to the transfer has been paid to us; and
●
the
    transfer is not to more than four joint holders.
If
our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal.
Liquidation
On
a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of Ordinary Shares), assets available
for distribution among the holders of Ordinary Shares shall be distributed among the holders of the Ordinary Shares on a
pro rata
basis. If our assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed
so that the losses are borne by our shareholders proportionately.
Calls
on Ordinary Shares and Forfeiture of Ordinary Shares
Our
board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares. The Ordinary Shares
that have been called upon and remain unpaid are subject to forfeiture.
87
Redemption
of Ordinary Shares
Subject
to the provisions of the Companies Act and other applicable law, we may issue shares on terms that are subject to redemption, at our
option or at the option of the holders, on such terms and in such manner, including out of capital, as may be determined by the board
of directors.
Variations
of Rights of Shares
If
at any time, our share capital is divided into different classes of shares, all or any of the special rights attached to any class of
shares may, subject to the provisions of the Companies Act, be varied with the sanction of a special resolution passed at a general meeting
of the holders of the shares of that class. Consequently, the rights of any class of shares cannot be detrimentally altered without a
majority of two-thirds of the vote of all of the shares in that class. The rights conferred upon the holders of the shares of any class
issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class,
be deemed to be varied by the creation or issue of further shares ranking
pari passu
with such existing class of shares.
General
Meetings of Shareholders
Shareholders'
meetings may be convened by a majority of our board of directors or our chairman. Advance notice of at least ten clear days is required
for the convening of our annual general shareholders' meeting and any other general meeting of our shareholders. A quorum required
for a meeting of shareholders consists of at least two shareholders present or by proxy, representing not less than one-third in nominal
value of the total issued voting shares in our company.
Inspection
of Books and Records
Holders
of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or
our corporate records. However, we will in our Articles of Association provide our shareholders with the right to inspect our list of
shareholders and to receive annual audited financial statements.
Changes
in Capital
We
may from time to time by ordinary resolution:
●
increase
    the share capital by such sum, to be divided into shares of such classes and amount, as the resolution shall prescribe;
●
consolidate
    and divide all or any of our share capital into shares of a larger amount than our existing shares;
●
sub-divide
    our existing shares, or any of them into shares of a smaller amount; or
●
cancel
    any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish
    the amount of our share capital by the amount of the shares so cancelled.
We
may by special resolution reduce our share capital or any capital redemption reserve in any manner permitted by law.
Memorandum
and Articles of Incorporation
We
are an exempted company with limited liability under the Companies Act of the Cayman Islands. The Companies Act in the Cayman Islands
distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts
business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company
are essentially the same as for an ordinary company except for the exemptions and privileges listed below:
●
an
    exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;
88
●
an
    exempted company's register of members is not open to inspection;
●
an
    exempted company does not have to hold an annual general meeting;
●
an
    exempted company may issue no par value, negotiable or bearer shares;
●
an
    exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for
    20 years in the first instance);
●
an
    exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
●
an
    exempted company may register as a limited duration company; and
●
an
    exempted company may register as a segregated portfolio company.
"Limited
liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company. We are subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers.
We currently comply with the Nasdaq Rules in lieu of following home country practice. The Nasdaq Rules require that every company listed
on Nasdaq hold an annual general meeting of shareholders. In addition, our Articles of Association allow directors to call special meetings
of shareholders pursuant to the procedures set forth in our Articles.
Mergers
and Similar Arrangements
A
merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by (a) a majority in number representing seventy-five percent (75%) in value
of the shareholders voting together as one class and (b) if the shares to be issued to each shareholder in the surviving company are
to have the same rights and economic value as the shares held in the constituent company, a special resolution of the shareholders voting
together as one class.
A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders.
For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by
the parent company.
The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands.
Save
in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares
upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for
the right to seek relief on the grounds that the merger or consolidation is void or unlawful.
In
addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement
is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must,
in addition, represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and
voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently
the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express
to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines
that:
●
the
    statutory provisions as to the required majority vote have been met;
89
●
the
    shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion
    of the minority to promote interests adverse to those of the class;
●
the
    arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest;
    and
●
the
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.
When
a takeover offer is made and accepted within four months by holders of 90% of the shares that are the subject of the offer, the offeror
may, within a two-month period commencing on the expiration of such four month period, require the holders of the remaining shares to
transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely
to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.
If
an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash
for the judicially determined value of the shares.
Shareholders'
Suits
In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions
to the foregoing principle, including when:
●
a
    company acts or proposes to act illegally or ultra vires;
●
the
    act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has
    not been obtained; and
●
those
    who control the company are perpetrating a "fraud on the minority".
Indemnification
of Directors and Executive Officers and Limitation of Liability
Cayman
Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers
and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such
as to provide indemnification against civil fraud or the consequences of committing a crime. Our Articles of Association permit indemnification
of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages
arise from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted
under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements
with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided
in our Articles of Association.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
Anti-Takeover
Provisions in the Memorandum and Articles of Association
Some
provisions of our Amended Memorandum and Articles of Association may discourage, delay or prevent a change in control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without
any further vote or action by our shareholders.
90
However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum and Articles
of Association, as amended and restated from time to time, for what they believe in good faith to be in the best interests of our Company.
Directors'
Fiduciary Duties
Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty
has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use
his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best
interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder
and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis,
in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.
As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company - a duty to act bona fide in the best interests of the
company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not
to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third
party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that
a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a
person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with
regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.
Shareholder
Action by Written Consent
Under
the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. Our Articles of Association provide that any action required or permitted to be taken at general meetings
of the Company may only be taken upon the vote of shareholders at general meeting and shareholders may not approve corporate matters
by way of a unanimous written resolution without a meeting being held.
Shareholder
Proposals
Neither
Cayman Islands law nor our Articles of Association allow our shareholders to requisition a shareholders' meeting. As an exempted
Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings. However, our Articles of Association
require us to call such meetings every year.
Cumulative
Voting
Cumulative
voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder
to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power
with respect to electing such director. As permitted under Cayman Islands law, our Articles of Association do not provide for cumulative
voting.
91
Removal
of Directors
Under
our Articles of Association, directors may be removed by ordinary resolution.
Transactions
with Interested Shareholders
The
Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an "interested shareholder" for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination
or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware
corporation to negotiate the terms of any acquisition transaction with the target's board of directors.
Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business
combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders,
it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate
purpose and not with the effect of constituting a fraud on the minority shareholders.
Dissolution;
Winding Up
Under
the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors
may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to
include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.
Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution
of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has
authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable
to do so.
Under
the Companies Act of the Cayman Islands and our Articles of Association, our company may be dissolved, liquidated or wound up by the
vote of holders of two-thirds of our shares voting at a meeting.
Variation
of Rights of Shares
Under
the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our Articles of Association,
if our share capital is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction
of a special resolution passed at a general meeting of the holders of the shares of that class.
Amendment
of Governing Documents
Under
the Delaware General Corporation Act, a corporation's governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law,
our Amended Memorandum and Articles of Association may only be amended by special resolution.
92
Rights
of Non-Resident or Foreign Shareholders
There
are no limitations imposed by our Amended Memorandum and Articles of Association on the rights of non-resident or foreign shareholders
to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended Memorandum and Articles of Association
governing the ownership threshold above which shareholder ownership must be disclosed.
Directors'
Power to Issue Shares
Subject
to applicable law, our board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred,
deferred, qualified or other special rights or restrictions.
Material
Contracts
Our
other material contracts, other than those entered into in the ordinary course of business, are described in Item 4 and Item 6, or elsewhere
in this Annual Report.
Dividends
and Dividend Policy
No
dividends have been declared or paid by the companies comprising our Group for the year ended December 31, 2023.
We
have adopted a dividend policy, according to which our board of directors shall take into account, among other things, the following
factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b)
cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim
dividend paid, if any; (g) capital requirement and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions;
(j) any restrictions on payment of dividends; and (k) any other factors that our board may consider relevant. The payment of dividends,
in certain circumstances is also subject to the approval of our Shareholders, the Cayman Islands Companies Act and our Articles of Association
as well as any other applicable laws. Currently, we do not have any predetermined dividend distribution ratio.
Even
if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings,
capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors
may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries
to pay dividends on our Ordinary Shares.
Exchange
Controls
There
are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation
of our significant subsidiaries that would affect the payment or remittance of dividends.
Taxation
The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our Ordinary Shares by U.S. Holders (as defined below) that hold our Ordinary Shares as "capital assets" (generally, property
held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based
upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive
effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion
does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their
specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks),
cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of
accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and
tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly,
or constructively) 10% or more of our stock (by vote or value), investors that will hold their Ordinary Shares as part of a straddle,
hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders
that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those
summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such
as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net
investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United
States income and other tax considerations of an investment in our Ordinary Shares.
93
General
For
purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for United States federal
income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated
as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any
state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal
income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of
a United States court and which has one or more United States persons who have the authority to control all substantial decisions of
the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.
If
a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial
owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner
as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in
such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment
in our Ordinary Shares.
Dividends
The
entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld
therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings
and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year
received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings
and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent
of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Ordinary Shares with respect to which
the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information
necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be
unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution
as a "dividend" for United States federal income tax purposes.
Any
dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will
generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder
may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes
imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not
elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes,
in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes.
The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability
of the foreign tax credit under their particular circumstances.
94
Dividends
paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a
spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign
currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income
tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the
date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the
foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign
currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the
foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources
within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the
treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars
on a date subsequent to receipt.
Sale
or Other Disposition of Ordinary Shares
A
U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Ordinary Shares, in an amount equal to
the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes,
in such Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the
Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign
tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who
are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on
a disposition of our Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.
A
U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of our Ordinary Shares will
realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary
Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date).
An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize
foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange
rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency
received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition
or conversion of the currency will be United States source ordinary income or loss.
Passive
Foreign Investment Company Considerations
For
United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive
foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our
gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally
determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon
our current and expected income and assets, including goodwill, and taking into account the market price of our Ordinary Shares, we do
not expect to be a PFIC for the current taxable year or the foreseeable future.
However,
while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or
will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification
of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current
or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and
other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition
of our income and assets may also be affected by how, and how quickly, we use our liquid assets. It is also possible that the Internal
Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs
(a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming
a PFIC for the current or future taxable years.
95
If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution
that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than
125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period
for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge,
of Ordinary Shares. Under the PFIC rules:
●
such
    excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;
●
such
    amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable
    year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;
●
such
    amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
    applicable to the U.S. Holder for that year; and
●
an
    interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year,
    other than a pre-PFIC year.
If
we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and we own any equity in a non-United States
entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the
shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors
regarding the application of the PFIC rules to any of the entities in which we may own equity.
As
an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with
respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly
traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines
is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value.
Our Ordinary Shares have been approved for listing on Nasdaq under the symbol JCSE. However, we cannot guarantee that, once listed, our
Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors
as to whether the Ordinary Shares are considered marketable for these purposes.
If
an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary
income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the
taxable year over its adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted
tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end
of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.
The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the
mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized
upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss,
but only to the extent of the net amount previously included in income as a result of the mark-to-market election.
If
a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not
be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.
Because
a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market
election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's
indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.
If
a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an
annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder
if we are or become a PFIC, including the possibility of making a mark-to-market election.
96
Documents
on Display
You
may read and copy documents referred to in this Annual Report on Form 20-F that have been filed with the SEC at the SEC's Public
Reference Room, 450 Fifth Street, N.W., Washington, D.C. You may obtain information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. You can also obtain copies of our SEC filings by going to the SEC's website at http://www.sec.gov.
The
SEC allows us to "incorporate by reference" the information we file with the SEC. This means that we can disclose important
information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered
to be part of this Annual Report on Form 20-F.
Item
11. Quantitative and Qualitative Disclosures About Market Risk
Interest
Rate Risk
The
Company is currently not subject to significant interest rate risk due to its lack of outstanding loans or large deposit accounts.
Foreign
Currency Exchange Rates
Our
business is exposed to certain foreign currency exchange risks as our reporting currency is Singapore dollars and our overseas sales
and procurement were denominated in United States dollars during the years ended December 31, 2021, 2022 and 2023. To the extent that
our Group's sales and purchases and operating costs are not denominated in the same currency and to the extent that there are timing
differences between invoicing and payment from our customers and to our suppliers, we may be exposed to foreign currency exchange gains
or losses arising from transactions in currencies other than our reporting currency.
Item
12. Description of Securities Other Than Equity Securities
Not
applicable
PART
II
Item
13. Defaults, Dividend Arrearages and Delinquencies
None.
Item
14. Material Modifications to the Rights of Security Holders and Use of Proceeds
None.
Item
15. Controls and Procedures
Our
management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e)
and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports
that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer
or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
97
As
of the end of the period covered by this Annual Report, our Chief Executive Officer and Principal Accounting Officer (the "Certifying
Officer"), conducted an evaluation of our disclosure controls and procedures. Based on this evaluation, the Certifying Officer
has concluded that our disclosure controls and procedures were effective to ensure that material information is recorded, processed,
summarized and reported by our management on a timely basis in order to comply with our disclosure obligations under the Exchange Act
and the rules and regulations promulgated thereunder.
Management's
Report on Internal Control over Financial Reporting
Management
is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)).
The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the
Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December
31, 2023 using the criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring
Organizations of the Treadway Commission ("COSO").
A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented
or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of December 31,
2023, the Company determined that there were no control deficiencies that constituted material weaknesses.
Changes
in Internal Control over Financial Reporting
During
the period ended December 31, 2023, there was no change in the Company's internal control over financial reporting period covered
by this Annual Report that has materially affected, or is reasonably likely to materially affect, the Company's internal control
over financial reporting.
Item
16. Reserved
Item
16A. Audit Committee Financial Expert
Our
Board of Directors has determined that the Company has at least one audit committee financial expert serving on its audit committee.
Our board of directors has determined that each member of our audit committee is "independent" for audit committee purposes
as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters
to serve on the audit committee. Our board of directors has designated Ms. Khoo as an "audit committee financial expert,"
as defined under the applicable rules of the SEC.
Item
16B. Code of Ethics
Our
Board of Directors has adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including
our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions.
A current copy of this code is posted on the Corporate Governance section of our website, which is located at http://www.jecleantech.sg.
The information on our website is deemed not to be incorporated in or to be a part of this Annual Report. We intend to disclose any amendments
to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior
finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules
of Nasdaq.
98
Item
16C. Principal Accountant Fees and Services
Audit
Fees
The
following are the fees billed to us by our auditors during the years ended December 31, 2022 and 2023:
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
Audit Fees
US$
100,000
US$
128,000
Audit Related Fees
-
-
Tax Fees
-
-
All Other Fees
-
-
Total
US$
100,000
US$
128,000
Audit
Fees
consist of the aggregate fees billed for professional services rendered for the audit of our annual financial statements and
the reviews of the financial statements included in our Forms 6-K and for any other services that were normally provided by our independent
auditor in connection with our statutory and regulatory filings or engagements.
Audit
Related Fees
consist of the aggregate fees billed for professional services rendered for assurance and related services that were
reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit Fees.
Tax
Fees
consist of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning. Included
in such Tax Fees are fees for preparation of our tax returns and consultancy and advice on other tax planning matters.
All
Other Fees
consist of the aggregate fees billed for products and services provided by our independent auditor and not otherwise included
in Audit Fees, Audit Related Fees or Tax Fees. Included in such Other Fees would be fees for services rendered by our independent auditor
in connection with any private and public offerings conducted during such periods.
Item
16D. Exemptions from the Listing Standards for Audit Committees
As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards. However, our audit committee is required to comply
with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on Nasdaq. Therefore, we have a fully
independent audit committee in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our
audit committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including
the requirements to have a minimum of three members and to affirmatively determine that all members are "independent," using
more stringent criteria than those applicable to us as a foreign private issuer.
Item
16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None
Item
16F. Changes in Registrant's Certifying Accountants
Not
applicable
Item
16G. Corporate Governance
Not
applicable
99
Item
16H. Mine Safety Disclosure
Not
applicable
Item
16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not
Applicable
Item
16J. Insider Trading Policies
The
Company has adopted an insider trading policy governing the purchase, sale and other dispositions of its securities by directors, senior
management and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations
and the listing standards of the Nasdaq Capital Market.
Item
16K. Cybersecurity
The
Company has adopted a cybersecurity risk policy governing the establishment and application of certain procedures and safeguards to identify
potential cybersecurity risks and, in the event of a cybersecurity breach, the protocol for disclosing to the Securities and Exchange
Commission, including possible remedies. We review cybersecurity risk as part of our overall risk-management program. This ensures that
cybersecurity risk management remains a meaningful priority in our business strategy and operations. Our risk management strategy for
cybersecurity generally includes:
1.
Identification
:
                                            We aim to proactively identify the manners in which our business could be materially impacted
                                            by cybersecurity risks.
2.
Assessment
:
                                            We periodically assess our risks relating to cybersecurity threats, including risks relating
                                            to our reliance on third parties. In so doing, we consider the likelihood and impact that
                                            could result from the manifesting of such risks, together with the sufficiency of existing
                                            policies, procedures, systems, and safeguards in place to manage such risks.
3.
Management
:
                                            If deemed appropriate, we design and implement reasonable safeguards to address any identified
                                            gaps in our existing processes and procedures.
We
presently do not engage third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity practices.
The Company did not have any material cybersecurity breaches during the year ended December 31, 2023.
Our
criteria for determining the materiality of cybersecurity incidents includes assessing potential or actual financial impacts, reputational
damage, and operational disruptions. In the event of a cybersecurity incident, all material and known facts would be recorded, including
their nature, scope, and financial implications; and Form 6-K filings required in relation to any material cybersecurity incident would
be prepared and timely filed (with any reasons for delayed disclosures being documented in writing). The Company believes these steps
will help ensure compliance with SEC requirements and maintain overall stakeholder confidence in the Company.
The
Audit Committee of our Board of Directors is the governance body involved in, and ultimately responsible for, cybersecurity oversight.
They will generally coordinate with our Chief Financial Officer in this regard. If needed, the full Board would be updated on cybersecurity
risks and incidents. None of our directors on the Audit Committee nor our Chief Financial Officer have particular experience in cybersecurity
matters.
In
the event of a cybersecurity concern or event, our incident response approach would have our Chief Financial Officer report to our Audit
Committee and full Board of Directors, as well as legal counsel.
100
PART
III
Item
17. Financial Statements
Not
applicable
Item
18. Financial Statements
The
following Financial Statements are filed as part of this Annual Report:
Contents
Pages
Report
    of Independent Registered Public Accounting Firm PCAOB ID No 1171, WWC, P.C, San Mateo, California
F-1
Consolidated
    Balance Sheets as of December 31, 2022 and 2023
F-2
Consolidated
    Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2022 and 2023
F-3
Consolidated
    Statements of Changes in Stockholders' Equity for the years ended December 31, 2022 and 2023
F-4
Consolidated
    Statements of Cash Flows for the years ended December 31, 2022 and 2023
F-5
Notes
    to Consolidated Financial Statements
F-6
    to F-23
101
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To:
The
    Board of Directors and Shareholders of
JE
    Cleantech Holdings Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of JE Cleantech Holdings Limited and its subsidiaries (collectively the "Company")
as of December 31, 2022 and 2023, and the related consolidated statements of income and comprehensive income (loss), changes in
shareholders' equity, and cash flows in each of the years for the three-year period ended December 31, 2023, and the related notes
(collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2022 and 2023, and the results of its operations and its cash flows in
each of the years for the three-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the
United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/
WWC, P.C.
Certified
    Public Accountants
PCAOB
    ID No.
1171
We
    have served as the Company's auditor since 2021.
San
                                            Mateo, California
April
     30, 2024
F-
1
JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Amount
in thousands, except for share and per share data, or otherwise noted)
As of December 31,
2022
2023
2023
SGD'000
SGD'000
US$'000
(Note 2(e))
Assets
Current assets:
Cash and cash equivalents
6,561
5,089
3,858
Accounts receivable, net
5,635
4,775
3,619
Prepaid expenses and other current assets, net
2,248
2,366
1,793
Deferred financing costs
-
356
270
Inventory
11,892
14,073
10,667
Total current assets
26,336
26,659
20,207
Financial instrument
245
245
186
Property, plant and equipment, net
8,818
8,515
6,454
Deferred tax assets, net
66
74
56
Total non-current assets
9,129
8,834
6,696
TOTAL ASSETS
35,465
35,493
26,903
Liabilities
Current liabilities:
Bank loans - current
5,457
4,241
3,215
Lease payable - current
280
300
227
Accounts payable, accruals, and other current liabilities
2,664
2,085
1,580
Warranty liabilities
22
22
17
Income taxes payable
319
149
113
Contract liabilities
4,319
6,960
5,276
Loan from controlling shareholder
741
-
-
Total current liabilities
13,802
13,757
10,428
Bank loans – non-current
3,976
3,740
2,835
Lease payable – non-current
1,406
1,283
973
Total non-current liabilities
5,382
5,023
3,808
TOTAL LIABILITIES
19,184
18,780
14,236
Commitments and contingencies
-
-
-
Shareholders' equity
Ordinary shares US$
0.003
par value per share;
33,333,333
authorized as of December 31, 2022 and 2023;
5,006,666
shares issued and outstanding as of December 31, 2022 and 2023
*
20
20
15
Additional paid-in capital
15,686
15,686
11,890
Treasury shares (
9,952
acquired as of December 31, 2023)
-
(
18
)
(
14
)
Retained earnings
607
1,126
853
Accumulated other comprehensive loss
(
32
)
(
101
)
(
77
)
Total shareholders' equity
16,281
16,713
12,667
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
35,465
35,493
26,903
*
Giving
                                            retroactive effect to the reverse share split effected which are detailed in Note 15 to the
                                            consolidated financial statements
The
accompanying notes are an integral part of these consolidated financial statements.
F-
2
JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(Amount
in thousands, except for share and per share data, or otherwise noted)
For the financial years ended December
    31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
US$'000
(Note 2 (e))
Revenues
14,764
18,631
18,032
13,668
Cost of revenues
(
12,416
)
(
13,503
)
(
13,666
)
(
10,359
)
Gross profit
2,348
5,128
4,366
3,309
Operating expenses:
Selling and marketing expenses
(
22
)
(
27
)
(
53
)
(
40
)
General and administrative expenses
(
2,267
)
(
3,337
)
(
3,303
)
(
2,504
)
Total operating expenses
(
2,289
)
(
3,364
)
(
3,356
)
(
2,544
)
Income from operations
59
1,764
1,010
765
Other income (loss):
Other income
707
542
728
552
Interest expense
(
217
)
(
336
)
(
511
)
(
387
)
Other expense
(
550
)
(
545
)
(
597
)
(
453
)
Change in fair value in financial instrument
3
2
-
-
Total other loss
(
57
)
(
337
)
(
380
)
(
288
)
Income before tax expense
2
1,427
630
477
Income tax expense
-
(
235
)
(
111
)
(
84
)
Net income
2
1,192
519
393
Other comprehensive income
Foreign currency translation gain/ (loss), net
(
24
)
2
(
69
)
(
52
)
Total comprehensive income (loss)
(
22
)
1,194
450
341
Net income per share attributable to ordinary shareholders
Basic and diluted *
0.00
0.25
0.10
0.08
Weighted average number of ordinary shares used in computing net income per share
Basic and diluted *
4,000,000
4,697,772
5,006,666
5,006,666
*
Giving retroactive effect to the reverse share split effected which are detailed in Note 15 to the consolidated financial statements
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Amount
in thousands, except for share and per share data, or otherwise noted)
Ordinary Shares
Treasury Shares
Accumulated
No. of shares *
Amount
Additional paid-in capital
No. of shares
Treasury shares
Other Comprehensive loss
Retained earnings/(deficit)
Total
stockholders' equity
SGD'000
SGD'000
SGD'000
SGD'000
SGD'000
SGD'000
Balance as of January 1, 2021
4,000,000
16
3,626
-
-
(
10
)
2,313
5,945
Net income
-
-
-
-
-
-
2
2
Foreign currency translation adjustment
-
-
-
-
-
(
24
)
-
(
24
)
Dividend declared and paid
-
-
-
-
-
-
(
2,900
)
(
2,900
)
Balance as of December 31, 2021
4,000,000
16
3,626
-
-
(
34
)
(
585
)
3,023
Net income
-
-
-
-
-
-
1,192
1,192
Foreign currency translation adjustment
-
-
-
-
-
2
-
2
Issue of new shares
1,006,666
4
12,060
-
-
-
-
12,064
Balance as of December 31, 2022
5,006,666
20
15,686
-
-
(
32
)
607
16,281
Net income
-
-
-
-
-
-
519
519
Foreign currency translation adjustment
-
-
-
-
-
(
69
)
-
(
69
)
Acquisition of treasury shares
-
-
-
(
9,952
)
(
18
)
-
-
(
18
)
Balance as of December 31, 2023
5,006,666
20
15,686
(
9,952
)
(
18
)
(
101
)
1,126
16,713
Balance as of December 31, 2023 (US$)
5,006,666
15
11,890
(
9,952
)
(
14
)
(
77
)
853
12,667
*
Giving retroactive effect to the reverse share split effected which are detailed in Note 15 to the consolidated
financial statements
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amount
in thousands, except for share and per share data, or otherwise noted)
For the financial years ended December
    31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
US$'000
(Note 2 (e))
Net income
2
1,192
519
393
Adjustment:
Depreciation and amortization
614
672
702
532
(Gain)/Loss on disposal of property, plant and equipment
(
71
)
36
-
-
Reversal of allowance for expected credit losses
(
49
)
-
(
11
)
(
8
)
Change in fair value of financial instruments
(
3
)
(
2
)
-
-
Changes in operating assets:
Increase in inventories
(
1,177
)
(
9,335
)
(
2,181
)
(
1,653
)
Decrease/(increase) of accounts receivable
5,537
(
2,495
)
753
571
Increase/(decrease) of accounts payable, accruals and other current liabilities
(
1,480
)
374
(
757
)
(
573
)
Increase of contract liabilities
-
4,319
2,641
2,002
Repayment of lease liabilities
-
-
(
291
)
(
220
)
Cash provided by/(used in) operating activities
3,373
(
5,239
)
1,375
1,044
Proceeds from disposal of property, plant and equipment
71
20
-
-
Purchase of property, plant and equipment
(
788
)
(
817
)
(
211
)
(
160
)
Cash used in investing activities
(
717
)
(
797
)
(
211
)
(
160
)
Proceeds from bank loans
1,750
-
250
189
Net proceeds from/(repayment of) controlling shareholder loan
1,523
(
782
)
(
741
)
(
562
)
Repayment of bank loans
(
2,094
)
(
312
)
(
1,702
)
(
1,290
)
Dividends paid
(
2,900
)
-
-
-
Proceeds from issuance of shares
-
14,931
-
-
Acquisition of treasury shares
-
-
(
18
)
(
14
)
Placement of escrowed funds with escrow agent
-
(
804
)
-
-
Payment of deferred financing costs
(
361
)
(
1,546
)
(
356
)
(
270
)
Cash (used in)/provided by financing activities
(
2,082
)
11,487
(
2,567
)
(
1,947
)
Foreign currency effect
(
16
)
2
(
69
)
(
52
)
Net change in cash and cash equivalents
558
5,453
(
1,472
)
(
1,115
)
Cash and cash equivalents as of beginning of the year
550
1,108
6,561
4,973
Cash and cash equivalents as of the end of the year
1,108
6,561
5,089
3,858
Net decrease in cash
558
5,453
(
1,472
)
(
1,115
)
Supplementary Cash Flows Information
Cash paid for interest
217
317
511
387
Cash paid for taxes
531
-
289
219
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
JE
CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES
TO FINANCIAL STATEMENTS
1.
ORGANIZATION AND PRINCIPAL ACTIVITIES
On
January 29, 2019, JE Cleantech Holdings Limited (the "Company") was incorporated in the Cayman Islands, as an investment
holding company. The Company conducts its primary operations through its indirectly held wholly owned subsidiaries that are incorporated
and domiciled in Singapore, namely: 1.) by JCS-Echigo Pte. Ltd. ("JCS-Echigo") which is principally engaged in the manufacture
and sale of cleaning systems, related cleaning equipment, equipment parts and components, and 2.) Hygieia Warewashing Pte. Ltd. ("Hygieia")
which is principally engaged in the provision of centralized dishwashing and ancillary services. The Company holds JCS-Echigo via its
wholly owned subsidiary JE Cleantech International Ltd ("JEC International"), a company that is incorporated and domiciled
in the British Virgin Islands; Hygenia is a wholly owned subsidiary of the JCS-Echigo. JCS-Echigo wholly owns Evoluxe Pte. Ltd ("Evoluxe")
which is also incorporated and domiciled in Singapore, which, as of the date of the report, is dormant. The Company is headquartered
in Singapore and conducts its operations domestically.
The
Company and its subsidiaries are in the table as follows:
Percentage of effective ownership
December 31,
Name
Date of
Incorporation
2022
2023
Place
                                            of
incorporation
Principal
Activities
JE Cleantech Holdings Limited
January 29, 2019
-
-
Cayman Islands
Investment holding
JE Cleantech International Ltd
April 9, 2018
100
%
100
%
The British
Virgin Islands
Investment holding
JCS- Echigo Pte. Ltd.
November 25, 1999
100
%
100
%
Singapore
Manufacturing, selling and servicing of cleaning systems, component and parts
Hygieia Warewashing Ptd. Ltd.
December 29, 2010
100
%
100
%
Singapore
Provision of centralized dishware washing services and leasing of dishware washing equipment
Evoluxe Pte. Ltd
May 6, 2016
100
%
100
%
Singapore
Dormant
The
accompanying consolidated financial statements are presented assuming that the Company was an existence at the beginning of the
first period presented.
F-
6
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Basis of presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("US GAAP") and pursuant to the regulations of the Securities and Exchange Commission ("SEC").
(b)
Consolidation
The
consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions,
if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.
(c)
Use of estimates
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. GAAP requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during
the reporting period. The most significant estimates relate to allowance for uncollectible accounts receivable, inventory valuation and
fair value of financial instruments. Actual results could vary from the estimates and assumptions that were used.
(d)
Risks and uncertainties
The
main operations of the Company are located in Singapore. Accordingly, the Company's business, financial condition, and results
of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy
in Singapore. The Company's results may be adversely affected by changes in the political, regulatory and social conditions in
Singapore. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing
laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.
The
Company's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters,
extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company's
operations.
(e)
Foreign currency translation and transaction and Convenience translation
The
accompanying consolidated financial statements are presented in the Singaporean dollar ("SGD"), which is the reporting currency
of the Company. The functional currency of the Company and its subsidiary JEC International are the US$, respectively. JCS-Echigo, Hygieia,
and Evoluxe use the Singaporean dollar as their functional currencies.
Assets
and liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of
exchange prevailing at the balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations
and comprehensive loss as other comprehensive income or loss. Transactions in currencies other than the reporting currency are measured
and recorded in the reporting currency at the exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign
currency transactions is reflected in the consolidated statements of income and comprehensive income as other income (other expenses).
F-
7
The
value of foreign currencies including, the US Dollar, may fluctuate against the Singaporean Dollar. Any significant variations of the
aforementioned currencies relative to the Singaporean Dollar may materially affect the Company's financial condition in terms of
reporting in SGD. The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated
financial statements:
December 31,
2022
2023
SGD to US$ Year End
0.7460
0.7580
SGD to US$ Average Rate
0.7259
0.7447
Translations
of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from SGD
into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate
of US$
0.7580
= SGD
1
, as set forth in the statistical release of the Federal Reserve System on December 29, 2023.
(f)
Fair Value Measurement
Accounting
guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required
or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact,
and it considers assumptions that market participants would use when pricing the asset or liability.
Accounting
guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of
unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based
upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs
that may be used to measure fair value:
●
Level
    1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.
●
Level
    2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable
    for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical
    asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations
    in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
●
Level
    3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the
    measurement of the fair value of the assets or liabilities.
Cash
and cash equivalents, accounts receivable, other current assets, financial instruments, bank loans, leases, accounts payables and accruals
are financial assets and liabilities. Cash and cash equivalents, accounts receivables, prepaid expenses and other currents, accounts
payables and accruals, warranty liabilities, and contract liabilities are subject to fair value measurement; however, because of their
being short term in nature management believes their carrying values approximate their fair value. Financial instruments are fair value
financial assets that are marked to fair value and are accounted for under as Level 3 under the above hierarchy. The Company accounts
for bank loans and leases at amortized cost and has elected not to account for them under the fair value hierarchy.
F-
8
(g)
Related parties
We
adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions
(h)
Cash and cash equivalents
Cash
and cash equivalents consist of cash on hand, the Company's demand deposit placed with financial institutions, which have original
maturities of less than three months and unrestricted as to withdrawal and use.
(i)
Restricted cash
Restricted
cash are bank deposits that are pledge to the bank as security for outstanding loans and bank borrowings. The carrying amount for restricted
cash was
Nil
as of December 31, 2022 and 2023, respectively.
(j)
Accounts Receivable, net
Accounts
receivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected
credit loss is estimated based upon the Company's assessment of various factors including historical experience, the age of the
accounts receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative
factors that may affect the Company's customers' ability to pay. An allowance is also made when there is objective evidence
for the Company to reasonably estimate the amount of probable loss.
(k)
Prepaid expenses and other current assets,
net
Prepaid expenses and other current asset, net mainly represents advances made to suppliers and prepaid of operating expenses.
(l)
Inventories
Inventories
are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle, and
includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them
to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of production overheads based on normal operating capacity.
(m)
Property, plant and equipment, net
Property,
plant and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis
over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the
asset into its intended use. Estimated useful lives are as follows:
Category
Estimated
    useful lives
Land
    use right
Over
    the lease term
Leasehold
    buildings
30
years
Plant
    and machinery
5
to
10
years
Equipment,
    furniture and fittings
1
-
5
years
Expenditure
for repair and maintenance costs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred,
whereas the expenditure for major renewals and betterment that substantially extends the useful lives of property and equipment are capitalized
as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation
and impairment with any resulting gain or loss recognized in the consolidated statements of income.
F-
9
(n)
Impairment of long-lived assets
The
Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of
an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the
long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition.
If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment
loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows.
No
impairment
of long-lived assets was recognized as of December 31, 2022 and 2023.
(o)
Contract liabilities
A
contract liability is recognized when the customer pays non-refundable consideration before the Company recognizes the related revenue.
A contract liability would also be recognized if the Company has an unconditional right to receive nonrefundable considerations before
the Company recognizes the related revenue. In such cases, a corresponding receivable would also be recognized.
(p)
Commitments and contingencies
In
the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal
proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax
matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable
estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including
historical and the specific facts and circumstances of each matter.
(q)
Treasury shares
Share
repurchases are accounted for under ASC 505-30, which requires them be recorded and shown separately as a reduction to shareholders'
equity.
(r)
Revenue recognition
The
Company currently generates its revenue from the following main sources:
Revenue
from goods sold and services provided
Revenue
from sales of goods and services in the ordinary course of business is recognized when the Company satisfies a performance obligation
(''PO'') by transferring control of a promised good or service to the customer. The amount of revenue recognized
is the amount of the transaction price allocated to the satisfied PO.
The
transaction price is allocated to each PO in the contract on the basis of the relative stand-alone selling prices of the promised goods
or services. The individual standalone selling price of a good or service that has not previously been sold on a stand-alone basis, or
has a highly variable selling price, is determined based on the residual portion of the transaction price after allocating the transaction
price to goods and/or services with observable stand-alone selling price. A discount or variable consideration is allocated to one or
more, but not all, of the performance obligations if it relates specifically to those performance obligations.
Transaction
price is the amount of consideration in the contract to which the Company expects to be entitled in exchange for transferring the promised
goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a
significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive
a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in
the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when
the uncertainty associated with the variable consideration is resolved.
Revenue
may be recognized at a point in time or over time following the timing of satisfaction of the PO. If a PO is satisfied over time, revenue
is recognized based on the percentage of completion reflecting the progress towards complete satisfaction of that PO. Typically, POs
for products where the process is described as below, the PO is satisfied at point in time. POs for services are more typically satisfied
over time such as in the contracts for provision of centralised dishware washing and general cleaning service where the Company delivers
service daily over the course of a month, and the Company will recognize revenue and charge the client on a monthly basis.
F-
10
For
the sales of sterilization and cleaning systems, related cleaning equipment, equipment parts and components, the Company typically receives
purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered,
terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in
order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at their location
at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer
acceptance indicating receipts of the products. The Company also bundles the delivery of the products and installation/commission services
to their customers in a single contract that are not distinct within the context of the contract, the performance obligation is satisfied
at a point in time upon completion of the installation services and is accepted by customer. The Company includes a warranty on its product
for one year from the point of delivery and acceptance. The warranty is antecedent to the performance obligation set forth above; however,
management develops an estimate of future warranty costs and accrues that amount to cost of sales in the period that revenue is recognized
to the Company's consolidated statements of income and the corresponding amount to the warrant liabilities on the Company's
consolidated balance sheets. Details on the changes in the warranty liabilities can be found in Note 11 below. Typical payment terms
set forth in the purchase order ranges from 30 to 90 days from the date of delivery. The amount of revenue recognized from contract liabilities
to the Company's result of operations can be found in Note 12 below.
Revenue
from rental of dishware washing machines
In
accordance with ASC 842 Lease Topics. The Company accounts for the rental of dishware washing machines as direct finance leases where,
lease income from the prospective of lessor is recognized to the Company's statement of income straight-line basis over the term
of the lease once management has determined that the lease payments are reasonably expected to be collected. The performance obligation
under these leasing arrangements is to deliver the unit to the customer at their location and ensure that the equipment is ready for
use, and to ensure that the equipment is available for use over the life of the lease contract.
(s)
Cost of revenue
Cost
of revenue mainly consists of raw material costs, labor costs, sub-contracting costs and production overhead.
(t)
Selling and marketing expenses
Selling
expenses mainly consists of promotion and marketing expenses and transportation expenses. The Company does not carry any capitalized
contract acquisition costs that would be amortized to its results of operations over time, and potential expenses related to customer
and contract acquisitions costs if any are accounted for as periodic costs.
(u)
General and administrative expenses
General
and administrative expenses mainly consist of staff cost, depreciation, office supplies and upkeep expenses, travelling and entertainment,
legal and professional fees, property and related expenses, other miscellaneous administrative expenses.
F-
11
(v)
Operating leases
The
Company adopted ASC 842 on January 1, 2019. The Company determines if an arrangement is a lease at inception. Operating leases are included
in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in
the Company's consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease
term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU
assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining
the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that
option, if any. As the Company's leases do not provide an implicit rate, the Company used an incremental borrowing rate based on
the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the
following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and
does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements;
and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1,
2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and
(c) initial direct costs.
(w)
Income taxes
The
Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective
tax bases.
Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets
to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
The
provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This
interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred
income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.
The
Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line
of its consolidated statements of income for the years ended December 31, 2021, 2022 and 2023, respectively. The Company does not expect
that its assessment regarding unrecognized tax positions will materially change over the next 12 months.
(x)
Earnings per share
Basic
earnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary
shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other
contracts to issue ordinary shares were exercised or converted into ordinary shares.
(y)
Recent accounting pronouncements
The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company's audited consolidated balance sheets, statements of income and comprehensive income and statements of cash
flows.
F-
12
3.
ACCOUNTS RECEIVABLE, NET
Accounts
receivable, net, consists of the following:
December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
Accounts receivable
5,669
4,798
3,637
Less: allowance for expected credit losses
(
34
)
(
23
)
(
18
)
Accounts receivable, net
5,635
4,775
3,619
The
movements in the allowance for expected credit losses for the years ended December 31,  2022 and 2023 were as follows:
2022
2023
2023
SGD'000
SGD'000
USD'000
Balance at beginning of the year
34
34
26
Additions
-
-
-
Reversal
-
(
11
)
(
8
)
Balance at end of the year
34
23
18
As
of the end of each of the financial year, the ageing analysis of accounts receivable, net of allowance for expected credit losses, based
on the invoice date is as follows:
December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
Within 30 days
3,094
3,923
2,974
Between 31 and 60 days
1,683
758
575
Between 61 and 90 days
270
38
29
More than 90 days
588
56
41
Accounts receivable, net
5,635
4,775
3,619
4.
INVENTORY
December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
Raw materials
9,065
10,136
7,683
Work-in-progress
2,078
3,062
2,321
Finished goods
749
875
663
Total inventory
11,892
14,073
10,667
5.
FINANCIAL INSTRUMENT
The
Financial instrument is key management insurance policy. The fair value of the key management insurance policy is determined by reference
to the surrender cash value of the insurance policy at the end of each of the reporting period, which is primarily based on the performance
of the underlying investment portfolio together with the guaranteed minimum returns of
1.5
% per annum. The fair value measurement of
the key management insurance contract has been categorized as a Level 3 fair value based on the inputs to the valuation technique used
and is positively correlated to the surrender cash value that is valued by the policy underwriter at the end of each reporting period.
There is no change in both valuation approach and valuation technique. The financial instrument is pledged with a bank to secure bank
loans (Note 9).
F-
13
The
following table shows a reconciliation from the opening balances to the ending balances for Level 3 fair value:
2022
2023
2023
SGD'000
SGD'000
USD'000
As of January 1,
243
245
186
Change in fair value recognized in profit or loss
2
-
-
As of December 31,
245
245
186
6.
PROPERTY, PLANT AND EQUIPMENT, NET
Property,
plant and equipment, net, consists of the following:
December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
Leasehold buildings
7,523
7,523
5,702
Right-of-use assets
2,603
2,592
1,965
Plant and machinery
5,707
4,535
3,438
Furniture and fittings
3,147
2,724
2,065
Subtotal
18,980
17,374
13,170
Less: accumulated depreciation
(
10,162
)
(
8,859
)
(
6,716
)
Property, plant and equipment, net
8,818
8,515
6,454
Depreciation
expense was approximately SGD
672
thousand
and SGD
702
thousand
(US$
532
thousand) for the years ended December 31, 2022 and 2023 respectively.
Leasehold
buildings are pledged with a bank to secure bank loans (Note 9).
7.
RIGHT-OF-USE ("ROU") ASSETS AND LEASE PAYABLE
The
right-of-use assets relate to leases of industrial lands in Singapore, certain plant and machinery, furniture and fittings and motor
vehicles under a number of leases.
The
Company recognized operating lease ROU assets and lease liabilities as follows:
December 31, 2022
December 31, 2023
December 31, 2023
SGD'000
SGD'000
USD'000
Operating lease ROU asset
1,448
1,843
1,397
December 31, 2022
December 31, 2023
December 31, 2023
SGD'000
SGD'000
USD'000
Operating lease liabilities
Current portion
280
300
227
Non-current portion
1,406
1,283
973
Total
1,686
1,583
1,200
The
operating lease ROU asset with carrying amount of SGD
676
thousand
and SGD
804
thousand
(US$
609
thousand) are pledged with a bank to secure bank loans (Note 9) as of December 31, 2022 and 2023 respectively.
F-
14
As
of December 31, 2023, future minimum lease payments under the non-cancelable operating leases are as follows:
Future payment
SGD'000
USD'000
2024
300
227
2025
294
223
2026
232
176
2027
91
69
2028
28
21
Thereafter
638
484
Total
1,583
1,200
The
following summarizes other supplemental information about the Company's operating lease as of December 31, 2023:
Weighted average discount rate
4.45
%
Weighted average remaining lease term (years)
12
8.
DEFERRED FINANCING COSTS
The
Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A —
"Expenses of Offering". Deferred offering costs consist of underwriting, legal and other expenses incurred through the
balance sheet date that are directly related to the intended IPO. Deferred offering costs will be charged to shareholders'
equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses
to be incurred, will be charged to operations. As of December 31, 2022, deferred offering costs has been offset against the offering
proceeds at the closing of the IPO. As of December 31, 2023, the Company capitalized SGD
356
thousand
(US$
270
thousand) of deferred offering costs relating to an offering exercise.
9.
BANK LOANS
The
bank loans as of December 31, 2022 and 2023 are set out below:
Bank loans
Currency
Period
Interest rate
Third Party guarantee
Directors'
Personal
guarantee
Carrying amount
SGD'000
Secured floating rate bank loans
SGD
2022 - 2028
SIBOR+
1.25
% to +
1.5
%
NIL
9,269
US$
2029
London Inter Bank Offer Rate +
1.25
%
NIL
164
Balance as of December 31, 2022
3,430
9,433
Secured floating rate bank loans
SGD
2023 - 2028
SIBOR+
1.25
% to +
1.5
%
NIL
7,841
US$
2029
London Inter Bank Offer Rate +
1.25
%
NIL
140
Balance as of December 31, 2023
3,430
7,981
Balance as of December 31, 2023 (US$)
2,600
6,050
Other
than directors' personal guarantee, the bank loans are secured by corporate guarantee provided the Company, financial instrument
(Note 5), leasehold buildings (Note 6) and operating lease ROU asset (Note 7).
F-
15
Bank loans
Carrying amount
Within 1 year
2024
2025
2026
2027
Thereafter
SGD'000
Secured floating rate bank loans
9,269
5,437
194
180
180
180
3,098
164
24
24
24
24
24
44
Balance as of December 31, 2022
9,433
5,461
218
204
204
204
3,142
Carrying amount
Within 1 year
2025
2026
2027
2028
Thereafter
SGD'000
Secured floating rate bank loans
7,841
4,218
180
180
180
180
2,903
140
23
23
23
23
23
25
Balance as of December 31, 2023
7,981
4,241
203
203
203
203
2,928
Balance as of December 31, 2023 (US$)
6,050
3,215
153
153
153
153
2,226
10.
ACCOUNTS PAYABLE, ACCRUALS AND OTHER CURRENT LIABILITIES
Account
payable, accrued expenses and other liabilities consists of the following:
December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
Accounts payable
1,781
1,396
1,058
Payroll payable
600
507
384
Payable to other services
228
29
22
Deposits
-
6
5
Others
55
147
111
Total
2,664
2,085
1,580
11.
WARRANTY LIABILITIES
December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
As of January 1,
22
22
17
Additional accrual
6
37
28
Utilized
(
6
)
(
37
)
(
28
)
As of December 31,
22
22
17
The
warranty for machines sold typically covers a 12-month period from the date on which the machines are delivered and accepted by the customers
.
The warrant liability is based on estimates made from historical warranty data associated with similar products and services. The Company
expects to make use of the accrued liability over the next operating period.
F-
16
12.
CONTRACT LIABILITIES
Contract
liabilities primarily relate to the advance consideration received from customers.
Movement
in contract liabilities:
2022
2023
2023
SGD'000
SGD'000
USD'000
As of January 1,
-
4,319
3,274
Decrease in contract liabilities as a result of recognizing revenue during the year that was included
    in the contract liabilities at the beginning of the year
-
(
140
)
(
106
)
Increase in contract liabilities as a result of receiving forward sales deposits
    and instalments during the year in respect of machines still under production
4,319
2,781
2,108
As of December 31,
4,319
6,960
5,276
13.
LOAN FROM CONTROLLING SHAREHOLDER
The
amount of loan from controlling shareholder is non-trade, unsecured, interest-free and repayable on demand. The amount has been fully
repaid by the Company during the year ended December 31, 2023.
14.
DEFERRED TAX ASSETS/ LIABILITIES
December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
Deferred tax assets
66
74
56
Deferred tax liabilities
-
-
-
66
74
56
Following
are the major deferred tax assets and liabilities recognized by the Company:
Property, plant and equipment
Provisions
Tax losses
Total
SGD'000
SGD'000
SGD'000
SGD'000
As of January 1, 2021
(
193
)
5
163
(
25
)
Recognized in statements of income
37
-
-
37
As of December 31, 2021
(
156
)
5
163
12
Recognized in statements of income
192
-
(
138
)
54
As of December 31, 2022
36
5
25
66
Recognized in statements of income
33
-
(
25
)
8
As of December 31, 2023
69
5
-
74
F-
17
15.
EQUITY
Common
shares
For
the sake of undertaking a public offering of the Company's ordinary shares, the Company has performed a series of re-organizing
transactions resulting in
12,000,000
shares of ordinary shares outstanding that have been retroactively restated to the beginning of
the first period presented. The Company only has one single class of ordinary shares that are accounted for as permanent equity.
On
April 22, 2022, the Company issued
3,020,000
ordinary shares pursuant to the initial public offering.
On
October 13, 2023, the authorized share capital of the Company was US$
100,000
divided into
100,000,000
shares with a par value of US$
0.001
per share and following the implementation of a
reverse
share split at a ratio of 1:3
, the authorized share capital of the Company will be US$
100,000
divided into
33,333,333
shares with a par value of US$
0.003
per share. The
Company
effected the reverse share split of all issued and outstanding shares of 15,020,000 shares at a ratio of 3:1
. As a result of
the reverse share split, the Company now have
5,006,666
common shares issued and outstanding as of the date hereof. Unless indicated or the context otherwise requires, all number of ordinary shares in this report has been retrospectively
adjusted for the reverse share split, as if such reverse share split occurred on the first day of the years presented.
Treasury
shares
During
the financial year ended December 31, 2023, the Company acquired
9,952
of its own shares at the total purchase consideration of SGD
18
thousand (US$
14
thousand).
16.
REVENUES BY PRODUCT AND GEOGRAPHY
For the years ended December 31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
USD'000
Sales of cleaning systems and other equipment
8,975
11,443
10,991
8,331
Provision of centralized dishware washing and general cleaning services
5,636
6,879
6,710
5,086
Leasing of dishware washing equipment
153
309
331
251
Revenue
14,764
18,631
18,032
13,668
The
following tables present summary information by product type for the years ended December 31, 2021, 2022 and 2023, respectively:
For the years ended December 31,
    2023
Cleaning Systems
Dishware Washing Services
Total
Total
SGD'000
SGD'000
SGD'000
US$'000
Revenue
10,991
7,041
18,032
13,668
Gross Profit
3,421
945
4,366
3,309
For the years ended December 31,
    2022
Cleaning Systems
Dishware Washing Services
Total
SGD'000
SGD'000
SGD'000
Revenue
11,443
7,188
18,631
Gross Profit
4,330
798
5,128
For the years ended December 31,
    2021
Cleaning Systems
Dishware Washing Services
Total
SGD'000
SGD'000
SGD'000
Revenue
8,975
5,789
14,764
Gross Profit
2,090
258
2,348
F-
18
In
the following table, revenue is disaggregated by the geographical locations of customers and by the timing of revenue recognition.
For the years ended December 31,
    2023
Cleaning Systems
Dishware Washing Services
Total
Total
SGD'000
SGD'000
SGD'000
US$'000
Geographical location:
Singapore
6,128
7,041
13,169
9,982
Malaysia
1,018
-
1,018
772
Other countries
3,845
-
3,845
2,914
Revenue
10,991
7,041
18,032
13,668
For the years ended December 31,
    2022
Cleaning Systems
Dishware Washing Services
Total
SGD'000
SGD'000
SGD'000
Geographical location:
Singapore
2,946
7,188
10,134
Malaysia
4,264
-
4,264
Other countries
4,233
-
4,233
Revenue
11,443
7,188
18,631
For the years ended December 31,
    2021
Cleaning Systems
Dishware Washing Services
Total
SGD'000
SGD'000
SGD'000
Geographical location:
Singapore
651
5,789
6,440
Malaysia
4,877
-
4,877
Other countries
3,447
-
3,447
Revenue
8,975
5,789
14,764
In
the following table, revenue is disaggregated by the timing of revenue recognition.
For the years ended December 31,
    2023
Cleaning Systems
Dishware Washing Services
Total
Total
SGD'000
SGD'000
SGD'000
US$'000
Timing of revenue recognition:
Point in time
10,991
-
10,991
8,331
Over time
-
7,041
7,041
5,337
Revenue
10,991
7,041
18,032
13,668
For the years ended December 31,
    2022
Cleaning
Systems
Dishware
Washing Services
Total
SGD'000
SGD'000
SGD'000
Timing of revenue recognition:
Point in time
11,443
-
11,443
Over time
-
7,188
7,188
Revenue
11,443
7,188
18,631
F-
19
For the years ended December 31,
    2021
Cleaning
Systems
Dishware
Washing Services
Total
SGD'000
SGD'000
SGD'000
Timing of revenue recognition:
Point in time
8,975
-
8,975
Over time
-
5,789
5,789
Revenue
8,975
5,789
14,764
17.
INCOME TAX EXPENSES
Caymans
and BVIs
The
Company and its subsidiary, JE Cleantech International Ltd. are domiciled in the Cayman Islands and the British Virgin Islands, respectively.
Both localities currently enjoy permanent income tax holidays; accordingly, the Company and JE Cleantech International Ltd. do not accrue
for income taxes.
Singapore
The
Company's subsidiary, JCS-Echigo Pte. Ltd. and Hygieia Warewashing Pte. Ltd are considered Singapore tax resident enterprises under
Singapore tax laws; accordingly, they are subject to enterprise income tax on their taxable income as determined under Singapore tax
laws and accounting standards at a statutory tax rate of
17
% (2022:
17
%).
The
income tax provision consists of the following components:
For the years ended December 31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
USD'000
Income tax:
Current year
-
289
99
75
Under provision of prior years
37
-
20
15
Current Income Tax Expense Benefit
37
289
119
9
0
Deferred tax:
Current year
(
37
)
(
61
)
(
47
)
(
36
)
Under provision of prior years
-
7
39
30
Deferred Income Tax Expense Benefit
(
37
)
(
54
)
(
8
)
(
6
)
Income Tax Expense (Benefit)
-
235
111
84
F-
20
The
income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of
17
% (2022:
17
%)
to profit before income tax as a result of the following differences:
For the years ended December 31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
USD'000
Income before tax expenses:
2
1,427
630
477
Tax at the domestic income tax rate
1
243
107
81
Tax effect of expenses that are not deductible in determining taxable profit
6
27
39
30
Under provision in prior years
37
7
12
9
Tax effect of non-taxable incomes
(
44
)
(
42
)
(
47
)
(
36
)
Income Tax Expense (Benefit)
-
235
111
84
As
of December 31, 2021, 2022 and 2023, the one of the Company's subsidiaries in Singapore, namely Hygieia Warewashing Pte Ltd had
net operating loss carryforwards of approximately SGD
751,000
, SGD
147,000
and
Nil
, respectively. As of December 31, 2021, 2022 and 2023,
deferred tax assets from the net operating loss carryforwards amounted to SGD
163,000
, SGD
25,000
and
Nil
, respectively, and the Company
has provided a valuation allowance as it has concluded that it is more likely than not that these net operating losses would not be utilized
in the future.
18.
RELATED PARTY TRANSACTIONS
On
September 24, 2021, prior to the reorganization and the Company's initial public offering, the Company declared a dividend of
SGD
2.9
million (approximately US$
2.1
million) payable in cash to its shareholders—JE Cleantech Global Limited, which is wholly-owned by Ms. Hong Bee Yin, the
Company's controlling shareholder, and Triple Business Limited. The dividend was subsequently paid in full. Of this amount,
SGD
2.5
million (approximately US$
1.9
million) was paid to JE Cleantech Global Limited and SGD
406,000
(approximately US$
0.3
million) was paid to Triple Business Limited. On October 5, 2021, the Company entered into a loan facility agreement with Ms. Hong
Bee Yin, the Company's controlling shareholder, for a revolving loan facility of up to SGD
1.4
million (approximately US$
1.1
million) for general working capital and general corporate purposes, including the payment of expenses related to the
Company's initiative to raise capital through an initial public offering and simultaneous listing of the Company's
ordinary shares on a globally recognized stock exchange. Ms. Hong and the Company entered into a subsequent revolving loan facility
on October 6, 2021 in the amount of SGD
1.0
million (approximately US$
0.7
million) to be used for the same purposes. The total amount of the revolving loan facility of approximately SGD
2.4
million
(approximately US$
1.8
million) from Ms. Hong Bee Yin, the Company's controlling shareholder, is non-trade, unsecured, interest-free and payable on
demand.
During
the financial years ended December 31, 2021 and 2022, an amount of SGD
1.5
million (approximately US$
1.2
million) and SGD
0.6
million (approximately US$
0.5
million), respectively, were drawn down from the original revolving loan facility made available by Ms. Hong Bee Yin to the Company
in 2021. In the financial year ended December 31, 2022 and 2023, the Company made a repayment of SGD
1.4
million (approximately US$
1.1
million) and SGD
0.7
million (approximately US$
0.6
million), respectively, to Ms. Hong Bee Yin. As of December 31, 2023, the amount of outstanding loan owed to Ms. Hong Bee Yin is
Nil
.
Other
than the above-mentioned disclosure, there were no other significant related party transactions conducted during the years ended December
31, 2021, 2022 and 2023.
F-
21
19.
CONCENTRATIONS AND RISKS
Concentrations
Financial
instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company
conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates
its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts
periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.
The
following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue:
For the financial years ended December
    31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
USD'000
Amount of the Company's revenue
Customer A
4,833
4,094
-
*
-
*
Customer B
3,188
3,902
3,495
2,649
Customer C
-
*
-
*
4,372
3,314
*
Revenue
    from relevant customer was less than 10% of the Company's total revenue for the respective year.
The
following table sets forth a summary of single customers who represent 10% or more of the Company's total accounts receivable:
As of December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
Amount of the Company's accounts receivable
Customer A
3,008
334
253
Customer B
853
624
473
Customer C
-
**
2,302
1,745
**
Account
    receivable from relevant customer was less than 10% of the Company's total accounts receivable for the respective year.
The
following table sets forth a summary of suppliers who represent 10% or more of the Company's total purchases:
For the financial years ended December
    31,
2021
2022
2023
2023
SGD'000
SGD'000
SGD'000
USD'000
Amount of the Company's purchase
Supplier A
551
-
#
-
#
-
#
Supplier B
507
-
#
-
#
-
#
Supplier C
-
#
-
#
1,574
1,193
Supplier D
-
#
-
#
1,172
888
Supplier E
-
#
-
#
1,103
836
#
Purchase
    from relevant supplier was less than 10% of the Company's total revenue for the respective year.
F-
22
The
following table sets forth a summary of single supplier who represent 10% or more of the Company's total accounts payable:
As of December 31,
2022
2023
2023
SGD'000
SGD'000
USD'000
Amount of the Company's accounts payable
Supplier A
-
##
-
##
-
##
Supplier B
501
-
##
-
##
Supplier C
-
##
141
107
##
Account
    payable from relevant supplier was less than 10% of the Company's total accounts payable for the respective year.
Credit
Risk
Credit
risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial
and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure
to credit risk is the carrying amounts of trade and other receivables (exclude prepayments) and cash and bank deposits presented on the
consolidated statements of financial position. The Company has no other financial assets which carry significant exposure to credit risk.
Liquidity
Risk
Liquidity
risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company's reputation.
Typically,
the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the
servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted,
such as natural disasters.
20.
COMMITMENTS AND CONTINGENCIES
Contingencies
In
the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and
a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable,
and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation
as of December 31, 2023 and through the issuance date of these consolidated financial statements.
21.
SUBSEQUENT EVENTS
The
Company has assessed all events from December 31, 2023 through April 30, 2024, which is the date that these consolidated financial
statements are available to be issued, there are not any material subsequent events that require disclosure in these consolidated financial
statements other than events detailed below.
F-
23
Item
19. Exhibits
Exhibit
List
Exhibit
    No.
Name
1.1
Amended
    and Restated Memorandum of Association of the Registrant (incorporated by reference to Exhibit 3.1 to the Company's Registration
    Statement on Form F-1 filed with the SEC on March 10, 2022).
1.2
Amended
    and Restated Articles of Association of the Registrant (incorporated by reference to Exhibit 3.2 to the Company's Registration
    Statement on Form F-1 filed with the SEC on March 10, 2022).
2.1
Description of Registered Securities*
4.1
Form
    of Directors' Agreement (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1
    filed with the SEC on March 10, 2022).
4.2
Form
    of Indemnification Agreement (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form F-1
    filed with the SEC on March 10, 2022).
4.3
Banking Facility from United Overseas Bank Limited to JCS-Echigo Pte Ltd (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).
4.4
Loan
    Facility Agreement between Hong Bee Yin and JE Cleantech Holdings Limited (incorporated by reference to Exhibit 10.4 to the Company's
    Registration Statement on Form F-1 filed with the SEC on March 10, 2022).
4.5
Audit
    Committee Charter (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form F-1 filed with
    the SEC on March 10, 2022).
4.6
Amended Audit Committee Charter*
4.7
Nomination
    Committee Charter (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form F-1 filed with
    the SEC on March 10, 2022).
4.8
Compensation
    Committee Charter (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form F-1 filed with
    the SEC on March 10, 2022).
4.9
Amended Compensation Committee Charter*
8.1
List of Subsidiaries of JE Cleantech Holdings Limited (incorporated by reference to Exhibit 21.1 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).
11.1
Code
    of Ethics of the Company (incorporated by reference to Exhibit 14 to the Company's Registration Statement on Form F-1 filed
    with the SEC on March 10, 2022).
11.2
Insider Trading Policy of JE Cleantech Holdings Limited*
12.1
Certification of Officer Pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
12.2
Certification of Officer Pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
13.1
Certification of Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
13.2
Certification of Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
97.1
Compensation Recovery Policy relating to recovery of erroneously awarded compensation as required by Nasdaq Capital Markets listing standard pursuant to 17 CFR 240.10D-1.*
101.
INS
Inline XBRL Instance Document
101.
SCH
Inline XBRL Taxonomy Extension Schema Document
101.
CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.
DEF
Inline XBRL Taxonomy Definition Linkbase Document
101.
LAM
Inline XBRL Taxonomy Extension Label Linkbase
101.
PRE
XBRL Taxonomy Extension Label Linkbase
104
Cover
    Page Interactive Data File (the cover page iXBRL tags are embedded within the Inline XBRL
*
Filed
    herewith
102
SIGNATURE
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.
JE
    CLEANTECH HOLDINGS LIMITED
Dated
    April 30, 2024
/s/
    HONG Bee Yin
HONG
    Bee Yin, Chief Executive Officer
and
    Director
Dated
    April 30, 2024
/s/
    LONG Jia Kwang
LONG
    Jia Kwang, Chief Financial Officer
103