MIRA INFORM REPORT

Report Date :

2^nd June 2006

IDENTIFICATION DETAILS

Name :	JAISREE IMPEX PTE LTD

Registered Office :	^{63 Robinson Road, #05-01 Afro Asia Building} ^{068894, Singapore}

Country :	^Singapore

Date of Incorporation :	^11/04/2001

Com. Reg. No.:	^200102422Z

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Exporters of Pulses like Black Matpe, Yellow Maize & Green Mung Bean from Myanmar

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

JAISREE IMPEX PTE LTD

Line Of Business

EXPORTERS OF PULSES LIKE BLACK MATPE, YELLOW MAIZE & GREEN MUNG BEAN FROM MYANMAR TO ALL OVER THE WORLD

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$1,801,550

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Requested : -

Credit Rating : Singapore $1000001 to Singapore $ 5000000

Credit Opinion : -

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject Company:
JAISREE
IMPEX PTE LTD}

^{Former Name:
-}

^{Business Address:
63
ROBINSON ROAD}

^{#05-01 AFRO
ASIA BUILDING}

^{Town:
SINGAPORE}

^{Postcode:
068894}

^{County:
-}

^{Country:
Singapore}

^{Telephone:
6325
4160/63254161}

^{Fax:
6325
4162}

^{ROC Number:
200102422Z}

^{Reg. Town:
-}

SUMMARY

^{Legal Form:
Exempt
Pte Ltd}

^{Date Inc.:
11/04/2001}

^{Previous Legal Form -}

^{Summary year:
-}

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

^{Sales:
-}

^{Net result:
-}

^{Capital:
-}

^{Paid-Up
Capital: 1,801,550}

^{Employees:
3}

^{Net result:
-}

^{Share value:
-}

^{Auditor:
R
CHOCKALINGAM & ASSOCIATES}

REFERENCES

^{Report Date:
02/06/2006}

^{Update Date: 02/06/2006}

^{Credit Requested:
-}

^{Credit
Opinion: -}

^{Litigation:
No}

^{Company status:
TRADING}

^{Started:
11/04/2001}

PRINCIPAL(S)

^{MADASAMY THANGASAMY A7948668 Director}

DIRECTOR(S)

^{CLIFFORD EMMANUEL GERMAIN S2191478I Company Secretary}

^{Appointed on:
11/04/2001}

^{Street:
33A SURIN
AVENUE}

^{CHARLTON COURT}

^{Town:
SINGAPORE}

^{Postcode:
535617}

^{Country:
Singapore}

^{K. GANGA THARAN 179217 Director}

^{Appointed on:
24/04/2001}

^{Street:
NO 80 29TH
STREET PAREDAN}

^{TOWNSHIP
YANGOON}

^{Town:
-}

^{Postcode:
-}

^{Country:
Myanmar}

^{THANGASAMY LAKSHMI B2776043 Director}

^{Appointed on: 29/08/2003}

^{Street:
32 MANNAR
STREET}

^{T.NAGAR,
TAMILNADU}

^{Town:
CHENNAI}

^{Postcode:
600017}

^{Country:
India}

^{MADASAMY THANGASAMY A7948668 Director}

^{Appointed on: 11/04/2001}

^{Street:
63 ROBINSON
ROAD}

^#05-01

^{AFRO-ASIA
BUILDING}

^{Town:
SINGAPORE}

^{Postcode:
068894}

^{Country:
Singapore}

FORMER DIRECTOR(S)

^{SELVAMUTHU KATHIRAVAN A3839911}

^{THANGASAMY JAISUDHA A4446304}

^{SIVAPUNIAM S/O VEERASAMY RAMASAMY S0027054G}

ACTIVITY(IES)

^{PEPPER DEALERS}^Code:16210

^SPICES^Code:20000

^{TYRE DEALERS - RETAIL}^Code:22740

^{TIMBER - WHSLE}^Code:21690

^{FERTILIZERS - WHSLE And MFRS}^Code:8710

^{BASED ON ACRA'S RECORD AS AT 29/05/2006}

^{1) WHOLESALE OF PEPPER AND OTHER SPICES}

^{2) WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS
(WESTERN)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{INDIAN OVERSEAS BANK}

SHAREHOLDERS(S)

^{K. GANGA THARAN}^{10,000 Private Person}

^{Street:
NO 80 29TH
STREET PAREDAN}

^{TOWNSHIP
YANGOON}

^{Town: -}

^{Postcode:
-}

^{Country:
Myanmar}

^{THANGASAMY LAKSHMI}^{10,000 Private Person}

^{Street:
32 MANNAR
STREET}

^{T.NAGAR,
TAMILNADU}

^{Town:
CHENNAI}

^{Postcode:
600017}

^{Country:
India}

^{MADASAMY THANGASAMY}^{1,781,550 Private Person}

^{Street:
63 ROBINSON
ROAD}

^#05-01

^{AFRO-ASIA
BUILDING}

^{Town:
SINGAPORE}

^{Postcode:
068894}

^{Country:
Singapore}

FORMER SHAREHOLDER(S)

^{SELVAMUTHU KATHIRAVAN}^200,000

^{THANGASAMY JAISUDHA}^190,000

^{SIVAPUNIAM S/O VEERASAMY RAMASAMY}¹

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality:
AVERAGE}

^{Liquidity:
UNKNOWN}

^{Payments:
REGULAR}

^{Trend:
LEVEL}

^{Financial Situation: UNKNOWN}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL COMMENTS

^{LIMITED EXEMPT PRIVATE COMPANY:}

^{WHERE THE SHARES OF A PRIVATE COMPANY ARE NOT OWNED BY
ANY CORPORATE} ^{BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE
COMPANY} ^{IS KNOWN AS AN EXEMPT PRIVATE COMPANY.} ^{AN EXEMPT
PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A} ^{PRIVATE
COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE} ^{REGISTRAR IF
IT CAN PRODUCE A CERTIFICATE SIGNED BY ONE OF ITS} ^{DIRECTORS, SECRETARY AND
AUDITOR CONFIRMING THE FOLLOWING POINTS:}

^{1. THE COMPANY IS AN EXEMPT PRIVATE COMPANY.}

^{2. THE AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE
SHAREHOLDERS}

^{AT THE ANNUAL GENERAL MEETING.}

^{3. THE COMPANY IS ABLE TO MEET ITS LIABILITIES.}

^{THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE
ACCOUNTS} ^{OF THE COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE
AUDITED} ^{EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL MEETING OF
THE} ^COMPANY.

^{A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE
GOVERNMENT MAY} ^{BECOME AN EXEMPT PRIVATE COMPANY IF THE MINISTER FOR
FINANCE, IN THE} ^{NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE
NOTIFICATION.}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT
REQUIREMENTS IF THE} ^{STARTING DATE OF ITS FINANCIAL YEAR IS
BETWEEN 15 MAY 2003 AND 31 MAY} ^{2004 AND ITS TURNOVER FOR THAT FINANCIAL
YEAR DOES NOT EXCEED $2.5} ^{MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE
2004, THE AMOUNT OF THE} ^{TURNOVER HAS BEEN RAISED TO $5 MILLION.
THESE COMPANIES ARE STILL} ^{REQUIRED TO MAINTAIN PROPER ACCOUNTING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF
SINGAPORE ON} ^{11/04/2001 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS
TRADING UNDER} ^{ITS PRESENT NAMESTYLE OF "JAISREE IMPEX PTE
LTD".}

^{AS AT 29/05/2006, THE COMPANY HAS ISSUED AND PAID-UP
CAPITAL OF} ^{1,801,550 SHARES OF A VALUE OF S$1,801,550.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF PEPPER AND OTHER SPICES}

^{2) WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS
(WESTERN)}

^{PHARMACEUTICAL PRODUCTS WHOLESALING & FERTILIZER
CHEMICAL}

^WHOLESALING

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* IMPORTER AND EXPORTER OF PRODUCTS SUCH AS PULSES,
BEANS,}

^{EDIBLE OIL, FOOD PRODUCT, RICE}

^{* IMPORTER AND EXPORTER OF CROPS PRODUCTS}

^{* DEALER OF VARIOUS AGRI PRODUCTS, PHARMACEUTICAL
PRODUCTS}

^{* EXPORTERS OF PULSES LIKE BLACK MATPE, YELLOW MAIZE
& GREEN MUNG}

^{BEAN FROM MYANMAR TO ALL OVER THE WORLD}

^{PRODUCT DEALINGS:}

^{* VEGETABLES}

^{* OIL SEEDS}

^{* GRAINS & PLANTS}

^{* BEANS}

^{* PULSES}

^{* FERTILISERS}

^{* STEEL}

^{* BLACK MATPE}

^{* TOORWHOLE}

^{* CHICKPEAS}

^{* LENTILS}

^{* YELLOW MAIZE}

^{* STEEL SCRAP}

^{IMPORT/EXPORT COUNTRIES:}

^{* MALAYSIA}

^{* VIETNAM}

^{* CHINA}

^{* INDIA}

^{* TURKEY}

^{* INDONESIA}

^{SUBJECT IS A MEMBER OF THE FOLLOWING ENTITY:}

^{* SINGAPORE BUSINESS FEDERATION}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 02/06/2006, THE
FOLLOWING} ^{INFORMATION WAS OBTAINED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* WHOLESALE TRADING OF MAINLY BEANS, GRAINS AND SPICES}

^{* MINIMAL IMPORT AND EXPORT OF TYRES AND TIMBER}

^{PRODUCT DEALINGS:}

^{* SPICES}

^{* GRAINS, PULSES, BEANS}

^{* TYRES}

^{* TIMBER}

^{INDUSTRIES SERVED:}

^{* AGRICULTURAL INDUSTY}

^{IMPORT COUNTRIES:}

^{* MYANMAR (80%)}

^{* CANADA}

^{* AUSTRALIA}

^{EXPORT COUNTRIES:}

^{* INDIA}

^{* PAKISTAN}

^{* KUALA LUMPUR}

^{* DUBAI}

^{TERMS OF PAYMENT:}

^{* CUSTOMERS: TELE-GRAPHIC TRANSFER (TT), LETTER OF
CREDIT (LC)}

^{* SUPPLIERS: TELE-GRAPHIC TRANSFER (TT), LETTER OF
CREDIT (LC)}

^{NUMBER OF EMPLOYEES:}

^{* 3}

^{NO OTHER TRADE INFORMATION WAS REVEALED BY THE
SUBJECT'S PERSONNEL.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{63 ROBINSON ROAD}

^{#05-01 AFRO ASIA
BUILDING}

^{SINGAPORE 068894}

^{DATE OF CHANGE OF ADDRESS: 14/04/2003}

^{-RENTED PREMISE}

^{-OWNED BY: AFRO-ASIA SHIPPING COMPANY (PRIVATE) LIMITED}

^WEBSITE:

^NIL

^EMAIL:

^{jaisree@singnet.com.sg}

MANAGEMENT

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

^{(1) K. GANGA THARAN, MYANMAR}

^{-BASED IN MYANMAR}

^{(2) MADASAMY THANGASAMY, INDIAN}

^{-BASED IN SINGAPORE}

^{(3) THANGASAMY LAKSHMI, INDIAN}

^{-BASED IN INDIA}

ADVERSE ON DIRECTORS

^{AS ALL SUBJECT'S DIRECTORS WERE FOREIGNERS, NO ADVERSE
CHECKS CAN BE}

^CONDUCTED.

SINGAPORE COUNTRY RATING 2006

INVESTMENT GRADE

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE'S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO

ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR'S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

· ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.

· ONE OF ASIA'S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.

· WORKFORCE'S EDUCATION AND SKILL LEVEL IS VERY HIGH.

· A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.

· THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.

· GREAT POLITICAL STABILITY.

WEAKNESSES

· ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.

· MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES

· REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.

· AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

WITH THE BOOST FROM THE STRONG GROWTH PERFORMANCE OF NON-OIL RE-EXPORTS AND RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A HEALTHY 8.0% IN 3Q2005, EASING SLIGHTLY FROM THE 8.7% GROWTH REGISTERED IN 2Q2005.

WHOLESALE TRADE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE INDEX ROSE BY 20.5% OVER THE SAME PERIOD A YEAR AGO. EXCLUDING PETROLEUM, THE INDEX ROSE BY 8.9%.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE SLIGHTLY BY 1.9% IN 3Q2005 OVER 3Q2004. EXCLUDING PETROLEUM, IT WAS 3.6% HIGHER THAN A YEAR AGO.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A RISE OF 10.7% IN 3Q2005.

EXCLUDING PETROLEUM, THE INDEX ROSE MODERATELY BY 4.1%.

FOREIGN WHOLESALE TRADE INDEX

AS COMPARED TO 3Q2004, THE OVERALL FOREIGN WHOLESALE TRADE FOR 3Q2005 ROSE BY 22%. EXCLUDING PETROLUEM, THE INDEX ROSE BY 10.2%.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE BY 7.6% IN 3Q2005 OVER 3Q2004. EXCLUDING PETROLEUM, IT WAS UP BY 10.8%.

IN COMPARISON TO 2Q2005, THE OVERALL INDEX FOR 3Q2005 REGISTERED A RISE OF 9.9%.

EXCLUDING PETROLEUM, THE GROWTH WAS LOWER AT 5.7%.

AHEAD

AN OVERALL NET BALANCE OF 22% OF FIRMS IN THE SERVICES SECTOR IS OPTIMISTIC ABOUT THE BUSINESS OUTLOOK FOR THE NEXT 3 MOTNHS ENDING MARCH 2006. THE MAGNITUDE IS SLIGHTLY LOWER COMPARED TO THAT REGISTERED IN THE PERIOD OF JULY-DECEMBER 2005 (26%), AND ALSO LOWER THAN THE 30% NET BALANCE RECORDED FOR OCTOBER 2004 – MARCH 2005.

AN OVERALL NET BALANCE OF 8% OF WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE COMING MONTHS.

RETAILERS ALSO EXPRESS UPBEAT BUSINESS SENTIMENTS FOR THE COMING MONTHS, WITH A POSITIVE NET BALANCE OF 38%, ESPECIALLY DEPARTMENT STORES AND RETAILERS OF WEARING APPAREL AND FURNITURE & FURNISHINGS FORESEE BETTER BUSINESS OUTLOOK FROM THE YEAR-END FESTIVE SEASON.

EXTRACTED FROM : MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

BLOOMBERG

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions