MIRA INFORM REPORT

Report Date :

14^th June, 2006.

IDENTIFICATION DETAILS

Name :	GOOD WOOD TRADING PTE LIMITED

Registered Office :	^{49 BUSSORAH STREET}, ^{SINGAPORE, Postcode:199465}, ^Singapore

Country :	^Singapore

Date of Incorporation :	^29/05/1996

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading of Timber.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

GOODWOOD TRADING PTE LTD

Line Of Business

TRADING OF TIMBER.

Parent Company

NIL

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$500,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Requested : -

Credit Rating : Singapore $ 300001 to Singapore $ 600000

Credit Opinion : -

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject Company :GOODWOOD TRADING PTE LTD}

^{Former Name :
-}

^{Business Address : 49 BUSSORAH STREET}

^{Town :SINGAPORE}

^{Postcode :199465}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6398 1475/ 6293
7914}

^{Fax :
6398 1485/ 6291 5913}

^{ROC Number :
199603899D}

^{Reg. Town : -}

SUMMARY

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
29/05/1996}

^{Previous Legal
Form :-}

^{Summary year :
-}

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

^{Sales :
-}

^{Networth :
-}

^{Capital :
-}

^{Paid-Up Capital :
500,000}

^{Employees :
2}

^{Net result :
-}

^{Share value :
-}

^{Auditor :
R. ASHRAFF ALI & CO}

REFERENCES

^{Report Date : 14/06/2006}

^{Update Date : 14/06/2006}

^{Credit Requested : -}

^{Credit Opinion :
-}

^{Litigation No :}

^{Company status :TRADING}

^{Started :29/05/1996}

PRINCIPAL(S)

^{LEEPACHI ABDUL
WAHAB BARAKATHALI
S1311200B Director}

DIRECTOR(S)

^{LEEPACHI ABDUL
WAHAB BARAKATHALI MAIDEEN S1311200B Director}

^{Appointed on : 29/05/1996}

^{Street : 1 BEACH
ROAD}

^#14-4771

^{Town :
SINGAPORE}

^{Postcode : 190001}

^{Country : Singapore}

^{MUBARAKNISA D/O V
M ABDUL KUDUS S1764468H Director}

^{Appointed on : 29/05/1996}

^{Street : 1 BEACH
ROAD}

^#14-4771

^{Town :
SINGAPORE}

^{Postcode : 190001}

^{Country :
Singapore}

ACTIVITY(IES)

^{TIMBER - WHSLE}

^{Code: 21690}

^{IMPORTERS And
EXPORTERS}

^{Code: 11760}

^{BASED ON ACRA'S RECORD
AS AT 09/06/2006}

^{1) WHOLESALE OF
SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS}

^{2) GENERAL
WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

CHARGES

^{Date :26/09/2003}

^{Comments :CHARGE NO :
C200304614}

^{AMOUNT
SECURED : 0.00 AND ALL MONIES
OWING}

^{CHARGEE(S) :
INDIAN OVERSEAS BANK}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{INDIAN OVERSEAS BANK
LTD}

SHAREHOLDERS(S)

^{LEEPACHI ABDUL
WAHAB BARAKATHALI MAIDEEN}^{300,000 Private
Person}

^{Street : 1 BEACH
ROAD}

^#14-4771

^{Town :
SINGAPORE}

^{Postcode : 190001}

^{Country : Singapore}

^{MUBARAKNISA D/O V
M ABDUL KUDUS}^{200,000 Private Person}

^{Street : 1 BEACH
ROAD}

^#14-4771

^{Town :
SINGAPORE}

^{Postcode : 190001}

^{Country : Singapore}

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

PRIVATE 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} ^{29/05/1996 AS A LIMITED EXEMPT PRIVATE COMPANY AND
IS TRADING UNDER} ^{ITS PRESENT NAMESTYLE OF "GOODWOOD TRADING PTE
LTD".}

^{AS AT 09/06/2006, THE COMPANY HAS
A ISSUED AND PAID-UP CAPITAL OF} ^{500,000 SHARES OF A VALUE OF S$500,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF SAWN TIMBER,
PLYWOOD AND RELATED PRODUCTS}

^{2) GENERAL WHOLESALE TRADE
(INCLUDING GENERAL IMPORTERS & EXPORTERS)}

^{FROM THE RESEARCH DONE, SUBJECT
IS LISTED IN THE LOCAL DIRECTORIES} ^{UNDER: TIMBER.}

^{FROM THE TELE-INTERVIEW CONDUCTED
ON 14/06/2006, IT WAS REVEALED} ^{THAT SUBJECT IS IN THE TRADING OF TIMBER. SUBJECT EXPORTS
TO ASIA} ^{COUNTRIES AND DOES NOT SUPPLY TO THE SINGAPORE
MARKET. IT IMPORTS ITS} ^{PRODUCTS FROM MYANMAR. THERE ARE 2 PERSONS EMPLOYED
IN THE BUSINESS.}

^{TERMS OF PAYMENT:}

^{*CUSTOMERS: LETTERS OF CREDIT}

^{*SUPPLIERS: LETTERS OF CREDIT}

^{NO OTHER TRADE INFORMATION WAS
MADE AVAILABLE.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{49 BUSSORAH STREET}

^{SINGAPORE 199465}

^{DATE OF CHANGE OF ADDRESS:
05/05/2001}

^{- RENTED PREMISE}

^{- OWNED BY: KAI HONG INVESTMENTS
PTE LTD}

^WEBSITE:

^NIL

^EMAIL: ^{gdwood@singnet.com.sg}

MANAGEMENT

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

^{1)
LEEPACHI ABDUL WAHAB BARAKATHALI MAIDEEN, A SINGAPOREAN}

^{-
HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

^{2)
MUBARAKNISA D/O V M ABDUL KUDUS, A SINGAPOREAN}

^{-
HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S
NAME: LEEPACHI ABDUL WAHAB BARAKATHALI MAIDEEN}

^{ADVERSE
REPORT AGAINST DIRECTOR :
NIL}

^{PROPERTY
OWNERSHIP :
OWNS 1}

^{ANNUAL
VALUE :
S$4,800}

^{CO-OWNER
(S) :
NIL}

^{DIRECTOR'S
NAME: MUBARAKNISA D/O V M ABDUL KUDUS}

^{ADVERSE
REPORT AGAINST DIRECTOR :
NIL}

^{PROPERTY
OWNERSHIP :
NIL}

^{ANNUAL
VALUE :
N.A}

^{CO-OWNER
(S) :
N.A}

^{ANNUAL
VALUE IS THE ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF}

^{IT
WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE SAME MANNER}

^{REGARDLESS
OF WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR}

^VACANT.

Singapore’s 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%.

DOMESTIC SALES OF CHEMICALS & CHEMICAL PRODUCTS ROSE BY 18.1%, CONTRIBUTED MAINLY BY THE WHOLESALING OF PETROCHEMICAL PRODUCTS. SALES OF TELECOMMUNICATIONS & COMPUTERS, INDUSTRIAL & CONSTRUCTION MACHINERY, TIMBER, PAINTS AND CONSTRUCTION MATERIALS ALSO POSTED RISES IN 3Q2005.

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%.

IN CONTRAST, FOOD, BEVERAGES & TOBACCO AND GENERAL WHOLESALE TRADE FELL SIGNIFICANTLY BY 17.7% AND 15.1% RESPECTIVELY.

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. THOSE DEALING IN ELECTRONIC COMPONENTS, TELECOMMUNICATIONS EQUIPMENT AND COSMETICS & TOILETRIES ARE AMONG THOSE WHO ARE OPTIMISTIC ABOUT THE BUSINESS OUTLOOK AHEAD.

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

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