MIRA INFORM REPORT

Report Date :

7^th November 2006

IDENTIFICATION DETAILS

Name :	CROWN EXPORTS (SINGAPORE) PTE LTD
Registered Office :	^Gbs Traders Pte Ltd ^11 Collyer Quay ^#06-01, The Arcade ^049317, Singapore
Country :	^Singapore
Financials (as on) :	31/12/2005
Date of Incorporation :	^05/08/2000
Com. Reg. No.:	^200006901W
Legal Form :	^Exempt Pte Ltd
Line of Business :	Engaged in trading of non-ferrous metal and general products

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear

Subject Company

CROWN EXPORTS (SINGAPORE) PTE LTD

Line Of Business 

TRADING OF NON-FERROUS METAL AND GENERAL PRODUCTS

Parent Company

-

Financial Elements

FY 2005

COMPANY

Sales : S$17,168,011

Networth : S$670,419

Paid-Up Capital : S$600,000

Net result : S$24,024

Net Margin(%) : 0.14

Return on Equity(%) : 3.58

Leverage Ratio : 3.26

Rating

Credit Requested : -

Credit Rating : Singapore $ 600001 to Singapore 100000

Credit Opinion :

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject Company : CROWN EXPORTS (SINGAPORE) PTE LTD}

^{Former Name : GBS TRADERS PTE LTD}

^{Business Address: 11 COLLYER QUAY}

^#06-01

^{THE ARCADE}

^{Town: SINGAPORE}

^{Postcode: 049317}

^{County: -}

^{Country: Singapore}

^{Telephone: 6221 4990}

^{Fax: 6221 5494}

^{ROC Number: 200006901W}

^{Reg. Town: -}

PREVIOUS IDENTIFICATION

^{GBS TRADERS PTE LTD}

^{DATE OF CHANGE OF NAME: 04/07/2001}

SUMMARY

^{All amounts in this report are in: SGD unless otherwise stated}

^{Legal Form: Exempt Pte Ltd}

^{Date Inc.: 05/08/2000}

^{Previous Legal Form: -}

^{Summary year : 31/12/2005}

^{Sales: 17,168,011}

^{Networth : 670,419}

^{Capital: -}

^{Paid-Up Capital: 600,000}

^{Employees: 3}

^{Net result : 24,024}

^{Share value: 1}

^{AUDITOR: HAJAMAIDEEN & CO.}

REFERENCES

^{CCMS Number: 702005081504}

²⁵²⁹⁷

^{Report Date: 07/11/2006}

^{Update Date: 07/11/2006}

^{Credit Requested: -}

^{Credit Opinion: -}

^{Litigation: No}

^{Company status : TRADING}

^{Started : 05/08/2000}

PRINCIPAL(S)

^{ABU BAKAR MARICAR S/O MOHAMED NAINA S1058535Z Director}

DIRECTOR(S)

^{MADURAIYAR HABIB SHAHUL HAMEED E7386022 Director}

^{Appointed on : 01/07/2005}

^{Street : 4/88-A T. MARIYUR 623703}

^{KADALADI TK., RAMNAD DT}

^{Town: TAMIL NADU}

^Postcode:

^{Country: India}

^{ABU BAKAR MARICAR S/O MOHAMED NAINAS1058535Z Director}

^{Appointed on : 21/03/2003}

^{Street : 23 JALAN MEMBINA}

^#05-74

^{Town: SINGAPORE}

^{Postcode: 163023}

^{Country: Singapore}

^{THAMIM S/O ABDUL KASSIM S2589697A Director}

^{Appointed on : 05/08/2000}

^{Street : 5 GOODMAN ROAD}

^{Town: SINGAPORE}

^{Postcode: 438971}

^{Country: Singapore}

^{THAMIM S/O ABDUL KASSIM S2589697A Company Secretary}

^{Appointed on : 05/08/2000}

^{Street : 5 GOODMAN ROAD}

^{Town: SINGAPORE}

^{Postcode: 438971}

^{Country: Singapore}

^{CHETAN RASIKLAL SHETH S2641470I Director}

^{Appointed on : 27/02/2003}

^{Street : 406 BEDOK NORTH AVENUE 3}

^#24-189

^{Town: SINGAPORE}

^{Postcode: 460406}

^{Country: Singapore}

^{PEER MOHAMED ABDUL WAHAB S2732927F Director}

^{Appointed on : 01/10/2001}

^{Street : 508 ANG MO KIO AVENUE 8}

^#03-2602

^{Town: SINGAPORE}

^{Postcode: 560508}

^{Country: Singapore}

ACTIVITY(IES)

^{SCRAP METALS Code:19045}

^{METAL SPECIALTIES Code:13890}

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD AS AT 01/11/2006}

^{1) WHOLESALE OF SCRAP, JUNK AND WASTE DEALERS;}

^{DEALING IN NON-FERROUS METALS & INGOTS}

CHARGES

^{Date: 23/06/2006}

^{Comments : CHARGE NO: C200604070}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): UNITED OVERSEAS BANK LIMITED}

^{Date: 03/05/2005}

^{Comments : CHARGE NO: C200502564}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): STANDARD CHARTERED BANK}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UNITED OVERSEAS BANK LIMITED}

^{STANDARD CHARTERED BANK}

SHAREHOLDERS(S)

^{MADURAIYAR HABIB SHAHUL HAMEED 200,000 Private Person}

^{Street : 4/88-A T. MARIYUR 623703}

^{KADALADI TK., RAMNAD DT}

^{Town: TAMIL NADU}

^Postcode:

^{Country: India}

^{THAMIM S/O ABDUL KASSIM 50,000 Private Person}

^{Street : 5 GOODMAN ROAD}

^{Town: SINGAPORE}

^{Postcode: 438971}

^{Country: Singapore}

^{PEER MOHAMED ABDUL WAHAB 350,000 Private Person}

^{Street : 508 ANG MO KIO AVENUE 8}

^#03-2602

^{Town: SINGAPORE}

^{Postcode: 560508}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity : SUFFICIANT}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation: AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 07/10/2006}

^{Balance Sheet Date: 31/12/2005 31/12/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Receivables: 2,365,238 1,403,282}

^{Cash,Banks, Securitis: 449,024 335,218}

^{Other current assets: 43,744 46,064}

^{Total Current Assets: 2,858,006 1,784,564}

^{TOTAL ASSETS: 2,858,006 1,784,564}

^{--- LIABILITIES}

^{Equity capital: 600,000 400,000}

^{Profit & lost Account: 70,419 46,395}

^{TOTAL EQUITY: 670,419 446,395}

^{Due to Bank: 2,162,791 1,332,364}

^{Prepay. & Def. charges: 22,445 2,830}

^{Provisions: 2,351 2,975}

^{Total short term Liab.: 2,187,587 1,338,169}

^{TOTAL LIABILITIES: 2,187,587 1,338,169}

^{--- PROFIT & LOSS ACCOUNT}

^{Net Sales 17,168,011 10,153,594}

^{Gross Profit: 284,272 218,654}

^{Result of ordinary operations 199,029 116,248}

^{NET RESULT BEFORE TAX: 26,375 20,655}

^{Tax : 2,351 2,975}

^{Net income/loss year: 24,024 17,680}

^{Interest Paid: 172,654 95,593}

^{Purchases,Sces & Other Goods: 16,883,739 9,934,940}

^{Wages and Salaries: 89,160 87,900}

^{Financial Income: 9,153 2,343}

RATIOS

^{31/12/2005 31/12/2004}

^{Turnover per employee: 5722670.33 3384531.33}

^{Fin. Charges / Turnover(%):0.01 0.01}

^{Net Margin(%): 0.14 0.17}

^{Return on Equity(%): 3.58 3.96}

^{Return on Assets(%): 0.84 0.99}

^{Net Working capital: 670419.00 446395.00}

^{Cash Ratio: 0.21 0.25}

^{Quick Ratio: 1.29 1.30}

^{Current ratio: 1.31 1.33}

^{Receivables Turnover: 49.60 49.75}

^{Leverage Ratio: 3.26 3.00}

^{Net Margin : (100*Net income loss year)/Net sales}

^{Return on Equity : (100*Net income loss year)/Total equity}

^{Return on Assets : (100*Net income loss year)/Total fixed assets}

^{Net Working capital : Total current assets - Total short term liabilities}

^{Cash Ratio : Cash Bank securities/Total short term liabilities}

^{Quick Ratio : (Cash Bank securities+Receivables)/Total Short term liabilities}

^{Current ratio : Total current assets/Total short term liabilities}

^{Receivables Turnover : (Receivable*360)/Net sales}

^{Leverage Ratio : Total liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 50.19% FROM S$446,395 IN FY 2004 TO S$ 670,419 IN FY 2005. THIS WAS DUE TO HIGHER CCUMULATED PROFIT OF S$70,419 (2004: S$ 46,395); A RISE OF 51.78% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY AMOUNT DUE TO BANKS WHICH MADE UP 98.87% (2004: 99.57%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$2,162,791 (2004: S$ 1,332,364). THE BREAKDOWN IS AS FOLLOWS:}

^{-BILLS PAYABLE - 2005: S$2,162,791 (2004: S$1,332,364)}

^{IN ALL, LEVERAGE RATIO FELL FROM 0.17 TIMES TO 0.14 TIMES AS A RESULT OF A GREATER RELATIVE RISE IN TOTAL EQUITY THAN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE CHANGES IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO FELL TO 1.31 TIMES, DOWN FROM 1.33 TIMES AND QUICK RATIO FELL SLIGHTLY TO 1.29 TIMES FROM 1.30 TIMES IN FY 2004.}

^{NET WORKING CAPITAL IMPROVED BY 50.19% FROM S$446,395 IN FY 2004 TO S $670,419.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-CASH IN HAND - 2005: S$ 1,450 (2004: S$ 740)}

^{-BANK BALANCES - 2005: S$ 9,606 (2004: S$ 4,063)}

^{-FIXED DEPOSITS - 2005: S$437,968 (2004: S$330,415)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 69.08% FROM S$10,153,594 IN FY 2004 TO S}

^{$17,168,011 AND NET PROFIT ROSE BY 35.88% TO S$24,024 (2004: S}

^{$17,680). HENCE, NET MARGIN ROSE TO 3.26% (2004: 3.00%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{BANKING FACILIITES:}

^{BANKING FACILIITES ARE SECURED BY:}

^{A)PLEDGE OF FIXED DEPOSITS FOR S$437,968 (2004: S$330,415) HELD}

^{IN THE NAME OF THE COMPANY}

^{B)JOINT AND SEVERAL PERSONAL GUARANTEE BY THE DIRECTORS UP TO THE}

^{EXTENT OF US$2,200,000 (2004: S$1,000,000)}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 05/08/2000 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "GBS TRADERS PTE LTD".}

^{SUBSEQUENTLY, ON 04/07/2001, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE AS "CROWN EXPORTS (SINGAPORE) PTE LTD".}

^{AS AT 01/11/2006, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 600,000 SHARES OF A VALUE OF S$600,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF SCRAP, JUNK AND WASTE DEALERS; DEALING IN NON-FERROUS METALS & INGOTS}

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

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF IMPORTERS AND EXPORTERS IN GENERAL MERCHANDISE.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 07/11/2006, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF NON-FERROUS METAL AND GENERAL PRODUCTS}

^{IMPORT COUNTRIES:}

^{* UNITED KINGDOM}

^{EXPORT COUNTRIES:}

^{* INDIA}

^{* SRI LANKA}

^{* BANGLADESH}

^{* PAKISTAN}

^{THE SUBJECT DOES IMPORT AND OBTAINED ITS PRODUCTS FROM THE LOCAL SUPPLIERS.}

^{THE SUBJECT DOES EXPORTS AND DOES NOT SELL LOCALLY.}

^{TERMS OF PAYMENT:}

^{* SUPPLIERS: TELEGRAPHIC TRANSFER IN ADVANCE (OVERSEAS)}

^{* CUSTOMERS: TELEGRAPHIC TRANSFER IN ADVANCE (OVERSEAS)}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2006: 3}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 07/11/2006.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2005: NOT AVAILABLE (2004: NOT AVAILABLE)}

^{* GROUP - 2005: - (2004: -)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{11 COLLYER QUAY}

^#06-01

^{THE ARCADE}

^{SINGAPORE 049317}

- OWNED BY GRAND EAST EXPORTS PTE LTD

^{- DATE OF CHANGE OF ADDRESS: -}

^WEBSITE:

^-

^EMAIL:

^{crownexports@yahoo.com.sg}

MANAGEMENT

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

^{1) MADURAIYAR HABIB SHAHUL HAMEED MOHAMED ISMAIL, AN INDIAN}

^{- BASED IN INDIA.}

^{2) ABU BAKAR MARICAR S/O MOHAMED NAINA, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

^{3) THAMIM S/O ABDUL KASSIM, A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{GMT JEWELLERS PTE LTD}

^{GRAND EAST EXPORTS PRIVATE LTD}

^{4) CHETAN RASIKLAL SHETH, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

^{5) PEER MOHAMED ABDUL WAHAB, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

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.

SOURCES: COFACE COPYRIGHT. ALL RIGHTS RESERVED.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

WITH THE GROWTH IN NON-OIL RE-EXPORTS AND THE RISE IN RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A ROBUST 15% IN 1Q2006, UP FROM THE 12% GAIN IN 4Q2005.

WHOLESALE TRADE

FOREIGN WHOLESALE TRADE INDEX

AS COMPARED TO 1Q2005, THE OVERALL FOREIGN WHOLESALE TRADE IN 1Q2006 ROSE BY 15.4%. EXCLUDING PETROLUEM, THE INDEX EXPANDED BY 11.5%.

IN CONTRAST, PAINTS & CONSTRUCTION MATERIALS REPORTED SLOWER FOREIGN BUSINESS OVER THE SAME PERIOD LAST YEAR.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE MARGINALLY BY 0.9% IN 1Q2006 OVER A YEAR AGO. EXCLUDING PETROLEUM, IT WAS UP BY 7.6%.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 9.4% FOLLOWING GROWTH FOR THREE CONSECUTIVE QUARTERS. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.6%.

RETAIL TRADE

RETAIL SALES CHALKED UP 8.0% GROWTH IN 1Q2006, FELLING MARGINALLY FROM THE 8.2% GROWTH IN 4Q2005. SALES OF MOTOR VEHICLES ROSE BY 10% IN 1Q2006, HIGHER THAN THE 8.5% GAIN IN THE LAST QUARTER. EXCLUDING MOTOR VEHICLES, RETAIL SALES MODERATED TO 5.2% GROWTH, SLOWER THAN THE 7.8% RISE IN 4Q2005.

ALL THE MAJOR SEGMENTS RECORDED GROWTH IN 1Q2006 OVER 1Q2005, WITH GROWTH RANGING FROM 1.6% TO 18%. THE SEGMENTS WERE TELECOMMUNICATIONS AND COMPUTERS, FOOD AND BEVERAGES, WEARING APPAREL AND FOOTWEAR, OPTICAL GOODS AND BOOKS, PROVISION AND SUNDRY SHOPS, DEPARTMENT STORES, SUPERMARKETS, MEDICAL GOODS AND TOILETRIES, RECREATIONAL GOODS, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND JEWELLERY, AND PETROL SERVICE STATIONS.

A ROSY OUTLOOK FOR RETAILERS

RETAIL SALES IN SINGAPORE ROSE IN JUNE FOR THE 16TH STRAIGHT MONTH AS AN IMPROVING JOB MARKET AND A RISE IN TOURIST ARRIVALS INCREASED CONSUMER SPENDING.

THE RETAIL SALES INDEX GREW BY 5.1% FROM A YEAR EARLIER AFTER EXPANDING BY 13.1% IN MAY. EXCLUDING MOTOR VEHICLES, RETAIL SALES GREW BY 7.8%.

ON A MONTH-ON-MONTH BASIS, ADJUSTED FOR SEASONAL FACTORS, RETAIL SALES IN JUNE DECLINED BY 3.7% OVER MAY. EXCLUDING MOTOR VEHICLES, RETAIL SALES CONTRACTED BY 1.2% FROM MAY.

APPAREL AND FOOTWEAR BUSINESS GREW BY 4.9% WHILE THOSE OF WATCHES AND JEWELLERY ROXE BY 9.5%.

JUNE’S MOTOR VEHICLES SALES GREW BY 2.5% COMPARED WITH JUNE 2005. IT PALE IN COMPARISON WITH A 16.4% GROWTH IN MAY. THE MOTOR VEHICLE SALES GREW BY A MARGINAL 0.4% OVER MAY.

AHEAD

WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE PERIOD ENDING DECEMBER 2006. THOSE DEALING IN FURNITURE & FURNISHINGS, COSMETICS & TOILETRIES, JEWELLERY & WATCHES, HOUSEHOLD ELECTRICAL APPLIANCES & EQUIPMENT, ELECTRONIC COMPONENTS, SCIENITIFIC & PRECISION EQUIPMENT, ARE AMONG THOSE WHO ARE OPTIMISTIC ABOUT THE BUSINESS OUTLOOK AHEAD.

RETAILERS ALSO FORECAST BETTER BUSINESS SENTIMENTS FOR THE COMING MONTHS ENDING DECEMBER 2006, WITH A NET BALANCE OF 22%, ESPECIALLY DEPARTMENT STORES AND RETAILERS OF WEARING APPAREL AND FURNITURE & FURNISHINGS EXPECTING A POSITIVE BUSINESS OUTLOOK FROM THE YEAR-END FESTIVE SHOPPING.

IN ADDITION, RETAILERS ARE EXPECTING A BOOST FROM THE INTERNATONAL MONETARY FUND AND WORLD BANK ANNUAL MEETING IN SEPTEMBER WHICH WILL BE HELD IN SINGAPORE

AS THE GATHERING IS EXPECTED TO DRAW 16,000 OVERSEAS DELEGATES.

EXTRACTED FROM : MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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