MIRA INFORM REPORT

Report Date :

7^th November, 2006

IDENTIFICATION DETAILS

Name :	YASHONAND INTERNATIONAL PTE. LTD.

Registered Office :	^{158 Cecil Street, #07-03, Dapenso Building}, ^Singapore

Country :	^Singapore

Date of Incorporation :	^21/06/2006

Com. Reg. No.:	^200609091M

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{General Wholesalers (Including General Importers And Exporters)}

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

YASHONAND INTERNATIONAL PTE. LTD.

Line Of Business

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$2

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Requested : -

Credit Rating : Up to Sing $ 10000

Credit Opinion : -

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject
Company : YASHONAND INTERNATIONAL PTE. LTD.}

^{Former
Name : -}

^{Business
Address: 158 CECIL STREET}

^#07-03

^{DAPENSO BUILDING}

^{Town: SINGAPORE}

^{Postcode: 069545}

^{County: -}

^{Country: Singapore}

^{Telephone: 6423
9100}

^{Fax: 6327 9394}

^{ROC
Number: 200609091M}

^{Reg.
Town: -}

SUMMARY

^{Legal
Form: Exempt Pte Ltd}

^{Date
Inc.: 21/06/2006}

^{Previous
Legal Form: -}

^{Summary
year : -}

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

^{Sales: -}

^{Capital: -}

^{Paid-Up
Capital: 2}

^{Employees: -}

^{Net
result : -}

^{Share
value: -}

^{AUDITOR:
MGI MENON
& ASSOCIATES}

REFERENCES

^{CCMS
Number: 702005068343}

^{Report
Date: 27/07/2006}

²¹¹⁷³

^{Update
Date: 27/07/2006}

^{Credit
Requested: -}

^{Credit Opinion:
-}

^{Litigation: No}

^{Company
status : TRADING}

^{Started
: 21/06/2006}

PRINCIPAL(S)

^{SUNIL G5800809K Director}

DIRECTOR(S)

^{SUNIL G5800809K Director}

^{Appointed
on : 21/06/2006}

^{Street
: 407A FERNVALE ROAD}

^#05-25

^{Town: SINGAPORE}

^{Postcode: 791407}

^{Country: Singapore}

^{ARUMUGAM
CHETTIAR MANICKAM S0537812E Company Secretary}

^{Appointed
on : 21/06/2006}

^{Street
: 184 STIRLING ROAD}

^#07-242

^{Town: SINGAPORE}

^{Postcode: 140184}

^{Country: Singapore}

^{RAJ
NATH RAI S1452511D Director}

^{Appointed
on : 21/06/2006}

^{Street
: 122 POTONG PASIR AVENUE 1}

^#15-161

^{Town: SINGAPORE}

^{Postcode: 350122}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS
And EXPORTERS}^Code:11760

^{BASED
ON ACRA'S RECORD AS AT 26/07/2006}

^{1)
GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Bankers Information In Our Database

SHAREHOLDERS(S)

^SUNIL^{1 Private Person}

^{Street
: 407A FERNVALE ROAD}

^#05-25

^{Town: SINGAPORE}

^{Postcode: 791407}

^{Country: Singapore}

^{RAJ
NATH RAI}^{1 Private Person}

^{Street
: 122 POTONG PASIR AVENUE 1}

^#15-161

^{Town: SINGAPORE}

^{Postcode: 350122}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade
Morality: UNKNOWN}

^{Liquidity
: UNKNOWN}

^{Payments
: UNKNOWN}

^{Trend
: UNKNOWN}

^{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 AUDITEDEVERY 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 REQUIREMNTS 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 21/06/2006 AS A
LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS
"YASHONAND INTERNATIONAL PTE. LTD.".}

^{AS AT 26/07/2006,
THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 2 SHARES OF A VALUE OF S$2.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1)
GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

^{SEVERAL
ATTEMPTS HAVE BEEN MADE TO CONTACT THE SUBJECT FOR A TELE- INTERVIEW. HOWEVER,
NO ONE ANSWERS THE CALL.}

^{SUBJECT
IS NOT LISTED IN LOCAL DIRECTORIES. AS SUCH, NO OTHER INFORMATION IS AVAILABLE.}

^{REGISTERED
BUSINESS:}

^{158
CECIL STREET}

^{#07-03
DAPENSO BUILDING}

^{SINGAPORE
069545}

^{-
RENTED PREMISE}

^{- OWNED
BY ROYAL PROPERTIES INVESTMENT PTE LTD}

^{- DATE
OF CHANGE OF ADDRESS: 26/06/2006}

^{- CAN'T
CONFIRM THE ADDRESS}

^WEBSITE:

^EMAIL:

^{yashonond@gmail.com}

MANAGEMENT

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

^{1)
SUNIL, AN INDIAN}

^{- BASED
IN SINGAPORE.}

^{2) RAJ
NATH RAI, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S
NAME: RAJ NATH RAI}

^{ADVERSE
REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL
VALUE: S$6,720}

^{CO-OWNER
(S): URUMILA DEVI}

^{*
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%.

THE RISE WAS ATTRIBUTED TO SHIP CHANDLERS & BUNKERING AND WHOLESALE TRADE OF PETROLEUM & PETROLEUM PRODUCTS WITH 40% INCREASE. THE HIGHER SALES WERE MAINLY DUE TO OIL PRICE INCREASES.

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.

CONVERSELY, DOMESTIC SALES OF HOUSEHOLD EQUIPMENT & FURNITURE FELL BY 11.6% IN 3Q2005, COMPARED TO A YEAR AGO.

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%.

THERE WERE VARIOUS SECTORS WHICH CONTRIBUTED TO THE OVERALL IMPROVEMENT, INCLUDING SHIP CHANDLERS & BUNKERING, WHOLESALING OF PETROLEUM & PETROLEUM PRODUCTS, TELECOMMUNICATIONS & COMPUTERS AND CHEMICALS & CHEMICAL PRODUCTS.

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%.

SIMILAR TO THE DOMESTIC SALES, OVERSEAS SALES OF SHIP CHANDLERS & BUNKERING AND WHOLESALERS OF PETROLEUM & PETROLEUM PRODUCTS ROSE SUBSTANTIALLY BY 50.3% AND 38.6% OVER 3Q2004, MAINLY DUE TO THE HIGHER OIL PRICES.

WHOLESALING OF ELECTRONIC COMPONENTS, INDUSTRIAL & CONSTRUCTION MACHINERY AND TELECOMMUNICATIONS & COMPUTERS ALSO REPORTED STRONG GROWTH IN OVERSEAS SALES.

FOLLOWING EIGHT SUCCESSIVE QUARTERS OF DOUBLE-DIGIT GROWTHS, SALES OF CHEMICALS & CHEMICAL PRODUCTS INCREASED SLIGHTLY BY 2.5% IN 3Q2005.

IN CONTRAST, FOREIGN SALES OF HOUSEHOLD EQUIPMENT & FURNITURE FELL FURTHER IN 3Q2005 BY 13.7%. IT WAS LED BY THE WHOLESALING OF TV AND SOUND REPRODUCING EQUIPMENT.

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%.

STRONG GROWTH WERE REPORTED IN WHOLESALE SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS & BUNKERING AND PETROLEUM & PETROLEUM PRODUCTS.

RETAIL TRADE

RETAIL SALES CHALKED UP AN IMPRESSIVE 9.9% GROWTH IN 3Q2005, ALBEIT A MODERATION FROM THE SECOND QUARTER’S GROWTH RATE OF 12%. THE SALES OF MOTOR VEHICLES EASED FROM 2Q2005 RISE OF 15%, BUT STILL GREW BY 12% IN THE LAST QUARTER. EXCLUDING MOTOR VEHICLES, RETAIL SALES GREW BY 7.9% IN THIRD QUARTER, BETTER THAN THE 7.5% RECORDED IN THE SECOND QUARTER.

ON A YEAR-ON-YEAR BASIS, MOST RETAIL SEGMENTS REGISTERED BETTER SALES.

THE SEGMENTS WERE TELECOMMUNICATIONS AND COMPUTERS (23%), WEARING APPAREL AND FOOTWEAR (12%), FURNITURE AND HOUSEHOLD EQUIPMENT (11%), DEPARTMENT STORES (11%), FOOD AND BEVERAGES (9.2%), MEDICAL GOODS AND TOILETRIES (7.4%), RECREATIONAL GOODS (6.4%), OPTICAL GOODS AND BOOKS (5.9%), PROVISION AND SUNDRY SHOPS (5.8%), WATCHES AND JEWELLERY (5.3%), PETROL SERVICE STATIONS (1.1%) AND SUPERMARKETS (0.4%).

NOVEMBER RETAIL SALES RISE 2.4%

SINGAPORE’S RETAIL SALES ROSE IN NOVEMBER AT THE SLOWEST PACE IN NINE MONTHS AS TOURISM GROWTH EASED, CAR SALES FELL AND CONSUMERS CUT SPENDING AFTER STOCKING UP FOR RELIGIOUS FESTIVALS.

RETAIL SALES INDEX ROSE 2.4% IN NOVEMBER 2005 FROM NOVEMBER 2004 AFTER A PREVIOUS GAIN OF 10.2%. THAT WAS LOWER THAN THE MOST PESSIMISTIC ESTIMATE IN A BLOOMBERG SURVEY OF 13 ECONOMISTS, WHERE THE MEDIAN FORECAST WAS AN 11% RISE. EXCLUDING VEHICLES, RETAIL SALES GREW BY 5.2% FROM THE SAME MONTH A YEAR EARLIER.

ON A SEASONALLY ADJUSTED BASIS, NOVEMBER RETAIL SALES FELL 8.7% FROM THE PREVIOUS MONTH. EXCLUDING CARS, THE INDEX FELL BY 6.3%.

DEPARTMENT STORE SALES ROSE 4.8% LAST NOVEMBER AS COMPARED TO NOVEMBER 2004 AFTER A 16% GAIN IN THE PREVIOUS MONTH, THE FIGURES SHOWED. NOVEMBER VEHICLE SALES, WHICH MAKE UP MORE THAN A QUARTER OF THE INDEX, DECLINED SLIGHTLY BY 0.5% FROM NOVEMBER 2004 FOLLOWING A 8.9% RISE IN THE PREVIOUS MONTH. SALES OF FURNITURE AND HOUSEHOLD EQUIPMENT ROSE BY 0.4% IN NOVEMBER 2005 FROM NOVEMBER 2004, LESS THAN THE 17% RISE IN OCTOBER.

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.

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.

HOTELIERS PROJECT A POSITIVE OUTLOOK FOR THE MONTHS AHEAD, WITH A POSITIVE NET BALANCE OF 64%, IN ANTICIPATION OF AN INCREASE IN TOURIST ARRIVALS AND OCCUPANCY RATE. SIMILARLY, IN CATERING TRADE, RESTAURANTS AND FOOD CATERERS FORESEE FAVOURABLE BUSINESS CONDITIONS IN THE COMING MONTHS.

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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