MIRA INFORM REPORT

Report Date :

8^th November, 2006

IDENTIFICATION DETAILS

Name :	OVERSEAS VENTURES PTE LIMITED

Registered Office :	19, Keppel Road #07-07 Jit Poh Building, Singapore.

Country :	Singapore

Date of Incorporation :	14.10.1989

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading of Scrap Metals

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 :	Usually Correct

Litigation :	Clear

Company Name

OVERSEAS VENTURES PTE LTD

Line Of Business

TRADING OF SCRAP METALS

Parent Company

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : S$3,000,000

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

Rating

Credit Requested : NA

Credit Rating : Sing $1000 001- Sing $ 5000000

Credit Opinion : NA

COMPANY IDENTIFICATION

^{Subject Company :
OVERSEAS VENTURES PTE LTD}

^{Former Name :
-}

^{Business Address :
19 KEPPEL ROAD}

^#07-07

^{JIT POH BUILDING}

^{Town :
SINGAPORE}

^{Postcode :
089058}

^{County : -}

^{Country :
Singapore}

^{Telephone :
6226 1803}

^{Fax :
6226 3074}

^{ROC Number :
198904484Z}

^{Reg. Town :
-}

SUMMARY

^{All amounts in this report are in SGD}

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
14/10/1989}

^{Previous Legal Form             :
Pte Ltd                                                                                   Date
of Change                      :
14/10/1989}

^{Summary year :
NA}

^{Sales :
NA}

^{Paid-Up Capital                                             :
3,000,000                                                                              Net
Worth       : NA}

^{Employees                              :
NA                                                                                         Net
Result      : NA}

^{Auditor :
LTC & ASSOCIATES}

REFERENCES

^{CCMS Number                                              :
702000489733                                                                      Report
Date    : 08/11/2006}

^{Update Date :
08/11/2006}

^{Credit Requested                  :
NA                                                                                         Credit
Opinion                        : NA}

^{Litigation :
No}

^{Company status :
TRADING Started : 14/10/1989}

PRINCIPAL(S)

^{AMITAVA ROY
S2648926A Managing Director}

DIRECTOR(S)

^{WEE CHENG HOCK JAMES
S1033105F Director}

^{Appointed on : 14/10/1989}

^{Street :
289 TAMPINES STREET 22}

^#03-444

^{Town :
SINGAPORE}

^{Postcode : 520289}

^{Country :
Singapore}

^{AMITAVA ROY S2648926A Managing Director}

^{Appointed on : 17/10/1989}

^{Street :
6 SCOTTS ROAD}

^#22-03

^{SCOTTS SHOPPING CENTRE}

^{Town :
SINGAPORE}

^{Postcode : 228209}

^{Country :
Singapore}

^{AMITAVA ROY
S2648926A Director}

^{Appointed on : 14/10/1989}

^{Street :
6 SCOTTS ROAD}

^#22-03

^{SCOTTS SHOPPING CENTRE}

^{Town :
SINGAPORE}

^{Postcode : 228209}

^{Country :
Singapore}

^{HELEN CAMPOS THOMAS
S1318008C Company Secretary}

^{Appointed on : 23/03/2004}

^{Street :
10 MEI HWAN DRIVE}

^{GOLDEN HILL ESTATTE}

^{Town :
SINGAPORE}

^{Postcode : 568349}

^{Country :
Singapore}

FORMER DIRECTOR(S)

^{MOHAMED SHAFI ABOOBAKER G679917}

^{ANUBHA MUKHERJEE T351955}

ACTIVITY (IES)

^{IMPORTERS And EXPORTERS}^{Code: 11760}

^{COMMISSION MERCHANTS}^Code:
4990

^{SCRAP METALS}^Code:
19045

^{BASED ON ACRA'S RECORD AS AT 03/11/2006}

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

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

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 Databases

SHAREHOLDERS(S)

^{AMITAVA ROY}^{2,999,999 Private Person}

^{Street :
6 SCOTTS ROAD}

^#22-03

^{SCOTTS SHOPPING CENTRE}

^{Town :
SINGAPORE}

^{Postcode : 228209}

^{Country :
Singapore}

^{ANUP KUMAR ROY}^{1 Private Person}

^{Street :
36572 DERBY DOWNS DRIVE}

^{SOLON, OHIO}

^{Town :
OHIO}

^{Postcode : 44139}

^{Country :
United States}

FORMER SHAREHOLDER(S)

^{MOHAMED SHAFI ABOOBAKER}^50,000

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^.

^{* THE LATEST
FINANCIAL STATEMENTS FILED IN BY THE COMPANY AS AT YEAR} ^{ENDED
31/10/2005 ARE NOT AVAILABLE. AS SUCH, ADVERSE CHECKS ON THE} ^{LOCAL
DIRECTORS WILL BE CONDUCTED.}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC OF SINGAPORE ON} ^{14/10/1989
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS
PRESENT NAMESTYLE AS "OVERSEAS VENTURES PTE LTD".}

^{AS AT 03/11/2006,
SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF} ^{3,000,000
SHARES OF A VALUE OF S$3,000,000.}

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 & EXPORTERS)}

^{2) WHOLESALE ON A
FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

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

^{SUBJECT IS LISTED
IN THE SINGAPORE LOCAL DIRECTORY UNDER THE} ^{CLASSIFICATION
OF: SCRAP METALS.}

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITY:}

^{* INTERNATIONAL
TRADING IN RAW MATERIAL FOR STEEL MAKING, SEMI AND} ^{FINISHED
STEEL PRODUCTS, MINERALS & NON-FERROUS METALS}

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

^{* SINGAPORE
INTERNATIONAL CHAMBERS OF COMMERCE}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 08/11/2006, SUBJECT WAS ONLY} ^{WILLING
TO REVEAL THAT THEY ARE INTO THE EXPORT OF SCRAP METALS. THEY} ^{DO NOT
SUPPLY TO THE LOCAL SINGAPORE MARKET.}

^{NO OTHER
INFORMATION WAS GATHERED VIA THE TELE-INTERVIEW CONDUCTED.} ^{TRADING
COUNTRIES WERE DENIED BY SUBJECT'S PERSONNEL.}

REGISTERED ADDRESS

^{RAFFLES PLACE}

^#20-02

^{OUB CENTRE}

^{SINGAPORE 048616}

^{DATE OF CHANGE OF
ADDRESS: 17/12/2002}

BUSINESS ADDRESS

^{19 KEPPEL ROAD}

^#07-07

^{JIT POH BUILDING}

^{SINGAPORE 089058}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED
BY: JIT POH INVESTMENTS PTE LTD}

^WEBSITE:

^{* NIL}

^EMAIL:

^{*
ovpl@pacific.net.sg}

MANAGEMENT

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

^{1) WEE CHENG HOCK
JAMES, A SINGAPOREAN}

^{- HOLDS OTHER
DIRECTORSHIPS AS RECORDED IN OUR DATABASE}

^{COASTLINE MARITIME
PTE LTD}

^{PARTY'Z ON
INTERNATIONAL PTE LTD}

^{PRIME TOUCH
INTERNATIONAL PTE LTD}

^{L.G.H. HOUSING
AGENCY PTE LTD}

^{2) AMITAVA ROY, A
SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME :
WEE CHENG HOCK JAMES}

^{ADVERSE REPORT
AGAINST DIRECTOR : NIL}

^{PROPERTY OWNERSHIP :
OWNS 1}

^{ANNUAL VALUE :
S$6,600}

^{CO-OWNER :
CHEONG SWEE KIN}

^{DIRECTOR'S NAME :
AMITAVA ROY}

^{ADVERSE REPORT
AGAINST DIRECTOR : NIL}

^{PROPERTY OWNERSHIP :
NIL}

^{ANNUAL VALUE :
NA}

^{CO-OWNER :
NA}

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

RATING: A1

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.

@RATING COUNTRY RATING DEFINITION

INVESTMENT GRADE

A1 - THE STEADY POLITICAL AND ECONOMIC ENVIRONMENT HAS POSITIVE EFFECTS ON

AN ALREADY GOOD PAYMENT RECORD OF COMPANIES. VERY WEAK DEFAULT PROBABILITY.

A2 - DEFAULT PROBABILITY IS STILL WEAK EVEN IN THE CASE WHEN ONE COUNTRY'S

POLITICAL AND ECONOMIC ENVIRONMENT OR THE PAYMENT RECORD OF COMPANIES

IS NOT AS GOOD AS IN A1-RATED COUNTRIES.

A3 - ADVERSE POLITICAL OR ECONOMIC CIRCUMSTANCES MAY LEAD TO A WORSENING

PAYMENT RECORD THAT IS ALREADY LOWER THAN THE PREVIOUS CATEGORIES,

ALTHOUGH THE PROBABILITY OF A PAYMENT DEFAULT IS STILL LOW.

A4 - AN ALREADY PATCHY PAYMENT RECORD COULD BE FURTHER WORSENED BY A

DETERIORATING POLITICAL AND ECONOMIC ENVIRONMENT. NEVERTHELESS, THE

PROBABILITY OF A DEFAULT IS STILL ACCEPTABLE.

SPECULATIVE GRADE

B - AN UNSTEADY POLITICAL AND ECONOMIC ENVIRONMENT IS LIKELY TO AFFECT

FURTHER AN ALREADY POOR PAYMENT RECORD.

C - AN VERY UNSTEADY POLITICAL AND ECONOMIC ENVIRONMENT COULD DETERIORATE AN

ALREADY BAD PAYMENT RECORD.

D - THE HIGH RISK PROFILE OF A COUNTRY'S ECONOMIC AND POLITICAL ENVIRONMENT

WILL FURTHER WORSEN A GENERALLY VERY BAD PAYMENT RECORD.

WHOLESALE 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.

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%.

ON A YEAR-ON-YEAR BASIS, ELECTRONIC COMPONENTS GREW BY 22.8%, PETROLEUM &

PETROLEUM PRODUCTS ROSE BY 20.3%, AND GENERAL WHOLESALE TRADE GREW BY 18.7% IN

1Q2006.

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%.

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.

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

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