MIRA INFORM REPORT

Report Date :

9^th November, 2006

IDENTIFICATION DETAILS

Name :	PINE CHEMICALS PTE LIMITED

Registered Office :	63 Robinson Road #04-18, Afro-Asia Building, Singapore 068894, Singapore

Country :	Singapore

Date of Incorporation :	1312.2005

Legal Form :	^{Exempt Pte Ltd}

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

PINE CHEMICALS PTE. LTD.

Line Of Business

Parent Company

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : S$1

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

Rating

Credit Requested : NA

Credit Rating : NR

Credit Opinion : NA

COMPANY IDENTIFICATION

^{Subject Company : PINE CHEMICALS PTE. LTD.}

^{Former Name :
-}

^{Registered Address : 63 ROBINSON ROAD}

^#04-18

^{AFRO-ASIA BUILDING}

^{Town :
SINGAPORE}

^{Postcode : 068894}

^{County :
-}

^{Country :
Singapore}

^{Telephone : Not Listed}

^{Fax :
Not Listed}

^{ROC Number :
200517299K}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte
Ltd}

^{Date Inc. : 13/12/2005}

^{Previous Legal Form : NA}

^{Summary year :
NA}

^{Sales :
NA}

^{Paid-Up Capital :
1}

^{Employees : NA}

^{Auditor :
NIL}

^{Net Worth : NA}

^{Net Result : NA}

REFERENCES

^{CCMS Number :
702005082203}

^{Report Date :09/11/2006}

^{Update Date : 09/11/2006}

^{Credit Requested : NA}

^{Credit Opinion :
NA}

^{Credit Rating : NR}

^{Litigation : No}

^{Company status : TRADING}

^{Started : 13/12/2005}

PRINCIPAL(S)

^{EDWARD
ALLBLESS S2701307D Director}

DIRECTOR(S)

^{MANOJ KUMAR
SINGHANIA A5472143 Director}

^{Appointed on : 13/12/2005}

^{Street : S803
KEDOYA ELOK APARTMENTS}

^{JL PANJANG}

^{Town : JAKARTA}

^{Postcode : -}

^{Country : Indonesia}

^{LEE KIT CHER
PATRICK S1600134A Company Secretary}

^{Appointed on : 13/12/2005}

^{Street : 706
BEDOK NORTH ROAD}

^#04-3416

^{Town :
SINGAPORE}

^{Postcode : 470706}

^{Country : Singapore}

^{LEE KIT CHER
PATRICK S1600134A Director}

^{Appointed on : 01/06/2006}

^{Street : 706
BEDOK NORTH ROAD}

^#04-3416

^{Town :
SINGAPORE}

^{Postcode : 470706}

^{Country : Singapore}

^{EDWARD
ALLBLESS S2701307D Director}

^{Appointed on : 13/12/2005}

^{Street : 3 FARRER
DRIVE}

^#04-04

^{Town :
SINGAPORE}

^{Postcode : 259276}

^{Country : Singapore}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS}^Code:
11760

^{TRADING COMPANIES}^{Code: 22190}

^{BASED ON ACRA'S
RECORD AS AT 06/11/2006}

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

^{INTERNATIONAL
TRADING}

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)

^{MANOJ KUMAR
SINGHANIA}^{1 Private Person}

^{Street : S803
KEDOYA ELOK APARTMENTS}

^{JL PANJANG}

^{Town : JAKARTA}

^{Postcode : -}

^{Country : Indonesia}

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

^{NEWLY-SETUP COMPANY}

^{SUBJECT BEING NEWLY
INCORPORATED AND HAS YET TO FILE IN ITS FIRST SET}

^{OF ACCOUNTS. A
NEWLY INCORPORATED COMPANY HAS UP TO 18 MONTHS FROM THE}

^{DATE OF
INCORPORATION TO FILE IN ITS FIRST SET OF ACCOUNTS.}

^{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}

^{13/12/2005 AS A
LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER}

^{ITS PRESENT
NAMESTYLE AS "PINE CHEMICALS PTE. LTD.".}

^{AS AT 06/11/2006,
SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 1}

^{SHARE OF A VALUE OF
S$1.}

^{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);}

^{INTERNATIONAL
TRADING}

^{FROM THE RESEARCH
CONDUCTED, SUBJECT IS NOT LISTED IN THE SINGAPORE}

^{LOCAL DIRECTORY.}

^{THUS, WE WERE
UNABLE TO GATHER ANY INFORMATION ON THE SUBJECT.}

^{WE WERE UNABLE TO
ASCERTAIN IF SUBJECT HAS A BANKING RELATIONSHIP}

^{WITH "STANDARD
CHARTERED BANK SINGAPORE" AS WELL.}

^{REGISTERED ADDRESS:}

^{63 ROBINSON ROAD}

^#04-18

^{AFRO-ASIA BUILDING}

^{SINGAPORE 068894}

^{DATE OF CHANGE OF
ADDRESS: 23/04/2006}

^{-- RENTED PREMISE}

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

^WEBSITE:

^{* NA}

^EMAIL:

^{* NA}

MANAGEMENT

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

^{1) MANOJ KUMAR
SINGHANIA, AN INDIAN}

^{- BASED IN
INDONESIA}

^{2) LEE KIT CHER
PATRICK, A SINGAPOREAN}

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

^{3) EDWARD ALLBLESS,
A SINGAPORE PERMANENT RESIDENT}

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

^{SREE INTERNATIONAL
HOLDING PTE LTD}

^{TRADEASIA
INTERNATIONAL PTE. LTD.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
LEE KIT CHER PATRICK}

^{ADVERSE REPORT
AGAINST DIRECTOR: YES}

^{TYPE OF CASE:
PETITION FOR BANKTRUPTCY}

^{CASE NO : HBP03076/89}

^{DEFENDANT :
LEE KIT CHER PATRICK}

^{PROPERTY OWNERSHIP:
OWNS 1}

^{ANNUAL VALUE:
S$5,880}

^{CO-OWNER: PUANG
SIOK TIANG}

^{LEE SONG CHEW}

^{SUN HUIJUAN}

^{DIRECTOR'S NAME:
EDWARD ALLBLESS}

^{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.

OVERVIEW OF SINGAPORE

PAST PERFORMANCE

SINGAPORE’S ECONOMIC GROWTH MODERATED IN THE SECOND QUARTER TO 7.5% YEAR-ON-YEAR DUE TO A WEAKER MANUFACTURING SECTOR. PRELIMINARY ESTIMATES ISSUED SHOWN GROWTH IN REAL GROSS DOMESTIC PRODUCT SLOWED FROM A REVISED 10.7% IN THE FIRST QUARTER. ON A QUARTER-ON-QUARTER BASIS, SEASONALLY ADJUSTED ANNUALISED BASIS, GDP GREW 1.1% AFTER A 7% EXPANSION IN THE PREVIOUS QUARTER.

THE MANUFACTURING SECTOR IS FORECASTED TO HAVE EXPANDED BY A MORE MODERATE 10.2% IN THE SECOND QUARTER, MAINLY ATTRIBUTED TO LOWER PRODUCTION FROM THE BIOMEDICAL MANUFACTURING CLUSTER. IT FELL BY ABOUT HALF FROM THE 20.2% IN THE FIRST QUARTER BUT HIGHER THAN THE 9.3% REGISTERED FOR THE WHOLE OF 2005. THE MANUFACTURING SECTOR ACCOUNTS FOR ABOUT A THIRD OF SINGAPORE’S ECONOMY WORTH S$194 BILLION.

THE KEY ELECTRONICS SECTOR IN MANUFACTURING IS GROWING STRONGLY, AGAINST THE VOLATILE BIOMEDICAL SEGMENT. ELECTRONICS ARE SINGAPORE’S MAIN EXPORT AND THE INDUSTRY ROSE 8.6% YEAR-ON-YEAR IN MAY, BOOSTED BY A 38.9% GROWTH IN THE SEMICONDUCTOR SEGMENT.

THE ACTUAL FIGURES SHOWN THAT THE CONSTRUCTION SECTOR GREW 0.2% IN THE SECOND QUARTER OVER 2Q2005. THIS IS IN CONTRAST WITH A 0.8% DECLINE IN THE TWO PRECEDING QUARTERS AND DECLINES IN THE SIX QUARTERS BEFORE THAT.

THE SERVICES SECTOR ACTUALLY ROSE 7% FROM A YEAR EARLIER, SLOWER THAN THE 8.2% IN THE FIRST QUARTER BUT ABOVE THE 6% RECORDED IN 2Q2005. SERVICES INDUSTRIES, WHICH RANGE FROM HOSPITALITY TO TRANSPORT, MADE UP NEARLY TWO-THIRDS OF THE ECONOMY LAST YEAR. THOSE IN FINANCIAL SERVICES, PARTICULARLY BANKERS, FUND MANAGERS AND STOCKBROKERS, REPORTED STRONG GROWTH OF 9.5% FROM THE SAME PERIOD LAST YEAR AND UP FROM 8.7% IN THE PREVIOUS QUARTER.

WHOLESALE AND RETAIL TRADE ROSE 10.1% IN THE SECOND QUARTER, AGAINST 15.1% IN THE PREVIOUS QUARTER, AS WHOLESALERS WERE AFFECTED BY A SLOWDOWN IN NON-OIL RE-EXPORTS.

HOTELS AND RESTAURANTS GAINED 6.1% IN THE SECOND QUARTER SLOWER THAN 7.1% IN THE LAST QUARTER.

ON THE EMPLOYMENT MARKET, MORE JOBS WERE CREATED IN THE SECOND QUARTER BUT UNEMPLOYMENT ROSE TO 2.9% AS MORE PEOPLE, ESPECIALLY TERTIARY GRADUATES, ENTERED THE JOB MARKET. SOME 36,500 MORE JOBS WERE CREATED IN THE SECOND QUARTER, REFLECTING THE CONTINUED GROWTH IN THE ECONOMY. IT BROUGHT THE TOTAL NUMBER OF JOBS CREATED IN THE FIRST HALF OF 2006 TO A RECORD 81,500, WHICH IS ABOUT TWO-THIRDS MORE THAN THE 49,500 REGISTERED IN THE SAME PERIOD LAST YEAR.

THE SERVICE INDUSTRY CONTRIBUTED MOSTLY TO THE JOBS CREATION, ADDING 24,200 JODS, WHILE MANUFACTURING AND CONSTRUCTION POSTED INCREASE OF 8,300 AND 4,000 JOBS RESPECTIVELY.

RETRENCHED WORKERS TOTAL 3,100, LOWER THAN THE 3,500 IN THE FIRST QUARTER, BUT HIGHER THAN THE 2,100 IN 2Q2005.

AHEAD

THE OUTLOOK FOR THE ECONOMY REMAINS POSITIVE, AMID SIGNS OF A SLOWDOWN IN GLOBAL GROWTH. ON 8 AUGUST 2006, PRIME MINISTER LEE HISEN LOONG ANNOUNCED THAT THE SINGAPORE ECONOMY GREW 9.4% IN THE FIRST HALF OF 2005. AS A RESULT, BARRING AN OIL SHOCK, THE FULL YEAR OFFICIAL FORECAST IS BEING RAISED TO BETWEEN 6.5% AND 7.5% FOR 2006, UP FROM THE EARLIER 5 TO 7% RANGE.

IN THE SECOND HALF, MODERATE GROWTH WILL BE REGISTERED IN LINE WITH THE COOLING GLOBAL ECONOMY. BUT SURPRISINGLY, THE COMPOSITE LEADING INDEX (CLI), AN INDICATOR THAT LEADS ECONOMIC ACTIVITY BY ABOUT ONE TO TWO QUARTERS AHEAD, ROSE 1.5% IN ITS FASTEST GROWTH IN OVER TWO YEARS. CLI COMPRISES NINE COMPONENTS SUCH AS MONEY SUPPLY, LIQUIDITY AND STOCK PRICES.

THE GLOBAL ENERGY PRICES WILL CONTINUE TO FLUCTUATE WITH THE VIOLENCE IN THE MIDDLE EAST AND POTENTIAL SUPPLY PROBLEMS IN NIGERIA, IRAN AND IRAQ. OTHER RISK FACTORS INCLUDE AN AVIAN FLU OUTBREAK, A SLOWDOWN IN THE UNITED STATES ECONOMY, AND THE UNWINDING OF GLOBAL IMBALANCES SUCH AS THE US TRADE DEFICIT.

HOTELS AND RESTAURANTS ARE BANKING ON SEPTEMBER’S INTERNATIONAL MONETARY FUND/WORLD BANK MEETING TO MAINTAIN THE GROWTH MOMENTUM.

THE FINANCIAL SERVICES SECTOR IS HOPEFUL THAT WITH THE PICK-UP IN BUSINESS LOANS, BILLION-DOLLAR HEDGE FUNDS RELOCATING HERE FROM HONG KONG AND STRONG INSURANCE SALES, THE INDUSTRY WILL BE GROWING ROBUSTLY FOR THE REST OF THE YEAR.

SLOWER 8.4% GROWTH IN NON-OIL EXPORTS LAST MONTH

SINGAPORE’S NON-OIL DOMESTIC EXPORTS (NODX) GREW AT A SLOWER-THAN-EXPECTED 8.4% IN JULY 2006 OVER THE SAME MONTH A YEAR AGO, MAINLY DUE TO WEAKER SHIPMENTS OF ELECTRONICS, PHARMACEUTICALS AND PETROCHEMICALS.

ELECTRONICS EXPORTS, WHICH ACCOUNTED FOR SLIGHTLY LESS THAN HALF OF OVERALL NODX IN 2005, GREW 5% IN JULY TO S$6.62 BILLION. IT WAS THE 12TH STRAIGHT MONTH OF EXPANSION BUT WEAKER THAN THE 9.1% GROWTH REGISTERED IN JUNE. IT WAS HURT BY A 23% FELL IN DISK DRIVE EXPORTS, WHICH WAS BEING VALUED AT S$843 MILLION IN JULY, AND A 21% DECLINE IN PERSONAL COMPUTER SHIPMENTS VALUED AT S$86 MILLION.

NON-ELECTRONIC EXPORTS, WHICH CONSIST MAINLY OF PHARMACEUTICALS AND PETROCHEMICALS, ROSE 11.7% TO S$7.14 BILLION. PHARMACEUTICALS ROSE 7.1% TO S$1.27 BILLION IN JULY, SIGNIFICANTLY SLOWER THAN THE JUNE’S RISE OF 25% TO S$1.45 BILLION. PETROCHEMICAL EXPORTS ROSE 11.5% TO S$1.02 BILLION, IN COMPARISON WITH THE 32% GROWTH IN JUNE TO S$1.1 BILLION.

SHIPMENTS TO SINGAPORE’S MAJOR MARKETS SUCH AS MALAYSIA, HONG KONG AND THE UNITED STATES GREW IN JULY BUT THESE WERE OFFSET BY DECLINES IN OTHER DESTINATIONS, INCLUDING JAPAN, CHINA AND EUROPEAN UNION.

TOTAL TRADE IN JULY ROSE 15.9% TO ALMOST S$69 BILLION.

REGIONAL ECONOMIST SONG SENG WUN OF CIMB-GK RESEARCH PREDICTED THAT THE TECHNOLOGY SECTOR COULD ENJOY A REBOUND IN THE COMING MONTHS AS DEMAND TYPICALLY PICK UP WITH THE CHRISTMAS SEASON. THE TECHNOLOGY EXPORTS WILL GROW BY THE LOW-TO-MID TEENS RANGE AS THE DISK DRIVE EXPORTS IMPROVE.

EXTRACTED FROM : MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

IE SINGAPORE

THE STRAITS TIMES

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