MIRA INFORM REPORT

Report Date :

20^th November, 2006

IDENTIFICATION DETAILS

Name :	GLOBAL POLYTRADE PTE. LTD.

Registered Office :	20 Collyer Quay #14-02a Tung Centre, Singapore 049319, Singapore

Country :	Singapore

Date of Incorporation :	22.08.2006

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading Of Ferrous & Non-Ferrous Metals.

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 :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Company Name

GLOBAL POLYTRADE PTE. LTD.

Line Of Business

TRADING OF FERROUS & NON-FERROUS METALS.

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 : Up to Sing $ 10000

Credit Opinion : NA

COMPANY IDENTIFICATION

^{Subject Company : GLOBAL POLYTRADE PTE. LTD.}

^{Former Name :
-}

^{Business Address : 20 COLLYER QUAY} ^#14-02A ^TUNG
CENTRE

^{Town :
SINGAPORE}

^{Postcode : 049319}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6557 0300}

^{Fax :
6557 0610}

^{ROC Number :
200612186M}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
22/08/2006}

^{Previous Legal Form : -}

^{Summary year :
NA}

^{Sales :
NA}

^{Paid-Up Capital :
1}

^{Net Worth :
NA}

^{Employees :
10}

^{Net Result :
NA}

^{Auditor :
NATARAJAN & SWAMINATHAN}

REFERENCES

^{CCMS Number :
702005083280}

^{Report Date :
20/11/2006}

^{Update Date :
20/11/2006}

^{Credit Requested :
NA}

^{Credit Opinion :
NA}

^{Credit Rating :
DD}

^{Litigation :
No}

^{Company status :
TRADING}

^{Started :
22/08/2006}

PRINCIPAL(S)

^{VANGAL RANGARAJAN
RANGANATHAN S2662860A Director}

DIRECTOR(S)

^{MUKESH SHARMA B3418947 Director}

^{Appointed on : 08/09/2006}

^{Street :
C BLOCK DEVCHAND HOUSE}

^{DR. ANNIE BESANT ROAD}

^WORLI

^{Town :
MUMBAI}

^{Postcode : 400018}

^{Country :
India}

^{VANGAL RANGARAJAN
RANGANATHAN S2662860A Director}

^{Appointed on : 22/08/2006}

^{Street :
207 SERANGOON CENTRAL} ^#11-198

^{Town :
SINGAPORE}

^{Postcode : 550207}

^{Country :
Singapore}

^{VIMAL KUMAR
SOMANI Z1192579 Director}

^{Appointed on :
31/10/2006}

^{Street :
C BLOCK DEVCHAND HOUSE}

^{DR. ANNIE BESANT ROAD}

^WORLI

^{Town :
MUMBAI}

^{Postcode : 400018}

^{Country :
India}

ACTIVITY (IES)

^{IMPORTERS And
EXPORTERS}^Code:
11760

^{METALS - BASE -
DEALERS And BROKERS}^{Code: 13960}

^{BASED ON ACRA'S
RECORD AS AT 14/11/2006}

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{CITIBANK N.A.}

SHAREHOLDERS(S)

^{VIMAL KUMAR SOMANI}^{1 Private Person}

^{Street : C BLOCK
DEVCHAND HOUSE}

^{DR. ANNIE BESANT
ROAD}

^WORLI

^{Town :
MUMBAI}

^{Postcode : 400018}

^{Country : India}

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} ^{22/08/2006
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS
PRESENT NAMESTYLE AS "GLOBAL POLYTRADE PTE. LTD.".}

^{AS AT 14/11/2006,
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)}

^{FROM THE RESEARCH
CONDUCTED, SUBJECT IS INTO THE TRADING OF FERROUS} ^{AND
NON-FERROUS METALS. WE CALLED UP THE SUBJECT FOR A TELE-INTERVIEW ON 20/11/2006
AND THE} ^{FOLLOWING INFORMATION WAS REVEALED:}

^{SUBJECT'S PERSONNEL
REVEALED THAT THEY ARE INTO THE TRADING OF} ^{FERROUS
AND NON-FERROUS METALS. SPECIFIC TRADING COUNTRIES WERE NOT} ^{REVEALED.
THERE ARE 10 EMPLOYEES IN THE COMPANY.}

^{IN ADDITION,
SUBJECT'S PERSONNEL REVEALED THAT YOUR PROVIDED TEL:} ^{6536
7037 IS INVALID.}

^{NO OTHER
INFORMATION WAS GATHERED VIA THE TELE-INTERVIEW CONDUCTED.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{20 COLLYER QUAY}

^#14-02A

^{TUNG CENTRE}

^{SINGAPORE 049319}

^{DATE OF CHANGE OF
ADDRESS: 22/08/2006}

^WEBSITE:

^{*
www.globalpolytrade.com}

^EMAIL:

^{*
vikash.maskara@globalpolytrade.com}

MANAGEMENT

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

^{1) MUKESH SHARMA,
AN INDIAN}

^{- BASED IN INDIA}

^{2) VANGAL
RANGARAJAN RANGANATHAN, A SINGAPOREAN}

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

^{EVEREST
INTERNATIONAL PTE LTD}

^{GREENLAND TEXTILES
PTE LTD}

^{TRAVINDO TRADING
PTE LTD}

^{AVENUES SINGAPORE
PTE LTD}

^{3) VIMAL KUMAR
SOMANI, AN INDIAN}

^{- BASED IN INDIA}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
VANGAL RANGARAJAN RANGANATHAN}

^{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.

DOMESTIC WHOLESALE TRADE INDEX

FOLLOWING SEVEN QUARTERS OF DOUBLE-DIGIT GROWTH, THE OVERALL DOMESTIC WHOLESALE TRADE INDEX MODERATED TO 7.5% IN 1Q2006. EXCLUDING PETROLEUM, THE INDEX ROSE BY 14.2% OVER THE SAME PERIOD LAST YEAR.

DOMESTIC SALES OF GENERAL WHOLESALE TRADE ROSE SUBSTANTIALLY BY 61.6%.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 16.5% COMPARED TO 4Q2005. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.9%.

MOST OF THE MAJOR SECTORS REGISTERED SLOWER BUSINESS IN 1Q2006 WITH THE EXCEPTION OF TELECOMMUNICATIONS & COMPUTERS AND GENERAL 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%.

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