MIRA INFORM REPORT

MIRA INFORM REPORT

Report Date :

12.04.2007

IDENTIFICATION DETAILS

Name :	FACETS SINGAPORE PTE. LTD.

Registered Office :	^{545 Orchard Road, #11-05, Far East Shopping Centre} ²³⁸⁸⁸²

Country :	^Singapore

Legal Form :	Exempt Pte Ltd

Line of Business :	Wholesaler and Retail Sale of Jewellery

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 :	Regular

Litigation :	Clear

Subject Company

FACETS SINGAPORE PTE. LTD.

Line Of Business

WHOLESALER OF DIAMONDS, LOOSE POLISHED DIAMONDS AND JEWELLERY

Parent Company

-

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$1,200,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : FACETS
SINGAPORE PTE. LTD.}

^{Former Name : -}

^{Business Address : 545 ORCHARD ROAD}

^#11-05

^{FAR
EAST SHOPPING CENTRE}

^{Town : SINGAPORE}

^{Postcode : 238882}

^{County : -}

^{Country : Singapore}

^{Telephone : 6235 1724}

^{Fax : 6733 4526}

^{ROC Number : 198001122R}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 05/04/1980}

^{Previous Legal Form : -}

^{Summary year : -}

^{Sales : -}

^{Net Worth : -}

^{Capital : -}

^{Paid-Up Capital : 1,200,000}

^{Employees : 10}

^{Net result : -}

^{Share value :
-}

^{Auditor : NATARAJAN & SWAMINATHAN}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 05/04/1980}

PRINCIPAL(S)

^{DEEPAK KUNDAN MAHTANI S0072708C Director}

DIRECTOR(S)

^{HIRAMANI SURESH MULCHAND
S2574957Z Director}

^{Appointed on : 05/04/1980}

^{Street : 38 CAIRNHILL ROAD}

^#05-04

^{HILLCOURT
APARTMENT}

^{Town : SINGAPORE}

^{Postcode : 229658}

^{Country : Singapore}

^{ANITA SURESH HATHIRAMANI S2574958H Director}

^{Appointed on : 25/11/1982}

^{Street : 38 CAIRNHILL ROAD}

^#05-04

^{HILLCOURT APARTMENT}

^{Town : SINGAPORE}

^{Postcode : 229658}

^{Country : Singapore}

^{DEEPAK KUNDAN MAHTANI
S0072708C Director}

^{Appointed on : 14/10/1986}

^{Street : 2 ESSEX ROAD}

^#05-02

^{LION TOWERS}

^{Town : SINGAPORE}

^{Postcode : 309330}

^{Country : Singapore}

^{S MOHAMED ILYAS
S2034260I Company Secretary}

^{Appointed on : 01/07/1980}

^{Street : 368 CORPORATION DRIVE}

^#07-457

^{Town : SINGAPORE}

^{Postcode : 610368}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{VASWANI CHATERBHUJ HASSARAM S1155220Z}

^{MULCHAND ISSARDAS HATHIRAMANI J946619}

^{YACOOB S/O M A ABDUL KASSIM
S1049733G}

ACTIVITY (IES)

^{DIAMONDS - WHSLE Code:6450}

^{JEWELLERS - WHSLE Code:12280}

^{BASED ON ACRA'S RECORD AS AT 09/04/2007}

^{1) WHOLESALE OF JEWELLERY}

^{2) RETAIL SALE OF JEWELLERY}

CHARGES

^{Date : 14/11/1991}

^{Comments : CHARGE NO: 9104884 (DISCHARGED)}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: BNP PARIBAS}

^{Date : 20/05/2003}

^{Comments : CHARGE NO: C200302383}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: DBS BANK LTD}

^{Date : 02/09/1991}

^{Comments :
CHARGER NO: 9103596}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: UNITED OVERSEAS BANK LTD}

^{Date : 11/11/2002}

^{Comments :
CHARGE NO: 200204950}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: THE DEVELOPMENT BANK OF SINGAPORE LTD}

^{Date : 30/08/2002}

^{Comments :
CHARGE NO: 200203827}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: UNITED OVERSEAS BANK LTD}

^{Date : 11/07/1997}

^{Comments :
CHARGE NO: 199704131 (DISCHARGED)}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: BANQUE NATIONAL DE PARIS}

PREMISES/PROPERTY INFORMATIONS

^{Date : 12/07/2006}

^{Tax rate : 10}

^{Site Address : 545 ORCHARD ROAD}

^#11-05

^{FAR EAST SHOPPING CENTRE}

^{Town : SINGAPORE}

^{County : -}

^{Postcode : 238882}

^{Country : Singapore}

^{Annual Value : 9,620}

^{Date : 12/07/2006}

^{Tax rate : 10}

^{Site Address : 38
CAIRNHILL ROAD}

^#05-04

^{Town : SINGAPORE}

^{County : -}

^{Postcode : 229658}

^{Country : Singapore}

^{Annual Value : 22,800}

*TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

*TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR

FULLY RENTED OUT BY THE OWNER/OWNED BY COMPANY.

*FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT,

THE TAX RATE IS 10% (IE INDUSTRIAL AND COMMERCIAL PROPERTY).

*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.

BANKERS

^{DBS BANK LTD.}

^{UNITED OVERSEAS BANK LIMITED}

^{BNP PARIBAS}

SHAREHOLDERS(S)

^{HATHIRAMANI SURESH MULCHAND 799,999
Private Person}

^{Street : 38 CAIRNHILL ROAD}

^#05-04

^{HILLCOURT APARTMENT}

^{Town : SINGAPORE}

^{Postcode : 229658}

^{Country : Singapore}

^{ANITA SURESH HATHIRAMANI 400,000 Private Person}

^{Street : 38 CAIRNHILL ROAD}

^#05-04

^{HILLCOURT APARTMENT}

^{Town : SINGAPORE}

^{Postcode : 229658}

^{Country : Singapore}

^{DEEPAK KUNDAN MAHTANI 1 Private Person}

^{Street : 2 ESSEX ROAD}

^#05-02

^{LION TOWERS}

^{Town : SINGAPORE}

^{Postcode : 309330}

^{Country : Singapore}

FORMER SHAREHOLDER(S)

^{VASWANI CHATERBHUJ HASSARAM 1}

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.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON} ^{05/04/1980
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS PRESENT
NAMESTYLE AS "FACETS SINGAPORE PTE. LTD.".}

^{AS AT 09/04/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF} ^{1,200,000
SHARES OF A VALUE OF S$1,200,000.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE REGISTRY OF COMPANIES AND BUSINESSES} ^{TO BE
PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) WHOLESALE OF JEWELLERY}

^{2) RETAIL SALE OF JEWELLERY}

^{FROM THE RESEARCH DONE, SUBJECT IS A WHOLESALER OF DIAMONDS, LOOSE} ^{POLISHED
DIAMONDS AND JEWELLERY. SUBJECT SOURCES ITS DIAMONDS FROM} ^{MANUFACTURERS
AND DTC SIGHTHOLDERS IN THE MAJOR DIAMOND CUTTING} ^{CENTRES WORLDWIDE.}

^{SUBJECT IS THE AUTHORISED DISTRIBUTOR OF THE LILY CUT, CRISS CUT AND} ^{LILY
STAR FOR SINGAPORE, MALAYSIA AND INDONESIA.}

^{SUBJECT ALSO PROVIDES "BUYING AGENT" SERVICES. THROUGH ITS
RELATED} ^{COMPANY, SUBJECT PROVIDES JEWELLERY DESIGN AND MANUFACTURING}

^SERVICES.

^PRODUCTS:

^{*TRADITIONAL CUTS}

^{*ANTIQUE CUTS}

^{*SPECIAL CUTS}

^*JEWELLERY

^{MARKET PRESENCE:}

^{*SINGAPORE, MEIGHBOURING SOUTH EAST ASIAN COUNTRIES, HONG KONG,} ^{TAIWAN,
JAPAN,}

^{SPAIN, UK, AUSTRALIA, CANADA AND
THE USA.}

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

^{*SINGAPORE BUSINESS FEDERATION}

^{FROM AN EARLIER TELE-INTERVIEW CONDUCTED ON 12/07/2006, IT WAS} ^{REVEALED
THAT SUBJECT IS IN THE TRADING OF DIAMONDS AND JEWELLERY.}

^{SUBJECT DOES IMPORT AND EXPORT HOWEVER, DETAILS WERE NOT MADE} ^{AVAILABLE
BY SUBJECT'S PERSONNEL. THERE ARE LESS THAN 10 PERSONS} ^{EMPLOYED IN
THE BUSINESS. NO OTHER TRADE INFORMATION WAS MADE} ^{AVAILABLE AT THE
TIME OF THIS TELE-INTERVIEW.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{545 ORCHARD ROAD}

^#11-05

^{FAR EAST SHOPPING CENTRE}

^{SINGAPORE 238882}

^{DATE OF CHANGE OF ADDRESS: 29/07/2002}

^{- OWNED PREMISE}

^WEBSITE:

^{www.facetsingapore.com}

^EMAIL:

^{info@facetsingapore.com}

^{sales@facetsingapore.com}

MANAGEMENT

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

^{1) DEEPAK KUNDAN MAHTANI, A
SINGAPOREAN}

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

^{2) HATHIRAMANI SURESH
MULCHAND, A SINGAPORE PERMANENT RESIDENT}

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

^{3) ANITA SURESH HATHIRAMANI,
A SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: DEEPAK
KUNDAN MAHTANI}

^{ADVERSE REPORT AGAINST
DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$12,000}

^{CO-OWNER (S): NIL}

^{DIRECTOR'S NAME: HATHIRAMANI
SURESH MULCHAND}

^{ADVERSE REPORT AGAINST
DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: N.A}

^{CO-OWNER (S): N.A}

^{DIRECTOR'S NAME: ANITA
SURESH HATHIRAMANI}

^{ADVERSE REPORT AGAINST
DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: N.A}

^{CO-OWNER (S): N.A}

^{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.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

DOMESTIC WHOLESALE TRADE IN 4Q 2006 HAS DECLINED BY 6.9%. EXCLUDING PETROLEUM, DOMESTIC SALES REMAINED AT SIMILAR LEVEL COMPARED TO THE PREVIOUS QUARTER.

GENERAL WHOLESALE TRADE POSTED THE LARGEST SALES DECREASE OF 16.6%, FOLLOWED BY THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS OF 15.7% AND HOUSEHOLD EQUIPMENT AND FURNITURE OF 13.2%.

SECTORS OF INDUSTRIAL AND CONSTRUCTION MACHINERY AND ELECTRONIC COMPONENTS REGISTERED GROWTHS OF 17.0% AND 12.3%, RESPECTIVELY.

FOREIGN WHOLESALE TRADE INDEX

ON A QUARTER-TO-QUARTER BASIS, OVERALL FOREIGN WHOLESALE TRADE CONTRACTED BY 7.9% IN 4Q 2006 AFTER TWO QUARTERS OF POSITIVE GROWTH. FOREIGN SALES WENT DOWN BY 1.6%, EXCLUDING PETROLEUM.

THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS AND ELECTRONIC COMPONENTS MARKED LOWER OVERSEAS SALE OF 14.2% AND 11.6% RESPECTIVELY IN 4Q 2006 OVER 3Q 2006.

RETAIL TRADE

IN GENERAL, RETAIL SALES GREW BY 7.9% IN 4Q 2006, UP FROM THE 5.2% IN THE PREVIOUS QUARTER. THIS BROUGHT FULL YEAR GROWTH FOR 2006 TO 6.9%, DOWN FROM 9.0% IN 2005. EXCLUDING MOTOR VEHICLE SALES, RETAIL SALES ROSE 4.1%, SLOWING FROM THE 7.2% GAIN IN THE PREVIOUS YEAR.

MOST RETAIL SECTORS REPORTED BRISK BUSINESS IN DEC. 2006. SALES OF RECREATIONAL GOODS, DEPARTMENT STORES, WEARING APPAREL AND FOOTWEAR, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND JEWELLERY CLIMBED BY 36.6% TO 44.2% IN DEC. 2006 COMPARED TO THE PREVIOUS MONTH.

LIKEWISE, RETAILERS OF OPTICAL GOODS AND BOOKS, TELECOMMUNICATIONS APPARATUS AND COMPUTERS, FOOD AND BEVERAGES, MEDICAL GOODS AND TOILETRIES AND SUPERMARKETS ENJOYED GROWTH BETWEEN 12.7% TO 26.0%.

OUTLOOK

FOR WHOLESALE TRADE, A NET WEIGHTED BALANCE OF 11% OF FIRMS ANTICIPATES BUSINESS TO BE LESS BRISK FOR COMING MONTHS. THOSE DEALING IN JEWELLERY AND WATCHES, INDUSTRIAL MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS ARE AMONG THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.

FOR RETAILERS, A NET WEIGHTED BALANCE OF 8%, FORECAST THE BUSINESS CONDITIONS TO IMPROVE IN THE NEXT SIX MONTHS. DEPARTMENT STORES OWNERS AND RETAILERS OF FURNITURE AND FURNISHINGS ARE OPTIMISTIC ABOUT THE BUSINESS PROSPECTS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

ESTIMATED FINANCIAL RESOURCE

IN ESTIMATING THE FINANCIAL RESOURCE OF ANY COMPANY, THE QUALITY OF THE COMPANY’S ASSETS AS WELL AS THEIR CONVERTIBILITY INTO CASH OR LOANS ARE TAKEN INTO ACCOUNT. WEIGHTAGE IS GIVEN TO EACH ASSET DEPENDENT UPON QUALITY AND AVAILABILITY.

AN NR MEANS NO RATING DUE TO THE LACK OF FINANCIAL DATA UPON WHICH NO OPINION CAN BE FORMULATED.

WHILST ESTIMATED FINANCIAL RESOURCE GIVES AN INDICATION OF THE SIZE OF THE COMPANY, COMPOSITE CREDIT APPRAISAL PROVIDES AN INDICATION OF ITS CREDIT STANDING.

COMPOSITE CREDIT APPRAISAL

THE COMPOSITE CREDIT APPRAISAL IS A RATING OF THE IMPORTANT ELEMENTS OF CREDITWORTHINESS, INCLUDING SALES/PROFITABILITY, PRESENT LIQUIDITY, PRESENT INDEBTEDNESS, SUPPLIERS’ RATING, BUSINESS TRENDS, FUTURE CASH FLOW AND THE GENERAL MARKET REPUTATION OF THE COMPANY. WEIGHTAGE IS ASSIGNED TO EACH FACTOR TO REFLECT THEIR RELATIVE IMPORTANCE IN THE SINGAPORE SITUATION.

AN NR FOLLOWING BY A COMPOSITE CREDIT RATING OF 1,2,3 OR 4 IS INDICATIVE OF A LACK OF FINANCIAL DATA: NEVERTHELESS, WE HAVE BEEN ABLE TO RATE THE COMPANY BASED SOLELY ON ITS GENERAL MARKET REPUTATION.

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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