MIRA INFORM REPORT

Report Date :

13.04.2007

IDENTIFICATION DETAILS

Name :	SACODEN PTE LTD

Registered Office :	^{: 131 Kaki Bukit Avenue 1, Shun Li Industrial Park, 416000}

Country :	^Singapore

Legal Form :	Exempt Pte Ltd

Line of Business :	^{Wholesale Of Agricultural Raw Material, Live Animals, Food, Beverages And Tobacco; Wholesale Trade}

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 :	Clear

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

SACODEN PTE LTD

Line Of Business

Parent Company

Financial Elements

Sales : -

Networth : -

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

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject Company :
SACODEN PTE LTD}

^{Former Name :
-}

^{Business Address :
131 KAKI BUKIT AVENUE 1}

^{SHUN LI INDUSTRIAL PARK}

^{SINGAPORE 416000}

^{Town :
SINGAPORE}

^{Postcode :
416000}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6846 4349}

^{Fax :
6747 0311}

^{ROC Number :
199000882D}

^{Reg. Town :
-}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
24/02/1990}

^{Previous Legal Form :
-}

^{Summary year :
-}

^{Sales :
-}

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

^{Net Worth :
-}

^{Employees :
-}

^{Net Result :
-}

^{Auditor :
T H HENG & CO}

REFERENCES

^{Litigation :
No}

^{Company status :
TRADING}

^{Started :
24/02/1990}

PRINCIPAL(S)

^{YAP KONG HWEE S0158809E Director}

DIRECTOR(S)

^{YAP KONG HWEE S0158809E Director}

^{Appointed on :
29/04/1991}

^{Street :
700 LORONG 1 TOA PAYOH}

^#18-15

^{TRELLIS
TOWERS}

^{Town :
SINGAPORE}

^{Postcode :
319773}

^{Country :
Singapore}

^{CHOUDHRY MOHAMMAD ASGHAR H999704 Director}

^{Appointed on :
16/09/1991}

^{Street :
D-10 BLK IV KEHKESHAN}

^{SCHEME
5 CLIFTON KARACHI}

^PAKISTAN

^{Town :
KARACHI}

^{Postcode :
-}

^{Country :
Pakistan}

^{LEE YAN TECK S1252200B Company Secretary}

^{Appointed on :
16/04/1992}

^{Street :
17 MARINE TERRACE}

^#15-84

^{Town :
SINGAPORE}

^{Postcode :
440017}

^{Country :
Singapore}

^{LIM WEE SUAN
S7248427D Director}

^{Appointed on :
22/08/1994}

^{Street :
7 GHIM MOH ROAD}

^#15-265

^{Town :
SINGAPORE}

^{Postcode :
270007}

^{Country :
Singapore}

ACTIVITY (IES)

^{AGRICULTURAL EQUIPMENT And SUPPLIES - WHSLE And MF Code:
360}

^{IMPORTERS And EXPORTERS Code:
11760}

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

^{1) WHOLESALE OF
AGRICULTURAL RAW MATERIAL, LIVE ANIMALS, FOOD, BEVERAGES AND TOBACCO; WHOLESALE
TRADE}

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)

^{YAP KONG HWEE 530,000 Private Person}

^{Street :
700 LORONG 1 TOA PAYOH}

^#18-15

^{TRELLIS
TOWERS}

^{Town :
SINGAPORE}

^{Postcode :
319773}

^{Country :
Singapore}

^{CHOUDHRY MOHAMMAD ASGHAR 100,000 Private Person}

^{Street :
D-10 BLK IV KEHKESHAN}

^{SCHEME 5 CLIFTON KARACHI}

^PAKISTAN

^{Town :
KARACHI}

^{Postcode :
-}

^{Country :
Pakistan}

^{CHOUDHRY MOHAMMAD ASHRAF 200,000 Private Person}

^{Street :
D-10 BLOCK IV KEHKESHAN SCHEME}

^{FAR EASTERN BANK BUILDING}

^{Town :
PAKISTAN}

^{Postcode :
-}

^{Country :
Pakistan}

^{TAN SIOW HIN 50,000 Private Person}

^{Street :
522 HOUGANG AVENUE 6}

^#08-19

^{Town :
SINGAPORE}

^{Postcode :
530522}

^{Country :
Singapore}

^{LIM WEE SUAN 120,000 Private Person}

^{Street :
7 GHIM MOH ROAD}

^#15-265

^{Town :
SINGAPORE}

^{Postcode :
270007}

^{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 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 31/12/2005 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 24/02/1990 AS A LIMITED EXEMPT
PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "SACODEN PTE
LTD".}

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

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF
AGRICULTURAL RAW MATERIAL, LIVE ANIMALS, FOOD,}

^{BEVERAGES AND
TOBACCO; WHOLESALE TRADE}

^{2) GENERAL WHOLESALE
TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

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

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

^{FROM THE TELE-INTERVIEW
CONDUCTED ON 13/04/2007, SUBJECT'S PERSONNEL WAS ONLY WILLING TO REVEAL THAT
THE SUBJECT COMPANY IS ALMOST DORMANT BUT HAD NOT YET FILED WITH THE LOCAL
REGISTRAR. THUS, SHE WAS UNWILLING TO PROVIDE ANY FURTHER DETAILS RELATING TO
THE SUBJECT COMPANY.}

^{YOUR PROVIDED TEL:
2911086 IS INVALID.}

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

^{REGISTERED ADDRESS:}

^{7500A BEACH ROAD}

^#15-320

^{THE PLAZA}

^{SINGAPORE 199591}

^{DATE OF CHANGE OF
ADDRESS: 18/11/1993}

^{BUSINESS ADDRESS:}

^{131 KAKI BUKIT
AVENUE 1}

^{SHUN LI INDUSTRIAL
PARK}

^{SINGAPORE 416000}

^{YOUR PROVIDED
MAILING ADDRESS:}

^{TOWER P O BOX 0130}

^{SINGAPORE 322101}

^{-- SUBJECT DENIED
VERIFYING WITH US.}

^WEBSITE:

^{* NA}

^EMAIL:

^{* NA}

MANAGEMENT

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

^{1) CHOUDHRY MOHAMMAD
ASGHAR, A PAKISTANI}

^{- BASED IN PAKISTAN}

^{2) YAP KONG HWEE, A
SINGAPOREAN}

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

^{OVERSEAS RESOURCES
PTE. LTD.}

^{3) LIM WEE SUAN, A
SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME :P
KONG HWEE}

^{ADVERSE REPORT
AGAINST DIRECTOR : NIL}

^{PROPERTY OWNERSHIP :
OWNS 1}

^{ANNUAL VALUE :
S$25,200}

^{CO-OWNER :
SIA SIEW LAN}

^{DIRECTOR'S NAME :
LIM WEE SUAN}

^{ADVERSE REPORT
AGAINST DIRECTOR : NIL}

^{PROPERTY OWNERSHIP :
OWNS 1}

^{ANNUAL VALUE :
S$6,720}

^{CO-OWNER :
CHIN PENG YUN VINCENT}

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

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