MIRA INFORM REPORT

Report Date :

24.04.2007

IDENTIFICATION DETAILS

Name :	SOON KIM HARDWARE TRADING CO

Registered Office :	^{4 Defu Lane 11, Singapore - 539163}

Country :	^Singapore

Date of Incorporation :	^08/04/1982

Com. Reg. No.:	^29283900J

Legal Form :	^Partnership

Line of Business :	Trading of Scrap Metal

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

Subject Company

SOON KIM HARDWARE TRADING CO

Line Of Business

TRADING OF SCRAP METAL

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : -

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company
: SOON
KIM HARDWARE TRADING CO}

^{Former Name : -}

^{Business
Address: 4 DEFU LANE 11}

^{Town: SINGAPORE}

^{Postcode: 539163}

^{County: -}

^{Country: Singapore}

^{Telephone: 62848345/62809311}

^{Fax: 6284 3803}

^{ROC Number: 29283900J}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Partnership}

^{Date Inc.: 08/04/1982}

^{Previous Legal
Form: -}

^{Summary year
: -}

^{Sales: -}

^{Capital: -}

^{Paid-Up
Capital: -}

^{Employees: 20}

^{Net result : -}

^{Share value: -}

REFERENCES

^{Litigation: No}

^{Company status
: TRADING}

^{Started : 15/04/1982}

PRINCIPAL(S)

^{HO CHEE KHIM S1339022C Manager}

DIRECTOR(S)

^{HO CHEE KHIM S1339022C Manager}

^{Appointed on :
15/04/1982}

^{Street : 570
MACPHERSON ROAD}

^#02-03

^{MACPHERSON GREEN}

^{Town: SINGAPORE}

^{Postcode: 369237}

^{Country: Singapore}

ACTIVITY(IES)

^{METAL
SPECIALTIES Code:13890}

^{WRECKING
CONTRACTORS
Code:24200}

^{BASED ON ACRA'S RECORD
AS AT 18/04/2007}

^{1) RECYCLING OF
METAL WASTE AND SCRAP}

^{2) WRECKING AND
DEMOLITION WORKS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

UNITED OVERSEAS BANK LIMITED

SHAREHOLDERS(S)

^{HO CHEE KHIM
Partner}

^{Street : 570
MACPHERSON ROAD}

^#02-03

^{MACPHERSON GREEN}

^{Town: SINGAPORE}

^{Postcode: 369237}

^{Country: Singapore}

^{HO KIM SAI
Partner}

^{Street : 29 BALAM ROAD}

^#07-13

^{Town: SINGAPORE}

^{Postcode: 370029}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{HO CHEE LEONG}

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

^PARTNERSHIP:

^{BEING A
PARTNERSHIP, THERE IS NO OBLIGATIONS ON THE PART OF THE PARTNERS TO SUPPLY
REGULAR FINANCIAL UPDATES TO THE REGISTRY OF COMPANIES AND BUSINESSES.THE
CREDIT OPINION IS BASED ON NON-FINANCIAL INDICATORS AS WELL AS OTHER BUSINESS
ELEMENTS AND DATA AVAILABLE.}

^{NO FINANCIAL
INFORMATION WAS REVEALED BY THE MANAGEMENT.}

BACKGROUND/OPERATION

^{THE SUBJECT WAS
REGISTERED IN THE REPUBLIC OF SINGAPORE ON 08/04/1982 AND COMMENCED BUSINESS ON
15/04/1982 AS A PARTNERSHIP AND IS TRADING UNDER THE NAMESTYLE AS "SOON
KIM HARDWARE TRADING CO".}

^{THE LICENCE WHICH
WAS RENEWED ON 12/03/2007 WILL EXPIRE ON 08/04/2008}

^{THE BUSINESS WAS
FIRST STARTED BY HO CHEE KHIM ON 15/04/1982.
ON 01/01/1984, HO KIM SAI AND HO CHEE LEONG JOINED THE BUSINESS AND IT
BECAME A PARTNERSHIP. SUBSEQUENTLY, ON 11/09/1993, HO CHEE LEONG LEFT THE
BUSINESS.}

^{THE MANAGER SINCE
15/04/1982 HAS BEEN HO CHEE KHIM.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1) RECYCLING OF
METAL WASTE AND SCRAP}

^{2) WRECKING AND
DEMOLITION WORKS}

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

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITIES:}

^{* TRADING OF SCRAP
METAL}

^{PRODUCTS DEALINGS:}

^{* ALUMINIUM}

^{* COPPER RADIATOR}

^{* COPPER MILLBERRY}

^{* STAINLESS STEEL}

^{* BRASS}

^{* PVC WIRE/CABLES}

^{* UBC}

^{SCRAP IRON}

^{* SHEET PILES}

^{* CUTTING PLATES}

^{* REBARS}

^{* ZINC}

^{* MACHINERY}

^{* ETC}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 24/04/2007, THE FOLLOWING WAS REVEALED:}

^{EXPORT COUNTRIES:}

^{* CHINA}

^{* JAPAN}

^{* KOREA}

^{THE SUBJECT OBTAINS
ITS PRODUCTS FROM LOCAL SUPPLIERS.}

^{THE SUBJECT DOES
EXPORTS AND MAINLY SELLS LOCALLY.}

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY - 2007:
20}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 24/04/2007.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{4 DEFU LANE 11}

^{SINGAPORE 539163}

^{- DATE OF CHANGE
OF ADDRESS: 01/09/1990}

^{- FACTORY}

^{OTHER BUSINESS
ADDRESS:}

^{9/11 DEFU LANE 8}

^{SINGAPORE 539314}

^{- FACTORY}

YOUR PROVIDED ADDRESS:

4 DAFU LANE 11

SINGAPORE 539163

- INCORRECT

YOUR PROVIDED CONTACT NUMBER:

^{TEL: 6280 931}

^{- INCORRECT}

^WEBSITE:

^{http://www.soonkim.com}

^EMAIL:

^{sales@soonkim.com}

MANAGEMENT

^{THE PARTNERS AT
THE TIME OF THE REPORT ARE:}

^{1) HO CHEE KHIM, A
SINGAPOREAN}

^{- HOLDS NO OTHER
BUSINESS INTEREST IN OUR DATABASE.}

^{2) HO KIM SAI, A
SINGAPOREAN}

^{- HOLDS NO OTHER
BUSINESS INTEREST IN OUR DATABASE.}

ADVERSE ON PARTNERS

^{PARTNER'S NAME: HO
CHEE KHIM}

^{ADVERSE REPORT
AGAINST PARTNER: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL VALUE:
S$9,300}

^{CO-OWNER(S):
SEETOH SUAY MEI}

^{PARTNER'S NAME: HO
KIM SAI}

^{ADVERSE REPORT AGAINST
PARTNER: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL VALUE:
S$5,880}

^{CO-OWNER(S): NEO
BEE LENG}

* 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

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.

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.

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