MIRA INFORM REPORT

Report Date :

06.08.2007

IDENTIFICATION DETAILS

Name :	HITESH TRADING CO

Registered Office :	1, North Bridge Road, # 18-01, High Street Centre- 179 094

Country :	Singapore

Date of Incorporation :	16.05.1975

Com. Reg. No.:	07789700E

Legal Form :	Sole Proprietor

Line of Business :	Import and export of electronics components, industrial products, photocopiers and consumables.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

NAME OF THE COMPANY

HITESH TRADING CO

Line of Business

IMPORT AND EXPORT OF ELECTRONICS COMPONENTS, INDUSTRIAL PRODUCTS, PHOTOCOPIERS AND CONSUMABLES

Parent Company

Nil

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : -

Net result : -

Net Margin (%) : -

Return on Equity (%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : HITESH TRADING CO}

^{Business Address : 1
NORTH BRIDGE ROAD}

^#18-01

^{HIGH STREET CENTRE}

^{Town :
SINGAPORE}

^{Postcode :
179094}

^{Country :
Singapore}

^{Telephone :
6337 7647}

^{Fax :
6337 7850}

^{ROC Number :
07789700E}

Reg. Town: : -

SUMMARY

All amounts in this report are in: SGD unless otherwise stated

Legal Form : Sole Proprietor

Date Inc. : 16/05/1975

Previous Legal Form : -

Summary year : -

Sales : -

Net Worth : -

Capital : -

Paid-Up Capital : -

Employees : 8

Net result : -

Share value :-

REFERENCES

^{Company status : TRADING}

^{Litigation :
No}

^{Started : 08/07/1977}

PRINCIPAL(S)

^{HITESH S/O AMRIT LAL S1772385E Manager}

DIRECTOR(S)

^{HITESH S/O AMRIT LAL S1772385E Manager}

^{Appointed on :
01/04/2003}

^{Street: 160
HAIG ROAD}

^#07-02

^{HAIG COURT}

^{Town :
SINGAPORE}

^{Postcode :
438795}

^{Country :
Singapore}

FORMER DIRECTOR(S)

^{NARENDRA S/O AMRITLAL}

^S1674807B

ACTIVITY (IES)

^{ELECTRONIC COMPONENTS - DISTRIBUTORS Code: 7607}

^{IMPORTERS and EXPORTERS Code: 11760}

^{BASED ON ACRA'S RECORD
AS AT 31/07/2007}

^{1) WHOLESALE OF OTHER SPECIFIC COMMODITIES NEC}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND}

CHARGES

No Charges on Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UNITED COMMERCIAL BANK}

SHAREHOLDERS(S)

^{ASIAN CARATS PTE LTD
Company}

^{Street :
1 NORTH BRIDGE ROAD}

^#18-01

^{HIGH STREET CENTRE}

^{Town : SINGAPORE}

^{Postcode :
179094}

^{Country :
Singapore}

FORMER SHAREHOLDER(S)

^{NARENDRA S/O AMRITLAL}

^{HITESH S/O AMRIT LAL}

^{JAYSUKHLAL S/O VACHHRAJ DOSHI}

^{AMRIT LAL S O MOHAN LAL}

^{ASHA HITESH TIMBADIA}

^{TIMBADIA SAVITA AMRATLAL}

^{SONAL N TIMBADIA}

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

^{SOLE PROPRIETORSHIP:}

^{BEING A SOLE PROPRIETORSHIP BUSINESS, THERE
IS NO OBLIGATIONS ON THE} ^{PART OF THE OWNER 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 16/05/1975} ^{AND COMMENCED BUSINESS ON 08/07/1977 AS
A SOLE PROPRIETORSHIP UNDER} ^{THE NAMESTYLE OF "HITESH TRADING
CO".}

^{THE BUSINESS LICENCE WAS RENEWED ON
23/04/2007 AND WILL EXPIRE ON} ^16/05/2008.

^{THE EXISTING OWNER OF THE BUSINESS IS ASIAN
CARATS PTE LTD, A COMPANY} ^{INCORPORATED IN SINGAPORE.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF OTHER SPECIFIC COMMODITIES}

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

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

^ACTIVITIES

^{- IMPORT AND EXPORT OF ELECTRONICS
COMPONENTS, INDUSTRIAL} ^{PRODUCTS, PHOTOCOPIERS}

^{AND
CONSUMABLES}

^{NUMBER OF EMPLOYEES}

^{- ABOUT 8}

^{EXPORT COUNTRIES}

^{- INDIA,
BANGLADESH AND NEPAL}

^{TERMS OF PAYMENT}

^{- TERMS OF IMPORTS: CASH, L/C, TT IN ADVANCE,
CREDIT 60-90 DAYS}

^{- TERMS OF EXPORT: CASH, L/C, TT IN ADVANCE,
CREDIT 60-90 DAYS}

^{ACCORDING TO THE TELE-INTERVIEW CONDUCTED ON
06/08/2007, THE} ^{FOLLOWING
INFORMATION WAS GATHERED:}

^{SUBJECT'S PERSONNEL CONFIRMED THE BUSINESS
ADDRESS AND CONTACT} ^{NUMBERS OF THE COMPANY, BUT DECLINED TO PROVIDE MORE INFORMATION,} ^{HENCE NO OTHER TRADE INFORMATION WAS MADE AVAILABLE VIA THE} ^{TELE-INTERVIEW.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{1 NORTH BRIDGE ROAD}

^#18-01

^{HIGH STREET CENTRE}

^SINGAPORE 179094

^{DATE OF CHANGE OF ADDRESS: 25/10/2004}

^{- RENTED PREMISE}

^{- OWNED BY: ASIAN CARATS PTE LTD (OWNER)}

^{MAILING ADDRESS:}

^{ROBINSON ROAD} P.O. BOX 712

^SINGAPORE 901412

^EMAIL:

^{info@htco.biz}

^WEBSITE:

^{http://www.htco.biz (UNDER CONSTRUCTION)}

MANAGEMENT

^{THE
OWNER AT THE TIME OF THE REPORT IS:}

^{1)
ASIAN CARATS PTE LTD}

^{- ISSUED CAPITAL: S$3,300,000}

^{- ADVERSE CHECK AGAINST OWNER: NIL}

SINGAPORE’S COUNTRY RATING 2007

^{INVESTMENT GRADE}

^{IN SINGAPORE,
THE POLITICAL SITUATION REMAINS STABLE.}

^SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM ^{FACILITATING DEBT COLLECTION AND TO A
HIGH DEGREE OF FINANCIAL TRANSPARENCY.}

^{EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY
IN SURPLUS, CONTRIBUTED TO THE} ^{DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO
REPATRIATION OF} ^{PROFITS FROM SINGAPORE
INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO} ^{CONTRIBUTED
TO THE LARGE CURRENT ACCOUNT SURPLUS.}

^SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN ^{AND WELL-PLANNED ECONOMIC AND POLITICAL
ENVIRONMENT. IT HAS BEEN IMPLEMENTING} ^{AMBITIOUS DIVERSIFICATION
STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND} ^{PHARMACEUTICAL
SECTORS.}

^{THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT
TO DEVELOP PRIORITY SECTORS} ^{(ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE
GROWTH OF} ^{HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE
INTO A REGIONAL HUB FOR FOREIGN} ^{INVESTORS INTERESTED IN ASIA.}

^{CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL
SERVICES) ARE HOWEVER ONLY PARTIALLY} ^{OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP,
BUT THE} ^{PROGRESS IS SLOW.} ^{AFTER HIGH GROWTH IN 2006,
BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD} ^{CONSUMPTION, A
SLOWDOWN IS EXPECTED IN 2007.}

^ASSETS

^{“MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY
VIA THE STATE-OWNED TEMASEK HOLDING}

^COMPANY.

^{“HIGH QUALITY COMPETITIVENESS IN ASIA}

^{“EXCELLENT BUSINESS CLIMATE}

^{“POLITICAL STABILITY.}

^WEAKNESSES

^{“SKILLED MANPOWER HAS BEEN LACKING IN THE
SECTORS TARGETED FOR DEVELOPMENT.}

^{“AN AGEING POPULATION COULD, ULTIMATELY,
AFFECT ECONOMIC PERFORMANCE.}

^{“GROWING INEQUALITY AND THE EMERGENCE OF
LONG-TERM UNEMPLOYMENT AMONG THE LEAST}

^{SKILLED COULD GENERATE
SOCIAL TENSIONS.}

^{“BEING THE WORLD'S MOST OPEN ECONOMY, IT HAS
BEEN VULNERABLE TO WORLD ECONOMIC}

^DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS AND BOOKS, FURNITURE AND HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION AND SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL AND FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD AND BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD AND BEVERAGES, TROPICAL PRODUCE, TEXTILES AND LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE AND EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, Singapore,

SINGAPORE DEPARTMENT OF STATISTICS

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