MIRA INFORM REPORT

Report Date :

07.08.2007

IDENTIFICATION DETAILS

Name :	CONTACT TRADING

Registered Office :	100 Jalan Sultan, # 02 – 17 Sultan Plaza

Country :	Singapore

Date of Incorporation :	17.12.1987

Com. Reg. No.:	38617200E

Legal Form :	Sole Proprietor

Line of Business :	Trading of stainless steel products such as general domestic utensils

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

CONTACT TRADING

Line Of Business

TRADING OF STAINLESS STEEL PRODUCTS SUCH AS GENERAL DOMESTIC UTENSILS

Parent Company

Nil

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : -

Net result : -

Net Margin (%) : -

Return on Equity (%) : -

Leverage Ratio : -

Rating

Credit Rating : Singapore $ 5000001 to Singapore $ 10000000

COMPANY IDENTIFICATION

^{Subject Company : CONTACT TRADING}

^{Former Name : -}

^{Business Address : 100 JALAN SULTAN}

^#02-17

^{SULTAN PLAZA}

^{Town : SINGAPORE}

^{Postcode : 199001}

^{County : -}

^{Country : Singapore}

^{Telephone : 6291 0196}

^{Fax : 6296 0165}

^{ROC Number : 38617200E}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form : Sole Proprietor}

^{Date Inc. : 17/12/1987}

^{Previous Legal
Form : -}

^{Summary year : -}

^{Sales : -}

^{Capital : -}

^{Paid-Up Capital : -}

^{Employees : 2}

^{Net result : -}

^{Share value : -}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 03/12/1987}

PRINCIPAL(S)

^{TAN HANG
CHUANG S1346325E Manager}

DIRECTOR(S)

^{TAN HANG
CHUANG S1346325E Manager}

^{Appointed on : 03/12/1987}

^{Street : 6A ROSEBURN AVENUE}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode : 456357}

^{Country : Singapore}

ACTIVITY (IES)

^{GENERAL
MERCHANDISE - WHSLE Code: 10220}

^{SUNDRIES
STORES Code: 20570}

^{IMPORTERS and
EXPORTERS Code: 11760}

^{BASED ON ACRA'S RECORD AS
AT 02/08/2007}

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

^{GENERAL MERCHANDISE & SUNDRY SHOPS}

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 Database}

SHAREHOLDERS(S)

^{TAN HANG
CHUANG
Proprietor}

^{Street : 6A ROSEBURN AVENUE}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode : 456357}

^{Country : Singapore}

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
17/12/1987 AND COMMENCED BUSINESS ON 03/12/1987 AS A SOLE PROPRIETORSHIP AND IS
TRADING UNDER THE NAMESTYLE AS "CONTACT TRADING".}

^{THE LICENCE WHICH
WAS RENEWED ON 21/11/2006 WILL EXPIRE ON 17/12/2007}

^{THE OWNER AND
MANAGER SINCE 03/12/1987 IS TAN HANG CHUANG.}

^{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);}

^{GENERAL MERCHANDISE & SUNDRY SHOPS}

^{2. NON-SPECIALISED RETAIL TRADE IN STORES
NEC}

^{FROM THE TELE-INTERVIEW
CONDUCTED ON 07/08/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES
IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF
STAINLESS STEEL PRODUCTS SUCH AS GENERAL DOMESTIC UTENSILS}

^{IMPORT COUNTRIES:}

^{* WORLDWIDE}

^{EXPORT COUNTRIES:}

^{* WORLDWIDE}

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

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 07/08/2007.}

^{NO. OF EMPLOYEES:}

^{* COMPANY - 2004: 2 (ACCORDING TO THE EARLIER
INTERVIEW)}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{100 JALAN SULTAN}

^{#02-17 SULTAN PLAZA}

^SINGAPORE¹⁹⁹⁰⁰¹

^{- RENTED PREMISE}

^{- OWNED BY LEE
CHONG HAI, CHOR NGUK YUEN}

^{- DATE OF CHANGE
OF ADDRESS: 14/06/1993}

^{YOUR PROVIDED
CONTACT NUMBER:}

^{TEL: 9818 2388}

^{- CORRECT}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) TAN HANG
CHUANG, A SINGAPOREAN}

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

ADVERSE ON OWNER

^{OWNER'S NAME :
TAN HANG CHUANG}

^{ADVERSE REPORT
AGAINST OWNER: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY
OWNERSHIP : OWNS
1}

^{ANNUAL VALUE :
S$33,000}

^{CO-OWNER :
TAN LAY ENG}

^{* 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 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 & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & 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 & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & 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