MIRA INFORM REPORT

Report Date :

07.08.2007

IDENTIFICATION DETAILS

Name :	LAMBEE IMPORT & EXPORT CO
Registered Office :	BLK 3017, UBI Road 1, 02-127, 408708
Country :	Singapore
Financials (as on) :	31.12.2003
Date of Incorporation :	31.12.1983
Com. Reg. No.:	198306125C
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of Ceramic, Porcelain ware, Kitchen Articles, Cutlery, etc.

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 :	-
Litigation :	Clear

Subject Company

LAM BEE IMPORT & EXPORT COMPANY PTE LTD

Line of Business 

IMPORTER AND EXPORTER OF CERAMIC, PORCELAIN WARE, KITCHEN ARTICLES, CUTLERY, ETC.

Parent Company

Nil

Financial Elements

FY 2003

COMPANY

Sales : S$3,740,256

Networth : S$693,595

Paid-Up Capital : S$1,300,000

Net result : S$145,918

Net Margin (%) : 3.90

Return on Equity (%) : 21.04

Leverage Ratio : 0.89

Rating

Credit Rating : Sing $ 1000001 – Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company : LAM BEE IMPORT & EXPORT COMPANY PTE LTD}

^{Former Name : -}

^{Business Address : BLK 3017 UBI ROAD 1}

^#02-127

^{Town : SINGAPORE}

^{Postcode : 408708}

^{County : -}

^{Country : Singapore}

^{Telephone : 6841 6627}

^{Fax : 6743 6533}

^{ROC Number : 198306125C}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 31/12/1983}

^{Previous Legal Form : -}

^{Summary year : 31/12/2003}

^{Sales : 3,740,256}

^{Networth : 693,595}

^{Capital : 2,000,000}

^{Paid-Up Capital : 1,300,000}

^{Employees : 8}

^{Net result : 145,918}

^{Share value : 1}

^{AUDITOR : ONN PING LAN & COMPANY}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 31/12/1983}

PRINCIPAL(S)

^{TAN GEOK TIN S0403870C Director}

DIRECTOR(S)

^{TAN GEOK TIN S0403870C Director}

^{Appointed on : 31/12/1983}

^{Street : 32 SEA AVENUE}

^{Town : SINGAPORE}

^{Postcode : 424253}

^{Country : Singapore}

^{EE CHOO POO S2127203E Director}

^{Appointed on : 31/12/1983}

^{Street : 32 SEA AVENUE}

^{Town : SINGAPORE}

^{Postcode : 424253}

^{Country : Singapore}

^{EE YONG YEOW S7101691I Director}

^{Appointed on : 01/03/1995}

^{Street : 32 SEA AVENUE}

^{MARINE MANSION}

^{Town : SINGAPORE}

^{Postcode : 424253}

^{Country : Singapore}

^{EE CHOO POO S2127203E Company Secretary}

^{Appointed on : 31/12/1983}

^{Street : 32 SEA AVENUE}

^{Town : SINGAPORE}

^{Postcode : 424253}

^{Country : Singapore}

^{WONG YOKE HAR S1839050G Company Secretary}

^{Appointed on : 20/06/2007}

^{Street : 809 FRENCH ROAD}

^#05-168

^{KITCHENER COMPLEX}

^{Town : SINGAPORE}

^{Postcode : 200809}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{ONG BEE LIAN S1165752D}

ACTIVITY (IES)

^{IMPORTERS and EXPORTERS Code: 11760}

^{COMMISSION MERCHANTS Code: 4990}

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

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND}

^EXPORTERS)

CHARGES

No Charges on Premises/Property in Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{OVERSEAS-CHINESE BANKING CORPORATIO}

^{MALAYAN BANKING BERHAD}

SHAREHOLDERS(S)

^{ESTATE OF ONG ENG TIONG 80,000 Private Person}

^{Street : 33 SIANG LIM PARK}

^{Town : SINGAPORE}

^{Postcode : 397850}

^{Country : Singapore}

^{TAN GEOK TIN 666,000 Private Person}

^{Street : 32 SEA AVENUE}

^{Town : SINGAPORE}

^{Postcode : 424253}

^{Country : Singapore}

^{EE CHOO POO 340,000 Private Person}

^{Street : 32 SEA AVENUE}

^{Town : SINGAPORE}

^{Postcode : 424253}

^{Country : Singapore}

^{EE YONG YEOW 214,000 Private Person}

^{Street : 32 SEA AVENUE}

^{MARINE MANSION}

^{Town : SINGAPORE}

^{Postcode : 424253}

^{Country : Singapore}

SUBSIDIARY (IES)

No Participation in Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : UNKNOWN}

^{Trend : UNKNOWN}

^{Financial Situation : UNKNOWN}

LITIGATION(S)

No Litigation in Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 25/05/2004}

^{Balance Sheet Date: 31/12/2003 31/12/2002}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 42,245 21,089}

^{Total Fixed Assets: 42,245 21,089}

^{Inventories: 965,863 769,823}

^{Receivables: 255,833 517,261}

^{Cash,Banks, Securitis: 38,502 15,084}

^{Other current assets: 10,000 -}

^{Total Current Assets: 1,270,198 1,302,168}

^{TOTAL ASSETS: 1,312,442 1,323,257}

^{--- LIABILITIES}

^{Equity capital: 1,300,000 900,000}

^{Reserves: 42,736 42,736}

^{Profit & loss Account: -649,141 -795,059}

^{TOTAL EQUITY: 693,595 147,678}

^{Long Term Loans: 10,831 -}

^{Total L/T Liabilities: 10,831 -}

^{Trade Creditors: 202,257 625,931}

^{Due to Bank: 54,946 49,815}

^{Other Short term Liab.: 350,814 499,834}

^{Total short term Liab.: 608,016 1,175,579}

^{TOTAL LIABILITIES: 618,847 1,175,579}

^{--- PROFIT & LOSS ACCOUNT}

^{Net Sales 3,740,256 1,882,207}

^{Gross Profit: 723,447 506,435}

^{NET RESULT BEFORE TAX: 145,918 46,807}

^{Tax : - -12,090}

^{Net income/loss year: 145,918 58,897}

^{Interest Paid: 58,140 24,500}

^{Depreciation: 19,644 13,234}

^{Directors Emoluments: 84,000 84,000}

RATIOS

^{31/12/2003 31/12/2002}

^{Turnover per employee: 467532.00 235275.88}

^{Net result / Turnover(%): 0.04 0.03}

^{Fin. Charges / Turnover(%):0.02 0.01}

^{Stock / Turnover(%): 0.26 0.41}

^{Net Margin(%): 3.90 3.13}

^{Return on Equity(%): 21.04 39.88}

^{Return on Assets(%): 11.12 4.45}

^{Net Working capital: 662182.00 126589.00}

^{Cash Ratio: 0.06 0.01}

^{Quick Ratio: 0.48 0.45}

^{Current ratio: 2.09 1.11}

^{Receivables Turnover: 24.62 98.93}

^{Leverage Ratio: 0.89 7.96}

^{Net Margin : (100*Net income loss year)/Net sales}

^{Return on Equity : (100*Net income loss year)/Total equity}

^{Return on Assets : (100*Net income loss year)/Total fixed assets}

^{Net Working capital : Total current assets - Total short term liabilities}

^{Cash Ratio : Cash Bank securities/Total short term liabilities}

^{Quick Ratio : (Cash Bank securities+Receivables)/Total Short term liabilities}

^{Current ratio : Total current assets/Total short term liabilities}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{Receivables Turnover : (Receivable*360)/Net sales}

^{Leverage Ratio : Total liabilities/ (Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL STATEMENTS FOR THE YEAR 2003 IS OUTDATED.}

^{HENCE, AN ADVERSE CHECK ON THE DIRECTORS IS CONDUCTED.}

^{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 31/12/1983 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "LAM BEE IMPORT & EXPORT COMPANY PTE LTD".}

^{AS AT 02/08/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 1,300,000 SHARES OF A VALUE OF S$1,300,000.}

^{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 AND EXPORTERS)}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF IMPORTERS, EXPORTERS AND RETAILERS OF CHINA, SILVER AND GLASSWARE.}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* IMPORTER AND EXPORTER OF CERAMIC, PORCELAIN WARE, KITCHEN ARTICLES, CUTLERY, ETC.}

^{IMPORT COUNTRIES:}

^{* SOUTH EAST ASIA}

^{EXPORT COUNTRIES:}

^{* SOUTH EAST ASIA}

^{THE SUBJECT EXPORTS AND DOES SELL LOCALLY.}

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

^{REGISTERED AND BUSINESS ADDRESS:}

^{3017 UBI ROAD 1}

^#02-127

^{SINGAPORE 408708}

^{- DATE OF CHANGE OF ADDRESS: 01/08/2006}

^{YOUR PROVIDED NUMBER:}

^{TEL: 9128 1700}

^{- CORRECT}

^WEBSITE:

^-

^EMAIL:

^{lambeepteltd@singnet.com.sg}

MANAGEMENT

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

^{1) TAN GEOK TIN, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

^{2) EE CHOO POO, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

^{3) EE YONG YEOW, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME : TAN GEOK TIN}

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

^{PROPERTY OWNERSHIP : NIL}

^{ANNUAL VALUE : N.A.}

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

^{DIRECTOR'S NAME : EE CHOO POO}

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

^{PROPERTY OWNERSHIP : NIL}

^{ANNUAL VALUE : N.A.}

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

^{DIRECTOR'S NAME : EE YONG YEOW}

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

^{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 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