MIRA INFORM REPORT

Report Date :

07.08.2007

IDENTIFICATION DETAILS

Name :	TOTAL MERCHANDISING & MARKETING SERVICES PTE LTD
Registered Office :	No. 5001, Beach Road, # 03-92, Golden Mile Complex, 199588
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	10.04.2002
Com. Reg. No.:	200202970W
Legal Form :	Private Limited Company
Line of Business :	Trading of Household wares.

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 :	Usually Correct
Litigation :	Clear

Subject Company

TOTAL MERCHANDISING & MARKETING SERVICES PTE. LTD

Line of Business 

TRADING OF HOUSEHOLD WARES

Parent Company

TULIP IMPEX PRIVATE LIMITED

(PERCENTAGE OF SHAREHOLDING: 99%)

Financial Elements

FY 2005

COMPANY

Sales : S$9,088,426

Networth : S$391,816

Paid-Up Capital : S$1,002

Net result : S$124,426

Net Margin (%) : 1.37

Return on Equity (%) : 31.76

Leverage Ratio : 5.09

Rating

Credit Rating : Sing $ 300001 to Sing $ 600000

COMPANY IDENTIFICATION

^{Subject Company : TOTAL MERCHANDISING & MARKETING SERVICES PTE. LTD.}

^{Former Name : -}

^{Business Address : 5001 BEACH ROAD}

^#03-92

^{GOLDEN MILE COMPLEX}

^{Town : SINGAPORE}

^{Postcode : 199588}

^{County : -}

^{Country : Singapore}

^{Telephone : 6292 7925}

^{Fax : 6292 4217}

^{ROC Number : 200202970W}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 10/04/2002}

^{Previous Legal Form : -}

^{Summary year : 31/12/2005}

^{Sales : 9,088,426}

^{Networth : 391,816}

^{Capital : 500,000}

^{Paid-Up Capital : 1,002}

^{Employees : 1}

^{Net result : 124,426}

^{Share value : 1}

^{AUDITOR : YAP BOH PIN & COMPANY}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 10/04/2002}

PRINCIPAL(S)

^{NG MOI HEO S1334486H Director}

DIRECTOR(S)

^{NG MOI HEO S1334486H Director}

^{Appointed on : 10/04/2002}

^{Street : 27 BLAIR ROAD}

^{Town : SINGAPORE}

^{Postcode : 089927}

^{Country : Singapore}

^{WONG FUNG SIN S2012761I Company Secretary}

^{Appointed on : 22/04/2002}

^{Street : 7 BRISTOL ROAD}

^{BRISTOL COURT}

^{Town : SINGAPORE}

^{Postcode : 219844}

^{Country : Singapore}

^{SANJEEV BHALLA Z128404 Director}

^{Appointed on : 10/04/2002}

^{Street : B-35 KAILASH APARTMENTS}

^{KAILASH COLONY}

^{Town : NEW DELHI}

^{Postcode : 110048}

^{Country : India}

^{RAJEEV BEDI Z129099 Director}

^{Appointed on : 22/04/2002}

^{Street : NO. 17, B-24 DEV NAGAR}

^{KAROL BAGH}

^{Town : NEW DELHI}

^{Postcode : 11 0002}

^{Country : India}

ACTIVITY (IES)

^{TRADING COMPANIES Code: 22190}

^{HOUSEWARES - WHSLE and MFRS Code: 11570}

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

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

^{INTERNATIONAL TRADING}

CHARGES

No Charges on Premises/Property in Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information in Our Databases

BANKERS

^{DBS BANK LTD.}

SHAREHOLDERS(S)

^{TAN JIP SENG 1 Private Person}

^{Street : 14 SPOTTISWOODE PARK ROAD}

^#16-15

^{DRAGON MANSION}

^{Town : SINGAPORE}

^{Postcode : 088641}

^{Country : Singapore}

^{NG MOI HEO 1 Private Person}

^{Street : 27 BLAIR ROAD}

^{Town : SINGAPORE}

^{Postcode : 089927}

^{Country : Singapore}

^{TULIP IMPEX PRIVATE LIMITED 1,000 Company}

^{Street : PLOT NO. 19, F.I.E.}

^{PATPAR GANJ}

^{Town : DELHI}

^{Postcode : 110092}

^{Country : India}

HOLDING COMPANY

^{TULIP IMPEX PRIVATE LIMITED UF30805E %: 99.00}

SUBSIDIARY (IES)

No Participation in Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : SUFFICIANT}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : AVERAGE}

LITIGATION(S)

No Litigation in Our Database

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 23/11/2006}

^{Balance Sheet Date: 31/12/2005 31/12/2004 31/12/2003}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 2,783 - -}

^{Total Fixed Assets: 2,783 - -}

^{Inventories: - - 64,848}

^{Receivables: 993,800 885,012 1,233,413}

^{Cash,Banks, Securitis: 1,379,418 931,298 773,046}

^{Other current assets: 10,766 18,251}

^{Total Current Assets: 2,383,984 1,834,561 2,071,307}

^{TOTAL ASSETS: 2,386,767 1,834,561 2,071,307}

^{--- LIABILITIES}

^{Equity capital: 1,002 1,002 1,002}

^{Profit & loss Account: 390,814 266,388 181,267}

^{TOTAL EQUITY: 391,816 267,390 182,269}

^{Trade Creditors: 1,843,561 1,405,984 1,732,993}

^{Prepay. & Def. charges: 5,300 3,900 -}

^{Provisions: 22,586 15,390 21,111}

^{Other Short term Liab.: 123,504 141,897 134,934}

^{Total short term Liab.: 1,994,951 1,567,171 1,889,038}

^{TOTAL LIABILITIES: 1,994,951 1,567,171 1,889,038}

^{--- PROFIT & LOSS ACCOUNT}

^{Net Sales 9,088,426 9,344,103 10,631,327}

^{Gross Profit: 1,178,726 1,026,246 463,758}

^{NET RESULT BEFORE TAX: 145,433 92,600 96,383}

^{Tax : 21,007 7,479 20,966}

^{Net income/loss year: 124,426 85,121 75,417}

^{Depreciation: 770 - -}

^{Directors Emoluments: 40,617 - -}

^{Purchases,Sces & Other}

^{Goods: 7,909,700 8,317,857 10,167,569}

^{Financial Income: 17,542 3,132 548}

RATIOS

^{31/12/2005 31/12/2004 31/12/2003}

^{Turnover per employee: 9088426.00 9344103.00 10631327.00}

^{Net result / Turnover(%): 0.01 0.01 0.01}

^{Stock / Turnover(%): 0.00 0.00 0.01}

^{Net Margin(%): 1.37 0.91 0.71}

^{Return on Equity(%): 31.76 31.83 41.38}

^{Return on Assets(%): 5.21 4.64 3.64}

^{Net Working capital: 389033.00 267390.00 182269.00}

^{Cash Ratio: 0.69 0.59 0.41}

^{Quick Ratio: 1.19 1.16 1.06}

^{Current ratio: 1.20 1.17 1.10}

^{Receivables Turnover: 39.37 34.10 41.77}

^{Leverage Ratio: 5.09 5.86 10.36}

^{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 CONDITION OF THE COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 46.53% FROM S$267,390 IN FY 2004 TO S$391,816 IN FY 2005. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$390,814 (2004: S$266,388); A RISE OF 46.71% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 92.41% (2004: 89.71%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$1,843,561 (2004: S$1,405,984). THE BREAKDOWN IS AS FOLLOWS:}

^{-TRADE CREDITORS - 2005: S$1,808,550 (2004: S$1,405,984)}

^{-HOLDING COMPANY - 2005: S$35,011 (2004: -)}

^{IN ALL, LEVERAGE RATIO FELL FROM 5.86 TIMES TO 5.09 TIMES AS A RESULT OF A GREATER RELATIVE RISE IN TOTAL EQUITY THAN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO ROSE TO 1.20 TIMES, UP FROM 1.17 TIMES AND QUICK RATIO IMPROVED TO 0.69 TIMES FROM 0.59 TIMES IN FY 2004.}

^{SIMILARLY, NET WORKING CAPITAL IMPROVED BY 45.49% FROM S$267,390 IN FY 2004 TO S$389,033.}

^{PROFITABILITY:}

^{REVENUE POSTED A DECLINE OF 2.73% FROM S$9,344,103 IN FY 2004 TO S$9,088,426 BUT NET PROFIT ROSE BY 46.18% TO S$124,426 (2004:S$85,121). THIS COULD BE DUE TO HIGHER ADMINISTRATIVE EXPENSES OF S$187,049 IN FY 2005 (2004: S$96,490). HENCE, NET MARGIN ROSE TO 1.37% (2004: 0.91%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. AVERAGE COLLECTION PERIOD HAS INCREASED FROM 34.10 DAYS TO 39.37 DAYS. A HIGHER AVERAGE COLLECTION PERIOD POSES GREATER RISK OF TURNING INTO BAD DEBTS. HOWEVER, IT IS STILL WORTH NOTING THAT DEBT SERVICING ABILITY MAY NOT BE AFFECTED IF TRADE RECEIVABLES ARE FORTHCOMING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 10/04/2002 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "TOTAL MERCHANDISING & MARKETING SERVICES PTE. LTD"}

^{THE SUBJECT WAS FORMERLY REGISTERED UNDER THE NAMESTYLE OF "TOTAL MERCHANDISING & MARKETING SERVICES" WITH THE REGISTRATION NUMBER 52930111C.}

^{AS AT 02/08/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 1,002 SHARES OF A VALUE OF S$1,002.}

^{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);}

^{INTERNATIONAL TRADING}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF GENERAL WHOLESALE TRADING INCLUDING GENERAL IMPORTERS AND EXPORTERS.}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF HOUSEHOLD WARES}

^{IMPORT COUNTRIES:}

^{* INDIA}

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

^{THE SUBJECT ONLY IMPORTS A SMALL PERCENTAGE OF ITS PRODUCTS FROM INDIA.}

^{THE SUBJECT EXPORTS AND DOES SELL LOCALLY.}

^{THE SUBJECT REFUSES TO REVEAL THE COUNTRY OF EXPORT.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 1}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 06/08/2007.}

^{THE HOLDING COMPANY IS TULIP IMPEX PRIVATE LIMITED, A COMPANY INCORPORATED IN INDIA.}

^{NO. OF EMPLOYEES:}

^{* GROUP - 2005/4: - (2003: -; 2002: -)}

^{* COMPANY - 2005/4: 0 (2003: 0; 2002: 0)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{5001 BEACH ROAD}

^{#03-92 GOLDEN MILE COMPLEX}

^{SINGAPORE 199588}

^{- RENTED PREMISE}

^{- OWNED BY LOW POH HUAT & GOH SONG CHER}

^{- DATE OF CHANGE OF ADDRESS: 22/04/2002}

^{- OFFICE}

^WEBSITE:

^-

^EMAIL:

^{total@singnet.com.sg}

MANAGEMENT

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

^{1) NG MOI HEO, A SINGAPOREAN}

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

^{2) SANJEEV BHALLA, AN INDIAN}

^{- BASED IN INDIA.}

^{3) RAJEEV BEDI, AN INDIAN}

^{- BASED IN INDIA.}

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