MIRA INFORM REPORT

Report Date :

14.08.2007

IDENTIFICATION DETAILS

Name :	WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

Registered Office :	^{63 Robinson Road, #05}^-^{20, Afro Asia Building, Singapore – 068894}

Country :	Singapore

Date of Incorporation :	^26/04/1984

Com. Reg. No.:	^198401487E

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading of Timber and Logs

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 :	Unknown

Litigation :	Clear

Subject Company

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

Line Of Business

TRADING OF TIMBER AND LOGS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$5,865,200

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company
: WAJILAM
EXPORTS (SINGAPORE)
PRIVATE LIMITED}

^{Former Name : -}

^{Business
Address: 63
ROBINSON ROAD}

^#05-20

^{AFRO
ASIA BUILDING}

^{Town: SINGAPORE}

^{Postcode: 068894}

^{County: -}

^{Country: Singapore}

^{Telephone: 6224
5561}

^{Fax: 6225 4932}

^{ROC Number: 198401487E}

^Reg.^Town^{: -}

SUMMARY

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

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 26/04/1984}

^{Previous Legal
Form: -}

^{Summary year : -}

^{Sales: -}

^{Capital: -}

^{Paid-Up
Capital: 5,865,200}

^{Employees: 8}

^{Net result : -}

^{Share value: -}

^{AUDITOR: TEOFOONGWONGLOONG}

REFERENCES

^{Litigation: No}

^{Company status
: TRADING}

^{Started : 26/04/1984}

PRINCIPAL(S)

^{TARUN CHAMANLAL
MEHTA S2591001Z Managing Director}

DIRECTOR(S)

^{TARUN CHAMANLAL
MEHTA S2591001Z Company Secretary}

^{Appointed on : 03/05/1984}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

^{TARUN CHAMANLAL
MEHTA S2591001Z Managing Director}

^{Appointed on : 03/05/1984}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

^{SMITA TARUN MEHTA S2591002H Director}

^{Appointed on : 14/06/1995}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

^{TARUN CHAMANLAL
MEHTA S2591001Z Director}

^{Appointed on : 26/04/1984}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

ACTIVITY(IES)

^{TIMBER EXPORTERS
And IMPORTERS
Code:21720}

^{COMMISSION
MERCHANTS
Code:4990}

^{BASED ON ACRA'S RECORD AS
AT 26/04/2007}

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

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

^{AND LOGS}

CHARGES

^{Date: 14/10/2005}

^{Comments : CHARGE
NO: C200506411}

^{SECURED: 0.00 ALL MONIES OWING}

^{CHARGEE: SING INVESTMENTS & FINANCE LTD}

^{Date: 12/07/2004}

^{Comments : CHARGE
NO: C200403387}

^{SECURED: 0.00 ALL MONIES OWING}

^{CHARGEE: BANK OF INDIA}

^{Date: 24/02/1999}

^{Comments : CHARGE NO: 199900621}

^{SECURED: 0.00 ALL MONIES OWING}

^{CHARGEE: BANQUE
NATIONALE DE PARIS}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{BNP PARIBAS}

^{BANK OF INDIA}

^{STANDARD CHARTERED
BANK LTD}

^{INDIAN BANK}

SHAREHOLDERS(S)

^{TARUN CHAMANLAL
MEHTA
2,132,800 Private Person}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

^{SMITA TARUN
MEHTA
1,599,600 Private Person}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

^{YASH MEHTA
1,066,400 Private Person}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town: SINGAPORE437920}

^Postcode:

^{Country: Singapore}

^{SHIVANI TARUN
MEHTA
1,066,400 Private Person}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{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 COMMENTS

^{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 26/04/1984 AS A LIMITED EXEMPT PRIVATE COMPANY
AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "WAJILAM EXPORTS (SINGAPORE)
PRIVATE LIMITED".}

^{AS AT 26/04/2007,
THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 5,865,200 SHARES OF A VALUE OF
S$5,865,200.}

^{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)}

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

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITIES:}

^{* TRADING OF OF
TIMBER AND LOGS}

^{SUBJECT IS A
MEMBER OF THE FOLLOWING ENTITIES:}

^{* SINGAPORE
TIMBER ASSOCIATION}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 30/04/2007, THE FOLLOWING WAS GATHERED:}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{EXPORT COUNTRIES:}

^{* INDIA}

^{THE SUBJECT ONLY
EXPORTS AND DOES NOT SELL LOCALLY.}

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY - 2007:
8}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 30/04/2007.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{63 ROBINSON ROAD}

^{#05-20 AFRO ASIA
BUILDING}

^SINGAPORE⁰⁶⁸⁸⁹⁴

^{- RENTED PREMISE}

^{- OWNED BY
AFRO-ASIA SHIPPING COMPANY (PRIVATE) LIMITED}

^{- DATE OF CHANGE
OF ADDRESS: 08/09/1986}

^{YOUR PROVIDED
EMAIL:}

^{najilam@wajilam.com.sg}

^{- INCORRECT}

^WEBSITE:

^EMAIL:

^{wajilam@wajilam.com.sg}

MANAGEMENT

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

^{1) TARUN CHAMANLAL
MEHTA, A SINGAPOREAN}

^{- OTHER
DIRECTORSHIPS IN OUR DATABASE:}

^{SWASTIK INTERTRADE
PTE LTD}

^{2) SIMTA TARUN MEHTA,
A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S
NAME:TARUN CHAMANLAL MEHTA}

^{ADVERSE REPORT
AGAINST DIRECTOR:NIL}

^{PROPERTY
OWNERSHIP:OWNS 1}

^{ANNUAL VALUE:
S$39,000}

^{CO-OWNER: T C
MEHTA}

^{DIRECTOR'S
NAME:SIMTA TARUN MEHTA}

^{ADVERSE REPORT
AGAINST DIRECTOR:NIL}

^{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 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

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.

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