MIRA INFORM REPORT

Report Date :

27.08.2007

IDENTIFICATION DETAILS

Name :	LINKERS (FAR EAST) PTE. LTD.
Registered Office :	^50 Robinson Road, #09-00^, Mnb Building, Singapore^– 068882
Country :	Singapore
Financials (as on) :	31.12.2004
Date of Incorporation :	^17/03/1982
Com. Reg. No.:	^198201067N
Legal Form :	^Exempt Pte Ltd
Line of Business :	Importers and Exporters and Wholesalers of Industrial Chemicals, Oil, Machinery and General Merchandise, etc

RATING & COMMENTS

MIRA’s Rating :

B

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.	Small

Status :	Moderate
Payment Behaviour :	Regular
Litigation :	Exists

Subject Company

LINKERS (FAR EAST) PTE. LTD.

Line Of Business

IMPORTERS AND EXPORTERS AND WHOLESALERS OF INDUSTRIAL CHEMICALS, OIL, MACHINERY AND GENERAL MERCHANDISE, ETC

Parent Company

--

Financial Elements

FY 2004

COMPANY

Sales : S$16,106,325

Networth : S$6,314,738

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

Net result : S$1,218,193

Net Margin(%) : 7.56

Return on Equity(%) : 19.29

Leverage Ratio : 0.24

COMPANY IDENTIFICATION

^{Subject Company: LINKERS (FAR EAST) PTE. LTD.}

^{Former Name: -}

^{Business Address: 50 ROBINSON ROAD}

^#09-00

^{MNB BUILDING}

^{Town: SINGAPORE}

^{Postcode: 068882}

^{County: -}

^{Country: Singapore}

^{Telephone: 6225 9588}

^{Fax: 6225 0801/ 6225 0738}

^{ROC Number: 198201067N}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Exempt Pte Ltd}

^{Date Inc.: 17/03/1982}

^{Previous Legal Form: -}

^{Summary year: 31/12/2004}

^{Sales: 16,106,325}

^{Net worth: 6,314,738}

^{Capital: 1,000,000}

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

^{Employees: 49}

^{Net result: 1,218,193}

^{Share value: 1}

^{Auditor: LEE SENG CHAN & CO}

REFERENCES

^{Litigation: Yes}

^{Company status: TRADING}

^{Started: 17/03/1982}

PRINCIPAL(S)

^{SHAMSHER ZAMAN S/O MALIK SHER S2597923J Director}

DIRECTOR(S)

^{CHONG SICK YUEN S1400845D Company Secretary}

^{Appointed on: 19/03/1982}

^{Street: 329 JURONG EAST AVENUE 1}

^#11-1680

^{Town: SINGAPORE}

^{Postcode: 600329}

^{Country: Singapore}

^{SHAMSHER ZAMAN S/O MALIK SHER S2597923J Director}

^{Appointed on: 17/03/1982}

^{Street: 53A GRANGE ROAD}

^#19-03

^{SPRING GROVE}

^{Town: SINGAPORE}

^{Postcode: 249566}

^{Country: Singapore}

^{MALIK PERVEZ ZAMAN S2743773G Director}

^{Appointed on: 10/03/1997}

^{Street: 53A GRANGE ROAD}

^#19-03

^{SPRING GROVE}

^{Town: SINGAPORE}

^{Postcode: 249566}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{MALIK SHOEB ZAMAN K341318}

ACTIVITY(IES)

^{CHEMICAL CLEANING - INDUSTRIAL Code:3950}

^{INDUSTRIAL EQUIPMENT And SUPPLIES Code:11830}

^{MACHINERY Code:13260}

^{BASED ON ACRA'S RECORD AS AT 21/08/2007}

^{1) WHOLESALE OF BASIC INDUSTRIAL CHEMICALS EXCEPT FERTILIZERS}

^{2) WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{BNP PARIBAS}

SHAREHOLDERS(S)

^{SHAMSHER ZAMAN S/O MALIK SHER 510,000 Private Person}

^{Street: 53A GRANGE ROAD}

^#19-03

^{SPRING GROVE}

^{Town: SINGAPORE}

^{Postcode: 249566}

^{Country: Singapore}

^{MALIK PERVEZ ZAMAN 490,000 Private Person}

^{Street: 53A GRANGE ROAD}

^#19-03

^{SPRING GROVE}

^{Town: SINGAPORE}

^{Postcode: 249566}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{MIRZA MOHD NAMAZIE 1}

^{MALIK SHER ZAMAN 70,000}

^{MALIK SHOEB ZAMAN 1}

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)

^{Type Of Case: High Court - W/S}

^{Case Number: HWS00295/95}

Defendant LINKERS (FAR EAST) PTE. LTD. ROC #: 198201067N

Plaintiff S-LON LANKA PL ROC #: Unknown

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 27/06/2005}

^{Balance Sheet Date: 31/12/2004 31/12/2003 31/12/2002}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 357,024 337,447 432,755}

^{Total Fixed Assets: 357,024 337,447 432,755}

^{Inventories: 481,324 139,478 96,921}

^{Receivables: 1,333,734 307,624 592,924}

^{Cash,Banks,Securities: 5,271,539 4,873,522 4,407,937}

^{Other current assets: 358,157 136,032 193,577}

^{Total Current Assets: 7,444,754 5,456,656 5,291,359}

^{TOTAL ASSETS: 7,801,778 5,794,103 5,724,114}

^{--- LIABILITIES}

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

^{Profit & loss Account: 5,314,738 4,096,545 3,593,571}

^{Total Equity: 6,314,738 5,096,545 4,593,571}

^{L/T deferred taxes: 10,550 20,000 32,100}

^{Other long term Liab.: 97,489 - 20,417}

^{Total L/T Liabilities: 108,039 20,000 52,517}

^{Trade Creditors: 756,380 177,124 686,162}

^{Prepay. & Def. charges: 31,865 32,689 32,250}

^{Short term liabilities: 30,006 20,417 61,250}

^{Advanced payments: 126,417 212,851 50,207}

^{Provisions: 360,700 189,351 205,861}

^{Other Short term Liab.: 73,633 45,126 42,296}

^{Total short term Liab.: 1,379,001 677,558 1,078,026}

^{TOTAL LIABILITIES: 1,487,040 697,558 1,130,543}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 16,106,325 9,353,191 9,538,543}

^{Gross Profit: 4,388,348 3,117,084 3,032,232}

^{Result of ordinary operations 1,571,067 685,621 651,376}

^{NET RESULT BEFORE TAX: 1,566,397 679,374 645,129}

^{Tax: 348,204 176,400 155,264}

^{Net income/loss year: 1,218,193 502,974 489,865}

^{Interest Paid: 4,670 6,247 6,247}

^{Depreciation: 105,462 103,381 103,379}

^{Directors Emoluments: 251,528 254,473 233,419}

^{Wages and Salaries: 1,162,682 974,790 920,485}

^{Financial Income: 41,289 38,434 51,094}

RATIOS

^{31/12/2004 31/12/2003 31/12/2002}

^{Turnover per employee: 328700.51 190881.45 194664.14}

^{Net result / Turnover(%): 0.08 0.05 0.05}

^{Stock / Turnover(%): 0.03 0.01 0.01}

^{Net Margin(%): 7.56 5.38 5.14}

^{Return on Equity(%): 19.29 9.87 10.66}

^{Return on Assets(%): 15.61 8.68 8.56}

^{Net Working capital: 6065753.00 4779098.00 4213333.00}

^{Cash Ratio: 3.82 7.19 4.09}

^{Quick Ratio: 4.79 7.65 4.64}

^{Current ratio: 5.40 8.05 4.91}

^{Receivables Turnover: 29.81 11.84 22.38}

^{Leverage Ratio: 0.24 0.14 0.25}

^{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 STATEMENT IN THIS REPORT ARE THOSE OF 2004 AND ARE CONSIDERED OUTDATED. HENCE, FINANCIAL ANALYSIS IS NOT CONDUCTED. THE FINANCIAL STATEMENT SERVE AS A REFERENCE ONLY. IN REPLACEMENT, ADVERSE CHECK ON ITS LOCAL DIRECTOR IS MADE.}

^{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 17/03/1982 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "LINKERS (FAR EAST) PTE. LTD.".}

^{AS AT 21/08/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 1,000,000 SHARES OF A VALUE OF S$1,000,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF BASIC INDUSTRIAL CHEMICALS EXCEPT FERTILIZERS}

^{2) WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES CONSIST OF IMPORTERS AND EXPORTERS AND WHOLESALERS OF INDUSTRIAL CHEMICALS, OIL, MACHINERY AND GENERAL MERCHANDISE, ETC.}

^{FROM THE RESEARCH DONE, SUBJECT SERVES AS AN AGENT, DISTRIBUTOR AND INTERNATIONAL TRADER OF INDUSTRIAL CHEMICALS AND PLASTIC RAW MATERIALS IN THE MARKETS OF AUSTRALIA, NEW ZEALAND, CHINA, FAR EAST, SOUTH EAST ASIA, SOUTH ASIA, MIDDLE EAST, EUROPE, NORTH AND SOUTH AMERICA.}

^PRODUCTS:

^{*ACRYLIC ACID & ESTERS, MONOMERS}

^{*PLASTIC RAW MATERIALS}

^{*PLASTICIZERS}

^{*CHLORINATED SOLVENTS}

^{*COATING RESINS}

^*SOLVENTS

^{*INDUSTRIAL CHEMICALS}

^{*OTHER INDUSTRIAL RAW MATERIALS}

^{-REFRACTORIES}

^{-BEAD WIRE}

^{-CERAMIC FIBERS}

^{AGENTS FOR:}

^{*HUNTSMAN POLYURETHANES (US)}

^{*MOBIL CHEMICAL PRODUCTS INTERNATIONAL INC. (US)}

^{*BASELL POLYOLEFINS COMPANY NV (US)}

^{*FORMOL Y. DERIVADOS SA (ES)}

^{*S.A.POLIALCO (ES)}

^{*COIM (IT)}

^{*CABOT (US)}

^{*DAICEL CHEMICAL (ASIA) PTE LTD (SG)}

^{*LG CHEMICAL LIMITED (KR)}

^{*ASAHI GLASS CO.LTD (JP)}

^{*NIPPON ZEON (JP)}

^{*TOSHIBA MONOFRAX CO.LTD (JP)}

^{*PPG TAIWAN INDUSTRIES LTD (TW)}

^{*COIN CHEMICAL INDUSTRIAL CO.LTD (TW)}

^{*YUEN LIANG INDUSTRIAL & CO.LTD (TW)}

^{*HONAIK SDN BHD (MY)}

^{IMPORTS FROM:}

^{*CHINA, KOREA, JAPAN, MALAYSIA, INDONESIA, THAILAND, AUSTRALIA, INDIA, ETC}

^{EXPORTS TO:}

^{*FAR EAST, SOUTH-EAST ASIA, SOUTH ASIA, MIDDLE EAST, AFRICA, USA, ETC}

^{INDUSTRIES SERVED:}

^{*RESINS AND EMULSIONS}

^{*PAINTS AND COATINGS}

^{*PRINTING INK}

^*PLASTICS

^*PVC

^*RUBBER

^*FOOTWEAR

^*ADHESIVES

^*PAPER

^*TEXTILE

^*DETERGENT

^*FOOD

^{QUALITY ASSESSMENT:}

^{*ISO 9001:2000}

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

^{*SINGAPORE MANUFACTURERS' FEDERATION}

^{*SINGAPORE CHEMICAL INDUSTRY COUNCIL}

^{*SINGAPORE PLASTIC INDUSTRY ASSOCIATION}

^{*SINGAPORE BUSINESS FEDERATION}

^{*SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY}

^BRANCHES:

^{*INDONESIA, THAILAND, VIETNAM, PHILIPPINES, PAKISTAN, BANGLADESH, SRI LANKA, UAE,}

^{IRAN & EGYPT.}

^AWARDS:

^{*ENTERPRISE 50}

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT GRANTED BY SUBJECT'S PERSONNEL ON 27/08/2007.}

^{NUMBER OF EMPLOYEES (INCLUDING DIRECTORS):}

^{*COMPANY - 2004: 49 (2003: 47; 2002: 46)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{50 ROBINSON ROAD}

^#09-00

^{MNB BUILDING}

^{SINGAPORE 068882}

^{DATE OF CHANGE OF ADDRESS: 02/01/2001}

^{- RENTED PREMISE}

^{- OWNED BY: VTB BANK EUROPE PLC SINGAPORE BRANCH}

^WEBSITE:

^{www.linkers.com.sg}

^EMAIL:

^{linkers@linkers.com.sg}

^{linknet@singnet.com.sg}

MANAGEMENT

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

^{1) MALIK PERVEZ ZAMAN, A PAKISTANI}

^{- BASED IN PAKISTAN.}

^{2) SHAMSHER ZAMAN S/O MALIK SHER, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: SHAMSHER ZAMAN S/O MALIK SHER}

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

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$68,400}

^{CO-OWNER (S): NIL}

^{*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.	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