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MIRA INFORM REPORT

Report Date :

29.01.2007

IDENTIFICATION DETAILS

Name :	KOLMAR ENERGY ASIA PTE. LTD.

Registered Office :	^{101 Thomson Road, #26-01, United Square, Singapore 307591}

Country :	Singapore

Date of Incorporation :	^12/10/2006

Com. Reg. No.:	^200615249W

Legal Form :	^{Pte Ltd}

Line of Business :	Trading of Petroleum Products

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 :	Regular

Litigation :	Clear

Subject Company

KOLMAR ENERGY ASIA PTE. LTD.

Line Of Business

TRADING OF PETROLEUM PRODUCTS

Parent Company

KOLMAR PETROCHEMICALS AG

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : US$100,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : Sing $ 100001 to Sing $ 300000

COMPANY IDENTIFICATION

^{Subject Company : KOLMAR ENERGY ASIA PTE. LTD.}

^{Former Name :
-}

^{Business Address : 101 THOMSON ROAD}

^#26-01

^{UNITED SQUARE}

^{Town :
SINGAPORE}

^{Postcode :
307591}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6513 1015}

^{Fax :
6259 4601}

^{ROC Number :
200615249W}

^{Reg. Town :
-}

SUMMARY

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

^{Legal Form :
Pte Ltd}

^{Date Inc. :
12/10/2006}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

^{Paid-Up Capital :
100,000}

^{Employees :
-}

^{Net result :
-}

^{Share value :
-}

^{AUDITOR :
NIL}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 100,000 USD 100,000}

^{PAID-UP ORDINARY - USD 100,000}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
12/10/2006}

PRINCIPAL(S)

^{BANERJI GOPAL S2613905H
Director}

DIRECTOR(S)

^{TCHAVDAR TZONEV F0491389 Director}

^{Appointed on : 15/11/2006}

^{Street : LOOSTRASE
39, 6430 SCHWYZ}

^Town:

^Postcode:

^{Country: Switzerland}

^{JOSEF HUWYLER F1392928 Director}

^{Appointed on : 15/11/2006}

^{Street : WIESENAECHERWEG
8}

^{5642, MUEHLAY}

^Town:

^Postcode:

^{Country: Switzerland}

^{LIM GUAT HUA SHIRLEY S2510643A
Company Secretary}

^{Appointed on : 15/11/2006}

^{Street : 5
BEDOK PLACE}

^{BEDOK GROVE}

^{Town: SINGAPORE}

^{Postcode: 486078}

^{Country: Singapore}

^{BANERJI GOPAL S2613905H Director}

^{Appointed on : 12/10/2006}

^{Street : 237
ARCADIA ROAD}

^#06-03

^{THE ARCADIA}

^{Town: SINGAPORE}

^{Postcode:
289844}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{CHEMICALS Code:3970}

^{BASED ON ACRA'S RECORD AS AT 22/01/2007}

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

^{WITH ENERGY PRODUCTS ETC}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{FORTIS BANK S.A./N.V.}

SHAREHOLDERS(S)

^{KOLMAR PETROCHEMICALS AG 100,000 Company}

^{Street : LAUBEHOF,
METALLSTRASSE 9}

^{Town: ZURICH}

^{Postcode: 6300}

^{Country: Switzerland}

HOLDING COMPANY

^{KOLMAR PETROCHEMICALS AG UF44464R % :
100}

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

^{SUBJECT BEING NEWLY INCORPORATED AND HAS YET
TO FILE IN ITS FIRST SET OF ACCOUNTS. A NEWLY INCORPORATED COMPANY HAS UP TO 18
MONTHS FROM THE DATE OF INCORPORATION TO FILE IN ITS FIRST SET OF ACCOUNTS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON 12/10/2006 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER
ITS PRESENT NAMESTYLE AS "KOLMAR ENERGY ASIA PTE. LTD.".}

^{AS AT 22/01/2007, THE COMPANY HAS ISSUED AND
PAID-UP CAPITAL OF 100,000 SHARES OF A VALUE OF US$100,000.}

^{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 & EXPORTERS); TRADING}

^{WITH ENERGY PRODUCTS}

^{2) WHOLESALE OF OTHER SPECIFIC COMMODITIES;
TRADING WITH CRUDE OIL, OIL}

^{PRODUCTS, PETROCHMEICALS, BIO-FUELS, ETC}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
26/01/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF PETROLEUM PRODUCTS}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
26/01/2007.}

^{SUBJECT IS NOT LISTED IN THE LOCAL
DIRECTORIES AND INTERNET. AS SUCH, NO OTHER INFORMATION IS AVAILABLE.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{101 THOMSON ROAD}

^{#26-01 UNITED SQUARE}

^{SINGAPORE 307591}

- RENTED PREMISE

- OWNED BY UOL PROPERTY INVESTMENTS PTE LTD

^{- DATE OF CHANGE OF ADDRESS: 12/10/2006}

^{YOUR PROVIDED CONTACT NUMBER:}

^{FAX: 6259 460}

^{- INCORRECT}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) TCHAVDAR TZONEV, A SWISS}

^{- BASED IN SWITZERLAND.}

^{2) JOSEF HUWYLER, A SWISS}

^{-
BASED IN SWITZERLAND.}

^{3) BANERJI GOPAL, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: BANERJI GOPAL}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$60,000}

^{CO-OWNER (S): BANERJI PREETA}

^{* 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

WITH THE GROWTH IN NON-OIL RE-EXPORTS AND THE RISE IN RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A ROBUST 15% IN 1Q2006, UP FROM THE 12% GAIN IN 4Q2005.

WHOLESALE TRADE

DOMESTIC WHOLESALE TRADE INDEX

FOLLOWING SEVEN QUARTERS OF DOUBLE-DIGIT GROWTH, THE OVERALL DOMESTIC WHOLESALE TRADE INDEX MODERATED TO 7.5% IN 1Q2006. EXCLUDING PETROLEUM, THE INDEX ROSE BY 14.2% OVER THE SAME PERIOD LAST YEAR.

ON THE OTHER HAND, DOMESTIC WHOLESALE OF PETROLEUM & PETROLEUM PRODUCTS FELL BY 2.1% IN 1Q2006, THE FIRST DECLINE SINCE 1Q2004. DOMESTIC SALES OF FOOD, BEVERAGES & TOBACCO, PAINTS & CONSTRUCTION MATERIALS, TIMBER ALSO FELL COMPARED TO 1Q2005.

AT CONSTANT PRICES, THE OVERALL INDEX DECLINED BY 4.4% IN 1Q2006 OVER 1Q2005, MAINLY DUE TO LOWER ACTIVITY IN CHEMICAL AND PETROLEUM SECTORS. EXCLUDING PETROLEUM, IT WAS 7.9% HIGHER THAN A YEAR AGO.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 16.5% COMPARED TO 4Q2005. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.9%.

FOREIGN WHOLESALE TRADE INDEX

AS COMPARED TO 1Q2005, THE OVERALL FOREIGN WHOLESALE TRADE IN 1Q2006 ROSE BY 15.4%. EXCLUDING PETROLUEM, THE INDEX EXPANDED BY 11.5%.

SHIP CHANDLERS & BUNKERING MAINTAINED THEIR GROWTH MOMENTUM OF 63.5% IN THE FIRST QUARTER OF 2006, IN COMPARISON TO THE HIGHER 81.7% GROWTH IN 4Q2005. ON A YEAR-ON-YEAR BASIS, ELECTRONIC COMPONENTS GREW BY 22.8%, PETROLEUM & PETROLEUM PRODUCTS ROSE BY 20.3%, AND GENERAL WHOLESALE TRADE GREW BY 18.7% IN 1Q2006.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE MARGINALLY BY 0.9% IN 1Q2006 OVER A YEAR AGO. EXCLUDING PETROLEUM, IT WAS UP BY 7.6%.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 9.4% FOLLOWING GROWTH FOR THREE CONSECUTIVE QUARTERS. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.6%.

AHEAD

WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE PERIOD ENDING DECEMBER 2006. THOSE DEALING IN FURNITURE & FURNISHINGS, COSMETICS & TOILETRIES, JEWELLERY & WATCHES, HOUSEHOLD ELECTRICAL APPLIANCES & EQUIPMENT, ELECTRONIC COMPONENTS, SCIENITIFIC & PRECISION EQUIPMENT, ARE AMONG THOSE WHO ARE OPTIMISTIC ABOUT THE BUSINESS OUTLOOK AHEAD.

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

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