MIRA INFORM REPORT

Report Date :

3^rd February, 2007

IDENTIFICATION DETAILS

Name :	TRADEASIA INTERNATIONAL PTE LIMITED

Registered Office :	63 Robinson Road #04-18 Afro Asia Building, Singapore 068894, Singapore

Country :	Singapore

Date of Incorporation :	20.09.2004

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Marketing a range of commodities like Chemicals, Textile Raw Materials, Bulk Drugs etc and Chemicals.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Company Name

TRADEASIA INTERNATIONAL PTE. LTD.

Line Of Business

MARKETING A RANGE OF COMMODITIES LIKE CHEMICALS, TEXTILE RAW MATERIALS, BULK DRUGS ETC AND CHEMICALS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$2

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Requested : -

Credit Rating : Up to Sing $ 10000

Credit Opinion : -

COMPANY IDENTIFICATION

^{Subject Company : TRADEASIA INTERNATIONAL PTE.
LTD.}

^{Former Name :
-}

^{Business Address : 63 ROBINSON ROAD}

^#04-18

^{AFRO ASIA BUILDING}

^{Town :
SINGAPORE}

^{Postcode : 068894}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 9014 9907}

^{Fax :
Not Listed}

^{ROC Number :
200412014Z}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte
Ltd}

^{Date Inc. : 20/09/2004}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

^{Paid-Up Capital : 2}

^{Employees : -}

^{Net result : -}

^{Share value : -}

^{AUDITOR : NIL}

REFERENCES

^{CCMS Number :
702005082215}

^{Report Date : 10/11/2006}

²⁵⁵⁰⁷

^{Update Date : 10/11/2006}

^{Credit Requested : -}

^{Credit Opinion :
-}

^{Litigation : No}

^{Company status : TRADING}

^{Started :
20/09/2004}

PRINCIPAL(S)

^{EDWARD
ALLBLESS S2701307D Director}

DIRECTOR(S)

^{MANOJ KUMAR
SINGHANIA A5472143 Director}

^{Appointed on : 20/09/2004}

^{Street : S803
KEDOYA ELOK APARTMENTS}

^{JL PANJANG}

^{Town : JAKARTA}

^{Postcode :}

^{Country : Indonesia}

^{RAGINI D/O
DHANVANTRAY S2607093G Company Secretary}

^{Appointed on : 20/09/2004}

^{Street : 299 BEDOK
SOUTH AVENUE 3}

^#01-15 ^BEDOK
COURT

^{Town :
SINGAPORE}

^{Postcode : 469298}

^{Country : Singapore}

^{EDWARD
ALLBLESS S2701307D Director}

^{Appointed on : 20/09/2004}

^{Street : 3 FARRER
DRIVE}

^#04-04

^{Town :
SINGAPORE}

^{Postcode : 259276}

^{Country : Singapore}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS}^Code:11760

^{TRADING COMPANIES}^Code:22190

^{BASED ON ACRA'S
RECORD AS AT 06/11/2006}

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

^{GENERAL TRADING}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{STANDARD CHARTERED
BANK}

SHAREHOLDERS(S)

^{MANOJ KUMAR
SINGHANIA}^{2
Private Person}

^{Street : S803
KEDOYA ELOK APARTMENTS}

^{JL PANJANG}

^{Town : JAKARTA}

^{Postcode :}

^{Country : Indonesia}

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} ^{20/09/2004
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS
PRESENT NAMESTYLE AS "TRADEASIA INTERNATIONAL PTE. LTD.".}

^{AS AT 06/11/2006,
THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF} ^{2 SHARES
OF A VALUE OF S$2.}

^{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);}

^{GENERAL TRADING}

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

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITIES:}

^{* MARKETING A RANGE
OF COMMODITIES LIKE CHEMICALS, TEXTILE RAW}

^{MATERIALS, BULK
DRUGS ETC AND CHEMICALS}

^{* REPRESENT MANY
HIGH QUALITY MANUFACTURERS OF CHEMICALS IN SOUTH EAST}

^ASIA

^{PROUCTS DEALINGS
(CHEMICALS):}

Ø ^{FORMIC ACID}

Ø ^{SOAP NOODLES}

Ø ^{CAUSTIC SODA FLAKES}

Ø ^{ANHYDROUS SODIUM SULPHATE}

Ø ^{CITRIC ACID}

Ø ^{SODA ASH}

Ø ^{BLEACHING EARTH}

Ø ^{GLACIAL ACETIC ACID}

Ø ^MELAMINE

^Ø^GLYCERINE

Ø ^SORBITOL

Ø ^{LAURIC ACID}

Ø ^ETC

^MARKETS:

Ø ^SINGAPORE

Ø ^MALAYSIA

Ø ^INDONESIA

Ø ^PHILIPPINES

Ø ^{SRI LANKA}

Ø ^INDIA

Ø ^BANGLADESH

Ø ^PAKISTAN

Ø ^ETC

^{OVERSEAS OFFICE:}

^{KOLKATA, INDIA}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 10/11/2006, THE FOLLOWING WAS} ^GATHERED:

^{I MANAGED TO
CONTACT THE REGISTERED OFFICE OF THE SUBJECT AND HAVE} ^{CONFIRMED
WITH THEM THE BUSINESS ADDRESS OF THE SUBJECT.} ^{THEY
HAVE PROVIDED THE MOBILE PHONE NUMBER OF THE SUBJECT: 9014 9907.}

^{ATTEMPTS HAVE BEEN
MADE TO CONTACT THE SUBJECT ON THE MOBILE NUMBER.} ^{HOWEVER,
THE SUBJECT COULD NOT BE REACHED AS HE HAS LEFT FOR JAKARTA,} ^{INDONESIA
AND WILL BE BACK AT A LATER DATE.}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 10/11/2006.}

^{REGISTERED ADDRESS:}

^{20 CECIL STREET}

^{#14-01 EQUITY PLAZA}

^{SINGAPORE 049705}

^{- DATE OF CHANGE OF
ADDRESS: 20/09/2004}

^{- TEL: 6438 8887}

^{- FAX: 6438 2436}

^{BUSINESS ADDRESS:}

^{63 ROBINSON ROAD}

^{#04-18 AFRO ASIA
BUILDING}

^{SINGAPORE 068894}

^{- RENTED PREMISE}

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

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) MANOJ KUMAR SINGHANIA,
AN INDIAN}

^{- BASED IN
INDONESIA.}

^{2) EDWARD ALLBLESS,
A SINGAPORE PERMANENT RESIDENT}

^{- OTHER
DIRECTORSHIP(S) IN OUR DATABASE:}

^{SREE INTERNATIONAL
HOLDING PTE LTD}

^{PINE CHEMICALS PTE.
LTD.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
EDWARD ALLBLESS}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP:
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 2006

Rating: A1

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.

DOMESTIC SALES OF GENERAL WHOLESALE TRADE ROSE SUBSTANTIALLY BY 61.6%. SHIP CHANDLERS & BUNKERING REGISTERED RISES WHICH WAS MAINLY ATTRIBUTED TO PRICE INCREASES. TELECOMMUNICATIONS & COMPUTERS AND ELECTRONIC COMPONENTS POSTED DOUBLE-DIGIT GROWTHS.

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%.

MOST OF THE MAJOR SECTORS REGISTERED SLOWER BUSINESS IN 1Q2006 WITH THE EXCEPTION OF TELECOMMUNICATIONS & COMPUTERS AND GENERAL WHOLESALE TRADE.

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%.

IN CONTRAST, HOUSEHOLD EQUIPMENT & FURNITURE, FOOD, BEVERAGES & TOBACCO, PAINTS & CONSTRUCTION MATERIALS, WHOLESALERS OF TIMEBR REPORTED SLOWER FOREIGN BUSINESS OVER THE SAME PERIOD LAST YEAR.

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%.

RETAIL TRADE

RETAIL SALES CHALKED UP 8.0% GROWTH IN 1Q2006, FELLING MARGINALLY FROM THE 8.2% GROWTH IN 4Q2005. SALES OF MOTOR VEHICLES ROSE BY 10% IN 1Q2006, HIGHER THAN THE 8.5% GAIN IN THE LAST QUARTER. EXCLUDING MOTOR VEHICLES, RETAIL SALES MODERATED TO 5.2% GROWTH, SLOWER THAN THE 7.8% RISE IN 4Q2005.

ALL THE MAJOR SEGMENTS RECORDED GROWTH IN 1Q2006 OVER 1Q2005, WITH GROWTH RANGING FROM 1.6% TO 18%. THE SEGMENTS WERE TELECOMMUNICATIONS AND COMPUTERS, FOOD AND BEVERAGES, WEARING APPAREL AND FOOTWEAR, OPTICAL GOODS AND BOOKS, PROVISION AND SUNDRY SHOPS, DEPARTMENT STORES, SUPERMARKETS, MEDICAL GOODS AND TOILETRIES, RECREATIONAL GOODS, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND JEWELLERY, AND PETROL SERVICE STATIONS.

A ROSY OUTLOOK FOR RETAILERS

RETAIL SALES IN SINGAPORE ROSE IN JUNE FOR THE 16TH STRAIGHT MONTH AS AN IMPROVING JOB MARKET AND A RISE IN TOURIST ARRIVALS INCREASED CONSUMER SPENDING.

THE RETAIL SALES INDEX GREW BY 5.1% FROM A YEAR EARLIER AFTER EXPANDING BY 13.1% IN MAY. EXCLUDING MOTOR VEHICLES, RETAIL SALES GREW BY 7.8%.

ON A MONTH-ON-MONTH BASIS, ADJUSTED FOR SEASONAL FACTORS, RETAIL SALES IN JUNE DECLINED BY 3.7% OVER MAY. EXCLUDING MOTOR VEHICLES, RETAIL SALES CONTRACTED BY 1.2% FROM MAY.

APPAREL AND FOOTWEAR BUSINESS GREW BY 4.9% WHILE THOSE OF WATCHES AND JEWELLERY ROXE BY 9.5%.

JUNE’S MOTOR VEHICLES SALES GREW BY 2.5% COMPARED WITH JUNE 2005. IT PALE IN COMPARISON WITH A 16.4% GROWTH IN MAY. THE MOTOR VEHICLE SALES GREW BY A MARGINAL 0.4% OVER MAY.

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.

RETAILERS ALSO FORECAST BETTER BUSINESS SENTIMENTS FOR THE COMING MONTHS ENDING DECEMBER 2006, WITH A NET BALANCE OF 22%, ESPECIALLY DEPARTMENT STORES AND RETAILERS OF WEARING APPAREL AND FURNITURE & FURNISHINGS EXPECTING A POSITIVE BUSINESS OUTLOOK FROM THE YEAR-END FESTIVE SHOPPING.

IN ADDITION, RETAILERS ARE EXPECTING A BOOST FROM THE INTERNATONAL MONETARY FUND AND WORLD BANK ANNUAL MEETING IN SEPTEMBER WHICH WILL BE HELD IN SINGAPORE

AS THE GATHERING IS EXPECTED TO DRAW 16,000 OVERSEAS DELEGATES.

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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