MIRA INFORM REPORT

Report Date :

15^th February, 2007

IDENTIFICATION DETAILS

Name :	GOLD MATRIX RESOURCES PTE. LTD.

Registered Office :	101 Cecil Street, #25-12, Tong Eng Building, Singapore 069533, Singapore

Country :	Singapore

Financials (as on) :	31.03.2006

Date of Incorporation :	02.11.2004

Legal Form :	Pte Ltd

Line of Business :	Trading of base metals

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 :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Company Name

GOLD MATRIX RESOURCES PTE. LTD.

Line Of Business

TRADING OF BASE METALS

Parent Company

SINO INVESTMENT GLOBAL LIMITED

(PERCENTAGE OF SHAREHOLDING: 100.00%)

Financial Elements

FY 2006

COMPANY

Sales : USD10,610,356

Networth : USD2,038,590

Paid-Up Capital : USD2,007,118

Net result : USD31,472

Net Margin(%) : 0.30

Return on Equity(%) : 1.54

Leverage Ratio : 2.52

Rating

Credit Rating : Sing $ 1 000 00 1 to Sing $ 5 000 000

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

Subject Company : GOLD MATRIX RESOURCES PTE. LTD.

Former Name : -

Business Address : 101 CECIL STREET, #25-12, TONG ENG BUILDING

Town : SINGAPORE

Postcode : 069533

County : -

Country : Singapore

Telephone : 6491 1100

Fax : 6220 0400

ROC Number : 200414243H

Reg. Town : -

SUMMARY

All amounts in this report are in: USD unless otherwise stated

Legal Form : Pte Ltd

Date Inc. : 02/11/2004

Previous Legal Form : -

Summary year : 31/03/2006

Sales : 10,610,356

Net worth : 2,038,590

Capital : -

Paid-Up Capital : 2,007,118

Employees : 2

Net result : 31,472

Share value : -

Auditor : MGI N RAJAN ASSOCIATES

REFERENCES

Litigation : No

Company status : TRADING

Started : 02/11/2004

PRINCIPAL(S)

^{PINAKI RATH S6960871Z Managing Director}

DIRECTOR(S)

PINAKI RATH S6960871Z Director

Appointed on : 30/08/2005

Street : 3 TANJONG RHU ROAD, #19-04, THE WATERSIDE

Town : SINGAPORE

Postcode : 436881

Country : Singapore

PINAKI RATH S6960871Z Managing Director

Appointed on : 27/12/2005

Street : 3 TANJONG RHU ROAD, #19-04, THE WATERSIDE

Town : SINGAPORE

Postcode : 436881

Country : Singapore

LIM SAI BENG S0307980E Director

Appointed on : 11/07/2005

Street : 20 DOVER CRESCENT, #12-314

Town : SINGAPORE

Postcode : 130020

Country : Singapore

LAU SIEK LING S7578028A Company Secretary

Appointed on : 30/08/2005

Street : 631 ANG MO KIO AVENUE 4, #08-902

Town : SINGAPORE

Postcode : 560631

Country : Singapore

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{METALS - BASE - DEALERS And BROKERS Code:13960}

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

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

^{2) OTHER INVESTMENT HOLDING COMPANIES}

CHARGES

Date : 11/07/2006

Comments : CHARGE NO: C200604511

AMOUNT SECURED : 0.00 AND ALL MONIES OWING

CAHRGEE(S) : INDIAN OVERSEAS BANK

Date : 10/03/2006

Comments : CHARGE NO: C200601594

AMOUNT SECURED : 0.00 AND ALL MONIES OWING

CAHRGEE(S) : INDIAN OVERSEAS BANK

PREMISES/PROPERTY INFORMATIONS

Date : 14/02/2007

Tax rate : 10

Site Address : 101 CECIL STREET, #25-12, TONG ENG BUILDING

Town : SINGAPORE

County : -

Postcode : 069533

Country : Singapore

Annual Value : 31,500

*TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

*TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR

FULLY RENTED OUT BY THE OWNER/OWNED BY COMPANY.

*FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT,

THE TAX RATE IS 10% (IE INDUSTRIAL AND COMMERCIAL PROPERTY).

*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.

BANKERS

^{INDIAN OVERSEAS BANK}

SHAREHOLDERS(S)

SINO INVESTMENT GLOBAL LIMITED 3,340,000 Company

Street : PALM GROVE HOUSE P O BOX 438, ROAD TOWN

Town : TORTOLA

Postcode : -

Country : Virgin Islands (British)

HOLDING COMPANY

^{SINO INVESTMENT GLOBAL LIMITED
UF40940N %: 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity :
SUFFICIENT}

^{Payments :
UNKNOWN}

^{Trend :
UNKNOWN}

^{Financial Situation :
AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: "MILD" UNCERTAINTIES}

^{Date Account Lodged: 05/06/2006}

^{Balance Sheet Date: 31/03/2006}

^{Number of weeks: 72}

^{Consolidation Code: COMPANY}

ASSETS

^{Tangible Fixed Assets: 7,511}

^{Total Fixed Assets}^{: 7,511}

^{Inventories: 2,245,541}

^{Receivables: 3,153,313}

^{Cash,Banks, Securitis: 1,748,419}

^{Other current assets: 26,077}

^{Total Current Assets}^{: 7,173,350}

^{TOTAL ASSETS:
7,180,861}

LIABILITIES

^{Equity capital: 2,007,118}

^{Profit & loss Account: 31,472}

^{Total Equity: 2,038,590}

^{Trade Creditors: 108,677}

^{Prepay.
& Def. charges:
21,312}

^{Due to Bank: 5,007,158}

^{Other Short term Liab.: 5,124}

^{Total short term Liab}^{.: 5,142,271}

^{TOTAL
LIABILITIES:
5,142,271}

PROFIT & LOSS ACCOUNT

^{Net Sales 10,610,356}

^{Purchases,Sces & Other Goods:
10,459,716}

^{Gross Profit: 150,640}

^{NET RESULT BEFORE TAX: 31,472}

^{Tax: -}

^{Net income/loss year: 31,472}

^{Depreciation: 3,755}

^{Directors Emoluments: 31,997}

^{Wages and Salaries: 5,747}

^{Financial Income: 16,629}

RATIOS

^31/03/2006

^{Turnover per employee: 5305178.00}

^{Stock / Turnover(%): 0.21}

^{Net Margin(%): 0.30}

^{Return on Equity(%): 1.54}

^{Return on Assets(%): 0.44}

^{Net Working capital: 2031079.00}

^{Cash Ratio: 0.34}

^{Quick Ratio: 0.95}

^{Current ratio: 1.39}

^{Receivables Turnover: 106.99}

^{Leverage Ratio: 2.52}

^{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

^{AUDITORS REPORT}

^{ATTENTION IS DRAWN TO THE FINANCIAL STATEMENTS REGARDING THE IDENTITY} ^{OF THE ULTIMATE HOLDING COMPANY.}

^{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 IN POSITIVE} ^{REGION OF USD2,038,590. THIS WAS DUE TO
SUBJECT'S PROFIT FOR THE} ^{PERIOD AMOUNTING TO USD31,472.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRUST RECEIPTS} ^{WHICH MADE UP 97.37% OF TOTAL SHORT TERM
LIABILITIES AND AMOUNTED} ^{TO USD5,007,158.}

^{TRADE CREDITORS AMOUNTED TO USD108,677 FOR THE FINANCIAL PERIOD.} ^{SUBJECT DID NOT INCUR ANY LONG TERM
LIABILITIES DURING THE FINANCIAL} ^{YEAR UNDER REVIEW.}

^{IN ALL, LEVERAGE RATIO WAS AT 2.52 TIMES. THIS WAS DUE TO SUBJECT'S} ^{OVERWHELMING TOTAL LIABILITIES AS COMPARED TO
ITS TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM} ^{THE RISE IN NET WORKING CAPITAL WHICH
AMOUNTED TO USD2,031,079.}

^{CURRENT RATIO AND QUICK RATIO WERE AT 1.39 TIMES AND 0.95 TIMES} ^{RESPECTIVELY.}

^{PROFITABILITY:}

^{SUBJECT POSTED A REVENUE OF USD10,610,356 AND ACHIEVED A NET PROFIT} ^{OF USD31,472. HENCE NET MARGIN WAS IN
POSITIVE REGION OF 0.30%.}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS} ^{CAN BE MAINTAINED AND PAYMENT BY TRADE
DEBTORS ARE FORTHCOMING. IN} ^{ADDITION, SUBJECT DID NOT INCUR ANY
INTEREST EXPENSES DURING THE} ^{FINANCIAL YEAR.}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{INTEREST BEARING LOANS}

^{TRUST RECEIPTS - 2006: USD5,007,158}

^{THIS CARRIES AN EFFECTIVE INTEREST RATE OF 7.33% P.A.}

^{THE ABOVE LOAN IS SECURED BY A LIEN ON FIXED DEPOSITS, AN OPEN CHARGE} ^{ON THE RECIEVABLES, BOOK DEBTS, AND STOCKS OF
THE COMPANY AND A} ^{GUARANTEE FROM ITS HOLDING AND ULTIMATE HOLDING
COMPANY.}

^{COMPARATIVE FIGURES}

^{THE COMPANY WAS INCORPORATED ON 02/11/2004. THERE WERE NO COMPARATIVE} ^{FIGURES AVAILABLE SINCE THIS IS THE FIRST SET
OF THE FINANCIAL} ^STATEMENTS.

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON} ^{02/11/2004 AS A LIMITED PRIVATE COMPANY AND
IS TRADING UNDER THE} ^{PRESENT NAMESTYLE OF "GOLD MATRIX
RESOURCES PTE. LTD.".}

^{AS AT 08/02/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF} ^{3,340,000 SHARES, OF A VALUE OF S$3,340,000.}

^{PRINCIPAL ACTIVITIES:}

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

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

^{2) OTHER INVESTMENT HOLDING COMPANIES}

^{DURING THE FINANCIAL YEAR (S) UNDER REVIEW, THE PRINCIPAL ACTIVITIES} ^{OF THE COMPANY ARE TO CARRY ON THE BUSINESS
OF GENERAL TRADING.}

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

^ACTIVITIES

^{- TRADING COMPANY SPECIALISED IN THE BASE METALS MARKET}

^{- OFFERS STRUCTURED PRODUCTS COMBINING TRADE AND COMMODITY FINANCE,} ^INSURANCE,

^{HEDGING STRATEGIES AND LOGISTICAL SUPPORT}

^{SUBJECT'S PRODUCT PORTFOLIO INCLUDES THE SIX BASE METALS}

^{- NICKEL}

^{- ZINC}

^{- TIN}

^{- ALUMINIUM}

^{- COPPER}

^{- LEAD}

^{MARKET PRESENCE}

^{- SOUTH AND SOUTH-EAST ASIA}

^{ACCORDING TO THE TELE-INTERVIEW CONDUCTED ON 07/07/2006, THE} ^{FOLLOWING INFORMATION WAS GATHERED:}

^ACTIVITIES

^{- TRADING OF BASE METALS}

^{NUMBER OF EMPLOYEES}

^{- 3}

^{SUBJECT'S PERSONNEL CONFIRMED THE BUSINESS ADDRESS AND CONTACT} ^{NUMBERS OF THE COMPANY, BUT DECLINED TO
PROVIDE MORE INFORMATION,} ^{HENCE NO OTHER TRADE INFORMATION WAS MADE
AVAILABLE VIA THE} ^{TELE-INTERVIEW.}

^{SUBJECT IS A WHOLLY OWNED SUBSIDIARY OF SINO INVESTMENT GLOBAL} ^{LIMITED, INCORPORATED IN THE BRITISH VIRGIN
ISLANDS.}

^{NUMBER OF EMPLOYEES (31 MARCH)}

^{- COMPANY - 2006: 2}

^{REGISTERED AND BUSINESS ADDRESS:}

^{101 CECIL STREET}

^#25-12

^{TONG ENG BUILDING}

^{SINGAPORE 069533}

^{DATE OF CHANGE OF ADDRESS: 14/09/2006}

^{- OWNED PREMISE}

^{- OFFICE}

^WEBSITE:

^{http://www.goldmatrixresources.com}

^EMAIL:

^{gmr@goldmatrixresources.com}

^{pinaki@goldmatrixresources.com}

^{anuj@goldmatrixresources.com}

MANAGEMENT

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

^{1) LIM SAI BENG, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{GOLDEN VANTAGE PTE LTD}

^{ERG TRANSIT SYSTEMS (SING) PTE LTD}

^{WESTHORNE INT'L PTE LTD}

^{2) PINAKI RATH, A SINGAPORE PERMANENT RESIDENT}

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

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

^{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.}

^{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%.}

^{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%.}

^{THE MAJOR SECTORS MOSTLY POSTED LOWER FOREIGN SALES WITH THE EXCEPTION
OF} ^{TELECOMMUNICATIONS
& COMPUTERS SECTOR IN 1Q2006. THE HOUSEHOLD EQUIPMENT &} ^{FURNITURE,
FOOD, BEVERAGES & TOBACCO SECTOR ALL REPORTED DECLINE IN TURNOVER OF} ^{MORE
THAN 17% IN THE FIRST QUARTER OF 2006 OVER 4Q2005.}

^{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%.}

^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.}

^{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

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