MIRA INFORM REPORT

Report Date :

23^rd February, 2007

IDENTIFICATION DETAILS

Name :	IGE PTE LIMITED
Registered Office :	5 Shenton Way, #15-09, Uic Building, Singapore 068808, Singapore
Country :	Singapore
Date of Incorporation :	28.12.2001
Legal Form :	^Exempt Pte Ltd
Line of Business :	Trading of Rice and Teak

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear

Company name

IGE PTE LTD

Line Of Business 

TRADING OF RICE AND TEAK

Parent Company

-

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : S$500,000

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

Rating

Credit Requested : NA

Credit Rating : Sing $ 300 001 to Sing $ 600 000

Credit Opinion : NA

COMPANY IDENTIFICATION

Subject Company : IGE PTE LTD

Former Name : -

Business Address : 5 SHENTON WAY

#15-09

UIC BUILDING

Town : SINGAPORE

Postcode : 068808

County : -

Country : Singapore

Telephone : 6224 8219

Fax : 6224 8619

ROC Number : 200108234D

Reg. Town : -

SUMMARY

^{All amounts in this report are in : SGD}

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 28/12/2001}

^{Previous Legal Form : -}

^{Summary year : NA}

^{Sales : NA}

^{Paid-Up Capital : 500,000}

^{Employees : 8}

^{Auditor : CHEW WHYE LEE & CO}

^{Net Worth : NA}

^{Net Result : NA}

REFERENCES

^{CCMS Number : 702005022044 Report Date : 08/11/2006}

^{Update Date : 11/09/2006}

^{Credit Requested : NA Credit Opinion : NA}

^{Litigation : No}

^{Company status : TRADING Started : 28/12/2001}

PRINCIPAL(S)

^{ZAW MIN MYAT S7460616D Director}

DIRECTOR(S)

^{U WIN KYAING 209767 Director}

^{Appointed on : 28/12/2001}

^{Street : 22/A KABARAYE PAGODA ROAD}

^{BAHAN T/S}

^{Town : YANGON}

^{Postcode : -}

^{Country : Myanmar}

^{THAN WIN SWE 673371 Director}

^{Appointed on : 09/06/2005}

^{Street : NO.22A KABARAYE PAGODA ROAD}

^{BAHAN T/S}

^{Town : YANGON}

^{Postcode : -}

^{Country : Myanmar}

^{ZAW MIN MYAT S7460616D Director}

^{Appointed on : 19/08/2005}

^{Street : 341 CLEMENTI AVENUE 5}

^#02-172

^{Town : SINGAPORE}

^{Postcode : 120341}

^{Country : Singapore}

^{ZAW MIN MYAT S7460616D Company Secretary}

^{Appointed on : 19/08/2005}

^{Street : 341 CLEMENTI AVENUE 5}

^#02-172

^{Town : SINGAPORE}

^{Postcode : 120341}

^{Country : Singapore}

^{THAM KWAI HO S1306509H Company Secretary}

^{Appointed on : 19/08/2005}

^{Street : 243 SIMEI STREET 5}

^#08-10

^{Town : SINGAPORE}

^{Postcode : 520243}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{NG SIEW HUNG S1166191B}

^{PYI SOE OO S7874598C}

ACTIVITY(IES)

IMPORTERS And EXPORTERS Code: 11760

TRADING COMPANIES Code: 22190

RICE Code: 18510

CHEMICALS Code: 3970

MACHINERY Code: 13260

BASED ON ACRA'S RECORD AS AT 06/09/2006

1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)

CHARGES

^{Date : 17/11/2005}

^{Comments : CHARGE NO: C200507126}

^{AMT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : UNITED OVERSEAS BANK LIMITED}

^{Date : 11/06/2004}

^{Comments : CHARGE NO: C200402820}

^{AMT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : UNITED OVERSEAS BANK LIMITED}

^{Date : 08/12/2003}

^{Comments : CHARGE NO: C200305884}

^{AMT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : UNITED OVERSEAS BANK LIMITED}

^{Date : 20/03/2003}

^{Comments : CHARGE NO: C200301294}

^{AMT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : THE DEVELOPMENT BANK OF SINGAPORE LIMITED}

PREMISES/PROPERTY INFORMATIONS

Date : 11/09/2006

Tax rate : 10%

Site Address : 5 SHENTON WAY

#15-09 UIC BUILDING

Town : SINGAPORE

Postcode : 068808

Country : Singapore

Annual Value : SGD 26,000

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% (I.E 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

UNITED OVERSEAS BANK LIMITED

DBS BANK LTD.

SHAREHOLDERS(S)

U WIN KYAING 250,000 Private Person

Street : 22/A KABARAYE PAGODA ROAD

BAHAN T/S

Town : YANGON

Postcode : -

Country : Myanmar

KYAWT KAY KHAING 250,000 Private Person

Street : 22/A KABARAYE PAGODA ROAD

BAHAN T/S

Town : YANGON

Postcode : -

Country : Myanmar

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)

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.

* THE LATEST FINANCIAL STATEMENTS FILED IN BY THE COMPANY AS AT YEAR ENDED 31/03/2004 ARE NOT AVAILABLE. AS SUCH, ADVERSE CHECKS ON THE LOCAL DIRECTORS WILL BE CONDUCTED.

BACKGROUND/OPERATION

^{THE SUBJECT IS REGISTERED IN THE REPUBLIC OF SINGAPORE AS A LIMITED EXEMPT PRIVATE COMPANY ON 28/12/2001 AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "IGE PTE LTD".}

^{AS AT 06/09/2006, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 500,000 SHARES OF A VALUE OF S$500,000.}

^{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 AND EXPORTERS)}

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

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

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: IMPORTERS & EXPORTERS.}

^{SUBJECT IS A GENEARAL TRADING COMPANY WHICH MAINLY EXPORTS MYANMAR RICE.}

^{PRODUCTS OR SERVICES:}

^{* MACHINERIES & SPARE PARTS FOR ELECTRICAL GENERATING PROJECTS}

^{* RICE (IMPORT FROM MYANMAR)}

^{* LOGS/ TEAK}

^{* STEELS}

^{* FERTILIZER}

^{* CHEMICALS}

^PURCHASES:

^{* IMPORTS (%): 80-90}

^{* TERMS OF IMPORT: LETTER OF CREDITS}

^{* IMPORT COUNTRIES: DUBAI (UAE), SOUTHEAST ASIA REGION (SINGAPORE,}

^{VIETNAM, INDIA, THAILAND, MYANMAR, ETC)}

^MARKETS:

^{* LOCAL (%): 20}

^{* TERMS SALES: LETTER OF CREDITS}

^{* EXPORT(%): 80}

^{* TERMS OF EXPORT: LETTER OF CREDITS}

^{* EXPORT COUNTRIES: SOUTHEAST ASIAN COUNTRIES; LOGS - INDIA;}

^{RICE - INDONESIA, AFRICA, ETC}

^{NO. OF EMPLOYEES:}

^{* COMPANY - 2006: 8 (2005: 6) (AS VERIFIED THROUGH TELE-INTERVIEW)}

^{REGISTERED & BUSINESS ADDRESSES:}

^{5 SHENTON WAY}

^{#15-09 UIC BUILDING}

^{SINGAPORE 068808}

^{DATE OF CHANGE OF ADDRESS: 03/03/2005}

^{-- OFFICE}

^{-- OWNED PREMISE}

^WEBSITE:

^{* NIL}

^EMAIL:

^{* kay_kk@igesg.com.sg}

MANAGEMENT

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

^{(1) U WIN KYAING, A MYANMESE}

^{- BASED IN MYANMAR}

^{(2) THAN WIN SWE, A MYANMESE}

^{- BASED IN MYANMAR}

^{(3) ZAW MIN MYAT, A SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME : ZAW MIN MYAT}

^{ADVERSE REPORT AGAINST DIRECTOR : NIL}

^{PROPERTY OWNERSHIP : NIL}

^{ANNUAL VALUE : NA}

^{CO-OWNER : NA}

^{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.

SOURCES: COFACE COPYRIGHT. ALL RIGHTS RESERVED.

WHOLESALE 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.

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%.

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%.

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.

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%.

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.

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

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