MIRA INFORM REPORT

Report Date :

10.01.2007

IDENTIFICATION DETAILS

Name :	BEAUTIFUL DIAMOND PTE LTD

Registered Office :	437 Tanjong Katong Road, #10-04, Singapore 437147

Country :	Singapore

Financials (as on) :	30.09.2005

Date of Incorporation :	14.04.1984

Legal Form :	Exempt Pte Ltd

Line of Business :	^{Retail Sale of Jewellery}

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

Company Name

BEAUTIFUL DIAMOND PTE LTD

Line Of Business

JEWELLER

Parent Company

Financial Elements

Sales : S$5,447,512

Networth : S$1,084,516

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

Net result : S$24,512

Net Margin(%) : 0.45

Return on Equity(%) : 2.26

Leverage Ratio : 5.02

Rating

Credit Rating : Singapore $ 600 001 to 1 000 000

COMPANY IDENTIFICATION

Subject Company : BEAUTIFUL DIAMOND PTE LTD

Former Name : FORBRO TRADING PTE LTD

Business Address : 437 TANJONG KATONG ROAD, #10-04

Town : SINGAPORE

Postcode : 437147

County : -

Country : Singapore

Telephone : 6348 4871

Fax : 6348 3212

ROC Number : 198401296W

Reg. Town : -

PREVIOUS IDENTIFICATION

^{FORBRO TRADING PTE LTD DATE
OF CHANGE OF NAME: 01/10/1994}

^{FORBRO CONSULTANTS PRIVATE LIMITED DATE
OF CHANGE OF NAME: 10/03/1988}

SUMMARY

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

Legal Form : Exempt Pte Ltd

Date Inc. : 14/04/1984

Previous Legal Form : -

Summary year : 30/09/2005

Sales : 5,447,512

Net Worth : 1,084,516

Capital : -

Paid-Up Capital : 1,000,000

Employees : 3

Net result : 24,512

Share value :

Auditor : RAMA & CO

REFERENCES

^{Litigation :
No}

^{Company status :
TRADING}

^{Started :
14/04/1984}

PRINCIPAL(S)

^{MANISH PRAVINCHANDRA SHETH F1892107M Director}

DIRECTOR(S)

^{MANISH PRAVINCHANDRA SHETH F1892107M Director}

Appointed on : 01/09/1994

Street : 437 TANJONG KATONG ROAD, #10-04, KING'S MANSION

Town : SINGAPORE

Postcode : 437147

Country : Singapore

SONAL MANISH SHETH F2482925K Director

Appointed on : 13/05/1996

Street : 437 TANJONG KATONG ROAD, #10-04, KING'S MANSION

Town : SINGAPORE

Postcode : 437147

Country : Singapore

CLIFFORD EMMANUEL GERMAIN S2191478I Company Secretary

Appointed on : 03/01/2006

Street : 33A SURIN AVENUE, CHARLTON COURT

Town : SINGAPORE

Postcode : 535617

Country : Singapore

MOHAMED RAHMATHULLAH SAHABDEEN S2585263Z Director

Appointed on : 10/03/1987

Street : 641 ROWELL ROAD, #11-52, TEXTILE CENTRE

Town : SINGAPORE

Postcode : 200641

Country : Singapore

ACTIVITY(IES)

^{JEWELLERS - RETAIL Code:12270}

^{BASED ON ACRA'S RECORD AS AT 03/01/2007}

^{1) RETAIL SALE OF JEWELLERY}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Banker Information In Our Database

SHAREHOLDERS(S)

MANISH PRAVINCHANDRA SHETH 900,000 Private Person

Street : 437 TANJONG KATONG ROAD, #10-04, KING'S MANSION

Town : SINGAPORE

Postcode : 437147

Country : Singapore

SONAL MANISH SHETH 100,000 Private Person

Street : 437 TANJONG KATONG ROAD, #10-04, KING'S MANSION

Town : SINGAPORE

Postcode : 437147

Country : Singapore

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity :
SUFFICIENT}

^{Payments :
REGULAR}

^{Trend :
UPWARD}

^{Financial Situation :
AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification:
"MILD" UNCERTAINTIES
"MILD" UNCERTAINTIES}

^{Date Account Lodged: 08/02/2006}

^{Balance Sheet Date: 30/09/2005 30/09/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

ASSETS

^{Tangible Fixed Assets: 967 -}

^{Total Fixed Assets}^{: 967 -}

^{Inventories: 1,874,946 907,974}

^{Receivables: 4,440,095 3,762,297}

^{Cash,Banks,Securities: 212,402 53,407}

^{Total Current Assets}^{: 6,527,443 4,723,678}

^{TOTAL ASSETS: 6,528,410 4,723,678}

LIABILITIES

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

^{Profit & loss Account: 84,516 60,004}

^{Total Equity: 1,084,516 1,060,004}

^{Trade Creditors: 1,535,748 1,011,513}

^{Prepay. & Def. charges: 127,465 127,730}

^{Provisions: 2,173 1,900}

^{Other Short term Liab.: 3,778,508 2,522,531}

^{Total short term Liab}^{.: 5,443,894 3,663,674}

^{TOTAL LIABILITIES: 5,443,894 3,663,674}

PROFIT & LOSS ACCOUNT

^{Net Sales 5,447,512 4,830,941}

^{Purchases,Sces & Other Goods: 5,259,632 4,626,899}

^{Gross Profit: 187,880 204,042}

^{NET RESULT BEFORE TAX: 26,685 20,158}

^{Tax: 2,173
1,900}

^{Net income/loss year: 24,512 18,258}

^{Depreciation: 483 -}

^{Directors Emoluments: 120,000 120,000}

RATIOS

^{30/09/2005 30/09/2004}

^{Turnover per employee: 1815837.33 1610313.67}

^{Stock / Turnover(%): 0.34 0.19}

^{Net Margin(%): 0.45 0.38}

^{Return on Equity(%): 2.26 1.72}

^{Return on Assets(%): 0.38 0.39}

^{Net Working capital: 1083549.00 1060004.00}

^{Cash Ratio: 0.04 0.01}

^{Quick Ratio: 0.85 1.04}

^{Current ratio: 1.20 1.29}

^{Receivables Turnover: 293.42 280.37}

^{Leverage Ratio: 5.02 3.46}

^{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 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 IMPROVED BY} ^{2.31%
FROM S$1,060,004 IN 2004 TO S$1,084,516 IN 2005.}

^{THIS WAS DUE TO HIGHER ACCUMULATED PROFITS OF
S$84,516} ^{(2004:
S$60,004); A RISE OF 40.85% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY
AMOUNTS DUE TO} ^{DIRECTORS
WHICH MADE UP 69.41% (2004: 68.85%) OF THE TOTAL CURRENT} ^{LIABILITIES
AND AMOUNTED TO S$3,778,508 (2004: S$2,522,531).}

^{TRADE CREDITORS ROSE BY 51.83% TO S$1,535,748
(2004: S$1,011,513).}

^{SUBJECT DID NOT INCUR ANY LONG TERM LIABILITIES
DURING THE FINANCIAL} ^{YEAR
UNDER REVIEW.}

^{IN ALL, LEVERAGE RATIO ROSE FROM 3.46 TIMES TO 5.02
TIMES AS A RESULT} ^{OF
A MORE THAN PROPORTIONATE RISE IN TOTAL LIABILITIES AS COMPARED TO} ^{THE
RISE IN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
PASSABLE AS SEEN FROM} ^{THE
RISE IN NET WORKING CAPITAL BY 2.22% TO S$1,083,549} ^{(2004:
S$1,060,004).}

^{CASH AND CASH EQUIVALENTS ALSO ROSE BY 2.98 TIMES
TO S$212,402} ^{(2004:
S$53,407).}

^{HOWEVER, CURRENT RATIO FELL TO 1.20 TIMES, DOWN
FROM 1.29 TIMES} ^{AND
QUICK RATIO DECREASED TO 0.85 TIMES FROM 1.04 TIMES IN 2004.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 12.76% FROM
S$4,830,941 IN 2004 TO} ^{S$5,447,512
AND NET PROFIT ROSE BY 34.25% TO S$24,512} ^{(2004: S$18,258).}

^{THIS COULD BE DUE TO THE INCREASE IN OTHER
OPERATING INCOME BY} ^{1.30
TIMES TO S$43,576 (2004: S$18,914), AND THE DECREASE OF OTHER} ^{OPERATING
EXPENSES BY 56.76% TO S$1,336 (2004: S$3,090).}

^{HENCE, NET MARGIN ROSE TO 0.45% (2004: 0.38%).}

^{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 INTEREST EXPENSES DURING THE} ^{FINANCIAL YEAR UNDER
REVIEW.}

^{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} ^{14/04/1984
AS A LIMITED EXEMPT PRIVATE COMPANY AND WAS TRADING UNDER} ^{THE
NAMESTYLE OF "FORBRO CONSULTANTS PRIVATE LIMITED". ON 10/03/1988,} ^{IT CHANGED TO THE NAMESTYLE OF "FORBRO TRADING PTE LTD".}

^{SUBSEQUENTLY ON 01/10/1994, THE COMPANY CHANGED TO
ITS PRESENT} ^{NAMESTYLE
OF "BEAUTIFUL DIAMOND PTE LTD".}

^{AS AT 03/01/2007, 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 AND
CORPORATE REGULATORY} ^{AUTHORITY
(ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) RETAIL SALE OF JEWELLERY}

^{DURING THE FINANCIAL YEAR (S) UNDER REVIEW, THE
PRINCIPAL ACTIVITIES} ^{OF
THE COMPANY ARE TO CARRY ON A BUSINESS AS IMPORTERS AND EXPORTERS} ^{OF
GEMS AND PRECIOUS STONES, POLISHED DIAMONDS AND ACT AS GEM} ^{MERCHANTS
AND DEALERS IN ALL KINDS OF GOLD ARTICLE, WATCHES, CLOCKS,} ^{OPTICAL
AND SCIENTIFIC INSTRUMENTS AND ALL TYPES OF GOODS PRODUCE AND} ^MERCHANDISE.

^{FROM THE RESEARCH DONE, SUBJECT IS LISTED ON THE
LOCAL DIRECTORIES} ^{UNDER
JEWELRY, DIAMOND.}

^{VARIOUS ATTEMPTS WERE MADE TO CONTACT SUBJECT ON
05/01/2007, BUT WERE} ^{NOT
SUCCESSFUL, HENCE NO OTHER TRADE INFORMATION WAS MADE AVAILABLE} ^{VIA
THE TELE-INTERVIEW.}

^{NUMBER OF EMPLOYEES (30 SEPTEMBER)}

^{- COMPANY - 2005: 3 (2004: 3)}

^{REGISTERED ADDRESS:}

^{17 PHILLIP STREET}

^#05-01

^{GRAND BUILDING}

^{SINGAPORE 048695}

^{DATE OF CHANGE OF ADDRESS: 28/10/1988}

^{BUSINESS ADDRESS:}

^{437 TANJONG KATONG ROAD}

^#10-04

^{SINGAPORE 437147}

^{- RENTED PREMISE}

^{- OWNED BY: MANISH PRAVINCHANDRA SHETH AND SONAL
MANISH SHETH}

^{(DIRECTOR/SHAREHOLDER)}

^WEBSITE:

^{NOT AVAILABLE}

^EMAIL:

^{NOT AVAILABLE}

MANAGEMENT

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

^{1) MANISH PRAVINCHANDRA SHETH, AN INDIAN}

^{- BASED IN SINGAPORE}

^{2) SONAL MANISH SHETH, AN INDIAN}

^{- BASED IN SINGAPORE}

^{3) MOHAMED RAHMATHULLAH SAHABDEEN, 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

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