MIRA INFORM REPORT

Report Date :

17.01.2007

IDENTIFICATION DETAILS

Name :	MARVIS COTTON PTE. LTD.

Registered Office :	^{141 Market Street, #08-03}^{, International Factor Building, Singapore}^{– 048944}

Country :	Singapore

Date of Incorporation :	^14/03/2006

Com. Reg. No.:	^200603594Z

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading of Cotton

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

MARVIS COTTON PTE. LTD.

Line Of Business

TRADING OF COTTON

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$4,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company : MARVIS COTTON PTE. LTD.}

^{Former Name
: -}

^{Business Address : 141
MARKET STREET}

^#08-03

^{INTERNATIONAL
FACTOR BUILDING}

^{Town :
SINGAPORE}

^{Postcode :
048944}

^{County : -}

^{Country : Singapore}

^{Telephone :
6323 0837}

^{Fax :
6323 0137}

^{ROC Number :
200603594Z}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. : 14/03/2006}

^{Previous Legal Form :
-}

^{Summary year : -}

^{Sales : -}

^{Paid-Up Capital : 4,000,000}

^{Net Worth : -}

^{Employees :
-}

^{Net Result :
-}

^{Auditor : -}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
14/03/2006}

PRINCIPAL(S)

^{RAMAKRISNA S/O RAMEYA S0587330D
Director}

DIRECTOR(S)

^{RAMAKRISNA S/O RAMEYA S0587330D Director}

^{Appointed on :
14/03/2006}

^{Street :
154 YUNG HO ROAD}

^#10-69

^{Town :
SINGAPORE}

^{Postcode :
610154}

^{Country :
Singapore}

^{RAMAKRISNA S/O RAMEYA S0587330D Company Secretary}

^{Appointed on : 04/09/2006}

^{Street :
154 YUNG HO ROAD}

^#10-69

^{Town :
SINGAPORE}

^{Postcode :
610154}

^{Country :
Singapore}

^{KASIM SIRAJUDEEN Z152016 Director}

^{Appointed on : 14/03/2006}

^{Street :
1-B NEW NATHAM RD}

^MADURAI-6250

^{2 TAMILNADU}

^{Town :
-}

^{Postcode :
-}

^{Country :
India}

ACTIVITY (IES)

^{IMPORTERS And EXPORTERS Code:
11760}

^{COTTON Code: 5840}

^{COTTON BROKERS Code: 5850}

^{BASED ON ACRA'S RECORD AS AT
12/01/2007}

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

CHARGES

^{Date :
02/11/2006}

^{Comments :
CHARGE NO: C200607366}

^{CHARGEE: VTB BANK
EUROPE PLC SINGAPORE
BRANCH}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWNING}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{VTB BANK EUROPE PLC (SINGAPORE
BRANCH)}

SHAREHOLDERS(S)

^{KASIM SIRAJUDEEN 4,000,000 Private Person}

^{Street :
1-B NEW NATHAM RD}

^MADURAI-6250

^{2 TAMILNADU}

^{Town :
-}

^{Postcode :
-}

^{Country :
India}

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

^{NEWLY-SETUP
COMPANY}

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.

^{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 14/03/2006 AS A LIMITED
EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "MARVIS
COTTON PTE. LTD.".}

^{AS AT 12/01/2007, SUBJECT HAS AN ISSUED AND
PAID-UP CAPITAL OF 4,000,000 SHARES OF A VALUE OF S$4,000,000.}

^{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)}

^{SUBJECT IS INTO THE TRADING OF COTTON.}

^{SUBJECT CHOSE TO SHIFT ITS OPERATIONS FROM
EUROPE TO ASIA TO FACILITATE THE DEMAND AS SALES ARE DONE ENTIRELY IN ASIA
PACIFIC COUNTRIES; CHINA, INDO CHINESE COUNTRIES; VIETNAM , ASIA; THAILAND, TAIWAN
AND INDIAN SUB CONTINENT COUNTRIES; INDIA AND BANGLADESH.}

^{THE CONTINENTS OF AFRICA AND ASIA FORM ITS CORE BUSINESS, FOR THEY PROVIDE THE SUPPORT
IN GLOBAL SUPPLIES AND DEMAND.}

^{SUBJECT'S OFFICES ARE WELL CONNECTED WITH
THE LATEST COMMUNICATION FACILITIES AND OPERATE ALL OVER THE WORLD IN TANDEM
WITH THE CHINESE WORKING HOURS TO ENSURE EASIER FACILITATION SERVICES.}

^{IMPORT COUNTRIES:}

^{* BENIN,
TOGO, MALI, BURKINA FASO,
WEST AFRICA'S IVORY COAST
AND GABON, INDIA,}

^{BRAZIL, EGYPT,
AS WELL AS THE USA.}

^{EXPORT COUNTRIES:}

^{* CHINA,
INDIA, INDONESIA AND THAILAND
(MAIN)}

^{IN ADDITION, THE SUBJECT HAS MADE A TURNOVER
OF 30000 M/TONS IN THE FIRST HALF OF 2006. (EXTRACTED VIA SUBJECT'S WEBSITE)}

^{NO OTHER TRADE INFORMATION WAS MADE
AVAILABLE AS A TELE-INTERVIEW REQUEST HAD BEEN DENIED ON 16/01/2007. IN
ADDITION, WE WERE UNABLE TO ASCERTAIN IF SUBJECT HAS A BANKING RELATIONSHIP
WITH BANK OF NOVASCODIA.}

^{REGISTERED ADDRESS:}

^{10 JALAN BESAR}

^{#10-12 SIM LIM TOWER}

^SINGAPORE²⁰⁸⁷⁸⁷

^{DATE OF CHANGE OF ADDRESS: 14/03/2006}

^{BUSINESS ADDRESS:}

^{141 MARKET
STREET}

^#08-03

^{INTERNATIONAL}^{FACTOR
BUILDING}

^SINGAPORE⁰⁴⁸⁹⁴⁴

^{-- RENTED PREMISE}

^{-- PREMISE OWNED BY: SUPERLUCK PROPERTIES
PTE LTD}

^WEBSITE:

^{* www.marvis.com.sg}

^EMAIL:

^{* marvis@marvis.com.sg}

^{OVERSEAS OFFICES:}

^INDIA

^{1B NEW NATHAM ROAD,}

^MADURAI⁶²⁵⁰⁰²

^TAMILNADU

^{TEL : (91) 452 4360906, 2525040}

^{FAX : (91) 452 4360900}

^TAJIKISTAN

^{STREET KARAMOVA 3, DUSHANBE - 734017}

^TAJIKISTAN^.

^GABON

^{CENTRE VILLE IMMEUBLE CNSS, BP 18326,}

^{LIBREVEILLE, REPUBLIC OF GABON}

^SHANGHAI

^{NO.13-E, LIANG FENG MANSION,}

^{NO.8, DONG FANG ROAD,}

^{PUDONG NEW AREA,}

^{SHANGHAI 200120. CHINA}

^BEIJING

^{UNIT-931, TOWER-1,}

^{NO.6, XUANWEMENWAI STREET,}

^BEIJING^{, PEOPLE'S REPUBLIC OF CHINA}

MANAGEMENT

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

^{1) RAMAKRISNA S/O RAMEYA, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIP AS RECORDED IN
OUR DATABASE}

^{MARVIS PTE LTD}

^{2) KASIM SIRAJUDEEN, AN INDIAN}

^{- BASED IN INDIA}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: RAMAKRISNA S/O RAMEYA}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$6,960}

^{CO-OWNER: G N KANAGAMAN}

^{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 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.

DOMESTIC SALES OF GENERAL WHOLESALE TRADE ROSE SUBSTANTIALLY BY 61.6%.

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.

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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