MIRA INFORM REPORT

Report Date :

29^th January, 2007

IDENTIFICATION DETAILS

Name :	4'C DIAMONDS PTE LTD

Registered Office :	50 Lorong 40 Geylang #07-20 The Sunny Spring, Singapore 398074, Singapore

Country :	Singapore

Financials (as on) :	31.12.2005

Date of Incorporation :	25.10.1997

Legal Form :	Exempt Pte Ltd

Line of Business :	Retail, Wholesale, Import and Export of Diamonds

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

4'C DIAMONDS PTE LTD

Line Of Business

RETAIL, WHOLESALE, IMPORT AND EXPORT OF DIAMONDS

Parent Company

Financial Elements

FY 2005

COMPANY

Sales : S$4,371,076

Networth : S$1,078,373

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

Net result : S$44,630

Net Margin(%) : 1.02

Return on Equity(%) : 4.14

Leverage Ratio : 3.26

Rating

Credit Requested : -

Credit Rating : Sing $ 1000 001 to Sing $ 5000 000

Credit Opinion : -

COMPANY IDENTIFICATION

Subject Company : 4'C DIAMONDS PTE LTD

Former Name : -

Business Address : 50 LORONG 40 GEYLANG #07-20 THE SUNNY SPRING

Town : SINGAPORE

Postcode : 398074

County : -

Country : Singapore

Telephone : 6296 1135

Fax : 6741 5052

ROC Number : 199707403N

Reg. Town : -

SUMMARY

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

Legal Form : Exempt Pte Ltd

Date Inc. : 25/10/1997

Previous Legal Form : -

Summary year : 31/12/2005

Sales : 4,371,076

Networth : 1,078,373

Capital : -

Paid-Up Capital : 1,000,000

Employees : 2

Net result : 44,630

Share value : 1

^{AUDITOR : D.ARUMUGAM &
CO}

REFERENCES

CCMS Number : 702003192343

Report Date : 24/11/2006

26261

Update Date : 24/11/2006

Credit Requested : -

Credit Opinion : -

Litigation : No

Company status : TRADING

Started : 25/10/1997

PRINCIPAL(S)

^{SHAH PARAG
SHASHIKANT S7582329J Director}

DIRECTOR(S)

HARIKRISHNAN S/O MUTHUSAMY S2135685I Company Secretary

Appointed on : 25/10/1997

Street : 101 AH HOOD ROAD, #11-02

Town : SINGAPORE

Postcode : 320101

Country : Singapore

SHAH PARAG SHASHIKANT S7582329J Director

Appointed on : 25/10/1997

Street : 50 LORONG 40 GEYLANG, #07-20, SUNNY SPRING

Town : SINGAPORE

Postcode : 398074

Country : Singapore

SHETH AMISHKUMAR RAMNIKLAL S7683782A Director

Appointed on : 03/04/1998

Street : 50 LORONG 40 GEYLANG, #07-34, SUNNY SPRING

Town : SINGAPORE

Postcode : 398074

Country : Singapore

ACTIVITY(IES)

^{JEWELLERS
- WHSLE}^Code:12280

^{IMPORTERS
And EXPORTERS}^Code:11760

^{BASED
ON ACRA'S RECORD AS AT 22/11/2006}

^{1.
WHOLESALE OF JEWELLERY}

^{2.
GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{No Bankers Information In Our Database}

SHAREHOLDERS(S)

SHAH PARAG SHASHIKANT 500,000 Private Person

Street : 50 LORONG 40 GEYLANG, #07-20, SUNNY SPRING

Town : SINGAPORE

Postcode : 398074

Country : Singapore

SHETH AMISHKUMAR RAMNIKLAL 500,000 Private Person

Street : 50 LORONG 40 GEYLANG, #07-34, SUNNY SPRING

Town : SINGAPORE

Postcode : 398074

Country : Singapore

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade
Morality :
AVERAGE}

^{Liquidity : SUFFICIANT}

^{Payments : REGULAR}

^{Trend :
LEVEL}

^{Financial Situation :AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

All amounts in this report are in : SGD

^{Audit Qualification: "MILD" UNCERTAINTIES}

^{Date Account Lodged: 07/09/2006}

^{Balance Sheet Date: 31/12/2005
31/12/2004 31/12/2003}

^{Number of weeks: 52 52
52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

ASSETS

^{Tangible Fixed Assets: - 157
737}

^{Total Fixed Assets: -
157 737}

^{Inventories: 732,569
630,074 390,197}

^{Receivables: 2,998,651
2,838,965
2,540,824}

^{Cash,Banks, Securitis: 333,349 501,622
279,309}

^{Other current assets: 525,170 501,563
43,075}

^{Total Current Assets: 4,589,739 4,472,224
3,253,405}

^{TOTAL ASSETS: 4,589,739
4,472,381
3,254,142}

LIABILITIES

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

^{Profit & lost Account: 78,373 33,743
-77,982}

^{TOTAL EQUITY: 1,078,373
1,033,743 922,018}

^{Trade Creditors: 2,971,678
3,084,178
1,975,479}

^{Prepay. & Def. charges: 3,090 6,750
-}

^{Provisions: 15,588 16,380
7,632}

^{Other Short term Liab.: 521,010 331,330 349,013}

^{Total short term Liab.: 3,511,366 3,438,638
2,332,124}

^{TOTAL LIABILITIES: 3,511,366
3,438,638
2,332,124}

PROFIT & LOSS ACCOUNT

^{Net Sales 4,371,076
4,580,411
4,002,250}

^{Gross Profit: 264,643
244,369
209,305}

^{NET RESULT BEFORE TAX: 51,424 121,518
-153,747}

^{Tax : 6,794
9,793 7,632}

^{Net income/loss year: 44,630 111,725
-161,379}

^{Interest Paid: 2,578
4,592 -}

^{Depreciation: 157
12,020 772}

^{Directors Emoluments: 101,850 138,765
132,000}

^{Purchases,Sces & Other Goods:
4,106,433 4,336,042 -}

^{Financial Income: 16}

RATIOS

^{31/12/2005 31/12/2004 31/12/2003}

^{Turnover per employee: 2185538.00 2290205.50
2001125.00}

^{Net result / Turnover(%): 0.01 0.02 -0.04}

^{Stock / Turnover(%): 0.17
0.14 0.10}

^{Net Margin(%): 1.02
2.44 -4.03}

^{Return on Equity(%): 4.14
10.81 -17.50}

^{Return on Assets(%): 0.97
2.50 -4.96}

^{Net Working capital: 1078373.00
1033586.00 921281.00}

^{Cash Ratio: 0.09
0.15 0.12}

^{Quick Ratio: 0.95
0.97 1.21}

^{Current ratio: 1.31
1.30 1.40}

^{Receivables Turnover: 246.97 223.13
228.55}

^{Leverage Ratio: 3.26
3.33 2.53}

^{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 FINANICAL
STATEMENTS ARE NOT REQUIRED TO BE AUDITED.} ^{PLEASE
REFER TO THE LIMITED EXEMPT PRIVATE COMPANY CLAUSE BELOW FOR} ^{FURTHER
INFORMATION.}

^{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} ^{4.32%
FROM S$1,033,743 IN FY 2004 TO S$1,078,373 IN FY 2005. THIS} ^{WAS DUE
TO HIGHER ACCUMULATED PROFIT OF S$78,373 (2004: S} ^{$33,743);
A RISE OF 1.32 TIMES FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE

^{IN THE SHORT-TERM,
SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS} ^{WHICH
MADE UP 84.63% (2004: 89.69%) OF THE TOTAL CURRENT LIABILITIES} ^{AND
AMOUNTED TO S$2,971,678 (2004: S$3,084,178).}

^{IN ALL, LEVERAGE
RATIO FELL FROM 3.33 TIMES TO 3.26 TIMES AS A RESULT} ^{OF A
GREATER RELATIVE RISE IN TOTAL EQUITY THAN TOTAL LIABILITIES.}

^LIQUIDITY

^{IN GENERAL,
SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM} ^{THE
CHANGES IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO} ^{ROSE TO
1.31 TIMES, UP FROM 1.30 TIMES AND QUICK RATIO FELL TO} ^{0.95
TIMES FROM 0.97 TIMES IN FY 2004.}

^{NET WORKING CAPITAL
IMPROVED BY 4.33% FROM S$1,033,586 IN} ^{FY 2004
TO S$1,078,373.}

^{CASH AND CASH
EQUIVALENTS COMPRISE OF:}

^{-CASH AT BANK –
2005 : S$319,645 (2004: S$501,555)}

^{-CASH IN HAND –
2005 : S$ 13,704 (2004: S$ 67)}

^{PROFITABILITY}

^{REVENUE POSTED A
DECLINE OF 4.57% FROM S$4,580,411 IN FY 2004 TO} ^{S$4,371,076
AND NET PROFIT DROPPED BY 60.05% TO S$44,630 (2004: S} ^{$111,725).
HENCE, NET MARGIN FELL TO 1.02% (2004: 2.44%).}

^{DEBT SERVICING}

^{DEBT SERVICING
PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS}

^{CAN BE MAINTAINED
AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING.}

^{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} ^{25/10/1997
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS
PRESENT NAMESTYLE AS "4'C DIAMONDS PTE LTD".}

^{AS AT 22/11/2006,
THE COMPANY HAS 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 & CORPORATE REGULATORY}

^{AUTHORITY (ACRA) TO
BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1. WHOLESALE OF
JEWELLERY}

^{2. GENERAL
WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

^{DURING THE FINANCIAL
YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF} ^{THE
COMPANY CONSIST OF RETAIL, WHOLESALE, IMPORT AND EXPORT OF} ^DIAMONDS.

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

^{SUBJECT IS A MEMBER
OF THE FOLLOWING ENTITIES:}

^{* SINGAPORE BUSINESS
FEDERATION}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT}

^{GRANTED BY
SUBJECT'S PERSONNEL ON 24/11/2006.}

^{NUMBER OF EMPLOYEES
(31 DECEMBER):}

^{THERE ARE 2 WORKING
DIRECTORS (2004:2) IN THE COMPANY AS AT 31} ^{DECEMBER
2005.}

^{REGISTERED ADDRESS:}

^{110 ROBINSON ROAD}

^{#11-00 FOUR SEAS
BANK BUILDING}

^{SINGAPORE 068901}

^{- DATE OF CHANGE OF
ADDRESS: 01/01/2005}

^{BUSINESS ADDRESS:}

^{50 LORONG 40
GEYLANG}

^#07-20

^{THE SUNNY SPRING}

^{SINGAPORE 398074}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) SHAH PARAG
SHASHIKANT, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO OTHER
DIRECTORSHIP IN OUR DATABASE.}

^{2) SHETH AMISHKUMAR
RAMNIKLAL, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO OTHER
DIRECTORSHIP IN OUR DATABASE.}

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.

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%.

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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