MIRA INFORM REPORT

Report Date :

02.07.2007

IDENTIFICATION DETAILS

Name :	METALEX GLOBAL PTE. LTD.

Registered Office :	^{3 Shenton Way, #21-05}^{, Shenton House, Singapore}^{– 068805}

Country :	Singapore

Financials (as on) :	31.12.2005

Date of Incorporation :	^08/03/2005

Com. Reg. No.:	^200503044Z

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	General Trading, Imports and Exports of Scrap Metal, Ferrous and Non-Ferrous 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 :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

METALEX GLOBAL PTE. LTD.

Line Of Business

GENERAL TRADING, IMPORTS AND EXPORTS OF SCRAP METAL, FERROUS AND NON-FERROUS METALS

Parent Company

Financial Elements

FY2005

COMPANY

Sales : S$3,002,858

Networth : S$ 187,841

Paid-Up Capital : S$ 126,170

Net result : S$ 61,671

Net Margin(%) : 2.05

Return on Equity(%) : 32.83

Leverage Ratio : 2.42 TIMES

COMPANY IDENTIFICATION

^{Subject Company : METALEX GLOBAL PTE. LTD.}

^{Former Name :
-}

^{Business Address : 3
SHENTON WAY}

^#21-05

^{SHENTON HOUSE}

^{Town :
SINGAPORE}

^{Postcode :
068805}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6790 8590}

^{Fax :
6327 9436}

^{ROC Number :
200503044Z}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
08/03/2005}

^{Previous Legal Form : -}

^{Summary year :
31/12/2005}

^{Sales :
3,002,858}

^{Net Worth :
187,841}

^{Paid-Up Capital :
126,170}

^{Employees :
-}

^{Net Result :
61,671}

^{Auditor :
HAJAMAIDEEN & CO.}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
08/03/2005}

PRINCIPAL(S)

^{BHALOTIA RITA S2729139B Director}

DIRECTOR(S)

^{BHALOTIA RITA S2729139B Director}

^{Appointed on :
13/10/2005}

^{Street :
10C BRADDELL HILL}

^#19-11

^{BRADDELL VIEW}

^{Town :
SINGAPORE}

^{Postcode :
579722}

^{Country :
Singapore}

^{BHALOTIA RITA S2729139B Company Secretary}

^{Appointed on :
13/10/2005}

^{Street :
10C BRADDELL HILL}

^#19-11

^{BRADDELL VIEW}

^{Town :
SINGAPORE}

^{Postcode :
579722}

^{Country :
Singapore}

^{THAKKER HARSHAL KANTILAL E5942753 Director}

^{Appointed on :
08/03/2005}

^{Street :
FLAT N403, 4TH FLR, DIAMOND
PARK}

^{NAVGHAR ROAD, MULUND E}

^{Town :
MUMBAI 81, MS}

^{Postcode :
-}

^{Country :
India}

^{SONTHALIA NANDKISHORE F1755286 Director}

^{Appointed on :
08/03/2005}

^{Street :
'SHYAM KUNJ' F-42, ANNA NAGAR}

^CHENNAI

^{Town :
TAMIL NADU}

^{Postcode :
600102}

^{Country :
India}

^{SACHIN JAYPRAKASH JALAN U994010 Director}

^{Appointed on :
08/03/2005}

^{Street :
PLOT NO. 232, B/H RANJ SEVA SAMITI}

^{NR, UNDER BRIDGE RANG
BHUVAN MARG}

^SHAHIBAG

^{Town :
AHMEDABAD}

^{Postcode :
-}

^{Country :
India}

ACTIVITY (IES)

^{SCRAP METALS Code: 19045}

^{TRADING COMPANIES Code:
22190}

^{IMPORTERS And EXPORTERS Code: 11760}

^{BASED ON ACRA'S RECORD AS AT
26/06/2007}

^{1) WHOLESALE OF SCRAP, JUNK AND WASTE
DEALERS; IRON AND STEEL GENERAL TRADING-IMPORT AND EXPORT}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{THAKKER HARSHAL KANTILAL 4,710
Private Person}

^{Street :
FLAT N403, 4TH FLR, DIAMOND
PARK}

^{NAVGHAR ROAD, MULUND E}

^{Town :
MUMBAI 81, MS}

^{Postcode :
-}

^{Country :
India}

^{SONTHALIA NANDKISHORE 85,350 Private Person}

^{Street :
'SHYAM KUNJ' F-42, ANNA NAGAR}

^CHENNAI

^{Town :
TAMIL NADU}

^{Postcode :
600102}

^{Country :
India}

^{SACHIN JAYPRAKASH JALAN 36,110 Private Person}

^{Street :
PLOT NO. 232, B/H RANJ SEVA SAMITI}

^{NR, UNDER BRIDGE
RANG BHUVAN MARG}

^SHAHIBAG

^{Town :
AHMEDABAD}

^{Postcode :
-}

^{Country :
India}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity :
SUFFICIENT}

^{Payments :
REGULAR}

^{Trend :
UNKNOWN}

^{Financial Situation : AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 07/10/2006}

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

^{Number of weeks: 52}

^{Consolidation Code: COMPANY}

^{---
ASSETS ---}

^{Preliminary Exp 3,000}

^{Tangible Fixed Assets: 1,059}

^{Total Fixed Assets}^{: 4,059}

^{Receivables: 306,766}

^{Cash, Banks,
Securities: 209,099}

^{Other current assets: 122,322}

^{Total Current Assets}^{: 638,187}

^{TOTAL ASSETS: 642,246}

^{--- LIABILITIES ---}

^{Equity capital: 126,170}

^{Profit & loss
Account: 61,671}

^{Total Equity}^{: 187,841}

^{Trade Creditors: 14,971}

^{Other Short term
Liab.: 367,864}

^{Prepay. & Def.
charges: 71,570}

^{Total short term Liab.}^{: 454,405}

^{TOTAL LIABILITIES: 454,405}

^{PROFIT & LOSS
ACCOUNT}

^{Net Sales 3,002,858}

^{Purchases,Sces & Other
Goods: 2,842,384}

^{Gross Profit: 160,474}

^{NET RESULT BEFORE TAX: 61,671}

^{Net income/loss year: 61,671}

^{Interest Paid: 72}

^{Depreciation: 2,865}

^{Wages and Salaries: 48,500}

RATIOS

^31/12/2005

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

^{Net Margin(%): 2.05}

^{Return on Equity(%): 32.83}

^{Return on Assets(%): 9.60}

^{Net Working capital: 183782.00}

^{Cash Ratio: 0.46}

^{Quick Ratio: 1.14}

^{Current ratio: 1.40}

^{Receivables Turnover: 36.78}

^{Leverage Ratio: 2.42}

^{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}

^{Receivables Turnover :
(Receivable*360)/Net sales}

^{Leverage Ratio : Total
liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS
DEEMED TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS PASSABLE WITH TOTAL
EQUITY REGISTERING AT S$187,841. THIS WAS CONTRIBUTED BY RETAINED EARNINGS
BROUGHT FORWARD OF S$61,671.}

^LEVERAGE:

^{THE LEVERAGE RATIO WAS COMPUTED AT 2.42
TIMES, INDICATING THAT THE COMPANY'S TOTAL LIABILITIES WERE SUBSTANTIAL IN
RELATION TO ITS TOTAL EQUITY.}

^{IN THE SHORT TERM, TRADE CREDITORS TOTALLED
S$14,971.}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS
FAIRLY HEALTHY. BOTH THE QUICK AND CURRENT RATIOS WERE SUFFICIENT AT 1.14 TIMES
AND 1.40 TIMES RESPECTIVELY.}

^{THIS WAS IN TANDEM WITH THE NET WORKING
CAPITAL, WHICH TOTALLED S$183,782.}

^{PROFITABILITY:}

^{REVENUE FOR FY2005 TOTALLED S$3,002,858 WHILE
NET INCOME POSTED AT S$61,671. THUS, NET MARGIN WAS COMPUTED AT 2.05%.}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE
ANTICIPATED IN VIEW OF THE SUFFICIENT LIQUIDITY AND IF TRADE RECEIVABLES WERE
FORTHCOMING.}

^{AVERAGE COLLECTION PERIOD WAS COMPUTED AT 37
DAYS.}

^{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 08/03/2005 AS A LIMITED
EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS
"METALEX GLOBAL PTE. LTD.".}

^{AS AT 26/06/2007, SUBJECT HAS AN ISSUED AND
PAID-UP CAPITAL OF 126,170 SHARES OF A VALUE OF S$126,170.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF SCRAP, JUNK AND WASTE
DEALERS; IRON AND STEEL GENERAL TRADING-IMPORT AND EXPORT}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS); GENERAL IMPORTER AND EXPORTER}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW,
SUBJECT'S PRINCIPAL ACTIVITIES ARE THOSE OF GENERAL TRADING, IMPORTS AND
EXPORTS OF SCRAP METAL, FERROUS AND NON-FERROUS METALS.}

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

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

^{SUBJECT IS TRADING IN STEEL SCRAP (FERROUS)
AND PIPES (NEW SEAMLESS).}

^{IMPORT COUNTRIES:}

^{* AFRICA, UNITED
KINGDOM, AUSTRALIA,
UKRAIN, U.A.E, CHINA, ETC}

^{EXPORT COUNTRIES:}

^{* INDIA,
BANGLADESH, PAKASTAN,
MALAYSIA, SINGAPORE}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE
ON 02/07/2007 AS A TELE-INTERVIEW REQUEST WAS NOT GRANTED.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{3 SHENTON WAY}

^#21-05

^{SHENTON HOUSE}

^SINGAPORE²³⁸⁸⁵⁹

^{DATE OF CHANGE OF ADDRESS: 08/03/2005}

^WEBSITE:

^{* NA}

^EMAIL:

^{* NA}

MANAGEMENT

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

^{1) THAKKER HARSHAL KANTILAL, AN INDIAN}

^{- BASED IN INDIA}

^{2) SONTHALIA NANDKISHORE, AN INDIAN}

^{- BASED IN INDIA}

^{3) BHALOTIA RITA, AN INDIAN}

^{- BASED IN SINGAPORE}

^{4) SACHIN JAYPRAKASH JALAN, AN INDIAN}

^{- BASED IN INDIA}

Singapore’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
HIGH QUALITY COMPETITIVENESS IN ASIA
EXCELLENT BUSINESS CLIMATE
POLITICAL STABILITY.

WEAKNESSES

SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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