MIRA INFORM REPORT

Report Date :

05.07.2007

IDENTIFICATION DETAILS

Name :	ARVEE INTERNATIONAL PTE LTD

Registered Office :	^{10 Anson Road, #27-09}^{, International Plaza, Singapore}^{– 079903}

Country :	Singapore

Date of Incorporation :	^25/05/1990

Com. Reg. No.:	^199002516G

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Importer, Exporter, Trader, Commission Agent for all kinds of Foodstuff, Agricultural Products & Spices

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

ARVEE INTERNATIONAL PTE LTD

Line Of Business

SUBJECT IS AN IMPORTER, EXPORTER, TRADER, COMMISSION AGENT FOR ALL KINDS OF FOODSTUFF, AGRICULTURAL PRODUCTS & SPICES

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$2,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : ARVEE INTERNATIONAL PTE LTD}

^{Former Name :
-}

^{Business Address : 10
ANSON ROAD}

^#27-09

^{INTERNATIONAL PLAZA}

^{Town :
SINGAPORE}

^{Postcode :
079903}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6227 8131}

^{Fax :
6225 9348}

^{ROC Number :
199002516G}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
25/05/1990}

^{Previous Legal Form : -}

^{Summary year : -}

^{Sales :
-}

^{Net Worth :
-}

^{Paid-Up Capital :
2,000,000}

^{Employees :
5}

^{Net Result :
-}

^{Auditor :
NATARAJAN & SWAMINATHAN}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
25/05/1990}

PRINCIPAL(S)

^{RAJAN BAGARIA S2590024C Director}

DIRECTOR(S)

^{RAJAN BAGARIA S2590024C Director}

^{Appointed on :
25/05/1990}

^{Street :
10 ANSON ROAD}

^#40-01

^{INTERNATIONAL PLAZA}

^{Town :
SINGAPORE}

^{Postcode :
079903}

^{Country :
Singapore}

^{ASHA BAGARIA S2590025A Director}

^{Appointed on :
22/02/1993}

^{Street :
10 ANSON ROAD}

^#40-01

^{INTERNATIONAL PLAZA}

^{Town :
SINGAPORE}

^{Postcode :
079903}

^{Country :
Singapore}

^{RAJAN BAGARIA S2590024C Company Secretary}

^{Appointed on :
10/10/2004}

^{Street :
10 ANSON ROAD}

^#40-01

^{INTERNATIONAL PLAZA}

^{Town :
SINGAPORE}

^{Postcode :
079903}

^{Country :
Singapore}

FORMER DIRECTOR(S)

^{KAMAL KISHORE H508085}

^{G KRISHNAN S/O K GANESAN S2003302I}

^{YACOOB S/O M A ABDUL KASSIM S1049733G}

ACTIVITY (IES)

^{IMPORTERS And EXPORTERS Code: 11760}

^{SPICES
Code: 20000}

^{BASED ON ACRA'S RECORD AS AT
29/06/2007}

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

CHARGES

^{Date :
27/10/2004}

^{Comments :
CHARGE NO: C200405306}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE: THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED}

^{Date :
16/04/2007}

^{Comments :
CHARGE NO: C200702852}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE: UCO BANK}

^{Date :
05/02/2002}

^{Comments :
CHARGE NO: 200200595}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE: THE
DEVELOPMENT BANK OF SINGAPORE LTD}

^{Date :
25/02/2003}

^{Comments :
CHARGE NO: C200300843, C200300833}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE: BANK OF INDIA}

^{Date :
23/01/1996}

^{Comments :
CHARGE NO: 9600418}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): INDIAN
BANK}

^{Date :
13/04/1995}

^{Comments :
CHARGE NO: 9502240 (DISCHARGED)}

^{AMOUNT SECURED: 0.00 AND
ALL MONIES OWING}

^{CHARGEE(S): STATE
BANK OF INDIA}

^{Date :
13/04/1995}

^{Comments :
CHARGE NO: 9502241 (DISCHARGED)}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): STATE
BANK OF INDIA}

^{Date : 10/11/1995}

^{Comments :
CHARGE NO: 9506909 (DISCHARGED)}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): STANDARD
CHARTERED BANK}

^{Date :
03/05/2001}

^{Comments :
CHARGE NO: 200102069}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE: STANDARD
CHARTERED BANK}

PREMISES/PROPERTY INFORMATIONS

^{Date :
05/07/2007}

^{Tax rate :
10%}

^{Site Address :
10 ANSON ROAD}

^#27-09

^{INTERNATIONAL
PLAZA}

^{Town :
SINGAPORE}

^{Postcode :
079903}

^{Country :
Singapore}

^{Annual Value :
SGD 24,800}

* 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

^{STATE BANK OF INDIA}

^{INDIAN BANK}

^{STANDARD CHARTERED BANK}

^{UNITED COMMERCIAL BANK}

^{DBS BANK LTD.}

^{THE HONGKONG AND SHANGHAI BANKING CORPORATION
LTD}

^{UCO BANK}

SHAREHOLDERS(S)

^{RAJAN BAGARIA 650,291
Private Person}

^{Street :
10 ANSON ROAD}

^#40-01

^{INTERNATIONAL PLAZA}

^{Town :
SINGAPORE}

^{Postcode :
079903}

^{Country :
Singapore}

^{ASHA BAGARIA 1,349,709 Private Person}

^{Street :
10 ANSON ROAD}

^#40-01

^{INTERNATIONAL PLAZA}

^{Town :
SINGAPORE}

^{Postcode :
079903}

^{Country :
Singapore}

FORMER SHAREHOLDER(S)

^{KAMAL KISHORE 1}

^{YACOOB S/O M A ABDUL KASSIM 1}

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 30/06/2006 ARE NOT AVAILABLE. AS SUCH, ADVERSE
CHECKS ON THE LOCAL DIRECTORS WILL BE CONDUCTED.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 25/05/1990 AS A LIMITED
EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "ARVEE
INTERNATIONAL PTE LTD".}

^{AS AT 29/06/2007, SUBJECT HAS AN ISSUED AND
PAID-UP CAPITAL OF 2,000,000 SHARES OF A VALUE OF S$2,000,000.}

^{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)}

^{FROM THE RESEARCH CONDUCTED ON 05/07/2007,
THE FOLLOWING INFORMATION WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY:}

^{* SUBJECT IS AN IMPORTER, EXPORTER, TRADER,
COMMISSION AGENT FOR ALL KINDS OF FOODSTUFF, AGRICULTURAL PRODUCTS, BEANS,
PULSES, LENTILS, SPICES, TEA, COFFEE, COCOA BEANS AND PRODUCTS, RICE, SUGAR,
GUMS, PRODUCE, EDIBLE OILS, EDIBLE NUTS AND DRY FRUITS, OIL-SEEDS, BETEL NUTS,
GAMBIER, FOREST PRODUCTS AND NATIVE PRODUCTS.}

^{PRODUCTS OR SERVICES:}

^{* DRY FRUITS}

^{* EDIBLE NUTS, BETEL NUTS, ETC}

^{* FOOD STUFF}

^{IMPORT COUNTRIES:}

^{* INDIA, ETC}

^{SUBJECT IS A MEMBER OF FOLLOWING ENTITY:}

^{* SINGAPORE INDIAN CHAMBER OF
COMMERCE AND INDUSTRY (SICCI)}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
05/07/2007, THE FOLLOWING INFORMATION WAS REVEALED.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY:}

^{* IMPORTING AND WHOLESALING OF SPICES}

^{SUBJECT DOES NOT INVOLVE IN EXPORTING OF
PRODUCTS.}

^PRODUCTS:

^{* SPICES ONLY}

^{IMPORT COUNTRY:}

^{* INDIA}

^{* ETC}

^{NUMBER OF EMPLOYEES:}

^{* ABOUT 5}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE
ON 05/07/2007.}

^{REGISTERED & BUSINESS ADDRESSES:}

^{10 ANSON ROAD}

^{#27-09 INTERNATIONAL PLAZA}

^SINGAPORE⁰⁷⁹⁹⁰³

^{DATE OF CHANGE OF ADDRESS: 20/05/1996}

^{-- OFFICE (OWNED PREMISE)}

^WEBSITE:

^{* NIL}

^EMAIL:

^{* arvee@singnet.com.sg}

MANAGEMENT

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

^{1) RAJAN BAGARIA, A SINGAPOREAN}

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

^{2) ASHA BAGARIA, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: RAJAN BAGARIA}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$18,000}

^{CO-OWNER: NIL}

^{DIRECTOR'S NAME: ASHA BAGARIA}

^{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 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