MIRA INFORM REPORT

Report Date :

28.07.2007

IDENTIFICATION DETAILS

Name :	AKASH TRADING PTE LTD
Registered Office :	^92^Serangoon Road, Singapore^– 217997
Country :	Singapore
Financials (as on) :	31.03.2005
Date of Incorporation :	^12/02/1998
Com. Reg. No.:	^199800679G
Legal Form :	^Exempt Pte Ltd
Line of Business :	^General Wholesale Trade (including General Importers & Exporters) ^Wholesale on a Fee or Contract Basis (e.g. Commission Agencies)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

AKASH TRADING PTE LTD

Line Of Business

GENERAL WHOLESALE TRADE

Parent Company

--

Financial Elements

FY 2005

COMPANY

Sales : S$7,420,402

Networth : S$318,861

Paid-Up Capital : S$300,000

Net result : S$16,476

Net Margin(%) : 0.22

Return on Equity(%) : 5.17

Leverage Ratio : 0.49

COMPANY IDENTIFICATION

^{Subject Company: AKASH TRADING PTE LTD}

^{Former Name: -}

^{Registered Address: 92 SERANGOON ROAD}

^{Town: SINGAPORE}

^{Postcode: 217997}

^{County: -}

^{Country: Singapore}

^{Telephone: Not Listed}

^{Fax: Not Listed}

^{ROC Number: 199800679G}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Exempt Pte Ltd}

^{Date Inc.: 12/02/1998}

^{Previous Legal Form: -}

^{Summary year: 31/03/2005}

^{Sales: 7,420,402}

^{Net worth: 318,861}

^{Capital: 300,000}

^{Paid-Up Capital: 300,000}

^{Employees: 2}

^{Net result: 16,476}

^{Share value: 1}

^{Auditor: R. ASHRAFF ALI & CO}

REFERENCES

^{Litigation: No}

^{Company status: TRADING}

^{Started: 12/02/1998}

PRINCIPAL(S)

^{ABDUL KAREEM ASHIQ MOHAMED S7185972Z Director}

DIRECTOR(S)

^{ABDUL KAREEM ASHIQ MOHAMED S7185972Z Director}

^{Appointed on: 12/02/1998}

^{Street: 28 JALAN KLINIK}

^#03-57

^{Town: SINGAPORE}

^{Postcode: 160028}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{BASED ON ACRA'S RECORD AS AT 23/07/2007}

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

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UNITED OVERSEAS BANK LIMITED}

SHAREHOLDERS(S)

^{ABDUL KAREEM ASHIQ MOHAMED 300,000 Private Person}

^{Street: 28 JALAN KLINIK}

^#03-57

^{Town: SINGAPORE}

^{Postcode: 160028}

^{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 unless otherwise stated}

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 09/11/2005}

^{Balance Sheet Date: 31/03/2005 31/03/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Inventories: 18,658 13,258}

^{Receivables: 396,089 404,353}

^{Cash,Banks,Securities: 61,522 39,955}

^{Total Current Assets: 476,269 457,566}

^{TOTAL ASSETS: 476,269 457,566}

^{--- LIABILITIES}

^{Equity capital: 300,000 300,000}

^{Profit & loss Account: 18,861 2,385}

^{Total Equity: 318,861 302,385}

^{Trade Creditors: 72,133 9,324}

^{Prepay. & Def. charges: 4,400 2,400}

^{Provisions: 1,042 42}

^{Other Short term Liab.: 79,833 143,415}

^{Total short term Liab.: 157,408 155,181}

^{TOTAL LIABILITIES: 157,408 155,181}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 7,420,402 772,654}

^{Purchases,Sces & Other Goods: 7,331,848 699,740}

^{Gross Profit: 88,554 72,914}

^{NET RESULT BEFORE TAX: 17,476 12,342}

^{Tax: 1,000 131}

^{Net income/loss year: 16,476 12,473}

^{Directors Emoluments: 49,900 48,000}

RATIOS

^{31/03/2005 31/03/2004}

^{Turnover per employee: 3710201.00 386327.00}

^{Net result / Turnover(%): 0.00 0.02}

^{Stock / Turnover(%): 0.00 0.02}

^{Net Margin(%): 0.22 1.61}

^{Return on Equity(%): 5.17 4.12}

^{Return on Assets(%): 3.46 2.73}

^{Net Working capital: 318861.00 302385.00}

^{Cash Ratio: 0.39 0.26}

^{Quick Ratio: 2.91 2.86}

^{Current ratio: 3.03 2.95}

^{Receivables Turnover: 19.22 188.40}

^{Leverage Ratio: 0.49 0.51}

^{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 5.45% FROM S$302,385 IN 2004 TO S$318,861 IN 2005.}

^{THIS WAS DUE TO HIGHER RETAINED PROFITS OF S$18,861 (2004: S$2,385); A RISE OF 6.91 TIMES FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY OTHER SHORT TERM LIABILITIES WHICH MADE UP 50.72% (2004: 92.42%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$79,833 (2004: S$143,415). THE BREAKDOWN IS AS FOLLOWS:}

^{-AMOUNTS DUE TO DIRECTORS - 2005: S$71,797 (2004: S$44,048)}

^{-OTHER PAYABLES - 2005: S$5,036 (2004: S$99,367)}

^{-PROPOSED DIRECTORS FEES - 2005: S$3,000 (2004: - )}

^{TRADE CREDITORS ROSE SHARPLY BY 6.74 TIMES TO S$72,133 (2004: S$9,324).}

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

^{IN ALL, LEVERAGE RATIO FELL FROM 0.51 TIMES TO 0.49 TIMES AS A RESULT OF A MORE THAN PROPORTIONATE RISE IN TOTAL EQUITY AS COMPARED TO THE RISE IN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL BY 5.45% TO S$318,861 (2004: S$302,385).}

^{CURRENT RATIO ROSE TO 3.03 TIMES, UP FROM 2.95 TIMES AND QUICK RATIO IMPROVED TO 2.91 TIMES FROM 2.86 TIMES IN 2004.}

^{SIMILARLY, CASH AND CASH EQUIVALENTS ROSE SHARPLY BY 53.98% TO S$61,522}

^{(2004: S$39,955).}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 8.60 TIMES FROM S$772,654 IN 2004 TO S$7,420,402 AND NET PROFIT ROSE BY 32.09% TO S$16,476 (2004: S$12,473).}

^{HOWEVER, NET MARGIN FELL TO 0.22% (2004: 1.61%).}

^{THIS COULD BE DUE TO LOWER GROSS MARGIN OF 9.44% IN 2005 (2004: 1.19%).}

^{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 ANY 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 12/02/1998 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER THE PRESENT NAMESTYLE OF "AKASH TRADING PTE LTD".}

^{AS AT 23/07/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 300,000 SHARES, OF A VALUE OF S$300,000.}

^{PRINCIPAL ACTIVITIES:}

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

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

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

^{DURING THE FINANCIAL YEAR (S) UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY ARE THAT OF IMPORTERS AND EXPORTERS.}

^{FROM THE RESEARCH DONE, SUBJECT IS LISTED ON THE LOCAL DIRECTORES UNDER TRADING COMPANIES.}

^{SUBJECT'S ONLY LISTED CONTACT NUMBER, (TEL: 6836 1346), IS NOT VALID (FAX / MODEM LINE), HENCE NO OTHER TRADE INFORMATION COULD BE MADE AVAILABLE AT THE TIME OF THIS REPORT.}

^{NUMBER OF EMPLOYEES (31 MARCH)}

^{- COMPANY - 2005: 2 (2004: 2)}

^{REGISTERED ADDRESS:}

^{92 SERANGOON ROAD}

^{SINGAPORE 217997}

^{DATE OF CHANGE OF ADDRESS: 01/08/2006}

^{- ALSO YOUR PROVIDED ADDRESS}

^{- UNABLE TO CONFIRM}

^WEBSITE:

^{NOT AVAILABLE}

^EMAIL:

^{NOT AVAILABLE}

MANAGEMENT

^{THE DIRECTOR AT THE TIME OF THIS REPORT IS:}

^{1) ABDUL KAREEM ASHIQ MOHAMED, A SINGAPORE PERMANENT RESIDENT}

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

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