MIRA INFORM REPORT

Report Date :

27.07.2007

IDENTIFICATION DETAILS

Name :	SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.
Registered Office :	^3 Shenton Way, #14-01^, Shenton House, Singapore^– 068805
Country :	Singapore
Financials (as on) :	31.03.2006
Date of Incorporation :	^07/01/1978
Com. Reg. No.:	^197800048Z
Legal Form :	^Pte Ltd
Line of Business :	General Traders, Commission Agents and Indenting Agents

RATING & COMMENTS

MIRA’s Rating :

A

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

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

Line Of Business 

GENERAL TRADERS, COMMISSION AGENTS AND INDENTING AGENTING

Parent Company

SOUTH EAST ASIAN EXPORT AND SERVICES CORP.INC

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY2006

CONSOLIDATED

Sales : US$1,099,161,201

Networth : US$ 44,724,786

Paid-Up Capital : US$ 19,337,477

Net result : US$ 2,940,130

Net Margin(%) : 0.27

Return on Equity(%) : 6.57

Leverage Ratio : 3.96 TIMES

COMPANY IDENTIFICATION

^{Subject Company : SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.}

^{Former Name : -}

^{Business Address : 3 SHENTON WAY}

^#14-01

^{SHENTON HOUSE}

^{Town : SINGAPORE}

^{Postcode : 068805}

^{County : -}

^{Country : Singapore}

^{Telephone : 6221 8455/6324 8257}

^{Fax : 6222 4984}

^{ROC Number : 197800048Z}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 07/01/1978}

^{Previous Legal Form : -}

^{Summary year : 31/03/2006}

^{Sales : 1,099,161,201}

^{Net Worth : 44,724,786}

^{Paid-Up Capital : 19,337,477}

^{Employees : -}

^{Net Result : 2,940,130}

^{Auditor : WONG, LEE & ASSOCIATES}

REFERENCES

^{Litigation : YES}

^{Company status : TRADING}

^{Started : 07/01/1978}

PRINCIPAL(S)

^{PRAVEEN KUMAR JAIN S2669189C Director}

DIRECTOR(S)

^{RAMAKANT RATHI 6118609 Director}

^{Appointed on : 25/02/1994}

^{Street : CHRIESIMATT 33}

^{Town : BAAR/ZG}

^{Postcode : 6340}

^{Country : Switzerland}

^{RANDHIR RAM CHANDRA S1272119F Company Secretary}

^{Appointed on : 07/05/1999}

^{Street : 7 HIGHLAND ROAD}

^{HIGHLAND TERRACE}

^{Town : SINGAPORE}

^{Postcode : 549106}

^{Country : Singapore}

^{VENKITESWARAN HARIHARAN S1585158I Company Secretary}

^{Appointed on : 07/05/1999}

^{Street : 28 LORONG L TELOK KURAU}

^{PINE COURT}

^{Town : SINGAPORE}

^{Postcode : 425440}

^{Country : Singapore}

^{PRAVEEN KUMAR JAIN S2669189C Director}

^{Appointed on : 01/06/1997}

^{Street : 1 RHU CROSS}

^#07-07

^{COSTA RHU}

^{Town : SINGAPORE}

^{Postcode : 437431}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{KARTAR SINGH THAKRAL S0645091A}

^{MANAK CHAND MAHESWARI S2583525E}

^{LALKAKA CAVAS JEHANGIR 5401038}

^{SHYAM SUNDER MAHANSARIA L683448}

^{BASANT KUMAR MAHESHWARI S2613463C}

ACTIVITY (IES)

^{IMPORTERS And EXPORTERS Code: 11760}

^{COMMISSION MERCHANTS Code: 4990}

^{TIMBER - COMMISSION Code: 21640}

^{STEEL PRODUCTS Code: 20410}

^{FERTILIZERS - WHSLE And MFRS Code: 8710}

^{BASED ON ACRA'S RECORD AS AT 25/04/2007}

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

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

CHARGES

^{Date : 17/08/1988 Amount: 810,000}

^{Comments : CHARGE NO: 8802772 (DISCHARGED - 27/10/1993)}

^{CHARGEE: WAYFOONG MORTAGE & FINANCE SINGAPORE LTD}

^{Date : 23/06/1983 Amount: 1,600,000}

^{Comments : CHARGE NO: 9005723 (DISCHARGED - 06/03/1996)}

^{CHARGEE: UNITED OVERSEAS BANK LTD}

^{Date : 14/08/1996}

^{Comments : CHARGER NO: 9604772}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: BANGKOK BANK PUBLIC CO LTD}

PREMISES/PROPERTY INFORMATIONS

^{Date : 11/05/2007}

^{Tax rate : 10%}

^{Site Address : 3 SHENTON WAY}

^#14-01

^{SHENTON HOUSE}

^{Town : SINGAPORE}

^{Postcode : 068805}

^{Country : Singapore}

^{Annual Value : SGD 46,500}

* 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

^{BANGKOK BANK PUBLIC COMPANY LIMITED}

^{STANDARD CHARTERED BANK}

^{BANK OF INDIA}

^{DBS BANK LTD.}

^{FORTIS BANK S.A./N.V.}

^{NATEXIS BANQUES POPULAIRES}

^{OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{SOCIETE GENERALE}

^{SUMITOMO MITSUI BANKING CORPORATION}

^{UCO BANK}

SHAREHOLDERS(S)

^{SOUTH EAST ASIAN EXPORT AND 36,955,598 Company}

^{Street : 80 BROAD STREET}

^{Town : MONROVIA}

^{Postcode : -}

^{Country : Liberia}

FORMER SHAREHOLDER(S)

^{HOLDING & IND PROMOTION 231,250}

^{BIRLA AG ZUG SWITZERLAND 499,998}

^{KARTAR SINGH THAKRAL 1}

^{MANAK CHAND MAHESWARI 1}

^{LALKAKA CAVAS JEHANGIR 1}

^{RAMAKANT RATHI 1}

^{SHYAM SUNDER MAHANSARIA 1}

^{BASANT KUMAR MAHESHWARI 1}

^{BIRLA INTERNATIONAL LTD 7,499,998}

HOLDING COMPANY

^{SOUTH EAST ASIAN EXPORT AND SERVICES CORP. INC UF18848D % : 100}

SUBSIDIARY (IES)

^{MYANMAR SWISS SINGAPORE COMPANY LIMITED Myanmar}

^{OVERSEAS TRADING & SHIPPING CO PTE LTD Singapore}

^{SWISS SINGAPORE OVERSEAS ENTERPRISE PTE LTD C.I South Africa}

^{SWISS SINGAPORE (BANGLADESH) LIMITED Bangladesh}

^{SWISS SINGAPORE CANADA PTE LTD Canada}

^{PT SWISS NIAGA INTERNATIONAL Indonesia}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : AVERAGE}

LITIGATION(S)

^{Type Of Case : Magistrate Court - W/S}

^{Case Number : MCS03572/2004}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : District Court - W/S}

^{Case Number : DCS03463/2003}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : Magistrate Court - W/S}

^{Case Number : MCS03928/2002}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : Magistrate Court - W/S}

^{Case Number : MCS29626/2000}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : High Court - W/S}

^{Case Number : HWS00846/1999}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : Magistrate Court - W/S}

^{Case Number : MCS02788/1998}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : Magistrate Court - W/S}

^{Case Number: MCS11054/1996}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : District Court - W/S}

^{Case Number : DCS00107/1995}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : Magistrate Court - W/S}

^{Case Number: MCS13659/1994}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

^{Type Of Case : High Court - W/S}

^{Case Number : HWS01881/1994}

Defendant SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. ROC # : 197800048Z

FINANCIAL ELEMENTS

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

^{Audit Qualification: "MILD" "MILD" UNQUALIFIED}

^{UNCERTAINTIES UNCERTAINTIES (CLEAN)}

^{Date Account Lodged: 26/01/2007}

^{Balance Sheet Date: 31/03/2006 31/03/2005 31/03/2004}

^{Number of weeks: 52 52 52}

^{Consolidation Code: CONSOLIDATED CONSOLIDATED CONSOLIDATED}

^{--- ASSETS ---}

^{Preliminary Exp - 37,299 190,138}

^{Tangible Fixed Assets: 3,063,558 3,033,508 5,236,256}

^{Investments - - 20,852,359}

^{Total Fixed Assets: 3,063,558 3,070,807 26,278,753}

^{Inventories: 13,983,636 8,665,661 17,437,650}

^{Receivables: 177,692,537 137,800,901 147,884,468}

^{Cash, Banks, Securities: 2,939,653 7,323,364 4,181,354}

^{Other current assets: 24,306,019 16,335,964 17,115,675}

^{Total Current Assets: 218,921,845 170,125,890 186,619,147}

^{TOTAL ASSETS: 221,985,403 173,196,697 212,897,900}

^{--- LIABILITIES ---}

^{Equity capital: 19,337,477 19,337,477 34,111,310}

^{Reserves: -4,785 605 -1,593,592}

^{Profit & loss Account: 25,392,094 22,451,964 37,879,271}

^{Total Equity: 44,724,786 41,790,046 70,396,989}

^{Long Term Loans: 544,553 72,251 648,723}

^{L/T deferred taxes: 489 - -}

^{Total L/T Liabilities: 545,042 72,251 648,723}

^{Trade Creditors: 53,832,640 49,009,888 89,189,221}

^{Short term liabilities: - - 13,989}

^{Advanced payments: 9,578,849 9,673,437 -}

^{Due to Bank: 99,431,643 59,045,750 34,394,429}

^{Provisions: 1,499,442 2,179,108 4,065,084}

^{Other Short term Liab.: 8,497,187 7,324,314 14,189,465}

^{Prepay. & Def. charges: 3,875,814 4,101,903 -}

^{Total short term Liab.: 176,715,575 131,334,400 141,852,188}

^{TOTAL LIABILITIES: 177,260,617 131,406,651 142,500,911}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 1,099,161,201 890,807,342 960,429,658}

^{Purchases,Sces & Other Goods: 1,084,733,410 868,950,698 926,532,998}

^{Gross Profit: 14,427,791 21,856,644 33,896,660}

^{Result of ordinary operations 9,057,590 16,795,929 23,851,244}

^{NET RESULT BEFORE TAX: 3,601,809 13,740,598 17,934,801}

^{Tax : 661,679 1,510,718 3,503,560}

^{Net income/loss year: 2,940,130 12,229,880 14,431,241}

^{Interest Paid: 5,455,781 3,055,331 1,906,487}

^{Depreciation: 195,330 195,932 344,066}

^{Dividends: - 12,000,000 -}

^{Directors Emoluments: 282,944 212,243 373,037}

^{Wages and Salaries: 2,392,127 2,189,184 1,428,980}

^{Financial Income: 3,168,447 1,572,034 1,235,852}

^{Extraordinary Items: - - 4,009,956}

RATIOS

^{31/03/2006 31/03/2005 31/03/2004}

^{Net result / Turnover(%): 0.00 0.01 0.02}

^{Stock / Turnover(%): 0.01 0.01 0.02}

^{Net Margin(%): 0.27 1.37 1.50}

^{Return on Equity(%): 6.57 29.27 20.50}

^{Return on Assets(%): 1.32 7.06 6.78}

^{Dividends Coverage: - 1.02 1.02}

^{Net Working capital: 42206270.00 38791490.00 44766959.00}

^{Cash Ratio: 0.02 0.06 0.03}

^{Quick Ratio: 1.02 1.10 1.07}

^{Current ratio: 1.24 1.30 1.32}

^{Receivables Turnover: 58.20 55.69 55.43}

^{Leverage Ratio: 3.96 3.14 2.02}

^{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}

^{Dividends Coverage : Net income loss year/Dividends}

^{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

^{NOTE: THE FINANCIAL STATEMENTS FILED IN BY THE GROUP AS AT FY2006 AND FY2005 WERE EXPRESSED IN UNITED STATES DOLLARS (USD) WHILE THOSE OF FY2004 WERE EXPRESSED IN SINGAPORE DOLLARS (SGD).}

^{AUDITORS' REPORT:}

^{THE AUDITORS' REPORT OF A SUBSIDIARY'S BRANCH HIGHLIGHTED THE RECOVERABILITY OF CERTAIN DEBTS AMOUNTING TO RS 9,796,005 (USD219,592). AS SUCH, THE AUDITORS WERE UNABLE TO COMMENT UPON THE REALISABILITY OF THE SAID DEBT. TO DATE, THE SUBSIDIARY'S BRANCH IS HOPEFUL OF FULL REALISATION OF THE DEBT, HAVING WON THE CASE BEFORE THE HONORABLE HIGH COURT OF NEW DELHI.}

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS PASSABLE WITH TOTAL EQUITY RISING BY 7.02% AMOUNTING TO USD44,724,786 (2005: USD41,790,046). THIS WAS CONTRIBUTED BY HIGHER RETAINED EARNINGS BROUGHT FORWARD OF USD25,392,094 (2005: USD22,451,964).}

^LEVERAGE:

^{THE LEVERAGE RATIO HAD GONE UP TO 3.96 TIMES (2005: 3.14 TIMES), INDICATING THAT THE GROUP'S TOTAL LIABILITIES WERE MORE SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.}

^{IN THE SHORT TERM, TRADE CREDITORS INCREASED BY 9.84%, TOTALLING USD53,832,640 (2005: USD49,009,888). AMOUNT DUE TO BANKS OF USD99,431,643 (2005: USD59,045,750) (INCLUDED LONG-TERM) COMPRISED OF:}

^{* BANK OVERDRAFT OF USD1,717,553 (2005: USD1,058,254)}

^{* BANK BILLS PAYABLE OF USD60,245,422 (2005: USD51,966,564)}

^{* FREIGHT LOAN OF USD2,176,598 (2005: USD3,186,280)}

^{* BILL DISCOUNTING OF USD34,912,323 (2005: USD2,521,925)}

^{* TERM LOAN OF USD924,300 (2005: USD384,978)}

^{OTHER SHORT TERM LIABILITIES OF USD8,497,187 (2005: USD7,324,314) REPRESENTED:}

^{* LOAN FROM ULTIMATE HOLDING COMPANY OF USD1,728,000 (2005: NIL)}

^{* LOAN FROM A THIRD PARTY OF USD5,250,000 (2005: USD5,250,000)}

^{* OTHER PAYABLES TO THIRD PARTIES OF USD1,132,312 (2005: USD1,558,143)}

^{* COMMISSION PAYABLE OF USD386,875 (2005: USD516,171)}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE GROUP WAS FAIRLY HEALTHY. BOTH THE QUICK AND CURRENT RATIOS WERE JUST SUFFICIENT AT 1.02 TIMES (2005: 1.10 TIMES) AND 1.24 TIMES (2005: 1.30 TIMES) RESPECTIVELY.}

^{THIS WAS IN TANDEM WITH THE NET WORKING CAPITAL, WHICH REGISTERED HIGHER AT USD42,206,270 (2005: USD38,791,490).}

^{PROFITABILITY:}

^{REVENUE FOR FY2006 IMPROVED BY 23.39%, TOTALLING USD1,099,161,201 (2005: USD890,807,342). HOWEVER, NET INCOME DECLINED NOTABLY BY 75.96%, AMOUNTING TO USD2,940,130 (2005: USD12,229,880). THIS WAS ATTRIBUTED TO HIGHER COST OF GOODS SOLD AS WELL AS A SURGE IN DISTRIBUTION COSTS OF USD2,240,636 (2005: USD395,325).}

^{AS A RESULT, NET MARGIN STOOD LOWER AT 0.27% (2005: 1.37%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE ANTICIPATED IN VIEW OF THE STRONG NET WORKING CAPITAL, AND IF TRADE RECEIVABLES WERE FORTHCOMING.}

^{HOWEVER, AVERAGE COLLECTION PERIOD HAD LENGTHENED TO 58 DAYS (2005: 56 DAYS).}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{BANK OVERDRAFT}

^{THE BANK OVERDRAFT FACILITIES OF THE GROUP AND COMPANY ARE REPAYABLE ON DEMAND. BANK OVERDRAFT OF THE COMPANY IS SECURED BY A LETTER OF COMFORT FROM THE ULTIMATE HOLDING COMPANY. THE BANK OVERDRAFT FACILITIES FOR A SUBSIDIARY ARE SECURED BY STANDBY LETTER OF CREDITS OBTAINED FROM STANDARD CHARTERED BANK, SINGAPORE BRANCH AND BANGKOK BANK PUBLIC CO. LTD.}

^{BANK BILLS PAYABLE}

^{THE BANK BILLS PAYABLE HAVE MATURITY RANGING FROM 1 WEEK TO 3 MONTHS (2005: 1 WEEK TO 3 MONTHS) FROM THE BALANCE SHEET DATE. THE BANK BILLS PAYABLE ARE SECURED BY:}

^{- LETTER OF COMFORT FROM THE ULTIMATE HOLDING COMPANY}

^{- LETTER OF SET-OFF}

^{- DEED OF CHARGE AND ASSIGNMENT}

^{- GENERAL LETTER OF UNDERTAKING FROM THE COMPANY TO DELIVER TO THE BANK THE SHIPPING DOCUMENTS RECEIVED DIRECTLY FROM SUPPLIERS IMMEDIATELY WHEN AVAILABLE.}

^{- DEBENTURE OVER TRADE RECEIVABLES FROM UNDERLYING GOODS OF THE COMPANY'S TRADE TRANSACTIONS FINANCED BY RESPECTIVE BANKS.}

^{FREIGHT LOANS}

^{FREIGHT LOANS REPRESENT FINANCING FACILITIES TAKEN FROM BANK FOR THE PAYMENT OF FREIGHT AND FORWARDING CHARGES. FREIGHT LOANS HAVE MATURITY OF LESS THAN 45 DAYS (2005: 45 DAYS) FROM THE DATE OF BALANCE SHEET AND ARE SECURED IN THE MANNER SIMILAR TO BANK BILLS PAYABLE ABOVE.}

^{BILLS DISCOUNTING}

^{BILLS DISCOUNTING HAVE MATURITY RANGING FROM 1 WEEK TO 6 MONTHS (2005: 1 WEEK TO 6 MONTHS) FROM THE BALANCE SHEET DATE AND ARE SECURED IN THE MANNER SIMILAR TO BANK BILLS PAYABLE ABOVE.}

^{TERM LOANS}

^{THE TERM LOANS ARE SECURED BY A LETTER OF COMFORT FROM THE ULTIMATE HOLDING COMPANY AND A LEGAL MORTGAGE OF THE COMPANY'S LEASEHOLD PROPERTIES AT NO. 3 SHENTON WAY, #14-06/07/08/09 SHENTON HOUSE, SINGAPORE.}

^{TRADE FINANCING COMMITMENTS}

^{THE GROUP HAS THE FOLLOWING COMMITMENTS AT THE BALANCE SHEET DATE:}

^{* EXPORT BILL UNDER NEGOTIATION OF USD38,943,952 (2005: USD35,026,373)}

^{* LETTER OF CREDIT OF USD72,805,271 (2005: USD130,311,333)}

^{* LETTER OF GUARANTEE OF USD1,852,955 (2005: USD19,330,858)}

^{THESE COMMITMENTS ARE SECURED IN THE MANNER SIMILAR TO BANK BILLS PAYABLE ABOVE.}

^{OTHER COMMITMENTS}

^{AS AT 31 MARCH 2005, THERE WAS A COMMITMENT AMOUNTING TO USD2,185 IN RESPECT OF SECURITY BOND TO THE INDIA CUSTOMS FOR PAYMENT OF CUSTOMS DUTY ON IMPORTED GOODS. THIS BOND WAS SECURED BY THE PLEDGE OF FIXED DEPOSIT AMOUNTING TO USD2,185 WITH A BANK IN INDIA.}

^{IN THE CURRENT FINANCIAL YEAR, THE SECURITY BOND HAS BEEN CANCELLED.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 07/01/1978 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE OF "SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.".}

^{AS AT 20/07/2007, THE COMPANY HAS A ISSUED AND PAID-UP CAPITAL OF 36,955,598 SHARES OF A VALUE OF S$36,955,598.}

^{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 & EXPORTERS)}

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

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES CONSIST OF GENERAL TRADERS, COMMISSION AGENTS AND INDENTING AGENTING.}

^{THE IMMEDIATE AND ULTIMATE HOLDING COMPANY IS SOUTH EAST ASIAN EXPORT AND SERVICES CORP. INC., A COMPANY INCORPORATED IN LIBERIA.}

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

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

^{SUBJECT IS AN INTERNATIONAL COMMODITY TRADING COMPANY. SUBJECT'S TRADING PRODUCT PORTFOLIO INCLUDES COAL, STEEL AND STEEL PRODUCTS, PETROCHEMICALS, BEANS AND PULSES AND FERTILIZERS.}

^{SUBJECT IS PART OF ONE OF THE MULTI-FACETED LARGEST AND MOST WIDESPREAD INDUSTRIAL GROUPS HAVING A VERY SIZEABLE PRESENCE IN INDIA AND SOUTH EAST ASIAN COUNTRIES. IN SEPTEMBER 2002, SUBJECT WAS AWARDED STATUS OF (GLOBAL TRADER PROGRAMME (GTP)" BY INTERNATIONAL ENTERPRISE, SINGAPORE (FORMERLY KNOWN AS TRADE DEVELOPMENT BOARD OF SINGAPORE) W.E.F.JULY 2001 FOR A PERIOD OF 5 YEARS. THIS AWARD IS GIVEN TO A FEW SELECT COMPANIES GIVING GOOD CONTRIBUTION TO SINGAPORE.}

^{INTERNATIONAL TRADING OF:}

^{* TIMBER: TEAK, TIMBER, ROUND LOGS, GURJAN LOGS, PINE LOGS, PLYWOOD ETC.}

^{* AGRI COMMODITIES: BEANS, PULSES, RAW CASHEW NUTS, RICE, SUGAR, WHEAT, YELLOW MAIZE (CORN) ETC.}

^{* FERTILIZERS: UREA, DAP, ROCK PHOSPHATE ETC}

^{* STEEL & STEEL PRODUCTS: PLAIN AND DEFORMED BARS, ANGLES, CHANNELS, WIRE RODS, COILS, GL PIPES, MS RODS, GIC SHEETS, HR & CR COILS AND SHEETS ETC.}

^{* PETRO & REFINERY PRODUCTS: SULPHUR, SKO, NAPTHA, BITUMEN, FUEL OIL ETC}

^{* COAL & COKE: COAL, MET COKE, PTE COKE ETC}

^{* CEMENT: ORDINARY PORTLAND CEMENT AND CLINKER}

^{* CHEMICALS: SODA ASH, CAUSTIC SODA, GUM ROSIN, PARAFFIN WAX ETC.}

^{* OTHERS: FLUORSPAR, AGRICULTURAL IMPLANTS, BICYCLE, SEWING MACHINES, WHEAT FLOUR, SILICON METAL, BETEL NUTS, SPICES ETC.}

^{IMPORT AND EXPORT COUNTIRES:}

^{* DUBAI, AFRICA, MIDDLE EAST, FAR EAST, SOUTH EAST, CANADA, INDIA, MYANMAR, BANGLADESH, IVORY COAST, CHINA, VIETNAM, RUSSIA & SRI LANKA ETC}

^{BRANCH OFFICES:}

^{* DUBAI (UAE), YANGON (MYANMAR) DAR-ES-SALAAM (TANZANIA), HO-CHIN-MINH (VIETNAM), ABIDJAN (IVORY COAST), DHAKA (BANGLADESH) AND SHANGHAI (CHINA)}

^{REPRESENTATIVE OFFICES:}

^{* GHANA, TOGO AND NIGERIA}

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

^{* SINGAPORE TIMBER ASSOCIATION}

^{NUMBER OF EMPLOYEES (31 MARCH):}

^{* COMPANY - 2006: NOT AVAILABLE (2005: 44; 2004: 40; 2003: 33)}

^{* GROUP - 2006: NOT AVAILABLE (2005: 90; 2004: 79; 2003: 77)}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE ON 02/05/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{3 SHENTON WAY}

^#14-01

^{SHENTON HOUSE}

^{SINGAPORE 068805}

^{DATE OF CHANGE OF ADDRESS: 24/01/1989}

^{-- OWNED PREMISE}

^WEBSITE:

^{* NA}

^EMAIL:

^{* ssoe@pacific.net.sg}

^{* pkjain@singnet.com.sg}

MANAGEMENT

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

^{1) RAMAKANT RATHI, A SWISS}

^{- BASED IN SWITZERLAND.}

^{2) PRAVEEN KUMAR JAIN, A SINGAPOREAN}

^{- 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%)

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