MIRA INFORM REPORT

Report Date :

28.07.2007

IDENTIFICATION DETAILS

Name :	TV PTE. LTD.
Registered Office :	^1 North Bridge Road, #B1-22, High Street Centre, Singapore – 179094
Country :	Singapore
Financials (as on) :	30.06.2006
Date of Incorporation :	^20/04/2004
Com. Reg. No.:	^200404749H
Legal Form :	^Exempt Pte Ltd
Line of Business :	Importers, Exporters, Wholesalers and Retailers

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

TV PTE. LTD.

Line Of Business 

IMPORTERS, EXPORTERS, WHOLESALERS AND RETAILERS

Parent Company

--

Financial Elements

FY2006

COMPANY

Sales : S$2,469,750

Networth : S$ 127,011

Paid-Up Capital : S$ 100,002

Net result : S$ 14,856

Net Margin(%) : 0.60

Return on Equity(%) : 11.70

Leverage Ratio : 2.11 TIMES

COMPANY IDENTIFICATION

^{Subject Company : TV PTE. LTD.}

^{Former Name : -}

^{Business Address : 1 NORTH BRIDGE ROAD}

^#B1-22

^{HIGH STREET CENTRE}

^{Town : SINGAPORE}

^{Postcode : 179094}

^{County : -}

^{Country : Singapore}

^{Telephone : 6883 1163}

^{Fax : 6883 1169}

^{ROC Number : 200404749H}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 20/04/2004}

^{Previous Legal Form : -}

^{Summary year : 30/06/2006}

^{Sales : 2,469,750}

^{Net Worth : 127,011}

^{Paid-Up Capital : 100,002}

^{Employees : -}

^{Net Result : 14,856}

^{Auditor : NIL}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 20/04/2004}

PRINCIPAL(S)

^{ABDUL GAFOOR NOOR MOHAMED S2717277F Director}

DIRECTOR(S)

^{M. SAMBASIVAM S1650785G Company Secretary}

^{Appointed on : 20/04/2004}

^{Street : 346 ANG MO KIO AVENUE 3}

^#07-2268

^{Town : SINGAPORE}

^{Postcode : 560346}

^{Country : Singapore}

^{ABDUL GAFOOR NOOR MOHAMED S2717277F Director}

^{Appointed on : 20/04/2004}

^{Street : 19 ST. GEORGE'S ROAD}

^#01-130

^{Town : SINGAPORE}

^{Postcode : 320019}

^{Country : Singapore}

^{IYNUL FAREEDA NOORMOHAMED S7682289A Director}

^{Appointed on : 20/04/2004}

^{Street : 19 ST. GEORGE'S ROAD}

^#01-130

^{Town : SINGAPORE}

^{Postcode : 320019}

^{Country : Singapore}

ACTIVITY (IES)

^{IMPORTERS And EXPORTERS Code: 11760}

^{TRADING COMPANIES Code: 22190}

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

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

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 GAFOOR NOOR MOHAMED 100,001 Private Person}

^{Street : 19 ST. GEORGE'S ROAD}

^#01-130

^{Town : SINGAPORE}

^{Postcode : 320019}

^{Country : Singapore}

^{IYNUL FAREEDA NOORMOHAMED 1 Private Person}

^{Street : 19 ST. GEORGE'S ROAD}

^#01-130

^{Town : SINGAPORE}

^{Postcode : 320019}

^{Country : Singapore}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : AVERAGE

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation : AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

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

^{Date Account Lodged: 21/11/2006}

^{Balance Sheet Date: 30/06/2006 30/06/2005}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Inventories: 305,863 28,306}

^{Cash, Banks, Securities: 88,532 2,973}

^{Total Current Assets: 394,395 31,279}

^{TOTAL ASSETS: 394,395 31,279}

^{--- LIABILITIES ---}

^{Equity capital: 100,002 2}

^{Profit & loss Account: 27,009 12,153}

^{Total Equity: 127,011 12,155}

^{Long Term Loans: 70,570 -}

^{Total L/T Liabilities: 70,570 -}

^{Advanced payments: 174,959 17,624}

^{Due to Bank: 19,705 -}

^{Prepay. & Def. charges: 2,150 1,500}

^{Total short term Liab.: 196,814 19,124}

^{TOTAL LIABILITIES: 267,384 19,124}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 2,469,750 2,193,054}

^{Purchases,Sces & Other Goods: 2,392,973 2,101,109}

^{Gross Profit: 76,777 91,945}

^{Result of ordinary operations 16,588 12,153}

^{NET RESULT BEFORE TAX: 14,856 12,153}

^{Net income/loss year: 14,856 12,153}

^{Interest Paid: 1,732 -}

^{Directors Emoluments: 52,352 56,600}

RATIOS

^{30/06/2006 30/06/2005}

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

^{Stock / Turnover(%): 0.12 0.01}

^{Net Margin(%): 0.60 0.55}

^{Return on Equity(%): 11.70 99.98}

^{Return on Assets(%): 3.77 38.85}

^{Net Working capital: 197581.00 12155.00}

^{Cash Ratio: 0.45 0.16}

^{Quick Ratio: 0.45 0.16}

^{Current ratio: 2.00 1.64}

^{Leverage Ratio: 2.11 1.57}

^{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}

^{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 SURGING BY 9.45 TIMES AMOUNTING TO S$127,011 (2005: S$12,155). THIS WAS DUE TO HIGHER RETAINED EARNINGS BROUGHT FORWARD OF S$27,009 (2005: S$12,153). IN ADDITION, PAID-UP CAPITAL ROSE TO S$100,002 (2005: S$2).}

^LEVERAGE:

^{THE LEVERAGE RATIO ROSE TO 2.11 TIMES (2005: 1.57 TIMES), INDICATING THAT THE COMPANY'S TOTAL LIABILITIES WERE MORE SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.}

^{THERE WERE NO TRADE CREDITORS IN THE SHORT TERM.}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS FAIRLY HEALTHY. NET WORKING CAPITAL REGISTERED HIGHER AT S$197,581 (2005: S$12,155). ON THE OTHER HAND, THE QUICK RATIO WAS LACKING AT 0.45 TIMES (2005: 0.16 TIMES) WHILE THE CURRENT RATIO WAS SUFFICIENT AT 2.00 TIMES (2005: 1.64 TIMES).}

^{PROFITABILITY:}

^{REVENUE FOR FY2006 ROSE BY 12.62%, TOTALLING S$2,469,750 (2005: S$2,193,054). NET INCOME IMPROVED BY 22.24%, AMOUNTING TO S$14,856 (2005: S$12,153).}

^{THUS, NET MARGIN STOOD HIGHER AT 0.60% (2005: 0.55%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE ANTICIPATED IN VIEW OF THE SUFFICIENT NET WORKING CAPITAL AND IF TRADE RECEIVABLES WERE 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 20/04/2004 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "TV PTE. LTD.".}

^{AS AT 23/07/2007, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 100,002 SHARES OF A VALUE OF S$100,002.}

^{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); GENERAL TRADING}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE TO CARRY ON THE BUSINESS OF IMPORTERS, EXPORTERS, WHOLESALERS AND RETAILERS.}

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

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: TRADING COMPANIES.}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE ON 27/07/2007. WE TRIED TO CONTACT THE SUBJECT FOR A TELE-INTERVIEW MANY TIMES BUT THE LINE WAS ENGAGED.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{1 NORTH BRIDGE ROAD}

^#B1-22

^{HIGH STREET CENTRE}

^{SINGAPORE 179094}

^{DATE OF CHANGE OF ADDRESS: 28/02/2007}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED BY: KHEMANI PARSHOTAM GANESHMAL & JASOTI PARSHOTAM KHEMANI}

^WEBSITE:

^{* NA}

^EMAIL:

^{* NA}

MANAGEMENT

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

^{1) ABDUL GAFOOR NOOR MOHAMED, A A SINGAPORE PERMANENT RESIDENT}

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

^{2) IYNUL FAREEDA NOORMOHAMED, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIP 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