MIRA INFORM REPORT

Report Date :

07.06.2007

IDENTIFICATION DETAILS

Name :	ASIA INTERNATIONAL PTE. LTD.
Registered Office :	^19 Tanglin Road, #06-46, Tanglin Shopping Centre, Singapore -247909
Country :	Singapore
Date of Incorporation :	^27/12/2005
Com. Reg. No.:	^200517839C
Legal Form :	^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 :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	Small Company
Payment Behaviour :	Unknown
Litigation :	Clear

Subject Company

ASIA INTERNATIONAL PTE. LTD.

Line Of Business 

--

Parent Company

--

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$1,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : ASIA INTERNATIONAL PTE. LTD.}

^{Former Name : -}

^{Registered Address : 19 TANGLIN ROAD}

^#06-46

^{TANGLIN SHOPPING CENTRE}

^{Town : SINGAPORE}

^{Postcode : 247909}

^{County : -}

^{Country : Singapore}

^{Telephone : 6732 3491}

^{Fax : 6732 3875}

^{ROC Number : 200517839C}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 27/12/2005}

^{Previous Legal Form : -}

^{Summary year : -}

^{Sales : -}

^{Net Worth : -}

^{Paid-Up Capital : 1,000,000}

^{Employees : -}

^{Net Result : -}

^{Auditor : S C MOHAN & ASSOCIATES}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 27/12/2005}

PRINCIPAL(S)

^{AJAY KUMAR DHAR S2699761E Director}

DIRECTOR(S)

^{RAMESH KAUL A6279133 Director}

^{Appointed on : 03/01/2006}

^{Street : 34 111RD FLOOR NEW MANDAKINI}

^{NRI COMPLEX, GREATER KAILASH - IV}

^{Town : NEW DELHI}

^{Postcode : 110048}

^{Country : India}

^{DR VIJAY KAUL BC210031 Director}

^{Appointed on : 03/01/2006}

^{Street : 63 RISEBROUGH AVENUE}

^{NORTH YORK}

^{Town : TORONTO M2M 2E2}

^{Postcode : -}

^{Country : Canada}

^{REETA KAUL E1355053 Director}

^{Appointed on : 08/05/2006}

^{Street : 34 111RD FLOOR NEW MANDAKINI}

^{NRI COMPLEX, GREATER KAILASH - IV}

^{Town : NEW DELHI}

^{Postcode : 110048}

^{Country : India}

^{SANJAY KUMAR DHAR E4846649 Director}

^{Appointed on : 27/12/2005}

^{Street : HNO. 42, SECTOR 6}

^{PANCHKULA.PIN 134109}

^{Town : -}

^{Postcode : -}

^{Country : India}

^{M. SAMBASIVAM S1650785G Company Secretary}

^{Appointed on : 27/12/2005}

^{Street : 346 ANG MO KIO AVENUE 3}

^#07-2268

^{Town : SINGAPORE}

^{Postcode : 560346}

^{Country : Singapore}

^{AJAY KUMAR DHAR S2699761E Director}

^{Appointed on : 27/12/2005}

^{Street : 15 LEONIE HILL ROAD}

^#16-02

^{HORIZON TOWERS EAST}

^{Town : SINGAPORE}

^{Postcode : 239194}

^{Country : Singapore}

^{AUTAR KRISHEN DHAR Z021928 Director}

^{Appointed on : 03/01/2006}

^{Street : 58/1 BALLYGUNGE CIRCULAR ROAD}

^{FLAT 101A, SAPTAPARNI BUILDING}

^{Town : KOLKATA}

^{Postcode : 700019}

^{Country : India}

ACTIVITY (IES)

^{IMPORTERS And EXPORTERS Code: 11760}

^{COMMISSION MERCHANTS Code: 4990}

^{BASED ON ACRA'S RECORD AS AT 04/06/2007}

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

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

CHARGES

^{Date : 24/04/2006}

^{Comments : CHARGE NO: C200602621, C200602619}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): MALAYAN BANKING BHD}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{MALAYAN BANKING BHD}

SHAREHOLDERS(S)

^{AJAY KUMAR DHAR 250,000 Private Person}

^{Street : 15 LEONIE HILL ROAD}

^#16-02

^{HORIZON TOWERS EAST}

^{Town : SINGAPORE}

^{Postcode : 239194}

^{Country : Singapore}

^{TANU MERH 250,000 Private Person}

^{Street : 15 LEONIE HILL ROAD}

^#16-02

^{HORIZON TOWERS EAST}

^{Town : SINGAPORE}

^{Postcode : 239194}

^{Country : Singapore}

^{SABAS APPROTECH PROJECTS LIMITED 167,000 Company}

^{Street : 63 RISEBROUGH AVENUE}

^{Town : TORONTO M2M 2E2}

^{Postcode : -}

^{Country : Canada}

^{MILLITH KARV ENGINEERING AND TRADING PRIVATE LIMITED 333,000 Company}

^{Street : 34 111RD FLOOR NEW MANDAKINI}

^{NRI COMPLEX, GREATER KAILASH - IV}

^{Town : NEW DELHI}

^{Postcode : 110048}

^{Country : India}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : UNKNOWN

Liquidity : UNKNOWN

Payments : UNKNOWN

Trend : UNKNOWN

Financial Situation : UNKNOWN

LITIGATION(S)

No Litigation In Our Database

FINANCIAL COMMENTS

^{NEWLY-SETUP COMPANY}

^{SUBJECT BEING NEWLY INCORPORATED AND HAS YET TO FILE IN ITS FIRST SET OF ACCOUNTS. A NEWLY INCORPORATED COMPANY HAS UP TO 18 MONTHS FROM THE DATE OF INCORPORATION TO FILE IN ITS FIRST SET OF ACCOUNTS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 27/12/2005 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "ASIA INTERNATIONAL PTE. LTD.".}

^{AS AT 04/06/2007, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 1,000,000 SHARES OF A VALUE OF S$1,000,000.}

^{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 & EXPORTERS)}

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

^{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 07/06/2007 AS WE WERE UNABLE TO CONTACT THE SUBJECT FOR A TELE-INTERVIEW. NO ONE PICKED UP THE PHONE CALLS DESPITE SEVERAL ATTEMPTS.}

^{REGISTERED ADDRESS:}

^{19 TANGLIN ROAD}

^#06-46

^{TANGLIN SHOPPING CENTRE}

^{SINGAPORE 247909}

^{DATE OF CHANGE OF ADDRESS: 22/05/2006}

^{-- UNABLE TO ASCERTAIN IF THIS IS THE BUSINESS ADDRESS AS WE WERE UNABLE TO CONTACT THE}

^{SUBJECT FOR A TELE-INTERVIEW.}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED BY: NEO LAY HONG & JACKKI YIM HOON ENG}

^WEBSITE:

^{* NA}

^EMAIL:

^{* NA}

MANAGEMENT

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

^{1) RAMESH KAUL, AN INDIAN}

^{- BASED IN INDIA}

^{2) DR VIJAY KAUL, A CANADIAN}

^{- BASED IN CANADA}

^{3) REETA KAUL, AN INDIAN}

^{- BASED IN INDIA}

^{4) SANJAY KUMAR DHAR, AN INDIAN}

^{- BASED IN INDIA}

^{5) AJAY KUMAR DHAR, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE}

^{WOOD CRAFT INTERNATIONAL PTE. LTD.}

^{6) AUTAR KRISHEN DHAR, AN INDIAN}

^{- BASED IN INDIA}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: AJAY KUMAR DHAR}

^{ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$30,000}

^{CO-OWNER: NIL}

^{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

DOMESTIC WHOLESALE TRADE IN 4Q 2006 HAS DECLINED BY 6.9%. EXCLUDING PETROLEUM, DOMESTIC SALES REMAINED AT SIMILAR LEVEL COMPARED TO THE PREVIOUS QUARTER.

GENERAL WHOLESALE TRADE POSTED THE LARGEST SALES DECREASE OF 16.6%, FOLLOWED BY THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS OF 15.7% AND HOUSEHOLD EQUIPMENT AND FURNITURE OF 13.2%.

SECTORS OF INDUSTRIAL AND CONSTRUCTION MACHINERY AND ELECTRONIC COMPONENTS REGISTERED GROWTHS OF 17.0% AND 12.3%, RESPECTIVELY.

FOREIGN WHOLESALE TRADE INDEX

ON A QUARTER-TO-QUARTER BASIS, OVERALL FOREIGN WHOLESALE TRADE CONTRACTED BY 7.9% IN 4Q 2006 AFTER TWO QUARTERS OF POSITIVE GROWTH. FOREIGN SALES WENT DOWN BY 1.6%, EXCLUDING PETROLEUM.

THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS AND ELECTRONIC COMPONENTS MARKED LOWER OVERSEAS SALE OF 14.2% AND 11.6% RESPECTIVELY IN 4Q 2006 OVER 3Q 2006.

RETAIL TRADE

IN GENERAL, RETAIL SALES GREW BY 7.9% IN 4Q 2006, UP FROM THE 5.2% IN THE PREVIOUS QUARTER. THIS BROUGHT FULL YEAR GROWTH FOR 2006 TO 6.9%, DOWN FROM 9.0% IN 2005. EXCLUDING MOTOR VEHICLE SALES, RETAIL SALES ROSE 4.1%, SLOWING FROM THE 7.2% GAIN IN THE PREVIOUS YEAR.

MOST RETAIL SECTORS REPORTED BRISK BUSINESS IN DEC. 2006. SALES OF RECREATIONAL GOODS, DEPARTMENT STORES, WEARING APPAREL AND FOOTWEAR, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND JEWELLERY CLIMBED BY 36.6% TO 44.2% IN DEC. 2006 COMPARED TO THE PREVIOUS MONTH.

LIKEWISE, RETAILERS OF OPTICAL GOODS AND BOOKS, TELECOMMUNICATIONS APPARATUS AND COMPUTERS, FOOD AND BEVERAGES, MEDICAL GOODS AND TOILETRIES AND SUPERMARKETS ENJOYED GROWTH BETWEEN 12.7% TO 26.0%.

OUTLOOK

FOR WHOLESALE TRADE, A NET WEIGHTED BALANCE OF 11% OF FIRMS ANTICIPATES BUSINESS TO BE LESS BRISK FOR COMING MONTHS. THOSE DEALING IN JEWELLERY AND WATCHES, INDUSTRIAL MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS ARE AMONG THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.

FOR RETAILERS, A NET WEIGHTED BALANCE OF 8%, FORECAST THE BUSINESS CONDITIONS TO IMPROVE IN THE NEXT SIX MONTHS. DEPARTMENT STORES OWNERS AND RETAILERS OF FURNITURE AND FURNISHINGS ARE OPTIMISTIC ABOUT THE BUSINESS PROSPECTS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

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