MIRA INFORM REPORT

Report Date :

05.06.2007

IDENTIFICATION DETAILS

Name :	MEDQUEST MARKETING PTE LTD

Registered Office :	^{103 Boon Keng Road, #06}^-^{22, Singapore – 339774}

Country :	Singapore

Date of Incorporation :	^10/09/2001

Com. Reg. No.:	^200105963D

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Medical Equipment & Supplies

RATING & COMMENTS

MIRA’s Rating :

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 :	Moderate

Payment Behaviour :	Regular

Litigation :	Exists

Subject Company

MEDQUEST MARKETING PTE LTD

Line Of Business

MEDICAL EQUIPMENT & SUPPLIES

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$80,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : MEDQUEST MARKETING PTE LTD}

^{Former Name :
-}

^{Business Address : 103
BOON KENG ROAD}

^#06-22

^{Town :
SINGAPORE}

^{Postcode :
339774}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6382 3654}

^{Fax :
6382 3102}

^{ROC Number :
200105963D}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
10/09/2001}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Net Worth :
-}

^{Paid-Up Capital :
80,000}

^{Employees :
9}

^{Net Result :
-}

^{Auditor :
DAVID YEUNG & CO}

REFERENCES

^{Litigation :
YES}

^{Company status : TRADING}

^{Started :
10/09/2001}

PRINCIPAL(S)

^{WAN SAMSOR BIN WAN AWI S1667059F
Director}

DIRECTOR(S)

^{WAN SAMSOR BIN WAN AWI S1667059F Director}

^{Appointed on :
14/05/2002}

^{Street :
171 WOODLANDS STREET
11}

^#10-31

^{Town :
SINGAPORE}

^{Postcode :
730171}

^{Country :
Singapore}

^{WAN SUHAIMI BIN WAN AWI S1684033E Director}

^{Appointed on :
10/09/2001}

^{Street :
672 WOODLANDS DRIVE
71}

^#04-71

^{Town :
SINGAPORE}

^{Postcode :
730672}

^{Country :
Singapore}

^{WAN SUHAIMI BIN WAN AWI S1684033E Manager}

^{Appointed on :
01/03/2004}

^{Street :
672 WOODLANDS DRIVE
71}

^#04-71

^{Town :
SINGAPORE}

^{Postcode :
730672}

^{Country :
Singapore}

^{THAMARAI D/O KRISHNAN S6840154B Company Secretary}

^{Appointed on :
27/10/2004}

^{Street :
128 TANJONG PAGAR ROAD}

^{Town :
SINGAPORE}

^{Postcode :
088535}

^{Country :
Singapore}

ACTIVITY (IES)

^{MEDICAL ELECTRONICS Code: 13650}

^{SURGICAL APPLIANCES Code: 20590}

^{COMMISSION MERCHANTS Code: 4990}

^{HEALTH FOODS - WHSLE And MFRS Code:
11100}

^{BASED ON ACRA'S RECORD AS AT
17/04/2007}

^{1) WHOLESALE OF HEALTH FOOD; SALES, MARKETING
& DISTRIBUTION OF MEDICAL OR SURGICAL DEVICES & EQUIPMENT}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Bankers’ Information In Our Databases

ASSOCIATED COMPANY(IES)

^{HIPS TECHNOLOGY PRIVATE LIMITED Singapore}

SHAREHOLDERS(S)

^{WAN SAMSOR BIN WAN AWI 40,000 Private Person}

^{Street :
171 WOODLANDS STREET
11}

^#10-31

^{Town :
SINGAPORE}

^{Postcode :
730171}

^{Country :
Singapore}

^{WAN SUHAIMI BIN WAN AWI 40,000 Private Person}

^{Street :
672 WOODLANDS DRIVE
71}

^#04-71

^{Town :
SINGAPORE}

^{Postcode :
730672}

^{Country :
Singapore}

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)

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

^{Case Number :
MCS16016/2006}

Defendant MEDQUEST MARKETING PTE LTD ROC # : 200105963D

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 31/12/2005 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 10/09/2001 AS A LIMITED
EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "MEDQUEST MARKETING PTE LTD".}

^{AS AT 17/04/2007, THE COMPANY HAS AN ISSUED
AND PAID UP CAPITAL OF 80,000 SHARES OF A VALUE OF S$80,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF HEALTH FOOD; SALES, MARKETING
& DISTRIBUTION OF MEDICAL OR SURGICAL DEVICES & EQUIPMENT}

^{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: MEDICAL EQUIPMENT & SUPPLIES.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
04/06/2007, THE FOLLOWING INFORMATION HAS BEEN GATHERED:}

^{SUBJECT ENGAGED IN THE FOLLOWING ACTIVITIES:}

^{* WHOLESALE, IMPORTER AND EXPORTER OF MEDICAL
PRODUCTS AND DEVICES.}

^{IMPORT COUNTRIES:}

^{* UNITED STATES OF AMERICA}

^{EXPORT COUNTRIES:}

^{* ASIAN COUNTRIES SUCH AS MALAYSIA}

^{SUBJECT ALSO ENGAGED IN LOCAL SALES BUSINESS.}

^{NO. OF EMPLOYEES :}

^{* COMPANY - 9}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE
ON 04/06/2007.}

^{REGISTERED OFFICE AND BUSINESS ADDRESS:}

^{103 BOON KENG
ROAD}

^#06-22

^SINGAPORE³³⁹⁷⁷⁴

^{DATE OF CHANGE OF ADDRESS: 15/10/2003}

^WEBSITE:

^{* NIL}

^EMAIL:

^{* jennifer@medquest.com.sg}

MANAGEMENT

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

^{1) WAN SAMSOR BIN WAN AWI, A SINGAPOREAN}

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

^{2) WAN SUHAIMI BIN WAN AWI, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: WAN SAMSOR BIN WAN AWI}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$7,200}

^{CO-OWNER: ROSMAH BT RAWI}

^{DIRECTOR'S NAME: WAN SUHAIMI BIN WAN AWI}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: NIL}

^{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