MIRA INFORM REPORT

Report Date :

08.06.2007

IDENTIFICATION DETAILS

Name :	AGROCORP INTERNATIONAL PTE LTD

Registered Office :	^{133 New Bridge Road, #22-01/02, Chinatown Point, Singapore – 059413}

Country :	Singapore

Date of Incorporation :	^27/10/1990

Com. Reg. No.:	^199005306N

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading in Commodities.

RATING & COMMENTS

MIRA’s Rating :

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 :	Exists

Subject Company

AGROCORP INTERNATIONAL PTE LTD

Line Of Business

TRADING IN COMMODITIES

Parent Company

Financial Elements

FY2004

COMPANY

Sales : S$175,599,389

Networth : S$ 3,988,408

Paid-Up Capital : S$ 1,297,578

Net result : S$ 584,056

Net Margin(%) : 0.33

Return on Equity(%) : 14.64

Leverage Ratio : 4.66 TIMES

COMPANY IDENTIFICATION

^{Subject Company : AGROCORP INTERNATIONAL PTE LTD}

^{Former Name :
-}

^{Business Address : 133 NEW BRIDGE ROAD}

^#22-01/02

^{CHINATOWN POINT}

^{Town :
SINGAPORE}

^{Postcode :
059413}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6534 4878}

^{Fax :
6534 1426}

^{ROC Number :
199005306N}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
27/10/1990}

^{Previous Legal Form : -}

^{Summary year :
31/12/2004}

^{Sales :
175,599,389}

^{Net Worth :
3,988,408}

^{Capital :
1,730,104}

^{Paid-Up Capital :
1,297,578}

^{Employees :
18}

^{Net Result :
584,056}

^{Share value :
1}

^{Auditor :
BAKER TILLY TFWLCL}

REFERENCES

^{Litigation :
YES}

^{Company status : TRADING}

^{Started :
27/10/1990}

PRINCIPAL(S)

^{IYENGAR VIJAYKUMAR GOPALAN S2592639J
Director}

DIRECTOR(S)

^{IYENGAR VIJAYKUMAR GOPALAN S2592639J Director}

^{Appointed on :
16/11/1990}

^{Street :
15 GRANGE ROAD}

^#28-17

^{GRANGE HEIGHTS}

^{Town :
SINGAPORE}

^{Postcode :
239696}

^{Country :
Singapore}

^{AKILA VIJAY IYENGAR S2592640D Director}

^{Appointed on :
17/07/1997}

^{Street :
15 GRANGE ROAD}

^#28-17

^{GRANGE HEIGHTS}

^{Town :
SINGAPORE}

^{Postcode :
239696}

^{Country :
Singapore}

^{RAGHAVAN RAVI F484115 Director}

^{Appointed on :
27/04/1994}

^{Street :
99 MEYER ROAD}

^#21-03

^{THE SOVEREIGN}

^{Town :
SINGAPORE}

^{Postcode :
437920}

^{Country :
Singapore}

^{LEOW HIAN NEE S2202831F Company Secretary}

^{Appointed on :
09/03/2007}

^{Street :
2L LIMAU GARDEN}

^{RICHMOND VILLE}

^{Town :
SINGAPORE}

^{Postcode :
465921}

^{Country :
Singapore}

FORMER DIRECTOR(S)

^TAY^{PENG HIONG S1130579B}

^{LIM KAM LO S2174131J}

^{SAMUEL JOSEPH MARSHALL S2605027H}

^{LAM WENG KWONG S1734467F}

ACTIVITY (IES)

^{IMPORTERS And EXPORTERS Code: 11760}

^{COMMODITY BROKERS Code: 5000}

^{FERTILIZERS - WHSLE And MFRS Code: 8710}

^{STEEL PRODUCTS Code:
20410}

^{FEED - WHSLE And MFRS Code: 8620}

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

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

^{2) COMMODITY BROKERS AND DEALERS}

CHARGES

^{Date :
29/06/2005}

^{Comments : CHARGE NO: C200503701}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): RAIFFEISEN ZENTRALBANK
OESTERREICH}

^{AKTIENGESELLSCHAFT}

^{Date :
16/01/2006}

^{Comments :
CHARGE NO: C200600370, C200600369}

^{SECURED: 0.00 AND ALL
MONIES OWING}

^{CHARGEE: DBS BANK LTD}

^{Date :
01/04/2004}

^{Comments :
CHARGE NO: C200403054 (DISCHARGED - 12/07/2005)}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): RAIFFEISEN ZENTRALBANK OSTERREICH
AG}

^{Date :
01/04/2004}

^{Comments :
CHARGE NO: C200401678}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): NATEXIS BANQUES POPULAIRES}

^{Date :
12/12/1996 Amount: 330,000}

^{Comments :
CHARGE NO: 9607483}

^{AMOUNT SECURED: S$330,000 AND ALL MONIES
OWING}

^{CHARGEE(S): INDIAN BANK}

^{Date :
01/10/1996 Amount: 120,947}

^{Comments :
CHARGE NO: 9605976}

^{AMOUNT SECURED: USD
120,946.09 AND ALL MONIES OWING}

^{CHARGEE(S): INDIAN BANK}

^{Date :
16/01/1998 Amount: 80,000}

^{Comments :
CHARGE NO: 199800318}

^{AMOUNT SECURED: USD
80,000.00 AND ALL MONIES OWING}

^{CHARGEE(S): INDIAN BANK}

^{Date :
07/02/1998 Amount: 85,000}

^{Comments :
CHARGE NO: 199800698}

^{AMOUNT SECURED: USD 85,000.00 AND ALL MONIES OWING}

^{CHARGEE(S): INDIAN BANK}

^{Date :
05/03/1999}

^{Comments :
CHARGE NO: 199900770}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): COOPERATIVE CENTRAL
RAIFFEISEN-BOERENLEEBANK B.A.}

^{Date :
11/08/1999}

^{Comments :
CHARGE NO: 199903186 (DISCHARGED - 27/02/2001)}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): BANQUE NATIONALE DE PARIS}

^{Date :
12/07/2000}

^{Comments :
CHARGE NO: 200003138 (DISCHARGED - 20/03/2001)}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): STANDARD CHARTERED BANK}

^{Date :
30/03/2001}

^{Comments :
CHARGE NO: 200101478}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): INDIAN BANK}

^{Date :
31/07/2001}

^{Comments :
CHARGE NO: 200103600 (DISCHARGED - 10/05/2004)}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWING}

^{CHARGEE(S): RAIFFEISEN ZENTRALBANK OSTERREICH
AG}

^{Date :
04/02/2004}

^{Comments :
CHARGE NO: C200400603}

^{SECURED: 0.00 AND ALL
MONIES OWING}

^{CHARGEE: STANDARD CHARTERED BANK}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{INDIAN BANK}

^{STANDARD CHARTERED BANK}

^{INDIAN OVERSEAS BANK}

^{DBS BANK LTD.}

^{FORTIS BANK (NETHERLAND) N.V SINGAPORE
BRANCH}

^{BNP PARIBAS}

^{RABOBANK NETHERLAND}

^{RAIFFEISEN ZENTRALBANK OESTERREICH
AKTIENGESELLSCHAFT}

^{NATEXIS BANQUES POPULAIRES}

SHAREHOLDERS(S)

^{IYENGAR VIJAYKUMAR GOPALAN 1,542,857 Private
Person}

^{Street :
15 GRANGE ROAD}

^#28-17

^{GRANGE HEIGHTS}

^{Town :
SINGAPORE}

^{Postcode :
239696}

^{Country :
Singapore}

^{AKILA VIJAY IYENGAR 147,857 Private Person}

^{Street :
15 GRANGE ROAD}

^#28-17

^{GRANGE HEIGHTS}

^{Town :
SINGAPORE}

^{Postcode :
239696}

^{Country :
Singapore}

^{RAGHAVAN RAVI 559,286 Private Person}

^{Street :
99 MEYER ROAD}

^#21-03

^{THE SOVEREIGN}

^{Town :
SINGAPORE}

^{Postcode :
437920}

^{Country :
Singapore}

FORMER SHAREHOLDER(S)

^{COUNTERCORP TRADING PTE LTD 15,000}

^{NOSTRAD INTERNATIONAL PTE LTD 25,000}

^{TAN LEE CHIN KATY 1}

^{LIM CHWEE KHEEM 1}

^{SAMUEL JOSEPH MARSHALL 90,000}

SUBSIDIARY (IES)

^{INTRA BUSINESS PTE LTD Singapore}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend :
LEVEL}

^{Financial
Situation : UNKNOWN}

LITIGATION(S)

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

^{Case Number :
HWS00558/1995}

Defendant AGROCORP INTERNATIONAL PTE LTD ROC # : 199005306N

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

^{Case Number :
DCS05259/1995}

Defendant AGROCORP INTERNATIONAL PTE LTD ROC # : 199005306N

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

^{Case Number :
DCS00159/1999}

Defendant AGROCORP INTERNATIONAL PTE LTD ROC # : 199005306N

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

^{Case Number :
HWS00423/01}

Defendant AGROCORP INTERNATIONAL PTE LTD ROC # : 199005306N

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

^{Case Number : HWS01841/97}

Defendant AGROCORP INTERNATIONAL PTE LTD ROC # : 199005306N

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

^{Case Number :
HWS02479/96}

Defendant AGROCORP INTERNATIONAL PTE LTD ROC # : 199005306N

FINANCIAL ELEMENTS

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

^{Audit Qualification: UNQUALIFIED UNQUALIFIED UNQUALIFIED}

^{(CLEAN) (CLEAN) (CLEAN)}

^{Date Account Lodged: 08/07/2005}

^{Balance Sheet Date: 31/12/2004 31/12/2003 31/12/2002}

^{Number of weeks: 52 52 52}

^{Consolidation Code: CONSOLIDATED CONSOLIDATED COMPANY}

^{--- ASSETS ---}

^{Tangible Fixed Assets: 15,502 20,128 2,530}

^{Investments 26,871 26,871 500,000}

^{Total Fixed Assets}^{: 42,373 46,999 502,530}

^{Receivables: 18,988,520 7,392,232 30,208,668}

^{Cash, Banks,
Securities: 3,364,240 3,260,001 9,131,219}

^{Other current assets: 190,230 581,634 910,686}

^{Total Current Assets}^{: 22,542,990 11,233,867 40,250,573}

^{TOTAL
ASSETS: 22,585,363 11,280,866 40,753,103}

^{--- LIABILITIES ---}

^{Equity capital: 1,297,578 1,297,578 2,250,000}

^{Reserves: 31,117 31,117 -}

^{Profit & loss
Account: 2,659,713 2,253,277 3,636,829}

^{Total Equity}^{: 3,988,408 3,581,972 5,886,829}

^{Trade Creditors: 2,675,220 4,147,573 19,563,994}

^{Advanced payments: 80,423 8,190 -}

^{Due to Bank: 14,138,932 2,921,546 10,750,233}

^{Provisions: 83,523 30,771 198,466}

^{Other Short term
Liab.: 257,000 161,471 398,847}

^{Prepay. & Def.
charges: 1,361,857 429,343 3,954,734}

^{Total short term Liab.}^{: 18,596,955 7,698,894 34,866,274}

^{TOTAL
LIABILITIES: 18,596,955 7,698,894 34,866,274}

PROFIT & LOSS ACCOUNT

^{Net Sales 175,599,389 149,015,610 378,152,791}

^{Gross Profit: 2,426,138 - -}

^{Result of ordinary
operations 944,906 744,180 1,092,087}

^{NET RESULT BEFORE TAX: 698,751 540,897 1,161,901}

^{Tax : 114,695 29,000 230,000}

^{Net income/loss year: 584,056 511,897 931,901}

^{Interest Paid: 276,349 221,852 7,398}

^{Depreciation: 7,612 18,255 42,583}

^{Dividends: 177,620 152,037 827,600}

^{Directors Emoluments: 235,002 251,799 388,930}

^{Wages and Salaries: 403,922 363,418 -}

^{Financial Income: 30,194 18,569 77,212}

RATIOS

^{31/12/2004 31/12/2003 31/12/2002}

^{Turnover per employee: 9755521.61 8278645.00 21008488.39}

^{Net Margin(%): 0.33 0.34 0.25}

^{Return on Equity(%): 14.64 14.29 15.83}

^{Return on Assets(%): 2.59 4.54 2.29}

^{Dividends Coverage: 3.29 3.37 1.13}

^{Net Working capital: 3946035.00 3534973.00 5384299.00}

^{Cash Ratio: 0.18 0.42 0.26}

^{Quick Ratio: 1.20 1.38 1.13}

^{Current ratio: 1.21 1.46 1.15}

^{Receivables Turnover: 38.93 17.86 28.76}

^{Leverage Ratio: 4.66 2.15 5.92}

^{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}

^{Receivables Turnover :
(Receivable*360)/Net sales}

^{Leverage Ratio : Total
liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

*THE 2002 FINANCIAL STATEMENT WAS IN SINGAPORE DOLLARS.

*THE 2003 AND 2004 FINANCIAL STATEMENTS WERE EXPRESSED IN THE UNITED STATES DOLLARS.

^{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 TO MAINTAIN PROPER ACCOUNTING.}

^{* THE LATEST FINANCIAL STATEMENTS FILED IN BY
THE COMPANY AS AT YEAR ENDED 31/03/2006 ARE NOT AVAILABLE. AS SUCH, ADVERSE
CHECKS ON THE LOCAL DIRECTORS WILL BE CONDUCTED. FY2004/3/2 FINANCIALS SERVE AS
A REFERENCE ONLY.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 27/10/1990 AS A LIMITED
EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS
"AGROCORP INTERNATIONAL PTE LTD".}

^{AS AT 04/06/2007, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF 2,250,000 SHARES, OF A VALUE OF S$2,250,000.}

^{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) COMMODITY BROKERS AND DEALERS}

^{DURING THE FINANCIAL YEAR(S) 2004, UNDER
REVIEW, SUBJECT'S AND ITS SUBSIDIARY PRINCIPAL ACTIVITIES ARE TRADING IN
COMMODITIES.}

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

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

^{SUBJECT ENGAGES IN WHOLESALING &
DISTRIBUTING OF AGRICULTURAL COMMODITIES (SUCH AS SOYA BEAN, COCOA, RICE, ETC). SUBJECT INITIALLY
SPECIALISED IN MONO-SODIUM GLUTAMATE & BUILDING MATERIALS FROM INDONESIA TO MYANMAR BUT WAS DIVERSIFIED INTO AN
INTERNATIONAL COMMODITY TRADING HOUSE SINCE 1992. SUBJECT IS A SPECIALISTS IN
PHYSICAL TRADING OF AGRI-COMMODITIES, STEEL, CEMENT AND FERTILIZERS.}

^PRODUCTS:

^{* PULSES AND BEANS:}

^{- SPECKLED KIDNEY BEANS, PIGEON PEAS (TUR
WHOLE), WHITE KIDNEY BEANS, RED WHOLE LENTILES, GREEN PEAS, LIMA BEANS, ETC.}

^{* NUTS AND ALLIED PRODUCTS:}

^{- GROUNDNUT KERNELS, GROUNDNUT IN SHELL,
PUMPKIN SEED KERNELS, MELON SEED KERNELS.}

^{* CEREALS:}

^{- RICE, WHEAT, SORGHUM, BARLEY.}

^{* ANIMAL FEED:}

^{- SOYA BEAN MEAL, YELLOW MAIZE, COTTON SEED
EXTRACTION, RAPE SEED EXTRACTION, SESAME SEED EXTRACTION, ETC.}

^{* BIRD FEED:}

^{- SUNFLOWER SEED, NIGER
SEED, PINENUTS, GROUNDNUTS, POPPY SEED.}

^{* OIL SEEDS:}

^{- SESAME SEED, RAPE SEED, LINSEED, CASTOR
SEED, MUSTARD SEED, SAFFLOWER SEED, COPRA.}

^{* SPICES:}

^{- TUMERIC FINGER, CUMIN SEED, CORIANDER SEED,
RED CHILLI.}

^{* STEEL:}

^{- STEEL BILLETS, DEFORMED BARS, HOT ROLLED
COILS, COLD ROLLED COILS, WIRE RODS.}

^{* MISCELLENEOUS PRODUCTS:}

^{- COAL, BITUMEN, CEMENT, SUGAR, FERTILIZER.}

^SERVICES:

^{* MONITORING CARGO QUALITY DURING LOADING AND
DISCHARGING OPERATIONS}

^{* SPEEDY DOCUMENTATION}

^{* PROMPT LOADING FORMALITIES AND DISCHARGING
OF VESSEL,}

^{* ADVISING CLIENTS AND PROVIDING UP-TO-DATE
INFORMATION ON PRICES, MARKET TRENDS AND MOVEMENTS}

^MARKETS:

^{* MYANMAR,
INDIA, BANGLADESH, PAKISTAN,
SRI LANKA, TURKEY AND AUSTRALIA.}

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

^{* SINGAPORE INDIAN CHAMBER OF
COMMERCE AND INDUSTRY}

^{* SINGAPORE BUSINESS FEDERATION}

^{QUALITY ASSESSMENT:}

^{* ENTERPRISE
50}

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS
TELE-INTERVIEW WAS NOT GRANTED BY SUBJECT'S PERSONNEL ON 08/06/2007.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2004: 18 (2003: 17; 2002: 17;
2001: 18)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{133 NEW BRIDGE ROAD}

^#22-01/02

^{CHINATOWN POINT}

^SINGAPORE⁰⁵⁹⁴¹³

^{DATE OF CHANGE OF ADDRESS: 28/11/1998}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED BY: WESTPORT MARINE SERVICES
PTE LTD}

^WEBSITE:

^{* www.agrocorp.com.sg}

^EMAIL:

^{* ag@agrocorp.com.sg}

MANAGEMENT

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

^{1) IYENGAR VIJAYKUMAR GOPALAN, A SINGAPOREAN}

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

^{2) AKILA VIJAY IYENGAR, A SINGAPORE
PERMANENT RESIDENT}

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

^{INTRA BUSINESS PTE LTD}

^{3) RAGHAVAN RAVI, A SINGAPORE
PERMANENT RESIDENT}

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

^{INTRA BUSINESS PTE LTD}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: IYENGAR VIJAYKUMAR GOPALAN}

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

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: NA}

^{CO-OWNER: NA}

^{DIRECTOR'S NAME: AKILA VIJAY IYENGAR}

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

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: NA}

^{CO-OWNER: NA}

^{DIRECTOR'S NAME: RAGHAVAN RAVI}

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

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: NA}

^{CO-OWNER: NA}

^{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%)

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