MIRA INFORM REPORT

Report Date :

27.06.2007

IDENTIFICATION DETAILS

Name :	JOHN DEERE ASIA (SINGAPORE) PRIVATE LIMITED

Registered Office :	^{438 Alexandra Road, #06-02/03}^{, Alexandra Point,}^Singapore^–¹¹⁹⁹⁵⁸

Country :	Singapore

Date of Incorporation :	^13/07/2006

Com. Reg. No.:	^200610270R

Legal Form :	^{Pte Ltd}

Line of Business :	Wholesale of Agricultural Machinery and Equipment.

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 :	Satisfactory

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

JOHN DEERE ASIA (SINGAPORE) PRIVATE LIMITED

Line Of Business

WHOLESALE OF AGRICULTURAL MACHINERY AND EQUIPMENT.

Parent Company

JOHN DEERE ASIA LIMITED

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : S$85,981,760

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

COMPANY IDENTIFICATION

^{Subject Company :}^{JOHN DEERE ASIA (SINGAPORE)} ^{PRIVATE
LIMITED}

^{Former Name :}^-

^{Business Address :}^{438 ALEXANDRA ROAD}

^#06-02/03

^{ALEXANDRA POINT}

^{Town :
SINGAPORE}

^{Postcode :}¹¹⁹⁹⁵⁸

^{County :
-}

^{Country :
Singapore}

^{Telephone :}^{6879 8800}

^{Fax :}^{6278 0363}

^{ROC Number :}^200610270R

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :}^{Pte Ltd}

^{Date Inc. :}^13/07/2006

^{Previous Legal
Form}^:
-

^{Summary year :}^-

^{Sales :}^-

^{Networth :}^-

^{Capital :}^-

^{Paid-Up Capital :}^85,981,760

^{Employees :
15}

^{Net result
:}^-

^{Share value :
1}

^{Auditor :}^{DELOITTE & TOUCHE}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :}^13/07/2006

PRINCIPAL(S)

^{WOO MAY POH
S7128630D Director}

DIRECTOR(S)

^{TAY TUAN LENG S7432140B Company Secretary}

^{Appointed on : 21/07/2006}

^{Street :
635 PASIR RIS DRIVE
1}

^#11-600

^{Town : SINGAPORE}

^{Postcode : 510635}

^{Country : Singapore}

^{WOO MAY POH S7128630D Director}

^{Appointed on : 13/07/2006}

^{Street : 476 ANG
MO KIO AVENUE 1O}

^#11-796

^{Town : SINGAPORE}

^{Postcode : 560476}

^{Country : Singapore}

^{LATHIKA DEVI AMMA
D/O K R PILLAY S1552769B Company
Secretary}

^{Appointed on : 21/07/2006}

^{Street : 67 CHOA CHU KANG ROAD}

^{NICON GARDENS}

^{Town : SINGAPORE}

^{Postcode : 689415}

^{Country : Singapore}

^{OOI YAN CHONG E1013144 Director}

^{Appointed on : 17/07/2006}

^{Street : 8 POINCIANA CRESCENT,}

^STRETTON

^{Town : QUEENSLAND}

^{Postcode : 4116}

^{Country : Australia}

^{WAYNE ALEXANDER
HAUGHTON BA144714 Director}

^{Appointed on : 15/01/2007}

^{Street : 1050, LE
LEMAN LAKE VILLAS,}

^{SOUTHEAST BAIXINZHUANG
VILLAGE,}

^{HOUSHAYU AREA, SHUNGYI
DISTRICT}

^{Town : BEIJING}

^{Postcode : 101300}

^{Country : China}

^{LIEW LEONG
KONG A10732203 Director}

^{Appointed on : 15/01/2007}

^{Street : NO. 81
JALAN MIDAH BESAR,}

^{TAMAN
MIDAH CHERAS}

^{Town : KUALA LUMPUR}

^{Postcode : 56000}

^{Country : Malaysia}

ACTIVITY(IES)

^{AGRICULTURAL
EQUIPMENT And SUPPLIES - WHSLE And MF
Code: 360}

^{BASED ON ACRA'S
RECORD DATED 21/06/2007,}

^{(1) WHOLESALE OF AGRICULTURAL
MACHINERY AND EQUIPMENT}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{JOHN DEERE ASIA LIMITED 85,981,760 Company}

^{Street : UNIT
707-8 LIPPON SUN PLAZA}

^{28 CANTON ROAD, KOWLOON}

^{Town : HONG KONG}

^{Postcode : -}

^{Country : Hong Kong}

HOLDING COMPANY

^{JOHN DEERE ASIA LIMITED UF43809R % :
100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : UNKNOWN

Liquidity : UNKNOWN

Payments : UNKNOWN

Trend : UNKNOWN

Financial Situation : UNKNOWN

FINANCIAL COMMENTS

^{NEWLY-SET
UP 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 13/07/2006 AS A LIMITED PRIVATE COMPANY
AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "JOHN DEERRE ASIA (SINGAPORE)
PRIVATE LIMITED".}

^{AS AT 21/06/2007,
THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 85,981,760 SHARES, OF A VALUE
OF S$85,981,760.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1) WHOLESALE OF
AGRICULTURAL MACHINERY AND EQUIPMENT}

^{THE COMPANY IS
LISTED IN THE SINGAPORE
LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: INDUSTRIAL EQUIPMENT AND
SUPPLIES FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:}

^ACTIVITIES:

^{* DISTRIBUTION OF
EQUIPMENT FOR USE IN AGRICULTURE, CONSTRUCTION, FORESTRY, AND LAWN AND GROUNDS
CARE; MANUFACTURES ENGINES AND OTHER POWERTRAIN COMPONENTS FOR JOHN DEERE
EQUIPMENT AND OTHER MANUFACTURERS.}

^NEWS:

^{JOHN DEERE ASIA
MOVES TO SINGAPORE}

^{SOURCE: JOHN DEERE
NEWSROOM}

^{JOHN DEERE ASIA
OFFICIALLY RELOCATED FROM ITS HONG KONG OFFICE TO A NEW OFFICE FACILITY AT
ALEXANDRA POINT IN SINGAPORE
AT THE END OF DECEMBER.}

^{WAYNE HAUGHTON,
DIRECTOR OF MARKETING - ASIA, SAID ONE OF THE BENEFITS OF THE NEW LOCATION IS
THAT SINGAPORE IS MUCH
CLOSER TO NEW "EMERGING" MARKETS, SUCH AS INDONESIA,
THAILAND, AND VIETNAM.}

^{DOUG DEVRIES,
SENIOR VICE PRESIDENT OF MARKETING FOR NORTH AMERICA, AUSTRALIA, AND ASIA, AND HAUGHTON ATTENDED THE
RIBBON-CUTTING CEREMONY IN EARLY DECEMBER ALONG WITH THE JOHN DEERE ASIA EMPLOYEES AND NEW RECRUITS. SEVERAL JOHN DEERE ASIA
DEALERS ALSO ATTENDED THE GRAND-OPENING EVENT IN SINGAPORE.}

^{THE EVENT FEATURED
A TRADITIONAL "WAKING UP THE LION" DANCE THAT, ACCORDING TO LOCAL
CULTURE, IS BELIEVED TO BRING LUCK, HAPPINESS, AND PROSPERITY TO OCCUPANTS OF
THE NEW FACILITY. THE DANCE IS PERFORMED TO THE ACCOMPANIMENT OF DRUMS,
CYMBALS, AND GONGS. THE INSTRUMENTS PROVIDE NOT ONLY A CADENCE FOR THE DANCERS
TO FOLLOW, BUT ALSO SERVED AS THE "HEARTBEAT" OF THE LION.}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 27/06/2007, THE FOLLOWING INFORMATION WAS GATHERED:}

^PURCHASES:

^{* WORLDWIDE}

^EXPORT:

^{* GLOBAL}

^{* SUBJECT HAS 15
EMPLOYEES.}

^{REGISTERED
ADDRESS:}

^{8 CROSS STREET}

^#11-00

^PWC^BUILDING

^SINGAPORE⁰⁴⁸⁴²⁴

^{DATE OF CHANGE OF
ADDRESS: 13/07/2006}

^{BUSINESS ADDRESS:}

^{438 ALEXANDRA ROAD}

^#06-02/03

^ALEXANDRA^POINT

^SINGAPORE¹¹⁹⁹⁵⁸

^{- PREMISE OWNED BY: FCL ALEXANDRA POINT PTE LTD}

^{WEBSITE:
www.deere.com}

^{EMAIL: -}

MANAGEMENT

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

^{1) LIEW LEONG
KONG, A MALAYSIAN}

^{- BASED IN MALAYSIA}

^{2) WAYNE ALEXANDER
HAUGHTON, A CANADIAN}

^{- BASED IN CHINA}

^{3) OOI YAN CHONG,
AN AUSTRALIAN}

^{- BASED IN AUSTRALIA}

^{4) WOO MAY POH, A
SINGAPOREAN}

^{- HOLDS OTHER
DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{TEXPARTS
MANUFACTURING}

^{ADAPTEC
MANUFACTURING (S) PTE LTD}

^{MANFRED J.C.
NIEMANN ASIA PTE LTD}

^{LVMH FRAGRANCES
AND COSMETICS PTE LTD}

^{SA SA COSMETICS CO
(S) PTE LTD}

^{GRANDE CORPROATION
PTE LTD}

^{RISING SOLUTIONS
PTE LTD}

^{KOSMIC MUSIC PTE
LTD}

^{KOSMIC FILM
ENTERTAINMENT}

^{HOMEWELL
DEVELOPMENT AND CONSTRUCTION}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
WOO MAY POH}

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

^{PROPERTY
OWNERSHIP: NIL}

^{ANNUAL VALUE: NA}

^{CO-OWNER(S): 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

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