MIRA INFORM REPORT

Report Date :

13.03.2007

IDENTIFICATION DETAILS

Name :	U SAY MARKETING PTE LTD

Registered Office :	^{1 Wholesale Centre, #02-03, Pasir Panjang Wholesale Centre, Singapore 110001}

Country :	Singapore

Date of Incorporation :	^25/07/2001

Com. Reg. No.:	^200104905M

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Import of Fresh Produce

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 :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

U SAY MARKETING PTE LTD

Line Of Business

IMPORT OF FRESH PRODUCE

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$300,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : U SAY MARKETING PTE LTD}

^{Former Name :
SHENYANG FRUITS MARKETING PTE LTD}

^{Business Address : 1 WHOLESALE CENTRE}

^#02-03

^{PASIR PANJANG WHOLESALE CENTRE}

^{Town :
SINGAPORE}

^{Postcode :
110001}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6872 4868}

^{Fax :
6872 4003}

^{ROC Number :
200104905M}

^{Reg. Town :
-}

PREVIOUS IDENTIFICATION

^{SHENYANG FRUITS MARKETING PTE LTD DATE OF CHANGE OF NAME: 24/08/2001}

SUMMARY

^{All amounts in this report are in : SGD unless otherwise
stated}

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
25/07/2001}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Net Worth :
-}

^{Capital :
-}

^{Paid-Up Capital :
300,000}

^{Employees :
2}

^{Net result :
-}

^{Share value :
-}

^{Auditor :
GOH NGIAP SUAN & CO}

REFERENCES

^{Litigation :
No}

^{Company status: TRADING}

^{Started :
25/07/2001}

PRINCIPAL(S)

^{LOW SAY EAM S2594509C Director}

DIRECTOR(S)

^{LOW SAY EAM S2594509C Director}

^{Appointed on: 25/07/2001}

^{Street: 39
BANGKIT ROAD}

^#10-01

^CHESTERVALE

^{Town: SINGAPORE}

^{Postcode: 679977}

^{Country: Singapore}

^{SER LIP JING S0821712B Company Secretary}

^{Appointed on: 30/09/2002}

^{Street: 2
MARSILING DRIVE}

^#06-35

^{Town: SINGAPORE}

^{Postcode: 730002}

^{Country: Singapore}

^{CHONG HUI HUI S7981789I Director}

^{Appointed on: 20/02/2006}

^{Street: 39
BANGKIT ROAD}

^#10-01

^CHESTERVALE

^{Town: SINGAPORE}

^{Postcode: 679977}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{HENG KIM SIANG S1382254I}

^{TAY LIANG WEE (ZHENG LIANGWEI) S6943885G}

^{LEE JIMMY S1166417B}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{FRUITS And VEGETABLES - WHSLE Code:9730}

^{BASED ON ACRA'S RECORD AS AT 08/03/2007}

^{1) WHOLESALE OF FRUITS AND VEGETABLES}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (E.G.
COMMISSION AGENCIES)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Banker Information In Our Database

SHAREHOLDERS(S)

^{LOW SAY EAM 299,999 Private Person}

^{Street: 39
BANGKIT ROAD}

^#10-01

^CHESTERVALE

^{Town:
SINGAPORE}

^{Postcode: 679977}

^{Country: Singapore}

^{CHONG HUI HUI 1 Private Person}

^{Street: 39
BANGKIT ROAD}

^#10-01

^CHESTERVALE

^{Town: SINGAPORE}

^{Postcode: 679977}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{QUEK SIN HIEN 60,000}

^{QUEK CHIN HOCK 60,000}

^{TAN LI-JIN (CHEN LIREN) 3}

^{LEE JIMMY 60,000}

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)

No Litigation In Our Database

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.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON} ^{25/07/2001
AS A LIMITED EXEMPT PRIVATE COMPANY AND WAS TRADING UNDER} ^{THE
NAMESTYLE OF "SHENYANG FRUITS MARKETING PTE LTD".}

^{SUBSEQUENTLY ON 24/08/2001, THE COMPANY
CHANGED TO ITS PRESENT} ^{NAMESTYLE OF "U SAY MARKETING PTE LTD".}

^{AS AT 08/03/2007, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF} ^{300,000 SHARES, OF A VALUE OF S$300,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF FRUITS AND VEGETABLES}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (E.G.
COMMISSION AGENCIES)}

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

^ACTIVITIES

^{- SPECIALIZES IN IMPORTS OF FRESH PRODUCES,
BOTH CONVENTIONAL AND} ^{FULL ORGANIC}

^{FRUITS AND VEGETABLES}

^{- MARKETING ARM FOR VARIOUS OVERSEAS
SUPPLIERS FOR BOTH SINGAPORE AND} ^MALAYSIA

^MARKETS

^SERVICES

^{- MARKETING SERVICES, INCLUDING MARKET
RESEARCH, ORGANISING} ^{PROMOTIONAL ACTIVITIES,}

^{ARRANGING LOGISTICS BACK UP SUCH AS} ^{REFRIGERATED COLD STORAGE AND DELIVERY TRANSPORTATION, AS WELL AS THE DETAILED SURVEY REPORTS ON
QUALITY OUTTURNS AND}

^{MARKET FEEDBACKS WITH COMPARISON TO ALL COMPETITIONS}

^{TRADE NAMES}

^{- BLUE WHALE}

^{- TAFFN}

^{SOLE DISTRIBUTOR OF}

^{- ENZA APPLES (NEW ZEALAND)}

^{TERMS OF PAYMENTS}

^{- SUPPLIERS: CREDIT TERMS; VARIES}

^{- CUSTOMERS: 30 TO 35 DAYS TERM}

^{ACCORDING AN EARLIER TELE-INTERVIEW CONDUCTED
ON 28/09/2006, THE} ^{FOLLOWING INFORMATION WAS GATHERED:}

^ACTIVITIES

^{- IMPORT AND DISTRIBUTION OF FRESH PRODUCE
(EG. FRUITS AND VEGETABLES)}

^{NUMBER OF EMPLOYEES}

^{- 2}

^{MARKET PRESENCE}

^{- EXPORT COUNTRIES: MALAYSIA AND THAILAND}

^{- SINGAPORE}

^{IMPORT COUNTRIES}

^{- NEW ZEALAND, CHINA, KOREA AND AUSTRALIA}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE
VIA THE TELE-INTERVIEW.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{1 WHOLESALE CENTRE}

^#02-03

^{PASIR PANJANG WHOLESALE CENTRE}

^{SINGAPORE 110001}

^{DATE OF CHANGE OF ADDRESS: 01/03/2002}

^WEBSITE:

^{http://www.usaymarketing.com}

^EMAIL:

^{usaymktg@singnet.com.sg}

MANAGEMENT

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

^{1) LOW SAY EAM, A SINGAPORE PERMANENT RESIDENT}

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

^{2) CHONG HUI HUI, A SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: CHONG HUI HUI}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: N.A.}

^{CO-OWNER(S): N.A.}

^{DIRECTOR'S NAME: LOW SAY EAM}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$9,600}

^{CO-OWNER(S): 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 2006

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE’S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR’S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.
ONE OF ASIA’S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.
WORKFORCE’S EDUCATION AND SKILL LEVEL IS VERY HIGH.
A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.
THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.
GREAT POLITICAL STABILITY.

WEAKNESSES

ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.
MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES
REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.
AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

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