MIRA INFORM REPORT

Report Date :

13.03.2007

IDENTIFICATION DETAILS

Name :	VENUS INTERNATIONAL PTE LTD

Registered Office :	^{111 North Bridge Road, #03-45a/B, Peninsula Plaza, Singapore - 179098}

Country :	Singapore

Date of Incorporation :	^25/03/1992

Com. Reg. No.:	^199201555W

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Imports & Exports Ranging from Commodities, Marine Products, Cosmetics to Industrial Equipments and Accessories.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

VENUS INTERNATIONAL PTE LTD

Line Of Business

IMPORTS & EXPORTS RANGING FROM COMMODITIES, MARINE PRODUCTS, COSMETICS TO INDUSTRIAL EQUIPMENTS AND ACCESSORIES.

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$1,500,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company : VENUS INTERNATIONAL PTE LTD}

^{Former Name :
-}

^{Business Address : 111 NORTH BRIDGE ROAD}

^#03-45A/B

^{PENINSULA PLAZA}

^{Town :
SINGAPORE}

^{Postcode : 179098}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6339 8421}

^{Fax :
6339 8843}

^{ROC Number :
199201555W}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
25/03/1992}

^{Previous Legal
Form :
-}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

^{Paid-Up Capital :
1,500,000}

^{Employees :
8}

^{Net result :
-}

^{Share value :
-}

^{AUDITOR :
K.F. HOONG & COMPANY}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :
25/03/1992}

PRINCIPAL(S)

^{ABDUL HARFIZ F1851646L Managing Director}

DIRECTOR(S)

^{ABDUL HARFIZ F1851646L Managing Director}

^{Appointed on :
29/07/1993}

^{Street : 56A LORONG H TELOK KURAU}

^{Town: SINGAPORE}

^{Postcode: 426064}

^{Country: Singapore}

^{HTUN NAING @ ABDUL
HALIM S7061156B Director}

^{Appointed on : 21/06/1995}

^{Street : 56A LORONG H TELOK KURAU}

^{Town: SINGAPORE}

^{Postcode: 426064}

^{Country: Singapore}

^{ABDUL HARFIZ F1851646L Director}

^{Appointed on :
25/03/1992}

^{Street : 56A LORONG H TELOK KURAU}

^{Town: SINGAPORE}

^{Postcode: 426064}

^{Country: Singapore}

^{CHEE CHOI
CHUN S7075320J Company Secretary}

^{Appointed on :
01/09/2004}

^{Street : 340 TAMPINES STREET 33}

^#08-250

^{Town: SINGAPORE}

^{Postcode: 520340}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{TOH GEOK LAN S1567421J}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS
Code:11760}

^{BASED ON ACRA'S
RECORD AS AT 02/03/2007}

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

CHARGES

^{Date: 15/09/2006 Amount:
1,980,000}

^{Comments : CHARGE
NO: C200606231}

^{AMT SECURED: US$1,980,000.00}

^{CHARGEE(S): HABIB BANK LIMITED}

^{Date: 04/04/2002}

^{Comments : CHARGE
NO: 200201563}

^{AMT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): HABIB BANK LIMITED}

PREMISES/PROPERTY INFORMATIONS

^{Date: 06/03/2007 Tax
rate: 10}

^{Site Address
: 111 NORTH BRIDGE ROAD}

^#03-45A/B

^{PENINSULA PLAZA}

^{Town: SINGAPORE Postcode: 179098}

^{Country: Singapore}

^{Annual Value: 19,800}

* TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

* TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR FULLY

RENTED OUT BY THE OWNER/OWNED BY COMPANY.

* FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT,

THE TAX RATE IS 10% (I.E INDUSTRIAL AND COMMERCIAL PROPERTY).

*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.

BANKERS

^{OVERSEAS UNION
BANK LIMITED}

^{HABIB BANK LIMITED}

SHAREHOLDERS(S)

^{ABDUL HARFIZ 750,000 Private Person}

^{Street : 56A
LORONG H TELOK KURAU}

^{Town: SINGAPORE}

^{Postcode: 426064}

^{Country: Singapore}

^{HTUN NAING @ ABDUL
HALIM 750,000 Private Person}

^{Street : 56A
LORONG H TELOK KURAU}

^{Town: SINGAPORE}

^{Postcode: 426064}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : UNKNOWN

Payments : UNKNOWN

Trend : UNKNOWN

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 25/03/1992 AS A LIMITED EXEMPT
PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "VENUS
INTERNATIONAL PTE LTD".}

^{AS AT 02/03/2007,
THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 1,500,000 SHARES OF A VALUE OF
S$1,500,000.}

^{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 AND EXPORTERS)}

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

^{BACKGROUND OF THE SUBJECT:}

^{VENUS
INTERNATIONAL PTE LTD IS A BRANCH OFFICE IN SINGAPORE FOR A MYANMAR GROUP OF
COMPANIES. THEY DEAL WITH ALL TYPES OF IMPORTS & EXPORTS RANGING FROM
COMMODITIES, MARINE PRODUCTS, COSMETICS TO INDUSTRIAL EQUIPMENTS AND
ACCESSORIES. THEY ARE ALSO THE SOLE AGENT O A VARIETY OF PRODUCTS IN MYANMAR
MARKET.}

^{VENUS
INTERNATIONAL PTE LTD WAS FIRST FOUNDED IN 1992 AS A REGIONAL MARKETING ARM OF
ASIA WINNER INDUSTRIAL LTD, MAY YU TRADING CO LTD AND MAY YU MARINE PRODUCTS CO
LTD. ALL ABOVE COMPANIES ARE LOCATED IN AND AROUND YANGON, MYANMAR.}

^{ALONG WITH VISION
TO BECOME THE LEADER FOR PROMOTING MYANMAR'S WIDE RANGE OF TRADES FOR THE
FUTURE, VENUS INTERNATIONAL IS NOW EXPANDING ITS HORIZON AND BROADENING ITS
BUSINESS STRATEGY TO PROMOTE ITS PRODUCTS THROUGH ONLINE MEDIUM.}

^{PRODUCTS DEALINGS:}

^{AGRICULTURE
DIVISION}

^{* SUPPLY BOTH
FRESH AND POWDERED PRODUCTS TO READY MARKETS WORLDWIDE CURRENTLY IMPORT/EXPORT
BETWEEN INDIAN CONTINENT, MIDDLE EAST, SOUTH EAST ASIA AND EUROPE}

^PRODUCTS:

^IMPORT

^{* BLACK PEPPER}

^{* LONG PEPPER}

^{* CLOVES, CASSIA}

^{* NUTMEG}

^{* CARDAMOM}

^{* CUMIN SEEDS}

^{* CARAWAY SEEDS}

^{* CINNAMON}

^EXPORT

^{* BEANS &
PULSES}

^{* BLACK MATPE FQ
& BLACK MATPE SQ}

^{* GREEN BEANS
(SHWE WAR)}

^{* GREEN BEANS
(BOLD)}

^{* GREEN BEANS
(WAKAYMA - FINE QUALITY FROM INDONESIA)}

^{* GREEN BEANS
(PAKKUKU)}

^{* TOOR WHOLE FAQ}

^{* TOOR WHOLE BOLD}

^{* TOOR WHOLE (RED)}

^{* BLACK EYE BEANS
FAQ & BLACK EYE BEANS SQ}

^{* RED KIDNEY BEANS
& WHITE KIDNEY BEANS}

^{* GRAM WHOLE}

^{* BAMBOO BEANS}

^{* SULTANI &
SULTANI PYA}

^{* CHICK PEAS}

^{* PEANUT}

^{* MAIZE}

^{* DHALL}

^{* URUD DHALL WHOLE
& SPLIT}

^{* TOOR DHALL}

^{* BLACK EYE BEANS
DHALL}

^{* GRAM DHALL}

^{* MOOG DHALL}

^{* SEEDS}

^{* SESAME SEEDS
(WHITE, BLACK, BROWN AND RED)}

^{* MUSTARD SEEDS}

^{* CUSTARD SEEDS}

^{* CORRIANDER SEEDS}

^{* FENNEL SEEDS}

^{* NIGER SEEDS}

^{* OTHERS}

^{* RED ONIONS}

^{* GARLIC (LARGE,
MEDIUM & SMALL)}

^{* FRESH GINGER
& DRY GINGER}

^{* TUMERIC FINGER
& TUMERIC POWDER}

^{* CORRIANDER
POWDER}

^{* POTATO}

^{* CHILLI &
CHILLI POWDER}

^{* DRY PLUM}

^{* BETEL NUTS}

^{MARINE AND
FISHERIES DIVISION}

^{HARVEST THEIR FISH
FRESH FROM THE BAY OF BENGAL AND FREEZE IT ON THE WAY BACK TO THEIR PROCESSING
CENTRE IN YANGON. THEY SUPPLY BOTH FRESH WATER AND SALT WATER (FRESH AS WELL AS
FROZEN), LOBSTER AND SHRIMPS TO READY MARKETS WORLDWIDE.}

^{EXPORT COUNTRRIES}

^{* ASIA}

^{* MIDDLE EAST}

^{* EUROPE}

^{* UNITED STATES OF
AMERICA}

^PRODUCTS:

^{* FRESH WATER AND
SEA WATER FROZEN FISH}

^FISH

^{* HILSA}

^{* ROHU}

^{* KATLA}

^{* MIRGAL}

^{* PUNGUSH}

^{* KORAL}

^{* SHOWL}

^{* AYER}

^{* BOWAL}

^{* WHITE PROMPRET}

^{* BALCK PROMPRET}

^{* KOI}

^{* RIBBON FISH}

^{* SHING}

^{INDUSTRIAL
DIVISION}

^{MANUFACTURE INDUSTRIAL
STEEL AND CONSTRUCTION MATERIAL FOR LOCAL AND EXPORT MARKETS. THEY ALSO CATER
FOR CUSTOM MADE PRODUCTS.}

^PRODUCTS:

^{* BOLTS AND NUTS}

^{* GI SHEETS}

^{* GI WIRE}

^{* BARBED WIRE}

^{* STEEL ROD}

^{* OTHER
CONSTRUCTION MATERIAL}

^{OVERSEAS OFFICE:}

^{* YANGON, MYANMAR
(HEAD OFFICE)}

^{* MALAYSIA}

^{* INDIAN CONTINENT}

^{* MIDDLE EAST}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 06/03/2007, THE FOLLOWING WAS GATHERED:}

^{IMPORT COUNTRIES:}

^{* INDONESIA}

^{* INDIA}

^{* TAIWAN}

^{* KOREA}

^{* CHINA}

^{THE SUBJECT MAINLY
EXPORTS AND DOES SELL LOCALLY.}

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY - 2007:
8}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 06/03/2007.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{111 NORTH BRIDGE
ROAD}

^{#03-45A/B
PENINSULA PLAZA}

^{SINGAPORE 179098}

^{- OWNED PREMISE}

^{- DATE OF CHANGE
OF ADDRESS: 15/06/2002}

^{OVERSEAS OFFICES:}

^MYANMAR

^{ASIA WINNER
INDUSTRIAL LIMITED}

^{MAY YU MARINE
PRODUCTS CO, LIMITED}

^{AGRITRADE
INTERNATIONAL CO, LIMITED}

^{NO.13/49TH STREET,
BOTATAUNG TOWNSHIP,}

^{YANGON, MYANMAR.}

^{TEL:
951-299754/293366/297445/297446/299668}

^{FAX: 951-291028}

^{MOBILE: 959
-23713/22780/21262}

^{CONTACT PERSONS:
MR. HAFIZ/MR. ABDUL BASED/MR. YUSOF}

^{ASIA WINNER
INDUSTRIAL LIMITED}

^{(COMMODITIES PROCESSING PLANT AND WIRE NAIL
INDUSTRIAL)}

^{ADDRESS : NO.301TO
305 BETWEEN PAGU AND MAGWAY STREET}

^{SOUTH DAGON
INDUSTRIAL ZONE}

^{YANGON, MYANMAR}

^{TEL : 951-
590516/590517/591072}

^{MAY YU TRADING CO,
LIMITED}

^{(HARDWARE SALES
CENTRE)}

^{ADDRESS : NO.1, 2,
3, WARD NO.26 SAWBWAGYI GONE}

^{INSEIN TOWNSHIP
YANGON, MYANMAR}

^{TELEPHONE : 951-
641285/641073/247410}

^{MAY YU COSMETICS
SHOW ROOM}

^{ADDRESS : NO.57B
WEST WING BOGYOKE MARKET}

^{YANGON, MYANMAR.}

^{TEL : 951-283688}

^{MAY YU MARINE
PRODUCTS CO, LIMITED}

^{(FISH PROCESSING
AND COLD STORAGE)}

^{ADDRESS : NO.524
RANGOON STREET}

^{SOUTH DAGON
INDUSTRIAL ZONE}

^{YANGON, MYANMAR.}

^{TEL :
951-244675/590655}

^WEBSITE:

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

^EMAIL:

^{venuspl@pacific.net.sg}

MANAGEMENT

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

^{1) ABDUL HARFIZ, A
MYANMARESE}

^{- BASED IN SINGAPORE.}

^{2) HTUN NAING @ ABDUL
HALIM, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR
DATABASE.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
HTUN NAING @ ABDUL HALIM}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP:NIL}

^{ANNUAL VALUE: N.A.}

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

^{* 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%.

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.

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