MIRA INFORM REPORT

Report Date :

20.03.2007

IDENTIFICATION DETAILS

Name :	ERBIS SINGAPORE PTE LTD

Registered Office :	^{1 Sims Lane, #05-01, Singapore - 387355}

Country :	Singapore

Date of Incorporation :	^18/07/1992

Com. Reg. No.:	^199203846M

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{Wholesale of Electronic Components} ^{Wholesale of 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 :	Undetermined

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

ERBIS SINGAPORE PTE LTD

Line Of Business

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$100,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : Sing $ 600001 to Sing $ 1000000

COMPANY IDENTIFICATION

^{Subject Company : ERBIS SINGAPORE PTE LTD}

^{Former Name :
-}

^{Registered Address : 1 SIMS LANE}

^#05-01

^{Town : SINGAPOR}

^{Postcode : 387355}

^{County : -}

^{Country : Singapore}

^{Telephone : Not Listed}

^{Fax :
Not Listed}

^{ROC Number :
199203846M}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
18/07/1992}

^{Previous Legal
Form :
-}

^{Summary year :
-}

^{Sales :
-}

^{Paid-Up Capital :
100,000}

^{Net Worth :
-}

^{Employees :
-}

^{Net Result :
-}

^{Share value :
-}

^{Auditor :
CHAN KOK POH & CO}

REFERENCES

^{Litigation :
No}

^{Company status :
TRADING}

^{Started : 18/07/1992}

PRINCIPAL(S)

^{LOW KIM YONG S0146865J Director}

DIRECTOR(S)

^{LOW KIM YONG S0146865J Director}

^{Appointed on : 18/07/1992}

^{Street : 4
DERBYSHIRE ROAD}

^#11-08

^{ULTRA MANSION}

^{Town :
SINGAPORE}

^{Postcode : 309460}

^{Country : Singapore}

^{KOH LAY TEN S1203280C Company Secretary}

^{Appointed on : 16/01/1994}

^{Street : 260
TAMPINES STREET 21}

^#07-320

^{Town :
SINGAPORE}

^{Postcode : 520260}

^{Country : Singapore}

^{KATSUSHI
SOTOMATSU TE8256160 Director}

^{Appointed on : 18/07/1992}

^{Street : STEPS
FUKIDE 1-14}

^TORANOMON

^{Town : TOKYO}

^{Postcode : -}

^{Country : Japan}

ACTIVITY (IES)

^{ELECTRONIC
COMPONENTS Code:
7605}

^{MACHINERY Code: 13260}

^{BASED ON ACRA'S
RECORD AS AT 13/03/2007}

^{1) WHOLESALE OF
ELECTRONIC COMPONENTS}

^{2) WHOLESALE OF
MACHINERY AND 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

SHAREHOLDERS(S)

^{LOW KIM YONG
1 Private Person}

^{Street : 4
DERBYSHIRE ROAD}

^#11-08

^{ULTRA MANSION}

^{Town :
SINGAPORE}

^{Postcode : 309460}

^{Country : Singapore}

^{KATSUSHI
SOTOMATSU
99,999 Private Person}

^{Street : STEPS
FUKIDE 1-14}

^TORANOMON

^{Town : TOKYO}

^{Postcode : -}

^{Country : Japan}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : UNKNOWN

^{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.}

^{* THE LATEST
FINANCIAL STATEMENTS FILED IN BY THE COMPANY AS AT YEAR ENDED 30/06/2006 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 18/07/1992 AS A LIMITED EXEMPT
PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "ERBIS
SINGAPORE PTE LTD".}

^{AS AT 13/03/2007,
SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 100,000 SHARES OF A VALUE OF
S$100,000.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1) WHOLESALE OF
ELECTRONIC COMPONENTS}

^{2) WHOLESALE OF
MACHINERY AND EQUIPMENT}

^{FROM THE RESEARCH
CONDUCTED, SUBJECT IS NOT LISTED IN THE SINGAPORE LOCAL DIRECTORIES AND ON THE
INTERNET.}

^{WE WERE THUS
UNABLE TO GATHER ANY INFORMATION RELATED TO SUBJECT.}

^{IN ADDITION, WE
WERE ALSO UNABLE TO ASCERTAIN IF SUBJECT HAS A BANKING RELATIONSHIP WITH STATE
BANK OF INDIA.}

^{REGISTERED
ADDRESS:}

^{1 SIMS LANE}

^#05-01

^{SINGAPORE 387355}

^{DATE OF CHANGE OF
ADDRESS: 28/05/2001}

^{-- PREMISE OWNED
BY: LAVERTON INVESTMENTS PTE LTD}

^{YOUR PROVIDED
ADDRESS:}

^{NO. 24 THOMSON
ROAD}

^{SINGAPORE 1130}

^{-- UNABLE TO
VERIFY AS WE WERE UNABLE TO CONTACT SUBJECT.}

^WEBSITE:

^{* NA}

^EMAIL:

^{* NA}

MANAGEMENT

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

^{1) LOW KIM YONG, A
SINGAPOREAN}

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

^{GOLDEN GLORY
COMPANY (MANAGER)}

^{GGC ENTERPRISES
PTE LTD}

^{2) KATSUSHI
SOTOMATSU, A JAPANESE}

^{- BASED IN JAPAN}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
LOW KIM YONG}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP:
OWNS 1}

^{ANNUAL VALUE:
S$12,000}

^{CO-OWNER: SIN CHAI
SIEW}

^{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