MIRA INFORM REPORT

Report Date :

20.03.2007

IDENTIFICATION DETAILS

Name :	NOBLE RESOURCES PTE. LTD.
Registered Office :	^460 Alexandra Road, #26-06, Psa Building, Singapore – 119963
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^17/03/2001
Com. Reg. No.:	^200101811W
Legal Form :	^Pte Ltd
Line of Business :	Trading in Agricultural Commodities, Energy, Petrochemical Product and Providing Support Services for related Companies.

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

Subject Company

NOBLE RESOURCES PTE. LTD.

Line Of Business 

TRADING IN AGRICULTURAL COMMODITIES, ENERGY, PETROCHEMICAL PRODUCT AND PROVIDING SUPPORT SERVICES FOR RELATED COMPANIES.

Parent Company

NOBLE RESOURCES GROUP LIMITED

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY2005

COMPANY

Sales : US$1,715,297,000

Networth : -US$ 36,465,000

Paid-Up Capital : - (LESS THAN USD1,000)

Net result : -US$ 16,639,000

Net Margin(%) : - 0.97

Return on Equity(%) : 45.63 (POSITIVE ROE DUE TO OFF-SET OF NEGATIVE EARNINGS AND

NEGATIVE TOTAL EQUITY)

Leverage Ratio : - 5.33 TIMES

Rating

Credit Rating : Sing $ 10000

COMPANY IDENTIFICATION

^{Subject Company : NOBLE RESOURCES PTE. LTD.}

^{Former Name : NOBLE GRAIN PTE LTD}

^{Business Address : 460 ALEXANDRA ROAD}

^#26-06

^{PSA BUILDING}

^{Town : SINGAPORE}

^{Postcode : 119963}

^{County : -}

^{Country : Singapore}

^{Telephone : 6305 4888}

^{Fax : 6305 4889}

^{ROC Number : 200101811W}

^{Reg. Town : -}

PREVIOUS IDENTIFICATION

^{NOBLE GRAIN PTE LTD (DATE OF CHANGE OF NAME : 15/11/2005)}

^{BERKHAM PTE LTD (DATE OF CHANGE OF NAME : 06/04/2001)}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 17/03/2001}

^{Previous Legal Form : Exempt Pte Ltd}

^{Summary year : 31/12/2005}

^{Sales : 1,715,297,000}

^{Net Worth : -36,465,000}

^{Paid-Up Capital : LESS THAN US$1,000}

^{Employees : -}

^{Net Result : -16,639,000}

^{Auditor : ERNST & YOUNG}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 17/03/2001}

PRINCIPAL(S)

^{LEENDERT TAMEERIS S2700847Z Director}

DIRECTOR(S)

^{RICHARD SAMUEL ELMAN XD2964533 Director}

^{Appointed on : 30/03/2001}

^{Street : 9A BRANKSOME GRANDE}

^{NO 3 TREGUNTER PATH}

^{MID LEVELS}

^{Town : HONG KONG}

^{Postcode : -}

^{Country : Hong Kong}

^{LEENDERT TAMEERIS S2700847Z Director}

^{Appointed on : 18/12/2002}

^{Street : 16 STIRLING ROAD}

^#38-15

^QUEENS

^{Town : SINGAPORE}

^{Postcode : 148957}

^{Country : Singapore}

^{ASRANI MAHESH MANOHARLAL S2725737B Director}

^{Appointed on : 03/05/2004}

^{Street : 38 CAIRNHILL ROAD}

^#03-04

^HILLCOURT

^{Town : SINGAPORE}

^{Postcode : 229658}

^{Country : Singapore}

^{WILHELMUS DIEDERIK DE BLANK BA0071151 Director}

^{Appointed on : 23/08/2002}

^{Street : FLAT C, 44/F TREGUNTER}

^{TOWER 3, NO. 14 TREGUNTER PATH}

^MID-LEVELS

^{Town : -}

^{Postcode : -}

^{Country : Hong Kong}

^{CHIA LUANG CHEW HAZEL S1407126A Company Secretary}

^{Appointed on : 16/10/2005}

^{Street : 729 CLEMENTI WEST STREET 2}

^#10-354

^{Town : SINGAPORE}

^{Postcode : 120729}

^{Country : Singapore}

^{JENS ERIK NIELSEN 200814611 Director}

^{Appointed on : 31/01/2007}

^{Street : P2 DIEN BIEN PHU STREET}

^{BINHTHANH DIST.}

^{Town : HO CHI MINH}

^{Postcode : -}

^{Country : Viet Nam}

^{WILLIAM JAMES RANDALL E1032057 Director}

^{Appointed on : 30/11/2006}

^{Street : SUITE 2304, APARTMENT TOWER}

^{CONVENTION PLAZA}

^{NO 1 HARBOUR ROAD}

^{Town : -}

^{Postcode : -}

^{Country : Hong Kong}

FORMER DIRECTOR(S)

^{AU MAN CHU MILTON A9286697A}

^{MARIO BERANSCONI F5597039N}

^{TAN HUAT SENG S1386013J}

^{CHIA LUANG CHEW HAZEL S1407126A}

^{WILLIAM WALLACE KENDALL G5722922K}

^{GARY WALTER MIZE 710959532}

^{WAN TIEW LENG LYNN S1306315Z}

^{CHRISTOPHER MICHAEL PARDEY G5826748T}

ACTIVITY (IES)

^{INVESTMENT COMPANIES Code: 12095}

^{IMPORTERS And EXPORTERS Code: 11760}

^{GRAIN BROKERS Code: 10600}

^{WHEAT Code: 23770}

^{OILS - VEGETABLE Code: 15500}

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

^{1) OTHER INVESTMENT HOLDING COMPANIES}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

CHARGES

^{Date : 15/07/2004}

^{Comments : CHARGE NO: C200403466 (DISCHARGED)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: STANDARD CHARTERED BANK}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{STANDARD CHARTERED BANK}

^{SOCIETE GENERALE}

SHAREHOLDERS(S)

^{NOBLE RESOURCES GROUP LIMITED 15,092 Company}

^{Street : P.O. BOX 957}

^{OFFSHORE INCORPORATION CENTRE}

^{ROAD TOWN}

^{Town : TORTOLA}

^{Postcode : -}

^{Country : Virgin Islands (British)}

FORMER SHAREHOLDER(S)

^{PHOON LEE FONG 1}

^{OH KAI YEN ANNIE 1}

^{STELMONT GROUP LIMITED 2}

HOLDING COMPANY

^{NOBLE RESOURCES GROUP LIMITED UF11917N % : 100}

SUBSIDIARY (IES)

^{NOBLE NETHERLANDS BV Netherlands}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : LACKING}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation : BAD}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: "MILD" "MILD" "MILD"}

^{UNCERTAINTIES UNCERTAINTIES UNCERTAINTIES}

^{Date Account Lodged: 13/11/2006}

^{Balance Sheet Date: 31/12/2005 31/12/2004 31/12/2003}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^{--- ASSETS ---}

^{Preliminary Exp 2,230,000 1,350,000 -}

^{Tangible Fixed Assets: 511,000 609,000 199,000}

^{Investments 2,447,000 336,000 336,000}

^{Total Fixed Assets: 5,188,000 2,295,000 535,000}

^{Inventories: 4,059,000 40,262,000 -}

^{Receivables: 115,262,000 140,412,000 100,269,000}

^{Short Term Fin. Assets: - 5,403,000 2,000,000}

^{Cash, Banks, Securities: 1,537,000 22,758,000 12,989,000}

^{Other current assets: 31,964,000 37,132,000 34,285,000}

^{Total Current Assets: 152,822,000 245,967,000 149,543,000}

^{TOTAL ASSETS: 158,010,000 248,262,000 150,078,000}

^{--- LIABILITIES ---}

^{Equity capital: - - -}

^{Reserves: 2,089,000 - -}

^{Profit & loss Account: -38,554,000 -22,272,000 2,767,000}

^{Total Equity: -36,465,000 -22,272,000 2,767,000}

^{Other long term Liab.: 35,000,000 35,000,000 -}

^{Total L/T Liabilities: 35,000,000 35,000,000 -}

^{Trade Creditors: 40,826,000 75,309,000 10,950,000}

^{Advanced payments: 1,377,000 478,000 2,000,000}

^{Due to Bank: - 29,661,000 68,996,000}

^{Provisions: - - 90,000}

^{Other Short term Liab.: 93,342,000 96,065,000 55,785,000}

^{Prepay. & Def. charges: 23,930,000 34,021,000 9,490,000}

^{Total short term Liab.: 159,475,000 235,534,000 147,311,000}

^{TOTAL LIABILITIES: 194,475,000 270,534,000 147,311,000}

PROFIT & LOSS ACCOUNT

^{Net Sales 1,715,297,000 1,276,675,000 712,111,000}

^{Purchases,Sces & Other Goods:1,717,586,000 1,292,894,000 -}

^{Gross Profit: -2,289,000 -16,219,000 -}

^{Result of ordinary operations -14,283,000 -23,925,000 -2,134,000}

^{NET RESULT BEFORE TAX: -17,399,000 -26,372,000 -3,259,000}

^{Tax : -760,000 -1,333,000 89,000}

^{Net income/loss year: -16,639,000 -25,039,000 -3,348,000}

^{Interest Paid: 3,116,000 3,113,000 1,125,000}

^{Depreciation: 446,000 376,000 136,000}

^{Directors Emoluments: 934,000 315,000 62,000}

^{Wages and Salaries: 6,392,000 4,228,000 2,167,000}

^{Financial Income: 455,000 131,000 31,000}

RATIOS

^{31/12/2005 31/12/2004 31/12/2003}

^{Net result / Turnover(%): -0.01 -0.02 -0.00}

^{Stock / Turnover(%): 0.00 0.03 0.00}

^{Net Margin(%): -0.97 -1.96 -0.47}

^{Return on Equity(%): 45.63 112.42 -121.00}

^{Return on Assets(%): -10.53 -10.09 -2.23}

^{Net Working capital: -6653000.00 10433000.00 2232000.00}

^{Cash Ratio: 0.01 0.10 0.09}

^{Quick Ratio: 0.73 0.69 0.77}

^{Current ratio: 0.96 1.04 1.02}

^{Receivables Turnover: 24.19 39.59 50.69}

^{Leverage Ratio: -5.33 -12.15 53.24}

^{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}

^{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}

^{Inventory Turnover : (360*Inventories)/Net sales}

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

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

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS DEEMED TO BE LIMITED IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS INADEQUATE WITH CAPITAL DEFICIENCY OF USD36,465,000 (2004: -USD22,272,000), DETERIORATING FURTHER BY 63.73%.}

^{THIS WAS ATTRIBUTED BY HIGHER RETAINED LOSSES BROUGHT FORWARD OF USD38,554,000 (2004: -USD22,272,000).}

^LEVERAGE:

^{THE LEVERAGE RATIO REMAINED UNFAVOURABLE AT -5.33 TIMES (2004: -12.15 TIMES), INDICATING THAT THE COMPANY'S TOTAL LIABILITIES WERE SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.}

^{IN THE SHORT TERM, TRADE CREDITORS DECREASED BY 45.79%, TOTALLING USD40,826,000 (2004: USD75,309,000). OTHER SHORT TERM LIABILITIES OF USD93,342,000 (2004: USD96,065,000) REPRESENTED:}

^{* ANTICIPATED LOSSES ON FUTURE AND OPTIONS CONTRACTS OF USD5,940,000 (2004: USD2,226,000)}

^{* NON-TRADE AMOUNTS DUE TO IMMEDIATE HOLDING COMPANY OF USD22,000 (2004: USD266,000)}

^{* NON-TRADE AMOUNTS DUE TO RELATED COMPANIES OF USD593,000 (2004: USD8,605,000)}

^{* LOANS PAYABLE TO RELATED COMPANIES OF USD86,787,000 (2004: USD84,968,000)}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS UNHEALTHY. BOTH THE QUICK AND CURRENT RATIOS WERE LACKING AT 0.73 TIMES (2004: 0.69 TIMES) AND 0.96 TIMES (2004: 1.04 TIMES) RESPECTIVELY.}

^{THIS WAS IN LINE WITH THE NET WORKING CAPITAL, WHICH REGISTERED UNFAVOURABLY AT -USD6,653,000 (2004: USD10,433,333).}

^{PROFITABILITY:}

^{REVENUE FOR FY2005 IMPROVED BY 34.36%, TOTALLING USD1,715,297,000 (2004: USD1,276,675,000). NEVERTHELESS, THE COMPANY CONTINUED TO INCUR NET LOSSES OF USD16,639,000 (2004: -USD25,039,000).}

^{AS A RESULT, NET MARGIN STOOD ADVERSELY AT -0.97% (2004: -1.96%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS WERE ANTICIPATED IN VIEW OF THE UNHEALTHY LIQUIDITY, CAPITAL DEFICIENCY AND NET LOSSES INCURRED.}

^{HOWEVER, AVERAGE COLLECTION PERIOD HAD SHORTENED TO 24 DAYS (2004: 40 DAYS).}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{FUNDAMENTAL ACCOUNTING CONCEPT}

^{THE FINANCIAL STATEMENTS OF THE COMPANY ARE PREPARED ON A GOING CONCERN BASIS BECAUSE THE PEN-ULTIMATE HOLDING COMPANY HAS AGREED TO PROVIDE CONTINUING FINANCIAL SUPPORT TO THE COMPANY TO MEET ITS LIABILITIES AS AND WHEN THEY FALL DUE.}

^{OTHER COMMITMENTS}

^{IN THE NORMAL COURSE OF BUSINESS, THE COMPANY HAS ENTERED INTO CONTRACTS FOR THE SALES OR PURCHASES OF COMMODITIES FOR WHICH NO BUYING OR SELLING COUNTER-PARTIES WERE FOUND AT THE YEAR-END. IN ADDITION, FUTURES CONTRACTS AND OPTIONS CONTRACTS WERE ENTERED INTO AS A MEANS OF HEDGING CERTAIN FORWARD CONTRACTS. AS AT 31 DECEMBER 2005, THE COMMITMENTS RELATING TO THESE SALES AND PURCHASES CONTRACTS AMOUNTED TO $513 MILLION (2004: USD648 MILLION) AND $294 MILLION (2004: USD202 MILLION), RESPECTIVELY.}

^{CONTINGENT LIABILITIES (UNSECURED)}

^{* BID BOND OF NIL (2004: USD151,000)}

^{* PERFORMANCE BOND OF USD9,390,000 (2004: USD969,000)}

^{THE MAXIMUM ESTIMATED AMOUNT THE COMPANY COULD BECOME LIABLE IS AS SHOWN ABOVE.}

^{SUBSEQUENT EVENT}

^{ON 1 FEBRUARY 2006, THE COMPANY HAS ANNOUNCED TO PURCHASE AN INTEGRATED SOYBEAN CRUSHING AND REFINING PLANT IN THE PORT OF QINZHOU, GUANGXI AUTONOMOUS REGION, REPUBLIC OF CHINA, FROM SUPING HONGZUI GREASE LIMITED FOR A TOTAL CONSIDERATION OF USD15.5 MILLION. THIS TRANSACTION HAS BEEN FINALISED ON 13 APRIL 2006.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 17/03/2001 AS A LIMITED EXEMPT PRIVATE COMPANY AND WAS FORMERLY KNOWN AS "BERKHAM PTE LTD".}

^{ON 06/04/2001, SUBJECT CHANGED TO ITS NAMESTYLE OF "NOBLE GRAIN PTE LTD". SUBSEQUENTLY ON 15/11/2005, SUBJECT AGAIN CHANGED TO ITS PRESENT NAMESTYLE OF "NOBLE RESOURCES PTE. LTD." AND IS TRADING AS A LIMITED PRIVATE COMPANY.}

^{AS AT 13/03/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 15,092 SHARES OF VALUE OF S$15,090,002.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) OTHER INVESTMENT HOLDING COMPANIES}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY ARE TRADING IN AGRICULTURAL COMMODITIES, ENERGY, PETROCHEMICAL PRODUCT AND PROVIDING SUPPORT SERVICES FOR RELATED COMPANIES.}

^{THE COMPANY, INCORPORATED IN SINGAPORE, WAS A WHOLLY-OWNED SUBSIDIARY OF STELMONT GROUP LIMITED, INCORPORATED IN BRITISH VIRGIN ISLANDS, TILL 14 DECEMBER 2005. ON 15 DECEMBER 2005, THE ENTIRE SHAREHOLDING WAS TRANSFERRED TO NOBLE RESOURCES GROUP LIMITED, A COMPANY INCORPORATED IN BRITISH VIRGIN ISLANDS. THE COMPANY'S ULTIMATE HOLDING REMAINS UNCHANGED AS NOBLE GROUP LIMITED, INCORPORATED IN BERMUDA.}

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

^{THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: INVESTMENT MANAGEMENT &/OR COMPANIES.}

^{NOBLE GRAIN PTE LTD, HEADQUARTERED IN SINGAPORE, HAS OPERATIONS ACROSS THE WORLD AND A WORKFORCE OF ABOUT 250 IN 11 COUNTRIES. THE COMPANY ACTS AS THE PRINCIPAL IN INTERNATIONAL TRADING AND MANAGES THE CONSOLIDATED POSITION OF 16 AFFILIATES IN ASIA. NOBLE GRAIN ALSO MANAGES THE SUPPLY OF COMMODITIES TO DISTRIBUTION CENTRES, PERFORMS FINANCING/RISK CONTROL MANAGEMENT AS WELL AS HANDLES EXECUTION COORDINATION AND ACCOUNTING CONSOLIDATION FOR THE WHOLE REGION. THE COMPANY AND ITS 16 REGIONAL AFFILIATES, FORMERLY PART OF ANDRE ASIA, WERE ACQUIRED BY THE NOBLE GROUP FROM ANDRE & CIE SA IN MARCH 2001 AND RENAMED NOBLE GRAIN.}

^{THE FIRST LOCAL ORGANIZATION WAS ESTABLISHED IN MYANMAR 10 YEARS AGO, WHICH WAS FOLLOWED BY THE OPENING OF A THAI OPERATION TWO YEARS LATER. THE MOST RECENT ENTRY IS COFCOTIANDING INTERNATIONAL TRADING IN SHENZEN, CHINA, WHICH WAS SET UP ONE YEAR AGO.}

^{THE COMPANY'S MAIN ACTIVITIES INCLUDE:}

^{* INTERNATIONAL TRADING -- TRADITIONAL C&F TRADING TO LOCAL IMPORTERS. THE MAIN COMMODITIES ARE CORN, SOYABEAN MEAL, OILSEEDS, WHEAT AND PULSES.}

^{* IMPORTATION AND LOCAL DISTRIBUTION, THE CORE ACTIVITY OF NOBLE GRAIN, OF FEED AND}

^{FOOD ITEMS SUCH AS WHEAT FLOUR, SUGAR, FISHMEAL AND RICE.}

^{* ORIGINATION AND EXPORT OF AGRICOMMODITIES, SUCH AS PULSES, SOYABEAN MEAL, SUGAR, WHEAT AND OILSEEDS.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* SOURCING AND SUPPLYING AGRI-COMMODITIES WORLDWIDE}

^{* TRADING IN AGRICULTURAL COMMODITIES, COUNTERTRADE, BUY-BACKS, SPECIAL FINANCING}

^PURCHASES:

^{* IMPORTS: 100}

^{* TERMS OF IMPORT: 7-90 DAYS}

^{* IMPORT COUNTRIES: INTERNATIONAL (E.G. INDIA)}

^MARKETS:

^{* LOCAL (%): -}

^{* TERMS SALES: 7-90 DAYS, ADVANCE PAYMENTS, ETC}

^{* EXPORT(%): -}

^{* TERMS OF EXPORT: 7-90 DAYS, ADVANCE PAYMENTS, ETC}

^{* EXPORT COUNTRIES: ASIA REGION (E.G. VIETNAM, INDONESIA, JAPAN), UNITED STATES, ETC}

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

^{* SINGAPORE INTERNATIONAL CHAMBERS OF COMMERCE}

^{NO. OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2005: NOT AVAILABLE (2004: 62; 2003: 30; 2002: 27; 2001: 29)}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE ON 16/03/2007.}

^{OLD REGISTERED & BUSINESS ADDRESS:}

^{600 NORTH BRIDGE ROAD}

^#10-08

^{PARKVIEW SQUARE}

^{SINGAPORE 188778}

^{DATE OF CHANGE OF ADDRESS: 09/03/2004}

^{NEW REGISTERED AND BUSINESS ADDRESS:}

^{460 ALEXANDRA ROAD}

^#26-06

^{PSA BUILDING}

^{SINGAPORE 119963}

^{DATE OF CHANGE OF ADDRESS: 04/12/2006}

^WEBSITE:

^{* http://www.noblegrain.com}

^EMAIL:

^{* kasi@noblegrain.com}

MANAGEMENT

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

^{1) JENS ERIK NIELSEN, A DANISH}

^{- BASED IN VIETNAM}

^{2) WILHELMUS DIEDERIK DE BLANK @ WILDRIK DE BLANK, A DUTCH}

^{- BASED IN HONG KONG}

^{3) WILLIAM JAMES RANDALL, AN AUSTRALIAN}

^{- BASED IN HONG KONG}

^{4) LEENDERT TAMEERIS, A SINGAPOREAN}

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

^{EBONY SHIP MANAGEMENT PTE. LIMITED}

^{5) ASRANI MAHESH MANOHARLAL, A SINGAPORE PERMANENT RESIDENT}

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

^{6) RICHARD SAMUEL ELMAN, A BRITISH}

^{- BASED IN HONG KONG}

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