MIRA INFORM REPORT

Report Date :

23.05.2007

IDENTIFICATION DETAILS

Name :	MINERAL INTERNATIONAL PTE. LTD.

Registered Office :	^{209 New Upper Changi Road, # 03-631, Singapore – 460209}

Country :	Singapore

Date of Incorporation :	^17/04/2007

Com. Reg. No.:	^200706412N

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	General Wholesale Trade

RATING & COMMENTS

MIRA’s Rating :

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 :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

MINERAL INTERNATIONAL PTE. LTD.

Line Of Business

GENERAL WHOLESALE TRADE

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$10

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company: MINERAL
INTERNATIONAL PTE. LTD.}

^{Former Name: -}

^{Registered Address: 209 NEW UPPER CHANGI ROAD}

^#03-631

^{Town: SINGAPORE}

^{Postcode: 460209}

^{County: -}

^{Country: Singapore}

^{Telephone: Not
Listed}

^{Fax: Not Listed}

^{ROC Number:
200706412N}

^Reg.^Town^{:
-}

SUMMARY

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

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 17/04/2007}

^{Previous Legal Form: -}

^{Summary year:
-}

^{Sales: -}

^{Net Worth: -}

^{Capital: -}

^{Paid-Up Capital: 10}

^{Employees: Not
Available}

^{Net result: -}

^{Share value: -}

^{Auditor: CHEW
WHYE LEE & CO}

REFERENCES

^{Litigation: No}

^{Company status: TRADING}

^{Started: 17/04/2007}

PRINCIPAL(S)

^{LI TONG CHUAN THOMAS S1740912C Director}

DIRECTOR(S)

^{LI TONG CHUAN THOMAS S1740912C Director}

^{Appointed on: 17/04/2007}

^{Street: 34 TEBAN GARDENS ROAD}

^#09-279

^{Town: SINGAPORE}

^{Postcode: 600034}

^{Country: Singapore}

^{LI TONG CHUAN THOMAS S1740912C Company Secretary}

^{Appointed on: 17/04/2007}

^{Street: 34 TEBAN GARDENS ROAD}

^#09-279

^{Town: SINGAPORE}

^{Postcode: 600034}

^{Country: Singapore}

^{THAM KWAI HO S1306509H Company Secretary}

^{Appointed on: 17/04/2007}

^{Street: 243 SIMEI STREET 5}

^#08-10

^{Town: SINGAPORE}

^{Postcode: 520243}

^{Country: Singapore}

^{PRADEEP BISHNOI F4393950 Director}

^{Appointed on: 17/04/2007}

^{Street: RISHI
COTTAGE, S/19/132-4}

^{VARUNA
BRIDGE, CANTT VARANASI}

^{Town: -}

^{Postcode: -}

^{Country: India}

^{SUBHASH ATMARAM SHARMA F5210316 Director}

^{Appointed on: 17/04/2007}

^{Street: 203/204
SHILPA APT, SHANKAR}

^{GHANEKAR MARG, PRABHADEVI}

^{Town: MUMBAI}

^{Postcode: 400028}

^{Country: India}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD AS AT
21/05/2007}

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

DBS BANK LTD.

SHAREHOLDERS(S)

^{LI TONG CHUAN THOMAS 2
Private Person}

^{Street: 34 TEBAN GARDENS ROAD}

^#09-279

^{Town: SINGAPORE}

^{Postcode: 600034}

^{Country: Singapore}

^{PRADEEP BISHNOI 4 Private Person}

^{Street: RISHI
COTTAGE, S/19/132-4}

^{VARUNA
BRIDGE, CANTT VARANASI}

^{Town: -}

^{Postcode: -}

^{Country: India}

^{SUBHASH ATMARAM SHARMA 4
Private Person}

^{Street: 203/204
SHILPA APT, SHANKAR}

^{GHANEKAR
MARG, PRABHADEVI}

^{Town: MUMBAI}

^{Postcode: 400028}

^{Country: India}

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

^{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.}

^{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} ^{17/04/2007 AS A LIMITED EXEMPT PRIVATE
COMPANY AND IS TRADING UNDER} ^{THE PRESENT NAMESTYLE OF "MINERAL
INTERNATIONAL PTE. LTD.".}

^{AS AT 21/05/2007, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF} ^{10 SHARES, OF A VALUE OF S$10.}

^{PRINCIPAL ACTIVITIES:}

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

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

^{SUBJECT'S TRADE INFORMATION AND CONTACT
NUMBERS ARE NOT LISTED ON THE} ^{INTERNET OR LOCAL DIRECTORIES. IN ADDITION, SUBJECT'S LOCAL DIRECTOR,} ^{THOMAS LI TONG CHUAN'S RESIDENTIAL CONTACT NUMBERS ARE ALSO NOT} ^{LISTED,
HENCE NO OTHER TRADE INFORMATION COULD BE MADE AVAILABLE AT} ^{THE TIME
OF THIS REPORT.}

^{REGISTERED ADDRESS:}

^{209 NEW UPPER CHANGI ROAD}

^#03-631

^SINGAPORE⁴⁶⁰²⁰⁹

^{DATE OF CHANGE OF ADDRESS: 17/04/2007}

^{YOUR PROVIDED ADDRESS:}

^{600 NORTH
BRIDGE ROAD}

^#24-06/07

^{PARK VIEW
SQUARE}

^SINGAPORE¹⁸⁸⁷⁷⁸

^{- UNABLE TO CONFIRM}

^WEBSITE:

^{NOT AVAILABLE}

^EMAIL:

^{NOT AVAILABLE}

MANAGEMENT

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

^{1) PRADEEP BISHNOI, AN INDIAN}

^{- BASED IN INDIA}

^{2) SUBHASH ATMARAM SHARMA, AN INDIAN}

^{- BASED IN INDIA}

^{3) LI TONG CHUAN THOMAS, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: LI TONG CHUAN THOMAS}

^{ADVERSE REPORT AGAINST DIRECTOR: YES}

^{TYPES OF CASE: MAGISTRATE COURT - W/S}

^{CASE NUMBER: MCS01008/97}

^{DEFENDANT: LI TONG CHUAN THOMAS}

^{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 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

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