MIRA INFORM REPORT

Report Date :

23.05.2007

IDENTIFICATION DETAILS

Name :	VINMAR OVERSEAS (SINGAPORE) PTE LTD.
Registered Office :	^152 Beach Road, #17-08^, Gateway East, Singapore – 189721
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^11/03/1994
Com. Reg. No.:	^199401696C
Legal Form :	^Pte Ltd
Line of Business :	Sourcing, Marketing and Distribution of Chemicals and Plastics

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exists

Subject Company

VINMAR OVERSEAS (SINGAPORE) PTE LTD.

Line Of Business 

SOURCING, MARKETING AND DISTRIBUTION OF CHEMICALS AND PLASTICS

Parent Company

VINMAR L.P.

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2005

COMPANY

Sales : US$82,471,761

Networth : US$2,844,446

Paid-Up Capital : US$1,791,855

Net result : US$353,177

Net Margin(%) : 0.43

Return on Equity(%) : 12.42

Leverage Ratio : 2.38

COMPANY IDENTIFICATION

^{Subject Company : VINMAR OVERSEAS (SINGAPORE) PTE LTD}

^{Former Name : VINMAR (SINGAPORE) PTE LTD}

^{Business Address: 152 BEACH ROAD}

^#17-08

^{GATEWAY EAST}

^{Town: SINGAPORE}

^{Postcode: 189721}

^{County: -}

^{Country: Singapore}

^{Telephone: 6227 0934}

^{Fax: 6227 7005}

^{ROC Number: 199401696C}

^{Reg. Town: -}

PREVIOUS IDENTIFICATION

^{VINMAR (SINGAPORE) PTE LTD}

^{DATE OF CHANGE OF NAME: 24/06/1997}

SUMMARY

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

^{Legal Form: Pte Ltd}

^{Date Inc.: 11/03/1994}

^{Previous Legal Form: -}

^{Summary year : 31/12/2005}

^{Sales: 82,471,761}

^{Networth : 2,844,446}

^{Capital: -}

^{Paid-Up Capital: 1,791,855}

^{Employees: 6}

^{Net result : 353,177}

^{Share value: -}

^{AUDITOR: BDO RAFFLES}

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

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED ORDINARY 2,600,000 SGD 2,600,000.00}

^{PAID-UP ORDINARY - SGD 2,600,000.00}

REFERENCES

^{Litigation: Yes}

^{Company status : TRADING}

^{Started : 11/03/1994}

PRINCIPAL(S)

^{BALARAMADAS ARANAPRASAD S2642388J Director}

DIRECTOR(S)

^{VIJAY P GORADIA 131395355 Director}

^{Appointed on : 25/06/1998}

^{Street : 62 WINDWARD COVE}

^{THE WOODLANDS}

^{Town: TEXAS}

^{Postcode: 77381}

^{Country: United States}

^{HEMANT P. GORADIA A9767972 Director}

^{Appointed on : 11/03/1994}

^{Street : 23 FERNGLEN THE WOODLANDS}

^{Town: TEXAS}

^{Postcode: 77380}

^{Country: United States}

^{BALARAMADAS ARANAPRASAD S2642388J Alternate Director}

^{Appointed on : 19/07/1996}

^{Street : 12 AMBER GARDENS}

^#03-06

^{KING'S MANSION}

^{Town: SINGAPORE}

^{Postcode: 439959}

^{Country: Singapore}

^{SWATANTRA V JAIN 131021065 Director}

^{Appointed on : 30/06/1997}

^{Street : 13702 BAY FRONT DR}

^HOUSTON

^{Town: TEXAS}

^{Postcode: 77077}

^{Country: United States}

^{BALARAMADAS ARANAPRASAD S2642388J Director}

^{Appointed on : 25/06/1998}

^{Street : 12 AMBER GARDENS}

^#03-06

^{KING'S MANSION}

^{Town: SINGAPORE}

^{Postcode: 439959}

^{Country: Singapore}

^{SOON-KANG JOH F1992343Q Alternate Director}

^{Appointed on : 19/07/1996}

^{Street : 2D HENG MUI KENG TERRACE}

^{WILMER LODGE}

^{Town: SINGAPORE}

^{Postcode: 119604}

^{Country: Singapore}

^{LOW KOK POO S2556900H Company Secretary}

^{Appointed on : 31/05/2004}

^{Street : 214 PASIR RIS STREET 21}

^#07-268

^{Town: SINGAPORE}

^{Postcode: 510214}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{KALIYAPERUMAL S/O K JAYARAM S1230952Z}

^{TARUN CHAMANLAL MEHTA S2591001Z}

^{SOON-KANG JOH 3209941}

^{LUM KIT CHENG S1820208E}

^{CHONG YEA LING S2587987B}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

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

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

CHARGES

^{Date: 26/12/1996}

^{Comments : CHARGE NO : 9607782}

^{SECURED :0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : SOCIETE GENERALE}

^{Date: 26/12/1996}

^{Comments : CHARGE NO : 9607781}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : SOCIETE GENERALE}

^{Date: 26/12/1996}

^{Comments : CHARGE NO : 9607780}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(s) : SOCIETE GENERALE}

^{Date: 27/01/1998}

^{Comments : CHARGE NO : 199800545 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : MEESPIERSON N V}

^{Date: 13/12/2000}

^{Comments : CHARGE NO : 200006078 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD}

^{Date: 16/08/1999}

^{Comments : CHARGE NO : 199903275 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : BANQUE NATIONALE DE PARIS}

^{Date: 16/08/1999}

^{Comments : CHARGE NO : 199903274 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : BANQUE NATIONALE DE PARIS}

^{Date: 16/08/1999}

^{Comments : CHARGE NO : 199903273 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : BANQUE NATIONALE DE PARIS}

^{Date: 17/02/2004}

^{Comments : CHARGE NO: C200400783,C200400782}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: STANDARD CHARTERED BANK}

^{Date: 10/10/2003}

^{Comments : CHARGE NO : C200304818}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : SOCIETE GENERALE}

^{Date: 13/12/2002}

^{Comments : CHARGE NO : 200205471 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : HABIB BANK LTD}

^{Date: 13/12/2002}

^{Comments : CHARGE NO : 200205461 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : BNP PARIBAS}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{SOCIETE GENERALE}

^{BNP PARIBAS}

^{THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED}

^{HABIB BANK LTD}

^{STANDARD CHARTERED BANK}

SHAREHOLDERS(S)

^{VINMAR L.P. 2,600,000 Company}

^{Street : C/O CORPORATE FILLING SERVICES LTD}

^{4TH FLOOR HARBOUR CENTRE}

^{P.O. BOX 613, GT,}

^{Town: GRAND CAYMAN}

^Postcode:

^{Country: Cayman Islands}

FORMER SHAREHOLDER(S)

^{TARUN CHAMANLAL MEHTA 1}

^{HEMANT P. GORADIA 99,999}

^{VINMAR INTERNATIONAL LIMITED 1,900,000}

^{VINMAR INC 2,600,000}

HOLDING COMPANY

^{VINMAR L.P. UF45896K % : 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

LITIGATION(S)

^{Type Of Case: High Court - W/S}

^{Case Number: HWS00272/2004}

Defendant VINMAR OVERSEAS (SINGAPORE) PTE L ROC # : 199401696C

FINANCIAL ELEMENTS

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

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 23/05/2006}

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

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 2,626 7,854 9,792}

^{Total Fixed Assets: 2,626 7,854 9,792}

^{Inventories: - 1,926,870 -}

^{Receivables: 6,924,294 4,635,639 8,542,640}

^{Cash,Banks, Securitis: 2,441,766 2,399,675 2,593,668}

^{Other current assets: 254,481 314,850 572,293}

^{Total Current Assts: 9,620,541 9,277,034 11,708,601}

^{TOTAL ASSETS: 9,623,167 9,284,888 11,718,393}

^{--- LIABILITIES}

^{Equity capital: 1,791,855 1,791,855 1,791,855}

^{Profit & loss Account: 1,052,591 699,414 1,171,173}

^{TOTAL EQUITY: 2,844,446 2,491,269 2,963,028}

^{Trade Creditors: 6,511,948 4,085,054 4,186,685}

^{Prepay. & Def. charges: 146,786 24,785 29,026}

^{Due to Bank: - - 1,828,734}

^{Provisions: 6,601 6,601 57,797}

^{Other Short term Liab.: 113,386 2,677,179 2,653,123}

^{Total short term Liab.: 6,778,721 6,793,619 8,755,365}

^{TOTAL LIABILITIES: 6,778,721 6,793,619 8,755,365}

PROFIT & LOSS ACCOUNT

^{Net Sales 82,471,761 77,005,685 98,288,974}

^{Result of ordinary operations 638,687 -173,111 1,133,416}

^{NET RESULT BEFORE TAX: 353,177 -471,759 675,534}

^{Tax : - - 57,000}

^{Net income/loss year: 353,177 -471,759 618,534}

^{Interest Paid: 285,510 298,648 58,704}

^{Depreciation: 6,307 10,810 8,391}

^{Directors Emoluments: 91,281 210,388 214,159}

^{Wages and Salaries: 200,376 292,476 318,568}

^{Financial Income: 80,882 27,061 31,604}

RATIOS

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

^{Turnover per employee: 13745293.50 12834280.83 16381495.67}

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

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

^{Net Margin(%): 0.43 -0.61 0.63}

^{Return on Equity(%): 12.42 -18.94 20.88}

^{Return on Assets(%): 3.67 -5.08 5.28}

^{Net Working capital: 2841820.00 2483415.00 2953236.00}

^{Cash Ratio: 0.36 0.35 0.30}

^{Quick Ratio: 1.38 1.04 1.27}

^{Current ratio: 1.42 1.37 1.34}

^{Receivables Turnover: 30.23 21.67 31.29}

^{Leverage Ratio: 2.38 2.73 2.95}

^{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 SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 14.18% FROM US$2,491,269 IN FY 2004 TO US$2,844,446 IN FY 2005. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF US$1,052,591 (2004: US$699,414); A RISE OF 50.49% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 96.06% (2004: 60.13%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$6,511,948 (2004: US$4,085,054). THE BREAKDOWN IS AS FOLLOWS:}

^{-THIRD PARTIES - 2005: US$6,222,581 (2004: US$3,691,834)}

^{-RELATED CORPORATION - 2005: US$208,228 (2004: -)}

^{-DEMURRAGE PAYABLES - 2005: US$81,139 (2004: US$393,220)}

^{IN ALL, LEVERAGE RATIO FELL FROM 2.73 TIMES TO 2.38 TIMES AS A RESULT OF A DECLINE IN TOTAL LIABILITIES AND A RISE IN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO ROSE TO 1.42 TIMES, UP FROM 1.37 TIMES AND QUICK RATIO IMPROVED TO 1.38 TIMES FROM 1.04 TIMES IN FY 2004.}

^{SIMILARLY, NET WORKING CAPITAL IMPROVED BY 14.43% FROM US$2,483,415 IN FY 2004 TO US$2,841,820.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-FIXED DEPOSITS - 2005: US$1,666,050 (2004: US$2,046,875)}

^{-CASH AND BANK BALANCES - 2005: US$775,716 (2004: US$352,800)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 7.09% FROM US$77,005,685 IN FY 2004 TO US$82,471,761 AND NET PROFIT ROSE BY 1.75 TIMES TO US$353,177 (2004: US$-471,759). HENCE, NET MARGIN ROSE TO 0.43% (2004: -0.61%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING.}

^{AVERAGE COLLECTION PERIOD HAS INCREASED FROM 21.67 DAYS TO 30.23 DAYS. A HIGHER AVERAGE COLLECTION PERIOD POSES GREATER RISK OF TURNING INTO BAD DEBTS. HOWEVER, IT IS STILL WORTH NOTING THAT DEBT SERVICING ABILITY MAY NOT BE AFFECTED IF TRADE RECEIVABLES ARE FORTHCOMING.}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{LIQUIDITY RISK:}

^{THE COMPANY MANAGES ITS LIQUIDITY RISK BY ENSURING THE AVAILABILITY OF FUNDING THROUGH AN ADEQUATE AMOUNT OF COMMITTED CREDIT FACILITIES FROM FINANCIAL INSTITUTIONS. AS AT THE BALANCE SHEET DATE, THE COMPANY'S BANKING FACILITIES GRANTED TO THE EXTENT OF US$30,000,000 (2004: US$30,000,000) WERE SECURED BY THE FOLLOWING:}

^{(A) CHARGE OVER THE FIXED DEPOSITS AS CASH MARGINS}

^{(B) GENERAL CHARGE OF RECEIVABLES AND CONTRACT RIGHTS}

^{(C) GENERAL LETTER OF PLEDGE}

^{(D) LETTER OF HYPOTHECATION}

^{(E) DEED OF CHARGE}

^{(F) TRUST RECEIPT FORMS}

^{AS AT THE BALANCE SHEET FORM, THE COMPANY DID NOT UTILISE THE ABOVE BANKING FACILITIES.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 11/03/1994 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "VINMAR (SINGAPORE) PTE LTD".}

^{SUBSEQUENTLY, ON 24/06/1997, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE AS "VINMAR OVERSEAS (SINGAPORE) PTE LTD.".}

^{AS AT 21/05/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 2,600,000 SHARES OF A VALUE OF S$2,600,000.}

^{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)}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF IMPORTERS, EXPORTERS AND TRADE REPRESENTATIVE FOR OVERSEAS CORPORATIONS.}

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

^{BACKGROUND OF VINMAR INTERNATIONAL LTD:}

^{THE COMPANY WAS FOUNDED IN 1978 IN NEW YORK CITY. IN 1985 THE OWNERS RELOCATED THE COMPANY TO HOUSTON, TEXAS WHICH BECAME THE GLOBAL HEAD OFFICE OF THE EXPANSIVE NETWORK THAT IS VINMAR TODAY.}

^{INITIALLY THE COMPANY FOCUSED ENTIRELY ON POLYMER RESIN TRADING BUT IT SOON EXPANDED UPSTREAM INTO COMMODITY PETROCHEMICALS AND TODAY VINMAR'S BUSINESS IS SPLIT APPROXIMATELY EQUALLY INTO POLYMERS AND CHEMICALS, MARKETING NEARLY TWO MILLION TONS EACH YEAR INTO MOST OF THE WORLD'S MAJOR MARKETS.}

^{IN 2000 VINMAR ADDED A NEW DIVISION, VINMAR PROJECTS WHICH FOCUSES ON OPPORTUNITIES FOR THE COMPANY TO PARTICIPATE IN DEVELOPING PETROCHEMICAL PROJECTS, PRIMARILY THROUGH LONG-TERM PRODUCT OFF-TAKE AGREEMENTS.}

^{TODAY WITH 26 OFFICES IN 20 COUNTRIES, VINMAR INTERNATIONAL, LTD. IS ONE OF THE WORLD'S PREMIER PETROCHEMICALS MARKETING, DISTRIBUTION AND PROJECT DEVELOPMENT COMPANIES.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* SOURCING, MARKETING AND DISTRIBUTION OF CHEMICALS AND PLASTICS}

^{PRODUCTS DEALINGS:}

^CHEMCIALS:

^ALCOHOLS

^{* ETHANOL}

^{* METHANOL}

^ANHYDRIDES

^{* PHTHALIC ANHYDRIDE}

^{* MALEIC ANHYDRIDE}

^AROMATICS

^{* BENZENE}

^{* CUMENE}

^{* CYCLOHEXANE}

^{* MIXED-XYLENES}

^{* ORTHO-XYLENES}

^{* PARA-XYLENES}

^{* STYRENE}

^{* TOLUENE}

^{CHEMICAL GASES}

^{* BUTADIENE}

^{* BUTENE-1}

^{* CRUDE C-4'S}

^{* ETHYLENE}

^{* PROPYLENE}

^{* VINYL CHLORIDE MONOMER}

^{CHLORALKALI CHEMICALS}

^{* ETHYLENE DICHLORIDE}

^{* CAUSTIC SODA}

^{CHLORINATED SOLVENTS AND CHLOROMETHANES}

^{* CHLOROFORM}

^{* CARBON TETRACHLORIDE}

^{* METHYLENE CHLORIDE}

^{* PERCHLORO-ETHYLENE}

^{* TRICHLORO-ETHYLENE}

^{FIBRE INTERMEDIATES}

^{* ACRYLONITRILE}

^{* CAPROLACTAM}

^{* DIETHYLENE GLYCOL}

^{* DIMETHYL TEREPHTHALATE}

^{* MONOETHYLENE GLYCOL}

^{* TEREPHTHALIC ACID}

^OXO-ALCOHOLS

^{* 2 ETHYL HEXANOL}

^{* ISO BUTYL ALCOHOL}

^{* NORMAL BUTYL ALCOHOL}

^PLASTICIZERS

^{* DIISODECYL PHTHALATE}

^{* DIISONONYL PHTHALATE}

^{* DIOCTYL PHTHALATE}

^SOLVENTS

^{* ACETATES}

^{* ACETONE}

^{* GLYCOL ETHERS}

^{* METHYL ETHYL KETONE}

^{* ISOPROPYL ALCOHOL}

^{SPECIALITY PRODUCTS}

^{* ADIPIC ACID}

^{* ANILINE}

^{* BISPHENOL-A}

^{* ETHANOLAMINES (MEA & DEA)}

^{* ETHYL ACRYLATE}

^{* ISOPRENE MONOMER}

^{* EPICHLOROHYDRIN}

^{* BUTYL ACRYLATE}

^{* BUTENE DIOL}

^OTHERS

^{* ACETIC ACID}

^{* ALPHAMETHYL STYRENE}

^{* CYCLOHEXANONE}

^{* ISOCYANATES (MDI & TDI)}

^{* PHENOL}

^{* POLYOLS}

^{* HEXANE}

^{* PROPYLENE GLYCOL}

^{* TITANIUM DIOXIDE}

^{* VINYL ACETATE MONOMER}

^{* ALPHA OLEFINS}

^POLYMERS:

^{POLYETHYLENE (PE)}

^{* LOW DENSITY POLYETHYLENE (LDPE)}

^{* LINEAR LOW DENSITY POLYETHYLENE (LLDPE)}

^{* HIGH DENSITY POLYETHYLENE (HDPE)}

^{* HIGH MOLECULAR WEIGHT HIGH DENSITY POLYETHYLENE (HMHDPE)}

^{POLYPROPYLENE (PP)}

^{* HOMOPOLYMERS}

^{* COPOLYMERS}

^{POLYETHYLENE TEREPHTHALATE (PET)}

^{POLYVINYL CHLORIDE (PVC)}

^STYRENES

^{* ETHYLENE VINYL ACETATE (EVA)}

^{* GENERAL PURPOSE POLYSTYRENE (GPPS)}

^{* HIGH IMPACT POLYSTYRENE (HIPS)}

^{* ACRYLONITRILE BUTADIENE STYRENE (ABS)}

^{RUBBERS AND RUBBER PRODUCTS}

^{* BUTYL RUBBER (BUTYL)}

^{* STYRENE BUTADIENE RUBBER (SBR)}

^{* POLYISOPRENE RUBBER (IR)}

^{* POLYBUTADIENE RUBBER (PBR)}

^{* NATURAL RUBBER (NR)}

^{* NITRILE RUBBER (NBR)}

^{* CARBON BLACK}

^{SUBJECT IS A MEMBER OF THE FOLLOWING ENTITIES:}

^{* SINGAPORE INTERNATIONAL CHAMBERS OF COMMERCE}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 23/05/2007, THE FOLLOWING WAS GATHERED:}

^{IMPORT COUNTRIES:}

^{* WORLDWIDE}

^{EXPORT COUNTRIES:}

^{* WORLDWIDE}

^{THE SUBJECT ONLY EXPORTS AND DOES NOT SELL LOCALLY.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 6}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 23/05/2007.}

^{THE COMPANY IS A WHOLLY-OWNED SUBSIDIARY OF VINMAR INC., A CORPORATION INCORPORATED IN THE UNITED STATES OF AMERICA, WHICH IS ALSO ITS ULTIMATE HOLDING CORPORATION.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2005: NOT AVAILABLE (2004: 7; 2003: 7)}

^{* GROUP - 2005: - (2004: -)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{152 BEACH ROAD}

^{#17-08 GATEWAY EAST}

^{SINGAPORE 189721}

^{- RENTED PREMISE}

^{- OWNED BY GATEWAY LAND LIMITED}

^{- DATE OF CHANGE OF ADDRESS: 26/12/2005}

^WEBSITE:

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

^EMAIL:

^{vin18496@singnet.com.sg}

MANAGEMENT

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

^{1) SWATANTRA V JAIN, AN AMERICAN}

^{- BASED IN UNITED STATES OF AMERICA.}

^{2) VIJAY GORADIA, AN AMERICAN}

^{- BASED IN UNITED STATES OF AMERICA.}

^{3) BALARAMADAS ARANAPRASAD, A SINGAPORE PERMANENT RESIDENT}

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

^{4) HEMANT P. GORADIA, AN INDIAN}

^{- BASED IN UNITED STATES OF AMERICA.}

^{5) SOON-KANG JOH, A SOUTH KOREAN}

^{- BASED IN SINGAPORE.}

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

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%)

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