MIRA INFORM REPORT

Report Date :

25.05.2007

IDENTIFICATION DETAILS

Name :	DSM ENGINEERING PLASTICS ASIA PACIFIC

Registered Office :	^{152 Beach Road}^{, 10-01/04, The Gateway East,}^Singapore^–¹⁸⁹⁷²¹

Country :	Singapore

Date of Incorporation :	^28/03/2000

Com. Reg. No.:	^52915997W

Legal Form :	^{Sole Proprietor}

Line of Business :	Wholesale of Chemicals and Chemical Products.

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 :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

DSM ENGINEERING PLASTICS ASIA PACIFIC

Line Of Business

WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS

Parent Company

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : NA

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

COMPANY IDENTIFICATION

^{Subject Company :}^{DSM ENGINEERING PLASTICS ASIA} ^PACIFIC

^{Former Name :}^-

^{Business Address :}^{152 BEACH ROAD}

^10-01/04

^{THE GATEWAY EAST}

^{Town :
SINGAPORE}

^{Postcode :}¹⁸⁹⁷²¹

^{County :
-}

^{Country :
Singapore}

^{Telephone :}^{6299 6080}

^{Fax :}^{6294 3808}

^{ROC Number :}^52915997W

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :}^{Sole Proprietor}

^{Date Inc. :}^28/03/2000

^{Previous Legal Form : -}

^{Summary year :}^-

^{Sales :}^-

^{Networth :
-}

^{Capital :
-}

^{Paid-Up Capital :}¹

^{Employees :
10}

^{Net result :
-}

^{Share value :
-}

^{Auditor :}^NA

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :}^27/03/2000

PRINCIPAL(S)

^{GEERT JAN
NIEBOER F5570101Q Manager}

DIRECTOR(S)

^{GEERT JAN
NIEBOER F5570101Q Manager}

^{Appointed on : 08/12/2000}

^{Street :
8 GREENVIEW CRESCENT}

^{Town : SINGAPORE}

^{Postcode : 289318}

^{Country : Singapore}

ACTIVITY(IES)

^{CHEMICALS
Code: 3970}

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

^{1) WHOLESALE OF
CHEMICALS AND CHEMICAL PRODUCTS NEC}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{DSM SINGAPORE
INDUSTRIAL PTE LTD
Company}

^{Street : 1 MARINA BOULEVARD}

^#28-00

^{ONE MARINA BOULEVARD}

^{Town : SINGAPORE}

^{Postcode : 018989}

^{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}

FINANCIAL COMMENTS

^{SOLE-PROPRIETORSHIP}

^{BEING A SOLE
PROPRIETORSHIP BUSINESS, THERE IS NO OBLIGATIONS ON THE PART OF THE OWNER TO
SUPPLY REGULAR FINANCIAL UPDATES TO THE REGISTRY OF COMPANIES AND BUSINESSES.THE
CREDIT OPINION IS BASED ON NON-FINANCIAL INDICATORS AS WELL AS OTHER BUSINESS
ELEMENTS AND DATA AVAILABLE.}

^{NO FINANCIAL
INFORMATION WAS REVEALED BY THE MANAGEMENT.}

BACKGROUND/OPERATION

^{THE SUBJECT WAS
REGISTERED IN THE REPUBLIC OF SINGAPORE ON 28/03/2000 AND COMMENCED BUSINESS ON
27/03/2000 AS A SOLE PROPRIETORSHIP/PARTNERSHIP AND IS TRADING UNDER THE
NAMESTYLE AS "DSM ENGINEERING PLASCTIS ASIA
PACIFIC".}

^{THE LICENCE WAS
RENEWED ON 05/03/2007 AND WILL EXPIRE ON 28/03/2008.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF
CHEMICALS AND CHEMICAL PRODUCTS}

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

^ACTIVITIES:

^{* PROVIDING
MARKETING, SALES, TECHNICAL, APPLICATION DEVELOPMENT OF POLYAMIDES 6 AND 46,
PBT AND TPE FOR USE IN THE E&E, AUTOMOTIVE AND GENERAL INDUSTRIES.}

^{TRADE NAMES:}

^{* STANYL}

^{* ARNITEL}

^{* AKULON}

^{* ARNITE}

^{SUBJECT IS A
MEMBER OF:}

^{* SINGAPORE
PLASTIC INDUSTRY ASSOCIATION}

^{NUMBER OF
EMPLOYEES:}

^{* 10 (AS OF 2006)}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 24/05/2007, NO TRADE INFORMATION WAS AVAILABLE AS
SUBJECT'S PERSONNEL DECLINED TO
PROVIDE.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{152 BEACH ROAD}

^#10-01/04

^{THE GATEWAY EAST}

^SINGAPORE¹⁸⁹⁷²¹

^{DATE OF CHANGE OF
ADDRESS: -}

^{- PREMISE OWNED
BY: GATEWAY LAND LIMITED}

^{WEBSITE:
www.dsm.com}

^{EMAIL:
ellin.to@dsm.com}

MANAGEMENT

^{THE OWNER AT THE
TIME OF THIS REPORT IS:}

^{1) DSM SINGAPORE
INDUSTRIAL PTE LTD}

^{- PAID-UP
CAPITAL : S$200,000}

^{- ADVERSE CHECK
AGAINST OWNER: NIL}

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