MIRA INFORM REPORT

Report Date :

28.05.2007

IDENTIFICATION DETAILS

Name :	NAWARATS INTERNATIONAL PTE. LTD.

Registered Office :	^{158 Cecil Street, #07}^-^{02a, Dapenso Building, Singapore – 069545}

Country :	Singapore

Date of Incorporation :	^02/06/2005

Com. Reg. No.:	^200507537W

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Leading Traders / Exporters of Agricultural Products and Ball Bearing.

RATING & COMMENTS

MIRA’s Rating :

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 :	Clear

Subject Company

NAWARATS INTERNATIONAL PTE. LTD.

Line Of Business

LEADING TRADERS/EXPORTERS OF AGRICULTURAL PRODUCTS AND BALL BEARING.

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$1,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

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

^{Former Name :
-}

^{Business Address : 158 CECIL STREET}

^#07-02A

^{DAPENSO BUILDING}

^{Town :
SINGAPORE}

^{Postcode : 069545}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6225 1591/92}

^{Fax :
6225 1568}

^{ROC Number :
200507537W}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
02/06/2005}

^{Previous Legal
Form :
-}

^{Summary year :
-}

^{Sales :
-}

^{Paid-Up Capital :
1,000,000}

^{Net Worth :
-}

^{Employees :
-}

^{Net Result :
-}

^{Auditor :
NATARAJAN & SWAMINATHAN}

REFERENCES

^{Litigation :
No}

^{Company status :
TRADING}

^{Started :
02/06/2005}

PRINCIPAL(S)

^{MAUNG MAUNG G5843481M Director}

DIRECTOR(S)

^{MAUNG MAUNG G5843481M Director}

^{Appointed on : 02/06/2005}

^{Street : 158 CECIL STREET}

^#07-02A

^{DAPENSO BUILDING}

^{Town : SINGAPORE}

^{Postcode : 069545}

^{Country : Singapore}

^{U KYAW WIN CM101979 Director}

^{Appointed on : 14/09/2005}

^{Street : NO. 32, 88TH STREET}

^{MINGALAR TAUNGNYUT
TOWHSHIP}

^{Town : YANGON}

^{Postcode : -}

^{Country : Myanmar}

^{U AUNG MYINT CM104369 Director}

^{Appointed on : 01/12/2005}

^{Street : NO. 299, SHWEDAGON PAGODA ROAD}

^{DAGON TOWNSHIP}

^{Town : YANGON}

^{Postcode : -}

^{Country : Myanmar}

^{KYAW SOE MOE CM104801 Director}

^{Appointed on : 14/09/2005}

^{Street : NO.
512-514, STRAND ROAD}

^{CORNER OF 13TH STREET, 8TH
FLOOR}

^{LANMADAW TOWNSHIP}

^{Town : YANGON}

^{Postcode : -}

^{Country : Myanmar}

^{URMILA SHARMA G5861586U Director}

^{Appointed on : 30/01/2007}

^{Street : 41 JURONG EAST AVENUE
1}

^#19-01

^{PARC OASIS}

^{Town : SINGAPORE}

^{Postcode : 609777}

^{Country : Singapore}

^{HARIDASAN
NAGAPPAN S2712094F Company Secretary}

^{Appointed on : 24/02/2006}

^{Street : 765 YISHUN STREET
72}

^#06-368

^{Town : SINGAPORE}

^{Postcode : 760765}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{NAINA PILLAI ABDUL
RAZAK ASHRAF ALI S2668255Z}

^{MOE MOE AUNG S7061990C}

ACTIVITY (IES)

^{IMPORTERS And
EXPORTERS Code: 11760}

^{BEANS - DRIED Code: 1820}

^{BEARINGS Code: 1830}

^{BASED ON ACRA'S RECORD AS
AT 08/02/2007}

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

CHARGES

^{Date :
03/03/2006}

^{Comments : CHARGE NO:
C200601410}

^{AMOUNT SECURED: 0.00
AND ALL MONIEW OWING}

^{CHARGEE(S): INDIAN BANK}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{INDIAN BANK}

SHAREHOLDERS(S)

^{MAUNG MAUNG 1,000,000 Private Person}

^{Street : 158 CECIL STREET}

^#07-02A

^{DAPENSO BUILDING}

^{Town : SINGAPORE}

^{Postcode : 069545}

^{Country : Singapore}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{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 31/03/2006 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
02/06/2005 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT
NAMESTYLE OF "NAWARATS INTERNATIONAL PTE LTD".}

^{AS AT 21/05/2007,
SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 1,000,000 SHARES OF A VALUE OF
S$1,000,000.}

^{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 AND EXPORTERS)}

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

^{THE COMPANY IS
LISTED IN THE SINGAPORE
LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: IMPORTERS AND EXPORTERS.}

^{SUBJECT IS A
LEADING TRADERS/ EXPORTERS OF AGRICULTURAL PRODUCTS AND BALL BEARING.}

^{IMPORT PRODUCTS:}

^{* ALL KINDS OF
BALL BEARINGS}

^{EXPORT PRODUCTS:}

^{* BAMBO BEANS}

^{* GREEN MOONG
BEANS}

^{* BLACK EYE BEANS}

^{* TOOR WHOLE}

^{* YELLOW MAIZE}

^{* BLACK MATPE}

^{* RED KIDNEY BEANS}

^{* BUTTER BEANS}

^{* CHICK PEAS}

^{SUBJECT HAS
ANOTHER OFFICE IN MYANMAR.}

^{THROUGH THE
TELE-INTERVIEW, SUBJECT MENTIONED THAT THEIR BUSINESS INVOLVED IMPORTING AND EXPORTING
OF PULSES, BEANS AND AGRICULTURAL PRODUCTS. THEY REVEALED THAT THEY IMPORT FROM
MYANMAR AND EXPORT TO MAINLY
INDIA.
THE SUBJECT DECLINED TO PROVIDE MORE INFORMATION TO US ON 25/05/2007.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{158 CECIL STREET}

^{#07-02 A}

^DAPENSO^BUILDING

^SINGAPORE⁰⁶⁹⁵⁴⁵

^{DATE OF CHANGE OF
ADDRESS: 06/07/2005}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED
BY: ROYAL PROPERTIES INVESTMENT PTE LTD}

^{YOUR PROVIDED ADDRESS:}

^{158 CECIL
STREET}

^#02-02

^DAPENSO^BUILDING

^SINGAPORE⁰⁶⁹⁵⁴⁵

^{-- INVALID}

^WEBSITE:

^{* www.nawarats.com}

^EMAIL:

^{*
nawarats@singnet.com.sg}

MANAGEMENT

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

^{1) U KYAW WIN, A
BURMESE}

^{- BASED IN MYANMAR}

^{2) U AUNG MYINT, A
BURMESE}

^{- BASED IN MYANMAR}

^{3) KYAW SOE MOE, A
BURMESE}

^{- BASED IN MYANMAR}

^{4) MAUNG MAUNG, A
BURMESE}

^{- BASED IN SINGAPORE}

^{5) URMILA SHARMA,
AN INDIAN}

^{- 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 TRADE SECTOR

PAST PERFORMANCE

WITH THE GROWTH IN NON-OIL RE-EXPORTS AND THE RISE IN RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A ROBUST 15% IN 1Q2006, UP FROM THE 12% GAIN IN 4Q2005.

DOMESTIC WHOLESALE TRADE INDEX

FOLLOWING SEVEN QUARTERS OF DOUBLE-DIGIT GROWTH, THE OVERALL DOMESTIC WHOLESALE TRADE INDEX MODERATED TO 7.5% IN 1Q2006. EXCLUDING PETROLEUM, THE INDEX ROSE BY 14.2% OVER THE SAME PERIOD LAST YEAR. DOMESTIC SALES OF GENERAL WHOLESALE TRADE ROSE SUBSTANTIALLY BY 61.6%.

DOMESTIC SALES OF FOOD, BEVERAGES & TOBACCO, PAINTS & CONSTRUCTION MATERIALS, TIMBER ALSO FELL COMPARED TO 1Q2005.

AT CONSTANT PRICES, THE OVERALL INDEX DECLINED BY 4.4% IN 1Q2006 OVER 1Q2005, MAINLY DUE TO LOWER ACTIVITY IN CHEMICAL AND PETROLEUM SECTORS. EXCLUDING PETROLEUM, IT WAS 7.9% HIGHER THAN A YEAR AGO.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 16.5% COMPARED TO 4Q2005. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.9%.

MOST OF THE MAJOR SECTORS REGISTERED SLOWER BUSINESS IN 1Q2006 WITH THE EXCEPTION OF TELECOMMUNICATIONS & COMPUTERS AND GENERAL WHOLESALE TRADE.

FOREIGN WHOLESALE TRADE INDEX

AS COMPARED TO 1Q2005, THE OVERALL FOREIGN WHOLESALE TRADE IN 1Q2006 ROSE BY 15.4%. EXCLUDING PETROLUEM, THE INDEX EXPANDED BY 11.5%.

ON A YEAR-ON-YEAR BASIS, ELECTRONIC COMPONENTS GREW BY 22.8%, PETROLEUM & PETROLEUM PRODUCTS ROSE BY 20.3%, AND GENERAL WHOLESALE TRADE GREW BY 18.7% IN 1Q2006.

IN CONTRAST, HOUSEHOLD EQUIPMENT & FURNITURE, FOOD, BEVERAGES & TOBACCO, PAINTS & CONSTRUCTION MATERIALS, WHOLESALERS OF TIMBER REPORTED SLOWER FOREIGN BUSINESS OVER THE SAME PERIOD LAST YEAR.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE MARGINALLY BY 0.9% IN 1Q2006 OVER A YEAR AGO. EXCLUDING PETROLEUM, IT WAS UP BY 7.6%.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 9.4% FOLLOWING GROWTH FOR THREE CONSECUTIVE QUARTERS. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.6%.

THE MAJOR SECTORS MOSTLY POSTED LOWER FOREIGN SALES WITH THE EXCEPTION OF TELECOMMUNICATIONS & COMPUTERS SECTOR IN 1Q2006. THE HOUSEHOLD EQUIPMENT & FURNITURE, FOOD, BEVERAGES & TOBACCO SECTOR ALL REPORTED DECLINE IN TURNOVER OF MORE THAN 17% IN THE FIRST QUARTER OF 2006 OVER 4Q2005.

AHEAD

WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE PERIOD ENDING DECEMBER 2006. THOSE DEALING IN FURNITURE & FURNISHINGS, COSMETICS & TOILETRIES, JEWELLERY & WATCHES, HOUSEHOLD ELECTRICAL APPLIANCES & EQUIPMENT, ELECTRONIC COMPONENTS, SCIENITIFIC & PRECISION EQUIPMENT, ARE AMONG THOSE WHO ARE OPTIMISTIC ABOUT THE BUSINESS OUTLOOK AHEAD.

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