MIRA INFORM REPORT

Report Date :

29.05.2007

IDENTIFICATION DETAILS

Name :	ROYAL GLOBAL EXPORTS PTE LTD

Registered Office :	^{180 Cecil Street, #15-02}^{, Bangkok Bank Building, Singapore}^-069546

Country :	Singapore

Date of Incorporation :	^27/09/1996

Com. Reg. No.:	^199607015G

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading of Timber and Stainless Steel

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 :	Exists

Subject Company

ROYAL GLOBAL EXPORTS PTE LTD

Line Of Business

TRADING OF TIMBER AND STAINLESS STEEL

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$4,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company
: ROYAL
GLOBAL EXPORTS PTE LTD}

^{Former Name : -}

^{Business
Address: 180 CECIL
STREET}

^#15-02

^{BANGKOK
BANK BUILDING}

^{Town: SINGAPORE}

^{Postcode: 069546}

^{County: -}

^{Country: Singapore}

^{Telephone: 6224
4111}

^{Fax: 6220 7666}

^{ROC Number: 199607015G}

^Reg.^Town^{: -}

SUMMARY

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

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 27/09/1996}

^{Previous Legal
Form: -}

^{Summary year
: -}

^{Sales: -}

^{Capital: -}

^{Paid-Up
Capital: 4,000,000}

^{Employees: 17}

^{Net result : -}

^{Share value: -}

^{AUDITOR : MGI
MENON & ASSOCIATES}

REFERENCES

^{Litigation: Yes}

^{Company status
: TRADING}

^{Started : 27/09/1996}

PRINCIPAL(S)

^{MANAK CHAND
MAHESWARI S2583525E Director}

DIRECTOR(S)

^{SWARAN SINGH S1157721J Company Secretary}

^{Appointed on : 06/11/1996}

^{Street : 402 SIN MING AVENUE}

^#15-319

^{Town: SINGAPORE}

^{Postcode: 570402}

^{Country: Singapore}

^{MANAK CHAND
MAHESWARI S2583525E Director}

^{Appointed on : 27/09/1996}

^{Street : 763A
MOUNTBATTEN ROAD}

^{Town: SINGAPORE}

^{Postcode: 437849}

^{Country: Singapore}

^{MADHUBALA
MAHESHWARI S2583526C Director}

^{Appointed on : 27/09/1996}

^{Street : 763A
MOUNTBATTEN ROAD}

^{Town: SINGAPORE}

^{Postcode: 437849}

^{Country: Singapore}

^{SHAMBHU PRASAD
BIYANI S2670761G Director}

^{Appointed on : 06/11/1996}

^{Street : 114A ARTHUR
ROAD}

^#18-06

^{KATONG PARK
TOWER}

^{Town: SINGAPORE}

^{Postcode: 439826}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{LAXMI NIWAS
MAHESWARI V174720}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS
Code:11760}

^{COMMISSION
MERCHANTS
Code:4990}

^{BASED ON ACRA'S RECORD AS
AT 24/05/2007}

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

CHARGES

^{Date: 01/06/2005}

^{Comments : CHARGE
NO:C200503105}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): UNITED OVERSEAS BANK LIMITED}

^{Date: 14/03/2005}

^{Comments : CHARGE NO: C200501491}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): OVERSEAS-CHINESE BANKING CORPORATION LIMITED}

^{Date: 23/11/2004}

^{Comments : CHARGE
NO: C200405869}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): DBS BANK LTD.}

^{Date: 20/10/2006}

^{Comments : CHARGE
NO: C200607085, C200607084}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: MOSCOW NARODNY BANK LIMITED}

^{Date: 14/10/2003}

^{Comments : CHARGE
NO: C200304862}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: KBC BANK N.V.}

^{Date: 14/10/2003}

^{Comments : CHARGE
NO: C200304855}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: KBC BANK N.V.}

^{Date: 31/12/2002}

^{Comments : CHARGE
NO: 200205771}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

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

^{Date: 05/12/1997}

^{Comments : CHARGE
NO : 199707526 (DISCHARGED - 25/10/2002)}

^{SECURED : 0.00 ALL MONIES OWING}

^{CHARGEE(S) : STANDARD CHARTERED BANK}

^{Date: 19/10/2004}

^{Comments : CHARGE
NO: C200405191 (DISCHARGED)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: BANK OF INDIA}

^{Date: 26/06/2002}

^{Comments : CHARGE
NO : 200202840 (DISCHARGED - 21/10/2004)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : CITIBANK N.A.}

^{Date: 12/07/2001}

^{Comments : CHARGE
NO : 200103187, 200103188 (DISCHARGED - 19/05/2003)}

^{SECURED : 0.00 & ALL MONIES OWING}

^{CHARGEE : BNP PARIBAS}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{CITIBANK N.A.}

^{BNP PARIBAS}

^{THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED}

^{BANK OF INDIA}

^{KBC BANK N.V.}

^{UNITED OVERSEAS
BANK LIMITED}

^{OVERSEA-CHINESE
BANKING CORPORATION LIMITED}

^{DBS BANK LTD.}

^{MOSCOW NARODNY
BANK LIMITED}

SHAREHOLDERS(S)

^{MANAK CHAND
MAHESWARI
1,850,000 Private Person}

^{Street : 763A
MOUNTBATTEN ROAD}

^{Town: SINGAPORE}

^{Postcode: 437849}

^{Country: Singapore}

^{MADHUBALA
MAHESHWARI
1,150,000 Private Person}

^{Street : 763A
MOUNTBATTEN ROAD}

^{Town: SINGAPORE}

^{Postcode: 437849}

^{Country: Singapore}

^{SHAMBHU PRASAD
BIYANI
1,000,000 Private Person}

^{Street : 114A ARTHUR
ROAD}

^#18-06

^{KATONG PARK
TOWER}

^{Town: SINGAPORE}

^{Postcode: 439826}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{LAXMI NIWAS
MAHESWARI
100,000}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : UNKNOWN

Payments : UNKNOWN

Trend : UNKNOWN

Financial Situation: UNKNOWN

LITIGATION(S)

Type Of Case: Magistrate Court - W/S

Case Number: MCS32576/1998

Defendant ROYAL GLOBAL EXPORTS PTE LTD ROC # : 199607015G

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.}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON
27/09/1996 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT
NAMESTYLE AS "ROYAL GLOBAL EXPORTS PTE LTD".}

^{AS AT 24/05/2007,
THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 4,000,000 SHARES OF A VALUE OF
S$4,000,000.}

^{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)}

^{2) WHOLESALE ON A
FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

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

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITIES:}

^{* TRADING OF TIMBER
AND STAINLESS STEEL}

^TIMBER

^{IMPORT COUNTRIES:}

^{* MYANMAR}

^{* INDONESIA}

^{EXPORT COUNTRIES:}

^{* INDIA}

^{STAINLESS STEEL}

^{IMPORT COUNTRIES:}

^{* SPAIN}

^{EXPORT COUNTRIES:}

^{* VIETNAM}

^{* HONG KONG}

^{* INDIA}

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

^{* SINGAPORE
TIMBER ASSOCIATION}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 29/09/2005, THE FOLLOWING WAS GATHERED:}

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY - 2005:
17}

^{ATTEMPTS HAVE BEEN
MADE TO RECONFIRM THE ABOVE INFORMATION ON 29/05/2007. HOWEVER, THE ABOVE INFORMATION
CAN'T BE RECONFIRMED AS TELE-INTERVIEW WAS NOT GRANTED BY SUBJECT'S PERSONNEL
ON 29/05/2007.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{180 CECIL STREET}

^{#15-02 BANGKOK BANK BUILDING}

^SINGAPORE⁰⁶⁹⁵⁴⁶

^{- RENTED PREMISE}

^{- OWNED BY BANGKOK
BANK PUBLIC COMPANY LIMITED}

^{- DATE OF CHANGE
OF ADDRESS: 18/10/1996}

^WEBSITE:

^EMAIL:

^{mail@royalglobalexp.com.sg}

MANAGEMENT

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

^{1) MANAK CHAND
MAHESHWARI, A SINGAPOREAN}

^{- OTHER
DIRECTORSHIP(S) IN OUR DATABASE:}

^{PAN CENTURY GLOBAL
EXPORTS PTE LTD}

^{WOOD CRAFT
INTERNATIONAL PTE. LTD.}

^{2) MADHUBALA
MAHESHWARI, A SINGAPORE
PERMANENT RESIDENT}

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

^{3) SHAMBHU PRASAD
BIYANI, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
MANAK CHAND MAHESHWARI}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 2}

^{ANNUAL VALUE:
S$52,800 (763A MOUNTBATTEN ROAD)}

^{CO-OWNER: NIL}

^{ANNUAL VALUE: S$15,600
(81 MEYER ROAD #07-02)}

^{CO-OWNER:
MADHUBALA MAHESHWARI}

^{DIRECTOR'S NAME:
MADHUBALA MAHESHWARI}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL VALUE:
S$15,600}

^{CO-OWNER: MANAK
CHAND MAHESHWARI}

^{DIRECTOR'S NAME:
SHAMBHU PRASAD BIYANI}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL VALUE:
S$25,800}

^{CO-OWNER: NIRMALA
BIYANI}

* 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.

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.

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