MIRA INFORM REPORT

Report Date :

28.05.2007

IDENTIFICATION DETAILS

Name :	VVF SINGAPORE PTE. LTD.

Registered Office :	^{133 Cecil Street, #09}^-^{01a, Keck Seng Tower, Singapore – 069535}

Country :	Singapore

Date of Incorporation :	^01/07/2006

Com. Reg. No.:	^200609608C

Legal Form :	^{Pte Ltd}

Line of Business :	Trading of Soup Holders

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 :	Small Company

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

VVF SINGAPORE PTE. LTD.

Line Of Business

TRADING OF SOUP HOLDERS

Parent Company

VVF LIMITED

(PERCENTAGE OF SHAREHOLDING: 90%)

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$200,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company
: VVF
SINGAPORE
PTE. LTD.}

^{Former Name : -}

^{Business
Address: 133 CECIL
STREET}

^#09-01A

^{KECK
SENG TOWER}

^{Town: SINGAPORE}

^{Postcode: 069535}

^{County: -}

^{Country: Singapore}

^{Telephone: 6224
8871}

^{Fax: 6224 8082}

^{ROC Number: 200609608C}

^Reg.^Town^{: -}

SUMMARY

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

^{Legal Form: Pte
Ltd}

^{Date Inc.: 01/07/2006}

^{Previous Legal
Form: -}

^{Summary year
: -}

^{Sales: -}

^{Capital: -}

^{Paid-Up
Capital: 200,000}

^{Employees: 2}

^{Net result : -}

^{Share value: -}

^{AUDITOR: NIL}

REFERENCES

^{Litigation: No}

^{Company status
: TRADING}

^{Started : 01/07/2006}

PRINCIPAL(S)

^{VENKATARAMAIYER
SIVARAMAKRISHNAN S0033476F Director}

DIRECTOR(S)

^{FARAZ GODREJ
JOSHI B3016967 Director}

^{Appointed on : 01/07/2006}

^{Street : 40-A
HILLSTONE, B.G.KHER MARG}

^{MALABAR HILL, MAHARASHTRA}

^{Town: MUMBAI}

^{Postcode: 400 006}

^{Country: India}

^{JAGMOHAN M. AGARWAL E9139656 Director}

^{Appointed on : 01/07/2006}

^{Street : 704
WOODROSE 'B' SAMARTH NAGAR}

^{ANDHERI (WEST), MAHARASHTRA}

^{Town: MUMBAI}

^{Postcode: 400 053}

^{Country: India}

^{BALASAHEB R.
GAIKWAD F7775522 Director}

^{Appointed on : 01/07/2006}

^{Street : NEELAM
NAGAR, BLDG. NO. 7}

^{FLAT A-408, GAVANPADA}

^{MULUND (EAST), MAHARASHTRA}

^{Town: MUMBAI}

^{Postcode: 400 081}

^{Country: India}

^{VENKATARAMAIYER
SIVARAMAKRISHNAN S0033476F Director}

^{Appointed on : 01/07/2006}

^{Street : 666 YISHUN AVENUE 4}

^#05-159

^{Town: SINGAPORE}

^{Postcode: 760666}

^{Country: Singapore}

^{RUSTOM GODREJ
JOSHI Z1561534 Director}

^{Appointed on : 01/07/2006}

^{Street : 501,
MARKER MANSION}

^{623 LADY JEHANGIR ROAD}

^{PARSEE COLONY, DADAR (E)}

^{Town: MUMBAI - 400 014 MAHARASHTRA}

^Postcode:

^{Country: India}

^{SOVAKAR NAYAK Z1690473 Director}

^{Appointed on : 01/07/2006}

^{Street : AASHRAYA,
JAGNNATHUPUR}

^{BHADRAK, ORISSA}

^Town:

^Postcode:

^{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

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

SHAREHOLDERS(S)

^{VVF LIMITED
180,000 Company}

^{Street : 109,
SION (E), P O BOX
6781}

^{Town: MUMBAI}

^{Postcode: 400-022}

^{Country: India}

^{SOVAKAR NAYAK 20,000 Private Person}

^{Street : AASHRAYA,
JAGNNATHUPUR}

^{BHADRAK, ORISSA}

^Town:

^Postcode:

^{Country: India}

HOLDING COMPANY

^{VVF LIMITED UF43522C %
: 92.00}

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)

No Litigation In Our Database

FINANCIAL COMMENTS

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.

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 21/05/2007 AS A LIMITED PRIVATE COMPANY
AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "VVF SINGAPORE PTE.
LTD.".}

^{AS AT 21/05/2007,
THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 200,000 SHARES OF A VALUE OF
S$200,000.}

^{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 & EXPORTERS)}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 28/05/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITIES:}

^{* TRADING OF SOUP
HOLDERS}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{EXPORT COUNTRIES:}

^{* INDIA}

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

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY - 2007:
2}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 28/05/2007.}

^{REGISTERED
ADDRESS:}

^{10 JALAN BESAR}

^{#10-12 SIM LIM
TOWER}

^SINGAPORE²⁰⁸⁷⁸⁷

^{- DATE OF CHANGE
OF ADDRESS: 01/07/2006}

^{BUSINESS ADDRESS:}

^{133 CECIL STREET}

^#09-01A

^KECK^{SENG
TOWER}

^{- RENTED PREMISE}

^{- OWNED BY KECK
SENG TOWER PTE LTD}

^WEBSITE:

^EMAIL:

^{vvfsingapore@vvfltd.com}

MANAGEMENT

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

^{1) FARAZ GODREJ
JOSHI, AN INDIAN}

^{- BASED IN INDIA.}

^{2) JAGMOHAN M.
AGARWAL, AN INDIAN}

^{- BASED IN INDIA.}

^{3) BALASAHEB R.
GAIKWAD, AN INDIAN}

^{- BASED IN INDIA.}

^{4) VENKATARAMAIYER
SIVARAMAKRISHNAN, A SINGAPOREAN}

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

^{MOTOR MATE PRODUCTS PL}

^{PARKER
INTERNATIONAL PTE LTD}

^{NIIT ASIA PACIFIC
PTE LTD}

^{INTRALOG SINGAPORE
PTE LTD}

^{SDITECHNOLOGIES
PTE LTD}

^{RATREM SINGAPORE
PTE LTD}

^{SEEC SINGAPORE PTE
LTD}

^{SIERRA ATLANTIC
PTE LTD}

^{KAMADHENU VENTURES
PTE LTD}

^DARLINGTON^{TRADING PTE LTD}

^{POLYMET SA (S) PTE
LTD}

^{HIGHLAND MERCHANT
CO PTE LTD}

^{IDEE NOUVELLE PTE.
LTD.}

^{SWEETCO
INTERNATIONAL PTE. LTD.}

^{KBS GLOBAL (S)
PTE. LTD.}

^{VISION IMPEX PTE
LTD}

^{BERRYLAND HOLDINGS
PTE. LTD.}

^{EARTHSHINE IMPEX
PTE. LTD.}

^{5) RUSTOM GODREJ
JOSHI, AN INDIAN}

^{- BASED IN INDIA.}

^{6) SOVAKAR NAYAK,
AN INDIAN}

^{- BASED IN INDIA.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
VENKATARAMAIYER SIVARAMAKRISHNAN}

^{ADVERSE REPORT
AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL VALUE:
S$7,200}

^{CO-OWNER (S): S VARALAKSHMI}

^{* 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

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.

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