MIRA INFORM REPORT

Report Date :

30.05.2007

IDENTIFICATION DETAILS

Name :	DOWLET TRADING ENTERPRISES PTE LTD
Registered Office :	^No 2 Shenton Way, # 15-03, Sgx Centre 1,^Singapore^–^068804
Country :	Singapore
Date of Incorporation :	^27/10/1984
Com. Reg. No.:	^198403833H
Legal Form :	^Exempt Pte Ltd
Line of Business :	Wholesale of Sawn Timber, Plywood and related Products.

RATING & COMMENTS

MIRA’s Rating :

B

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 :	Regular
Litigation :	Clear

Subject Company

DOWLET TRADING ENTERPRISES PTE LTD

Line Of Business 

WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS.

Parent Company

NA

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : S$2,600,000

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

COMPANY IDENTIFICATION

^{Subject Company : DOWLET TRADING ENTERPRISES PTE LTD}

^{Former Name : -}

^{Business Address : NO 2 SHENTON WAY}

^#15-03

^{SGX CENTRE 1}

^{Town : SINGAPORE}

^{Postcode : 068804}

^{County : -}

^{Country : Singapore}

^{Telephone : 6720 8888}

^{Fax : 6720 8899}

^{ROC Number : 198403833H}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 27/10/1984}

^{Previous Legal Form : -}

^{Summary year : -}

^{Sales : -}

^{Networth : -}

^{Capital : -}

^{Paid-Up Capital : 2,600,000}

^{Employees : -}

^{Net result : -}

^{Share value : 1}

^{Auditor : B SHARMA & CO}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 27/10/1984}

PRINCIPAL(S)

^{AMIR HAMZA S/O MANSOOR SHERIFF S1736342E Director}

DIRECTOR(S)

^{AMIR HAMZA S/O MANSOOR SHERIFF S1736342E Director}

^{Appointed on : 27/07/1988}

^{Street : 83 MEYER ROAD}

^#02-02

^{MEYER PARK}

^{Town : SINGAPORE}

^{Postcode : 437910}

^{Country : Singapore}

^{ZULAIHAMA BINTE MEERAMOHIADEEN S1564167C Company Secretary}

^{Appointed on : 18/04/1989}

^{Street : 99 MEYER ROAD}

^#15-03

^{THE SOVEREIGN}

^{Town : SINGAPORE}

^{Postcode : 437920}

^{Country : Singapore}

^{ZAINAB GHANI S2063212G Director}

^{Appointed on : 27/10/1984}

^{Street : 5 TANJONG RHU ROAD}

^#06-02

^{Town : SINGAPORE}

^{Postcode : 436882}

^{Country : Singapore}

^{HABIB ANWAR S/O MANSOOR SHERIFF S7222898G Director}

^{Appointed on : 25/09/1998}

^{Street : 6 PEACH GARDEN}

^#17-06

^{PEACH GARDEN}

^{Town : SINGAPORE}

^{Postcode : 437606}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{FAZAL CURRIM BIN MANSOOR SHERIFF S2170011H}

ACTIVITY(IES)

^{TIMBER EXPORTERS And IMPORTERS Code: 21720}

^{TRADING COMPANIES Code: 22190}

^{COMMISSION MERCHANTS Code: 4990}

^{BASED ON ACRA'S RECORD AS AT 25/05/2007}

^{1) WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (E.G. COMMISSION AGENCIES)}

CHARGES

^{Date : 16/01/2007}

^{Comments : CHARGE NO: C200700359, C200700358}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: KBC BANK N.V.}

^{Date : 07/04/2004}

^{Comments : CHARGE NO: C200401755}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: NATEXIS BANQUES POPULAIRES}

^{Date : 06/04/2004}

^{Comments : CHARGE NO: C200401746}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: NATEXIS BANQUES POPULAIRES}

^{Date : 18/12/2003}

^{Comments : CHARGE NO: C200306105 (DISCHARGED)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: STANDARD CHARTERED BANK}

^{Date : 08/12/2003}

^{Comments : CHARGE NO: C200305877}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: OVERSEA-CHINESE BANKING CORPORATION LTD}

^{Date : 26/03/1992}

^{Comments : CHARGE NO: 9201198 (DISCHARGED)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

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

^{Date : 22/10/1986 Amount: 128,000}

^{Comments : CHARGE NO: 8602508 (DISCHARGED)}

^{AMOUNT SECURED: SGD 128,000}

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

^{Date : 02/01/1991}

^{Comments : CHARGE NO: 9100010 (DISCHARGED)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

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

^{Date : 06/09/1985 Amount: 75,000}

^{Comments : CHARGE NO: 8502686 (DISCHARGED)}

^{AMOUNT SECURED: SGD 75,000}

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

^{Date : 12/10/2000}

^{Comments : CHARGE NO: 200004806}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: KEPPEL TATLEE BANK LTD}

^{Date : 14/11/2002}

^{Comments : CHARGE NO: 200205011}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

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

PREMISES/PROPERTY INFORMATIONS

^{Date : 30/05/2007}

^{Tax rate : 10}

^{Site Address : 5 TANJONG RHU ROAD}

^#06-02

^{Town : SINGAPORE}

^{County : -}

^{Postcode : 436882}

^{Country : Singapore}

^{Annual Value : 28,800}

BANKERS

^{THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED}

^{OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{KEPPEL TATLEE BANK LIMITED}

^{STANDARD CHARTERED BANK}

^{KBC BANK N.V.}

SHAREHOLDERS(S)

^{AMIR HAMZA S/O MANSOOR SHERIFF 1,170,000 Private Person}

^{Street : 83 MEYER ROAD}

^#02-02

^{MEYER PARK}

^{Town : SINGAPORE}

^{Postcode : 437910}

^{Country : Singapore}

^{ZAINAB GHANI 260,000 Private Person}

^{Street : 5 TANJONG RHU ROAD}

^#06-02

^{Town : SINGAPORE}

^{Postcode : 436882}

^{Country : Singapore}

^{HABIB ANWAR S/O MANSOOR SHERIFF 1,170,000 Private Person}

^{Street : 6 PEACH GARDEN}

^#17-06

^{PEACH GARDEN}

^{Town : SINGAPORE}

^{Postcode : 437606}

^{Country : Singapore}

FORMER SHAREHOLDER(S)

^{FAZAL CURRIM BIN MANSOOR SHERIFF 780,000}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : UNKNOWN}

FINANCIAL COMMENTS

^{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 27/10/1984 AS A LIMITED EXEMPT PRIVATE COMPANY UNDER ITS PRESENT NAME STYLE OF "DOWLET TRADING ENTERPRISES PTE LTD".}

^{AS AT 25/05/2007, THE COMPANY HAS AN 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 REGISTRY OF COMPANIES AND BUSINESSES TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{(1) WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS}

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

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

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

^BACKGROUND:

^{SUBJECT IS A TIMBER TRADING COMPANY AND SPECIALIZES IN TEAK WOOD. CURRENTLY, THEY TRADE IN LOGS/ SQUARES AND DEAL IN HARDWOODS AND SOFTWOODS SUCH AS GURJAN, PYINKADO, HNAW, SAGAWA, SELANGAN BATU, TATABU, MIXED MLH, BURMA GURJAN, AND IROKO ETC. THEY ALSO DEAL IN OTHER LOGS/ TIMBER SPECIES AS PER CUSTOMERS REQUIREMENTS.}

^{ITS VITAL TRADING ASSOCIATES & CLIENTS ARE BASED MAINLY IN MIDDLE EAST, INDIAN SUB-CONTINENT, SRI LANKA, TURKEY, EAST EUROPE, ETC.}

^ACTIVITIES:

^{* STOCKISTS & EXPORTERS OF ROUND TIMBER LOGS, MALAYSIAN SAWN TIMBER AND PLYWOOD}

^{* TIMBER EXPORTERS & IMPORTERS}

^{PRODUCTS OR SERVICES:}

^{* LUMBER}

^{* ROUND TIMBER LOGS (SOFTWOOD & HARDWOOD)}

^{* SAWN TIMBER}

^{* PLYWOOD}

^{* TEAK}

^{* LOGS}

^{* TIMBER SPECIES}

^{MYANMAR (BURMA) - ROUND & SQUARE LOGS}

^{- TEAK}

^{- PYINKADO}

^{- GURJAN}

^{- HNAW}

^{- SAGAWA}

^{MALAYSIA - SAWN TIMBER&ROUND LOGS}

^{- ALL SPECIES}

^{SOUTH AMERICA - HARDWOOD LOGS}

^{- PURPLE&GREEN HEART}

^{- TATABU}

^{- TEAK}

^{- MORA}

^{- KABUKALLI}

^{AFRICAN - LOGS}

^{- TEAK}

^{- PADOUK}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* INDONESIA}

^{* MYANMAR}

^{* SOUTH AMERICA}

^{* AFRICA}

^{EXPORT COUNTRIES:}

^{* MIDDLE EAST}

^{* INDIAN}

^{* CHINA MARKETS}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 30/05/2007, SUBJECT HAS 14 EMPLOYEES. NO OTHER TRADE INFORMATION WAS AVAILABLE.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{NO 2 SHENTON WAY}

^{#15-03 SGX CENTRE1}

^{SINGAPORE 068804}

^{DATE OF CHANGE OF ADDRESS: 24/11/2001}

- PREMISE OWNED BY: SHING KWAN REALTY (PTE) LTD

^{OVERSEAS OFFICE:}

^{LA PYAYT WUN PLAZA, ROOM NO.605,}

^{NO. 37, ALAN PYA PAGODA ROAD, DAGON TOWNSHIP, YANGON,}

^{THE UNION OF MYANMAR}

^{- MYANMAR OFFICE}

^{WEBSITE : http://www.dowlet.com.sg}

^{EMAIL : enquiries@dowlet.com.sg}

MANAGEMENT

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

^{(1) AMIR HAMZA S/O MANSOOR SHERIFF, SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE}

^{(2) ZAINAB GHANI, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE}

^{(3) HABIB ANWAR S/O MANSOOR SHERIFF, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: AMIR HAMZA S/O MANSOOR SHERIFF}

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

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$24,000}

^{CO-OWNER: NA}

^{DIRECTOR'S NAME: ZAINAB GHANI}

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

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: NA}

^{CO-OWNER: NA}

^{DIRECTOR'S NAME: HABIB ANWAR S/O MANSOOR SHERIFF}

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

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$24,600}

^{CO-OWNER: MIR JOWHIER MOHAMED JABELNOOR}

^{* 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.

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