MIRA INFORM REPORT

Report Date :

02.11.2007

IDENTIFICATION DETAILS

Name :	KAH HUAT SONG KEE FISH AGENT PTE LTD

Registered Office :	^{35 Fishery Port Road, Room 315, Singapore – 619742}

Country :	Singapore

Financials (as on) :	31.12.2006

Date of Incorporation :	^31/08/1995

Com. Reg. No.:	^199506225H

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Wholesale and Retail of Fish

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.	Small

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

KAH HUAT SONG KEE FISH AGENT PTE LTD

Line Of Business

WHOLESALE AND RETAIL OF FISH

Parent Company

Financial Elements

FY 2006

COMPANY

Sales : S$4,552,199

Networth : S$82,325

Paid-Up Capital : S$100,000

Net result : S 233,741

Net Margin(%) : 5.13

Return on Equity(%) : 283.92

Leverage Ratio : 0.49

COMPANY IDENTIFICATION

^{Subject Company : KAH HUAT SONG
KEE FISH AGENT PTE LTD}

^{Former Name : -}

^{Business Address: 35 FISHERY
PORT ROAD}

^ROOM
315

^{Town: SINGAPORE}

^{Postcode: 619742}

^{County: -}

^{Country: Singapore}

^{Telephone: 62648125/98184170}

^{Fax: 6264
8126}

^{ROC Number: 199506225H}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 31/08/1995}

^{Previous Legal Form: -}

^{Summary year : 31/12/2006}

^{Sales: 4,552,199}

^{Networth : 82,325}

^{Capital: -}

^{Paid-Up Capital: 100,000}

^{Employees: 48}

^{Net result : 233,741}

^{Share value: -}

^{AUDITOR: NIL}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 31/08/1995}

PRINCIPAL(S)

^{GOH THIAM CHWEE S1605747I
Director}

DIRECTOR(S)

^{LEE LIAN CHEONG @ LEE LIAN CHONG S1094821E Company Secretary}

^{Appointed on : 17/05/2004}

^{Street : 11
HIGHGATE CRESCENT}

^{Town: SINGAPORE}

^{Postcode: 598792}

^{Country: Singapore}

^{GOH THIAM CHWEE S1605747I
Director}

^{Appointed on : 03/05/2002}

^{Street : 411
PANDAN GARDENS}

^#08-84

^{Town: SINGAPORE}

^{Postcode: 600411}

^{Country: Singapore}

^{CHUA BEE HONG S1671057A Director}

^{Appointed on : 03/05/2002}

^{Street : 411
PANDAN GARDENS}

^#08-84

^{Town: SINGAPORE}

^{Postcode: 600411}

^{Country: Singapore}

ACTIVITY(IES)

^{LIVESTOCK - DEALERS Code:13140}

^{FISH And SEAFOOD - WHSLE Code:9020}

^{BASED ON ACRA'S RECORD AS AT 31/10/2007}

^{1) WHOLESALE OF LIVESTOCK, MEAT, POULTRY,
EGGS AND SEAFOOD}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{GOH THIAM CHWEE 95,000 Private
Person}

^{Street : 411
PANDAN GARDENS}

^#08-84

^{Town: SINGAPORE}

^{Postcode: 600411}

^{Country: Singapore}

^{CHUA BEE HONG 5,000 Private Person}

^{Street : 411
PANDAN GARDENS}

^#08-84

^{Town: SINGAPORE}

^{Postcode: 600411}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

FINANCIAL ELEMENTS

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

^{Date Account Lodged: 04/06/2007}

^{Balance Sheet Date: 31/12/2006 31/12/2005}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^---
ASSETS

^{Preliminary Exp 27,300 12,400}

^{Total Fixed Assets}^{: 27,300 12,400}

^{Cash,Banks,
Securitis: 31,387 58,877}

^{Other current assets: 64,101 29,819}

^{Total Current Assets}^{: 95,488 88,696}

^{TOTAL ASSETS: 122,788 101,096}

^{---
LIABILITIES}

^{Equity capital: 100,000 100,000}

^{Profit & loss Account: -17,675 -251,416}

^{Total Equity}^{: 82,325 -151,416}

^{Trade Creditors: 17,492 245,669}

^{Other Short term
Liab.: 22,971 6,843}

^{Total short term Liab}^{.: 40,463 252,512}

^{TOTAL LIABILITIES:}^{40,463 252,512}

^{PROFIT & LOSS
ACCOUNT}

^{Net Sales 4,552,199 1,924,636}

^{Gross Profit: 344,901 176,214}

^{NET RESULT BEFORE
TAX: 218,841 -54,572}

^{Tax :
-14,900
104}

^{Net income/loss year: 233,741 -54,676}

^{Directors Emoluments: 48,000 48,000}

^{Purchases,Sces & Other
Goods: 4,207,298 1,748,422}

^{Wages and Salaries: 170,269 85,648}

RATIOS

^{31/12/2006 31/12/2005}

^{Turnover per
employee: 94837.48 40096.58}

^{Net result /
Turnover(%): 0.05 -0.03}

^{Net
Margin(%): 5.13 -2.84}

^{Return on Equity(%):
283.92
36.11}

^{Return on Assets(%): 190.36 -54.08}

^{Net Working capital: 55025.00 -163816.00}

^{Cash Ratio: 0.78 0.23}

^{Quick Ratio: 0.78 0.23}

^{Current ratio: 2.36 0.35}

^{Leverage Ratio: 0.49 -1.67}

^{Net Margin : (100*Net
income loss year)/Net sales}

^{Return on Equity :
(100*Net income loss year)/Total equity}

^{Return on Assets :
(100*Net income loss year)/Total fixed assets}

^{Net Working capital :
Total current assets - Total short term liabilities}

^{Cash Ratio : Cash Bank
securities/Total short term liabilities}

^{Quick Ratio : (Cash Bank
securities+Receivables)/Total Short term liabilities}

^{Current ratio : Total
current assets/Total short term liabilities}

^{Leverage Ratio : Total
liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS
SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE
WITH NET WORTH IMPROVED BY 1.54 TIMES FROM S$-151,416 IN FY 2005 TO S$82,325 IN
FY 2006. THIS WAS DUE TO LOWER ACCUMULATED LOSS OF S$17,675 (2005: S$-251,416);
A DECLINE OF 92.97% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED
BY OTHER LONG-TERM LIABILITIES WHICH MADE UP 56.77% (2005: 2.71%) OF THE TOTAL
CURRENT LIABILITIES AND AMOUNTED TO S$22,971 (2005: S$6,843). THE BREAKDOWN IS
AS FOLLOWS:}

^{-DIRECTORS - 2006: S$22,971 (2005: S$6,843)}

^{IN ALL, LEVERAGE RATIO IS 0.49 TIMES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS.
CURRENT RATIO ROSE TO 2.36 TIMES, UP FROM 0.35 TIMES AND QUICK RATIO IMPROVED
TO 0.78 TIMES FROM 0.23 TIMES IN FY 2005.}

^{SIMILARLY, NET WORKING CAPITAL IMPROVED BY
1.34 TIMES FROM S$-163,816 IN FY 2005 TO S$55,025.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-BANK BALANCES - 2006: S$31,387 (2005:
S$58,877)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 1.37 TIMES FROM
S$1,924,636 IN FY 2005 TO S$4,552,199 AND NET PROFIT ROSE BY 5.28 TIMES TO
S$233,741 (2005: S$-54,676). HENCE, NET MARGIN ROSE TO 5.13% (2005: -2.84%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED
IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE
FORTHCOMING.}

^{NON-CURRENT ASSETS:}

^{THE FOLLOWING ITEMS ARE CLASSIFIED UNDER
PRELIMINARY:}

^{-DEFERRED TAX ASSET - 2006: S$27,300 (2005:
S$12,400)}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON 31/08/1995 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING
UNDER ITS PRESENT NAMESTYLE AS "KAH HUAT SONG KEE FISH AGENT PTE
LTD".}

^{AS AT 31/10/2007, THE COMPANY HAS ISSUED AND
PAID-UP CAPITAL OF 100,000 SHARES OF A VALUE OF S$100,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF LIVESTOCK, MEAT, POULTRY,
EGGS AND SEAFOOD}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL
ACTIVITIES OF THE COMPANY CONSIST OF WHOLESALERS, RETAILERS, IMPORTERS AND
EXPORTERS OF ALL TYPES OF SEAFOOD.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
02/11/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* WHOLESALE AND RETAIL OF FISH}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* THAILAND}

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

^{NUMBER OF EMPLOYEES:}

^{* 2007: 48}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
02/11/2007.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2006: NOT AVAILABLE (2005: NOT
AVAILABLE)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{35 FISHERY PORT ROAD}

^{ROOM 315}

^{SINGAPORE 118481}

^{- RENTED PREMISE}

^{- OWNED BY AGRI-FOOD AND VETERRINARY
AUTHORITY}

^{- DATE OF CHANGE OF ADDRESS: 27/12/1995}

^{YOUR PROVIDED ADDRESS:}

^{411 PANDAN GARDENS}

^#08-84

^{SINGAPORE 600411}

^{- RESIDENTIAL ADDRESS OF THE DIRECTORS: GOH
THIAM CHWEE, CHUA BEE HONG}

^{YOUR PROVIDED CONTACT NUMBER:}

^{TEL: 6561 4012}

^{RESIDENTIAL CONTACT NUMBER OF THE DIRECTORS:
GOH THIAM CHWEE, CHUA BEE HONG}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) GOH THIAM CHWEE, A SINGAPOREAN}

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

^{2) CHUA BEE HONG, A SINGAPOREAN}

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

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

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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.	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