MIRA INFORM REPORT

Report Date :

13.11.2007

IDENTIFICATION DETAILS

Name :	INEOS SINGAPORE PTE. LTD.
Registered Office :	^435 Orchard Road, #19-04, Wisma Atria, Singapore – 238877
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^20/01/2005
Com. Reg. No.:	^200501012G
Legal Form :	^Pte Ltd
Line of Business :	Trading Company Dealing with Chemicals and Plastics such as Polyethylene & Polypropylene

RATING & COMMENTS

MIRA’s Rating :

Ba

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

INEOS SINGAPORE PTE. LTD.

Line Of Business 

TRADING COMPANY DEALING WITH CHEMICALS AND PLASTICS SUCH AS POLYETHYLENE & POLYPROPYLENE

Parent Company

INEOS HOLDINGS LIMITED

(PERCENTAGE OF SHAREHOLDINGS: 100%)

Financial Elements

FY 2005

COMPANY

Sales : US$285,725,691

Networth : US$ 6,611,563

Paid-Up Capital : US$ 60,632

Net result : US$ 6,550,931

Net Margin(%) : 2.29

Return on Equity(%) : 99.08

Leverage Ratio : 7.11

COMPANY IDENTIFICATION

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

^{Former Name : INNOVENE SINGAPORE PTE LTD}

^{Business Address : 435 ORCHARD ROAD}

^#19-04

^{WISMA ATRIA}

^{Town : SINGAPORE}

^{Postcode : 238877}

^{Country : Singapore}

^{Telephone : 6513 2348 / 6513 2354}

^{Fax : 6734 8851 / 6734 6827}

^{ROC Number : 200501012G}

^{Reg. Town : -}

PREVIOUS IDENTIFICATION

^{INNOVENE SINGAPORE PTE LTD DATE OF CHANGE OF NAME: 16/06/2006}

O & D SINGAPORE TRADING PTE LTD DATE OF CHANGE OF NAME: 16/05/2005

SUMMARY

^{Legal Form : Pte Ltd}

^{Date Inc. : 20/01/2005}

^{Previous Legal Form : -}

^{Summary year : 31/12/2005}

^{Sales : 285,725,691}

^{Networth : 6,611,563}

^{Capital : -}

^{Paid-Up Capital : 60,632}

^{Employees : 10}

^{Net result : 6,550,931}

^{Share value : -}

^{Auditor :ERNST & YOUNG}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 20/01/2005}

PRINCIPAL(S)

^{LAU KEE SENG S2558626C Director}

DIRECTOR(S)

^{ANTHONY ANNE CATHERINE S1347717E Company Secretary}

^{Appointed on : 16/12/2005}

^{Street : 8 LORONG 29 GEYLANG}

^#07-06

^{Town : SINGAPORE}

^{Postcode : 388064}

^{Country : Singapore}

^{TANG AI AI (MRS WONG AI AI) S1599153D Company Secretary}

^{Appointed on : 16/12/2005}

^{Street : 33 BIN TONG PARK}

^{BIN TONG PARK}

^{Town : SINGAPORE}

^{Postcode : 269814}

^{Country : Singapore}

^{LAU KEE SENG S2558626C Director}

^{Appointed on : 24/10/2007}

^{Street : 1F PINE GROVE}

^#06-29

^{PINE GROVE}

^{Town : SINGAPORE}

^{Postcode : 595001}

^{Country : Singapore}

^{LEONARDUS HENDRIK HEEMSKERK NJ5366024 Director}

^{Appointed on : 24/10/2007}

^{Street : HOLLIN, WHINWHISTLE ROAD}

^{EAST WELLOW}

^{Town : HAMPSHIRE SO51 6BN}

^{Postcode : -}

^{Country : United Kingdom}

FORMER DIRECTOR(S)

^{PAUL CHRISTOPHER OVERMENT 302135458}

^{BARRY SLATER 761058068}

^{CHAN KHAI LEONG S1297332B}

ACTIVITY(IES)

^{CHEMICALS Code: 3970}

^{TRADING COMPANIES Code: 22190}

^{BASED ON ACRA'S RECORD AS AT 10/11/2007}

^{1) WHOLESALE OF PETROCHEMICAL PRODUCTS; TRADING, SALES AND SUPPORTING SERVICES}

^{2) WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS; TRADING, SALES AND SUPPORTING SERVICES}

CHARGES

^{Date: 21/07/2006}

^{Comments : CHARGE NO: C200604784}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): BARCLAYS BANK PLC}

^{Date: 10/04/2006}

^{Comments : CHARGE NO: C200602315}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): BARCLAYS BANK PLC}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{BARCLAYS BANK P L C}

SHAREHOLDERS(S)

^{INEOS HOLDINGS LIMITED 100,000 Company}

^{Street : HAWKLEASE, CHAPEL LANE}

^{LYNDHURST, S043 7FG}

^{Town : HAMSPHIRE}

^{Postcode : -}

^{Country : United Kingdom}

HOLDING COMPANY

^{INEOS HOLDINGS LIMITED UF41910M %: 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : AVERAGE}

FINANCIAL ELEMENTS

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

^{Audit Qualification: UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 27/10/2006}

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

^{Number of weeks: 49}

^{Consolidation Code: COMPANY}

^{--- ASSETS ---}

^{Preliminary Exp 51,103}

^{Total Fixed Assets: 51,103}

^{Inventories: 3,133,173}

^{Receivables: 45,196,347}

^{Cash, Banks, Securities: 1,184,767}

^{Other current assets: 4,074,111}

^{Total Current Assets: 53,588,398}

^{TOTAL ASSETS: 53,639,501}

^{--- LIABILITIES ---}

^{Equity capital: 60,632}

^{Profit & lost Account: 6,550,931}

^{Total Equity: 6,611,563}

^{Trade Creditors: 43,228,662}

^{Prepay. & Def. charges: 1,318,175}

^{Provisions: 1,742,000}

^{Other Short term Liab.: 739,101}

^{Total short term Liab.: 47,027,938}

^{TOTAL LIABILITIES: 47,027,938}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 285,725,691}

^{Purchases,Sces & Other Goods: 271,462,203}

^{Gross Profit: 14,263,488}

^{Result of ordinary operations 8,861,705}

^{NET RESULT BEFORE TAX: 8,292,931}

^{Tax : 1,742,000}

^{Net income/loss year: 6,550,931}

^{Interest Paid: 226,716}

^{Directors Emoluments: 117,831}

^{Wages and Salaries: 670,468}

RATIOS

^31/12/2005

^{Turnover per employee: 28572569.10}

^{Net result / Turnover(%): 0.02}

^{Stock / Turnover(%): 0.01}

^{Net Margin(%): 2.29}

^{Return on Equity(%): 99.08}

^{Return on Assets(%): 12.21}

^{Net Working capital: 6560460.00}

^{Cash Ratio: 0.03}

^{Quick Ratio: 0.99}

^{Current ratio: 1.14}

^{Receivables Turnover: 56.95}

^{Leverage Ratio: 7.11}

^{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)/1000}

^{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}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{Receivables Turnover : (Receivable*360)/Net sales}

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

FINANCIAL COMMENTS

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH OF US$6,611,563 IN 2005. REVENUE RESERVE WERE US$6,550,931 AT 2005.}

^LEVERAGE:

^{IN THE SHORT TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 91.92% OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$43,228,662.}

^{SUBJECT DID NOT INCUR ANY LONG TERM LIABILITIES IN THE YEAR 2005.}

^{IN ALL, LEVERAGE RATIO WAS 7.11 TIMES. A LOWER RATIO WOULD BE MORE DESIRABLE AS THE LOWER THE RATIO, THE GREATER THE FINANCIAL SAFETY AND OPERATING FREEDOM FOR THE COMPANY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS HEALTHY WITH NET WORKING OF US$6,560,460. CURRENT RATIO WAS COMPUTED AT 1.14 TIMES WHILE QUICK RATIO WAS 0.99 TIMES.}

^{PROFITABILITY:}

^{REVENUE FOR THE YEAR 2005 WAS US$285,725,691 WITH NET PROFIT OF US$6,550,931. NET MARGIN WAS COMPUTED AT 2.29%.}

^{DEBT SERVICING:}

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

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 20/01/2005 AS A LIMITED PRIVATE COMPANY UNDER THE NAMESTYLE OF "O & D SINGAPORE TRADING PTE. LTD.". ON 16/05/2005, SUBJECT CHANGED TO THE NAMESTYLE OF "INNOVENE SINGAPORE PTE. LTD.".}

^{SUBSEQUENTLY ON 16/06/2006, SUBJECT CHANGED TO ITS PRESENT NAMESTYLE OF "INEOS SINGAPORE PTE. LTD.".}

^{AS AT 10/11/2007, THE COMPANY HAS AN 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 PETROCHEMICAL PRODUCTS; TRADING, SALES AND SUPPORTING SERVICES}

^{2) WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS; TRADING, SALES AND SUPPORTING SERVICES}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITY IS THE TRADING OF PETROCHEMICALS PRODUCTS AND PROVISION OF SUPPORT SERVICES.}

^{THE COMPANY OPERATES IN SINGAPORE AND JAPAN.}

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

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: PETROCHEMICALS.}

^PRODUCTS:

^{* DURASYN® POLYALPHAOLEFINS}

^{* INDOPOL POLYBUTENES}

^{* ETC}

^{IMPORT COUNTRIES:}

^{* EUROPE}

^{* NORTH AMERICA}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE ON 13/11/2007 AS SUBJECT PERSONNEL REJECTED THE TELE-INTERVIEW.}

^{FROM THE PRIOR TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS GATHERED:}

^{SUBJECT IS A TRADING COMPANY DEALING WITH CHEMICALS AND PLASTICS SUCH AS POLYETHYLENE & POLYPROPYLENE.}

^{NUMBER OF EMPLOYEES:}

^{* ABOUT 10}

^{THE IMPORTS AND EXPORTS WERE REJECTED.}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE ON 13/11/2007.}

^{PREVIOUSLY, SUBJECT'S IMMEDIATE AND ULTIMATE HOLDING COMPANY WAS BP CHEMICALS EAST CHINA INVESTMENTS LIMITED, INCORPORATED IN UNITED KINGDOM. EFFECTIVE 16 DECEMBER 2005, THE COMPANY IS WHOLLY-OWNED BY INEOS HOLDINGS LIMITED, INCORPORATED IN UNITED KINGDOM.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{435 ORCHARD ROAD}

^#19-04

^{WISMA ATRIA}

^{SINGAPORE 238877}

^{DATE OF CHANGE OF ADDRESS: 16/05/2005}

^{- OFFICE}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED}

^{WEBSITE : www.innovene.com}

^{EMAIL : Chung.Kiat.yeo@innovene.com}

MANAGEMENT

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

^{1) LEONARDUS HENDRIK HEEMSKERK, A DUTCH}

^{- BASED IN THE UNITED KINGDOM.}

^{2) LAU KEE SENG, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED 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