MIRA INFORM REPORT

Report Date :

28.09.2007

IDENTIFICATION DETAILS

Name :	PARGAN SINGAPORE PTE LTD
Registered Office :	^3 Shenton Way, #20-04^Shenton House,^Singapore^–^068805
Country :	Singapore
Financials (as on) :	31.03.2001
Date of Incorporation :	^19/04/1997
Com. Reg. No.:	^199702633Z
Legal Form :	^Exempt Pte Ltd
Line of Business :	International Trading Company

RATING & COMMENTS

MIRA’s Rating :

NR

RATING	STATUS	PROPOSED CREDIT LINE
NR	In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

Status :	Undetermined
Payment Behaviour :	Usually correct
Litigation :	Clear

Subject Company

PARGAN SINGAPORE PTE LTD

Line Of Business 

INTERNATIONAL TRADING COMPANY

Parent Company

--

Financial Elements

FY 2001

COMPANY

Sales : S$31,027,694

Networth : S$1,328,341

Paid-Up Capital : S$1,250,000

Net result : S$15,713

Net Margin(%) : 0.05

Return on Equity(%) : 1.18

Leverage Ratio : 2.88

Rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company : PARGAN SINGAPORE PTE LTD}

^{Former Name : -}

^{Business Address : 3 SHENTON WAY}

^{#20-04 SHENTON HOUSE}

^{Town : SINGAPORE}

^{Postcode : 068805}

^{County : -}

^{Country : Singapore}

^{Telephone : 6221 3716}

^{Fax : 62212973/62201691}

^{ROC Number : 199702633Z}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 19/04/1997}

^{Previous Legal Form : -}

^{Summary year : 31/03/2001}

^{Sales : 31,027,694}

^{Networth : 1,328,314}

^{Capital : 2,000,000}

^{Paid-Up Capital : 1,250,000}

^{Employees : 10}

^{Net result : 15,713}

^{Share value : 1}

^{Auditor : FOO KON TAN GRANT THORNTON}

REFERENCES

^{Litigation : Yes}

^{Company status : TRADING}

^{Started : 19/04/1997}

PRINCIPAL(S)

^{BASANT KUMAR MAHESHWARI S2613463C Director}

DIRECTOR(S)

^{BASANT KUMAR MAHESHWARI S2613463C Director}

^{Appointed on : 19/04/1997}

^{Street : 20 AMBER ROAD}

^#14-02

^{KING'S MANSION}

^{Town : SINGAPORE}

^{Postcode : 439869}

^{Country : Singapore}

^{LALITA BASANT MAHESHWARI S2613464A Director}

^{Appointed on : 15/06/2001}

^{Street : 20 AMBER ROAD}

^#14-02

^{KING'S MANSION}

^{Town : SINGAPORE}

^{Postcode : 439569}

^{Country : Singapore}

^{FOO SOON SOO S1310912E Company Secretary}

^{Appointed on : 18/01/2005}

^{Street : 45 MOUNT SINAI RISE}

^#18-03

^{BEAVERTON COURT}

^{Town : SINGAPORE}

^{Postcode : 276958}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{KWAN HON KAY @ LAWRENCE KWAN S0283956C}

^{DAU DAYAL GUPTA S2558283G}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{TIMBER - WHSLE Code:21690}

^{BASED ON ACRA'S RECORD AS AT 21/08/2007,}

^{1) WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS; TRADER IN TIMBER AND OTHER COMMODITIES}

CHARGES

^{Date: 12/01/2006}

^{Comments : CHARGE NO: C200600286}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{Date: 08/04/2004}

^{Comments : CHARGE NO: C200401803}

^{AM0UNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: NEDBANK LTD}

^{Date: 18/12/2003}

^{Comments : CHARGE NO: C200306109}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: DBS BANK LTD}

^{Date: 06/10/2003}

^{Comments : CHARGE NO: C200304749}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

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

^{Date: 28/01/2000}

^{Comments : CHARGE NO: 200000453}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

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

PREMISES/PROPERTY INFORMATIONS

^{Date : 12/02/2007}

^{Tax rate : 10}

^{Site Address : 3 SHENTON WAY}

^{#20-04 SHENTON HOUSE}

^{Town : SINGAPORE}

^{Postcode : 068805}

^{Country : Singapore}

^{Annual Value : 25,600}

* TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

* TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR FULLY RENTED OUT BY THE OWNER/OWNED BY COMPANY.

* FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT, THE TAX RATE IS 10% (I.E INDUSTRIAL AND COMMERCIAL PROPERTY).

BANKERS

^{THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED}

^{DBS BANK LTD.}

^{OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{NEDCOR BANK LIMITED, SPORE BRANCH}

ASSOCIATED COMPANY(IES)

^{SPRUCE SOFT INTERNATIONAL PTE LTD}

^{SINGAPORE Singapore}

SHAREHOLDERS(S)

^{BASANT KUMAR MAHESHWARI 1,200,000 Private Person}

^{Street : 20 AMBER ROAD}

^#14-02

^{KING'S MANSION}

^{Town : SINGAPORE}

^{Postcode : 439869}

^{Country : Singapore}

^{LALITA BASANT MAHESHWARI 800,000 Private Person}

^{Street : 20 AMBER ROAD}

^#14-02

^{KING'S MANSION}

^{Town : SINGAPORE}

^{Postcode : 439569}

^{Country : Singapore}

FORMER SHAREHOLDER(S)

^{DAU DAYAL GUPTA 625,000}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : AVERAGE

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : UNKNOWN}

LITIGATION(S)

^{Type Of Case: District Court - W/S}

^{Case Number: DCS00252/2007}

Defendant PARGAN SINGAPORE PTE LTD ROC # : 199702633Z

Plaintiff SAJ VIET OVERSEAS PRIVATE LIMITED ROC # :

^{Type Of Case: High Court - W/S}

^{Case Number: HWS01403/98}

Defendant PARGAN SINGAPORE PTE LTD ROC # : 199702633Z

Plaintiff WAWOI GUAVI TIMBER CO PTY LTD ROC # :

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS600178/2000}

Defendant PARGAN SINGAPORE PTE LTD ROC # : 199702633Z

Plaintiff MODERN SYNTEX (INDIA) LTD ROC # :

^{Type Of Case: Magistrate Court - W/S}

^{Case Number: MCS21349/2002}

Defendant PARGAN SINGAPORE PTE LTD ROC # : 199702633Z

Plaintiff WISDOM INTERNATIONAL LINES PTE LT ROC # : 200104566C

^{Type Of Case: District Court - W/S}

^{Case Number: DCS00321/2000}

Plaintiff SAMTA PTE LTD ROC # : 197400501K

Defendant PARGAN SINGAPORE PTE LTD ROC # : 199702633Z

^{Type Of Case: District Court - W/S}

^{Case Number: DCS51404/1998}

Defendant PARGAN SINGAPORE PTE LTD ROC # : 199702633Z

Plaintiff WAWOI GUAVI TIMBER CO PTY LTD ROC # :

FINANCIAL ELEMENTS

^{Audit Qualification: UNQUALIFIED UNQUALIFIED UNQUALIFIED}

^{(CLEAN) (CLEAN) (CLEAN)}

^{Date Account Lodged: 28/09/2001}

^{Balance Sheet Date: 31/03/2001 31/03/2000 31/03/1999}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^{--- ASSETS ---}

^{Intangible Fixed Assets: - - 2,489}

^{Tangible Fixed Assets: 1,408,056 1,320,427 121,442}

^{Investments 250,000 - -}

^{Total Fixed Assets: 1,658,056 1,320,427 123,931}

^{Receivables: 3,352,870 3,954,428 3,917,771}

^{Cash,Banks, Securitis: 78,838 52,681 37,103}

^{Other current assets: 69,823 59,832 53,427}

^{Total Current Assets: 3,501,531 4,066,941 4,008,301}

^{TOTAL ASSETS: 5,159,587 5,387,368 4,132,232}

^{--- LIABILITIES ---}

^{Equity capital: 1,250,000 1,000,000 1,000,000}

^{Profit & lost Account: 78,314 62,601 58,853}

^{Total Equity: 1,328,314 1,062,601 1,058,853}

^{Long Term Loans: 692,400 831,200 -}

^{L/T deffered taxes: 12,000 12,000 12,000}

^{Other long term Liab.: 95,057 - -}

^{Total L/T Liabilities: 799,457 843,200 12,000}

^{Trade Creditors: 1,473,489 1,484,543 1,647,324}

^{Short term liabilities: 18,700 - -}

^{Due to Bank: 1,528,144 1,814,014 1,379,133}

^{Provisions: 8,487 43,180 20,640}

^{Other Short term Liab.: 2,996 139,830 14,282}

^{Total short term Liab.: 3,031,816 3,481,567 3,061,379}

^{TOTAL LIABILITIES: 3,831,273 4,324,767 3,073,379}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 31,027,694 46,906,045 43,824,794}

^{Gross Profit: 1,247,351 1,175,734 -}

^{Result of ordinary operations 456,201 388,581 -}

^{NET RESULT BEFORE TAX: 22,213 26,288 60,760}

^{Tax : 6,500 22,540 24,000}

^{Net income/loss year: 15,713 3,748 36,760}

^{Interest Paid: 433,988 362,293 327,784}

^{Depreciation: 51,511 17,331 30,156}

^{Wages and Salaries: 260,416 284,753 -}

RATIOS

^{31/03/2001 31/03/2000 31/03/1999}

^{Turnover per employee: 3102769.40 4690604.50 4382479.40}

^{Fin. Charges / Turnover(%): 0.01 0.01 0.01}

^{Net Margin(%): 0.05 0.01 0.08}

^{Return on Equity(%): 1.18 0.35 3.47}

^{Return on Assets(%): 0.30 0.07 0.89}

^{Net Working capital: 469715.00 585374.00 946922.00}

^{Cash Ratio: 0.03 0.02 0.01}

^{Quick Ratio: 1.13 1.15 1.29}

^{Current ratio: 1.15 1.17 1.31}

^{Receivables Turnover: 38.90 30.35 32.18}

^{Leverage Ratio: 2.88 4.07 2.91}

^{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}

^{Dividends Coverage : Net income loss year/Dividends}

^{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

^{NOTE: THE FINANCIAL STATEMENT IN THIS REPORT IS THOSE OF 2001 AND IS CONSIDERED OUTDATED. HENCE, FINANCIAL ANALYSIS IS NOT CONDUCTED. THE FINANCIAL STATEMENT SERVES AS A REFERENCE ONLY.}

^{IN REPLACEMENT, ADVERSE CHECK ON IT'S LOCAL DIRECTORS IS MADE}

^{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 19/04/1997 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "PARGAN SINGAPORE PTE LTD".}

^{AS AT 21/08/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 2,000,000 SHARES OF A VALUE OF S$2,000,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS; TRADER IN TIMBER AND OTHER COMMODITIES}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* WELL ESTABLISHED INTERNATIONAL TRADING COMPANY}

^{OVERSEAS OFFICES:}

^ASIA

^{* INDONESIA}

^{* MALAYSIA}

^{* MYANMAR}

^{* VIETNAM}

^{* INDIA}

^AFRICA

^{* IVORY COAST}

^{* NIGERIA}

^{THEY USE THEIR BUSINESS ASSOCIATES AND AGENTS FOR THE TRADE RELATIONSHIPS TO THE FOLLOWING REGIONS:}

^{* EUROPE}

^{* INDIAN SUBCONTINENT}

^{* MIDDLE EAST}

^{* AMERICAS}

^{THEIR PRODUCTS ARE CLASSIFIED IN 3 MAJOR SEGMENTS}

^{* TIMBER AND ALLIED PRODUCTS}

^{* AGRO-COMMODITIES}

^{* GENERAL MERCHANDISE COMPRISING OF MANUFACTURED PRODUCTS}

^{PRODUCTS DEALINGS:}

^{TIMBER LOGS}

^{* TEAK}

^{* KERUING}

^{* MERBAU}

^{* SELANGAN BATU}

^{* MERANTI}

^{* KAPUR}

^{* RESAK}

^{* ARAU}

^{* PYINKADO}

^{* PINYAU}

^{* PINE}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* INDONESIA}

^{* MYANMAR}

^{* NEW ZEALAND}

^{* PAPUA NEW GUINEA}

^{* SOLOMON ISLANDS}

^{* IVORY COAST}

^{* GHANA}

^{* TOGO}

^{* NIGERIA}

^{* EQUADOR}

^{* CHILE}

^{* WEST INDIES}

^{* ETC}

^{OTHER TIMBER PRODUCTS}

^{* PARTICLE BOARDS}

^{* PLYWOOD}

^{* VENEER}

^{* SAWN TIMBER}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* INDONESIA}

^{* THAILAND}

^{* CHINA}

^{* INDIA}

^{* ITALY}

^{* ROMANIA}

^{* BRAZIL}

^{CASHEW NUTS}

^{* RAW CASHEW NUTS}

^{* CASHEW KERNELS}

^{IMPORT COUNTRIES:}

^{* VIETNAM}

^{* INDIA}

^{VARIOUS GRADES:}

^{WHITE WHOLE}

^{* WW-180 & WW-210 (ONLY FROM INDIA)}

^{* WW-240}

^WW

^{* WW-320}

^{* WW-450}

^{MISCELLANEOUS}

^{* SCORCHED WHOLE (SW)}

^{* DESSERT WHOLE (DW)}

^{* LARGE WHITE PIECES (LWP/LP)}

^{AGRO-COMMODITIES:}

^{* CLOVE}

^{* BLACK EYE BEANS}

^{* BROAD BEANS}

^{* GINGER}

^{* WHITE HALF WALNUT MEAT}

^{* SMALL DRIED PEPPER}

^{* TUMBRIC}

^{* WHITE SESAME SEEDS}

^{* BUTTER BEANS}

^{* SESAME CAKE}

^{* CHINESE SOYA BEAN MEAL}

^{* YELLOW MAIZE}

^{* BURMESE GROUNDNUT CAKE}

^{* LARGE SPECKLED KIDNEY BEAN}

^{* CORRIANDER}

^{* LEUTILS}

^{* PEANUT}

^{* CASTOR SEEDS KAP}

^{* GREEN BEAN}

^{* LIGHT SPECKLED KIDNEY BEANS}

^{* BROWN SESAME SEEDS}

^{* PEARL BEANS}

^{* WHITE PUMPKIN SEEDS MEAT}

^{* RED KIDNEY BEAN}

^{* TOORWHOLE}

^{* GRAM DHALL}

^{* BLACK MATPE}

^{* CUMMIN}

^{* RED BEAN}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* INDONESIA}

^{* VIETNAM}

^{* IVORY COAST}

^{* NIGERIA}

^{DIFFERENT SPECIFICATIONS FOR SOME OF THE PRODUCTS THAT THEY SUPPLY:}

^RICE

^{* BASMATI, PARBOILED, WHITE RICE, BROKEN (25% TO 80%)}

^{* ORIGIN - INDIA, THAILAND, VIETNAM}

^{SESAME SEEDS}

^{* HULLED, NON HULLED, WHITE, BROWN}

^{* ORIGIN - INDIA, GHANA, TANZANIA}

^GINGER

^{* DRY WHOLE, DRY SPLIT}

^{* ORIGIN - MYANMAR, NIGERIA, VIETNAM}

^TURMERIC

^{* FINGER, SLICED, RAW, POLISHED}

^{* ORIGIN - MYANMAR, VIETNAM}

^{GENERAL MERCHANDISE}

^{BISCUIT & CONFECTIONERY}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* INDONESIA}

^{* VIETNAM}

^{BUILDING MATERIAL}

^{IMPORT COUNTRIES:}

^{* VIETNAM}

^{* INDIA}

^{CARBON BLACK}

^{IMPORT COUNTRIES:}

^{* INDIA}

^{CROWN CAPS, LUG CAPS, PLASTIC CLOSURES, AND ROPP ALUMINIUM CAPS (USED BY FOOD AND BEVERAGE MANUFACTURERS)}

^{IMPORT COUNTRIES:}

^{* INDIA}

^{ELECTRIC OVEN}

^{IMPORT COUNTRIES:}

^{* CHINA}

^{JUTE AND JUTE BAGS}

^{IMPORT COUNTRIES:}

^{* BANGLADESH}

^{* INDIA}

^FOOTWEAR

^{IMPORT COUNTRIES:}

^{* VIETNAM}

^{FRUIT JUICES AND FRUIT FLAVORS}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* THAILAND}

^{* VIETNAM}

^GARMENTS

^{(COTTON, LACE AND EMBROIDERED)}

^{IMPORT COUNTRIES:}

^{* INDONESIA}

^{* INDIA}

^{GAS STOVE}

^{IMPORT COUNTRIES:}

^{* INDIA}

^{GLASS BOTTLES}

^{IMPORT COUNTRIES:}

^{* INDONESIA}

^{* INDIA}

^{MILK & MILK PRODUCTS}

^{IMPORT COUNTRIES:}

^{* INDONESIA}

^{* VIETNAM}

^{* INDIA}

^STEEL

^{IMPORT COUNTRIES:}

^{* INDIA}

^TOILETRIES

^{IMPORT COUNTRIES:}

^{* INDONESIA}

^{* INDIA}

^TYRES

^{IMPORT COUNTRIES:}

^{* INDIA}

^{* CHINA}

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

^{* SINGAPORE INDIAN CHAMBER OF COMMERCE AND INDUSTRIES}

^{* SINGAPORE TRADERS ASSOCIATION}

^{* SINGAPORE BUSINESS FEDERATION}

^{* WORLD CASHEW ASSOCIATION}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 28/09/2007, THE FOLLOWING WAS GATHERED:}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 10}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 28/09/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{3 SHENTON WAY}

^#20-04

^{SHENTON HOUSE}

^{SINGAPORE 068805}

^{DATE OF CHANGE OF ADDRESS: 10/07/2000}

^{- OWNED PREMISE}

^WEBSITE:

^{http://www.pargan.net}

^EMAIL:

^{info@pargan.net}

MANAGEMENT

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

^{1) BASANT KUMAR MAHESHWARI, A SINGAPOREAN}

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

^{S.S INFORMATICS PTE LTD}

^{2) LALITA BASANT MAHESHWARI, A SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME : BASANT KUMAR MAHESHWARI}

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

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE : S$20,400}

^{CO-OWNER : LALITA BASANT MAHESHWARI}

^{DIRECTOR'S NAME : LALITA BASANT MAHESHWARI}

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

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE : S$20,400}

^{CO-OWNER : BASANT KUMAR MAHESHWARI}

^{* 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

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%)

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