MIRA INFORM REPORT

Report Date :

05.10.2007

IDENTIFICATION DETAILS

Name :	TRANSKAN INDO PRODUCT

Registered Office :	^{5000c Marine Parade Road, #17-09 Laguna Park, Singapore – 449286}

Country :	Singapore

Date of Incorporation :	^10/05/1976

Com. Reg. No.:	^10824600X

Legal Form :	^Partnership

Line of Business :	Physical Commodity Broker, Dealing with Edible Oil

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 :	Unknown

Litigation :	Clear

Subject Company

TRANSKAN INDO PRODUCT

Line Of Business

PHYSICAL COMMODITY BROKER, DEALING WITH EDIBLE OIL

Parent Company

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : NA

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

COMPANY IDENTIFICATION

^{Subject Company :}^{TRANSKAN INDO PRODUCTS}

^{Former Name :
-}

^{Business Address :}^{5000C MARINE PARADE ROAD}

^{#17-09 LAGUNA PARK}

^{Town :
SINGAPORE}

^{Postcode :}⁴⁴⁹²⁸⁶

^{County :
-}

^{Country :
Singapore}

^{Telephone :}^{64454473/96699942}

^{Fax :}^{Not Listed}

^{ROC Number :}^10824600X

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :}^Partnership

^{Date Inc. :}^10/05/1976

^{Previous Legal
Form :
-}

^{Summary year :
-}

^{Sales :
-}

^{Networth :
-}

^{Capital :
-}

^{Paid-Up Capital :}^-

^{Employees :
1}

^{Net result :
-}

^{Share value :
-}

^{Auditor :}^NIL

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :
1}^4/05/1974

PRINCIPAL(S)

^{MAYUR KUMAR KANTILAL VORA S0093574C Manager}

DIRECTOR(S)

^{MAYUR KUMAR KANTILAL VORA S0093574C Manager}

^{Appointed on :
20/01/1992}

^{Street :
5000C MARINE PARADE ROAD}

^#17-09

^{LAGUNA PARK}

^{Town :
SINGAPORE}

^{Postcode :
449286}

^{Country :
Singapore}

^{NILA MAYUR KUMAR VORA S2200544H Manager}

^{Appointed on :
06/04/2006}

^{Street :
5000C MARINE PARADE ROAD}

^#17-09

^{LAGUNA PARK}

^{Town :
SINGAPORE}

^{Postcode :
449286}

^{Country :
Singapore}

FORMER DIRECTOR(S)

^{VORA KANTILAL HARAKHCHAND S0316837I}

^{TARAMATI CHATRABHUJ W/O KANTILAL S0316861A}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{GENERAL MERCHANDISE - RETAIL Code:10210}

^{BASED ON ACRA'S RECORD AS AT
29/09/2007}

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS); GENERAL MERCHANDISE AND SUNDRY SHOPS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

^{Date :
05/10/2007}

^{Estimated Value : -}

^{Tax rate :
4}

^{Site Address :
5000C MARINE PARADE ROAD}

^#17-09 ^LAGUNA^PARK

^{Town :
SINGAPORE}

^{County :
SINGAPORE}

^{Postcode :
449286}

^{Country : Singapore}

^{Annual Value :
13,200}

*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).

*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.

SHAREHOLDERS(S)

^{MAYUR KUMAR KANTILAL VORA Partner}

^{Street :
5000C MARINE PARADE ROAD}

^{#17-09 LAGUNA PARK}

^{Town :
SINGAPORE}

^{Postcode :
449286}

^{Country :
Singapore}

^{NILA MAYUR KUMAR VORA Partner}

^{Street :
5000C MARINE PARADE ROAD}

^{#17-09 LAGUNA PARK}

^{Town :
SINGAPORE}

^{Postcode :
449286}

^{Country :
Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity :
UNKNOWN}

^{Payments :
UNKNOWN}

^{Trend :
UNKNOWN}

^{Financial Situation : UNKNOWN}

FINANCIAL COMMENTS

^PARTNERSHIP

^{BEING A PARTNERSHIP, THERE IS NO OBLIGATIONS
ON THE PART OF THE PARTNERS TO SUPPLY REGULAR FINANCIAL UPDATES TO THE REGISTRY
OF COMPANIES AND BUSINESSES.THE CREDIT OPINION IS BASED ON NON-FINANCIAL
INDICATORS AS WELL AS OTHER BUSINESS ELEMENTS AND DATA AVAILABLE.}

^{NO FINANCIAL INFORMATION WAS REVEALED BY THE
MANAGEMENT.}

BACKGROUND/OPERATION

^{THE SUBJECT WAS REGISTERED IN THE REPUBLIC OF SINGAPORE ON 10/05/1976 AND COMMENCED BUSINESS
ON 14/05/1974 AS A PARTNERSHIP AND IS TRADING UNDER THE NAMESTYLE AS
"TRANSKAN INDO PRODUCTS".}

^{THE LICENCE WAS RENEWED ON 19/04/2007 AND
WILL EXPIRE ON 10/05/2008.}

^{THE BUSINESS WAS FIRST STARTED BY TARAMATI
CHATRABHUJ W/O KANTILAL H VORA ON 14/05/1974. ON 20/06/1979, MAYUR KUMAR
KANTILAL VORA BECAME THE PARTNER. SUBSEQUENTLY, ON 02/20/1989, KANTILAL H VORA
ENTERED INTO THE PARTNERSHIP BUSINESS. TARAMATI CHATRABHUJ W/O KANTILAL H VORA
LEF THE BUSINESS ON 26/12/1989. SUBSEQUENTLY KANTILAL H VORA LEFT THE BUSINESS
ON 20/01/1992.FINALLY NILA MAYUR KUMAR VORA ENTERED INTO THE BUSINESS ON
06/04/2006}

^{PRINCIPAL ACTIVITIES:}

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

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS); GENERAL MERCHANDISE AND SUNDRY SHOPS}

^{2) NON-SPECIALISED RETAIL TRADE IN STORES}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
05/10/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* PHYSICAL COMMODITY BROKER, DEALING WITH
EDIBLE OIL.}

^{NUMBER OF EMPLOYEES:}

^{* 2007 - 1}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
05/10/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{5000C MARINE PARADE ROAD}

^{#17-09 LAGUNA PARK}

^{SINGAPORE449286}

^{DATE OF CHANGE OF ADDRESS: 10/05/2006}

^{- OWNED PREMISE}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) MAYUR KUMAR KANTILA VORA, A SINGAPOREAN}

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

^{2 )NILA MAYUR KUMAR VORA, A SINGAPOREAN}

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

ADVERSE ON PARNTERS

^{PARNTER'S NAME :
MAYUR KUMAR KANTILA VORA}

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

^{PROPERTY OWNERSHIP :
1}

^{ANNUAL VALUE :
S$13,200}

^{CO-OWNER (S) :
NILA MAYUR KUMAR VORA}

^{PARNTER'S NAME :
NILA MAYUR KUMAR VORA}

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

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE :
S$13,200}

^{CO-OWNER (S) :
MAYUR KUMAR KANTILA VORA}

^{*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%.

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