MIRA INFORM REPORT

Report Date :

08.10.2007

IDENTIFICATION DETAILS

Name :	ADANI GLOBAL PTE LTD
Registered Office :	^3 Shenton Way, #19-08^Shenton House,^Singapore^–^068805
Country :	Singapore
Financials (as on) :	31.03.2007
Date of Incorporation :	^08/04/2000
Com. Reg. No.:	^200003047N
Legal Form :	^Pte Ltd
Line of Business :	Importers, Exporters, Traders and Commission Agents for Bulk Products

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists

Subject Company

ADANI GLOBAL PTE LTD

Line Of Business 

IMPORTERS, EXPOTERS, TRADERS AND COMISSION AGENTS FOR BULK PRODUCTS

Parent Company

ADANI GLOBAL LTD

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2007

COMPANY

Sales : S$1,906,967,857

Networth : S$13,013,653

Paid-Up Capital : S$8,850,000

Net result : S$1,620,634

Net Margin(%) : 0.08

Return on Equity(%) : 12.45

Leverage Ratio : 29.77

COMPANY IDENTIFICATION

^{Subject Company : ADANI GLOBAL PTE LTD}

^{Former Name : -}

^{Business Address : 3 SHENTON WAY}

^{#19-08 SHENTON HOUSE}

^{Town : SINGAPORE}

^{Postcode : 068805}

^{County : -}

^{Country : Singapore}

^{Telephone : 6225 2070}

^{Fax : 6225 2537}

^{ROC Number : 200003047N}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 08/04/2000}

^{Previous Legal Form : -}

^{Summary year : 31/12/2007}

^{Sales : 1,906,967,857}

^{Networth : 13,013,653}

^{Capital : 10,000,000}

^{Paid-Up Capital : 8,850,000}

^{Employees : 11}

^{Net result : 1,620,634}

^{Share value : 1}

^{Auditor : PRUDENTIAL PUBLIC ACCOUNTING CORPORATION}

REFERENCES

^{Litigation : Yes}

^{Company status : TRADING}

^{Started : 08/04/2000}

PRINCIPAL(S)

^{VINOD SHANTILAL SHAH S2648276C Director}

DIRECTOR(S)

^{VINOD SHANTILAL SHAH S2648276C Director}

^{Appointed on : 05/05/2000}

^{Street : 99 MEYER ROAD}

^#24-01

^{THE SOVEREIGN}

^{Town : SINGAPORE}

^{Postcode : 437920}

^{Country : Singapore}

^{CLIFFORD EMMANUEL GERMAIN S2191478I Company Secretary}

^{Appointed on : 21/03/2007}

^{Street : 33A SURIN AVENUE}

^{CHARLTON COURT}

^{Town : SINGAPORE}

^{Postcode : 535617}

^{Country : Singapore}

^{CHATURVEDI ATUL G0009575 Director}

^{Appointed on : 19/06/2007}

^{Street : B 11, SHANTI ENCLAVE}

^{OPP PUSPARAJ TOWER}

^{JUGES BUNGALOW ROAD, VASTRAPUR}

^{Town : AHMEDABAD}

^{Postcode : -}

^{Country : India}

FORMER DIRECTOR(S)

^{CHANG CHUNG-LING F2411912L}

^{SHAH BAVIK BHARATKUMAR M039025}

^{JOSEPH SELVAMALAR S0089626H}

^{SEE GUAT NGO S1287660B}

^{PRADEEP MITTAL E9442640}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{TRADING COMPANIES Code:22190}

^{COMMODITY TRADERS Code:5010}

^{BASED ON ACRA'S RECORD AS AT 03/09/2007}

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

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

CHARGES

^{Date: 15/12/2005}

^{Comments : CHARGE NO: C200507749}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: MALAYAN BANKING BHD}

^{Date: 12/12/2005}

^{Comments : CHARGE NO: C200507645}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: MALAYAN BANKING BHD}

^{Date: 09/12/2005}

^{Comments : CHARGE NO: C200507620}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: UNITED OVERSEAS BANK LTD}

^{Date: 18/11/2005}

^{Comments : CHARGE NO: C200507163, C200507162}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEEBANK B.A.}

^{Date: 16/11/2005}

^{Comments : CHARGE NO: C200507088, C20057087}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT}

^{Date: 01/08/2005}

^{Comments : CHARGE NO: C200504478}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: DBS BANK LTD}

^{Date: 30/12/2004}

^{Comments : CHARGE NO: C200406727}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: UFJ BANK LTD}

^{Date: 20/10/2004}

^{Comments : CHARGE NO: C200405202, C200405199}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: NATEXIS BANQUES POPULAIRES}

^{Date: 02/02/2007}

^{Comments : CHARGE NO: C200701002, C200701001}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: UTI BANK LTD, S'PORE BRANCH}

^{Date: 07/03/2007}

^{Comments : CHARGE NO: C200701802, C200701800}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: MIZUHO CORPORATE BANK LTD}

^{Date: 08/05/2007}

^{Comments : CHARGE NO: C200703399}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: UCO BANK}

^{Date: 18/05/2007}

^{Comments : CHARGE NO: C200703752, C200703751}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: UTI BANK LTD, S'PORE BRANCH}

^{Date: 28/05/2004}

^{Comments : CHARGE NO: C200402570}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: KBC BANK N.V.}

^{Date: 17/02/2004}

^{Comments : CHARGE NO: 200400778}

^{SECURED: 0.00 AND ALL MONINES OWING}

^{CHARGEE: MOSCOW NARODNY BANK LTD}

^{Date: 09/02/2004}

^{Comments : CHARGE NO: C200400664}

^{SECURED: 0.00 AND ALL MNOIES OWING}

^{CHARGEE: MOSCOW NARODNY BANK LTD}

^{Date: 30/01/2004}

^{Comments : CHARGE NO: C200400567}

^{SECURED: 0.00 AND ALL MONIE OWING}

^{CHARGEE: RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT}

^{Date: 14/10/2003}

^{Comments : CHARGE NO: C200304857}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: SUMITOMO MITSU BANKING CORPORATION SINGAPORE BRANCH}

^{Date: 13/10/2003}

^{Comments : CHARGE NO: C200304851}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: SUMITOMO MITSU BANKING CORPORATION SINGAPORE BRANCH}

^{Date: 24/09/2003}

^{Comments : CHARGE NO: C200304561 (DISCHARGED)}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: ABSA BANK LTD}

^{Date: 26/04/2003}

^{Comments : CHARGE NO: C200301859}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: NEDBANK LTD}

^{Date: 18/07/2001}

^{Comments : CHARGE NO: 200103311, 200103310}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: BANK OF INDIA}

^{Date: 06/07/2001}

^{Comments : CHARGE NO: 200103081, 200103080, 200103079}

^{SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: SOCIETE GENERALE}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{MOSCOW NARODNY BANK LIMITED}

^{RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT}

^{SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH}

^{ABSA BANK LIMITED}

^{NEDBANK BANK LTD,SINGAPORE BRANCH}

^{BANK OF INDIA}

^{SOCIETE GENERALE}

^{KBC BANK N.V.}

^{COOPERATIEVE CENTRALE RAIFFEISEN - BOERENLEENBANK BA}

^{DZ BANK AG DEUTSCHE ZENTRAL - GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN}

SHAREHOLDERS(S)

ADANI GLOBAL LTD 8,850,000 Company

^{Street : C/O TRUSTLINK INTERNATIONAL LTD}

^{SUITE 501, ST JAMES COURT}

^{ST DENIS STREET}

^{Town : PORT LOUIS}

^{Postcode : -}

^{Country : Mauritius}

HOLDING COMPANY

^{ADANI GLOBAL LTD UF28100C % : 100}

SUBSIDIARY(IES)

^{PT ADANI GLOBAL}

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : AVERAGE

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation : AVERAGE}

LITIGATION(S)

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

^{Case Number: HWS00908/2004}

Defendant ADANI GLOBAL PTE LTD ROC # : 200003047N

FINANCIAL ELEMENTS

^{Audit Qualification: UNQUALIFIED UNQUALIFIED UNQUALIFIED}

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

^{Date Account Lodged: 10/07/2007}

^{Balance Sheet Date: 31/03/2007 31/12/2005 31/12/2004}

^{Number of weeks: 64 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^{--- ASSETS ---}

^{Tangible Fixed Assets: 28,571 20,203 12,259}

^{Investments 1,027,845 - -}

^{Total Fixed Assets: 1,056,416 20,203 12,259}

^{Inventories: 58,460 - 1,431,122}

^{Receivables: 80,928,503 61,379,146 84,549,788}

^{Cash,Banks, Securitis: 30,415,631 24,304,826 14,061,111}

^{Other current assets: 288,021,761 91,512 38,517}

^{Total Current Assets: 399,424,355 85,775,484 100,080,538}

^{TOTAL ASSETS: 400,480,771 85,795,687 100,092,797}

^{--- LIABILITIES ---}

^{Equity capital: 8,850,000 8,850,000 8,850,000}

^{Profit & lost Account: 4,163,653 2,543,019 1,432,403}

^{Total Equity: 13,013,653 11,393,019 10,282,403}

^{Long Term Loans: 207,120,009 - -}

^{Total L/T Liabilities: 207,120,009 - -}

^{Trade Creditors: 99,322,741 67,333,535 58,970,829}

^{Prepay. & Def. charges: 931,442 33,750 -}

^{Due to Bank: 48,316,697 5,883,471 19,045,683}

^{Provisions: 448,830 266,500 146,000}

^{Other Short term Liab.: 31,327,399 885,412 11,647,882}

^{Total short term Liab.: 180,347,109 74,402,668 89,810,394}

^{TOTAL LIABILITIES: 387,467,118 74,402,668 89,810,394}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 1,906,967,857 1,145,658,195 615,944,592}

^{Purchases,Sces 1,841,530,893 1,091,701,699 -}

^{& Other Goods:}

^{Gross Profit: 65,436,964 53,956,496 4,403,095}

^{Result of ordinary operations - - 3,482,681}

^{NET RESULT BEFORE TAX: 2,026,634 1,380,616 780,558}

^{Tax : 406,000 270,000 145,674}

^{Net income/loss year: 1,620,634 1,110,616 634,884}

^{Interest Paid: 15,130,878 3,036,875 2,702,123}

^{Depreciation: 25,895 17,695 9,362}

^{Directors Emoluments: 60,000 81,700 92,250}

^{Wages and Salaries: 1,059,785 279,010 389,836}

^{Financial Income: 803,488 315,179 91,826}

RATIOS

^{31/03/2007 31/12/2005 31/12/2004}

^{Turnover per employee: 173360714.27 104150745.00 55994962.91}

^{Fin. Charges / Turnover(%): 0.01 0.00 0.00}

^{Net Margin(%): 0.08 0.10 0.10}

^{Return on Equity(%): 12.45 9.75 6.17}

^{Return on Assets(%): 0.40 1.29 0.63}

^{Net Working capital: 219077246.00 11372816.00 10270144.00}

^{Cash Ratio: 0.17 0.33 0.16}

^{Quick Ratio: 0.62 1.15 1.10}

^{Current ratio: 2.21 1.15 1.11}

^{Receivables Turnover: 15.28 19.29 49.42}

^{Leverage Ratio: 29.77 6.53 8.73}

^{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 FOR THE YEAR ENDED 31 MARCH 2007 WAS FOR THE PERIOD OF 01 JANUARY 2006 TO 31 MARCH 2007.}

^{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 14.20% FROM S$11,393,019 TO S$13,013,653 IN FY 2007. THIS WAS DUE TO THE INCREASE IN ACCUMULATED PROFITS BY 63.73% TO S$4,163,653 IN FY 2007 (2005: S$11,393,019).}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 55.07% (2005: 90.50%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$99,322,741 IN FY 2007 (2005: S$67,333,535). TRADE CREDITORS CONSISTED OF THE FOLLOWING:}

^{* TRADE PAYABLES DUE TO ULTIMATE HOLDING COMPANY - 2007: S$35,899,771 (2005: S$5,552,580)}

^{* TRADE PAYABLES TO RELATED COMPANY - 2007: S$1,397,764 (2005: S$NIL)}

^{* TRADE PAYABLES DUE TO THIRD PARTIES - 2007: S$62,025,206 (2005: S$61,780,955)}

^{IN ALL, LEVERAGE RATIO WAS AGGRESSIVE AT 29.77 TIMES, UP FROM 6.53 TIMES AS A RESULT OF A GREATER RISE IN TOTAL LIABILITIES THAN TOTAL EQUITY. 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 SUFFICIENT AS SEEN FROM THE SIGNIFICANT RISE IN NET WORKING CAPITAL BY 18.26 TIMES FROM S$11,372,816 TO S$219,077,246 IN FY 2005. CURRENT RATIO ROSE TO 2.21 TIMES (2005: 1.15 TIME) BUT QUICK RATIO FELL TO 0.62 TIMES (2005: 1.15 TIMES).}

^{PROFITABILITY:}

^{SUBJECT POSTED AN INCREASE IN REVENUE BY 66.45%% FROM S$1,145,658,195 TO S$1,906,967,857. THIS LED TO A RISE IN NET PROFIT BY 45.92% FROM S$1,110,616 TO S$1,620,634 IN FY 2007. AS A RESULT, NET MARGIN WAS COMPUTED AT 0.08% (2005: 0.10%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENTS BY TRADE DEBTORS ARE NOT FORTHCOMING. IT WAS NOTED THAT AVERAGE COLLECTION PERIOD HAS SHORTENED TO 15 DAYS (2005: 19 DAYS).}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{BANK LOANS AND TRUST RECEIPTS:}

^{DURING THE YEAR, THE COMPANY REAISED A TERM LOAN OF S$239.82 MILLION (2005: NIL) FROM THE ICICI BANL SINGAPORE. REPAYMENT COMMENCES ON 15 JULY 2007 AND WILL CONTINUE UNTIL 15 DECEMBER 2012. THE LOAN CARRIES INTEREST AT LIBOR + 2.25%. THE LOAN IS SECURED BY EXCLUSIVE CHARGE ON THE COMPANY'S CURRENT ASSETS, RECEIVABLES, RIGHTS UNDER SHIPPING CONTRACT PERTAINING TO COAL CARGO AND THE PLEDGE OF THE ENTIRE SHARE CAPITAL OF THE COMPANY AND IMMEDIATE HOLDING COMPANY AND 2.50% SHAREHOLDING OF MUNDRA PORT AND SEZ LTD OWNED BY THE ULTIMATE HOLDING COMPANY.}

^{THE AVERAGE EFFECTIVE INTEREST RATE OF THE TRUST RECEIPTS OF THE COMPANY IS LIBOR + 0.125% TO 0.150% (2005: LIBOR + 0.125% TO 0.175%) AND A MATURITY OF UP TO 30 DAYS.}

^{TRUST RECEIPTS ARE SECURED BY A CHARGE OF FIXED DEPOSTITS, GOODS AND TRADE RECEIVABLES, CASH MARGIN PLACE WITH A BANK, PERSONAL GUARANTEE BY A DIRECTOR AND A LETTER OF COMFORT FROM THE ULTIMATE HOLDING COMPANY.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 08/04/2000 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "ADANI GLOBAL PTE LTD".}

^{AS AT 03/09/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 43,117,530 SHARES OF A VALUE OF S$43,117,530.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

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

^{THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: TRADING COMPANIES}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE TO CARRY ON BUSINESS AS GENERAL MERCHANTS, IMPORTERS AND EXPORTERS, COMMISSION AGENTS AND MANUFACTURER'S REPRESENTATIVE.}

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

^ACTIVITIES:

^{* IMPORTERS, EXPORTERS, TRADERS & COMMISSION AGENTS FOR BULK PRODUCTS SUCH AS PETROLEUM, PETROCHEMICALS, COAL, AGRO COMMODITIES, SUGAR, WHEAT, SOYABEAN MEAL, CASTOR OIL ETC.}

^{PRODUCT CATEGORIES:}

^{* AGRO-PRODUCTS, COAL & COKE PRODUCTS, TEXTILES, FERTILIZERS & STEEL SCRAP, MARINE PRODUCTS, PETROCHEMICALS, PETROLEUM OIL & LUBRICANTS, ETC.}

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

^{* SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 08/10/2007, THE FOLLOWING WAS GATHERED:}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 11}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 08/10/2007.}

^{THE COMPANY IS A WHOLLY OWNED SUBSIDIARY OF ADANI GLOBAL LIMITED, INCORPORATED IN MAURITIUS. THE ULTIMATE HOLDING COMPANY IS ADANI ENTERPRISE LIMITED, INCORPORATED IN INDIA.}

^{BACKGROUND OF ADANI ENTERPRISE LIMITED:}

^{* ADANI ENTERPRISES LIMITED IS AN INTERNATIONAL TRADING HOUSE DEALING IN NEARLY 70 COMMODITIES IN MORE THAN 60 COUNTRIES AROUND THE WORLD.}

^{* AEL OPERATES FROM 22 CORPORATE CENTERS IN INDIA. IT OPERATES OVERSEAS BRANCHES IN SINGAPORE, USA, DUBAI, MAURITIUS, CHINA AND BURMA, AND MAINTAINS A LONG LIST OF CONTACT OFFICES AROUND THE WORLD TO PROVIDE EASY ACCESS TO ITS CLIENTELE.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* 2007: NOT AVAILABLE (2005: NOT AVAILABLE; 2004: 6; 2003; 3; 2002: 3; 2001: 3)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{3 SHENTON WAY}

^#19-08

^{SHENTON HOUSE}

^{SINGAPORE 068805}

^{DATE OF CHANGE OF ADDRESS: 16/11/2004}

^{- PREMISE OWNED BY: PUSHKARRAI B DESAI AND ASHVIN BAPULAL DESAI}

^WEBSITE:

^{* www.adanigroup.com (HOLDING COMPANY'S)}

^EMAIL:

^{* sales@adani.com.sg}

MANAGEMENT

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

^{1) PRADEEP MITTAL, AN INDIAN}

^{- BASED IN INDIA.}

^{2) VINOD SHANTILAL SHAH, 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