MIRA INFORM REPORT

Report Date :

18.10.2007

IDENTIFICATION DETAILS

Name :	ORIND SINGAPORE PTE LTD

Registered Office :	^{260 Orchard Road, #07-06}^{The Heeren,}^Singapore^-²³⁸⁸⁵⁵

Country :	Singapore

Financials (as on) :	31.12.2006

Date of Incorporation :	^31/08/1999

Com. Reg. No.:	^199905173N

Legal Form :	^{Pte Ltd}

Line of Business :	Wholesaler of Furnace

RATING & COMMENTS

MIRA’s Rating :

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

ORIND SINGAPORE PTE LTD

Line Of Business

WHOLESALER OF FURNACE

Parent Company

GLOBAL SYNERGY LIMITED

(PERCENTAGE OF SHAREHOLDING 100%)

Financial Elements

FY 2006

COMPANY

Sales : S$89,801

Networth : S$448,200

Paid-Up Capital : S$100,000

Net result : S$-68,145

Net Margin(%) : -75.88

Return on Equity(%) : -15.20

Leverage Ratio : 0.13

COMPANY IDENTIFICATION

^{Subject Company :}^{ORIND SINGAPORE PTE LTD}

^{Former Name :}^-

^{Business Address :}^{260 ORCHARD ROAD}

^{#07-06 THE HEEREN}

^{Town :
SINGAPORE}

^{Postcode :}²³⁸⁸⁵⁵

^{Country :
Singapore}

^{Telephone :}^{6836 1920}

^{Fax :}^{6738 1572}

^{ROC Number :}^199905173N

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :}^{Pte Ltd}

^{Date Inc. :}^31/08/1999

Legal Form : -

^{Summary year :}^31/12/2006

^{Sales :}^348,200

^{Networth :}^348,200

^{Capital :}^-

^{Paid-Up Capital :}^100,000

^{Employees :}^-

^{Net result :}^-68,145

^{Share value :
1}

^{Auditor :}^{LOH POH LIM & CO}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :}^31/08/1999

PRINCIPAL(S)

RAVINDRA KUMAR JHUNJHUNWALA S2719871F Managing Director

DIRECTOR(S)

NG NEE FAH ADRIAN S0036925Z Company Secretary

^{Appointed on : 31/08/1999}

^{Street : 702 UPPER CHANGI ROAD EAST}

^#04-06

^{CHANGI COURT}

^{Town: SINGAPORE}

^{Postcode: 486832}

^{Country: Singapore}

^{RAVINDRA KUMAR JHUNJHUNWALA S2719871F Director}

^{Appointed on : 31/08/1999}

^{Street : 19 CAIRNHILL CIRCLE}

^#11-05

^{THE LIGHT @ CARINHILL}

^{Town: SINGAPORE}

^{Postcode: 229768}

^{Country: Singapore}

^{RAVINDRA KUMAR JHUNJHUNWALA S2719871F Managing Director}

^{Appointed on : 31/08/1999}

^{Street : 19 CAIRNHILL CIRCLE}

^#11-05

^{THE LIGHT @ CARINHILL}

^{Town: SINGAPORE}

^{Postcode: 229768}

^{Country: Singapore}

^{SHEELA JHUNJHUNWALA S2720161Z Director}

^{Appointed on : 31/08/1999}

^{Street : 19 CAIRNHILL CIRCLE}

^#11-05

^{THE LIGHT @ CAIRNHILL}

^{Town: SINGAPORE}

^{Postcode: 229768}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{BASED ON ACRA'S RECORD AS AT
15/10/2007}

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

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{GLOBAL SYNERGY LIMITED 100,000 Company}

^{Street : 6TH
FLOOR, ALEXANDRA HOUSE}

^{18 CHATER ROAD, CENTRAL}

^{Town: HONG KONG}

^Postcode:

^{Country: Hong Kong}

HOLDING COMPANY

^{GLOBAL SYNERGY LIMITED UF46708Z % :
100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : AVERAGE

^{Liquidity :
SUFFICIENT}

^{Payments :
REGULAR}

^{Trend :
DOWNWARD}

^{Financial Situation : AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

^{Audit Qualification:
UNQUALIFIED (CLEAN)
UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 14/07/2007}

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

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{---
ASSETS ---}

^{Tangible Fixed Assets: 75,000 41,667}

^Total^{Fixed
Assets: 75,000 41,667}

^{Receivables: 18,799 411,468}

^{Cash,Banks, Securitis: 5,653 13,286}

^{Other current assets: 306,719 225,577}

^{Total Current Assets: 331,171 650,331}

^{TOTAL ASSETS: 406,171 691,998}

^{---
LIABILITIES ---}

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

^{Profit & lost Account: 248,200 316,345}

^{Total Equity: 348,200 416,345}

^{Trade Creditors:
38,322}

^{Prepay. & Def. charges: 13,406 4,570}

^{Provisions: 1,200 1,200}

^{Other Short term
Liab.: 43,365 231,561}

^{Total short term Liab.: 57,971 275,653}

^{TOTAL LIABILITIES: 57,971 275,653}

^{PROFIT & LOSS
ACCOUNT}

^{Net Sales 89,801 201,589}

^{Purchases,Sces & Other
Goods: 73,051 181,395}

^{Gross Profit: 16,750 20,194}

^{Result of ordinary
operations -53,658 54,613}

^{NET RESULT BEFORE TAX: -68,145 52,099}

^{Net income/loss year: -68,145 52,099}

^{Interest Paid: 812 572}

^{Depreciation: 33,000 20,000}

^{Directors Emoluments: 230,400 76,800}

^{Wages and Salaries: 109,440 54,674}

^{Financial Income: 202 192}

RATIOS

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

^{Net result /
Turnover(%): -0.76 0.26 0.26}

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

^{Net Margin(%): -75.88 25.84 25.84}

^{Return on Equity(%): -19.57 12.51 12.51}

^{Return on Assets(%): -16.78 7.53 7.53}

^{Net Working capital: 273200.00 374678.00 0.00}

^{Cash Ratio: 0.10 0.05 0.05}

^{Quick Ratio: 0.42 1.54 1.54}

^{Current ratio: 5.71 2.36 2.36}

^{Receivables Turnover: 75.36 734.80 734.80}

^{Leverage Ratio: 0.17 0.66 0.66}

^{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}

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE
WITH NET WORTH DECREASED BY 13.14% FROM S$516,345 IN FY 2005 TO S$448,200 IN FY
2006. THIS WAS DUE TO LOWER ACCUMULATED PROFIT OF S$348,200 (2005: S$416,345);
A DROP OF 16.36% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY
FINANCED BY OTHER SHORT-TERM LIABILITIES, WHICH MADE UP 74.8% (2005: 84.00%) OF
THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$43,365 (2005: S$231,561). THE
BREAKDOWN IS AS FOLLOWS:}

^{-OTHER PAYABLES- 2006: S$26,886 (2005:
S$231,561)}

^{-AMOUNT OWING TO A DIRECTOR- 2006:S$16,479
(2005: -)}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
PASSABLE AS SEEN FROM THE POSITIVE NET WORKING CAPITAL AND LIQUIDITY RATIOS.
CURRENT RATIO ROSE TO 5.71, UP FROM 2.36 TIMES AND QUICK RATIO FELL TO 0.42
TIMES FROM 1.54 TIMES IN FY 2005.}

^{NET WORKING CAPITAL FELL BY 27.08% FROM
S$374,678 IN FY 2005 TO S$273,200.}

^{PROFITABILITY:}

^{REVENUE POSTED A DECREASE OF 55.45% FROM
S$201,589 IN FY 2005 TO S$89,801. SIMILARY, NET PROFIT DROPPED TO S$-68,145
(2004: S52,099).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED
IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE
FORTHCOMING. IT IS NOTED THAT THE SUBJECT HAS NET LOSS WHICH NEEDS CAUTION.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 31/08/1999 AS A LIMITED
PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "ORIND
SINGAPORE PTE LTD".}

^{AS AT 15/10/2007, 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 AND
CORPORATE REGULATORY AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS
OF:}

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

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

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW,
SUBJECT'S PRINCIPAL ACTIVITIES ARE THOSE OF GENERAL TRADERS, IMPORTERS,
EXPORTERS, PROVISION OF BUSINESS CONSULTANCY AND MANAGEMENT SERVICES, AND
COMMISSION AGENTS.}

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

^PRODUCTS:

^{* FURNACE}

^{* HEAT TREATMENT FURNANCE}

^SERVVICES:

^{* HEAT TREATMENT SERVICES}

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW
WAS NOT GRANTED BY SUBJECT'S PERSONNEL ON 18/10/2007.}

^{THE COMPANY'S HOLDING AND ULTIMATE HOLDING
COMPANY IS ORIND HOLDINGS PTE. LTD. AND THIS IS CHANGED TO GLOBAL SYNERGY
LIMITED SUBSEQUENT TO BALANCE SHEET DATE.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{260 ORCHARD
ROAD}

^{#07-06 THE HEREEN}

^SINGAPORE²³⁸⁸⁵⁵

^{DATE OF CHANGE OF ADDRESS: 22/03/2006}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) RAVINDRA KUMAR JHUNJHUNWALA, A SINGAPORE
PERMANENT RESIDENT}

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

^{2) SHEELA JHUNJHUNWALA, 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