MIRA INFORM REPORT

Report Date :

20.10.2007

IDENTIFICATION DETAILS

Name :	VICTORY MERCANTILE CORPORATION PTE. LTD.

Registered Office :	^{150 South Bridge Road, #06-07, Fook Hai Building, Singapore – 058727}

Country :	Singapore

Date of Incorporation :	^21/10/2004

Com. Reg. No.:	^200413646D

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Exporting of Chemical and Plastic Products

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 :	Usually correct

Litigation :	Clear

Subject Company

VICTORY MERCANTILE CORPORATION PTE. LTD.

Line Of Business

EXPORTING OF CHEMICAL AND PLASTIC PRODUCTS

Parent Company

N.A.

Financial Elements

Sales : N.A.

Networth : N.A.

Paid-Up Capital : S$1,050,000

Net result : N.A.

Net Margin(%) : N.A.

Return on Equity(%) : N.A.

Leverage Ratio : N.A.

Rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company : VICTORY MERCANTILE
CORPORATION PTE. LTD.}

^{Former Name :
-}

^{Business Address : 150 SOUTH BRIDGE ROAD}

^#06-07

^{FOOK HAI BUILDING}

^{Town :
SINGAPORE}

^{Postcode : 058727}

^{Country :
Singapore}

^{Telephone : 6534 4174 /
6538 8110}

^{Fax :
6538 7998}

^{ROC Number :
200413646D}

^Reg.^Town ^{: -}

SUMMARY

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
21/10/2004}

^{Previous Legal
Form :
-}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

^{Paid-Up Capital :
1,050,000}

^{Employees :
-}

^{Net result :
-}

^{Share value :
1}

^{Auditor :
STRATEGIC ASSURANCE & ASSOCIATES}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :
21/10/2004}

PRINCIPAL(S)

^{HITEN ANANTRAI
KAMDAR S1770858I Managing Director}

DIRECTOR(S)

^{ANANTRAI HARILAL
KAMDAR S1039546A Director}

^{Appointed on : 21/10/2004}

^{Street : 77 MARINE DRIVE}

^#19-44

^{Town : SINGAPORE}

^{Postcode : 440077}

^{Country : Singapore}

^{KAMLESH S/O
ANANTRAI KANDAR KAMDAR S1495874F Director}

^{Appointed on : 21/10/2004}

^{Street : 77 MARINE DRIVE}

^#19-44

^{Town : SINGAPORE}

^{Postcode : 440077}

^{Country : Singapore}

^{KAMLESH S/O
ANANTRAI KANDAR KAMDAR S1495874F Company Secretary}

^{Appointed on : 21/10/2004}

^{Street : 77 MARINE DRIVE}

^#19-44

^{Town : SINGAPORE}

^{Postcode : 440077}

^{Country : Singapore}

^{HITEN ANANTRAI
KAMDAR S1770858I Director}

^{Appointed on : 21/10/2004}

^{Street : 77 MARINE DRIVE}

^#19-44

^{Town : SINGAPORE}

^{Postcode : 440077}

^{Country : Singapore}

^{HITEN ANANTRAI
KAMDAR S1770858I Managing Director}

^{Appointed on : 21/10/2004}

^{Street :
77 MARINE DRIVE}

^#19-44

^{Town : SINGAPORE}

^{Postcode : 440077}

^{Country : Singapore}

ACTIVITY(IES)

^{PLASTIC
PRODUCTS
Code: 16940}

^{CHEMICALS Code: 3970}

^{IMPORTERS And
EXPORTERS Code: 11760}

^{ELECTRONIC
COMPONENTS Code: 7605}

^{BASED ON ACRA'S RECORD AS
AT 16/10/2007}

^{1) OTHER SUPPORT
ACTIVITIES; TRADING OF CHEMICALS, TEXTILES, WOOD, WOOD VANEERS, PLASTICS,
CERAMICS}

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{ANANTRAI HARILAL
KAMDAR
350,000 Private Person}

^{Street :
77 MARINE DRIVE}

^#19-44

^{Town : SINGAPORE}

^{Postcode : 440077}

^{Country : Singapore}

^{KAMLESH S/O
ANANTRAI KANDAR KAMDAR
350,000 Private Person}

^{Street : 77 MARINE DRIVE}

^#19-44

^{Town : SINGAPORE}

^{Postcode : 440077}

^{Country : Singapore}

^{HITEN ANANTRAI
KAMDAR
350,000 Private Person}

^{Street :
77 MARINE DRIVE}

^#19-44

^{Town : SINGAPORE}

^{Postcode : 440077}

^{Country : Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend :
LEVEL}

^{Financial
Situation : UNKNOWN}

FINANCIAL COMMENTS

^{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 21/10/2004
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE
AS "VICTORY MERCANTILE CORPORATION PTE. LTD.".}

^{AS AT 16/10/2007,
SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 1,050,000 SHARES OF A VALUE OF
S$1,050,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) OTHER SUPPORT
ACTIVITIES; TRADING OF CHEMICALS, TEXTILES, WOOD, WOOD VANEERS, PLASTICS,
CERAMICS}

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

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

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

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITIES:}

^{* EXPORTER OF
PETRO-CHEMICALS, SOLVENTS, INDUSTRIAL RAW MATERIALS AND OTHER CHEMICALS}

^PRODUCTS:

^{* TRANSISTORS,
MAGNETIC HEADS, CONNECTORS ETC.}

^{* CHEMICALS LIKE
METHYL ETHYL KETONE HYDROGEN PEROXIDE, N-BUTYL ACRYLATE, CITRIC ACID, 2-ETHYL
HEXYL ACRYLATE, STYRENE, MONOMER, ETC}

^{* ELECTRONIC
COMPONENTS LIKE DC MICRO MOTORS, INTEGRATED CIRCUITS}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 19/10/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITIES:}

^{* EXPORTING OF
CHEMICAL AND PLASTIC PRODUCTS}

^{EXPORT COUNTRIES:}

^{* INDIA}

^{SUBJECT DOES NOT
HAVE ANY IMPORT DEALINGS.}

^{NO OTHER TRADE
INFORMATION WAS AVAILABLE ON 19/10/2007 AS SUBJECT PERSONNEL DECLINED TO
REVEAL.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{150 SOUTH BRIDGE ROAD}

^#06-07

^FOOK^{HAI
BUILDING}

^SINGAPORE⁰⁵⁸⁷²⁷

^{DATE OF CHANGE OF
ADDRESS: 21/10/2004}

^{- RENTED PREMISE}

^{- PREMISE OWNED
BY: ANANTRAI HARILAL KAMDAR, HITEN A KAMDAR AND KAMLESH ANANTRAI KANDAR KAMDAR
(DIRECTORS)}

^{WEBSITE : -}

^{EMAIL :
vmcorp@singnet.com.sg}

MANAGEMENT

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

^{1) ANANTRAI
HARILAL KAMDAR, A SINGAPOREAN}

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

^{2) KAMLESH S/O
ANANTRAI KAMDAR, A SINGAPOREAN}

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

^{3) HITEN A KAMDAR,
A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
ANANTRAI HARILAL KAMDAR}

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

^{PROPERTY
OWNERSHIP: 2}

^{ANNUAL VALUE:
S$6,600 (77 MARINE DRIVE
#19-44)}

^{CO-OWNER (S):
KANCHAN A KAMDAR}

^{ANNUAL VALUE:
S$13,100 (150 SOUTH BRIDGE
ROAD #06-07)}

^{CO-OWNER (S):
KAMLESH S/O ANANTRAI KANDAR KAMDAR}

^{HITEN ANANTRAI KAMDAR}

^{DIRECTOR'S NAME:
KAMLESH S/O ANANTRAI KAMDAR}

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

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL VALUE:
S$13,100}

^{CO-OWNER (S):
ANANTRAI HARILAL KAMDAR}

^{HITEN ANANTRAI KAMDAR}

^{DIRECTOR'S NAME:
HITEN A KAMDAR}

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

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL VALUE:
S$13,100}

^{CO-OWNER (S):
ANANTRAI HARILAL KAMDAR}

^{KAMLESH S/O ANANTRAI KANDAR
KAMDAR}

^{* 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%)

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