MIRA INFORM REPORT

Report Date :

31.08.2007

IDENTIFICATION DETAILS

Name :	OVERSEAS VENTURES PTE LTD

Registered Office :	^{19 Keppel Road, # 07-07}^{, Jit Poh Building, Singapore}^{– 089058}

Country :	Singapore

Date of Incorporation :	^14/10/1989

Com. Reg. No.:	^198904484Z

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading in Raw Material for Steel Making, Semi and Finished Steel Products, Minerals & Non-Ferrous Metals.

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

OVERSEAS VENTURES PTE LTD

Line Of Business

TRADING IN RAW MATERIAL FOR STEEL MAKING, SEMI AND FINISHED STEEL PRODUCTS, MINERALS & NON-FERROUS METALS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$3,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company: OVERSEAS
VENTURES PTE LTD}

^{Former Name: -}

^{Business Address: 19
KEPPEL ROAD}

^{# 07-07}

^{JIT POH BUILDING}

^{Town: SINGAPORE}

^{Postcode: 089058}

^{County: -}

^{Country: Singapore}

^{Telephone: 6226
1803}

^{Fax: 6226 3074}

^{ROC Number: 198904484Z}

^Reg.^Town^{:
-}

SUMMARY

^{All amounts in this report are in: SGD unless otherwise stated}

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 14/10/1989}

^{Previous Legal Form: Pte Ltd}

^{Date of Change: 14/10/1989}

^{Summary year: -}

^{Sales: -}

^{Net Worth: -}

^{Capital: -}

^{Paid-Up Capital: 3,000,000}

^{Employees: Not
available}

^{Net result: -}

^{Share value: -}

^{Auditor: LTC
& ASSOCIATES}

REFERENCES

^{Litigation: No}

^{Company status: TRADING}

^{Started: 14/10/1989}

PRINCIPAL(S)

^{AMITAVA ROY
S2648926A Managing Director}

DIRECTOR(S)

^{WEE CHENG HOCK JAMES S1033105F Director}

^{Appointed on: 14/10/1989}

^{Street: 289 TAMPINES STREET 22}

^#03-444

^{Town: SINGAPORE}

^{Postcode: 520289}

^{Country: Singapore}

^{AMITAVA ROY S2648926A Managing Director}

^{Appointed on: 17/10/1989}

^{Street: 1 ANDERSON ROAD}

^#04-13

^{THE SHANGRI-LA
APARTMENTS}

^{Town: SINGAPORE}

^{Postcode: 259983}

^{Country: Singapore}

^{AMITAVA ROY S2648926A Director}

^{Appointed on: 14/10/1989}

^{Street: 1 ANDERSON ROAD}

^#04-13

^{THE SHANGRI-LA
APARTMENTS}

^{Town: SINGAPORE}

^{Postcode: 259983}

^{Country: Singapore}

^{WONG CHAK WENG S2016675D
Company Secretary}

^{Appointed on: 27/12/2006}

^{Street: 172 BEDOK SOUTH ROAD}

^#07-425

^{Town: SINGAPORE}

^{Postcode: 460172}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{MOHAMED SHAFI ABOOBAKER G679917}

^{ANUBHA MUKHERJEE T351955}

^{HELEN CAMPOS
THOMAS S1318008C}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{SCRAP METALS Code:19045}

^{BASED ON ACRA'S RECORD AS AT
28/08/2007}

^{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

BANKERS

No Banker Information In Our Database

SHAREHOLDERS(S)

^{AMITAVA ROY
2,999,999 Private Person}

^{Street: 1 ANDERSON ROAD}

^#04-13

^{THE SHANGRI-LA
APARTMENTS}

^{Town: SINGAPORE}

^{Postcode: 259983}

^{Country: Singapore}

^{ANUP KUMAR ROY
1 Private Person}

^{Street: 36572 DERBY DOWNS DRIVE}

^{SOLON, OHIO}

^{Town: OHIO}

^{Postcode:
44139}

^{Country: United States}

FORMER SHAREHOLDER(S)

^{MOHAMED SHAFI ABOOBAKER 50,000}

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)

No Litigation In Our Database

FINANCIAL COMMENTS

^{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} ^{14/10/1989 AS A LIMITED EXEMPT PRIVATE
COMPANY AND IS TRADING UNDER} ^{ITS PRESENT NAMESTYLE AS "OVERSEAS
VENTURES PTE LTD".}

^{AS AT 28/08/2007, SUBJECT HAS AN ISSUED AND
PAID-UP CAPITAL OF} ^{3,000,000 SHARES OF A VALUE OF S$3,000,000.}

^{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 & EXPORTERS)}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG
COMMISSION AGENCIES) FROM THE RESEARCH CONDUCTED, THE FOLLOWING INFORMATION WAS
GATHERED:}

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL
DIRECTORY UNDER THE} ^{CLASSIFICATION OF: SCRAP METALS.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY:}

^{* INTERNATIONAL TRADING IN RAW MATERIAL FOR
STEEL MAKING, SEMI AND} ^{FINISHED STEEL}

^{PRODUCTS, MINERALS & NON-FERROUS METALS}

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

^{* SINGAPORE INTERNATIONAL CHAMBERS OF
COMMERCE}

^{FROM THE PRIOR TELE-INTERVIEW CONDUCTED ON
08/11/2006, SUBJECT WAS} ^{ONLY WILLING TO REVEAL THAT THEY ARE INTO THE EXPORT OF SCRAP
METALS.} ^{THEY DO NOT SUPPLY TO THE LOCAL SINGAPORE MARKET.}

^{NO OTHER INFORMATION WAS GATHERED VIA THE
TELE-INTERVIEW CONDUCTED.} ^{TRADING COUNTRIES WERE DENIED BY SUBJECT'S PERSONNEL.}

^{REGISTERED ADDRESS:}

^{RAFFLES PLACE}

^#20-02

^{OUB CENTRE}

^SINGAPORE⁰⁴⁸⁶¹⁶

^{DATE OF CHANGE OF ADDRESS: 17/12/2002}

^{BUSINESS ADDRESS:}

^{19 KEPPEL ROAD}

^#07-07

^JIT^{POH
BUILDING}

^SINGAPORE⁰⁸⁹⁰⁵⁸

^{-- RENTED PREMISE}

^{-- PREMISE OWNED BY: JIT POH INVESTMENTS PTE
LTD}

^WEBSITE:

^{* NIL}

^EMAIL:

^{* ovpl@pacific.net.sg}

MANAGEMENT

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

^{1) WEE CHENG HOCK JAMES, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN
OUR DATABASE}

^{COASTLINE MARITIME PTE LTD}

^{PARTY'Z ON INTERNATIONAL PTE LTD}

^{PRIME TOUCH INTERNATIONAL PTE LTD}

^{L.G.H. HOUSING AGENCY PTE LTD}

^{2) AMITAVA ROY, A SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: WEE CHENG HOCK JAMES}

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

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$6,600}

^{CO-OWNER: CHEONG SWEE KIN}

^{DIRECTOR'S NAME: AMITAVA ROY}

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

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: NA}

^{CO-OWNER: NA}

^{*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