MIRA INFORM REPORT

Report Date :

11.09.2007

IDENTIFICATION DETAILS

Name :	STRACHEM PTE. LTD.

Registered Office :	^{17 Philips Street, #05-01}^{, Grand Building, Singapore}^{– 048695}

Country :	Singapore

Date of Incorporation :	^12/09/2006

Com. Reg. No.:	^200613398M

Legal Form :	^{Pte Ltd}

Line of Business :	Trading of Clothes and Commodities

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Undetermined

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

STRACHEM PTE. LTD.

Line of Business

TRADING OF CLOTHES AND COMMODITIES (STARTING)

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$2,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : up to Sing $ 10000

COMPANY IDENTIFICATION

^{Subject
Company : STRACHEM PTE.
LTD.}

^{Former Name :
-}

^{Business
Address : 17 PHILIPS STREET}

^#05-01

^{GRAND BUILDING}

^{Town :
SINGAPORE}

^{Postcode : 048695}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
96264851/67580723}

^{Fax :
Not Listed}

^{ROC Number :
200613398M}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 12/09/2006}

^{Previous Legal
Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

^{Paid-Up
Capital :
2,000}

^{Employees : 3}

^{Net result : -}

^{Share value : -}

^{AUDITOR : PRUDENTIAL
PUBLIC ACCOUNTING CORPORATION}

REFERENCES

^{Litigation : No}

^{Company status
: TRADING}

^{Started : 12/09/2006}

PRINCIPAL(S)

^{GOPALASAMY S/O
VASUDHEVEN S0670601J Director}

DIRECTOR(S)

^{SHASHI KANT
TAPURIAH E3786147 Director}

^{Appointed on :
12/09/2006}

^{Street : 1 ALIPORE PARK PLACE}

^{Town: KOLKATA}

^{Postcode: 700027}

^{Country: India}

^{GOPALASAMY S/O
VASUDHEVEN S0670601J Director}

^{Appointed on :
12/09/2006}

^{Street : 425 PASIR RIS DRIVE
6}

^#09-81

^{Town: SINGAPORE}

^{Postcode: 510425}

^{Country: Singapore}

^{CLIFFORD
EMMANUEL GERMAIN S2191478I Company Secretary}

^{Appointed on :
10/10/2006}

^{Street : 33A
SURIN AVENUE}

^{CHARLTON COURT}

^{Town: SINGAPORE}

^{Postcode: 535617}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS
Code:11760}

^{BASED ON
ACRA'S RECORD AS AT 08/01/2007}

^{1) 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

BANKERS

^{UTI BANK LTD, SINGAPORE
BRANCH}

SHAREHOLDERS(S)

^{THURUTHERE
MANIKANTAN 2,000
Private Person}

^{Street : 825 YISHUN STREET
81}

^#03-584

^{Town: SINGAPORE}

^{Postcode: 760825}

^{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}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL COMMENTS

^{SUBJECT BEING NEWLY
INCORPORATED AND HAS YET TO FILE IN ITS FIRST SET OF ACCOUNTS. A NEWLY
INCORPORATED COMPANY HAS UP TO 18 MONTHS FROM THE DATE OF INCORPORATION TO FILE
IN ITS FIRST SET OF ACCOUNTS.}

BACKGROUND/OPERATION

^{THE COMPANY
WAS INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON
12/09/2006 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT
NAMESTYLE AS "STRACHEM PTE. LTD.".}

^{AS AT
08/01/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 2,000 SHARES OF A
VALUE OF S$2,000.}

^{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 AND EXPORTERS)}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 11/01/2007, THE FOLLOWING WAS GATHERED:}

^{THE SUBJECT
HAS JUST STARTED BUSINESS IN SEPTEMBER 2006. HENCE, THEY HAVE NOT REALLY DONE
BUSINESS YET. THE SUBJECT REVEALS THAT THEY WILL BE INVOLVED IN THE TRADING OF
CLOTHES AND COMMODITIES.}

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY -
2007: 3}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 11/01/2007.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{17 PHILIPS STREET}

^{#05-01 GRAND BUILDING}

^SINGAPORE⁰⁴⁸⁶⁹⁵

^{- RENTED
PREMISE}

^{- OWNED BY
PRUDENTIAL CORPORATE SERVICES PTE LTD}

^{- DATE OF CHANGE
OF ADDRESS: 12/09/2006}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) SHASHI KANT
TAPURIAH, AN INDIAN}

^{- BASED IN INDIA.}

^{2) GOPALASAMY
S/O VASUDHEVEN, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR
DATABASE.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S
NAME: GOPALASAMY S/O VASUDHEVEN}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL VALUE:
S$5,700}

^{CO-OWNER (S):
TAN MAY LI}

^{* 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 2006

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE’S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR’S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.

ONE OF ASIA’S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.

WORKFORCE’S EDUCATION AND SKILL LEVEL IS VERY HIGH.

A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.

THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.

GREAT POLITICAL STABILITY.

WEAKNESSES

ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.

MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES

REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.

AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

WITH THE GROWTH IN NON-OIL RE-EXPORTS AND THE RISE IN RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A ROBUST 15% IN 1Q2006, UP FROM THE 12% GAIN IN 4Q2005.

WHOLESALE TRADE

DOMESTIC WHOLESALE TRADE INDEX

FOLLOWING SEVEN QUARTERS OF DOUBLE-DIGIT GROWTH, THE OVERALL DOMESTIC WHOLESALE TRADE INDEX MODERATED TO 7.5% IN 1Q2006. EXCLUDING PETROLEUM, THE INDEX ROSE BY 14.2% OVER THE SAME PERIOD LAST YEAR.

ON THE OTHER HAND, DOMESTIC WHOLESALE OF PETROLEUM & PETROLEUM PRODUCTS FELL BY 2.1% IN 1Q2006, THE FIRST DECLINE SINCE 1Q2004. DOMESTIC SALES OF FOOD, BEVERAGES & TOBACCO, PAINTS & CONSTRUCTION MATERIALS, TIMBER ALSO FELL COMPARED TO 1Q2005.

AT CONSTANT PRICES, THE OVERALL INDEX DECLINED BY 4.4% IN 1Q2006 OVER 1Q2005, MAINLY DUE TO LOWER ACTIVITY IN CHEMICAL AND PETROLEUM SECTORS. EXCLUDING PETROLEUM, IT WAS 7.9% HIGHER THAN A YEAR AGO.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 16.5% COMPARED TO 4Q2005. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.9%.

FOREIGN WHOLESALE TRADE INDEX

AS COMPARED TO 1Q2005, THE OVERALL FOREIGN WHOLESALE TRADE IN 1Q2006 ROSE BY 15.4%. EXCLUDING PETROLUEM, THE INDEX EXPANDED BY 11.5%.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE MARGINALLY BY 0.9% IN 1Q2006 OVER A YEAR AGO. EXCLUDING PETROLEUM, IT WAS UP BY 7.6%.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 9.4% FOLLOWING GROWTH FOR THREE CONSECUTIVE QUARTERS. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.6%.

RETAIL TRADE

RETAIL SALES CHALKED UP 8.0% GROWTH IN 1Q2006, FELLING MARGINALLY FROM THE 8.2% GROWTH IN 4Q2005. SALES OF MOTOR VEHICLES ROSE BY 10% IN 1Q2006, HIGHER THAN THE 8.5% GAIN IN THE LAST QUARTER. EXCLUDING MOTOR VEHICLES, RETAIL SALES MODERATED TO 5.2% GROWTH, SLOWER THAN THE 7.8% RISE IN 4Q2005.

ALL THE MAJOR SEGMENTS RECORDED GROWTH IN 1Q2006 OVER 1Q2005, WITH GROWTH RANGING FROM 1.6% TO 18%. THE SEGMENTS WERE TELECOMMUNICATIONS AND COMPUTERS, FOOD AND BEVERAGES, WEARING APPAREL AND FOOTWEAR, OPTICAL GOODS AND BOOKS, PROVISION AND SUNDRY SHOPS, DEPARTMENT STORES, SUPERMARKETS, MEDICAL GOODS AND TOILETRIES, RECREATIONAL GOODS, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND JEWELLERY, AND PETROL SERVICE STATIONS.

A ROSY OUTLOOK FOR RETAILERS

RETAIL SALES IN SINGAPORE ROSE IN JUNE FOR THE 16TH STRAIGHT MONTH AS AN IMPROVING JOB MARKET AND A RISE IN TOURIST ARRIVALS INCREASED CONSUMER SPENDING.

THE RETAIL SALES INDEX GREW BY 5.1% FROM A YEAR EARLIER AFTER EXPANDING BY 13.1% IN MAY. EXCLUDING MOTOR VEHICLES, RETAIL SALES GREW BY 7.8%.

ON A MONTH-ON-MONTH BASIS, ADJUSTED FOR SEASONAL FACTORS, RETAIL SALES IN JUNE DECLINED BY 3.7% OVER MAY. EXCLUDING MOTOR VEHICLES, RETAIL SALES CONTRACTED BY 1.2% FROM MAY.

APPAREL AND FOOTWEAR BUSINESS GREW BY 4.9% WHILE THOSE OF WATCHES AND JEWELLERY ROXE BY 9.5%.

JUNE’S MOTOR VEHICLES SALES GREW BY 2.5% COMPARED WITH JUNE 2005. IT PALE IN COMPARISON WITH A 16.4% GROWTH IN MAY. THE MOTOR VEHICLE SALES GREW BY A MARGINAL 0.4% OVER MAY.

AHEAD

WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE PERIOD ENDING DECEMBER 2006. THOSE DEALING IN FURNITURE & FURNISHINGS, COSMETICS & TOILETRIES, JEWELLERY & WATCHES, HOUSEHOLD ELECTRICAL APPLIANCES & EQUIPMENT, ELECTRONIC COMPONENTS, SCIENITIFIC & PRECISION EQUIPMENT, ARE AMONG THOSE WHO ARE OPTIMISTIC ABOUT THE BUSINESS OUTLOOK AHEAD.

RETAILERS ALSO FORECAST BETTER BUSINESS SENTIMENTS FOR THE COMING MONTHS ENDING DECEMBER 2006, WITH A NET BALANCE OF 22%, ESPECIALLY DEPARTMENT STORES AND RETAILERS OF WEARING APPAREL AND FURNITURE & FURNISHINGS EXPECTING A POSITIVE BUSINESS OUTLOOK FROM THE YEAR-END FESTIVE SHOPPING.

IN ADDITION, RETAILERS ARE EXPECTING A BOOST FROM THE INTERNATONAL MONETARY FUND AND WORLD BANK ANNUAL MEETING IN SEPTEMBER WHICH WILL BE HELD IN SINGAPORE AS THE GATHERING IS EXPECTED TO DRAW 16,000 OVERSEAS DELEGATES.

EXTRACTED FROM : MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

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