MIRA INFORM REPORT

Report Date :

21.09.2007

IDENTIFICATION DETAILS

Name :	4'C DIAMONDS PTE LTD

Registered Office :	^{50 Lorong 40 Geylang, #07-20, The Sunny Spring, Singapore – 398074}

Country :	Singapore

Financials (as on) :	31.12.2006

Date of Incorporation :	^25/10/1997

Com. Reg. No.:	^199707403N

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Retail, Wholesale, Import and Export of Diamonds

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

4'C DIAMONDS PTE LTD

Line Of Business

RETAIL, WHOLESALE, IMPORT AND EXPORT OF DIAMONDS

Parent Company

Financial Elements

FY 2006

COMPANY

Sales : S$7,135,562

Networth : S$1,296,799

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

Net result : S$218,426

Net Margin(%) : 3.06

Return on Equity(%) : 16.84

Leverage Ratio : 4.41

COMPANY IDENTIFICATION

^{Subject Company : 4'C
DIAMONDS PTE LTD}

^{Former Name : -}

^{Business Address: 50
LORONG 40 GEYLANG}

^#07-20

^{THE SUNNY SPRING}

^{Town: SINGAPORE}

^{Postcode:
398074}

^{County: -}

^{Country: Singapore}

^{Telephone: 6296
1135}

^{Fax: 6741 5052}

^{ROC Number: 199707403N}

^Reg.^Town^{:
-}

SUMMARY

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

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 25/10/1997}

^{Previous Legal Form: -}

^{Summary year : 31/12/2006}

^{Sales: 7,135,562}

^{Networth : 1,296,799}

^{Capital: -}

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

^{Employees: 1}

^{Net result : 218,426}

^{Share value: -}

^{AUDITOR : PRUDENTIAL
PUBLIC ACCOUNTING CORPORATION}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 25/10/1997}

PRINCIPAL(S)

^{SHAH PARAG SHASHIKANT S7582329J Director}

DIRECTOR(S)

^{SHAH PARAG SHASHIKANT S7582329J Director}

^{Appointed on : 25/10/1997}

^{Street : 50
LORONG 40 GEYLANG}

^#07-20

^{SUNNY SPRING}

^{Town: SINGAPORE}

^{Postcode: 398074}

^{Country: Singapore}

^{SHETH AMISHKUMAR RAMNIKLAL S7683782A Director}

^{Appointed on : 03/04/1998}

^{Street : 50
LORONG 40 GEYLANG}

^#07-34

^{SUNNY SPRING}

^{Town: SINGAPORE}

^{Postcode: 398074}

^{Country: Singapore}

^{SHAH SWATI PARAG S7780433A Company Secretary}

^{Appointed on : 13/02/2007}

^{Street : 50
LORONG 40 GEYLANG}

^#07-20

^{SUNNY SPRING}

^{Town: SINGAPORE}

^{Postcode: 398074}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{HARIKRISHNAN S/O MUTHUSAMY S2135685I}

ACTIVITY(IES)

^{JEWELLERS - WHSLE Code:12280}

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD AS AT
15/09/2007}

^{1. WHOLESALE OF JEWELLERY}

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Bankers Information In Our Database

SHAREHOLDERS(S)

^{SHAH PARAG SHASHIKANT 500,000 Private Person}

^{Street : 50
LORONG 40 GEYLANG}

^#07-20

^{SUNNY SPRING}

^{Town: SINGAPORE}

^{Postcode: 398074}

^{Country: Singapore}

^{SHETH AMISHKUMAR RAMNIKLAL 500,000 Private Person}

^{Street : 50
LORONG 40 GEYLANG}

^#07-34

^{SUNNY SPRING}

^{Town: SINGAPORE}

^{Postcode: 398074}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: "MILD" UNCERTAINTIES
"MILD" UNCERTAINTIES}

^{Date Account Lodged: 04/09/2007}

^{Balance Sheet Date: 31/12/2006 31/12/2005 31/12/2004}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^---
ASSETS

^{Tangible Fixed Assets: 1,066 - 157}

^{Total Fixed Assets: 1,066 - 157}

^{Inventories: 799,877 732,569 630,074}

^{Receivables: 5,468,839 2,998,651 2,838,965}

^{Cash,Banks, Securitis: 221,784 333,349 501,622}

^{Other current assets: 519,475 525,170 501,563}

^{Total Current Assets: 7,009,975 4,589,739 4,472,224}

^{TOTAL ASSETS: 7,011,041 4,589,739 4,472,381}

^{--- LIABILITIES}

^{Equity capital: 1,000,000 1,000,000 1,000,000}

^{Profit & loss
Account: 296,799 78,373 33,743}

^{TOTAL EQUITY: 1,296,799 1,078,373 1,033,743}

^{Trade Creditors: 5,246,881 2,971,678 3,084,178}

^{Prepay. & Def.
charges: 4,000 3,090 6,750}

^{Provisions:
41,668 15,588 16,380}

^{Other Short term
Liab.: 421,693 521,010 331,330}

^{Total short term
Liab.: 5,714,242 3,511,366 3,438,638}

^{TOTAL LIABILITIES: 5,714,242 3,511,366 3,438,638}

^{PROFIT & LOSS
ACCOUNT}

^{Net Sales 7,135,562 4,371,076 4,580,411}

^{Cost
of Goods Sold:
6,895,778 4,106,433 4,336,042}

^{Gross Profit: 239,784 264,643 244,369}

^{NET RESULT BEFORE TAX: 261,446 51,424 121,518}

^{Tax : 43,020 6,794 9,793}

^{Net income/loss year: 218,426 44,630 111,725}

^{Interest Paid: 2,017 2,578 4,592}

^{Depreciation: - - 12,020}

^{Directors Emoluments: 100,000 101,850 138,765}

^{Financial Income: 2,209 38 -}

RATIOS

^{31/12/2006 31/12/2005 31/12/2004}

^{Turnover per employee: 7135562.00 4371076.00 4580411.00}

^{Net result /
Turnover(%): 0.03 0.01 0.02}

^{Stock / Turnover(%): 0.11 0.17 0.14}

^{Net Margin(%): 3.06 1.02 2.44}

^{Return on Equity(%): 16.84 4.14 10.81}

^{Return on Assets(%): 3.12 0.97 2.50}

^{Net Working capital: 1295733.00 1078373.00 1033586.00}

^{Cash Ratio: 0.04 0.09 0.15}

^{Quick Ratio: 1.00 0.95 0.97}

^{Current ratio: 1.23 1.31 1.30}

^{Receivables Turnover: 275.91 246.97 223.13}

^{Leverage Ratio: 4.41 3.26 3.33}

^{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}

^{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

^{AUDITORS' REPORT:}

^{WE DID NOT OBSERVE THE COUNTING OF THE
PHYSICAL INVENTORIES AS OF 31 DECEMBER 2006, AND OWING TO THE NATURE OF THE COMPANY'S,
WE WERE UNABLE TO SATISFY OURSELVES AS TO THE QUANTITIES AND THE REALISABLE
VALUE OF THE INVENTORIES AMOUNTING TO S$799,877 AS OF 31 DECEMBER 2006. THERE
ARE NO ALTERNATIVE AUDIT PROCEDURES THAT WE COULD ADOPT TO ASCERTAIN THE ABOVE.
THE DIRECTORS ARE, HOWEVER, OF THE OPINION THAT THESE INVENTORIES ARE STATED AT
THE LOWER OF COST AND NET REALISABLE VALUE.}

^{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 20.26% FROM S$1,078,373 IN FY 2005 TO S$1,296,799 IN FY
2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$296,799 (2005: S$78,373);
A RISE OF 2.79 TIMES FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY
FINANCED BY TRADE CREDITORS WHICH MADE UP 91.82% (2005: 84.63%) OF THE TOTAL
CURRENT LIABILITIES AND AMOUNTED TO S$5,246,881
(2005: S$2,971,678). THE BREAKDOWN IS AS FOLLOWS:}

^{-TRADE PAYABLES - 2006: S$5,246,881 (2005:
S$2,971,678)}

^{IN ALL, LEVERAGE RATIO ROSE FROM 3.26 TIMES
TO 4.41 TIMES AS A RESULT OF A GREATER RISE IN TOTAL LIABILITIES THAN TOTAL
EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
PASSABLE AS SEEN FROM THE CHANGES IN NET WORKING CAPITAL AND LIQUIDITY RATIOS.
CURRENT RATIO FELL TO 1.23 TIMES, DOWN FROM 1.31 TIMES AND QUICK RATIO IMPROVED
TO 1.00 TIMES FROM 0.95 TIMES IN FY 2005.}

^{NET WORKING CAPITAL IMPROVED BY 20.16% FROM
S$1,078,373 IN FY 2005 TO S$1,295,733.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-CASH AT BANK - 2006: S$218,315 (2005:
S$319,645)}

^{-CASH IN HAND - 2006: S$3,469 (2005:
S$13,704)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 63.24% FROM
S$4,371,076 IN FY 2005 TO S$7,135,562 AND NET PROFIT ROSE BY 3.89 TIMES TO
S$218,426 (2005: S$44,630). HENCE, NET MARGIN ROSE TO 3.06% (2005: 1.02%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED
IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE
FORTHCOMING. IN ADDITION, ITS INTEREST COVERAGE WAS HEALTHY CONSIDERING THAT ITS
INTEREST EXPENSES WERE HEALTHY AT 130.62 TIMES IN FY 2006 (2005: 20.95 TIMES).}

^{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 RECORDS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 25/10/1997 AS A LIMITED
EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "} ^{4'C DIAMONDS PTE LTD".}

^{AS AT 15/09/2007, THE COMPANY HAS ISSUED AND
PAID-UP CAPITAL OF 1,000,000 SHARES OF A VALUE OF S$1,000,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1. WHOLESALE OF JEWELLERY}

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

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE
PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF RETAIL, WHOLESALE, IMPORT AND
EXPORT OF DIAMONDS.}

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

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

^{* SINGAPORE BUSINESS FEDERATION}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
20/09/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* WHOLESALE, IMPORT AND EXPORT OF DIAMONDS}

^{IMPORT COUNTRIES:}

^{* INDIA}

^{* HONG KONG}

^{* BELGIUM}

^{EXPORT COUNTRIES:}

^{* MALAYSIA}

^{* INDONESIA}

^{* FAR EAST}

^{THE SUBJECT DOES EXPORTS AND MAINLY SELLS
LOCALLY.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 1}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
20/09/2007.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2006: NOT AVAILABLE}

^{* GROUP - 2006: -}

^{THERE ARE 2 WORKING DIRECTORS (2004:2) IN THE
COMPANY AS AT 31 DECEMBER 2005.}

^{REGISTERED ADDRESS:}

^{17 PHILLIP STREET}

^{#05-01 GRAND BUILDING}

^SINGAPORE⁰⁴⁸⁶⁹⁵

^{- DATE OF CHANGE OF ADDRESS: 13/02/2007}

^{BUSINESS ADDRESS:}

^{50 LORONG 40 GEYLANG}

^{#07-20 THE SUNNY SPRING}

^SINGAPORE³⁹⁸⁰⁷⁴

^{- MAIN OFFICE}

^{OTHER BUSINESS ADDRESS:}

^{1 NORTH BRIDGE
ROAD}

^{#13-10
HIGH STREET CENTRE}

^SINGAPORE¹⁷⁹⁰⁹⁴

^{- BRANCH}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) SHAH PARAG SHASHIKANT, A SINGAPORE
PERMANENT RESIDENT}

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

^{2) SHETH AMISHKUMAR RAMNIKLAL, A SINGAPORE
PERMANENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIP 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