MIRA INFORM REPORT

Report Date :

24.09.2007

IDENTIFICATION DETAILS

Name :	PEAKMORE ENTERPRISE PTE LTD
Registered Office :	^8^Gul Circle, Singapore^- 629564
Country :	Singapore
Financials (as on) :	31.03.2006
Date of Incorporation :	^18/01/1992
Com. Reg. No.:	^199200338Z
Legal Form :	^Exempt Pte Ltd
Line of Business :	Processing, Importing, Exporting, Distribution, Itemization and Sorting of all kinds of Steel Sheets, Coils and Other Steel related products

RATING & COMMENTS

MIRA’s Rating :

Ba

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 :	Exists

Subject Company

PEAKMORE ENTERPRISE PTE LTD

Line Of Business 

PROCESSING, IMPORTING, EXPORTING, DISTRIBUTION, ITEMISATION AND SORTING OF ALL KINDS OF STEEL SHEETS, COILS AND OTHER STEEL RELATED PRODUCTS

Parent Company

--

Financial Elements

FY 2006

COMPANY

Sales : S$22,511,002

Networth : S$2,943,545

Paid-Up Capital : S$850,000

Net result : S$857,807

Net Margin(%) : 3.81

Return on Equity(%) : 29.14

Leverage Ratio : 2.58

Based on the with the Accounting and Corporate Regulatory Authority (ACRA) as at 21/09/2007, the paid-up share capital has increased to S$1,030,000.

COMPANY IDENTIFICATION

^{Subject Company : PEAKMORE ENTERPRISE PTE LTD}

^{Former Name : -}

^{Business Address: 8 GUL CIRCLE}

^{Town: SINGAPORE}

^{Postcode: 629564}

^{County: -}

^{Country: Singapore}

^{Telephone: 6268 6436}

^{Fax: 6897 7636}

^{ROC Number: 199200338Z}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Exempt Pte Ltd}

^{Date Inc.: 18/01/1992}

^{Previous Legal Form: -}

^{Summary year : 31/03/2006}

^{Sales: 22,511,002}

^{Networth : 2,943,545}

^{Capital: -}

^{Paid-Up Capital: 850,000}

^{Employees: 30}

^{Net result : 857,807}

^{Share value: -}

^{AUDITOR: LEE YEOK CHAI & CO.}

^{BASED ON ACRA'S RECORD AS AT 21/09/2007}

^{NO.OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 1,030,000 SGD 1,030,000}

^{PAID-UP ORDINARY - SGD 1,030,000}

REFERENCES

^{Litigation: Yes}

^{Company status : TRADING}

^{Started : 18/01/1992}

PRINCIPAL(S)

^{TAN KWAI LIN MDM S0056856B Director}

DIRECTOR(S)

^{TAN KWAI LIN Unknown Director}

^{Appointed on : 18/01/1992}

^{Street : 257 SELEGIE ROAD}

^{14-281 SELEGIE COMPLEX}

^{Town: SINGAPORE}

^{Postcode: 0718}

^{Country: Singapore}

^{SHUM CHEN THOW S2510367Z Director}

^{Appointed on : 30/04/1992}

^{Street : 9B YUAN CHING ROAD}

^#07-18

^{PARKVIEW MANSIONS}

^{Town: SINGAPORE}

^{Postcode: 618644}

^{Country: Singapore}

^{NG LAY LENG S2681647E Director}

^{Appointed on : 18/01/1992}

^{Street : 413 PANDAN GARDENS}

^#13-133

^{Town: SINGAPORE}

^{Postcode: 600413}

^{Country: Singapore}

^{TAN KWAI LIN MDM S0056856B Company Secretary}

^{Appointed on : 09/03/2004}

^{Street : 9B YUAN CHING ROAD}

^#07-18

^{PARK VIEW MANSION}

^{Town: SINGAPORE}

^{Postcode: 618644}

^{Country: Singapore}

^{JAGDISH PRASAD JAISWAL S2617574G Director}

^{Appointed on : 02/01/2007}

^{Street : 21 BEDOK SOUTH ROAD}

^#19-41

^{Town: SINGAPORE}

^{Postcode: 460021}

^{Country: Singapore}

^{WONG JIA XIN S7245051E Director}

^{Appointed on : 16/07/2001}

^{Street : 413 PANDAN GARDENS}

^#13-133

^{Town: SINGAPORE}

^{Postcode: 600413}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{ABDUL KADIR BIN ELIAS ALI S0086285A}

^{WONG JIA XIN S7245051E}

ACTIVITY(IES)

^{IRON Code:12120}

^{STEEL - USED Code:20310}

^{BASED ON ACRA'S RECORD AS AT 21/09/2007}

^{1) IRON AND STEEL FOUNDERIES; IMPORTERS, DISTRIBUTION, DEALERS IN ALL KINDS OF SHEETS & COILS}

CHARGES

^{Date: 14/06/2007}

^{Comments : CHARGE NO: C200704489}

^{CHARGEE: ABN AMRO BANK N.V.}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWNING}

^{Date: 09/06/2005}

^{Comments : CHARGE NO: C200503313}

^{CHARGEE: UNITED OVERSEAS BANK LIMITED}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWNING}

^{Date: 19/10/2004}

^{Comments : CHARGE NO: C200405186}

^{CHARGEE: UNITED OVERSEAS BANK LIMITED}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWNING}

^{Date: 19/11/2001}

^{Comments : CHARGE NO: 200105664}

^{CHARGEE: THE DEVELOPMENT BANK OF SINGAPORE LIMITED}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWNING}

^{Date: 15/09/2000}

^{Comments : Charge No: 200004385 (Discharged)}

^{Secured: 0.00 Andall Monies Owing}

^{Chargee: The Hongkong And Shanghai Banking Corporation Ltd}

^{Date: 03/09/2001}

^{Comments : CHARGE NO: 200104246}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: STANDARD CHARTERED BANK}

^{Date: 12/09/2001}

^{Comments : CHARGE NO: 200104422}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD}

PREMISES/PROPERTY INFORMATIONS

^{Date: 24/09/2007 Tax rate: 10}

^{Site Address : 8 GUL CIRCLE}

^{Town: SINGAPORE Postcode: 629564}

^{Country: Singapore}

^{Annual Value: 594,000}

*TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

*TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR FULLY

RENTED OUT BY THE OWNER/OWNED BY COMPANY.

*FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT, THE

TAX RATE IS 10% (I.E INDUSTRIAL AND COMMERCIAL PROPERTY).

*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.

BANKERS

^{THE HONGKONG & SHANGHAI BANKING COR}

^{STANDARD CHARTERED BANK}

^{THE DEVELOPMENT BANK OF SINGAPORE LTD}

^{UNITED OVERSEAS BANK LIMITED}

^{ABN AMRO BANK N.V.}

SHAREHOLDERS(S)

^{TAN KWAI LIN MDM 242,353 Private Person}

^{Street : 9B YUAN CHING ROAD}

^#07-18

^{PARK VIEW MANSION}

^{Town: SINGAPORE}

^{Postcode: 618644}

^{Country: Singapore}

^{SHUM CHEN THOW 272,647 Private Person}

^{Street : 9B YUAN CHING ROAD}

^#07-18

^{PARKVIEW MANSIONS}

^{Town: SINGAPORE}

^{Postcode: 618644}

^{Country: Singapore}

^{NG LAY LENG 324,147 Private Person}

^{Street : 413 PANDAN GARDENS}

^#13-133

^{Town: SINGAPORE}

^{Postcode: 600413}

^{Country: Singapore}

^{WONG JIA XIN 190,583 Private Person}

^{Street : 413 PANDAN GARDENS}

^#13-133

^{Town: SINGAPORE}

^{Postcode: 600413}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{WONG JIA XIN 150,000}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : LACKING

Payments : REGULAR

Trend : LEVEL

Financial Situation: AVERAGE

LITIGATION(S)

Type Of Case: District Court - W/S

Case Number: DCS04869/2001

Plaintiff PEAKMORE ENTERPRISE PTE LTD ROC # : 199200338Z

Type Of Case: District Court - W/S

Case Number: DCS004869/2001

Plaintiff PEAKMORE ENTERPRISE PTE LTD ROC # : 199200338Z

Defendant ALCOMET PTE LTD ROC # : 199401193R

FINANCIAL ELEMENTS

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

^{Audit Qualification: GOING CONCERN QUALIF GOING CONCERN QUALIF}

^{Date Account Lodged: 07/12/2006}

^{Balance Sheet Date: 31/03/2006 31/03/2005}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 5,376,603 3,068,081}

^{Investments 20,001 1}

^{Total Fixed Assets: 5,396,604 3,068,082}

^{Inventories: 2,771,246 1,904,704}

^{Receivables: 2,008,869 2,868,645}

^{Cash,Banks, Securitis: 282,485 605,485}

^{Other current assets: 87,619 391,647}

^{Total Current Assets: 5,150,219 5,770,481}

^{TOTAL ASSETS: 10,546,823 8,838,563}

^{--- LIABILITIES}

^{Equity capital: 850,000 850,000}

^{Reserves: 646,578 -}

^{Profit & loss Account: 1,266,967 409,160}

^{Other: 180,000 -}

^{TOTAL EQUITY: 2,943,545 1,259,160}

^{Long Term Loans: 1,963,119 1,398,141}

^{L/T deffered taxes: 79,016 64,055}

^{Other long term Liab.: 111,917 196,868}

^{Total L/T Liabilities: 2,154,052 1,659,064}

^{Trade Creditors: 4,251,488 5,356,990}

^{Prepay. & Def. charges: 136,953 23,892}

^{Short term liabilities: 88,557 89,314}

^{Advanced payments: 10,000 10,000}

^{Due to Bank: 626,247 287,112}

^{Provisions: 266,733 33,438}

^{Other Short term Liab.: 69,248 119,593}

^{Total short term Liab.: 5,449,226 5,920,339}

^{TOTAL LIABILITIES: 7,603,278 7,579,403}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 22,511,002 24,951,027}

^{Cost of Goods Sold: 18,728,506 22,592,953}

^{Gross Profit: 3,782,496 2,358,074}

^{Result of ordinary operations 1,526,323 575,957}

^{NET RESULT BEFORE TAX: 1,113,563 291,971}

^{Tax : 255,756 61,645}

^{Net income/loss year: 857,807 230,326}

^{Interest Paid: 307,068 169,849}

^{Depreciation: 126,944 223,681}

^{Directors Emoluments: 300,412 384,956}

^{Wages and Salaries: 457,451 460,976}

^{Financial Income: 5,744 863}

RATIOS

^{31/03/2006 31/03/2005}

^{Turnover per employee: 750366.73 831700.90}

^{Net result / Turnover(%): 0.04 0.01}

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

^{Stock / Turnover(%): 0.12 0.08}

^{Net Margin(%): 3.81 0.92}

^{Return on Equity(%): 29.14 18.29}

^{Return on Assets(%): 8.13 2.61}

^{Net Working capital: -299007.00 -149858.00}

^{Cash Ratio: 0.05 0.10}

^{Quick Ratio: 0.42 0.59}

^{Current ratio: 0.95 0.97}

^{Receivables Turnover: 32.13 41.39}

^{Leverage Ratio: 2.58 6.02}

^{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:}

^{WITHOUT QUALIFYING OUR OPINION, WE DRAW ATTENTION TO THE NET CURRENT LIABILITIES POSITION OF THE COMPANY AS REPORTED IN THE FINANCIAL STATEMENTS. THE FINANCIAL STATEMENTS HAVE BEEN PREPARED ON A GOING CONCERN BASIS ON THE ASSUMPTION THAT FINANCIAL SUPPORT FROM ITS BANKERS AND CREDITORS CONTINUE TO BE AVAILABLE.}

^{IF THE COMPANY IS UNABLE TO CONTINUE IN OPERATIONAL EXISTENCE FOR THE FORESEEABLE FUTURE, ADJUSTMENTS MAY HAVE TO BE MADE TO REFLECT THE SITUATION THAT ASSETS MAY NEED TO BE REALISED OTHER THAN IN THE AMOUNTS AT WHICH THEY ARE CURRENTLY RECORDED IN THE BALANCE SHEET. IN ADDITION, THE COMPANY MAY HAVE TO PROVIDE FOR FURTHER LIABILITIES THAT MIGHT ARISE AND TO RECLASSIFY FIXED ASSETS AND OTHER LONG TERM ASSETS AND LIABILITIES AS CURRENT ASSETS AND CURRENT LIABILITIES. THE FINANCIAL STATEMENTS DO NOT INCLUDE ANY ADJUSTMENTS THAT MAY ARISE FROM THE OUTCOME OF THE GOING CONCERN UNCERTAINTIES MENTIONED ABOVE.}

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED INADEQUATE WITH NET WORTH IMPROVED BY 1.34 TIMES FROM S$1,259,160 IN FY 2005 TO S$2,943,545 IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$1,266,967 (2005: S$409,160); A RISE OF 2.09 TIMES FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 78.02% (2005: 90.48%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$4,251,488 (2005: S$5,356,990). THE BREAKDOWN IS AS FOLLOWS:}

^{-TRADE PAYABLES - 2006: S$2,019,166 (2005: S$3,004,773)}

^{-TRUST RECEIPTS IN FAVOUR OF BANKS - 2006: S$2,232,322 (2005: S$2,352,217)}

^{IN THE LONG-TERM, SUBJECT WAS LARGELY FINANCED BY LONG-TERM LOANS WHICH MADE UP 91.14% (2005: 84.27%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$1,963,119 (2005: S$1,398,141).}

^{AMOUNT DUE TO BANKS OF S$626,247 (2005: S$287,112) CONSISTED OF:}

^{-TERM LOANS - 2006: S$255,730 (2005: S$287,112)}

^{-BANK OVERDRAFT - 2006: S$370,517 (2005: -)}

^{IN ALL, LEVERAGE RATIO FELL FROM 6.02 TIMES TO 2.58 TIMES AS A RESULT OF A GREATER RISE IN TOTAL EQUITY THAN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS WEAK AS SEEN FROM THE NET WORKING CAPITAL DEFICIT AND LOW LIQUIDITY RATIOS. CURRENT RATIO FELL TO 0.95 TIMES, DOWN FROM 0.97 TIMES AND QUICK RATIO FELL TO 0.42 TIMES FROM 0.59 TIMES IN FY 2005.}

^{NET WORKING CAPITAL DEFICIT ROSE BY 99.53% FROM S$149,858 IN FY 2005 TO S$299,007.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-FIXED DEPOSIT - SECURED - 2006: S$218,899 (2005: S$319,126)}

^{-CASH AT BANK - 2006: S$63,856 (2005: S$286,359)}

^{PROFITABILITY:}

^{REVENUE POSTED A DECLINE OF 9.78% FROM S$24,951,027 IN FY 2005 TO S$22,511,002 AND NET PROFIT ROSE BY 2.72 TIMES TO S$857,807 (2005: S$230,326). THIS COULD BE DUE TO HIGHER GROSS MARGIN OF 16.80% IN FY 2006 (2005: 9.45%). HENCE, NET MARGIN ROSE TO 3.81% (2005: 0.92%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT BE EXPECTED WITH THE LOW LIQUIDITY AND GOING CONCERN BASIS.}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{BANK OVERDRAFT}

^{BANK OVERDRAFT IS SECURED BY THE COMPANY'S FIXED DEPOSIT AND LEASEHOLD FACTORY OF THE COMPANY}

^{TERM LOANS}

^{REPAYABLE AS FOLLOW:}

^{WITHIN 1 YEAR - 2006: S$255,730 (2005: S$287,112)}

^{AFTER 1 YEAR - 2006: S$1,963,119 (2005: S$1,398,141)}

^{THE TWO TERM LOANS ARE SECURED BY MORTGAGE OF THE LEASEHOLD FACTORY AND DEED OF ASSIGNMENT OF THE LEASE TERM. THE TWO OUTSTANDING LOANS ARE REPAYABLE OVER A PERIOD OF 8 AND 10 YEARS RESPECTIVELY AT BANK PREVAILING INTEREST RATES. THE MONTHLY PRINCIPAL REPAYMENT TOTALLED S$30,460 (2005: S$23,023).}

^{CONTINGENT LIABILITIES}

^{THERE WERE UNSECURED CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE FINANICAL STATEMENTS:}

^{GUARANTEES - 2006: - (2005: S$50,000)}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 18/01/1992 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "PEAKMORE ENTERPRISE PTE LTD".}

^{AS AT 21/09/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 1,030,000 SHARES OF A VALUE OF S$1,030,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) IRON AND STEEL FOUNDERIES; IMPORTERS, DISTRIBUTION, DEALERS IN ALL KINDS OF SHEETS & COILS}

^{2) MIXED CONSTRUCTION ACTIVITIES}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF PROCESSING, IMPORTING, EXPORTING, DISTRIBUTION, ITEMISATION AND SORTING OF ALL KINDS OF STEEL SHEETS, COILS AND OTHER STEEL RELATED PRODUCTS.}

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

^{BACKGROUND OF THE SUBJECT:}

^{AN INTERNATIONAL TRADING COMPANY IN SECONDARY FERROUS MATERIALS. PEAKMORE HANDLES A WIDE RANGE OF FERROUS MATERIALS RANGING FROM:}

^{* SCRAP METAL}

^{* SEMI FINISHED PRODUCTS}

^{* SECONDARY FLAT PRODUCTS}

^{* STAINLESS STEEL}

^{THESE MATERIALS ARE FROM LOCAL MARKET AS WELL AS OVERSEAS MARKETS SUCH AS MALAYSIA, PHILIPPINES, JAPAN, AUSTRALIA, KOREA AND EUROPE. THESE MATERIALS ARE PROCESSED AND SORTED OUT INTO VARIOUS QUALITIES, CUTS AND REPACKAGED FOR EXPORT ACCORDING TO CUSTOMERS' SPECIFICATIONS.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* MANUFACTURER, IMPORTER & EXPORTER OF SECONDARY STEEL SHEETS, COILS, PLATES, SCRAP METAL AND SEMI-FINISHED PRODUCTS}

^{PRODUCTS DEALINGS:}

^{FLAT PRODUCTS}

^COILS

^{* HR,CR, EG, GI, GA, GL, ETP, SILICON}

^{* APPLICATIONS: PIPE MAKING, COMPONENTS FOR ELECTRONIC, AUTOMOBILE, DUCTING AND REFRIGERATION INDUSTRY,FABRICATION, LAMINATIONS, ROOFING ETC.}

^SHEETS

^{* HR,CR, EG, GI, GALVALUME, SILICON, ETP}

^{* APPLICATIONS: SHEET METAL COMPONENTS, PUNCHINGS, ALL FABRICATION, LAMINATIONS, WASHER.}

^PLATES

^{* SHIP PLATES}

^{* APPLICATIONS: REROLLING AND SECONDARY PLATES.}

^{SCRAPS AND MISCELLANEOUS STEEL}

^{REROLLABLE SCRAPS}

^{* APPLICATIONS: BARS, FLATS ETC.}

^{* ANCHOR CHAIN}

^{* BILLETS}

^{* RR PLATES}

^{* RR TANK PLATES}

^{* RR PLATE CUTTINGS}

^{* RR STRUCTURALS}

^{* RR BARS}

^{* HALF MOONS}

^{MELTING SCRAPS}

^{* CORNER CUTTING}

^{* NEW SHEET CUTTING}

^{* REBAR SCRAP}

^{* STEEL SCRAP}

^{* P & S SCRAP}

^{* ETP SCRAP}

^{* ETP/MP SCRAP}

^{* ETP BUNDLE SCRAP}

^{* HMS BUNDLED}

^{* MACHINE SCRAP}

^{* PRESS NEW CAN BALES}

^{* ETP BALE SCRAP}

^{* FLAT IRON}

^{* CAST IRON CHIPS}

^{* TURNING & BORING BUNDLES}

^{* TURNING & BORING LOOSE}

^{MISCELLANEOUS STEEL PRODUCTS}

^{* STAINLESS STEEL SHAFT}

^{* SPECIAL STEEL ROD}

^{* SPECIAL STEEL}

^{* CORRUGATED GL/GI SHEETS}

^{* COPPER COATED CR COILS}

^{* EG PERFORATED COILS}

^{* SECONDARY PIPES}

^{* ZINC DROSS}

^{* CRGO LAMINATIONS}

^{LOGISTICS SERVICES}

^{* OWNS A WAREHOUSE WITH ABOUT 80,000 SQ FEET COVERED AREA AND 165,000 SQ FEET OPEN AND HAS EQUIPMENT SUCH AS MAGNET EXCAVATOR, WEIGHBRIDGE, 10 TONS FORKLIFT ETC TO MANAGE THE CONSIGNMENTS}

^{* STUFFING CONTAINER}

^{* MAGNET EXCAVATOR LIFTING SCRAP}

^{* RE-PACKAGING}

^{* WAREHOUSING}

^{* WEIGHBRIDGE SERVICE}

^{* LOADING BAY FACILITIES}

^{FROM THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS GATHERED:}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* PHILIPPINES}

^{EXPORT COUNTRIES:}

^{* INDIA}

^{* BANGLADESH}

^{* PHILIPPINES}

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

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 30}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 24/09/2007.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2006: NOT AVAILABLE (2005: NOT AVAILABLE)}

^{* GROUP - 2006: - (2005: -)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{8 GUL CIRCLE}

^{SINGAPORE 629564}

^{- OWNED PREMISE}

^{- DATE OF CHANGE OF ADDRESS: 01/12/2005}

^WEBSITE:

^{http://www.peakmore.com}

^EMAIL:

^{peakmore@pacific.net.sg}

MANAGEMENT

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

^{1) TAN KWAI LIN, A SINGAPOREAN}

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

^{2) SHUM CHEN THOW, A SINGAPORE PERMANENT RESIDENT}

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

^{3) JAGDISH PRASAD JAISWAL, A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{MASTER SALES PTE LTD}

^{4) NG LAY LENG, A SINGAPORE PERMANENT RESIDENT}

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

^{5) WONG JIA XIN, A SINGAPOREAN}

^{- 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%)

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