MIRA INFORM REPORT

Report Date :

28.09.2007

IDENTIFICATION DETAILS

Name :	INTERNATIONAL MERCANTILE CO. PTE. LTD.

Registered Office :	^{150 South Bridge Road, #12-02}^{Fook Hai Building,}^Singapore^–⁰⁵⁸⁷²⁷

Country :	Singapore

Date of Incorporation :	^13/06/1977

Com. Reg. No.:	^197701249M

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Import and Export of Spices and Other Food Commodities

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

INTERNATIONAL MERCANTILE CO. PTE. LTD.

Line Of Business

IMPORT AND EXPORT OF SPICES AND OTHER FOOD COMMODITIES

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$2,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company :}^{INTERNATIONAL MERCANTILE CO.
PTE.}

^{Former Name :}^-

^{Business Address :}^{150 SOUTH BRIDGE ROAD}

^{#12-02 FOOK HAI BUILDING}

^{Town :
SINGAPORE}

^{Postcode :}⁰⁵⁸⁷²⁷

^{County :
-}

^{Country :
Singapore}

^{Telephone :}^{6535 3644}

^{Fax :}^{6533 3721}

^{ROC Number :}^197701249M

SUMMARY

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

^{Legal Form :}^{Exempt Pte Ltd}

^{Date Inc. :}^13/06/1977

^{Previous Legal
Form :
-}

^{Summary year :}^-

^{Sales :}^-

^{Networth :}^-

^{Capital :}^-

^{Paid-Up Capital :}^2,000,000

^{Employees :
9}

^{Net result :}^-

^{Share value :
1}

^{Auditor :}^{MGI MENON &
ASSOCIATES}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :}^13/06/1977

PRINCIPAL(S)

^{LALITRAI MOHANLAL BELAWALA S0316846H Director}

DIRECTOR(S)

^{MOHAMMED YUSOFF BIN MHD KASSIM S0096443C Company Secretary}

^{Appointed on :
27/06/1977}

^{Street :
51 MANGIS ROAD}

^#01-03

^{TIAN COURT}

^{Town :
SINGAPORE}

^{Postcode :
424979}

^{Country :
Singapore}

^{LALITRAI MOHANLAL BELAWALA S0316846H Director}

^{Appointed on :
13/07/1977}

^{Street :
74 MEYER ROAD}

^{Town :
SINGAPORE}

^{Postcode :
437899}

^{Country :
Singapore}

^{HIMANSHU LALITRAI TIMBADIA S1650070D Director}

^{Appointed on :
12/09/1988}

^{Street :
77 GOODMAN ROAD}

^{Town :
SINGAPORE}

^{Postcode :
439041}

^{Country :
Singapore}

^{INDUMATI LALITRAI TIMBADIA S2015555H Director}

^{Appointed on :
13/07/1977}

^{Street :
74 MEYER ROAD}

^{Town :
SINGAPORE}

^{Postcode :
437899}

^{Country :
Singapore}

^{HIMANIKA HIMANSHU TIMBADIA S2565990B Director}

^{Appointed on :
02/05/2002}

^{Street :
77 GOODMAN ROAD}

^{Town :
SINGAPORE}

^{Postcode :
439041}

^{Country :
Singapore}

FORMER DIRECTOR(S)

^{RUSTOMJEE CAVASJEE COOPER S2189259I}

^{MANSOORALI HASHIMALI VIRANY S2593271D}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{SPICES
Code:20000}

^{COMMISSION MERCHANTS Code:4990}

^{BASED ON ACRA'S RECORD AS AT
26/09/2007}

^{1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS AND EXPORTERS)}

^{2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG
COMMISSION AGENCIES)}

CHARGES

^{Date:
01/09/1983 Amount: 10,000}

^{Comments :
CHARGE NO:
8304114}

^{AMOUNT SECURED: 10,000.00 SINGAPORE DOLLAR}

^{CHARGEE(S): THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED}

PREMISES/PROPERTY INFORMATIONS

^{Date :
28/09/2007}

^{Tax rate :
10}

^{Site Address :
150 SOUTH BRIDGE ROAD}

^#12-02

^{FOOK HAI BUILDING}

^{Town :
SINGAPORE}

^{Postcode :
058727}

^{Country :
Singapore}

^{Annual Value :
37,700}

* 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).

BANKER

^{THE HONGKONG AND SHANGHAI BANKING} ^{CORPORATION LIMITED}

^{UNITED OVERSEAS BANK LIMITED}

SHAREHOLDERS(S)

^{LALITRAI MOHANLAL BELAWALA 266,682
Private Person}

^{Street : 74 MEYER ROAD}

^{Town: SINGAPORE}

^{Postcode: 437899}

^{Country: Singapore}

^{HIMANSHU LALITRAI TIMBADIA 399,995 Private Person}

^{Street : 77 GOODMAN ROAD}

^{Town: SINGAPORE}

^{Postcode: 439041}

^{Country: Singapore}

^{RAJNI TIMBADIA
260,001 Private Person}

^{Street : 6 HAIG AVENUE}

^{Town: SINGAPORE}

^{Postcode: 438861}

^{Country: Singapore}

^{INDUMATI LALITRAI TIMBADIA 679,980 Private Person}

^{Street : 74 MEYER ROAD}

^{Town: SINGAPORE}

^{Postcode: 437899}

^{Country: Singapore}

^{MADHVI TIMBADIA
260,001 Private Person}

^{Street : 6 HAIG AVENUE}

^{Town: SINGAPORE}

^{Postcode: 438861}

^{Country: Singapore}

^{HIMANIKA HIMANSHU TIMBADIA 133,341 Private Person}

^{Street : 77 GOODMAN ROAD}

^{Town: SINGAPORE}

^{Postcode: 439041}

^{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 13/06/1977 AS A EXEMPT LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS
PRESENT NAMESTYLE AS "INTERNATIONAL MERCANTILE CO.
PTE. LTD.".}

^{AS AT 26/09/2007, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF 2,000,000 SHARES, OF A VALUE OF S$2,000,000.}

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

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS AND EXPORTERS}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG
COMMISSION AGENICES)}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{*IMPORTER/EXPORTER DEALING IN ALL TYPES OF
SPICES, COMMODITIES, BETELNUTS, BIRD FEED AND TEXTILES.}

^{PRODUCT DEALINGS:}

^{* CARDAMOM}

^{* CUMIN SEED}

^{* CLOVE}

^{* BETEL NUT}

^{* BLACK PEPPER}

^{* WHITE PEPPER}

^{* LONG PEPPER}

^{* NUT MEG}

^{* MACE}

^{* GAMBIE}

^{* DAMAR BATU}

^{* CASSIA}

^{* CINNAMON}

^{* GINGER}

^{* STARANI SEED AND OTHER COMMODITIES}

^{* TEXTILE}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
28/09/2007, THE FOLLOWING WAS GATHERED:}

^{IMPORT COUNTRIES:}

^{* INDONESIA}

^{* MALAYSIA}

^{* VIETNAM}

^{EXPORT COUNTRIES:}

^{* INDIA}

^{* NEPAL}

^{* PAKISTAN}

^{* USA}

^{* BANGLADESH}

^{* GUATEMALA}

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

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 9}

^{TERMS OF PAYMENT:}

^{* SUPPLIERS: CASH AND LETTER OF CREDIT}

^{* CUSTOMERS: CASH AND LETTER OF CREDIT}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
28/09/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{150 SOUTH
BRIDGE ROAD}

^#12-02

^FOOK^{HAI
BUILDING}

^SINGAPORE⁰⁵⁸⁷²⁷

^{DATE OF CHANGE OF ADDRESS: 01/03/1987}

^{-OWNED PREMISE}

^WEBSITE:

^{http://www.imco.com.sg}

^EMAIL:

^{imco@imco.com.sg}

MANAGEMENT

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

^{1) LALITRAI MOHANLAL BELAWALA, A SINGAPOREAN}

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

^{2) HIMANSHU LALITRAI TIMBADIA, A SINGAPOREAN}

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

^{3) INDUMATI LALITRAI TIMBADIA, A SINGAPOREAN}

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

^{4) HIMANIKA HIMANSHU TIMBADIA, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME :
LALITRAI MOHANLAL BELAWALA}

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

^{PROPERTY OWNERSHIP : NIL}

^{ANNUAL VALUE :
N.A.}

^{CO-OWNER(S) :
N.A.}

^{DIRECTOR'S NAME :
HIMANSHU LALITRAI TIMBADIA}

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

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE :
S$73,800}

^{CO-OWNER(S) :
HIMANIKA HIMANSHU TIMBADIA}

^{DIRECTOR'S NAME :
INDUMATI LALITRAI TIMBADIA}

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

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE :
S$46,200}

^{CO-OWNER(S) :
LALIT S/O M TIMBADIA}

^{DIRECTOR'S NAME :
HIMANIKA HIMANSHU TIMBADIA}

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

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE :
S$73,800}

^{CO-OWNER(S) :
HIMANSHU LALITRAI TIMBADIA}

^{*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