MIRA INFORM REPORT

Report Date :

28.03.2008

IDENTIFICATION DETAILS

Name :	BRILLIANT DIAM IMPEX PTE. LTD.

Registered Office :	^{321 Victoria Street} ^#01-07 ^{Wholesale Centre}

Country :	Singapore

Date of Incorporation :	^15.09.2004

Com. Reg. No.:	^200411787G

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	General Wholesale Trade (including General Importers and Exporters) Importers and Exporters of Polished 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

BRILLIANT DIAM IMPEX PTE. LTD.

Line Of Business

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

IMPORTERS & EXPORTERS OF POLISHED DIAMONDS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$ 200,000.00

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company :
BRILLIANT DIAM IMPEX PTE. LTD.}

^{Former Name :
-}

^{Business Address : 321 VICTORIA
STREET}

^#01-07

^{WHOLESALE CENTRE}

^{Town :
SINGAPORE}

^{Postcode :
180321}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
-}

^{Fax :
-}

^{ROC Number :
200411787G}

^{Reg. Town :
-}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
15/09/2004}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

^{Paid-Up Capital : 200,000}

^{Employees :
-}

^{Net result :
-}

^{Share value :
-}

^{Auditor :}^{WONG MUN PIAW
& CO}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :
15/09/2004}

PRINCIPAL(S)

No principals recorded in our Database

DIRECTOR(S)

^{PATEL AMIT
GANESHBHAI G5759793W Director}

^{Appointed on : 13/07/2006}

^{Street : C/10 NEW
PATEL CHS}

^{BAPU BAGWE ROAD, DAHISAR (WEST)}

^{Town : MUMBAI}

^{Postcode : 400068}

^{Country : India}

^{CHUA WUI MENG S1654471Z Director}

^{Appointed on : 15/09/2004}

^{Street : 41
BORTHWICK DRIVE}

^{SERANGOON GARDEN ESTATE}

^{Town :
SINGAPORE}

^{Postcode : 559544}

^{Country : Singapore}

^{LOW KIA HUAT S1278920C Company Secretary}

^{Appointed on : 15/09/2004}

^{Street : 40 JALAN
SIMPANG BEDOK}

^{CANARY PARK}

^{Town :
SINGAPORE}

^{Postcode : 488186}

^{Country : Singapore}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS
Code: 11760}

^{BASED ON ACRA'S RECORD}

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

^{IMPORTERS AND EXPORTERS
OF POLISHED DIAMONDS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{PATEL AMIT
GANESHBHAI 150,000 Private Person}

^{Street : C/10 NEW
PATEL CHS}

^{BAPU BAGWE ROAD, DAHISAR (WEST)}

^{Town : MUMBAI}

^{Postcode : 400068}

^{Country : India}

^{CHUA WUI MENG
25,000 Private Person}

^{Street : 41
BORTHWICK DRIVE}

^{SERANGOON GARDEN ESTATE}

^{Town :
SINGAPORE}

^{Postcode : 559544}

^{Country : Singapore}

^{LIM HUI LING
25,000 Private Person}

^{Street : 10 JALAN
LEMPENG}

^#12-02

^{PARK WEST}

^{Town :
SINGAPORE}

^{Postcode : 128797}

^{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} ^{15/09/2004 AS A EXEMPT LIMITED PRIVATE
COMPANY AND IS TRADING UNDER} ^{ITS PRESENT NAMESTYLE AS
"BRILLIANT DIAM IMPEX PTE. LTD.".}

^{THE COMPANY HAS AN
ISSUED AND PAID-UP CAPITAL OF} ^{200,000 SHARES, OF A VALUE OF S$200,000.00.}

^{PRINCIPAL ACTIVITIES:}

^{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)

^{IMPORTERS &
EXPORTERS OF POLISHED DIAMONDS}

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

^{BACKGROUND OF SUBJECT:}

^{* SUBJECT'S SUBSIDIARIES
ARE INVOLVED IN MANUFACTURING DIAMOND}

^{TOOLS IN INDIA. THEY
ALSO SOURCE OUT FOR NEW PRODUCTS RELATING}

^{TO DIAMOND TOOLS.}

^{SUBJECT ENGAGES IN THE
FOLLOWING ACTIVITIES:}

^{* EXPORT, IMPORT AND
MANUFACTURING DIAMONDS}

^{PRODUCTS DEALINGS:}

^{* DIAMONDS}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE AS SUBJECT} ^{IS NOT LISTED UNDER THE LOCAL DIRECTORIES HENCE UNABLE TO OBTAIN} ^{ANY CONTACT NUMBER.}

^{REGISTERED AND BUSINESS
ADDRESS:}

^{321 VICTORIA STREET}

^{#01-07 WHOLESALE CENTRE}

^{SINGAPORE 180321}

^{DATE OF CHANGE OF
ADDRESS: 15/09/2004}

^{-PROPERTY RECORD WAS NOT
AVAILABLE}

^{WEBSITE: -}

^{EMAIL: -}

MANAGEMENT

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

^{1) PATEL AMIT
GANESHBHAI, AN INDIAN}

^{- BASED IN INDIA}

^{2) CHUA WUI MENG, A
SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: CHUA
WUI MENG}

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

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$27,600}

^{CO-OWNER (S): MDM LOW
OON NGOH}

^{* 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.

OVERVIEW OF SINGAPORE

PAST PERFORMANCE

SINGAPORE’S ECONOMY GREW BY 8.9% IN 3Q 2007, FOLLOWING 8.7% GROWTH IN 2Q 2007. GROW MOMENTUM (ON AN ANNUALISED QUARTER-ON-QUARTER BASIS) WAS 4.3%, COMPARED WITH 14.5% IN THE SECOND QUARTER.

THE FINANCIAL SERVICES SECTOR ROSE SIGNIFICANTLY BY 20% IN 3Q 2007, FOLLOWING A 17% GROWTH IN THE PREVIOUS QUARTER. HOWEVER, ON A SEASONALLY-ADJUSTED QUARTER-ON-QUARTER BASIS, THE SECTOR FELL BY 8.6%, IN CONTRAST TO THE 39% GROWTH IN THE SECOND QUARTER. THE DECLINE STEMS FROM THE IMPACT FROM THE TURMOIL IN GLOBAL FINANCIAL MARKETS.

THE CONSTRUCTION SECTOR REGISTERED A STRONG GROWTH. THE SECTOR GREW BY 18%, FOLLOWING 19% GAIN IN 2Q 2007. GROWTH MOMENTUM MODERATED FROM 15% IN 2Q 2007 TO 6% IN 3Q 2007.

MANUFACTURING SECTOR ROSE BY 10% IN 3Q 2007, UP FROM 8.3% IN 2Q 2007. THE HIGHEST GROWTH WAS REGISTERED IN THE BIOMEDICAL MANUFACTURING CLUSTER, FOLLOWED BY TRANSPORT ENGINEERING, ELECTRONICS AND CHEMICALS

CLUSTERS. PRECISION ENGINEERING SECTOR CONTINUED TO SEE LOWER PRODUCTION.

THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 6.6% IN 3Q 2007, SLOWER THAN THE 8.4% GROWTH IN 2Q 2007. ALTHOUGH NON-OIL RE-EXPORTS STRENGTHENED IN THE QUARTER, RETAIL SALES SAW WEAKER GROWTH.

THE TRANSPORT AND STORAGE SECTOR MOEDERATED TO 4.8% IN 3Q 2007, FROM 5.3% IN 2Q 2007. HIGHER GROWTH IN THE AIR TRANSPORT SEGMENT WAS OFFSET BY SLOWER GROWTH IN THE WATER TRANSPORT SEGEMENT AFTER LAST QUARTER’S STRONG GROWTH.

THE HOTELS AND RESTAURANTS SECTOR GREW BY 4.5% FROM 5.3% IN 2Q 2007.

THE AVERAGE OCCUPANCY RATE OF HOTELS CLIMBED TO 89%, A 2.1% RISE OVER 3Q 2006. THE AVERAGE ROOM RATE ALSO GREW BY 22% TO S$204. CONSEQUENTLY, TOTAL HOTEL ROOM REVENUE OF GAZETTED HOTELS ROSE BY 20% IN 3Q 2007 TO AN ESTIMATED S$478 MILLION.

THE INFORMATION AND COMMUNICATIONS SECTOR ROSE 6.9% IN 3Q 2007, HIGHER THAN THE 6.5% IN 2Q 2007. THE TELECOMMUNICATIONS SEGMENT CONTINUED TO ACCOUNT FOR MUCH OF THE GROWTH IN THE SECTOR. IT SERVICES MAINTAINED ITS MODERATE GROWTH LEVEL FROM 2Q 2007.

IN THE TELECOMMUNICATIONS SEGMENT, THE GROWTH OF MOBILE SUBSCRIBERS CONTINUED TO RISE, RISING BY 20%, UP FROM 18% IN 2Q 2007. INTERNATIONAL TELEPHONE CALL DURATION GREW TO 27%, UP FROM 24% IN 2Q 2007.

THE BUSINESS SERVICES SECTOR EXPANDED BY 7.1%, SIMILAR TO THE 7.2% GAIN IN 2Q 2007. GROWTH WAS HEALTHY ACROSS ALL SEGMENTS, WITH GOOD PERFORMANCES IN THE BUSINESS REPRESENTATIVE OFFICES, REAL ESTATE AND PROFESSIONAL SERVICES SEGMENTS.

NEWS

SINGAPORE GROWTH SLOWS TO 6% IN 4Q 2007

THE SINGAPORE ECONOMY GREW AT A SLOWER-THAN-EXPECTED 6% GROWTH IN 4Q 2007, WEIGHED DOWN BY DECLINING MANUFACTURING OUTPUT.

ECONOMISTS HAD ANTICIPATED GROWTH OF 7.0-8.5% FOR 4Q 2007.

THE ESTIMATE FOR REAL GROSS DOMESTIC PRODUCT (GDP) GROWTH, COMPARED WITH 4Q 2006, MEANT THE GROWTH HAD MODERATED FROM THE REVISED GROWTH FIGURE OF 9% SEEN IN 3Q 2006, THE MINISTRY OF TRADE AND INDUSTRY SAID.

ON A QUARTER-ON-QUARTER SEASONALLY ADJUSTED ANNUALISED BASIS, REAL GDP FELL BY 3.2% IN 4Q 2007 COMPARED WITH A 4.4% GAIN IN 3Q 2007, CAUSED BY A SLOWDOWN IN MANFACTURING OUTPUT.

THE FIGURE MARKS THE FIRST QUARTER-ON-QUARTER DECLINE SINCE 1Q 2005, ACCORDING TO DATA.

GROWTH IN THE MANUFACTURING SECTOR IS FORECASTED TO HAVE SLOWED FROM 10.3% IN 3Q 2007 TO 0.5% IN 4Q 2007. IT WAS LARGELY ATTRIBUTED TO A DECLINE IN THE BIOMEDICAL MANUFACTURING CLUSTER AS SOME ACTIVE PHARMACEUTICAL INGREDIENTS WERE NOT PRODUCED.

TRANSPORT ENGINEERING, WHICH INCLUDES OIL RIG MANUFACTURING AND SHIP REPAIR, CONTINUED TO SHOW DOUBLE-DIGIT GROWTH, WHILE THE CONSTRUCTION SECTOR IS PREDICTED TO HAVE GROW STRONGLY BY 24.4% IN 4Q 2007, UP FROM 19.2% IN 3Q 2007.

GROWTH IN THE SERVICE SECTOR WAS STEADY AT 8.3%.

SINGAPORE’S ECONOMY GREW BY 7.5% IN 2007, MARKING THE FOURTH STRAIGHT YEARS OF STRONG GROWTH, PRIME MINISTER LEE HSIEN LOONG SAID IN HIS NEW YEAR MESSAGE.

THE FIGURE FOR 2007 ECONOMIC EXPANSION WAS AT THE LOWER END OF THE GOVERNMENT’S UPGRADED FULL-YEAR GROWTH TARGET OF 7.5-8.0%, AND WAS BELOW THE 7.9% GROWTH REGISTERED FOR 2006.

MR LEE FORECAST GROWTH OF 4.5-6.5% FOR SINGAPORE IN 2008.

OUTLOOK

FOR 2008, EXTERNAL ECONOMIC CONDITIONS ARE EXPECTED TO WEAKEN SLIGHTLY COMPARED TO 2007. THE LINGERING EFFECTS OF THE SUB-PRIME PROBLEMS AND AN OVERALL WEAKENING OF THE HOUSING MARKET WILL DAMPEN US CONSUMPTION. EU GROWTH IS ALSO EXPECTED TO BE LOWER AS A STRONG CURRENCY ERODES EXPORT COMPETITIVENESS. HOWEVER, THE FORECAST FOR ASIAN ECONOMIES REMAIN POSITIVE, WITH CHINA EXPECTED TO SUBSTAIN DOUBLE-DIGIT GROWTH.

WITH THESE FACTORS IN MIND, THE MINISTRY OF TRADE AND INDUSTRY PREDICTS THS SINGAPORE ECONOMY TO GROW BY 4.5-6.5% IN 2008. THIS REPRESENTS A MODERATION IN GROWTH TOWARDS THE ECONOMY’S POTENTIAL RATE OF GROWTH, AFTER FOUR YEARS OF ABOVE-TREND GROWTH.

THERE ARE SOME DOWNSIDE RISKS. IF THE SUB-PRIME PROBLEMS WORSEN THAN EXPECTED, OR OIL PRICES RISE FURTHER IN 2008, THIS COULD BRING A GREATER-THAN-EXPECTED SLOWDOWN IN US, WHICH WOULD AFFECT THE SINGAPORE ECONOMY.

IN THE FINANCIAL SERVICES INDUSTRY, A NET WEIGHTED BALANCE OF 17% OF FIRMS, ESPECIALLY INSURANCE COMPANIES, REMAINS POSITIVE ABOUT THE BUSINESS OUTLOOK IN THE MONTHS AHEAD.

FIRMS IN THE REAL ESTATE INDUSTRY EXPECT BUSINESS TO BE BRISK FOR THE

COMING MONTHS, IN PARTICULAR THE REAL ESTATE DEVELOPERS.

MANUFACTURING FIRMS REMAIN OPTIMISTIC FOR THE PERIOD ENDING MARCH 2008. A NET WEIGHTED BALANCE OF 25% OF MANUFACTURERS FORECAST BETTER BUSINESS, SLIGHTLY HIGHER THAN THE 22% REGISTERED BOTH IN THE PREVIOUS QUARTER AND THE SAME PERIOD IN THE PREVIOUS YEAR.

WHOLESALERS GENERALLY REMAIN POSITIVE ABOUT THEIR BUSINESS CONDITIONS, WITH A NET WEIGHTED BALANCE OF 24% OF FIRMS BEING OPTIMISTIC FOR THE COMING MONTHS. SEGMENTS THAT ARE EXPECTED TO PERFORM BETTER INCLUDE WHOLESALING OF FOOD AND BEVERAGES, WEARING APPAREL AND FOOTWEAR, COSMETICS AND TOILETRIES, AND HOUSEHOLD ELECTRICAL APPLIANCES.

RETAILERS ANTICIPATES BETTER BUSINESS IN THE COMING MONTHS DUE TO YEAR-END FESTIVE SHOPPING, WITH A NET WEIGHTED BALANCE OF 31% BEING POSITIVE. THE SEGMENTS THAT ARE FORECASTING BRISK BUSINESS IN THE COMING MONTHS INCLUDE DEPARTMENT STORE AND SUPERMARKET OWNERS, WEARING APPAREL AND FOOTWEAR, FURNITURE AND FURNISHINGS, AND JEWELLERY AND WATCHES.

IN THE TRANSPORT AND STORAGE INDUSTRY, A NET WEIGHTED BALANCE OF 18% OF FIRMS FORECASTS FAVOURABLE BUSINESS CONDITIONS FOR THE COMING MONTHS.

HOTELIERS FORESEES A FAVOURABLE BUSINESS OUTLOOK, WITH A NET WEIGHTED BALANCE OF 79% OF FIRMS EXPECTING THEIR BUSINESSES TO RISE IN ANTICIPATION OF HIGHER BANQUET SALES AND INCREASE IN ROOM REVENUE IN VIEW OF THE POSITIVE DEVELOPMENT IN THE TOURISM INDUSTRY. FIRMS IN THE CATERING TRADE INDUSTRY ALSO FORESEES BETTER BUSINESS CONDITIONS.

FIRMS IN THE INFORMATION AND COMMUNICATIONS INDUSTRY PREDICTS A HIGHER DEMAND FOR THEIR SERVICES, WITH A NET WEIGHTED BALANCE OF 5%.

IN THE BUSINESS SERVICES INDUSTRY, AN OVERALL NET WEIGHTED BALANCE OF 33% OF FIRMS EXPECTS POSITIVE SENTIMENTS. THESE INCLUDE ACCOUNTING, BOOK-KEEPING AND AUDITING, ENGINEERING AND SPECIALISED DESIGN SERVICES AS WELL AS TRAVEL AGENCIES.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

CHANNEL NEWS ASIA

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