MIRA INFORM REPORT

Report Date :

31.03.2008

IDENTIFICATION DETAILS

Name :	ACCOR INTER-TRADE PTE. LTD.

Registered Office :	^{5 Coleman Street} ^#02-13 ^{Excelsior Hotel} ¹⁷⁹⁸⁰⁵

Country :	Singapore

Date of Incorporation :	13.09.2006

Com. Reg. No.:	^200613508G

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{General Wholesale Trade (Including General Importers And Exporters)}

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

ACCOR INTER-TRADE PTE. LTD.

Line Of Business

^{GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS
AND}

^EXPORTERS)

Parent Company

Financial Elements

Sales : N/A

Networth : N/A

Paid-Up Capital : S$825,700

Net result : N/A

Net Margin(%) : N/A

Return on Equity(%) : N/A

Leverage Ratio : N/A

COMPANY IDENTIFICATION

^{Subject Company : ACCOR INTER-TRADE PTE. LTD.}

^{Former Name :}

^{Business Address 5 COLEMAN STREET} ^#02-13 ^{EXCELSIOR
HOTEL}

^{Town :
SINGAPORE}

^{Postcode :
179805}

^{Country :
Singapore}

^{Telephone :
6337 7095}

^{Fax :
6337 7845}

^{ROC Number :
200613508G}

^{Reg. Town :}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
13/09/2006}

^{Previous Legal Form :
-}

^{Summary year :}

^{Sales :
-}

^{Networth :}

^{Capital :
-}

^{Paid-Up Capital :
825,700}

^{Employees :
7}

^{Net result :
-}

^{Share value :
-}

^{Auditor : NIL}

^{BASED ON ACRA'S RECORD}

^{NO OF
SHARE CURRENCY
AMOUNT}

^{ISSUED ORDINARY
100,000 SGD 100,000.00}

^{ISSUED ORDINARY
500,000 USD 500,000.00}

^{PAID-UP ORDINARY
- SGD 100,000.00}

^{PAID-UP ORDINARY - USD 500,000.00}

REFERENCES

^{Company status :
TRADING Started :
13/09/2006}

PRINCIPAL(S)

^{PRABHAT KANT GUPTA S2735089E Director}

DIRECTOR(S)

^{PRABHAT KANT GUPTA S2735089E Director}

^{Appointed on :
19/07/2007}

^{Street : 233 TAMPINES STREET 21} ^#08-615

^{Town : SINGAPORE}

^{Postcode : 521233}

^{Country :
Singapore}

^{JAMES RAJ S/O RAJASINGAM S7332378I Director}

^{Appointed on : 30/04/2007}

^{Street
: 949 JURONG WEST STREET 91} ^#05-695

^{Town : SINGAPORE}

^{Postcode : 640949}

^{Country : Singapore}

^{HARTASHA KAUR S8811234B Company Secretary}

^{Appointed on : 30/04/2007}

^{Street :
122 POTONG PASIR AVENUE 1} ^#19-153

^{Town :
SINGAPORE}

^{Postcode :
350122}

^{Country :
Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{BASED ON ACRA'S RECORD}

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

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{PRABHAT KANT GUPTA 300,000 Private Person}

^{Street :
233 TAMPINES STREET 21} ^#08-615

^{Town : SINGAPORE}

^{Postcode : 521233}

^{Country : Singapore}

^{JAMES RAJ S/O RAJASINGAM 300,000 Private Person}

^{Street : 949 JURONG WEST STREET 91} ^#05-695

^{Town : SINGAPORE}

^{Postcode : 640949}

^{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 B}

^{AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF
PRIVACY THAN A PR}

^{1. THE
COMPANY IS AN EXEMPT PRIVATE COMPANY.}

^{2. THE
AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS AT TH}

^{3. THE
COMPANY IS ABLE TO MEET ITS LIABILITIES.}

^{THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE
ACCOUNTS OF THE}

^{A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE
GOVERNMENT MAY BECOME AN}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT
REQUIREMENTS IF THE STA}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF
SINGAPORE ON} ^{13/09/2006 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS
TRADING UNDER} ^{ITS PRESENT NAMESTYLE AS "ACCOR INTER-TRADE PTE.
LTD.".}

^{THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF} ^{100,000
SHARES, OF A VALUE OF S$100,000 AND 500,000 SHARES OF VALUE OF} ^US$500,000.

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE
REGULATORY}

^{AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE
BUSINESS OF:}

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

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

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

^ACTIVITIES:

^{* SPECIALISING
IN SOURCING OF PRIMARY STEEL, SCRAP METAL, AUTO}

^{COMPONENTS AND CONSTRUCTION COMPONENTS.}

^{PRODUCTS AND SERVICES:}

^{* PRIME
MATERIALS (FERROUS)}

^{- HOT ROLLED MILD STEEL COILS}

^{- COLD ROLLED MILD STEEL COILS}

^{- CRGO COILS}

^{- CNGO COILS}

^{- SEAMLESS PIPES}

^{- ERW TUBES}

^{- CDW TUBES}

^{- STEEL INGOTS}

^{- PIG IRON}

^{* (NON-FERROUS)}

^{- ALUMINIUM ALLOY INGOTS}

^{- ZINC INGOTS}

^{- TIN SHEETS}

^{- STAINLESS STEEL COILS}

^{- STAINLESS STEEL BARS}

^{- OTHER INGOTS (CU, NI,BR...)}

^{* SCRAP METALS}

^{- ALUMINIUM SCRAPS}

^{- COPPER SCRAPS}

^{- HEAVY MELTING STEEL SCRAPS}

^{- LIGHT METAL STEEL SCRAPS}

^{- CAST IRON BORING SCRAPS}

^{- ZINC SCRAPS}

^{* CONSTRUCTION
COMPONENTS}

^{- SCAFOLDS}

^{- PROPS/ACCESSORIES}

^{- FENCES}

^{- WOOD}

^{- PLATFORMS}

^{* AUTO
COMPONENTS}

^{- TYRES}

^{- BATTERIES}

^{- AXLES}

^{- MACHINED ITEMS}

^{- PRESSED COMPONENTS}

^{- CASTINGS}

^{- FORGINGS}

^{PRIME MARKETS:}

^{* INDIA}

^{* CHINA}

^{* EUROPE}

^{* JAPAN}

^{* THAILAND}

^{* BRAZIL}

^{* RUSSIA}

^{FROM THE TELE-INTERVIEW CONDUCTED, SUBJECT HAS 7} ^{EMPLOYEES.
NO OTHER TRADE INFORMATION WAS AVAILABLE.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{5 COLEMAN STREET}

^{#02-13 EXCELSIOR HOTEL}

^{SINGAPORE 179805}

^{DATE OF CHANGE OF ADDRESS: 30/04/2007}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: MDM HEE SIEW PING}

^{WONG YOOK HING}

^{WEBSITE: www.accorintertrade.com}

^{EMAIL: ana@accorintertrade.com}

^{info@accorintertrade.com}

MANAGEMENT

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

^{1) PRABHAT KANT GUPTA, A SINGAPORE PERMANENT RESIDENT}

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

^{2) JAMES RAJ S/O RAJASINGAM, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: PRABHAT KANT GUPTA}

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

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$8,100}

^{CO-OWNER (S):GUPTA PURNIMA}

^{DIRECTOR'S NAME: JAMES RAJ S/O RAJASINGAM}

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

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$7,500}

^{CO-OWNER (S): MDM TANAPASPONE NASHAMY}

^{* 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

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

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 4.6% IN 3Q 2007 OVER 3Q 2006.

EXCLUDING PETROLEUM, DOMESTIC SALES GREW BY 7.5%.

THE RISE IN THE OVERALL INDEX WAS MAINLY DUE TO HIGHER SALES OF FOOD, BEVERAGES AND TOBACCO (45.7%), TIMBER, PAINTS AND CONSTRUCTION MATERIALS (23.3%). OTHER WHOLESALE SEGMENTS THAT REPORTED BETTER BUSINESS WERE WHOLESALING OF INDUSTRIAL AND CONSTRUCTION MACHINERY (9.7%) TELECOMMUNICATIONS AND COMPUTERS (8.3%) AND CHEMICALS AND CHEMICAL PRODUCTS (6.8%).

ON THE OTHER HAND, WHOLESALE SEGMENTS THAT REPORTED LOWER SALES WERE ELECTRONIC COMPONENTS (-19.4%), HOUSEHOLD EQUIPMENT AND FURNITURE (-4.4%), SHIP CHANDLERS AND BUNKERING (-3.1%).

AT CONSTANT PRICES, THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 4.9% IN 3Q 2007 OVER 3Q 2006. DOMESTIC SALES EXCLUDING PETROLEUM ROSE BY 9.1%.

ON A QUARTER-OVER-QUARTER BASIS, THE OVERALL DOMESTIC WHOLESALE TRADE IN 3Q 2007 ROSE BY 12.2% OVER 2Q 2007. EXCLUDING PETROLEUM, IT GREW BY 8.2%.

THE MAJORTIY OF THE WHOLESALE SECTORS RECORDED HIGHER DOMESTIC SALES IN 3Q 2007 OVER PREVIOUS QUARTER. SHIP CHANDLERS AND BUNKERING EXPANDED BY 27.9%, MAINLY DUE TO HIGHER BUNKER SALES.

THE GENERAL WHOLESALE TRADE SECTOR FELL IN 3Q 2007 AFTER RECORDING STRONG GROWTH IN 2Q 2007.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE FOR 3Q 2007 ROSE BY 4.3%, IN COMPARISON TO 3Q 2006. EXCLUDING PETROLEUM, IT EXPANDED BY 9.0%

MOST OF THE SECTORS REPORTED HIGHER SALES. DOUBLE-DIGIT GROWTH RATES FOR OVERSEAS SALES WERE RECORDED BY FOOD, BEVERAGES AND TOBACCO (51.2%) AND TIMBER, PAINT AND CONSTRUCTION MATERIALS (15.5%). OTHER WHOLESALE SECTORS THAT REGISTERED BETTER BUSINESS IN 3Q 2007 WERE CHEMICALS AND CHEMICAL PRODUCTS (7.6%) AND TELECOMMUNICATIONS AND COMPUTERS (5.0%)

FOREIGN SALES OF SHIP CHANDLERS AND BUNKERING, GENERAL WHOLESALE TRADE, INDUSTRIAL AND CONSTRUCTION MACHINERY AND ELECTRONIC COMPONENTS REGISTERED INCREASES OF 2.6% TO 6.1 %IN 3Q 2007, IN CONTRAST TO THE LOWER SALES IN THE PREVIOUS QUARTER.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE BY 8.0% IN 3Q 2007 OVER 3Q 2006.

EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE GREW BY 12.0%.

ON A QUARTER-OVER-QUARTER BASIS, THE OVERALL FOREIGN WHOLESALE TRADE IN 3Q 2007 ROSE BY 4.9% OVER 2Q 2007. EXCLUDING PETROLEUM, IT GREW BY 8.2%.

ALL WHOLESALE SECTORS RECORDED BETTER BUSINESS IN 3Q 2007 WITH THE EXCEPTION OF CHEMICALS AND CHEMICAL PRODUCTS. WHOLESALE TRADE OF FOOD, BEVERAGES AND TOBACCO, AND SHIP CHANDLERS AND BUNKERING BOTH GREW BY 17.1%. WHOLESALE OF ELECTRONIC COMPONENTS ROSE BY 12.5%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE BY 1.3%, WEAKER THAN THE 7.9% IN 2Q 2007. MOTOR VEHICLES FELL BY 6.8% COMPARED TO THE 2.4% GROWTH IN 2Q 2007. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.7%, A DECLINE FROM THE 11.O% IN 2Q 2007.

OUTLOOK

GENERALLY, WHOLESALERS ARE POSITIVE ABOUT THEIR BUSINESS PROSPECTS IN THE COMING MONTHS, WITH A NET WEIGHTED BALANCE OF 24% OF FIRMS EXPRESSING POSITIVE BUSINESS SENTIMENTS. THIS APPLIES PARTICULARLY TO FIRMS IN THE WHOLESALING OF FOOD AND BEVERAGES, WEARING APPAREL AND FOOTWEAR, COSMETICS AND TOILETRIES, AND HOUSEHOLD AND ELECTRICAL APPLIANCES.

AS A RESULT OF YEAR-END FESTIVE SHOPPING, A NET WEIGHTED BALANCE OF 31% OF RETAILERS EXPECTS BUSINESS TO IMPROVE IN THE COMING MONTHS. THE RETAIL SECTORS THAT ARE FORECASTING BETTER BUSINESS INCLUDING DEPARTMENT STORE AND SUPERMARKET OWNERS, WEARING APPAREL AND FOOTWEAR, FURNITURE AND FURNISHINGS, AND JEWELLERY AND WATCHES.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY

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