MIRA INFORM REPORT

Report Date :

03.04.2008

IDENTIFICATION DETAILS

Name :	WILSON INTERNATIONAL TRADING PRIVATE LIMITED
Formerly Known As :	^WILSON IMPEX PTE LTD
Registered Office :	^8 Temasek Boulevard ^#17-03 ^Suntec Tower 3
Country :	Singapore
Financials (as on) :	31.05.2006
Date of Incorporation :	^06.04.1981
Com. Reg. No.:	^198101445C
Legal Form :	^Pte Ltd
Line of Business :	International Trader

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

WILSON INTERNATIONAL TRADING PRIVATE LIMITED

Line Of Business 

INTERNATIONAL TRADER

Parent Company

WILSON INTERNATIONAL HOLDINGS

PERCENTAGE OF SHAREHOLDINGS: 100.00%)

Financial Elements

Sales : US$ 307,518,000

Networth : US$ 22,965,000

Paid-Up Capital : US$ 5,938,000

Net result : US$ 5,556,000

Net Margin(%) : 1.37

Return on Equity(%) : 19.18

Leverage Ratio : 1.42

COMPANY IDENTIFICATION

^{Subject Company : WILSON INTERNATIONAL TRADING PRIVATE LIMITED}

^{Former Name : WILSON IMPEX PTE LTD}

^{Business Address : 8 TEMASEK BOULEVARD}

^#17-03

^{SUNTEC TOWER 3}

^{Town : SINGAPORE}

^{Postcode : 038988}

^{Country : Singapore}

^{Telephone : 6836 8178}

^{Fax : 6836 9723}

^{ROC Number : 198101445C}

^{Reg. Town : -}

PREVIOUS IDENTIFICATION

^{WILSON IMPEX PTE LTD DATE OF CHANGE OF NAME: 27/06/2003}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 06/04/1981}

^{Previous Legal Form : -}

^{Summary year : 31/05/2007}

^{Sales : 307,518,000}

^{Networth : 22,965,000}

^{Capital : -}

^{Paid-Up Capital : 5,938,000}

^{Employees : 22}

^{Net result : 5,556,000}

^{Share value : 1}

^{Auditor : SHANKER IYER & CO}

^{BASED ON ACRA'S}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 16,774,100 SGD 16,774,100}

^{PAID-UP ORDINARY - SGD 16,774,100}

REFERENCES

^{Litigation : Yes}

^{Company status : TRADING}

^{Started : 06/04/1981}

PRINCIPAL(S)

^{JAYANT KUMAR DEY S2602483H Director}

DIRECTOR(S)

^{CHENG LIAN SIANG S1519832Z Company Secretary}

^{Appointed on : 01/07/1994}

^{Street : 7 SIN MING WALK}

^#20-17

^{THE GARDENS AT BISHAN}

^{Town : SINGAPORE}

^{Postcode : 575577}

^{Country : Singapore}

^{JAYANT KUMAR DEY S2602483H Director}

^{Appointed on : 20/05/1989}

^{Street : 9A YUAN CHING ROAD}

^#05-16

^{PARK VIEW MANSIONS}

^{Town : SINGAPORE}

^{Postcode : 618643}

^{Country : Singapore}

^{SUDHIR SHANTARAM RANGNEKAR F9136607 Director}

^{Appointed on : 11/10/2007}

^{Street : A25 JAGRUTI CO-OP HOUSING SOCIETY}

^{101 LADY JAMSHEDI ROAD}

^MAHIM

^{Town : MUMBAI-400016}

^{Postcode :}

^{Country : India}

^{ASHWIN CHIDAMBARAM MUTHIAH S2629125I Director}

^{Appointed on : 01/08/2007}

^{Street : 9 NASSIM ROAD}

^#04-01

^{Town : SINGAPORE}

^{Postcode : 258376}

^{Country : Singapore}

^{VALLI ASHWIN MUTHIAH S7574240A Director}

^{Appointed on : 11/10/2007}

^{Street : 9 NASSIM ROAD}

^#04-01

^{Town : SINGAPORE}

^{Postcode : 258376}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{CHANDRA DAS S/O RAJAGOPAL SITARAM S0047609I}

^{JANAMANCHI KALYANA RAMAIAH G S2582415F}

^{RAJARATNAM ARASU SA1038265}

^{BHAMIDIPATINAG BHUSHAN RAO S2617238A}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code: 11760}

^{BASED ON ACRA'S RECORD}

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

CHARGES

^{Date: : 14/11/2005}

^{Comments CHARGE NO : C200507065}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : UNITED OVERSEAS BANK LTD}

^{Date : 02/11/2005}

^{Comments : CHARGE NO : C200506821 (DISCHARGED - 04/01/2008)}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : KCB BANK N.V.}

^{Date : 02/08/2005}

^{Comments CHARGE NO : C200504601}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : NATEXIS BANQUES POPULAIRES}

^{Date : 23/12/2004}

^{Comments : CHARGE NO : C200406580}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : DBS BANK LTD}

^{Date : 24/01/2006}

^{Comments : CHARGE NO : C200600598 (DISCHARGED - 25/06/2007)}

^{CHARGEE : BANK OF INDIA}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWNING}

^{Date : 13/06/2006}

^{Comments : CHARGE NO : C200603780 (DISCHARGED - 25/06/2007)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : BANK OF INDIA}

^{Date : 09/05/2006}

^{Comments : CHARGE NO : C200602943 (DISCHARGED - 17/10/2007)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : MALAYAN BANKING BHD}

^{Date: 06/05/2004}

^{Comments : CHARGE NO : C200402204}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : DBS BANK LTD}

^{Date: 20/02/2004}

^{Comments : CHARGE NO : C200400835}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : OVERSEA-CHINESE BANKING CORPORATION LTD}

^{Date: 30/08/1999}

^{Comments : CHARGE NO : 199903533 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : THE DEVELOPMENT BANK OF SINGAPORE LIMITED}

^{Date: 26/04/2001}

^{Comments : CHARGE NO : 200101940 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : INDIA INTERNATIONAL INSURANCE PTE LTD}

^{Date: 29/08/2001}

^{Comments : CHARGE NO : 200104169 (DISCHARGED)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : UNITED OVERSEAS BANK LIMITED}

^{Date: 28/02/2003}

^{Comments : CHARGE NO : C200300931}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : NATEXIS BANQUES POPULAIRES}

^{Date: 01/10/2002}

^{Comments : CHARGE NO : 200204347, 200204346, 200204345}

^{CHARGEE : SOCIETE GENERALE}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{Date: 11/11/2003}

^{Comments : CHARGE NO : C200305385 (DISCHARGED)}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : BNP PARIBAS}

PREMISES/PROPERTY INFORMATIONS

^{Date: 29/01/2008}

^{Tax rate: 10}

^{Site Address : 8 TEMASEK BOULEVARD}

^#17-03

^{SUNTEC TOWER 3}

^{Town: -}

^{Postcode: 038988}

^{Country: Singapore}

^{Annual Value: 316,000}

* 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

^{UNITED OVERSEAS BANK LIMITED}

^{SOCIETE GENERALE}

^{NATEXIS BANQUES POPULAIRES}

^{BNP PARIBAS}

^{OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{K.B.C. BANK N.V.}

^{DBS BANK LTD.}

^{BANK OF INDIA}

^{MALAYAN BANKING BHD}

SHAREHOLDERS(S)

^{WILSON INTERNATIONAL HOLDINGS 16,774,100 Company}

^{Street : TRUST COMPANY COMPLEX}

^{AJELTAKE ROAD, AJELTAKE ISLAND,}

^{MAJURO, MH96960}

^{Town: -}

^{Postcode: -}

^{Country: Marshall Islands}

FORMER SHAREHOLDER(S)

^{PETHERTON LIMITED 7,410,000}

^{CAMEO CORPORATION 500,000}

^{CHANDRA DAS S/O RAJAGOPAL SITARAM 3,000,000}

^{CRYSTAL LAND CO LTD 9,500,000}

^{CRYSTAL LAND CORPORATION LTD 7,000,000}

^{NUR INVESTMENT & TRADING PTE. LTD. 838,705}

HOLDING COMPANY

^{WILSON INTERNATIONAL HOLDINGS UF37025H % : 100}

SUBSIDIARY(IES)

^{SILVER STAR SHIPPING SERVICES PTE LTD}

^{WILSON INTERNATIONAL TRADING}

^{(INDIA) PRIVATE LIMITED}

^{SINGAPORE SHIPPING INC}

^{WILSON INTERNATIONAL HOLDINGS LIMITED}

^{REGAL STAR PRIVATE LIMITED}

^{EASTERN STAR PRIVATE LIMITED}

^{SINGAPORE SHIPPING INTERNATIONAL (PRIVATE) LIMITED}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : AVERAGE}

LITIGATION(S)

^{Type Of Case: High Court - W/S}

^{Case Number: HWS02068/97}

Defendant WILSON INTERNATIONAL TRADING ROC # : 198101445C

^{Type Of Case: High Court - W/S}

^{Case Number: HWS000504/01}

Defendant WILSON INTERNATIONAL TRADING ROC # : 198101445C

^{Type Of Case: High Court - W/S}

^{Case Number: HWS000285/01}

Defendant WILSON INTERNATIONAL TRADING ROC # : 198101445C

^{Type Of Case: Magistrate Court - W/S}

^{Case Number: MCS009196/97}

Defendant WILSON INTERNATIONAL TRADING ROC # : 198101445C

^{Type Of Case: High Court - W/S}

^{Case Number: HWS000937/97}

Defendant WILSON INTERNATIONAL TRADING ROC # : 198101445C

FINANCIAL ELEMENTS

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 26/07/2007}

^{Balance Sheet Date: 31/05/2006 30/06/2005}

^{Number of weeks: 48 52}

^{Consolidation Code: CONSOLIDATED CONSOLIDATED}

^{--- ASSETS ---}

^{Tangible Fixed Assets: 15,777,000 2,648,000}

^{Investments 1,832,000 121,000}

^{Total Fixed Assets: 17,609,000 2,769,000}

^{Inventories: 784,000 -}

^{Receivables: 28,785,000 67,538,000}

^{Cash,Banks, Securitis: 2,709,000 1,938,000}

^{Other current assets: 5,619,000 482,000}

^{Total Current Assets: 37,897,000 69,958,000}

^{TOTAL ASSETS: 55,506,000 72,727,000}

^{--- LIABILITIES ---}

^{Equity capital: 10,000,000 10,000,000}

^{Reserves: 20,000 -10,000}

^{Reeval. Reserves: 1,772,000 -}

^{Profit & lost Account: 11,173,000 7,601,000}

^{Total Equity: 22,965,000 17,591,000}

^{L/T deffered taxes: 3,000 2,000}

^{Other long term Liab.: 2,003,000 128,000}

^{Total L/T Liabilities: 2,006,000 130,000}

^{Trade Creditors: 9,430,000 34,270,000}

^{Short term liabilities: 798,000}

^{Due to Bank: 18,415,000 13,085,000}

^{Provisions: 746,000 682,000}

^{Other Short term Liab.: 252,000 6,315,000}

^{Prepay. & Def. charges: 894,000 654,000}

^{Total short term Liab.: 30,535,000 55,006,000}

^{TOTAL LIABILITIES: 32,541,000 55,136,000}

^{--- PROFIT & LOSS ACCOUNT ---}

^{Net Sales 322,429,000 283,184,000}

^{NET RESULT BEFORE TAX: 5,137,000 7,034,000}

^{Tax : 732,000 693,000}

^{Net income/loss year: 4,405,000 6,341,000}

^{Interest Paid: 2,360,000 2,530,000}

^{Dividends: 833,000 2,338,000}

^{Directors Emoluments: 453,000 433,000}

^{Financial Income: 278,000 148,000}

RATIOS

^{31/05/2006 30/06/2005}

^{Turnover per employee: 14655863.64 12872000.00}

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

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

^{Net Margin(%): 1.37 2.24}

^{Return on Equity(%): 19.18 36.05}

^{Return on Assets(%): 7.94 8.72}

^{Dividends Coverage: 5.29 2.71}

^{Net Working capital: 7362000.00 14952000.00}

^{Cash Ratio: 0.09 0.04}

^{Quick Ratio: 1.03 1.26}

^{Current ratio: 1.24 1.27}

^{Receivables Turnover: 32.14 85.86}

^{Leverage Ratio: 1.42 3.13}

^{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)/1000}

^{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

^{THE FINANCIAL CONDITION OF THE GROUP WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 30.55% FROM US$17,591,000 IN FY 2006 TO US$22,965,000 IN FY 2007. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF US$11,173,000 (2006: US $7,601,000); A RISE OF 46.99% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY AMOUNT DUE TO BANKS WHICH MADE UP 40.73% (2006: 23.78%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$18,415,000 (2006: US$13,085,000).}

^{IN ALL, LEVERAGE RATIO FELL FROM 3.13 TO 1.42 TIMES AS A RESULT OF A RISE IN TOTAL EQUITY AND A FALL IN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO FELL TO 1.24 TIMES, FROM 1.27 TIMES AND QUICK RATIO FELL TO 1.03 TIMES FROM 1.26 TIMES IN FY 2006.}

^{SIMILARLY, NET WORKING CAPITAL IMPROVED BY 50.76% FROM US$14,952,000 IN FY 2006 TO US$7,362,000.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 13.85% FROM US$283,184,000 IN FY 2006 TO US$322,429,000 BUT NET PROFIT DROPPED BY 30.53% TO US$4,405,000 (2006: US$6,341,000). THIS COULD BE DUE TO HIGHER TOTAL EXPENSES OF US $318,178,000 (2006: US$287,530,000). HENCE, NET MARGIN FELL TO 2.19% (2006: 2.66%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. HOWEVER IT IS NOTED THAT THE INTEREST COVERAGE RATIO IS LOW AT 3.17 TIMES (2006: 3.78 TIMES) WHICH NEED CAUTION.}

BACKGROUND/OPERATION

^{THE SUBJECT WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 06/04/1981 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "WILSON IMPEX PTE LTD".}

^{SUBSEQUENTLY ON 27/06/2003, THE SUBJECT CHANGED TO ITS PRESENT NAMESTYLE OF "WILSON INTERNATIONAL TRADING PRIVATE LIMITED".}

^{THE SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 16,774,100 SHARES OF A VALUE OF S$16,774,100.}

^{PRINCIPAL ACTIVITIES:}

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

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

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

^{THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: TRADING COMPANIES.}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSISTS OF AN INTERNATIONAL TRADER.}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* PROVIDES TOTAL LOGISTICS AND VALUE CHAIN MANAGEMENT - FROM SOURCING}

^{TO SHIPPING TO PLACEMENT - TO TRADING FIRMS AND BUSINESSES WITH A}

^{GLOBAL FOOTPRINT}

^{PRODUCTS DEALINGS:}

^COMMODITIES:

^{COAL & MINERALS}

^{* THERMAL COAL, COKING COAL, METALLURGICAL COKE, IRON ORE, ANTHRACITE}

^PETROLEUM

^{* FUEL OIL, BITUMEN, NAPHTHA}

^{FERTILIZER RAW MATERIALS}

^{* PHOSPHORIC ACID, SULPHURIC ACID, ROCK PHOSPHATE, SULPHUR}

^FERTILIZERS

^{* UREA, DAP, MOP, AMMONIUM CHLORIDE}

^{NON-FERROUS METALS}

^{* ALUMINIUM SCRAP, COBALT, MANGANESE, SILVER, GOLD, COPPER, MANGANESE}

^ORE

^{FERROUS METALS}

^{* HMS SCRAP-1 AND 2}

^{* STEEL BILLETS}

^{* ANGLES AND CHANNELS}

^{* FERROUS ALLOYS}

^SERVICES:

^{* SOURCING AND PROCUREMENT}

^{* STRUCTURED TRADE FINANCE}

^{* PERIOD CONTRACTS}

^{* TANKING AND WAREHOUSING}

^{* OCEAN FREIGHT AND SHIPPING}

^{BUSINESS PARTNERS:}

^{* JORDAN PHOSPHATE JORDAN}

^{* EL NASR ROCK MINES EGYPT}

^{* QATAR FERTILIZER CO QATAR}

^{* SASOL AGRI SOUTH AFRICA}

^{* FOSKOR LTD SOUTH AFRICA}

^{* SHELL MALAYSIA}

^{* TATA CHEMICALS INDIA}

^{* STERLITE INDUSTRIES INDIA}

^{* PROCTOR & GAMBLE UNITED STATES OF AMERICA}

^{* LEVER INTERNATIONAL PHILIPPINES}

^{* BIRLA COPPER INDIA}

^{* TAIKO MARKETING SDN.BHD MALAYSIA}

^{* TAIFENG IRON & STEEL CO.}

^{MARKET SOURCES COUNTRIES:}

^{* CHINA}

^{* INDIA}

^{* INDONESIA}

^{* JORDAN}

^{OVERSEAS OFFICES:}

^{* HO CHI MINH CITY}

^{* BEIJING}

^{* NEW DELHI}

^{* CHENNAI}

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

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2008: 22}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE}

^{THE COMPANY'S IMMEDIATE AND ULTIMATE HOLDING COMPANY IS WILSON INTERNATIONAL HOLDINGS LIMITED, A COMPANY INCORPORATED IN THE REPUBLIC OF MARSHALL ISLANDS.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{8 TEMASEK BOULEVARD}

^#17-03

^{SUNTEC TOWER 3}

^{SINGAPORE 038988}

^{DATE OF CHANGE OF ADDRESS: 01/09/2000}

^{- OWNED PREMISE}

^WEBSITE:

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

^EMAIL:

^{singaporeops@wilsonuniverse.com}

MANAGEMENT

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

^{1) SUDHIR SHANTARAM RANGNEKAR, AN INDIAN}

^{- BASED IN INDIA}

^{2) JAYANT KUMAR DEY, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{SINGAPORE SHIPPING INTERNATIONAL(PRIVATE) LIMITED}

^{SOUTHEAST WATERPROOFING & ENGRG CO PTE LTD}

^{3) ASHWIN CHIDAMBARAM MUTHIAH, A SINGAPORE PERMAMENT RESIDENT}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{SINGAPORE SHIPPING INTERNATIONAL (PRIVATE) LIMITED}

^{4) VALLI ASHWIN MUTHIAH, A SINGAPORE PERMAMENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED 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

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%)

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