MIRA INFORM REPORT

Report Date :

14.04.2008

IDENTIFICATION DETAILS

Name :	STRACHEM PTE. LTD

Registered Office :	^{17 Phillip Street} ^#05-01 ^{Grand Building 048695}

Country :	Singapore

Date of Incorporation :	^12.09.2006

Com. Reg. No.:	^200613398M

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 :	New and Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

STRACHEM PTE. LTD.

Line Of Business

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$50,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : STRACHEM PTE. LTD.}

^{Former Name : -}

^{Business Address : 17 PHILLIP STREET}

^#05-01

^{GRAND BUILDING}

^{Town: SINGAPORE}

^{Postcode: 048695}

^{County: -}

^{Country: Singapore}

^{Telephone: 96264851/67580723}

^{Fax: Not Listed}

^{ROC Number: 200613398M}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 12/09/2006}

^{Previous Legal Form: Pte Ltd}

^{Summary year : -}

^{Sales: -}

^{Capital: -}

^{Paid-Up Capital: 50,000}

^{Employees: 3}

^{Net result : -}

^{Share value: -}

^{AUDITOR: PRUDENTIAL PUBLIC
ACCOUNTING CORPORATION}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 12/09/2006}

PRINCIPAL(S)

^{GOPALASAMY S/O
VASUDHEVEN S0670601J Director}

DIRECTOR(S)

^{SHASHI KANT
TAPURIAH E3786147 Director}

^{Appointed on : 12/09/2006}

^{Street : 1 ALIPORE PARK PLACE}

^{Town: KOLKATA}

^{Postcode: 700027}

^{Country: India}

^{GOPALASAMY S/O
VASUDHEVEN S0670601J Director}

^{Appointed on : 12/09/2006}

^{Street : 425 PASIR RIS DRIVE 6}

^#09-81

^{Town: SINGAPORE}

^{Postcode: 510425}

^{Country: Singapore}

^{CLIFFORD EMMANUEL
GERMAIN S2191478I Company Secretary}

^{Appointed on : 10/10/2006}

^{Street : 33A SURIN AVENUE}

^{CHARLTON COURT}

^{Town: SINGAPORE}

^{Postcode: 535617}

^{Country: Singapore}

^{TAN EE SOON S0317238D Director}

^{Appointed on : 12/04/2007}

^{Street : 521 JOO CHIAT ROAD}

^#04-01

^D'MARINE

^{Town: SINGAPORE}

^{Postcode: 427701}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS
Code:11760}

^{BASED ON ACRA'S RECORD}

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UTI BANK LTD, SINGAPORE
BRANCH}

SHAREHOLDERS(S)

^{THURUTHERE
MANIKANTAN
2,000 Private Person}

^{Street : 825 YISHUN STREET 81}

^#03-584

^{Town: SINGAPORE}

^{Postcode: 760825}

^{Country: Singapore}

^{SHASHI KANT
TAPURIAH 3,000 Private Person}

^{Street : 1 ALIPORE PARK PLACE}

^{Town: KOLKATA}

^{Postcode: 700027}

^{Country: India}

^{REKHA TAPURIAH
20,000 Private Person}

^{Street : 1 ALIPORE PARK PLACE}

^{Town: KOLKATA}

^{Postcode: 700027}

^{Country: India}

^{RADHIKA TAPURIAH
20,000 Private Person}

^{Street : B-1201 ELDORADO, 12TH FLOOR}

^{KASHI NATH DHURU ROAD}

^{Town: MUMBAI}

^{Postcode: 400025}

^{Country: India}

^{SUDARSHAN KUMAR
TAPURIAH
5,000 Private Person}

^{Street : B-1201 ELDORADO, 12TH FLOOR}

^{KASHI NATH DHURU ROAD}

^{Town: MUMBAI}

^{Postcode: 400025}

^{Country: India}

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

^{LIMITED 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} ^{12/09/2006 AS A LIMITED EXEMPT PRIVATE
COMPANY AND IS TRADING UNDER} ^{ITS PRESENT NAMESTYLE AS "STRACHEM
PTE. LTD.".}

^{THE COMPANY HAS ISSUED
AND PAID-UP CAPITAL OF} ^{50,000 SHARES OF A VALUE OF S$50,000.}

^{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)}

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

^{THE SUBJECT HAS JUST
STARTED BUSINESS IN SEPTEMBER 2006. HENCE, THEY} ^{HAVE NOT REALLY DONE BUSINESS YET. THE
SUBJECT REVEALS THAT THEY WILL} ^{BE INVOLVED IN THE TRADING OF CLOTHES
AND COMMODITIES.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 3}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE}

^{SEVERAL ATTEMPTS HAVE
BEEN MADE TO RECONFIRM THE ABOVE TRADE} ^{INFORMATION AND OBTAINED OTHER INFORMATION ON 14/04/2008. HOWEVER,} ^{THE PHONE NUMBER: 96264851 WAS NOT ANSWERED AND PHONE NUMBER: 67580723} ^{WAS NOT IN USE.}

^{AS THE SUBJECT'S CONTACT
NUMBER AND OTHER INFORMATION IS NOT LISTED IN} ^{THE LOCAL DIRECTORIES AND INTERNET, NO
OTHER INFORMATION IS AVAILABLE.}

^{REGISTERED AND BUSINESS
ADDRESS:}

^{17 PHILLIP STREET}

^{#05-01 GRAND BUILDING}

^{SINGAPORE 048695}

^{- RENTED PREMISE}

^{- OWNED BY PRUDENTIAL
CORPORATE SERVICES PTE LTD}

^{- DATE OF CHANGE OF
ADDRESS: 12/09/2006}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) SHASHI KANT TAPURIAH,
AN INDIAN}

^{- BASED IN INDIA.}

^{2) TAN EE SOON, A
SINGAPOREAN}

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

^{MASDA CHEMICAL (PRIVATE)
LIMITED}

^{3) GOPALASAMY S/O
VASUDHEVEN, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: TAN EE
SOON} ^{ADVERSE
REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: OWNS
1}

^{ANNUAL VALUE: S$15,600}

^{CO-OWNER (S): TAN CHAI
CHIN, TAN TEAK BING, TAN YU BING}

^{DIRECTOR'S NAME:
GOPALASAMY S/O VASUDHEVEN}

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

^{PROPERTY OWNERSHIP: OWNS
1}

^{ANNUAL VALUE: S$5,700}

^{CO-OWNER (S): TAN MAY LI}

^{* 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%)

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