MIRA INFORM REPORT

Report Date :

17.04.2008

IDENTIFICATION DETAILS

Name :	MUI TONG FISHERIES

Registered Office :	^{35 Fishery Port Road} ⁶¹⁹⁷⁴²

Country :	Singapore

Date of Incorporation :	^15.03.1975

Com. Reg. No.:	^09819000L

Legal Form :	^Partnership

Line of Business :	Hawkers and Stall-Holders Dealing in Uncooked Foodstuffs

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 :	Unknown

Litigation :	Clear

Subject Company

MUI TONG FISHERIES

Line Of Business

HAWKERS AND STALL-HOLDERS DEALING IN UNCOOKED FOODSTUFFS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : -

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : MUI TONG FISHERIES}

^{Former Name :
-}

^{Business Address : 35 FISHERY PORT ROAD}

^{Town :
SINGAPORE}

^{Postcode : 619742}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6268 8605}

^{Fax :
6266 2921}

^{ROC Number :
09819000L}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Partnership}

^{Date Inc. : 15/03/1975}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

^{Paid-Up Capital : -}

^{Employees : -}

^{Net result : -}

^{Share value : -}

^{Auditor :
-}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
19/05/1973}

PRINCIPAL(S)

^{HENG TZE HIANG S7431728F Manager}

DIRECTOR(S)

^{HENG TZE HIANG S7431728F Manager}

^{Appointed on : 22/05/1998}

^{Street : 17 WEST
COAST AVENUE}

^{HONG LEONG GARDEN}

^{Town :
SINGAPORE}

^{Postcode :
128071}

^{Country :
Singapore}

ACTIVITY(IES)

^{FOOD PRODUCTS
Code: 9460}

^{BASED ON ACRA'S RECORD}

^{1) HAWKERS AND
STALL-HOLDERS DEALING IN UNCOOKED FOODSTUFFS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{HENG TZE HIANG
Partner}

^{Street : 17 WEST
COAST AVENUE}

^{HONG LEONG GARDEN}

^{Town :
SINGAPORE}

^{Postcode : 128071}

^{Country : Singapore}

^{LIM KIAK MUI
Partner}

^{Street : 17 WEST
COAST AVENUE}

^{HONG LEONG GARDEN}

^{Town :
SINGAPORE}

^{Postcode : 128071}

^{Country : Singapore}

FORMER SHAREHOLDER(S)

^{HENG SONG PIOW, ESTATE OF}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : UNKNOWN}

^{Trend :
UNKNOWN}

^{Financial Situation : UNKNOWN}

FINANCIAL COMMENTS

^PARTNERSHIP

^{BEING A PARTNERSHIP,
THERE IS NO OBLIGATION ON THE PART OF THE} ^{PARTNERS TO SUPPLY REGULAR FINANCIAL UPDATES TO THE REGISTRY OF} ^{COMPANIES AND BUSINESSES.THE CREDIT OPINION IS BASED ON NON-FINANCIAL} ^{INDICATORS AS WELL AS OTHER BUSINESS ELEMENTS AND DATA AVAILABLE.}

^{NO FINANCIAL INFORMATION
WAS REVEALED BY THE MANAGEMENT.}

BACKGROUND/OPERATION

^{THE SUBJECT WAS
REGISTERED IN THE REPUBLIC OF SINGAPORE ON 15/03/1975} ^{AND COMMENCED BUSINESS ON 19/05/1973 AS
A PARTNERSHIP AND IS TRADING} ^{UNDER THE NAMESTYLE AS "MUI TONG
FISHERIES".}

^{THE LICENCE WAS RENEWED
ON 22/02/2008 AND WILL EXPIRE ON 15/03/2009.}

^{THE BUSINESS WAS FIRST
STARTED BY THE ESTATE OF HENG SONG PIOW ON} ^{19/05/1973. SUBSEQUENTLY ON 22/05/1998, LIM KIAK MUI AND HENG TZE} ^{HIANG JOINED THE PARTNERSHIP.}

^{ON 22/05/1998, THE
ESTATE OF HENG SONG PIOW WITHDRAWN FROM THE} ^PARTNERSHIP.

^{THE MANAGER SINCE
22/05/1998 HAS BEEN HENG TZE HIANG.}

^{PRINCIPAL ACTIVITIES:}

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

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

^{1) HAWKERS AND
STALL-HOLDERS DEALING IN UNCOOKED FOODSTUFFS}

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

^{SUBJECT ENGAGES IN THE
FOLLOWING ACTIVITIES:}

^{* FISH &
SEAFOOD-WHOLESALE}

^{PRODUCTS DEALINGS:}

^{* FOOD & BEVERAGE
PRODUCTS}

^{* FISH & SEAFOOD
PRODUCTS}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT} ^{GRANTED BY SUBJECT'S PERSONNEL}

^{REGISTERED AND BUSINESS
ADDRESS:}

^{35 FISHERY PORT ROAD}

^{SINGAPORE 619742}

^{DATE OF CHANGE OF
ADDRESS: 03/06/1993}

^{- RENTED PREMISE}

^{- OWNED BY: AGRI-FOOD
AND VETERINARY AUTHORITY}

^{WEBSITE: -}

^{EMAIL: -}

MANAGEMENT

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

^{1) LIM KIAK MUI, A
SINGAPOREAN}

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

^{2) HENG TZE HIANG, A
SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{PARTNER'S NAME: LIM KIAK
MUI}

^{ADVERSE REPORT AGAINST
PARTNER: NOT AVAILABLE FROM OUR DATABASE} ^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$13,800}

^{CO-OWNER (S): MR HENG
SONG PIOW}

^{PARTNER'S NAME: HENG TZE
HIANG}

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

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: NA}

^{CO-OWNER (S): NA}

^{* 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