MIRA INFORM REPORT

Report Date :

05.02.2008

IDENTIFICATION DETAILS

Name :	MGA INTERNATIONAL PTE LTD

Formerly Known as :	^{MG FORESTS PTE. LTD}

Registered Office :	5 Shenton Way, #23-09/10, Uic Building, Postcode 068808

Country :	Singapore

Date of Incorporation :	^07.03.2003

Com. Reg. No.:	^200302074N

Legal Form :	Pte Ltd

Line of Business :	General Wholesale Trade (Including General Importers & Exporters); Timber Trading, Import Export of Garments, Commodites & Chemicals.

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

MGA INTERNATIONAL PTE. LTD.

Line Of Business

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS); TIMBER TRADING, IMPORT EXPORT OF GARMENTS, COMMODITES & CHEMICALS

Parent Company

---

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$ 3,500,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : MGA
INTERNATIONAL PTE. LTD.}

^{Former Name : MG
FORESTS PTE. LTD.}

^{Business Address: 5 SHENTON WAY}

^#23-09/10

^UIC
BUILDING

^{Town: SINGAPORE}

^{Postcode: 068808}

^{Country: Singapore}

^{Telephone: 6224
3982}

^{Fax: 6224 3976}

^{ROC Number: 200302074N}

^{Reg. Town: -}

PREVIOUS IDENTIFICATION

^{MG FORESTS PTE. LTD.}

^{DATE OF CHANGE OF NAME: 26/09/2007}

SUMMARY

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

^{Legal Form :}^{Pte Ltd}

^{Date Inc. :}^07/03/2003

^{Previous Legal
Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Networth : -}

^{Capital :
-}

^{Paid-Up Capital :}^3,500,000

^{Employees : -}

^{Net result : -}

^{Share value : 1}

^{Auditor :}^{MGI MENON &
ASSOCIATES}

^{BASED ON ACRA'S}

^{NO.
OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 3,500,000 SGD 3,500,000}

^{PAID-UP ORDINARY - SGD 3,500,000}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 07/03/2003}

PRINCIPAL(S)

^{MUKESH GUPTA S2719427C Managing Director}

DIRECTOR(S)

^{MUKESH GUPTA S2719427C Managing Director}

^{Appointed on : 21/08/2003}

^{Street : 33 POOLE ROAD}

^{Town: SINGAPORE}

^{Postcode: 437524}

^{Country: Singapore}

^{MUKESH GUPTA S2719427C Director}

^{Appointed on : 07/03/2003}

^{Street : 33 POOLE ROAD}

^{Town: SINGAPORE}

^{Postcode: 437524}

^{Country: Singapore}

^{GUPTA ANJU MUKESHKUMAR S2719428A Director}

^{Appointed on : 07/03/2003}

^{Street : 33 POOLE ROAD}

^{Town: SINGAPORE}

^{Postcode: 437524}

^{Country: Singapore}

^{ARUMUGAM CHETTIAR MANICKAM S0537812E Company Secretary}

^{Appointed on : 07/03/2003}

^{Street : 184 STIRLING ROAD}

^#07-242

^{Town: SINGAPORE}

^{Postcode: 140184}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{TIMBER - WHSLE Code:21690}

^{BASED ON ACRA'S RECORD}

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS);} ^{TIMBER TRADING, IMPORT EXPORT OF GARMENTS, COMMODITES &
CHEMICALS}

CHARGES

^{Date:
26/08/2005}

^{Comments :
CHARGE NO:
C200505142}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{Date: 13/04/2007}

^{Comments : CHARGE NO: C200702810}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
ABN AMRO BANK N.V}

^{Date: 14/02/2007}

^{Comments : CHARGE NO: C200701269}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{Date: 07/07/2005}

^{Comments : CHARGE NO: C200503892}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
UNITED OVERSEAS BANK LIMITED}

^{Date: 10/05/2005}

^{Comments : CHARGE
NO: C200502719 (DISCHARGED)}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
THE BANK OF EAST ASIA LIMITED}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{OVERSEA-CHINESE BANKING CORPORATION} ^LIMITED

^{UNITED OVERSEAS BANK LIMITED}

^{THE BANK OF EAST ASIA LIMITED}

^{ABN AMRO BANK N.V.}

SHAREHOLDERS(S)

^{MUKESH GUPTA 2,450,000 Private Person}

^{Street : 33 POOLE ROAD}

^{Town: SINGAPORE}

^{Postcode: 437524}

^{Country: Singapore}

^{GUPTA ANJU MUKESHKUMAR 1,050,000 Private Person}

^{Street : 33 POOLE ROAD}

^{Town: SINGAPORE}

^{Postcode:
437524}

^{Country: Singapore}

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

^{NOTE: THERE IS NO FINANCIAL STATEMENT
AVAILABLE AT THE TIME OF THIS} ^{REPORT. IN REPLACEMENT, AN ADVERSE CHECK IS CONDUCTED ON ITS LOCAL} ^DIRECTORS.

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC OF SINGAPORE ON} ^{07/03/2003 AS A LIMITED PRIVATE COMPANY
UNDER THE NAMESTYLE OF "MG} ^{FORESTS PTE. LTD".}

^{SUBSEQUENTLY ON 26/09/2007, SUBJECT CHANGED
TO ITS PRESENT NAMESTYLE} ^{OF "MGA INTERNATIONAL PTE. LTD.".}

^{THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL
OF 3,500,000 SHARES, OF A VALUE OF S$3,500,000.}

^{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);} ^{TIMBER TRADING, IMPORT EXPORT OF GARMENTS, COMMODITES &
CHEMICALS}

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

^ACTIVITIES:

^{* TRADING OF TIMBER, SCRAP, CHEMICALS,
INDUSTRIAL RAW MATERIALS}

^{MARKET PRESENCE:}

^{* SINGAPORE}

^{* MALAYSIA}

^{* GHANA}

^{* D.R CONGO}

^{* LIBERIA}

^{* GUYANA}

^{* LATIN AMERICA}

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

^{REGISTERED AND BUSINESS ADDRESS:}

^{5 SHENTON WAY}

^#23-09/10

^{UIC BUILDING}

^{SINGAPORE 068808}

^{DATE OF CHANGE OF ADDRESS: 07/03/2003}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: UIC DEVELOPEMENT (PTE)
LTD}

^WEBSITE:

^EMAIL:

MANAGEMENT

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

^{1) MUKESH GUPTA, A SINGAPOREAN}

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

^{2) GUPTA ANJU MUKESHKUMAR, A SINGAPORE
PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: MUKESH GUPTA}

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

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: N.A}

^{CO-OWNER (S): N.A}

^{DIRECTOR'S NAME: GUPTA ANJU MUKESHKUMAR}

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

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: N.A}

^{CO-OWNER (S): N.A}

^{* 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