MIRA INFORM REPORT

Report Date :

15.02.2008

IDENTIFICATION DETAILS

Name :	KING FISH TRADING PTE LTD

Registered Office :	37 Lorong 23 Geylang #09-06, Yu Li Industrial Building

Country :	Singapore

Financials (as on) :	31/12/2005

Date of Incorporation :	^28/10/2002

Com. Reg. No.:	^200209323N

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{General Wholesale Trade (including general importers & exporters).}

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

KING FISH TRADING PTE. LTD.

Line Of Business

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

Parent Company

---

Financial Elements

FY 2005

COMPANY

Sales : S$3,875,044

Networth : S$ 185,633

Paid-Up Capital : S$ 100,002

Net result : S$ 47,058

Net Margin(%) : 1.21

Return on Equity(%) : 25.35

Leverage Ratio : 4.37

COMPANY IDENTIFICATION

^{Subject Company
: KING
FISH TRADING PTE. LTD.}

^{Former Name :
-}

^{Business Address: 37
LORONG 23 GEYLANG}

^#09-06

^{YU LI INDUSTRIAL BUILDING}

^{Town : SINGAPORE}

^{Postcode :
388371}

^{Country :
Singapore}

^{Telephone :
9653 0657}

^{Fax : 6464
7586}

^{ROC Number :
200209323N}

^{Reg. Town :}

SUMMARY

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

^{Legal Form :}^{Exempt Pte Ltd}

^{Date Inc. :}^28/10/2002

^{Previous Legal Form : -}

^{Summary year :
31/12/2005}

^{Sales :}^3,875,044

^{Networth :}^185,633

^{Capital :
-}

^{Paid-Up Capital :}^100,002

^{Employees :
2}

^{Net result :}^47,058

^{Share value :
-}

^{Auditor :}^{KHOO CHUNG & CO.}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :
28/10/2002}

PRINCIPAL(S)

^{ZAN MAWL TUN
S7973497G Director}

DIRECTOR(S)

^{ZAN MAWL TUN S7973497G
Director}

^{Appointed on
: 28/10/2002}

^{Street : 113
BISHAN STREET 12}

^#03-112

^{BISHAN VIEW}

^{Town: SINGAPORE}

^{Postcode: 570113}

^{Country: Singapore}

^{WIN AUNG CM101378 Director}

^{Appointed on
: 28/10/2002}

^{Street : 26(B)
ROOM (S) YOW MIN GYI ROAD}

^{DAGON TOWNSHIP}

^{Town: YANGON}

^Postcode:

^{Country: Myanmar}

^{BO BO LWIN 695414 Director}

^{Appointed on
: 08/08/2005}

^{Street : NO.
118, BO YWE STREET}

^{LATHA TOWHSHIP}

^{Town: YANGPM}

^Postcode:

^{Country: Myanmar}

^{WONG JIA YIT S1177156D Director}

^{Appointed on
: 28/10/2002}

^{Street : 314
SERANGOON AVENUE 2}

^#03-198

^{Town: SINGAPORE}

^{Postcode: 550134}

^{Country: Singapore}

^{CHUNG SENG
HONG S2114076G Company Secretary}

^{Appointed on
: 28/10/2002}

^{Street : 12
TAI KENG LANE}

^{TAI KENG GARDEN}

^{Town: SINGAPORE}

^{Postcode: 535265}

^{Country: Singapore}

^{SANDAR KHIN S7982611A Director}

^{Appointed on
: 18/11/2004}

^{Street : 341A
SEMBAWANG CLOSE}

^#08-59

^{Town: SINGAPORE}

^{Postcode: 751341}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And
EXPORTERS
Code:11760}

^{TRADING
COMPANIES
Code:22190}

^{BASED ON ACRA'S
RECORD}

^{1) GENERAL
WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS);} ^{GENERAL
TRADING, IMPORT & EXPORT}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UNITED OVERSEAS
BANK LIMITED}

SHAREHOLDERS(S)

^{ZAN MAWL TUN
50,001 Private Person}

^{Street : 113 BISHAN STREET 12}

^#03-112

^{BISHAN VIEW}

^{Town: SINGAPORE}

^{Postcode: 570113}

^{Country: Singapore}

^{WIN AUNG
50,001 Private Person}

^{Street : 26(B) ROOM (S) YOW MIN GYI ROAD}

^{DAGON TOWNSHIP}

^{Town: YANGON}

^Postcode:

^{Country: Myanmar}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend :
LEVEL}

^{Financial
Situation : UNKNOWN}

FINANCIAL ELEMENTS

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

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

^{Balance
Sheet Date: 31/12/2005 31/12/2004}

^{Number
of weeks:
52 52}

^{Consolidation
Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Receivables: 9,231}

^{Cash,Banks,
Securitis: 997,313 1,135,682}

^{Other
current assets: 8,000}

^{Total Current Assets: 997,313 1,152,913}

^{TOTAL ASSETS: 997,313 1,152,913}

^{--- LIABILITIES
---}

^{Equity
capital:
100,002
100,002}

^{Profit
& lost Account: 85,631 38,573}

^{Total Equity: 185,633 138,575}

^{Trade
Creditors:
234,106 164,873}

^{Prepay.
& Def. charges:
1,270
1,120}

^{Provisions: 3,154 3,640}

^{Other
Short term Liab.: 573,151 844,704}

^{Total short term Liab.: 811,680 1,014,337}

^{TOTAL LIABILITIES: 811,680 1,014,337}

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

^{Net
Sales
3,875,044
3,130,944}

^{Result
of ordinary operations
50,212
40,375}

^{NET
RESULT BEFORE TAX:
50,212
40,375}

^{Tax
:
3,154
3,639}

^{Net
income/loss year:
47,058
36,736}

^{Directors
Emoluments:
30,000
-1,700}

^{Financial
Income:
522
152}

RATIOS

^{31/12/2005 31/12/2004}

^{Turnover per
employee: 1937522.00 1565472.00}

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

^{Net
Margin(%): 1.21 1.17}

^{Return on
Equity(%): 25.35
26.51}

^{Return on
Assets(%): 4.72 3.19}

^{Net Working
capital: 185633.00 138576.00}

^{Cash Ratio: 1.23 1.12}

^{Quick Ratio: 1.23 1.13}

^{Current
ratio: 1.23 1.14}

^{Receivables
Turnover: 0.00 1.06}

^{Leverage
Ratio: 4.37 7.32}

^{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}

^{Dividends Coverage
Net
income loss year/Dividends}

^{Net Working capital (Total current assets - Total
short term liabilities)}

^{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}

^{Receivables Turnover : (Receivable*360)/Net sales}

^{Leverage Ratio :
Total liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{NOTE: THE
FINANCIAL STATEMENT IN THIS REPORT IS THOSE OF 2005 AND IS} ^{CONSIDERED
OUTDATED. HENCE, FINANCIAL ANALYSIS IS NOT CONDUCTED. THE} ^{FINANCIAL
STATEMENT SERVES AS A REFERENCE ONLY. IN REPLACEMENT, ADVERSE CHECK ON ITS
LOCAL DIRECTORS ARE MADE.}

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

^NET
WORTH:

^{THE BALANCE SHEET
WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY} ^{33.96% FROM
S$138,575 IN 2004 TO S$185,633 IN 2005.}

^{THIS WAS DUE TO
HIGHER ACCUMULATED PROFIT OF S$85,631} ^{(2004: S$38,573); A RISE OF 1.22 TIMES
FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM,
SUBJECT WAS LARGELY FINANCED BY OTHER SHORT TERM} ^{LIABILITIES WHICH
MADE UP 70.61% (2004: 83.28%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO
S$573,151 (2004: S$844,704).}

^{THE BREAKDOWN IS
AS FOLLOWS:}

^{* AMOUNTS OWING TO
DIRECTORS - 2005: S$21,564 (2004: S$22,007)}

^{* OTHERS (RELATED
PARTIES) - 2005: S$551,586 (2004: S$822,697)}

^{TRADE CREDITORS,
WHICH CONSIST OF AMOUNTS TO OUTSIDE PARTIES,} ^{ROSE BY
41.99% TO S$234,106 (2004: S$164,873).}

^{SUBJECT DID NOT
INCUR ANY LONG TERM LIABILITIES DURING THE FINANCIAL} ^{YEAR UNDER
REVIEW.}

^{IN ALL, LEVERAGE RATIO
FELL FROM 7.32 TIMES TO 4.37 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 RISE IN
NET WORKING CAPITAL BY 33.96% TO S$185,633} ^{(2004: S$138,576).}

^{CURRENT RATIO ROSE
TO 1.23 TIMES, UP FROM 1.14 TIMES AND}

^{QUICK RATIO
IMPROVED TO 1.23 TIMES FROM 1.13 TIMES IN 2004.}

^{PROFITABILITY:}

^{REVENUE POSTED AN
INCREASE OF 23.77% FROM S$3,130,944 IN 2004 TO} ^{S$3,875,044
AND NET PROFIT ROSE BY 28.10% TO S$47,058} ^{(2004: S$36,736).}

^{HENCE, NET MARGIN
ROSE TO 1.21% (2004: 1.17%).}

^{DEBT
SERVICING:}

^{DEBT SERVICING
PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS} ^{CAN BE
MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IN ADDITION, SUBJECT
DID NOT INCUR ANY INTEREST EXPENSES DURING THE FINANCIAL YEAR (S) UNDER REVIEW.
NOTES TO THE FINANCIAL STATEMENTS:}

^{CONTINGENT
LIABILITIES}

^{THEY WERE
UNSECURED CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE} ^ACCOUNTS:

^{- LETTERS OF
CREDIT - 2005: - (2004: S$95,062)}

^{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} ^{28/10/2002
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{THE PRESENT
NAMESTYLE OF "KING FISH TRADING PTE. LTD.".}

^{THE COMPANY HAS AN
ISSUED AND PAID-UP CAPITAL OF} ^{100,002 SHARES, OF A VALUE OF S$100,002.}

^{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);} ^{GENERAL
TRADING, IMPORT & EXPORT}

^{DURING THE
FINANCIAL YEAR (S) UNDER REVIEW, THE PRINCIPAL ACTIVITIES} ^{OF THE
COMPANY ARE COMMISSION AGENT, GENERAL TRADING AND GENERAL IMPORTER AND
EXPORTER.}

^{THE COMPANY WAS
NOT LISTED IN THE SINGAPORE LOCAL DIRECTORIES.}

^{FROM THE RESEARCH
DONE NO INFORMATION WAS AVAILABLE ON THIS COMPANY.}

^{FROM THE
TELE-INTERVIEW CONDUCTED, SUBJECT HAS 2} ^{EMPLOYEES. SUBJECT'S PERSONNEL
CONFIRMED THE BUSINESS ADDRESS AND CONTACT NUMBERS OF THE COMPANY, BUT DECLINED
TO PROVIDE MORE INFORMATION, HENCE NO OTHER TRADE INFORMATION WAS MADE
AVAILABLE VIA THE TELE-INTERVIEW.}

^{NUMBER OF
EMPLOYEES (31 DECEMBER)}

^{* 2006 - NOT
AVAILABLE}

^{* 2005 - 1}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{37 LORONG 23
GEYLANG}

^#09-06

^{YU LI INDUSTRIAL BUILDING}

^{SINGAPORE 388371}

^{DATE OF CHANGE OF
ADDRESS: 01/05/2006}

^{- RENTED PREMISE}

^{- PREMISE OWNED
BY: SENG LEE DEVELOPMENT PRIVATE LIMITED}

^WEBSITE:

^EMAIL:

^{zanmawl@yahoo.com}

MANAGEMENT

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

^{1) BO BO LWIN, A
MYANMARESE}

^{- BASED IN MYANMAR}

^{2) WIN AUNG, A
MYANMARESE}

^{- BASED IN MYANMAR}

^{3) WONG JIA YIT, A
SINGAPOREAN}

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

^{BJ DEVELOPMENT PTE
LTD}

^{4) ZAN MAWL TUN, A
SINGAPORE PERMANENT RESIDENT}

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

^{5) SANDAR KHIN, A
SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: BO
BO LWIN}

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

^{PROPERTY
OWNERSHIP: NIL}

^{ANNUAL VALUE: N/A}

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

^{DIRECTOR'S NAME:
WIN AUNG}

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

^{PROPERTY
OWNERSHIP: NIL}

^{ANNUAL VALUE: N/A}

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

^{DIRECTOR'S NAME:
WONG JIA YIT}

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

^{PROPERTY
OWNERSHIP: NIL}

^{ANNUAL VALUE: N/A}

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

^{DIRECTOR'S NAME:
ZAN MAWL TUN}

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

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL VALUE: S$7,500}

^{CO-OWNER (S): PHYU
PHYU WIN}

^{DIRECTOR'S NAME:
SANDAR KHIN}

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

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL VALUE: S$7,200}

^{CO-OWNER (S): KYAW YE
WIN}

^{* 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