MIRA INFORM REPORT

Report Date :

18.02.2008

IDENTIFICATION DETAILS

Name :	P.L. GLOBAL IMPEX PTE LTD

Registered Office :	101 Cecil Street, #18-06,. Tong Eng Building, Singapore 069533

Country :	Singapore

Date of Incorporation :	20.02.1995

Com. Reg. No.:	199501203Z

Legal Form :	Exempt Pte Ltd

Line of Business :	Import and Export of Various Agricultural Products

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 :	Usually Correct

Litigation :	Clear

Company name

P.L. GLOBAL IMPEX PTE LTD

Line Of Business

IMPORT AND EXPORT OF VARIOUS AGRICULTURAL PRODUCTS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$2,500,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

Subject Company : P.L. GLOBAL IMPEX PTE LTD

Former Name : -

Business Address : 101 CECIL STREET, #18-06,. TONG ENG BUILDING

Town : SINGAPORE

Postcode : 069533

County : -

Country : Singapore

Telephone : 6323 9146

Fax : 6320 9169

ROC Number : 199501203Z

Reg. Town : -

SUMMARY

All amounts in this report are in: SGD unless otherwise stated

Legal Form : Exempt Pte Ltd

Date Inc. : 20/02/1995

Previous Legal Form : -

Summary year : -

Sales : -

Net Worth : -

Capital : -

Paid-Up Capital : 2,500,000

Employees : Not Available

Net result : -

Share value : -

Auditor : TAN, CHAN & PARTNERS

REFERENCES

Litigation : No

Company status : TRADING

Started : 20/02/1995

PRINCIPAL(S)

^{MANESHA KHEMLANI S2635522B Director}

DIRECTOR(S)

HARIKRISHNAN S/O MUTHUSAMY S2135685I Company Secretary

Appointed on : 20/02/1995

Street : 101 AH HOOD ROAD, #11-02

Town : SINGAPORE

Postcode : 320101

Country : Singapore

NARESH KUMAR DINODIYA S2684732Z Director

Appointed on : 20/02/1995

Street : 99 MEYER ROAD, #09-01, THE SOVEREIGN

Town : SINGAPORE

Postcode : 437920

Country : Singapore

MANESHA KHEMLANI S2635522B Director

Appointed on : 10/11/1998

Street : 761 BEDOK RESERVOIR VIEW, #10-315

Town : SINGAPORE

Postcode : 470761

Country : Singapore

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{BEAN BROKERS And DEALERS Code:1810}

^{BASED ON ACRA'S RECORD}

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

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

CHARGES

^{Date :
28/08/1996}

^{Comments : CHARGE NO: 9605177
(DISCHARGED)}

^{SECURED : ALL MONIES OWING}

^{CHARGEE : OVERSEA-CHINESE
BANKING CORPORATION LTD}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{INDIAN OVERSEAS BANK}

SHAREHOLDERS(S)

NARESH KUMAR DINODIYA 2,499,999 Private Person

Street : 99 MEYER ROAD, #09-01, THE SOVEREIGN

Town : SINGAPORE

Postcode : 437920

Country : Singapore

MANESHA KHEMLANI 1 Private Person

Street : 761 BEDOK RESERVOIR VIEW, #10-315

Town : SINGAPORE

Postcode : 470761

Country : Singapore

FORMER SHAREHOLDER(S)

^{HARIKRISHNAN S/O MUTHUSAMY 1}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : AVERAGE

Liquidity : UNKNOWN

Payments : REGULAR

Trend : LEVEL

Financial Situation : UNKNOWN

LITIGATION(S)

No Litigation In Our Database

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} ^{20/02/1995 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING
UNDER} ^{THE PRESENT NAMESTYLE OF "P.L. GLOBAL IMPEX PTE
LTD".}

^{THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF} ^{2,500,000 SHARES, OF A VALUE OF S$2,500,000.}

^{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)}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

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

^ACTIVITIES

^{- IMPORT AND EXPORT OF VARIOUS AGRICULTURAL PRODUCTS}

^{SUBJECT IS A MEMBER OF THE FOLLOWING ENTITY}

^{- SINGAPORE BUSINESS FEDERATION}

^{ACCORDING TO THE TELE-INTERVIEW CONDUCTED ON 06/02/2007, THE} ^{FOLLOWING INFORMATION WAS GATHERED:}

^ACTIVITIES

^{- IMPORT AND EXPORT OF AGRICULTURAL PRODUCTS (EG. BEANS)}

^{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.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{101 CECIL STREET}

^#18-06

^{TONG ENG BUILDING}

^{SINGAPORE 069533}

^{DATE OF CHANGE OF ADDRESS: -}

^{- RENTED PREMISE}

^{- OWNED BY: YEO JIH HSUEH}

^WEBSITE:

^NIL

^EMAIL:

^{plglobal@singnet.com.sg}

MANAGEMENT

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

^{1) MANESHA KHEMLANI, A
SINGAPOREAN}

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

^{2) NARESH KUMAR DINODIYA, A
SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: MANESHA KHEMLANI}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$6,720}

^{CO-OWNER (S): K KISHIN AND ASHOK S/O N V KHEMLANI}

^{DIRECTOR'S NAME: NARESH KUMAR DINODIYA}

^{ADVERSE REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$39,000}

^{CO-OWNER (S): SANGEETA DINODIYA}

^{*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 2006

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE’S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR’S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.
ONE OF ASIA’S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.
WORKFORCE’S EDUCATION AND SKILL LEVEL IS VERY HIGH.
A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.
THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.
GREAT POLITICAL STABILITY.

WEAKNESSES

ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.
MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES
REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.
AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

WHOLESALE AND RETAIL TRADE

^{PAST PERFORMANCE}

^{WITH THE GROWTH IN NON-OIL RE-EXPORTS AND THE RISE IN RETAIL SALES, THE} ^{WHOLESALE AND RETAIL TRADE SECTOR GREW BY A ROBUST 15% IN 1Q2006,
UP FROM THE} ^{12% GAIN IN 4Q2005.}

^{WHOLESALE TRADE}

^{DOMESTIC WHOLESALE TRADE INDEX}

^{FOLLOWING SEVEN QUARTERS OF DOUBLE-DIGIT GROWTH, THE OVERALL DOMESTIC
WHOLESALE} ^{TRADE INDEX MODERATED TO 7.5% IN
1Q2006. EXCLUDING PETROLEUM, THE INDEX ROSE BY} ^{14.2% OVER THE SAME
PERIOD LAST YEAR.}

^{AT CONSTANT PRICES, THE OVERALL INDEX DECLINED BY 4.4% IN 1Q2006 OVER
1Q2005,} ^{MAINLY DUE TO LOWER ACTIVITY IN
CHEMICAL AND PETROLEUM SECTORS. EXCLUDING} ^{PETROLEUM, IT WAS 7.9%
HIGHER THAN A YEAR AGO.}

^{ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF
16.5%} ^{COMPARED TO 4Q2005. EXCLUDING
PETROLEUM, THE INDEX WERE LOWER BY 8.9%.}

^{FOREIGN WHOLESALE TRADE INDEX}

^{AS COMPARED TO 1Q2005, THE OVERALL FOREIGN WHOLESALE TRADE IN 1Q2006
ROSE BY} ^{15.4%. EXCLUDING PETROLUEM, THE INDEX
EXPANDED BY 11.5%.}

^{AT CONSTANT PRICES, THE OVERALL INDEX ROSE MARGINALLY BY 0.9% IN 1Q2006
OVER A} ^{YEAR AGO. EXCLUDING PETROLEUM, IT WAS
UP BY 7.6%.}

^{ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF
9.4%} ^{FOLLOWING GROWTH FOR THREE CONSECUTIVE
QUARTERS. EXCLUDING PETROLEUM, THE INDEX} ^{WERE LOWER BY 8.6%.}

^{THE MAJOR SECTORS MOSTLY POSTED LOWER FOREIGN SALES WITH THE EXCEPTION
OF} ^{TELECOMMUNICATIONS & COMPUTERS
SECTOR IN 1Q2006. THE HOUSEHOLD EQUIPMENT &} ^{FURNITURE, FOOD,
BEVERAGES & TOBACCO SECTOR ALL REPORTED DECLINE IN TURNOVER OF} ^{MORE
THAN 17% IN THE FIRST QUARTER OF 2006 OVER 4Q2005.}

^{RETAIL TRADE}

^{RETAIL SALES CHALKED UP 8.0% GROWTH IN 1Q2006, FELLING MARGINALLY FROM
THE 8.2%} ^{GROWTH IN 4Q2005. SALES OF MOTOR
VEHICLES ROSE BY 10% IN 1Q2006, HIGHER THAN THE} ^{8.5% GAIN IN THE
LAST QUARTER. EXCLUDING MOTOR VEHICLES, RETAIL SALES MODERATED} ^{TO
5.2% GROWTH, SLOWER THAN THE 7.8% RISE IN 4Q2005.}

^{ALL THE MAJOR SEGMENTS RECORDED GROWTH IN 1Q2006 OVER 1Q2005, WITH
GROWTH} ^{RANGING FROM 1.6% TO 18%. THE SEGMENTS
WERE TELECOMMUNICATIONS AND COMPUTERS,} ^{FOOD AND BEVERAGES, WEARING
APPAREL AND FOOTWEAR, OPTICAL GOODS AND BOOKS,} ^{PROVISION AND SUNDRY
SHOPS, DEPARTMENT STORES, SUPERMARKETS, MEDICAL GOODS AND} ^{TOILETRIES,
RECREATIONAL GOODS, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND} ^{JEWELLERY,
AND PETROL SERVICE STATIONS.}

^{A ROSY OUTLOOK FOR RETAILERS}

^{RETAIL SALES IN SINGAPORE ROSE IN JUNE FOR THE 16TH STRAIGHT MONTH AS AN} ^{IMPROVING JOB MARKET AND A RISE IN TOURIST ARRIVALS INCREASED
CONSUMER SPENDING.}

^{THE RETAIL SALES INDEX GREW BY 5.1% FROM A YEAR EARLIER AFTER EXPANDING
BY 13.1%} ^{IN MAY. EXCLUDING MOTOR VEHICLES,
RETAIL SALES GREW BY 7.8%.}

^AHEAD

^{WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE PERIOD ENDING
DECEMBER} ^{2006. THOSE DEALING IN FURNITURE &
FURNISHINGS, COSMETICS & TOILETRIES,} ^{JEWELLERY & WATCHES,
HOUSEHOLD ELECTRICAL APPLIANCES & EQUIPMENT, ELECTRONIC} ^{COMPONENTS,
SCIENITIFIC & PRECISION EQUIPMENT, ARE AMONG THOSE WHO ARE} ^{OPTIMISTIC
ABOUT THE BUSINESS OUTLOOK AHEAD.}

^{RETAILERS ALSO FORECAST BETTER BUSINESS SENTIMENTS FOR THE COMING MONTHS
ENDING} ^{DECEMBER 2006, WITH A NET BALANCE OF
22%, ESPECIALLY DEPARTMENT STORES AND} ^{RETAILERS OF WEARING APPAREL
AND FURNITURE & FURNISHINGS EXPECTING A POSITIVE} ^{BUSINESS
OUTLOOK FROM THE YEAR-END FESTIVE SHOPPING.}

^{EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE}

^{SINGAPORE DEPARTMENT OF STATISTICS}

^TODAY

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/normal.	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