MIRA INFORM REPORT

Report Date :

25.02.2008

IDENTIFICATION DETAILS

Name :	DINOWIC PTE LTD

Registered Office :	5 Shenton Way #19-08 UIC Building 068808

Country :	Singapore

Financials (as on) :	31.12.2005

Date of Incorporation :	01.11.1997

Com. Reg. No.:	199707495k

Legal Form :	Exempt Pte Ltd

Line of Business :	Trading In Steel/Stainless Steel

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

DINOWIC PTE LTD

Line Of Business

TRADING IN STEEL/STAINLESS STEEL

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$10,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : DINOWIC PTE LTD}

^{Former Name : -}

^{Business Address : 5 SHENTON WAY} ^#19-08 ^{UIC BUILDING}

^{Town : SINGAPORE}

^{Postcode : 068808}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6226 1191}

^{Fax :
6226 1131}

^{ROC Number :
199707495K}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte
Ltd}

^{Date Inc : 01/11/1997}

^{Previous Legal
Form : -}

^{Summary year :
31/12/2005}

^{Sales :
127,829,123}

^{Networth : 5,632,703}

^{Capital :
5,000,000}

^{Paid-Up Capital :
5,000,000}

^{Employees : 10}

^{Net result : 297,471}

^{Share value : 1}

^{AUDITOR : WU CHIAW CHING
& COMPANY}

^{BASED ON ACRA'S
RECORD}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED
ORDINARY 10,000,000 SGD 10,000,000.00}

^{PAID-UP
ORDINARY - SGD 10,000,000.00}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :
01/11/1997}

PRINCIPAL(S)

^{DINDAYAL S2690441B Director}

DIRECTOR(S)

^{WEE SOON
KENG S0241368Z Company Secretary}

^{Appointed on : 17/08/2001}

^{Street : 69C
SHELFORD ROAD}

^{WATTEN ESTATE}

^{Town :
SINGAPORE}

^{Postcode : 288465}

^{Country : Singapore}

^{DINDAYAL S2690441B Director}

^{Appointed on : 18/11/1997}

^{Street : 7 TANJONG RHU ROAD}

^#12-02

^{THE
WATERSIDE}

^{Town :
SINGAPORE}

^{Postcode : 436887}

^{Country : Singapore}

^{NAVNEET
DIDWANIA
S7079870J Director}

^{Appointed on : 05/04/2000}

^{Street : 110
TANJONG RHU ROAD}

^#06-05

^CAMELOT

^{Town :
SINGAPORE}

^{Postcode : 436928}

^{Country : Singapore}

^{GOENKA
DEEPALI
S7280969F Director}

^{Appointed on : 29/08/2005}

^{Street : 110
TANJONG RHU ROAD}

^#06-05

^CAMELOT

^{Town : SINGAPORE}

^{Postcode : 436928}

^{Country : Singapore}

ACTIVITY(IES)

^{HOLDING
COMPANIES
Code:11320}

^{IMPORTERS And
EXPORTERS
Code:11760}

^{STAINLESS
STEEL
Code:20150}

^{BASED ON ACRA'S
RECORD}

^{1) OTHER
INVESTMENT HOLDING COMPANIES}

^{2) GENERAL
WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{RAIFFEISEN
ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT}

^{THE TORONTO -
DOMINION BANK}

^{OVERSEA-CHINESE
BANKING CORPORATION LIMITED}

^{THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED}

^{DBS BANK LTD.}

SHAREHOLDERS(S)

^{NAVNEET
DIDWANIA
8,500,000 Private Person}

^{Street : 110 TANJONG RHU ROAD}

^#06-05

^CAMELOT

^{Town :
SINGAPORE}

^{Postcode : 436928}

^{Country : Singapore}

^{GOENKA
DEEPALI
1,500,000 Private Person}

^{Street : 110
TANJONG RHU ROAD}

^#06-05

^CAMELOT

^{Town :
SINGAPORE}

^{Postcode : 436928}

^{Country : Singapore}

FORMER SHAREHOLDER(S)

^{DINDAYAL
4,500,000}

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) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 21/07/2006}

^{Balance Sheet Date: 31/12/2005 31/12/2004
31/12/2003}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY
COMPANY}

^{--- ASSETS}

^{Tangible Fixed
Assets: 11,741 18,742
19,200}

^{Total Fixed Assets}^{: 11,741 18,742
19,200}

^{Inventories: 3,247,276 5,753,688 735,381}

^{Receivables: 9,073,659 7,997,656 3,909,098}

^{Cash,Banks,
Securitis: 4,215,536 1,705,705 403,322}

^{Other current assets: 48,603 12,911
12,719}

^{Total Current Assets}^{: 16,585,074 15,469,960
5,060,520}

^{TOTAL ASSETS:
16,596,815
15,488,702          5,079,720}

^{--- LIABILITIES}

^{Equity capital: 5,000,000 5,000,000 2,000,000}

^{Profit & loss
Account: 632,703 335,232 90,554}

^{Total Equity}^{: 5,632,703 5,335,232 2,090,554}

^{L/T deffered taxes: 2,348 2,626 -}

^{Total L/T Liabilities}^{: 2,348 2,626 -}

^{Trade Creditors: 7,961,860 8,098,999 2,946,796}

^{Prepay. & Def. charges:
12,209 66,454 8,294}

^{Provisions: 71,483 47,495 9,164}

^{Other Short term
Liab.: 2,916,212 1,937,896 24,912}

^{Total short term Liab}^{.: 10,961,764 10,150,844
2,989,166}

^{TOTAL LIABILITIES: 10,964,112 10,153,470 2,989,166}

^{--- PROFIT & LOSS ACCOUNT}

^{Net Sales 127,829,123 92,455,970 18,845,033}

^{Result of ordinary operations 1,185,012 736,266
95,385}

^{NET RESULT BEFORE
TAX: 373,012 294,799 95,385}

^{Tax : 75,541 50,121 9,164}

^{Net income/loss year: 297,471 244,678
86,221}

^{Interest Paid: 812,000 441,467 -}

^{Depreciation: 8,841 8,381 6,400}

^{Directors Emoluments: 151,490 122,040 -}

^{Wages and Salaries: 184,452 143,720 50,868}

^{Financial Income: 20,687 - -}

RATIOS

^{31/12/2005 31/12/2004 31/12/2003}

^{Turnover per
employee: 12782912.30 9245597.00 1884503.30}

^{Fin. Charges /
Turnover(%):0.01
0.00 0.00}

^{Stock / Turnover(%): 0.03 0.06 0.04}

^{Net Margin(%): 0.23 0.26 0.46}

^{Return on Equity(%): 5.28 4.59 4.12}

^{Return on Assets(%): 1.79 1.58 1.70}

^{Net Working capital: 5623310.00 5319116.00
2071354.00}

^{Cash Ratio: 0.38 0.17 0.13}

^{Quick Ratio: 1.21 0.96
1.44}

^{Current ratio: 1.51 1.52 1.69}

^{Receivables Turnover: 25.55 31.14 74.68}

^{Leverage Ratio: 1.95}^{1.90
1.43}

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

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

Inventory Turnover : (360*Inventories)/Net sales

Receivables Turnover : (Receivable*360)/Net sales

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

FINANCIAL COMMENTS

THE FINANCIAL STATEMENTS FOR THE YEAR 2005 IS OUTDATED. HENCE, THE FINANCIAL COMMENTS WILL NOT BE CONDUCTED. INSTEAD, AN ADVERSE CHECK ON THE DIRECTORS ARE MADE.

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 01/11/1997 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "DINOWIC PTE LTD".

THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 10,000,000 SHARES OF A VALUE OF S$10,000,000.

PRINCIPAL ACTIVITIES:

SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY

AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:

1) OTHER INVESTMENT HOLDING COMPANIES

2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)

DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF AN INVESTMENT HOLDING COMPANY AND GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS).

FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:

SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:

* TRADING IN STEEL/STAINLESS STEEL

PRODUCTS DEALINGS:

* PRIME, SECONDARY AND SCRAP STAINLESS STEEL

AUSTENITIC, FERRITIC AND MARTENSTIC GRADES

* STAINLESS STEEL IN COILS, SHEETS AND PLATES

IMPORT COUNTRIES:

* EUROPE AND NORTH AMERICA (MILLS AND SERVICE CENTERS)

MAIN MARKETS:

* WORLDWIDE

FROM THE TELE-INTERVIEW, THE FOLLOWING WAS

GATHERED:

NUMBER OF EMPLOYEES:

* COMPANY - 2006: LESS THAN 10

NO OTHER TRADE INFORMATION IS AVAILABLE

ATTEMPTS HAVE BEEN MADE TO RECONFIRM THE ABOVE TRADE INFORMATION AND OBTAINED OTHER INFORMATION ON 25/02/2008. HOWEVER, THE SUBJECT REFUSE TO RECONFIRM THE ABOVE TRADE INFORMATION AND DOES NOT REVEAL OTHER INFORMATION

REGISTERED AND BUSINESS ADDRESS:

5 SHENTON WAY

#19-08 UIC BUILDING

SINGAPORE 068808

- RENTED PREMISE

- OWNED BY UIC DEVELOPMENT (PTE) LTD

- DATE OF CHANGE OF ADDRESS: 27/08/2007

WEBSITE:

http://www.dinowic.com

EMAIL:

dinowic@pacific.net.sg

MANAGEMENT

THE DIRECTORS AT THE TIME OF THE REPORT ARE:

1) DINDAYAL, A SINGAPORE PERMANENT RESIDENT

- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.

2) NAVNEET DIDWANIA, A SINGAPORE PERMANENT RESIDENT

- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.

3) GOENKA DEEPALI, A SINGAPORE PERMANENT RESIDENT

- OTHER DIRECTORSHIP(S) IN OUR DATABASE:

OMNI GROWTH PTE. LTD.

ADVERSE ON DIRECTORS

DIRECTOR'S NAME: DINDAYAL ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE PROPERTY OWNERSHIP: OWNS 1 ANNUAL VALUE: S$91,800 CO-OWNER (S): NAVNEET DIDWANIA

DIRECTOR'S NAME: NAVNEET DIDWANIA

ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE PROPERTY OWNERSHIP: OWNS 1 ANNUAL VALUE: S$91,800 CO-OWNER (S): DINDAYAL

DIRECTOR'S NAME: GOENKA DEEPALI

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