MIRA INFORM REPORT

Report Date :

26.02.2008

IDENTIFICATION DETAILS

Name :	MIDEASTERN MARKETING

Formerly Known As :	^{KASKADIERT INTERNATIONAL}

Registered Office :	^{20G Neram Crescent}

Country :	Singapore

Date of Incorporation :	^09.10.2006

Com. Reg. No.:	^53078473D

Legal Form :	^{Sole Proprietor}

Line of Business :	^{Manufacture of Other Refined Petroleum Products}

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	New Concern

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

MIDEASTERN MARKETING

Line Of Business

^{MANUFACTURE
OF OTHER REFINED PETROLEUM PRODUCTS.}

Parent Company

Financial Elements

Sales : N/A

Networth : N/A

Paid-Up Capital : N/A

Net result : N/A

Net Margin(%) : N/A

Return on Equity(%) : N/A

Leverage Ratio : N/A

COMPANY IDENTIFICATION

^{Subject
Company : MIDEASTERN
MARKETING}

^{Former
Name : KASKADIERT INTERNATIONAL}

^{Business
Address : 20G NERAM
CRESCENT}

^{Town :
SINGAPORE}

^{Postcode :
807848}

^{County :}

^{Country :
Singapore}

^{Telephone :
9296 1356}

^{Fax :
6406 9897}

^{ROC
Number : 53078473D}

^{Reg.
Town :}

PREVIOUS IDENTIFICATION

^{KASKADIERT
INTERNATIONAL DATE OF CHANGE
OF NAME: 22/11/2006 EXCEL}

SUMMARY

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

^{Legal Form :}^{Sole
Proprietor}

^{Date Inc. :}^09/10/2006

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :}^-

^{Networth : -}

^{Capital :
-}

^{Paid-Up Capital : -}

^{Employees : -}

^{Net result :}^-

^{Share value : -}

^{Auditor :
-}

REFERENCES

^{Litigation : No}

^{Company
status : TRADING}

^{Started
:
10/10/2006}

PRINCIPAL(S)

^{AMIT
SAWHNEY S/O SANJAY SAWHNEY
S8430395Z Manager}

DIRECTOR(S)

^{AMIT
SAWHNEY S/O SANJAY SAWHNEY
S8430395Z Manager}

^{Appointed
on : 09/10/2006}

^{Street : 20G
NERAM CRESCENT}

^{Town : SINGAPORE}

^{Postcode : 807848}

^{Country : Singapore}

ACTIVITY(IES)

^{PETROLEUM
PRODUCTS
Code:16350}

^{BASED
ON ACRA'S RECORD}

^{1)
MANUFACTURE OF OTHER REFINED PETROLEUM PRODUCTS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{AMIT
SAWHNEY S/O SANJAY SAWHNEY Proprietor}

^{Street
: 20G NERAM CRESCENT}

^{Town: SINGAPORE}

^{Postcode: 807848}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade
Morality :
UNKNOWN}

^{Liquidity
: UNKNOWN}

^{Payments
: UNKNOWN}

^{Trend
:
UNKNOWN}

^{Financial
Situation : UNKNOWN}

FINANCIAL COMMENTS

^{NEWLY-SET
UP COMPANY}

^{SUBJECT
BEING NEWLY INCORPORATED AND HAS YET TO FILE IN ITS FIRST SET} ^{OF ACCOUNTS.
A NEWLY INCORPORATED COMPANY HAS UP TO 18 MONTHS FROM THE} ^{DATE OF
INCORPORATION TO FILE IN ITS FIRST SET OF ACCOUNTS.}

^{SOLE-PROPRIETORSHIP} ^{BEING A SOLE
PROPRIETORSHIP BUSINESS, THERE IS NO OBLIGATIONS ON THE} ^{PART OF THE
OWNER 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 09/10/2006} ^{AND COMMENCED
BUSINESS ON 10/10/2006 AS A SOLE PROPRIETORSHIP AND IS} ^{TRADING UNDER
THE NAMESTYLE AS "EXCEL MANUFACTURING".}

^{ON
22/11/2006, SUBJECT CHANGED TO ITS PRESENT NAMESTYLE OF "KASKADIER} ^{INTERNATIONAL".}

^{SUBSEQUENTLY
ON 22/11/2006, SUBJECT CHANGED TO ITS PRESENT NAMESTYLE} ^{OF
"MIDEASTERN MARKETING".}

^{THE
BUSINESS LICENCE WAS RENEWED ON 01/08/2007 AND WILL EXPIRE ON} ^08/10/2008.

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT
IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY} ^{AUTHORITY (ACRA)
TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{(1)
MANUFACTURE OF OTHER REFINED PETROLEUM PRODUCTS}

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

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

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

^{REGISTERED
AND BUSINESS ADDRESS:}

^{20G
NERAM CRESCENT}

^{SINGAPORE
807848}

^{DATE
OF CHANGE OF ADDRESS: 09/10/2006}

^{-
PROPERTY RECORD WAS NOT AVAILABLE}

^WEBSITE:
-

^{EMAIL : -}

MANAGEMENT

^{THE
OWNER AT THE TIME OF THIS REPORT IS:}

^{1)
AMIT SAWHNEY S/O SANJAY SAWHNEY, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{OWNER'S
NAME: AMIT SAWHNEY S/O SANJAY SAWHNEY} ^{ADVERSE REPORT AGAINST OWNER: 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.

MANUFACTURING SECTOR

PAST PERFORMANCE

THE MANUFACTURING SECTOR GREW BY 10.0% IN 3Q 2007, UP FROM 8.3% IN 2Q 2007. GROWTH WAS MAINLY DUE TO THE BIOMEDICAL MANUFACTURING CLUSTER, FOLLOWED BY THE TRANSPORT ENGINEERING, ELECTRONICS AND CHEMICALS CLUSTERS. THE PRECISION ENGINEERING CLUSTER CONTINUED TO REMAIN WEAK.

WITH THE EXPANSIONS IN THE PHARMACEUTICALS AND AND MEDICAL TECHNOLOGY SEGMENTS, THE BIOMEDICAL MANUFACTURING CLUSTER GREW 29.0%, FASTER THAN THE 11.0% IN 2Q 2007.

THE PHARMACEUTICAL SEGMENT ROSE BY A SUBSTANTIAL 28.0% WITH INCREASED PRODUCTION OF SEVERAL VARIETIES OF ACTIVE PHARMACEUTICAL INGREDIENTS. THE MEDICAL TECHNOLOGY SEGMENT REGISTERED HIGHER GROWTH OF 39%, AS EXPORT DEMAND CONTINUED TO BOOST THE MANUFACTURE OF MEDICAL DEVICES AND APPLIANCES.

THE TRANSPORT ENGINEERING CLUSTER ROSE BY 18.0%, COMPARED TO 31.0% IN 2Q 2007. THE MARINE AND OFFSHORE ENGINEERING SEGMENT REGISTERED A RISE IN OUTPUT BY 24.0%, WITH LOCAL SHIPYARDS ENGAGING ON A NUMBER OF SHIP-BUILDING, SHIP REPAIRING AND SHIP CONVERSION PROJECTS. SOME OF WHICH ARE DUE FOR DELIVERY IN 2008. LIKEWISE, ACTIVITY IN OIL RIG FABRICATION CONTINUED TO GROW AT A STRONG PACE. THE AEROSPACE SEGMENT GREW 7.2%, BOOSTED BY THE INCREASED DEMAND FOR COMMERCIAL AIRCRAFT REPAIRS. THE LAND TRANSPORT SEGMENT ROSE BY 18.0% TO MEET OVERSEAS ORDERS FOR VEHICLE PARTS.

THE ELECTRONICS CLUSTER ROSE BY 4.0%, UP FROM 1.3% IN 2Q 2007. THE PRODUCTION OF SEMICONDUCTORS GREW 9.3% WITH INCREASED PRODUCTION OF DRAMS AND CHIPS FOR WIRELESS PRODUCTS, WHILE THE DATA STORAGE SEGMENT ROSE BY 8.0%, AS HIGHER OUTPUT OF DISK MEDIA PRODUCTS COMPENSATED FOE THE LOWER OUTPUT OF DISK DRIVES, AND AS A RESULT, REVERSING SIX QUARTERS OF DECLINE.

THE CHEMICALS CLUSTER EXPANDED BY 2.6% IN 3Q 2007, SLIGHTLY LOWER THAN 3.0% IN THE PREVIOUS QUARTER. THE PETROCHEMICALS AND SPECIALTY CHEMICALS SEGMENT ROSE BY 13.0% AND 3.8% RESPECTIVELY, WHILE THE PETROLEUM SEGMENT FELL BY 4.2% ARISING FROM

MAINTENANCE SHUTDOWNS IN JULY AND AUGUST.

ALTHOUGH THE PRECISION ENGINEERING CLUSTER DECLINED BY 0.3%, ITS PERFORMANCE IMPROVED FROM THE 1.4% DECLINE IN 2Q 2007. THE OUTPUT EXPANSION OF 6.3% IN THE MACHINERY AND SYSTEMS SEGMENT WAS OFFSET BY THE CONTRACTION OF 4.6% IN THE PRECISION MODULES AND COMPONENTS SEGMENT. THIS WAS ATTRIBUTED TO SLUGGISH DEMAND FOR PRECISION COMPONENTS, METAL STAMPINGS AND BEARINGS.

GROWTH IN THE GENERAL MANUFACTURING INDUSTRIES MODERATED TO 5.9%, AFTER EXPANDING BY 8.4% IN 2Q 2007. THE FOOD, BEVERAGES AND TOBACCO INDUSTRIES SEGMENT CONTINUED TO IMPROVE, WITH A 11% INCREASE IN OUTPUT, WHILE THE PRINTING INDUSTRIES GREW BY A MORE MODEST 2.8%.

OUTLOOK

THE MANUFACTURING SECTOR EXPRESS POSITIVE SENTIMENTS IN THE MONTHS ENDING MARCH 2008. A NET WEIGHTED BALANCE OF 25% OF MANUFACTURERS FORECASTS BETTER BUSINESS CONDITIONS, SLIGHTLY HIGHER THAN THE 22.0% RECORDED IN 2Q 2007 AND 3Q 2006.

THE ELECTRONICS CLUSTER IS OPTISMTIC WITH A NET WEIGHTED BALANCE OF 33% OF FIRMS EXPECTING BETTER BUSINESS AHEAD, SIMILAR TO THE 34% RECORDED IN 2Q 2007. THOSE INVOLVED IN THE MANUFACTURING OF COMPUTER PERIPHERALS AND INFOCOMMS AND CUSTOMER ELECTRONICS EXPECT OUTPUT AND EXPORTS TO RISE DUE TO NEW PRODUCT LAUNCHES AND THE YEAR-END FESTIVE SEASON. SEMICONDUCTOR PRODUCTS EXPECT HIGHER OUTPUT AND ORDER INTAKES IN 4Q 2007 COMPARED TO 3Q 2007.

IN THE TRANSPORT ENGINEERING CLUSTER, A NET WEIGHTED BALANCE OF 33.0% OF FIRMS EXPECTS THE BUSINESS CLIMATE TO IMPROVE IN THE MONTHS ENDING MARCH 2008, BETTER THAN THE 25% OBSERVED IN 2Q 2007. THE MARINE AND OFFSHORE ENGINEERING SEGMENT FORESEES GLOBAL DEMAND FOR OIL RIGS, OILFIELD EQUIPMENT, AND SHIP CONVERSION AND REPAIRING ACTIVITIES TO CONTINUE TO RISE. PRODUCTION IS EXPECTED TO REMAIN THE SAME AS 3Q 2007 FOR AEROSPACE AND LAND TRANSPORT SEGMENTS.

IN THE CHEMICALS CLUSTER, A NET WEIGHTED BALANCE OF 22.0% OF FIRMS EXPECTS THE BUSINESS CLIMATE TO IMPROVE, COMPARED WITH 2% IN 2Q 2007. THE PETROCHEMICALS, SPECIALTIES AND OTHER CHEMICALS SEGMENTS FORECAST AN INCREASE IN PRODUCTION FOR 4Q 2007, ABOVE 3Q 2007. THIS IS ATTRIBUTED TO YEAR-END SEASONAL EFFECTS AND SEVERAL RESUMPTIONS TO NORMAL PRODUCTION FOLLOWING MAINTENANCE SHUTDOWNS IN 3Q 2007.

THE BIOMEDICAL MANUFACTURING CLUSTER IS POSITIVE ABOUT THE BUSINESS OUTLOOK.

A NET WEIGHTED BALANCE OF 22.0% OF FIRMS EXPECT BRISK BUSINESS IN THE COMING MONTHS, COMPARED TO 10.0% IN 3Q 2007. THIS IS DESPITE AN ANTICIPATED DECLINE IN PRODUCTION IN 4Q 2007 COMPARED TO 3Q 2007 IN THE PHARMACEUTICAL AND MEDICAL TECHNOLOGY SEGMENTS.

IN THE PRECISION ENGINEERING CLUSTER, A NET WEIGHTED BALANCE OF 11% OF FIRMS FORECASTS POSITIVE BUSINESS CONDITIONS, SIMILAR TO THE 12.0% RECORDED IN 3Q 2007.

THE MACHINERY AND SYSTEMS SEGMENT IS MORE OPTIMISTIC DUE TO THE BOOMING CONSTRUCTION SECTOR AND AN ANTICIPATED RECOVERY IN THE SEMICONDCUTOR INDUSTRY. PRODUCTION IS EXPECTED TO REMAIN STABLE IN THE PRECISION MODULES AND COMPONENTS SEGMENT.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

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