MIRA INFORM REPORT

Report Date :

10.01.2008

IDENTIFICATION DETAILS

Name :	ACCUREX TECHNOLOGIES PTE LTD

Registered Office :	^{2 Jurong East Street 21, #02-158, Imm Building, Singapore -609601}

Country :	^Singapore

Financials (as on) :	31.07.2006

Date of Incorporation :	^06/08/1997

Com. Reg. No.:	^199705489H

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{Traders and Merchants of Electrical and Electronic Components and Accessories.}

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

ACCUREX TECHNOLOGIES PTE LTD

Line Of Business

^{TRADERS AND MERCHANTS
OF ELECTRICAL AND ELECTRONIC COMPONENTS AND ACCESSORIES.}

Parent Company

Financial Elements

FY 2006

COMPANY

Sales : S$22,685,997

Networth : S$ 1,003,538

Paid-Up Capital : S$ 300,000

Net result : S$ 335,392

Net Margin(%) : 1.48

Return on Equity(%) : 33.42

Leverage Ratio : 7.44

COMPANY IDENTIFICATION

^{Subject
Company : ACCUREX TECHNOLOGIES PTE LTD}

^{Former Name :
-}

^{Business Address : 2 JURONG EAST STREET 21}

^#02-158

^{IMM BUILDING}

^{Town :
SINGAPORE}

^{Postcode : 609601}

^{County :
-}

^{Country :
Singapore}

^{Telephone
: 6560
0386/65643897}

^{Fax :
6560 6638/65620412}

^{ROC Number :
199705489H}

^{Reg. Town : -}

SUMMARY

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

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

^{Date Inc. :}^06/08/1997

^{Previous Legal Form : -}

^{Summary year :}^31/07/2006

^{Sales :}^22,685,997

^{Networth :}^1,003,538

^{Capital :
-}

^{Paid-Up Capital :}^300,000

^{Employees :
10}

^{Net result :}^335,392

^{Share value :
-}

^{Auditor :}^{K Y CHIK & ASSOCIATES}

^{BASED ON ACRA'S
RECORD AS AT 14/03/2007}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED
ORDINARY 350,000 SGD 350,000.00}

^{PAID-UP
ORDINARY - SGD 350,000.00}

REFERENCES

^{Protested Bills :
NO}

^{Litigation : No}

^{Company status : TRADING}

^{Started :
06/08/1997}

PRINCIPAL(S)

^{GAURAVARAM NAVALUR
VISHALAKSHI S2637143J Director}

DIRECTOR(S)

^{NARAYAN GUPTHA
HARINATH A0266332 Director}

^{Appointed on
: 06/08/1997}

^{Street : 71/4
EBRAHIM SAHIB STREET}

^{Town: BANGALORE}

^{Postcode: 560001}

^{Country: India}

^{GAURAVARAM NAVALUR
VISHALAKSHI S2637143J Director}

^{Appointed on
: 06/08/1997}

^{Street : 41
JURONG EAST AVENUE 1}

^#03-01

^{PARC OASIS}

^{Town: SINGAPORE}

^{Postcode: 609777}

^{Country: Singapore}

^{TENG SEOK GOH S2010054J Company Secretary}

^{Appointed on
: 06/08/1997}

^{Street : 17
JUBILEE ROAD}

^{Town: SINGAPORE}

^{Postcode: 128549}

^{Country: Singapore}

ACTIVITY(IES)

^{TRADING
COMPANIES
Code:22190}

^{ELECTRONIC
COMPONENTS
Code:7605}

^{ELECTRICAL
ACCESSORIES-WHSLE And MFRS Code:7567}

^{BASED ON ACRA'S
RECORD AS AT 07/01/2008}

^{1) WHOLESALE OF
ELECTRONIC COMPONENTS}

^{2) BUSINESS
MANAGEMENT AND CONSULTANCY SERVICES}

CHARGES

^{Comments : CHARGE
NO: C200605254 (DISCHARGED - 28/09/2006)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): STANDARD CHARTERED BANK}

^{Date: 03/04/2007}

^{Comments : CHARGE
NO: C200702536}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

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

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UNITED OVERSEAS
BANK LIMITED}

ASSOCIATED COMPANY(IES)

^{NUCLEUS INDIA PTE LTD}

^Singapore

SHAREHOLDERS(S)

^{NARAYAN GUPTHA
HARINATH
60,000 Private Person}

^{Street : 71/4
EBRAHIM SAHIB STREET}

^{Town: BANGALORE}

^{Postcode: 560001}

^{Country: India}

^{GAYATHRI
RAMESH 75,000 Private Person}

^{Street : 50,
2ND CROSS GAVIPURAM EXTN}

^{Town: BANGALORE}

^{Postcode: 560019}

^{Country: India}

^{DONTHI NAGARAJA
RAMESH BABU
90,000 Private Person}

^{Street : NO
50 II CROSS}

^{GAVIPURAM EXTENSION}

^{Town: BANGALORE}

^{Postcode: 560019}

^{Country: India}

^{GAURAVARAM NAVALUR
VISHALAKSHI
125,000 Private Person}

^{Street : 41
JURONG EAST AVENUE 1}

^#03-01

^{PARC OASIS}

^{Town: SINGAPORE}

^{Postcode: 609777}

^{Country: Singapore}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend :
UPWARD}

^{Financial
Situation : AVERAGE}

FINANCIAL ELEMENTS

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

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

^{Date
Account Lodged:
12/10/2007}

^{Balance
Sheet Date:
31/07/2006
31/07/2005}

^{Number
of weeks:
52 52}

^{Consolidation
Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Tangible
Fixed Assets:
11,611
15,876}

^{Investments 49,000 49,000}

^{Total Fixed Assets: 60,611 64,876}

^{Inventories: 2,831,352 1,494,506}

^{Receivables: 5,163,301 3,002,192}

^{Cash,Banks,
Securitis: 376,577 616,455}

^{Other
current assets: 39,873 106,154}

^{Total Current Assets: 8,411,103 5,219,307}

^{TOTAL ASSETS: 8,471,714 5,284,183}

^{--- LIABILITIES ---}

^{Equity
capital:
300,000
300,000}

^{Profit
& lost Account: 703,538 368,146}

^{Total Equity: 1,003,538 668,146}

^{L/T
deffered taxes:
2,000
2,000}

^{Total L/T Liabilities: 2,000 2,000}

^{Trade
Creditors:
6,044,248
3,486,892}

^{Prepay.
& Def. charges:
200,000 200,000}

^{Advanced
payments:
126,199
11,602}

^{Provisions: 114,823 58,637}

^{Other
Short term Liab.:
980,906
856,906}

^{Total short term Liab.: 7,466,176 4,614,037}

^{TOTAL LIABILITIES: 7,468,176 4,616,037}

^{PROFIT
& LOSS ACCOUNT}

^{Net
Sales
22,685,997
18,317,295}

^{NET
RESULT BEFORE TAX: 397,492 149,934}

^{Tax
:
62,100
54,400}

^{Net
income/loss year:
335,392 95,534}

^{Depreciation: 7,714 9,087}

^{Directors
Emoluments:
200,000
200,000}

^{Wages
and Salaries:
87,674
77,526}

^{Financial
Income:
629
998}

RATIOS

^{31/07/2006 31/07/2005}

^{Turnover per
employee: 2268599.70 1831729.50}

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

^{Stock /
Turnover(%): 0.12 0.08}

^{Net Margin(%): 1.48 0.52}

^{Return on
Equity(%): 33.42 14.30}

^{Return on
Assets(%): 3.96 1.81}

^{Net Working capital: 944927.00 605270.00}

^{Cash Ratio: 0.05 0.13}

^{Quick Ratio: 0.74 0.78}

^{Current ratio: 1.13
1.13}

^{Receivables
Turnover: 81.94 59.00}

^{Leverage
Ratio: 7.44 6.91}

^{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

^{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 50.20% AND AMOUNTED TO S$1,003,538 (2005:
S$668,146). THIS WAS ATTRIBUTED TO A RISE IN RETAINED PROFITS BY 91.10% TO
S$703,538 (2005: S$368,146).}

^LEVERAGE:

^{IN THE SHORT-TERM,
SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 80.96% (2005:
75.57%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$6,044,248 (2005:
S$3,486,892). TRADE CREDITORS CONSISTED OF THE FOLLOWING:}

^{* RELATED COMPANIES (TRADE) - 2006: S$1,422,724
(2005: S$1,314,474)}

^{* THIRD PARTIES (TRADE) - 2006: S$4,621,524 (2005: S$2,172,418)}

^{IN ALL, LEVERAGE
RATIO ROSE TO 7.44 TIMES (2005: 6.91 TIMES) AS A RESULT OF A GREATER RISE IN TOTAL
LIABILITY THAN TOTAL EQUITY. A LOWER RATIO WOULD BE MORE DESIRABLE AS THE LOWER
THE RATIO, THE GREATER THE FINANCIAL SAFETY AND OPERATING FREEDOM FOR THE
COMPANY.}

^LIQUIDITY:

^{IN GENERAL,
SUBJECT'S LIQUIDITY SITUATION WAS CONSIDERED HEALTHY AS SEEN FROM NET WORKING
CAPITAL ROSE BY 56.12% AND AMOUNTED TO S$944,927 (2005: S$605,270). CURRENT
RATIO REMAIN STABLE AT 1.13 TIMES WHILE QUICK RATIO FELL BY 0.74 TIMES (2005:
0.78 TIMES).}

^{CASH AND CASH
EQUIVALENTS FELL BY 38.91% AND AMOUNTED TO S$376,577 (2005: S$616,455).}

^{PROFITABILITY:}

^{SUBJECT POSTED AN
INCREASE IN REVENUE OF 23.85% WHICH AMOUNTED TO S$22,685,997 (2005:
S$18,317,295). SIMILARLY, NET PROFIT
ROSE BY 2.51 TIMES WHICH AMOUNTED TO S$335,392 (2005: S$95,534). THIS COULD BE
DUE TO THE INCREASE OF CHANGES IN INVENTORIES BY 80.00% AND AMOUNTED TO
S$1,431,756 (2005: S$795,414). AS A RESULT, NET MARGIN ROSE TO 1.48% (2005:
0.52%).}

^{DEBT
SERVICING:}

^{DEBT SERVICING
PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED OR
IMPROVED AND PAYMENTS BY TRADE DEBTORS ARE FORTHCOMING. IT WAS NOTED THAT
AVERAGE COLLECTION PERIOD HAS LENGTHENED TO 82 DAYS (2005: 59 DAYS).}

^{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 06/08/1997 AS A LIMITED EXEMPT
PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE OF "ACCUREX
TECHNOLOGIES PTE LTD".}

^{AS AT 07/01/2008,
SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 350,000 SHARES OF A VALUE OF
S$350,000.}

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

^{1) WHOLESALE OF
ELECTRONIC COMPONENTS}

^{2) BUSINESS
MANAGEMENT AND CONSULTANCY SERVICES}

^{THE COMPANY WAS
LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF:
ELECTRONIC COMPONENTS}

^{DURING THE
FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE THOSE OF
TRADERS AND MERCHANTS OF ELECTRICAL AND ELECTRONIC COMPONENTS AND ACCESSORIES.}

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

^{SUBJECT IS THE
INTERNATIONAL PROCUREMENT OFFICE OF HYNETIC ELECTRONICS PVT. LTD. INCORPORATED
IN INDIA.}

^ACTIVITIES:

^{* DESIGN AND PRODUCTION OF LOW AND MEDIUM
VOLUME REQUIREMENT CUSTOMISED AC-DC. DC-DC CONVETER, INVETERS, SMPS.}

^{* PROVIDE COMPLETE DESIGN AND KITING COLOUR
TELEVISION}

^{PRODUCTS AND
SERVICES:}

^{* ELECTRONIC COMPONENTS}

^{* ELECTRONIC COMPONENTS & SERVICES}

^{* INPUT/OUTPUT MODULES}

^{* INTEGRATED CIRCUITS}

^{* INTEGRATED CIRCUITS, EQUIPMENT &
SERVICES}

^{* MODULES}

^{* TRANSISTORS}

^{MAIN MARKETS:}

^{* NORTH AMERICA}

^{* SOUTH AMERICA}

^{* WESTERN EUROPE}

^{* EASTERN EUROPE}

^{* EASTERN ASIA}

^{* SOUTHEAST ASIA}

^{* MID EAST}

^{* AFRICA}

^{* OCEANIA}

^{LIST OF
MANUFACTURERS:}

^{* TELECOM AND BROADBAND}

^{- APAC OPTO
ELECTRONICS INC.}

^{- BOURNS, INC}

^{- BROADCOM
CORPORATION}

^{- KVG}

^{- RHOMBUS
INDUSTRIES INC.}

^{- SPACE SHUTTLE HI
- TECH CO., LTD.}

^{- TELTONE
CORPORATION}

^{- TERIDIAN
SEMICONDUCTOR CORPORATION}

^{- VALPEY FISHER
CORPORATION}

^{- VIKING
INTERWORKS}

^{- YCL ELECTRONICS
CO., LTD.}

^{* EMBEDDED SYSTEMS}

^{- DIGI
INTERNATIONAL}

^{- FASTRAX LTD.}

^{- FS FORTH-SYSTEME}

^{- NETSILICON, INC.}

^{- RENESAS
TECHNOLOGY CORPORATION}

^{- SARANTEL}

^{- SILICON
LABORATORIES}

^{- U-NAV
MICROELECTRONICS}

^{- YITRAN
COMMUNICATIONS LTD}

^{* POWER CONVERSION}

^{- C&D
TECHNOLOGIES}

^{- FUJITSU
COMPONENTS ASIA PTE LTD}

^{- ISOCOM, INC}

^{- MICREL}

^{- MITSUBISHI ELECTRIC
SEMICONDUCTOR GROUP}

^{- POWER
INTEGRATIONS INC}

^{- STEWARD}

^{- THINKING
ELECTRONIC INDUSTRIAL CO LTD}

^{- VICOR
CORPORATION}

^{- ZETEX}

^{* GENERAL SEMICONDUCTOR DISTRIBUTION}

^{- FARNELL INONE}

^{FROM THE TELE-INTERVIEW
CONDUCTED ON 10/01/2008, SUBJECT HAS 10 EMPLOYEES. NO OTHER TRADE INFORMATION
WAS AVAILABLE.}

^{NUMBER OF
EMPLOYEES (31 JULY):}

^{* 2006 -
5}

^{* 2005 - NOT AVAILABLE}

^{* 2004 - NOT AVAILABLE}

^{* 2003 - 2}

^{* 2002 - 3}

^{* 2001 - 3}

^{REGISTERED AND BUSINESS
ADDRESS:}

^{2 JURONG EAST
STREET 21}

^#02-158

^{IMM BUILDING}

^{SINGAPORE 609601}

^{DATE OF CHANGE OF
ADDRESS: 02/01/2001}

^{- RENTED PREMISE}

^{- PREMISE OWNED
BY: CAPITAMALL TRUST}

^{WEBSITE:
www.hynetic.com (HYNETIC'S WEBSITE)}

^{EMAIL: vishi@accurex.com.sg}

MANAGEMENT

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

^{1) NARAYAN GUPTHA
HARINATH, AN INDIAN}

^{- BASED IN INDIA}

^{2) GAURAVARAM
NAVALUR VISHALAKSHI SAILESH, A SINGAPORE PERMANENT RESIDENT}

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

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

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

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

MIRA INFORM REPORT

Subject Company

Line Of Business

Parent Company

Financial Elements

FY 2006

COMPANY IDENTIFICATION

SUMMARY

REFERENCES

PRINCIPAL(S)

DIRECTOR(S)

ACTIVITY(IES)

CHARGES

PREMISES/PROPERTY INFORMATIONS

BANKERS

ASSOCIATED COMPANY(IES)

SHAREHOLDERS(S)

PAYMENT HISTORY AND EXPERIENCES

FINANCIAL ELEMENTS

RATIOS

FINANCIAL COMMENTS

BACKGROUND/OPERATION

MANAGEMENT

- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE

Singapore’s Country Rating 2007

WHOLESALE AND RETAIL TRADE SECTOR

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