MIRA INFORM REPORT

Report Date :

22.01.2008

IDENTIFICATION DETAILS

Name :	ABHUSHAN (S) PTE LTD

Registered Office :	320 Serangoon Road, #04-52a, Serangoon Plaza, Singapore , 218108, Singapore

Country :	Singapore

Financials (as on) :	31.03.2006

Date of Incorporation :	02.10.1998

Legal Form :	Exempt Pte Ltd

Line of Business :	Importers and Exporters, Wholesalers and Retailers of Gold, Gold Jewellery and Accessories

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor

Payment Behaviour :	Usually Correct

Litigation :	Clear

Company Name

ABHUSHAN (S) PTE LTD

Line Of Business

IMPORTERS AND EXPORTERS, WHOLESALERS AND RETAILERS OF GOLD, GOLD JEWELLERY AND ACCESSORIES

Parent Company

Financial Elements

FY 2006

COMPANY

Sales : S$8,983,729

Networth : S$-22,899

Paid-Up Capital : S$5,000

Net result : S$-59,817

Net Margin(%) : -0.67

Return on Equity(%) : 261.22 (NOTE: POSITIVE ROE DUE TO OFF SET OF NEGATIVE EARNINGS AND

NEGATIVE TOTAL EQUITY)

Leverage Ratio : -63.35

Rating

Credit Rating : Up to Sing $ 10 000

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

Subject Company : ABHUSHAN (S) PTE LTD

Former Name : -

Business Address : 320 SERANGOON ROAD, #04-52A, SERANGOON PLAZA

Town : SINGAPORE

Postcode : 218108

County : -

Country : Singapore

Telephone : 6297 6634

Fax : 6297 0224

ROC Number : 199804804W

Reg. Town : -

SUMMARY

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

Legal Form : Exempt Pte Ltd

Date Inc. : 02/10/1998

Previous Legal Form : -

Summary year : 31/03/2006

Sales : 8,983,729

Net worth : -22,899

Capital : -

Paid-Up Capital : 5,000

Employees : Not Available

Net result : -59,817

Share value : -

Auditor : NATARAJAN & SWAMINATHAN

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
02/10/1998}

PRINCIPAL(S)

^{PREM BEER SINGH F5641716T Director}

DIRECTOR(S)

^{DR SANJAY JADHAV A4507853 Director}

Appointed on : 29/11/2000

Street : FLAT NO 217 SNOOKER POINT BUILDING, UMM HURAIR BUR DUBAI

Town : DUBAI

Postcode : -

Country : United Arab Emirates

PRASENKIT SEN E4747701 Director

Appointed on : 30/08/2004

Street : 5/1F BIR ANANTARAM MONDAL, LANE KOLKATA 50

Town : -

Postcode : -

Country : India

PREM BEER SINGH F5641716T Director

Appointed on : 29/11/2000

Street : 3 OXFORD ROAD, #06-08, KENTISH LODGE

Town : SINGAPORE

Postcode : 218814

Country : Singapore

PREM BEER SINGH F5641716T Company Secretary

Appointed on : 24/12/2003

Street : 3 OXFORD ROAD, #06-08, KENTISH LODGE

Town : SINGAPORE

Postcode : 218814

Country : Singapore

HARSHADRAI KOTHARI Z1632305 Director

Appointed on : 27/04/2002

Street : 265 BEPIN BEHARI GANGULY ST, 4TH FL KOLKATA

Town : KOLKATA

Postcode : 700012

Country : India

ACTIVITY(IES)

^{JEWELLERS - WHSLE Code:12280}

^{TRADING COMPANIES Code:22190}

^{BASED ON ACRA'S RECORD AS AT 31/10/2006}

^{1) RETAIL SALE OF JEWELLERY;}

^{WHOLESALE & RETAILER TRADING IN GOLD
JEWELLERY & OTHER JEWELLERY}

CHARGES

^{Date :
14/02/2003}

^{Comments :
CHARGE NO :
C200300603}

^{AMOUNT SECURED : 0.00 AND
ALL MONIES OWING}

^{CHARGEE(S) :
THE BANK OF NOVA SCOTIA}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{THE BANK OF NOVA SCOTIA}

^{UNITED OVERSEAS BANK LIMITED}

SHAREHOLDERS(S)

DR SANJAY JADHAV 2,500 Private Person

Street : FLAT NO 217 SNOOKER POINT BUILDING, UMM HURAIR BUR DUBAI

Town : DUBAI

Postcode : -

Country : United Arab Emirates

PAREKH KAMLESH SHAILENDRA 2,500 Private Person

Street : 317 SILVER SAND 1, BUR DUBAI DUBAI

Town : DUBAI

Postcode : -

Country : United Arab Emirates

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : LACKING}

^{Payments :
REGULAR}

^{Trend :
DOWNWARD}

^{Financial Situation : BAD}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: GOING CONCERN QUALIF
GOING CONCERN QUALIF}

^{Date Account Lodged: 17/10/2006}

^{Balance Sheet Date: 31/03/2006 31/03/2005}

^{Number of weeks: 52 52}

^{Consolidation
Code: COMPANY COMPANY}

ASSETS

^{Tangible Fixed Assets: 12,018 24,589}

^{Total Fixed Assets}^{: 12,018
24,589}

^{Inventories: 532,178 680,558}

^{Receivables: 661,668 967,712}

^{Cash,Banks, Securitis: 145,566 328,921}

^{Other current assets: 76,386 123,374}

^{Total Current Assets}^{: 1,415,798 2,100,565}

^{TOTAL ASSETS:
1,427,816
2,125,154}

LIABILITIES

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

^{Profit & loss Account: -27,899 31,918}

^{Total Equity: -22,899 36,918}

^{Trade Creditors: 1,382,429 1,848,621}

^{Prepay.
& Def. charges:
6,600
6,100}

^{Provisions: 250 154}

^{Other Short term Liab.: 61,436 233,361}

^{Total short term Liab}^{.:
1,450,715
2,088,236}

^{TOTAL LIABILITIES:
1,450,715
2,088,236}

PROFIT & LOSS ACCOUNT

^{Net Sales 8,983,729 9,900,369}

^{Purchases,Sces & Other Goods: 8,881,035 9,750,892}

^{Gross Profit: 102,694 149,477}

^{NET RESULT BEFORE TAX: -59,767 15,221}

^{Tax: 50 -70}

^{Net income/loss year: -59,817 15,091}

^{Depreciation: 13,520 13,204}

RATIOS

^{31/03/2006 31/03/2005}

^{Net result / Turnover(%): -0.01 0.00}

^{Stock / Turnover(%): 0.06 0.07}

^{Net Margin(%): -0.67 0.15}

^{Return on Equity(%): 261.22 40.88}

^{Return on Assets(%): -4.19 0.71}

^{Net Working capital: -34917.00 12329.00}

^{Cash Ratio: 0.10 0.16}

^{Quick Ratio: 0.56 0.62}

^{Current ratio: 0.98 1.01}

^{Receivables Turnover: 26.51 35.19}

^{Leverage Ratio: -63.35 56.56}

^{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

^{AUDITORS REPORT}

^{THE COMPANY INCURRED A LOSS AFTER TAX OF
S$59,817 DURING THE FINANCIAL} ^{YEAR. AS AT THAT DATE, THE TOTAL LIABILTIES EXCEEDED ITS TOTAL
ASSETS} ^{BY S$22,899 AND ITS CURRENT LIABILTIES EXCEEDED ITS CURRENT
ASSETS BY} ^{S$34,917. THE FINANCIAL STATEMENTS HAVE BEEN PREPARED ON A
GOING} ^{CONCERN BASIS ON THE ASSUMPTION THAT FINANCIAL SUPPORT FROM
ITS} ^{SHAREHOLDERS WILL CONTINUE TO EB AVAILABLE. IN THE EVENT THAT
THERE} ^{IS NO CONTINUED FINANCIAL SUPPORT, THE GOING CONCERN BASIS WILL
BE} ^{INVALID AND PROVISION WOULD HAVE TO BE MADE FOR ANY LOSS ON} ^{RELAISATION OF THE COMPANY'S ASSETS AND FURTHER COSTS, WHICH MIGHT} ^ARISE.

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED INADEQUATE
WITH NET WORTH IN NEGATIVE} ^{REGION OF S$22,899, AS COMPARED TO THE POSITIVE NET WORTH OF
S$36,918} ^{IN 2005.}

^{THIS WAS DUE TO THE ACCUMULATED LOSSES OF
S$27,899 IN 2006, AS} ^{COMPARED TO THE ACCUMULATED PROFITS OF S$31,918 IN 2005.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY
FINANCED BY TRADE CREDITORS} ^{WHICH MADE UP 95.29% (2005: 88.53%) OF THE TOTAL CURRENT
LIABILITIES} ^{AND AMOUNTED TO S$1,382,429 (2005: S$1,848,621).}

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

^{IN ALL, LEVERAGE RATIO WAS IN NEGATIVE REGION
OF 63.35 TIMES, AS} ^{COMPARED TO THE POSITIVE LEVERAGE RATIO OF 56.56 TIMES IN 2005.
THIS} ^{COULD BE DUE TO THE WORSENING OF SUBJECT'S NEGATIVE TOTAL
EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
INADEQUATE AS SEEN FROM} ^{THE NEGATIVE NET WORKING CAPITAL OF S$34,917 IN 2006, AS COMPARED
TO} ^{THE POSITIVE NET WORKING CAPITAL OF S$12,329 IN 2005.}

^{CURRENT RATIO FELL TO 0.98 TIMES, DOWN FROM
1.01 TIMES AND} ^{QUICK RATIO
DECREASED TO 0.56 TIMES FROM 0.62 TIMES IN 2005.}

^{CASH AND CASH EQUIVALENTS ALSO FELL BY 55.74%
TO S$145,566 IN 2006}

^{(2005: S$328,921).}

^{THIS COULD INDICATE THAT SUBJECT MAY HAVE
DIFFICULTIES IN FULFILLING} ^{ITS SHORT TERM OBLIGATIONS IN THE FUTURE.}

^{PROFITABILITY:}

^{REVENUE POSTED A DECREASE OF 9.26% FROM
S$9,900,369 IN 2005 TO} ^{S$8,983,729 AND SUBJECT SUFFERED A NET LOSS OF S$59,817 IN 2006,
AS} ^{COMPARED TO THE NET PROFIT OF S$15,091 IN 2005.}

^{THIS COULD BE DUE TO LOWER GROSS MARGIN OF
1.14% IN 2006} ^{(2005:
1.51%), AND THE FOREIGN EXCHANGE LOSS INCURRED IN 2006 WHICH} ^{AMOUNTED
TO S$38,180, AS COMAPRED TO THE FOREIGN EXCHANGE GAIN OF} ^{S$5,549 IN
2005.}

^{HENCE, NET MARGIN FELL INTO NEGATIVE REGION
OF 0.67%, AS COMPARED TO} ^{THE POSITIVE NET MARGIN OF 0.15% IN 2005.}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT BE EXPECTED IF
REVENUE AND EARNINGS} ^{CANNOT BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE NOT
FORTHCOMING,} ^{EVEN THOUGH SUBJECT DID NOT INCUR ANY INTEREST EXPENSES
DURING THE} ^{FINANCIAL YEAR.}

^{NOTES TO THE
FINANCIAL STATEMENTS:}

^{GOING CONCERN}

^{THE COMPANY INCURRED A LOSS AFTER TAX OF
S$59,817 DURING THE FINANCIAL} ^{YEAR. AS AT THAT DATE, THE TOTAL LIABILTIES EXCEEDED ITS TOTAL
ASSETS} ^{BY S$22,899 AND ITS CURRENT LIABILTIES EXCEEDED ITS CURRENT
ASSETS BY} ^{S$34,917. THE FINANCIAL STATEMENTS HAVE BEEN PREPARED ON A
GOING} ^{CONCERN BASIS ON THE ASSUMPTION THAT FINANCIAL SUPPORT FROM
ITS} ^{SHAREHOLDERS WILL CONTINUE TO EB AVAILABLE. IN THE EVENT THAT
THERE} ^{IS NO CONTINUED FINANCIAL SUPPORT, THE GOING CONCERN BASIS
WILL BE} ^{INVALID AND PROVISION WOULD HAVE TO BE MADE FOR ANY LOSS ON} ^{RELAISATION OF THE COMPANY'S ASSETS AND FURTHER COSTS, WHICH MIGHT} ^{ARISE.
THE DIRECTORS ARE SATISFIED THAT FINANCIAL SUPPORT FROM THE} ^{SHAREHOLDERS
WILL BE AVAILABLE WHEN REQUIRED.}

^{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} ^{02/10/1998
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{THE PRESENT
NAMESTYLE OF "ABHUSHAN (S) PTE LTD".}

^{AS AT 31/10/2006, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF} ^{5,000 SHARES, OF A VALUE OF S$5,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) RETAIL SALE OF JEWELLERY;} ^{WHOLESALE & RETAILER TRADING IN
GOLD JEWELLERY & OTHER}

^JEWELLERY

^{DURING THE FINANCIAL YEAR (S) UNDER REVIEW,
THE PRINCIPAL ACTIVITIES} ^{OF THE COMPANY ARE TO ACT AS IMPORTERS AND EXPORTERS, WHOLESALERS
AND} ^{RETAILERS OF GOLD, GOLD JEWELLERY AND ACCESSORIES.}

^{FROM THE RESEARCH DONE, SUBJECT IS LISTED ON
THE LOCAL DIRECTORIES} ^{UNDER JEWELLERY-WHOLESALE.}

^{ACCORDING TO AN EARLIER TELE-INTERVIEW
CONDUCTED ON 07/11/2006, THE} ^{FOLLOWING INFORMATION WAS GATHERED:}

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

^{NUMBER OF EMPLOYEES (31 MARCH)}

^{- COMPANY - 2006: NIL (2005: NIL)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{320 SERANGOON ROAD}

^#04-52A

^{SERANGOON PLAZA}

^{SINGAPORE 218108}

^{DATE OF CHANGE OF ADDRESS: -}

^WEBSITE:

^{NOT AVAILABLE}

^EMAIL:

^{NOT AVAILABLE}

MANAGEMENT

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

^{1) DR SANJAY JADHAV, AN INDIAN}

^{- BASED IN DUBAI}

^{2) PRASENKIT SEN, AN INDIAN}

^{- BASED IN INDIA}

^{3) PREM BEER SINGH, AN INDIAN}

^{- BASED IN SINGAPORE}

^{4) HARSHADRAI KOTHARI, AN INDIAN}

^{- BASED IN INDIA}

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