MIRA INFORM REPORT

Report Date :

30.01.2008

IDENTIFICATION DETAILS

Name :	NARDEV CHEMIE PTE LTD
Registered Office :	61 Kaki Bukit Avenue 1, #05-45 Shun Li Industrial Park
Country :	Singapore
Date of Incorporation :	02.06.1989
Com. Reg. No.:	198902231C
Legal Form :	Private Limited
Line of Business :	General Wholesale Trade

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

NARDEV CHEMIE PTE LTD

Line of Business  : ^{GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTER & EXPORTERS)}

Parent Company : -

Financial Elements

Sales : N/A

Networth : N/A

Paid-Up Capital : S$760,000

Net result : N/A

Net Margin(%) : N/A

Return on Equity(%) : N/A

Leverage Ratio : N/A

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject Company : NARDEV CHEMIE PTE LTD}

^{Former Name : -}

^{Business Address : 61 KAKI BUKIT AVENUE 1}

^#05-45

^{SHUN LI INDUSTRIAL PARK}

^{Town : SINGAPORE}

^{Postcode : 417943}

^County:

^{Country : Singapore}

^{Telephone : 6743 7480}

^{Fax : 6743 2346}

^{ROC Number : 198902231C}

^{Reg. Town:}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 02/06/1989}

^{Previous Legal Form : -}

^{Summary year : -}

^{Sales : -}

^{Networth : -}

^{Capital : -}

^{Paid-Up Capital : 760,000}

^{Employees : 10}

^{Net result : -}

^{Share value : -}

^{Auditor : DAN NG PING YUEN & CO}

^{Litigation : No}

^{Company status TRADING}

^{Started : 02/06/1989}

PRINCIPAL(S)

^{KHOE HONG OAN S2183233B Managing Director}

DIRECTOR(S)

^{SO PO PO S2175507I Company Secretary}

^{Appointed on : 10/08/1991}

^{Street : 73 DUNBAR WALK}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode : 459380}

^{Country : Singapore}

^{KHOE HONG OAN S2183233B Managing Director}

^{Appointed on : 30/06/2005}

^{Street : 37 GREENFIELD DRIVE}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode : 457941}

^{Country : Singapore}

^{TIO PHOOI SIANG S2511578C Director}

^{Appointed on : 03/04/1992}

^{Street : 10 EASTWOOD DRIVE}

^{Town : SINGAPORE}

^{Postcode : 486376}

^{Country : Singapore}

^{TAY SIEW HIONG S1697321A Director}

^{Appointed on : 30/04/2003}

^{Street : 10 EASTWOOD DRIVE}

^{Town : SINGAPORE}

^{Postcode : 486376}

^{Country : Singapore}

^{CHANG FEE BING S6974065J Director}

^{Appointed on : 30/04/2003}

^{Street : 37 GREENFIELD DRIVE}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode : 457941}

^{Country : Singapore}

^{KHOE HONG OAN S2183233B Director}

^{Appointed on : 02/06/1989}

^{Street : 37 GREENFIELD DRIVE}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode : 457941}

^{Country : Singapore}

^{KHOE HONG OAN S2183233B Manager}

^{Appointed on : 30/06/2005}

^{Street : 37 GREENFIELD DRIVE}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode : 457941}

^{Country : Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{PERFUME - WHSLE And MFRS Code:16240}

^{BASED ON ACRA'S RECORD}

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

^{2) MANUFACTURE OF PERFUMES, FRAGRANCES AND ESSENTIAL OILS}

CHARGES

^{Date : 19/10/2005}

^{Comments : CHARGE NO : C200506496}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

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

^{Date : 31/10/2007}

^{Comments : CHARGE NO : C200709345}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

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

^{Date : 10/12/1998}

^{Comments : CHARGE NO : 199806098 (DISCHARGED - 13/10/2005)}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : DBS FINANCE LIMITED}

^{Date : 28/02/2000}

^{Comments : CHARGE NO: 200000980 (DISCHARGED - 13/10/2005)}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : DBS FINANCE LIMITED}

^{Date : 03/08/2001}

^{Comments : CHARGE NO : 200103686 (DISCHARGED - 13/10/2005)}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) : THE DEVELOPMENT BANK OF SINGAPORE LTD}

^{Date 23/10/2002}

^{Comments : CHARGE NO : 200204685 (DISCHARGED - 13/10/2005)}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : MALAYAN BANKING BHD}

PREMISES/PROPERTY INFORMATIONS

^{Date : 04/01/2006}

^{Estimated Value :}

^{Tax rate : 10}

^{Site Address : 61 KAKI BUKIT AVE 1 05-45}

^{SHUN LI INDUSTRIAL PARK}

^{Town : SINGAPORE}

^County:

^{Postcode : 417943}

^{Country : Singapore}

^{Annual Value : 20,400}

^{TAX RATE OF 4% MEANS THE ADDRESS IS OWNER OCCUPIED}

^{TAX RATE OF 12% MEANS THE ADDRESS IS PARTIALLY OR FULLY RENTED OUT BY THE OWNER}

FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT, THE

TAX RATE IS 10% (I.E INDUSTRIAL AND COMMERCIAL PROPERTY).

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.

BANKERS

v ^{STANDARD CHARTERED BANK LTD}

v ^{DBS BANK LTD.}

v ^{UNITED OVERSEAS BANK LIMITED}

SHAREHOLDERS(S)

^{KHOE HONG OAN 570,000 Private Person}

^{Street : 37 GREENFIELD DRIVE}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode : 457941}

^{Country : Singapore}

^{TIO PHOOI SIANG 190,000 Private Person}

^{Street : 10 EASTWOOD DRIVE}

^{Town : SINGAPORE}

^{Postcode : 486376}

^{Country : Singapore}

FORMER SHAREHOLDER(S)

^{SUHARYANTO NICOLAUS 7,500}

^{OSCAR DJUNAEDI 10,000}

^{TAN HONG LIONG 7,500}

^{TAN LYE HOCK 7,500}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : UNKNOWN}

FINANCIAL COMMENTS

^{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}

^{02/06/1989 A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS}

^{PRESENT NAMESTYLE OF "NARDEV CHEMIE PTE LTD".}

^{AS AT 25/01/2008, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF}

^{760,000 SHARES OF A VALUE OF S$760,000.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY}

^{AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

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

^{2) MANUFACTURE OF PERFUMES, FRAGRANCES AND ESSENTIAL OILS}

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

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE}

^{CLASSIFICATION OF: CHEMICALS.}

^BACKGROUND:

^{THE SUBJECT IS ONLY IN THE BUSINESS OF DISTRIBUTION - HANDLING IMPORT}

^{AND EXPORTS. THE PRODUCTS ARE COSMETIC INGREDIENTS USED IN SKINCARE,}

^{SHAMPOO AND SLIMMING.THEY COME IN RAW BRANDS AND ONE OF THE SKINCARE'S}

^{BRAND IS EXSYMOL. THE PRODUCTS ARE IMPORTED FROM COUNTRIES SUCH AS}

^{US, FRANCE AND ITALY. WHEN THE PRODUCTS ARRIVE IN SINGAPORE, THEY ARE}

^{RE-EXPORTED TO COUNTRIES SUCH AS VIETNAM, THAILAND AND TAIWAN.}

^{IN ADDITION, SUBJECT HAS LABORATORIES IN SINGAPORE, SHENZHEN (CHINA),}

^{JAKARTA, MALAYSIA AND VIETNAM WHICH ARE DESIGNED TO WORK HAND-IN HAND}

^{WITH CUSTOMERS TO HELP DEVELOP, IMPROVE AND ADAPT FORMULATIONS.}

^ACTIVITIES:

^{* DISTRIBUTOR OF CHEMICALS FOR COSMETIC AND PHARMACEUTICAL INDUSTRIES}

^{PRODUCTS AND SERVICES:}

^{* AIR BAGS}

^{* AQUACULTURE EQUIPMENT & SUPPLIES}

^{* AQUACULTURE PRODUCTS}

^{* CHEMICALS BY APPLICATIONS}

^{* COSMETIC CHEMICALS}

^{* DEODORIZER CHEMICALS}

^{* DETERGENT CHEMICALS}

^{* FARMING, FISHING, FORESTRY & WILDLIFE EQUIPMENT, SUPPLIES & SERVICE}

^{* FISHERY EQUIPMENT, SUPPLIES & SERVICES}

^{* LAUNDRY CHEMICALS}

^{* LAUNDRY EQUIPMENT & SUPPLIES}

^{* PAPER CHEMICALS}

^{* PAPER MILL MACHINERY, EQUIPMENT & SUPPLIES}

^{* PERFUMERY CHEMICALS}

^{* PERFUMES-RAW MATERIALS & SUPPLIES}

^{* PHARMACEUTICAL CHEMICALS}

^{* PHARMACEUTICAL PRODUCTS}

^{* TEXTILE CHEMICALS}

^{* TEXTILES, EQUIPMENT, SUPPLIES & SERVICES}

^BRANDNAMES:

^{* 3V}

^{* CHARABOT}

^{* EXSYMOL}

^{* FINETEX}

^{* FRUTAROM}

^{* MEELIUM}

^{* TIOVEIL}

^{* ZOHAR}

^{OFFICES IN :}

^{* HONG KONG}

^{* INDONESIA}

^{* ISRAEL}

^{* MAINLAND CHINA}

^{* MALAYSIA}

^{* THAILAND}

^{* VIETNAM}

^{FROM THE TELE-INTERVIEW CONDUCTED ON SUBJECT HAS 10}

^{EMPLOYEES. NO OTHER TRADE INFORMATION WAS AVAILABLE.}

^{REGISTERED AND BUSINESS ADDRESS::}

^{61 KAKI BUKIT AVENUE 1}

^#05-45

^{SHUN LI INDUSTRIAL PARK}

^{SINGAPORE 417943}

^{DATE OF CHANGE (ADDRESS) : 06/01/2000}

^{- OWNED PREMISE}

^{WEBSITE: www.nardev.com}

^{EMAIL: sing@nardev.com}

^{khoeho@nardev.com}

MANAGEMENT

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

^{1) TAY SIEW HIONG, A SINGAPOREAN}

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

^{2) KHOE HONG OAN, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE}

^{HOFB ASIA PTE LTD}

^{NARDEV CHEMIE SDN BHD}

^{3) TIO PHOOI SIANG, A SINGPAORE PERMANENT RESIDENT}

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

^{4) CHANG FEE BING, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE}

^{HOFB ASIA PTE LTD}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: TAY SIEW HIONG}

^{ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$11,400}

^{CO-OWNER (S): TIO PHOOI SIANG}

^{DIRECTOR'S NAME: KHOE HONG OAN}

^{ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL VALUE: N/A}

^{CO-OWNER (S): N/A}

^{DIRECTOR'S NAME: TIO PHOOI SIANG}

^{ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$11,400}

^{CO-OWNER (S): TAY SIEW HIONG}

^{DIRECTOR'S NAME: CHANG FEE BING}

^{ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$36,000}

^{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

Rating: A1

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

v MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.

v HIGH QUALITY COMPETITIVENESS IN ASIA

v EXCELLENT BUSINESS CLIMATE

v POLITICAL STABILITY.

WEAKNESSES

v SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.

v AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.

v GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.

v 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