MIRA INFORM REPORT

Report Date :

03.07.2008

IDENTIFICATION DETAILS

Name :	CONCORDIA AGRITRADING PTE LTD

Formerly Known as :	^{TRANSPALM AGENCY PTE LTD}

Registered Office :	^{135 Cecil Street} ^#06-01 ⁰⁶⁹⁵³⁶

Country :	Singapore

Financials (as on) :	30.09.2007

Date of Incorporation :	^06.03.1985

Com. Reg. No.:	^198500536M

Legal Form :	^{Pte Ltd}

Line of Business :	^{Trading in Commodities, Commodity Futures and Options, and the Provision of Financial Services}

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exists

Subject Company

CONCORDIA AGRITRADING PTE LTD

Line Of Business

^{TRADING
IN COMMODITIES, COMMODITY FUTURES AND OPTIONS, AND THE}

^{PROVISION
OF FINANCIAL SERVICES.}

Parent Company

^{NIDERA
HANDELSCOMPAGNIE B.V}

(PERCENTAGE OF SHAREHOLDING: 100.00%)

Financial Elements

FY 2007

COMPANY

Sales : US$1,907,862,302

Networth : US$ 36,934,023

Paid-Up Capital : US$ 8,061,700

Net result : US$ 21,980,933

Net Margin(%) : 1.15

Return on Equity(%) : 59.51

Leverage Ratio : 2.35

COMPANY IDENTIFICATION

^{Subject
Company : CONCORDIA AGRITRADING PTE LTD}

^{Former
Name : TRANSPALM AGENCY PTE LTD}

^{Business
Address : 135
CECIL STREET}

^#06-01

^{Town : SINGAPORE}

^{Postcode : 069536}

^{County :}

^{Country : Singapore}

^{Telephone : 6225 5325}

^{Fax : 6225 5840}

^{ROC
Number :
198500536M}

^{Reg.
Town :}

PREVIOUS IDENTIFICATION

^{TRANSPALM
AGENCY PTE LTD DATE :
05/01/1995}

SUMMARY

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

^{Legal Form :}^{Pte Ltd}

^{Date Inc. :}^06/03/1985

^{Previous Legal Form : -}

^{Summary year :}^30/09/2007

^{Sales :}^{1,907,862,302}

^{Networth :}^36,934,023

^{Capital :
-}

^{Paid-Up Capital :}^8,061,700

^{Employees :}³⁶

^{Net result :}^21,980,933

^{Share value : -}

^{Auditor :}^{ERNST & YOUNG}

^{BASED
ON ACRA'S RECORD}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED
ORDINARY 11,410,000 SGD 11,410,000.00}

^{PAID-UP
ORDINARY - SGD 11,410,000.00}

REFERENCES

^{Litigation : YES}

^{Company
status : TRADING}

^{Started :
06/03/1985}

PRINCIPAL(S)

^{BRIAN
FRANCIS WHILLOCK
S2707586Z Managing Director}

DIRECTOR(S)

^{ONG
LIAN KIN ESTHER
S1126307J Company Secretary}

^{Appointed
on : 01/03/1991}

^{Street
: 5 JALAN ISHAK}

^{Town: SINGAPORE}

^{Postcode: 419321}

^{Country: Singapore}

^{BRIAN
FRANCIS WHILLOCK
S2707586Z Director}

^{Appointed
on : 01/04/2003}

^{Street
: 327 RIVER VALLEY ROAD}

^#20-02

^{YONG AN PARK}

^{Town: SINGAPORE}

^{Postcode: 238359}

^{Country: Singapore}

^{BRIAN
FRANCIS WHILLOCK
S2707586Z Managing Director}

^{Appointed
on : 01/04/2003}

^{Street
: 327 RIVER VALLEY ROAD}

^#20-02

^{YONG AN PARK}

^{Town: SINGAPORE}

^{Postcode: 238359}

^{Country: Singapore}

^{KOH
TOH-CHYE ALAN
S1506949Z Director}

^{Appointed
on : 01/08/2004}

^{Street
: 93B LORONG TANGGAM}

^{Town: SINGAPORE}

^{Postcode: 798776}

^{Country: Singapore}

^{G
L M A VAN LANSCHOT
NF6494292 Director}

^{Appointed
on : 10/03/2006}

^{Street
: TAPIJTWEG 1 2597}

^{KG DEN HAAG}

^Town:

^Postcode:

^{Country: Netherlands}

FORMER DIRECTOR(S)

^{HENDERIK
ENSING 014331Z}

^{HENDRIK
JOHANNES LAVERGE
110580861}

^{BHARAT
MANDLOI S2708230J}

^{GEERT
CORNELIS DERK VISSCHER
L381008}

^{ARIE
TER VEEN Z105285}

^{G
L M A VAN LANSCHOT
NF6494292}

^{MARTIN
DAVID MAYER-WOLF X412631}

^{RAUL
SIMON LOEB 3201197946}

^{HANNS
WALTER SALZER LEVI 016244Z}

^{JEAN
J SALZER LEVI Z00316901}

^{BRIAN
RASK THOMSEN 100095854}

^{DAVID
JOHN MAXFIELD 500238490}

^{WILLEM
ANNE MOCK ND7441325}

ACTIVITY(IES)

^{OILS
- VEGETABLE Code:15500}

^{IMPORTERS
And EXPORTERS
Code:11760}

^{BASED
ON ACRA'S RECORD}

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

^EXPORTERS)

CHARGES

^{Date: 10/10/2005 Amount: 300,000,000}

^{Comments
: CHARGE NO: C200506259}

^{AMOUNT
SECURED: US$300,000,000.00}

^{CHARGEE(S):
FORTIS BANK (NEDERLAND) N.V.}

^{Date: 10/10/2005 Amount:
300,000,000}

^{Comments
: CHARGE NO: C200506258}

^{AMOUNT
SECURED: US$300,000,000.00}

^{CHARGEE(S):
FORTIS BANK (NEDERLAND) N.V.}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^BANQUE
WORMS

^{FORTIS
BANK (NEDERLAND) N.V.}

SHAREHOLDERS(S)

^{NIDERA
HANDELSCOMPAGNIE B.V 11,410,000 Company}

^{Street
: WILLEMSPLEIN 492-3016 DR}

^{ROTTERDAM THE NETHERLANDS}

^Town:

^Postcode:

^{Country: Netherlands}

FORMER SHAREHOLDER(S)

^{TRANSGRAIN
BV 1,500,000}

^{CONCORDIA
AGRITRADING LIMITED 11,410,000}

HOLDING COMPANY

^{NIDERA
HANDELSCOMPAGNIE B.V
UF29770N % : 100}

SUBSIDIARY(IES)

^{CONCORDIA
AGRITRADING (AUSTRALIA) PTY LTD}

^{ALIZES
DENREES ABIDJAN (IVORY COAST)}

^{ALIZES
DENREES SARL}

^{CONCORDIA
AGRITRADING (SHANGHAI) LTD}

PAYMENT HISTORY AND EXPERIENCES

^{Trade
Morality :
AVERAGE}

^{Liquidity
:
SUFFICIENT}

^{Payments
: REGULAR}

^{Trend
:
UPWARD}

^{Financial
Situation : GOOD}

LITIGATION(S)

^{Type
Of Case: District Court - W/S P}

^{Case
Number: DCS01459/2001}

Defendant CONCORDIA AGRITRADING PTE LTD ROC # : 198500536M

^{Type
Of Case: High Court - W/S P}

^{Case
Number: HWS01332/97}

Defendant CONCORDIA AGRITRADING PTE LTD ROC # : 198500536M

^{Type
Of Case: High Court - W/S P}

^{Case
Number: HWS02346/88}

Defendant CONCORDIA AGRITRADING PTE LTD ROC # : 198500536M

Plaintiff CHOICES UNLIMITED SERVICES PL ROC # : 198501367H

FINANCIAL ELEMENTS

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

^{Audit
Qualification:        UNQUALIFIED
(CLEAN)        UNQUALIFIED (CLEAN)}  ^{Date
Account Lodged:
11/04/2008}

^{Balance Sheet
Date: 30/09/2007 30/09/2006}

^{Number of
weeks:
52 52}

^{Consolidation
Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Preliminary Exp}

^{Tangible Fixed
Assets: 168,248 159,595}

^{Investments 1,005,321 855,322}

^{Total
Fixed Assets: 1,173,569 1,014,917}

^{Inventories: 69,427,149 7,723,062}

^{Receivables: 17,827,584 6,902,880}

^{Cash,Banks,
Securitis: 128,708 260,719}

^{Other current
assets: 35,278,637 73,685,468}

^{Total
Current Assets:
122,662,078
88,572,129}

^{TOTAL
ASSETS: 123,835,647 89,587,046}

^{--- LIABILITIES ---}

^{Equity
capital:
8,061,700
8,061,700}

^{Profit &
lost Account: 28,872,323 6,891,390}

^{Total
Equity:
36,934,023
14,953,090}

^{Trade
Creditors:
18,158,801
11,248,156}

^{Prepay. & Def.
charges: 1,352,679 934,100}

^{Advanced
payments:
1,118,000}

^{Due to Bank: 32,500,000 32,500,000}

^{Provisions: 1,561,844 248,435}

^{Other Short term
Liab.: 32,210,300 29,703,265}

^{Total
short term Liab.:
86,901,624 74,633,956}

^{TOTAL
LIABILITIES:
86,901,624
74,633,956}

^{--- PROFIT & LOSS ACCOUNT
---}

^{Net Sales 1,907,862,302 1,171,064,514}

^{Purchases,Sces
& Other Goods:
1,877,444,127
1,158,348,886}

^{Gross Profit: 30,418,175 12,715,628}

^{NET RESULT BEFORE
TAX: 23,290,933 7,298,986}

^{Tax : 1,310,000 406,331}

^{Net income/loss
year: 21,980,933 6,892,655}

^{Interest Paid: 3,102,510 2,797,536}

^{Depreciation: 65,656 75,750}

^Dividends: ^{Directors Emoluments: 459,991 383,856}

^{Wages and
Salaries:
2,536,948 2,531,062}

^{Financial
Income:
717,103
2,239,873}

RATIOS

                             ^{30/09/2007                  30/09/2006}  ^{Turnover per employee:     52996175.06                32529569.83}  ^{Net
result / Turnover(%):        0.01                       0.01}  ^{Stock / Turnover(%):           0.04                       0.01}  ^{Net Margin(%):
1.15                       0.59}  ^{Return on Equity(%):          59.51                      46.10}  ^{Return on Assets(%):          17.75                      7.69}  ^{Dividends Coverage:}  ^{Net Working capital:       35760454.00                13938173.00}  ^{Cash
Ratio:                 0.00                       0.00}  ^{Quick Ratio:                0.21                       0.10}  ^{Current ratio:
1.41
1.19}  ^{Receivables Turnover:                     3.36                       2.12}  ^{Leverage Ratio:
             2.35
                                  4.99}

^{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)/1000}

^{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 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 RISING BY} ^{1.47 TIMES
FROM US$14,953,090 IN 2006 TO US$36,934,023 IN 2007. THIS} ^{WAS DUE TO
HIGHER ACCUMULATED PROFIT OF US$28,872,323 (2006:} ^{US$6,891,390); A
RISE OF 3.19 TIMES FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN
THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY OTHER SHORT-TERM} ^{LIABILITIES
WHICH MADE UP 37.07% (2006: 39.80%) OF THE TOTAL CURRENT} ^{LIABILITIES
AND AMOUNTED TO US$32,210,300 (2006: US$29,703,265). THE} ^{BREAKDOWN
IS AS FOLLOWS:}

^{* RELATED COMPANIES - 2007: US$32,210,300
(2006: US$29,703,265)}

^{TRADE
CREDITORS ROSE BY 61.44% AND AMOUNTED TO US$18,158,801 (2006:} ^{US411,248,156).
BREAKDWON WAS AS FOLLOWS:}

^{* TRADE PAYABLES - 2007: US$18,129,114 (2006:
US$11,216,959)}

^{* AMOUNT DUE TO SUBSIDIARY COMPANIES (TRADE) -
2007: US$29,687 (2006:} ^US$31,197)

^{IN
ALL, LEVERAGE RATIO FELL FROM 4.99 TIMES IN 2006 TO 2.35 TIMES IN} ^{2007 AS A RESULT
OF A DECLINE IN TOTAL LIABILITIES AND A RISE IN TOTAL} ^EQUITY.

^LIQUIDITY:

^{IN
GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM} ^{THE CHANGES
IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. BOTH CURRENT} ^{AND QUICK
RATIOS ROSE TO 1.41 TIMES (2006: 1.19 TIMES) AND 0.21 TIMES} ^{(2006:
0.10 TIMES) RESPECTIVELY.}

^{NET
WORKING CAPITAL ROSE BY 1.57 TIMES FROM US$13,938,173 IN 2006 TO} ^{US$35,760,454
IN 2007.}

^{CASH
AND CASH EQUIVALENTS FELL BY 50.63% AND AMOUNTED TO US$128,708} ^{(2006:
US$260,719)}

^{PROFITABILITY:}

^{REVENUE
POSTED AN INCREASED OF 62.92% FROM US$1,171,064,514 IN 2006 TO} ^{US$1,907,862,302
IN 2007. SIMILARY, NET PROFIT ROSE BY 2.19 TIMES TO} ^{US$21,980,933
(2006: US$6,892,655). HENCE, NET MARGIN ROSE TO 1.15} ^{(2006: 0.59%).}

^{DEBT SERVICING:}

^{DEBT SERVICING
PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS} ^{CAN BE MAINTAINED AND PAYMENTS BY TRADE
DEBTORS ARE FORTHCOMING.}

^{IT
WAS NOTED THAT AVERAGE COLLECTION PERIOD HAS LENGTHENED TO 3 DAYS} ^{(2006: 2
DAYS).}

^{NOTES
TO THE FINANCIAL STATEMENTS:}

^{* SUBORDINATED LOAN:}

^{THE
SUBORDINATED LOAN OWING TO A RELATED COMPANY, IS UNSECURED AND} ^{BEARS
INTEREST AT 2.5% (2006: 2.5%) PER ANNUM OVER US$ LIBOR INTERBANK} ^{RATE.
THIS LOAN IS RENEWABLE ON A HALF-YEARLY BASIS. THE LOAN BORE} ^{INTEREST
AT AN EFFECTIVE INTEREST RATE OF 7.86% (2006: 7.80%) PER} ^ANNUM.

^{THE
OBLIGATIONS OF THE COMPANY UNDER THE LOAN ARE SUBORDINATED IN} ^{RIGHT OF
PAYMENT TO THE CLAIMS OF ALL DIRECTORS OF THE COMPANY.}

^{* CONTINGENT LIABILITY:}

^{SINCE
20 SEPTEMBER 2005, THE COMPANY PROVIDED A SECURITY PACKAGE} ^{CONSISTING
OF GUARANTEES AND A FLOATING CHARGE ON ITS INVENTORIES AND} ^{RECEIVABLES,
FOR A MULTI-CURRENCY REVOLVING CREDIT FACILITY ENTERED BY} ^{THE
IMMEDIATE HOLDING COMPANY, NIDERA HANDELSCOMPAGNIE B.V., WHICH} ^{INCLUDES
A SYNDICATED DUAL TRANCHE SHORT AND MEDIUM TERM EXTENDIBLE} ^{LOAN OF
US$300 MILLION, PLUS UNCOMMITTED BILATERAL LINE OF US$180} ^MILLION.

BACKGROUND/OPERATION

^{THE
COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON} ^{06/03/1985
AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS} ^{NAMESTYLE AS
"TRANSPALM AGENCY PTE. LTD.".}

^{SUBSEQUENTLY,
ON 05/01/1995, THE COMPANY CHANGED TO ITS PRESENT} ^{NAMESTYLE AS
"CONCORDIA AGRITRADING PTE LTD".}

^{THE
COMPANY HAS ISSUED AND PAID-UP CAPITAL OF} ^{11,410,000 SHARES OF A VALUE OF
S$11,410,000.}

^{PRINCIPAL
ACTIVITIES:}

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

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

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

^EXPORTERS)

^{2)
MANUFACTURE OF OTHER EDIBLE OILS}

^{DURING
THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF} ^{THE COMPANY
CONSIST OF TRADING IN COMMODITIES, COMMODITY FUTURES} ^{AND OPTIONS,
AND THE PROVISION OF FINANCIAL SERVICES.}

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

^{BACKGROUND
OF THE SUBJECT:}

^{CONCORDIA
AGRITRADING PTE. LTD. SINGAPORE (CAT) HAVE THEIR OWN} ^{TRADING,
FREIGHT AND LOGISTIC TEAM OF HIGHLY SKILLED EMPLOYEES} ^{OPERATING
UNDER THE DIRECTION AND SUPERVISION OF A WELL-EXPERIENCED} ^{MANAGEMENT
TEAM.}

^{THE
TRADING AND LOGISTIC OPERATIONS OF CAT ARE SUPPORTED BY A} ^{COMBINATION
OF SUBSIDIARIES, REPRESENTATIVE OFFICES AND AGENCIES} ^{THROUGHOUT THE
REGION'S KEY DESTINATION MARKETS. THE GLOBAL PRESENCE} ^{OF THE NIDERA
GROUP FURTHER ENHANCES CAT'S TRADING WITH VARIOUS} ^{IMPORTANT
COMMODITY CENTERS SUCH AS EUROPE, BLACK SEA AND THE NORTH &} ^{SOUTH
AMERICAS.}

^{CAT
RECEIVED THE PRESTIGIOUS GLOBAL TRADER PROGRAM (GTP) STATUS FOR} ^{THE THIRD
TIME, WITH A TENOR OF 5 YEARS, FROM THE INTERNATIONAL} ^{ENTERPRISE,
SINGAPORE. THE STATUS WAS FIRST AWARDED IN 1994, AGAIN IN} ^{1999, AND
MOST RECENTLY IN 2004.}

^{SUBJECT
ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{*
COMMODITY TRADING - IMPORT AND EXPORT (AGRICULTURE)}

^{*
TRADING OF GRAINS, SOYBEAN OIL AND OILSEED MEALS}

^{PRODUCTS
DEALINGS:}

^{*
GRAINS: (FEED) WHEAT, CORN, SORGHUM, MALTING AND FEED BARLEY, RYE,}

^{SORGHUM
AND OATS;}

^{*
VEGETABLE OIL: SOYBEAN OIL;}

^{*
OILSEED MEALS: SOYBEAN MEAL, SOYBEANS, RAPE/CANOLA MEAL, AND PALM}

^{AND
COPRA MEAL;}

^{*
OTHER FEED INGREDIENTS: WHEAT BRAN AND SUGAR BEET PULP PELLETS.}

^KEY
MARKETS:

^{*
SOUTH EAST ASIA}

^*
CHINA

^{*
EAST ASIA}

^{*
THE INDIAN SUB CONTINENT}

^*
AUSTRALIA

^{*
MIDDLE EAST}

^{*
EAST AFRICA}

^{FROM
THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS} ^GATHERED:

^{THE
SUBJECT TRANSPORTS THE PRODUCTS FROM THE COUNTRIES OF PRRODUCE}

^{DIRECTLY
TO THE COUNTRIES IN WHICH THE CLIENTS ARE LOCATED. IN OTHER WORDS,}

^{THEY
DO DIRECT SHIPMENT WITHOUT THE PRODUCTS PASSING THROUGH SINGAPORE.}

^{NUMBER
OF EMPLOYEES:}

^{*
COMPANY - 2008: 36}

^{NO
OTHER TRADE INFORMATION IS AVAILABLE}

^{IT
IS A WHOLLY-OWNED SUBSIDIARY OF NIDERA HANDELSCOMPAGNIE B.V.,}

^{DOMICILED
IN THE NETHERLANDS. THE ULTIMATE HOLDING COMPANY IS NIDERA}

^{HOLDINGS
B.V., INCORPORATED IN THE NERTHERLANDS.}

^{THE
PRINCIPAL PLACE OF BUSINESS OF THE ULTIMATE HOLDING COMPANY IS}

^{GEBOUW
HOGE ERASMUS, WILLEMSPLEIN 492, 3016 DR ROTTERDAM, NETHERLANDS.}

^{NUMBER
OF EMPLOYEES (30 SEPTEMBER):}

^{*
COMPANY - 2006: 40 (2005: 45; 2004: 43; 2003: 54)}

^{REGISTERED
AND BUSINESS ADDRESS:}

^{135 CECIL STREET}

^#06-01

^{SINGAPORE
069536}

^{DATE
OF CHANGE OF ADDRESS: 19/02/2008}

^{-
RENTED PREMISE}

^{-
PREMISE OWNED BY: NOXH DEVELOPMENTS (CECIL) PTE. LTD.}

^{WEBSITE:
http://www.concordia-sin.com}

^{EMAIL : info@concordia-sin.com}

MANAGEMENT

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

^{1)
G L M A VAN LANSCHOT, A DUTCH}

^{-
BASED IN THE NETHERLANDS.}

^{2)
KOH TOH-CHYE ALAN, A SINGAPOREAN}

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

^{3)
BRIAN FRANCIS WHILLOCK, A SINGAPORE PERMANENT RESIDENT}

^{-
HOLDS NO OTHER DIRECTORSHIPS 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

THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 6.0% IN 4Q 2007, SLOWER THAN THE 6.8% GROWTH IN 3Q 2007. RETAIL SALES FELL BY 2.5%, FOLLOWING A 1.5% GROWTH IN 3Q 2007.

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 22.2% IN 4Q 2007 OVER 4Q 2006.

EXCLUDING PETROLEUM, DOMESTIC SALES GREW BY 4.8%.

THE RISE IN THE OVERALL INDEX WAS MAINLY DUE TO HIGHER SALES OF PETROLEUM AND PETROLEUM PRODUCTS (47.3%), TIMBER, PAINTS AND CONSTRUCTION MATERIALS (29.8%). OTHER WHOLESALE SEGMENTS THAT REPORTED DOUBLE-DIGIT GROWTH WERE WHOLESALING OF GENERAL WHOLESALE TRADE, HOUSEHOLD EQUIPMENT AND FURNITURE AND CHEMICALS AND CHEMICAL PRODUCTS.

ON THE OTHER HAND, WHOLESALE SEGMENT THAT REPORTED LOWER SALES WERE ELECTRONIC COMPONENTS (-35.8%).

AT CONSTANT PRICES, THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 1.6% IN 4Q 2007 OVER 4Q 2006. EXCLUDING PETROLEUM, DOMESTIC SALES ROSE SLIGHTLY BY 0.2%.

ON A QUARTER-OVER-QUARTER BASIS, THE OVERALL DOMESTIC WHOLESALE TRADE IN 4Q 2007 ROSE BY 7.1% OVER 3Q 2007. EXCLUDING PETROLEUM, DOMESTIC SALES CONTRACTED BY 2.9%.

THE MAJORTIY OF THE WHOLESALE SECTORS RECORDED HIGHER DOMESTIC SALES IN 4Q 2007 OVER PREVIOUS QUARTER. PETROLEUM AND PETROLEUM PRODUCTS EXPANDED BY 20.0%. GENERAL WHOLESALE TRADE AND INDUSTRIAL AND CONSTRUCTION MACHINERY ALSO REGISTERED

DOUBLE-DIGIT GROWTH OVER PREVIOUS QUARTER.

ON THE OTHER HAND, SALES OF FOOD, BEVERAGES AND TOBACCO AND ELECTRONIC COMPONENTS FELL IN 4Q 2007 OVER 3Q 2007.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE FOR 4Q 2007 ROSE BY 27.0%, IN COMPARISON TO 4Q 2006. EXCLUDING PETROLEUM, IT EXPANDED BY 15.3%

MOST OF THE SECTORS REPORTED HIGHER SALES. DOUBLE-DIGIT GROWTH RATES FOR OVERSEAS SALES WERE RECORDED BY FOOD, BEVERAGES AND TOBACCO (40.6%) PETROLEUM AND PETROLEUM PRODUCTS (39.9%) SHIP CHANDLERS AND BUNKERING (24.3%) INDUSTRIAL AND CONSTRUCTION MACHINERY (18.2%) CHEMICALS AND CHEMICAL PRODUCTS (16.4%) ELECTRONIC COMPONENTS (12.1%) TIMBER, PAINT AND CONSTRUCTION MATERIALS (11.1%).

ON THE OTHER HAND, OVERSEAS SALES OF TELECOMMUNICATIONS AND COMPUTERS FELL BY 2.8%

IN 4Q 2007 OVER 4Q 2006.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE BY 11.5% IN 4Q 2007 OVER 4Q 2006.

EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE GREW BY 15.1%.

ON A QUARTER-OVER-QUARTER BASIS, THE OVERALL FOREIGN WHOLESALE TRADE IN 4Q 2007 ROSE BY 11.7% OVER 3Q 2007. EXCLUDING PETROLEUM, IT GREW BY 6.0%.

ALL WHOLESALE SECTORS RECORDED BETTER BUSINESS IN 4Q 2007 WITH THE EXCEPTION OF THE ELECTRONIC COMPONENTS SECTOR. THOSE SECTORS THAT REGISTERED DOUBLE-DIGIT GROWTH WERE WHOLESALE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS, TELECOMMUNICATIONS AND COMPUTERS, INDUSTRIAL AND CONSTRUCTION MACHINERY AND CHEMICALS AND CHEMICAL PRODUCTS.

RETAIL TRADE

THE OVERALL RETAIL SALES CONTRACTED BY 2.5%, IN CONTRAST TO THE 1.5% GROWTH IN 3Q 2007. THE SECTOR THAT RECORDED THE LARGEST DECLINE WERE MOTOR VEHICLES, FOLLOWED BY PROVISION AND SUNDRY SHOPS, FOOD AND BEVERAGES, WATCHES AND JEWELLERY AND MEDICAL GOODS AND TOILETRIES. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.2%, A DECLINE FROM THE 6.O% GROWTH IN 3Q 2007.

NEWS

SURPRISING DROP IN RETAIL SALES

RETAIL SALES FELL UNEXPECTEDLY IN FEBRUARY, THE FIRST TIME IN SEVEN MONTHS, AS INFLATION HIT 26 YEAR HIGHS AND WORRIES GREW ABOUT THE WORLD ECONOMY. SHOPS, SUPERMARKETS AND OTHER RETAILERS SAW REVENUES FELL 1.3% FROM A YEAR EARLIER, AS CAR SALES DECLINED 10.6% AND FOOD AND BEVERAGES SALES PLUNGED 21.8%.

THE OVERALL CONTRACTION BY THE SECTOR WOULD HAVE BEEN BIGGER IF NOT FOR MUCH HIGHER PRICES THIS YEAR. IN CONSTANT PRICES TERMS, SALES FELL 5.7%. THIS IS THE WORST READING SINCE THE 5.0% DECLINE IN MARCH 2007, IF ONE WERE TO IGNORE THE 2.0% CONTRACTION IN JULY THAT WAS DUE TO THE HIKE IN THE GOODS AND SERVICES TAX,” SAID HSBC ECONOMIST PRAKRITI SOFAT.

ANALYSTS SAID RISING LIVING COSTS AND UNCERTAINTY ABOUT THE ECONOMY WOULD AFFECT SINGAPORE CONSUMER’S SPENDING THIS YEAR. MANY, HOWEVER, REMAIN LARGELY OPTIMISTIC ABOUT THE DOMESTIC RETAIL SCENE, SAYING THE POOR FEBRUARY SHOWING COULD BE A STATISTICAL BLIP.

DOMESTIC DEMAND CONDITIONS REMAIN POSITIVE, HELPED BY THE GOVERNMENT WHICH IS GIVING CASH FROM LAST YEAR’S SURPLUS TO THE WHOLE POPULATION AND ISSUING FOOD VOUCHERS TO THE POOR. “LOW INTEREST RATES AND A HEALHY JOBS MARKET SHOULD KEEP SPENDING FIRM,” SAID HSBC’S MS SOFAT. SHE ADDED THAT FEBRUARY’S DECLINE WAS DUE LARGELY TO A HIGH BASE SET THE PREVIOUS YEAR AND PREDICTED THAT MARCH SALES WOULD BOUNCE BACK WITH A 15.0% SURGE. ALSO, IF COMPARED WITH JANUARY, FEBRUARY SALES ROSE 8.8% AFTER ADJUSTING FOR SEASONAL EFFECTS. THIS WAS THE STRONGEST PERFORMANCE IN FOUR YEARS, SHE SAID.

CIMB-GK ECONOMIST SONG SENG WUN SAID MUCH OF THE POOR PERFORMANCE CAME ON THE BACK OF WEAKER CAR SALES. EXCLUDING THOSE, RETAIL SALES WOULD HAVE RISEN 2.9%. CAR SALES HAVE BEEN HURT SINCE OCTOBER BY RISING CERTIFICATE OF ENTITLEMENT PRICES, CAUSED BY AN EXPECTED CUT IN QUOTAS FROM NEXT MONTH AND SURGING PUMP PRICES.

OUTLOOK

GENERALLY, WHOLESALERS ARE POSITIVE ABOUT THEIR BUSINESS PROSPECTS IN THE COMING MONTHS, WITH A NET WEIGHTED BALANCE OF 4% OF FIRMS EXPRESSING POSITIVE BUSINESS SENTIMENTS. THE MAJORITY OF WHOLESALERS OF PETROLEUM AND PETROLEUM PRODUCTS, CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL MACHINERY AND EQUIPMENT AND COMPUTERS AND ACCESSORIES FORECAST BUSINESS OUTLOOK TO REMAIN THE SAME IN THE FIRST SIX MONTHS OF 2008 COMPARED WITH THE LAST SIX MONTHS IN 2007.

A NET WEIGHTED BALANCE OF 12% OF RETAILERS PREDICTS LESS FAVOURABLE BUSINESS CONDITIONS FOR THE PERIOD ENDING JUNE 2008. AS A RESULT OF THE REDUCED CERTIFICATE OF ENTITLEMENT (COE) QUOTA, MOTOR VEHICLES RETAILERS ARE ESPECIALLY CONCERNED WITH THE SALES.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

THE STRAITS TIMES

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.43.21
UK Pound	1	Rs.85.72
Euro	1	Rs.67.92

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 2007

COMPANY IDENTIFICATION

PREVIOUS IDENTIFICATION

SUMMARY

REFERENCES

PRINCIPAL(S)

DIRECTOR(S)

FORMER DIRECTOR(S)

ACTIVITY(IES)

CHARGES

PREMISES/PROPERTY INFORMATIONS

BANKERS

SHAREHOLDERS(S)

FORMER SHAREHOLDER(S)

HOLDING COMPANY

SUBSIDIARY(IES)

PAYMENT HISTORY AND EXPERIENCES

LITIGATION(S)

FINANCIAL ELEMENTS

FINANCIAL COMMENTS

BACKGROUND/OPERATION

MANAGEMENT

Singapore’s Country Rating 2007

Unit