MIRA INFORM REPORT

Report Date :

12.03.2008

IDENTIFICATION DETAILS

Name :	AMPHASIS DESIGN PTE LTD

Registered Office :	^{5001 BEACH ROAD} ^#04-13 ^{GOLDEN MILE COMPLEX}

Country :	Singapore

Date of Incorporation :	^30.06.2003

Com. Reg. No.:	^200306096G

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{Wholesale of Antiques, Works of Art, Handicrafts and Gifts.}

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 :	Moderate

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

AMPHASIS DESIGN PTE LTD

Line Of Business

^{WHOLESALE
OF ANTIQUES, WORKS OF ART, HANDICRAFTS AND GIFTS.}

Parent Company

N/A

Financial Elements

Sales : N/A

Networth : N/A

Paid-Up Capital : S$ 2

Net result : N/A

Net Margin(%) : N/A

Return on Equity(%) : N/A

Leverage Ratio : N/A

COMPANY IDENTIFICATION

^{Subject
Company : AMPHASIS DESIGN PTE.LTD.}

^{Former
Name : -}

^{Business
Address : 5001 BEACH ROAD}

^#04-13

^{GOLDEN
MILE COMPLEX}

^{Town : SINGAPORE}

^{Postcode : 199588}

^{County :}

^{Country : Singapore}

^{Telephone : 6281 2322}

^{Fax : 6281 2422}

^{ROC
Number : 200306096G}

^{Reg.
Town :}

SUMMARY

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

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

^{Date Inc. :}^30/06/2003

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :}^-

^{Networth : -}

^{Capital :
-}

^{Paid-Up Capital : 2}

^{Employees : 3}

^{Net result :}^-

^{Share value : -}

^{Auditor :}^{ONN PING LAN & COMPANY}

^{BASED
ON ACRA'S RECORD}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED
ORDINARY 2 SGD
2.00}

^{PAID-UP
ORDINARY - SGD 2.00}

REFERENCES

^{Litigation : No}

^{Company
status : TRADING}

^{Started
:
30/06/2003}

PRINCIPAL(S)

^{WONG
TECK YI (WANG DEYI) S7432594G Director}

DIRECTOR(S)

^{GOH
HO LYE
S0080469Z Company Secretary}

^{Appointed
on :
30/06/2003}

^{Street
: 108
PASIR RIS STREET 12}

^#10-75

^{Town : SINGAPORE}

^{Postcode :
510108}

^{Country : Singapore}

^{WONG
TECK YI (WANG DEYI)
S7432594G Director}

^{Appointed
on : 30/06/2003}

^{Street
: 420
BEDOK NORTH STREET 1}

^#10-122

^{Town :
SINGAPORE}

^{Postcode : 460420}

^{Country : Singapore}

^{ANG
SAW PENG (HONG SUPING)
S7821560G Director}

^{Appointed
on :
30/09/2006}

^{Street
: 621 WOODLANDS DRIVE 52}

^#11-50

^{Town : SINGAPORE}

^{Postcode :
730621}

^{Country : Singapore}

ACTIVITY(IES)

^{ANTIQUES
- WHSLE
Code:920}

^{HANDICRAFT
SUPPLIERS - WHSLE And MFRS
Code:10970}

^{BASED
ON ACRA'S RECORD}

^{1)
WHOLESALE OF ANTIQUES, WORKS OF ART, HANDICRAFTS AND GIFTS;}

^{CONCEPTUALISATION
AND WHOLESALE OF GIFTS AND PREMIUMS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{WONG
TECK YI (WANG DEYI) 1 Private Person}

^{Street
: 420
BEDOK NORTH STREET 1}

^#10-122

^{Town :
SINGAPORE}

^{Postcode : 460420}

^{Country : Singapore}

^{ANG
SAW PENG (HONG SUPING) 1
Private Person}

^{Street
: 621
WOODLANDS DRIVE 52}

^#11-50

^{Town :
SINGAPORE}

^{Postcode : 730621}

^{Country : Singapore}

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} ^{NTEREST,
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} ^{30/06/2003
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS PRESENT
NAMESTYLE AS "AMPHASIS DESIGN PTE. LTD.".}

^{THE
COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF} ^{2 SHARES, OF A VALUE OF S$2.}

^{PRINCIPAL
ACTIVITIES:}

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

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

^{(1)
WHOLESALE OF ANTIQUES, WORKS OF ART, HANDICRAFTS AND GIFTS}

^{CONCEPTUALISATION
AND WHOLESALE OF GIFTS AND PREMIUMS}

^{THE
COMPANY WAS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE} ^{CLASSIFICATION
OF: GIFTWARES-WHOLESALE & MANUFACTURER}

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

^ACTIVITIES:

^{* SALES AND MARKETING OF CORPORATE GIFTS AND
PREMIUMS IN SOUTH}

^EAST
ASIA.

^PRODUCTS:

^{* STATIONERY}

^{* CALCULATORS}

^{* WRITING INSTRUMENTS}

^{* COMPUTER ACCESSORIES}

^{* HARDWARE}

^{* DESKTOP ACCESSORIES}

^{* RADIOS}

^{* LIFESTYLE}

^{* TIMEPIECES}

^{* MUGS & WATER CONTAINERS}

^{* KEYCHAINS}

^{* TRAVEL BAGS}

^{* TOILETRY POUCHES}

^{* HAVERSACKS}

^{* DOCUMENT BAGS}

^{* SLING & WAIST POUCHES}

^{* SHOE POUCHES}

^{* MISCELLANEOUS BAGS}

^{* LEATHER SERIES}

^{* APPARELS}

^{* CAPS}

^{* OTHERS}

^{* MARKSMAN}

^{* BALMAIN}

^SERVICES:

^{* PERSONALIZED SOURCING:}

^{BUILT
UP VERSE CONTACTS WITH INTERNATIONAL SUPPLIERS.}

^{* ARTOWRK AND DESIGN:}

^{PERSONALIZED
DESIGN FOR YOUR GIFT}

^{* PRINTING:}

^{FAST,
ACCURATE AND PRECISE.}

^{* DELIVERY:}

^{MAINLY
IN THE ASIA PACIFIC REGION}

^{FROM
THE TELE-INTERVIEW CONDUCTED SUBJECT HAS 3} ^{EMPLOYEES. NO OTHER TRADE INFORMATION
WAS AVAILABLE.}

^{REGISTERED
ADDRESS:}

^{5001
BEACH ROAD}

^{#04-13
GOLDEN MILE COMPLEX}

^{SINGAPORE
199588}

^{DATE
OF CHANGE OF ADDRESS: 30/06/2003}

^{-
RENTED PREMISE}

^{-
PREMISE OWNED BY: CHEW DAVID}

^{GOH
HO LYE}

^{BUSINESS
ADDRESS:}

^{138
JOO SENG ROAD}

^{#06-00
TRIVEC HOUSE}

^{SINGAPORE
368361}

^{-
RENTED PREMISE}

^{-
PREMISE OWNED BY: HSBC INSTITUTIONAL TRUST SERVICES (S) LTD AS}

^{TRUSTEE
OF MAPLETREE LOGISTICS TRUST}

^{ADDRESS
PROVIDED BY CLIENT:}

^{WEBSITE:
www.amphasisdesign.com}

^{EMAIL : amy@amphasisdesign.com}

^{sales@amphasisdesign.com}

MANAGEMENT

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

^{1)
WONG TECK YI (WANG DEYI), A SINGAPOREAN}

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

^{2)
ANG SAW PENG (HONG SUPING), A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S
NAME: WONG TECK YI (WANG DEYI)} ^{ADVERSE REPORT AGAINST DIRECTOR: NOT
AVAILABLE FROM OUR DATABASE} ^{PROPERTY OWNERSHIP: NIL}

^{ANNUAL
VALUE: N/A}

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

^{DIRECTOR'S
NAME: ANG SAW PENG (HONG SUPING)}

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

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL
VALUE: S$7,200}

^{CO-OWNER
(S): LIM KOK LEONG}

^{*
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.

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