MIRA INFORM REPORT

Report Date :

07.11.2008

IDENTIFICATION DETAILS

Name :	SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.
Registered Office :	3 Shenton Way #14-01 Shenton House 068805
Country :	Singapore
Financials (as on) :	31.03.2007
Date of Incorporation :	^07.01.1978
Com. Reg. No.:	^197800048Z
Legal Form :	^Pte Ltd
Line of Business :	Commodity Trading

RATING & COMMENTS

MIRA’s Rating :

A

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

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

Line Of Business 

COMMODITY TRADING

Parent Company

SOUTH EAST ASIAN EXPORT AND SERVICES CORP.INC

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2007

^CONSOLIDATED

Sales : US$1,200,729,803

Networth : US$53,872,055

Paid-Up Capital : US$21,065,477

Net result : US$7,418,858

Net Margin(%) : 0.62

Return on Equity(%) : 13.77

Leverage Ratio : 1.90

COMPANY IDENTIFICATION

^{Subject Company : SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.}

^{Former Name : -}

^{Business Address : 3 SHENTON WAY}

^#14-01

^{SHENTON HOUSE}

^{Town : SINGAPORE}

^{Postcode : 068805}

^{County : -}

^{Country : Singapore}

^{Telephone : 6221 8455/63248257}

^{Fax : 6222 4984}

^{ROC Number : 197800048Z}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Pte Ltd}

^{Date Inc. : 07/01/1978}

^{Previous Legal Form : -}

^{Summary year : 31/03/2007}

^{Sales : 1,200,729,803}

^{Net Worth : 53,872,055}

^{Capital : -}

^{Paid-Up Capital : 21,065,477}

^{Employees : 51}

^{Net result : 7,418,858}

^{Share value : -}

^{AUDITOR : WONG, LEE & ASSOCIATES}

^{BASED ON ACRA'S RECORD}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED ORDINARY 36,955,598 SGD 36,955,598.00}

^{PAID-UP ORDINARY - SGD 36,955,598.00}

REFERENCES

^{Litigation : Yes}

^{Company status : TRADING}

^{Started : 07/01/1978}

PRINCIPAL(S)

^{SIM POH CHOO S1051005H Director}

DIRECTOR(S)

^{RAMAKANT RATHI 6118609 Director}

^{Appointed on : 25/02/1994}

^{Street : CHRIESIMATT 33}

^{Town : BAAR/ZG}

^{Postcode : 6340}

^{Country : Switzerland}

^{RANDHIR RAM CHANDRA S1272119F Company Secretary}

^{Appointed on : 07/05/1999}

^{Street : 7 HIGHLAND ROAD}

^{HIGHLAND TERRACE}

^{Town : SINGAPORE}

^{Postcode : 549106}

^{Country : Singapore}

^{VENKITESWARAN HARIHARAN S1585158I Company Secretary}

^{Appointed on : 07/05/1999}

^{Street : 28 LORONG L TELOK KURAU}

^{PINE COURT}

^{Town : SINGAPORE}

^{Postcode : 425440}

^{Country : Singapore}

^{SIM POH CHOO S1051005H Director}

^{Appointed on : 02/05/2007}

^{Street : 163 MARINE PARADE}

^#03-03

^{MARINE MEADOWS}

^{Town : SINGAPORE}

^{Postcode : 449528}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{KARTAR SINGH THAKRAL S0645091A}

^{MANAK CHAND MAHESWARI S2583525E}

^{LALKAKA CAVAS JEHANGIR 5401038}

^{SHYAM SUNDER MAHANSARIA L683448}

^{BASANT KUMAR MAHESHWARI S2613463C}

^{PRAVEEN KUMAR JAIN S2669189C}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{TIMBER - COMMISSION Code:21640}

^{STEEL PRODUCTS Code:20410}

^{FERTILIZERS - WHSLE And MFRS Code:8710}

^{BASED ON ACRA'S RECORD}

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

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES)}

CHARGES

^{Date : 17/08/1988 Amount: 810,000}

^{Comments : CHARGE NO: 8802772 (DISCHARGED - 27/10/1993)}

^{CHARGEE : WAYFOONG MORTAGE & FINANCE SINGAPORE LTD}

^{Date : 23/06/1983 Amount: 1,600,000}

^{Comments : CHARGE NO: 9005723 (DISCHARGED - 06/03/1996)}

^{CHARGEE : UNITED OVERSEAS BANK LTD}

^{Date : 14/08/1996}

^{Comments : CHARGER NO: 9604772}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE : BANGKOK BANK PUBLIC CO LTD}

PREMISES/PROPERTY INFORMATIONS

^{Date : 07/09/2008 Tax rate : 10}

^{Site Address : 3 SHENTON WAY}

^#14-01

^{SHENTON HOUSE}

^{Town : SINGAPORE}

^{County : -}

^{Postcode : 068805}

^{Country : Singapore}

^{Annual Value : 93,000}

* TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

* TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR FULLY RENTED OUT BY THE OWNER/OWNED BY COMPANY.

* 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

^{BANK OF INDIA}

^{DBS BANK LTD.}

^{FORTIS BANK S.A./N.V.}

^{NATEXIS BANQUES POPULAIRES}

^{OVERSEA-CHINESE BANKING CORPORATION LIMITED}

^{SOCIETE GENERALE}

^{SUMITOMO MITSUI BANKING CORPORATION}

^{UCO BANK}

SHAREHOLDERS(S)

^{SOUTH EAST ASIAN EXPORT AND 36,955,598 Company}

^{Street : 80 BROAD STREET}

^{Town : MONROVIA}

^{Postcode: -}

^{Country : Liberia}

FORMER SHAREHOLDER(S)

^{HOLDING & IND PROMOTION 231,250}

^{BIRLA AG ZUG SWITZERLAND 499,998}

^{KARTAR SINGH THAKRAL 1}

^{MANAK CHAND MAHESWARI 1}

^{LALKAKA CAVAS JEHANGIR 1}

^{RAMAKANT RATHI 1}

^{SHYAM SUNDER MAHANSARIA 1}

^{BASANT KUMAR MAHESHWARI 1}

^{BIRLA INTERNATIONAL LTD 7,499,998}

HOLDING COMPANY

SOUTH EAST ASIAN EXPORT AND SERVICES CORP.INC UF18848D % :100

SUBSIDIARY(IES)

^{MYANMAR SWISS SINGAPORE COMPANY LIMITED}

^{OVERSEAS TRADING & SHIPPING CO PTE LTD}

^{SWISS SINGAPORE OVERSEAS ENTERPRISE PTE LTD}

^{SWISS SINGAPORE (BANGLADESH)LIMITED}

^{SWISS SINGAPORE CANADA PTE LTD}

^{PT SWISS NIAGA INTERNATIONAL}

^{SWISS SINGAPORE (SHANGHAI) TRADING CO., LTD}

^{SWISS SINGAPORE OVERSEAS ENTERPRISES (GHANA) LIMITED}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : SUFFICEINT}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation: AVERAGE}

LITIGATION(S)

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

^{Case Number: MCS03572/2004}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: DCS03463/2003}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: MCS03928/2002}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: MCS29626/2000}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: HWS00846/1999}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: MCS02788/1998}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: MCS11054/1996}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: DCS00107/1995}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: MCS13659/1994}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

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

^{Case Number: HWS01881/1994}

Defendant SWISS SINGAPORE OVERSEAS ROC # : 197800048Z

FINANCIAL ELEMENTS

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

^{Audit Qualification : UNQUALIFIED (CLEAN) "MILD" UNCERTAINTIES}

^{Date Account Lodged : 18/09/2007 -}

^{Balance Sheet Date : 31/03/2007 31/03/2006}

^{Number of weeks : 52 52}

^{Consolidation Code : CONSOLIDATED CONSOLIDATED}

^{--- ASSETS ---}

^{Preliminary Exp : - -}

^{Tangible Fixed Assets : 3,017,836 3,063,558}

^{Total Fixed Assets : 3,017,836 3,063,558}

^{Inventories : 1,450,036 13,983,636}

^{Receivables : 127,278,859 177,692,537}

^{Cash,Banks, Securitis : 4,616,052 2,939,653}

^{Other current assets : 20,055,531 24,306,019}

^{Total Current Assets : 153,400,478 218,921,845}

^{TOTAL ASSETS : 156,418,314 221,985,403}

^{--- LIABILITIES ---}

^{Equity capital : 21,065,477 19,337,477}

^{Reserves : -4,374 -4,785}

^{Profit & lost Account: 32,810,952 25,392,094}

^{Total Equity : 53,872,055 44,724,786}

^{Long Term Loans : 213,443 544,553}

^{L/T deffered taxes : 678 489}

^{Total L/T Liabilities : 214,121 545,042}

^{Trade Creditors : 50,591,761 60,926,127}

^{Prepay. & Def. charges: 4,597,471 5,527,305}

^{Advanced payments : 474,540 568,195}

^{Due to Bank : 41,559,810 99,431,643}

^{Provisions : 1,532,170 1,499,442}

^{Other Short term Liab.: 3,576,386 8,762,863}

^{Total short term Liab.: 102,332,138 176,715,575}

^{TOTAL LIABILITIES : 102,546,259 177,260,617}

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

^{Net Sales : 1,200,729,803 1,099,161,201}

^{Purchases,Sces & Other Goods : 1,180,076,097 1,084,733,410}

^{Gross Profit : 20,653,706 14,427,791}

^{Result of ordinary operations: - -}

^{NET RESULT BEFORE TAX : 8,120,761 3,601,809}

^{Tax : 701,903 661,679}

^{Net income/loss year : 7,418,858 2,940,130}

^{Interest Paid : 5,847,714 5,455,781}

^{Depreciation : 186,631 195,330}

^{Dividends : - -}

^{Directors Emoluments : 236,516 282,944}

^{Wages and Salaries : 2,855,232 2,777,624}

^{Financial Income : 2,311,922 3,168,447}

RATIOS

^{31/03/2007 31/03/2006}

^{Turnover per employee : 23543721.63 21552180.41}

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

^{Stock / Turnover(%) : 0.00 0.01}

^{Net Margin(%) : 0.62 0.27}

^{Return on Equity(%) : 13.77 6.57}

^{Return on Assets(%) : 4.74 1.32}

^{Dividends Coverage : - -}

^{Net Working capital : 51068340.00 42206270.00}

^{Cash Ratio : 0.05 0.02}

^{Quick Ratio : 1.29 1.02}

^{Current ratio : 1.50 1.24}

^{Receivables Turnover : 38.16 58.20}

^{Leverage Ratio : 1.90 3.96}

^{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

^{AUDITOR'S REPORT:}

^{THE PREVIOUS YEAR'S AUDITOR'S REPORT WAS QUALIFIED FOR THE RECOVERABILITY OF A SUBSIDIARY'S BRANCH'S DEBT AMOUNTING TO Rs9,796,005 (US$219,592). THESE DEBTS WERE SECURED BY PROPERTY BELONGING TO A THIRD PARTY. ACCORDINGLY THIS MATTER DID NOT HAVE ANY EFFECT ON THE FINANCIAL STATEMENT FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2007 OR ON OUR OPINION ON THOSE FINANCIAL STATEMENTS.}

^{THE FINANCIAL CONDITION OF THE GROUP WAS DEEMED TO BE FAIR IN VIEW OF THE FOLLOWING:}

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED SOUND WITH NET WORTH IMPROVED BY 20.45% FROM US$44,724,786 IN FY 2006 TO US$53,872,055 IN FY 2007. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF US$32,810,952 (2006: US $25,392,094); A RISE OF 29.21% FROM THE PRIOR FINANCIAL YEAR. LEVERAGE:}

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 49.44% (2006: 34.47%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$50,591,761 (2006: US$60,926,127). AMOUNT DUE TO BANKS CONSIST OF:}

^{-BANK OVERDRAFT- 2007: US$1,319,624 (2006: US$1,717,553)}

^{-BANK BILLS PAYABLE- 2007: US$15,587,093 (2006: US$60,245,422)}

^{-FREIGHT LOAN- 2007: US$1,523,879 (2006: US$2,176,598)}

^{-BILL DISCOUNTING- 2007: US$22,749,467 (2006: US$34,912,323)}

^{-TERM LOAN- 2007: US$379,747 (2006: US$379,747)}

^{IN THE LONG-TERM, SUBJECT WAS LARGELY FINANCED BY TERM LOAN WHICH AMOUNTS TO US$213,443 (2005: S$544,553). IN ALL, LEVERAGE RATIO FELL FROM 3.96 TIMES TO 1.90 TIMES AS A RESULT OF A RISE IN TOTAL EQUITY AND A FALL IN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO ROSE TO 1.50 TIMES, FROM 1.24 TIMES AND QUICK RATIO IMPROVED TO 1.29 TIMES FROM 1.02 TIMES IN FY 2006.}

^{SIMILARLY, NET WORKING CAPITAL IMPROVED BY 20.99% FROM US$42,206,270 IN FY 2006 TO US$51,068,340.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 9.24% FROM US$1,099,161,201 IN FY 2006 TO US$1,200,729,803 NET PROFIT ROSE BY 1.52 TIMES TO US$7,418,858 (2006: US$2,940,130). HENCE, NET MARGIN ROSE TO 0.62% (2006: 0.27%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. HOWEVER IT IS NOTED THAT THE INTEREST COVERAGE IS LOW AT 2.38 TIMES (2006: 1.66 TIMES) WHICH NEED CAUTION.}

NOTES TO THE FINANCIAL STATEMENTS:

^{BANK OVERDRAFT}

^{THE BANK OVERDRAFT FACILITIES OF THE GROUP AND COMPANY ARE REPAYABLE ON DEMAND. BANK OVERDRAFT OF THE COMPANY IS SECURED BY A LETTER OF COMFORT FROM THE ULTIMATE HOLDING COMPANY. THE BANK OVERDRAFT FACILITIES FOR A SUBSIDIARY ARE SECURED BY STANDBY LETTER OF CREDITS OBTAINED FROM STANDARD CHARTERED BANK, SINGAPORE BRANCH AND BANGKOK BANK PUBLIC CO. LTD.}

^{INTEREST ON OVERDRAFT OF THE GROUP AND COMPANY IS LEVIED AT 1% (2006: 1%) PER ANNUM ABOVE THE BANK'S PRIME LENDING RATE.}

^{BANK BILLS PAYABLE}

^{THE BANK BILLS PAYABLE HAVE MATURITY RANGING FROM 1 WEEK TO 3 MONTHS (2005: 1 WEEK TO 3 MONTHS) FROM THE BALANCE SHEET DATE. THE BANK BILLS PAYABLE ARE SECURED BY:}

^{- LETTER OF COMFORT FROM THE ULTIMATE HOLDING COMPANY}

^{- LETTER OF SET-OFF}

^{- DEED OF CHARGE AND ASSIGNMENT}

^{- GENERAL LETTER OF UNDERTAKING FROM THE COMPANY TO DELIVER TO THE}

^{BANK THE SHIPPING DOCUMENTS RECEIVED DIRECTLY FROM SUPPLIERS}

^{IMMEDIATELY WHEN AVAILABLE.}

^{- DEBENTURE OVER TRADE RECEIVABLES FROM UNDERLYING GOODS OF THE}

^{COMPANY'S TRADE TRANSACTIONS FINANCED BY RESPECTIVE BANKS.}

^{INTEREST IS LEVIED AT 0.50% TO 1.75% (2006: 0.50% TO 1.75%) PER ANNUM ABOVE SIBOR.}

^{FREIGHT LOANS}

^{FREIGHT LOANS REPRESENT FINANCING FACILITIES TAKEN FROM BANK FOR THE PAYMENT OF FREIGHT AND FORWARDING CHARGES. FREIGHT LOANS HAVE MATURITY OF LESS THAN 45 DAYS (2005: 45 DAYS) FROM THE DATE OF BALANCE SHEET AND ARE SECURED IN THE MANNER SIMILAR TO BANK BILLS PAYABLE ABOVE.}

^{BILLS DISCOUNTING}

^{BILLS DISCOUNTING HAVE MATURITY RANGING FROM 1 WEEK TO 6 MONTHS (2006: 1 WEEK TO 6 MONTHS) FROM THE BALANCE SHEET DATE AND ARE SECURED IN THE MANNER SIMILAR TO BANK BILLS PAYABLE ABOVE.}

^{TERM LOANS}

^{THE TERM LOANS ARE SECURED BY A LETTER OF COMFORT FROM THE ULTIMATE HOLDING COMPANY AND A LEGAL MORTGAGE OF THE COMPANY'S LEASEHOLD PROPERTIES AT NO. 3 SHENTON WAY, #14-06/07/08/09 SHENTON HOUSE, SINGAPORE. THE TERM LOAN WILL MATURE IN SEPTEMBER 2008 AND IS REPAYABLE IN 30 MONTHLY EQUAL INSTALMENTS.}

^{TRADE FINANCING COMMITMENTS}

^{THE GROUP HAS THE FOLLOWING COMMITMENTS AT THE BALANCE SHEET DATE:}

^{* EXPORT BILL UNDER NEGOTIATION OF USD46,624,548 (2006: USD38,943,952)}

^{* LETTER OF CREDIT OF USD103,829,377 (2005: USD72,805,271)}

^{* LETTER OF GUARANTEE OF USD7,606,745 (2005: USD1,852,955)}

^{THESE COMMITMENTS ARE SECURED IN THE MANNER SIMILAR TO BANK BILLS}

^{PAYABLE ABOVE.}

^{CONTINGENT LIABILITY:}

^{AS AT 31 MARCH 2007, THERE WAS A CONTINGENT LIABILITY AMOUNTING TO US}

^{$373,881 (2006: NIL) IN RESPECT OF INCOME TAX FROM A BRANCH OF BOTH}

^{THE COMPANY AND A SUBSIDIARY FOR THE YEARS OF ASSESSMENT 2005 AND}

^2006.

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 07/01/1978 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE OF "SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.".}

^{THE COMPANY HAS A ISSUED AND PAID-UP CAPITAL OF 36,955,598 SHARES OF A VALUE OF S$36,955,598.}

^{PRINCIPAL ACTIVITIES:}

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

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

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

^{2) WHOLESALE ON FEE OR CONTRACT BASIS (EG COMMISION AGENCIES)}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES CONSIST OF GENERAL TRADERS, COMMISSION AGENTS AND INDENTING AGENTING.}

^{THE IMMEDIATE AND ULTIMATE HOLDING COMPANY IS SOUTH EAST ASIAN EXPORT AND SERVICES CORP. INC., A COMPANY INCORPORATED IN LIBERIA. FROM THE RESEARCH CONDUCTED, THE FOLLOWING INFORMATION WAS GATHERED:}

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: IMPORTERS & EXPORTERS.}

^{BACKGROUND OF THE SUBJECT:}

^{SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. IS AN INTERNATIONAL COMMODITY TRADING COMPANY. SUBJECT'S TRADING PRODUCT PORTFOLIO INCLUDES COAL, STEEL AND STEEL PRODUCTS, PETROCHEMICALS, BEANS AND PULSES AND FERTILIZERS.}

^{SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. IS PART OF ONE OF THE MULTI-FACETED LARGEST AND MOST WIDESPREAD INDUSTRIAL GROUPS HAVING A VERY SIZEABLE PRESENCE IN INDIA AND SOUTH EAST ASIAN COUNTRIES. IN SEPTEMBER 2002, SUBJECT WAS AWARDED STATUS OF (GLOBAL TRADER PROGRAMM (GTP)" BY INTERNATIONAL ENTERPRISE, SINGAPORE (FORMERLY KNOWN AS TRADE DEVELOPMENT BOARD OF SINGAPORE) W.E.F.JULY 2001 FOR A PERIOD OF YEARS. THIS AWARD IS GIVEN TO A FEW SELECT COMPANIES GIVING GOOD CONTRIBUTION TO SINGAPORE.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* COMMODITY TRADING}

^PRODUCTS:

^{* TIMBER}

^{- TEAK}

^{- TIMBER}

^{- ROUND LOGS}

^{- GURJAN LOGS}

^{- PINE LOGS}

^{- PLYWOOD}

^{- ETC.}

^{* AGRI COMMODITIES}

^{- BEANS}

^{- PULSES}

^{- RAW CASHEW NUTS}

^{- RICE}

^{- SUGAR}

^{- WHEAT}

^{- YELLOW MAIZE (CORN)}

^{- ETC}

^{* FERTILIZERS}

^{- UREA}

^{- DAP}

^{- ROCK PHOSPHATE}

^{- ETC}

^{* STEEL & STEEL}

^{- PLAIN AND DEFORMED BARS}

^{- ANGLES}

^{- CHANNELS}

^{- WIRE RODS}

^{- COILS}

^{- GL PIPES}

^{- MS ROD}

^{- GIC}

^{- SHEETS,}

^{- HR & CR COILS}

^{- SHEETS}

^{* PETRO & REFINERY}

^{- SULPHUR}

^{- SKO}

^{- NAPTHA}

^{- BITUMEN}

^{- FUEL OIL}

^{* COAL & COKE}

^{- COAL}

^{- MET COKE}

^{- PTE COKE}

^{- ETC}

^{* CEMENT}

^{- ORDINARY PORTLAND CEMENT AND CLINKER}

^{* CHEMICALS}

^{- SODA ASH}

^{- CAUSTIC SODA}

^{- GUM ROSIN}

^{- PARAFFIN WAX}

^{- ETC}

^{* OTHERS}

^{- FLUORSPAR}

^{- AGRICULTURAL IMPLANTS}

^{- BICYCLE}

^{- SEWING MACHINES}

^{- WHEAT FLOUR}

^{- SILICON METAL}

^{- BETEL NUTS}

^{- SPICES}

^{- ETC}

^{IMPORT AND EXPORT COUNTIRES:}

^{* DUBAI}

^{* AFRICA}

^{* MIDDLE EAST}

^{* FAR EAST}

^{* SOUTH EAST}

^{* CANADA}

^{* INDIA}

^{* MYANMAR}

^{* BANGLADESH}

^{* IVORY COAST}

^{* CHINA}

^{* VIETNAM}

^{* RUSSIA}

^{* SRI LANKA}

^{BRANCH OFFICES:}

^{* DUBAI (UAE)}

^{* YANGON (MYANMAR)}

^{* DAR-ES-SALAAM (TANZANIA)}

^{* HO-CHIN-MINH (VIETNAM)}

^{* ABIDJAN (IVORY COAST)}

^{* DHAKA (BANGLADESH)}

^{* SHANGHAI (CHINA)}

^{REPRESENTATIVE OFFICES:}

^{* GHANA}

^{* TOGO}

^{* NIGERIA}

^{SUBJECT IS A MEMBER OF THE FOLLOWING ENTITY:}

^{* SINGAPORE TIMBER ASSOCIATION}

^{NO. OF EMPLOYEES:}

^{* 2008: 51 - 100}

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

^{SUBJECT DECLINE TO REVEAL ANY TRADE INFORMATION AND ONLY RE CONFIRMED THE BUSINESS ADDRESS AND CONTACT NO.}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE}

^{NUMBER OF EMPLOYEES (31 MARCH):}

^{* COMPANY - 2007: NOT AVAILABLE (2006: NOT AVAILABLE)}

^{* GROUP - 2007: NOT AVAILABLE (2006: NOT AVAILABLE)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{3 SHENTON WAY}

^#14-01

^{SHENTON HOUSE}

^{SINGAPORE 068805}

^{DATE OF CHANGE OF ADDRESS: 24/01/1989}

^{- OWNED PREMISE}

^WEBSITE:

^{http://www.swiss-singapore.com}

^EMAIL:

^{ssoe@pacific.net.sg}

^{pkjain@singnet.com.sg}

^{shipping@swiss-singapore.com.sg}

MANAGEMENT

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

^{1) RAMAKANT RATHI, A SWISS}

^{- BASED IN SWITZERLAND.}

^{2) SIM POH CHOO, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME : SIM POH CHOO}

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

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE : S$16,200}

^{CO-OWNER(S) : NIL}

* 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 6.0% 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.47.76
UK Pound	1	Rs.74.87
Euro	1	Rs.60.81

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