MIRA INFORM REPORT

Report Date :

29.08.2008

IDENTIFICATION DETAILS

Name :	^WINE GOURMET SINGAPORE PTE. LTD.
Formerly Known As :	^FIRECRACKER PTE LTD
Registered Office :	BLK 16 Cantonment Close #19-43, 080016
Country :	Singapore
Financials (as on) :	30.06.2005
Date of Incorporation :	^23.05.2000
Com. Reg. No.:	^200004432C
Legal Form :	^Exempt Pte Ltd
Line of Business :	^General Wholesale Trade (Including General Importers and ^Exporters)

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 :	Moderate
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

^{WINE GOURMET SINGAPORE PTE. LTD.}

Line Of Business 

^{GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND}

^EXPORTERS)

Parent Company

^{WINE GOURMET ASIA LIMITED}

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2005

COMPANY

Sales : S$ 143,996

Networth : S$ -22,980

Paid-Up Capital : S% 50,000

Net result : S$ -43,831

Net Margin(%) : -30.44

Return on Equity(%) : 190.74

Leverage Ratio : -12.18

COMPANY IDENTIFICATION

^{Subject Company : WINE GOURMET SINGAPORE PTE. LTD.}

^{Former Name : FIRECRACKER PTE LTD}

^{Business Address : BLK 16 CANTONMENT CLOSE #19-43}

^{Town : SINGAPORE}

^{Postcode : 080016}

^{County : -}

^{Country : Singapore}

^{Telephone : 6534 8698}

^{Fax : 6534 8697}

^{ROC Number : 200004432C}

^{Reg. Town : -}

PREVIOUS IDENTIFICATION

^{FIRECRACKER PTE LTD DATE OF CHANGE: 05/10/2004}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 23/05/2000}

^{Previous Legal Form : -}

^{Summary year : 30/06/2005}

^{Sales : 143,996}

^{Networth : -22,980}

^{Capital : 100,000}

^{Paid-Up Capital : 50,000}

^{Employees : 2}

^{Net result : -43,831}

^{Share value : 1}

^{Auditor : KONG, LIM & PARTNERS}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 23/05/2000}

PRINCIPAL(S)

^{SOUMIENG DEAJPANYANAN E3007603 Director}

DIRECTOR(S)

^{SOUMIENG DEAJPANYANAN E3007603 Director}

^{Appointed on : 01/12/2004}

^{Street : 33 CLUB STREET}

^#06-15

^{EMERALD GARDEN}

^{Town : SINGAPORE}

^{Postcode: 069415}

^{Country : Singapore}

^{CATHERINE LIM SIOK CHING S7540675D Company Secretary}

^{Appointed on : 31/05/2007}

^{Street : 156 LORONG 1 TOA PAYOH}

^#03-1183

^{TOA PAYOH SAPPHIRE}

^{Town : SINGAPORE}

^{Postcode: 310156}

^{Country : Singapore}

^{LIM HUI CHEN CHERYL S7918719D Director}

^{Appointed on : 16/03/2007}

^{Street : 16 CANTONMENT CLOSE}

^#19-43

^{Town : SINGAPORE}

^{Postcode: 080016}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{TAN SIOK KHENG S1705273Z}

^{JOHN KEVIN STEWART WILKINSON S2665325H}

^{ANN WILKINSON S2665326F}

^{LY CHENG LUNG ALEX MICHAEL S1164639E}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code: 11760}

^{BASED ON ACRA'S RECORD}

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{DBS BANK LTD.}

SHAREHOLDERS(S)

^{WINE GOURMET ASIA LIMITED 50,000 Company}

^{Street : 6B CAMERON PLAZA}

^{23 CAMERON ROAD}

^TSIMSHATSUI

^{Town : KOWLOON}

^{Postcode : -}

^{Country : Hong Kong}

FORMER SHAREHOLDER(S)

^{JOHN KEVIN STEWART WILKINSON}

^{ANN WILKINSON}

HOLDING COMPANY

^{WINE GOURMET ASIA LIMITED UF38960M %: 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : UNKNOWN}

FINANCIAL ELEMENTS

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

^{Audit Qualification: GOING CONCERN QUALIF}

^{Date Account Lodged: 02/10/2006}

^{Balance Sheet Date: 30/06/2005 30/06/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 9,820 4}

^{Total Fixed Assets: 9,820 4}

^{Inventories: 21,523}

^{Receivables: 1,094}

^{Cash,Banks, Securitis: 7,560}

^{Other current assets: 216,920}

^{Total Current Assets: 247,097}

^{TOTAL ASSETS: 256,917 4}

^{--- LIABILITIES}

^{Equity capital: 50,000 2}

^{Profit & lost Account: -72,980 -29,149}

^{Total Equity: -22,980 -29,147}

^{Trade Creditors: 10,602 -}

^{Prepay. & Def. charges: 5,000 170}

^{Other Short term Liab.: 264,295 28,981}

^{Total short term Liab.: 279,897 29,151}

^{TOTAL LIABILITIES: 279,897 29,151}

^{--- PROFIT & LOSS ACCOUNT}

^{Net Sales 143,996}

^{Result of ordinary operations -43,835 -2,007}

^{NET RESULT BEFORE TAX: -43,831 -2,007}

^{Net income/loss year: -43,831 -2,007}

^{Depreciation: 1,759 -}

^{Wages and Salaries: 74,599 -}

^{Financial Income: 4 -}

RATIOS

^{30/06/2005 30/06/2004}

^{Turnover per employee: 71,998.00 0.00}

^{Net result / Turnover(%): -0.30 -0.30}

^{Stock / Turnover(%): 0.15 0.15}

^{Net Margin(%): -30.44 -30.44}

^{Return on Equity(%): 190.74 6.89}

^{Return on Assets(%): -17.06 -50,175.00}

^{Net Working capital: -32,800.00 -29,151.00}

^{Cash Ratio: 0.03 0.00}

^{Quick Ratio: 0.03 0.00}

^{Current ratio: 0.88 0.00}

^{Receivables Turnover: 2.74 2.74}

^{Leverage Ratio: -12.18 -1.00}

^{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}

^{Dividends Coverage : Net income loss year/Dividends}

^{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

^{THE FINANCIAL STATEMENT IN THIS REPORT IS THOSE OF 2005 AND IS CONSIDERED OUTDATED. HENCE, FINANCIAL ANALYSIS IS NOT CONDUCTED. THE FINANCIAL STATEMENT SERVES AS A REFERENCE ONLY. IN REPLACEMENT, ADVERSE CHECK ON ITS LOCAL DIRECTORS IS MADE.}

^{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 23/05/2000 AS A EXEMPT LIMITED PRIVATE COMPANY UNDER THE NAMESTYLE OF "FIRECRACKER PTE LTD".}

^{SUBSEQUENTLY ON 05/10/2004, SUBJECT CHANGED TO ITS PRESENT NAMESTYLE}

^{OF "WINE GOURMET SINGAPORE PTE. LTD.".}

^{THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 50,000 SHARES, OF A VALUE OF S$50,000.}

^{PRINCIPAL ACTIVITIES:}

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

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

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

^EXPORTERS)

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE TO CARRY ON THE BUSINESS OF TRADING, GENERAL IMPORTERS EXPORTERS, MERCHANTS, TRADERS, MANUFACTURERS, WAREHOUSEMEN, DEALERS, BROKERS, COMMISSION AGENTS, DEL CREDERE AGENTS, REPRESENTATIVES, GENERAL CARRIERS, SUPPLIERS, REMOVERS, PACKERS, WHOLESALERS, RETAILERS AND DISTIRBUTORS OF SPIRIT, BEER, WINE AND LIQUOR OF ALL KINDS AND DESCRIPTION.}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* WINE SHOPS}

^{* WINES - WHOLESALERS}

^{* WINES - AGENTS & DISTRIBUTORS}

^{* WINES – RETAIL}

^{PRODUCTS DEALINGS:}

^{* WINE & LIQUORS}

^{* WINE & SPIRITS}

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

^{SUBJECT ENGAGES IN BOTH LOCAL AND OVERSEAS SALES, SPECIALISING AS AN}

^{EVENT AND ORGANISING FIRM DEALING IN WINES.}

^{IMPORT COUNTRIES:}

^{* AUSTRALIA}

^{* ITALY}

^{* EUROPE}

^{EXPORT COUNTRIES:}

^{* ASIA (THAILAND, MALAYSIA ETC)}

^{TERMS OF PAYMENT:}

^{* 7 DAYS CREDIT TERM (FOR INDIVIDUAL)}

^{* 30 DAYS CREDIT TERM (FOR CORPORATE)}

^{NUMBER OF EMPLOYEES:}

^{* 2}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE}

^{THE COMPANY'S IMMEDIATE AND ULTIMATE HODLING COMPANY IS WINE GOURMET ASIA LIMITED, A COMPANY DOMICILED AND INCORPORATED IN HONG KONG.}

^{REGISTERED ADDRESS:}

^{18 CROSS STREET}

^{#07-03 MARSH & MCLENNAN CENTRE}

^{SINGAPORE 048423}

^{DATE OF CHANGE OF ADDRESS: 01/01/2005}

^{BUSINESS ADDRESS:}

^{BLK 16 CANTONMENT CLOSE}

^#19-43

^{SINGAPORE 080016}

^{- RENTED PREMISE}

^{- OWNED BY: MS CHERYL LIN HUIZHEN}

^{MR CHEO SHIAN TIONG}

^{ADDRESS PROVIDED BY CLIENT:}

^{3 CLEMENTI LOOP}

^{SINGAPORE 129815}

^{- PREVIOUS STORAGE WAREHOUSE AS VERIFIED BY SUBJECT PERSONNEL VIA}

^{TELE INTERVIEW}

^{OTHER ADDRESS:}

^{BLK 279 JALAN AHMAD IBRAHIM}

^{SINGAPORE 639938}

^{- CURRENT STORAGE WAREHOUSE}

^{WEBSITE: www.winegourmet.com.sg}

^{(WEBSITE NOT READY AT THE TIME OF RESEARCH)}

^{EMAIL: cheryl.lim@winegourmet.com.sg}

MANAGEMENT

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

^{1) SOUMIENG DEAJPANYANAN, AN AUSTRALIAN}

^{- BASED IN SINGAPORE}

^{2) LIM HUI CHEN CHERYL, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: LIM HUI CHEN CHERYL}

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

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$8,400}

^{CO-OWNER (S): MR CHEO SHIAN TIONG}

^{* 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 5.2% IN 1Q 2008, SLOWER THAN THE}

^{6.0% GROWTH IN 4Q 2007. NON-OIL RE-EXPORTS GREW BY 2.0% IN 1Q 2008, IN CONTRAST}

^{TO THE 1.2% DECLINE IN 4Q 2007. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY A}

^{MODERATE 1.4% IN 1Q 2008, FOLLOWING A HIGHER 9.9% GROWTH IN 4Q 2007.}

^{DOMESTIC WHOLESALE TRADE INDEX}

^{THE OVERALL DOMESTIC WHOLESALE TRADE FELL BY 7.1% IN 1Q 2008 OVER 4Q 2007.}

^{EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 6.5%.}

^{AFTER SEASONAL ADJUSTMENT, DOMESTIC SALES ROSE BY 4.4% IN 1Q 2008 OVER 4Q 2007.}

^{EXCLUDING PETROLEUM, DOMESTIC SALES ROSE BY 2.7%.}

^{ON A YEAR-ON-YEAR BASIS, THE OVERALL DOMESTIC WHOLESALE TRADE GREW BY 26.5% OVER}

^{THE PREVIOUS YEAR. EXCLUDING PETROLEUM, DOMESTIC SALES ROSE BY 12.2%. AFTER}

^{REMOVING PRICE EFFECT, THE OVERALL DOMESTIC WHOLESALE TRADE GREW BY 2.8% IN 1Q}

^{2008 OVER 1Q 2007.}

^{ON A QUARTER-OVER-QUARTER BASIS, MOST WHOLESALE SECTORS REPORTED LOWER DOMESTIC}

^{SALES AFTER RECORDING BRISK BUSINESS IN THE PREVIOUS QUARTER.}

^{GENERAL WHOLESALE TRADE FELL BY 24.6% IN 1Q 2008, AFTER RECORDING HIGHER SALES}

^{OF 26.8% IN 4Q 2007. THE SALES OF TELECOMMUNICATIONS AND COMPUTERS, INDUSTRIAL}

^{AND CONSTRUCTION MACHINERY, AND HOUSEHOLD EQUIPMENT AND FURNITURE REPORTED LOWER}

^{SALES BY 13.3% 15.3% IN 1Q 2008.}

^{DOMESTIC SALES OF PETROLEUM AND PETROLEUM PRODUCTS FELL BY 7.7% IN 1Q 2008 OVER}

^{4Q 2007. AFTER ADJUSTING FOR PRICE CHANGES, SALES DECLINED BY 12.4%.}

^{ON THE OTHER HAND, SHIP CHANDLERS AND BUNKERING, FOOD, BEVERAGES AND TOBACCO}

^{RECORDED HIGHER TURNOVER OF 8.8% AND 0.8% OVER THE PREVIOUS QUARTER}

^{RESPECTIVELY.}

^{MAJORITY OF THE WHOLESALE SECTORS RECORDED HIGHER DOMESTIC SALES IN 1Q 2008 OVER}

^{1Q 2007.}

^{THE GROWTH IN THE OVERALL DOMESTIC SALES WAS MAINLY CONTRIBUTED BY PETROLEUM AND}

^{PETROLEUM PRODUCTS, SHIP CHANDLERS AND BUNKERING, AND GENERAL WHOLESALE TRADE,}

^{WHICH REPORTED HIGHER SALES OF 42.9% TO 47.4%. AFTER ADJUSTING FOR PRICE}

^{CHANGES, THE TRADING VOLUME CHANGED MARGINALLY FOR PETROLEUM AND PETROLEUM}

^{PRODUCTS, SHIP CHANDLERS AND BUNKERING WHILE THE SALE VOLUME ROSE BY 27.8% FOR}

^{GENERAL WHOLESALERS.}

^{OTHER SECTORS THAT RECORDED BETTER SALES INCLUDE TIMBER, PAINTS AND CONSTRUCTION}

^{MATERIALS (20.3%) CHEMICALS AND CHEMICAL PRODUCTS (8.7%) INDUSTRIAL AND}

^{CONSTRUCTION MACHINERY (7.6%) TRANSPORT EQUIPMENT (7.2%) AND FOOD, BEVERAGES AND}

^{TOBACCO (0.7%).}

^{CONVERSELY, DOMESTIC SALES OF ELECTRONIC COMPONENTS FELL BY 10.9%, THE FIFTH}

^{CONSECUTIVE QUARTER OF DECLINE SINCE 1Q 2007. AFTER REMOVING PRICE CHANGES,}

^{SALES OF ELECTRONIC COMPONENTS FELL BY 3.6%. WHOLESALE VALUES OF}

^{TELECOMMUNICATIONS AND COMPUTERS, AND HOUSEHOLD EQUIPMENT AND FURNITURE ALSO}

^{DECLINED MARGINALLY IN 1Q 2008. AFTER REMOVING PRICE CHANGES, SALES OF THE TWO}

^{SECTORS ROSE COMPARED TO A YEAR AGO.}

^{FOREIGN WHOLESALE TRADE INDEX}

^{FOREIGN WHOLESALE TRADE SALES FELL MARGINALLY BY 0.6% IN 1Q 2008 OVER 4Q 2007.}

^{EXCLUDING PETROLEUM, SALES FELL BY 2.4%.}

^{AFTER SEASONAL ADJUSTMENT, FOREIGN SALES ROSE BY 5.6% OVER 4Q 2007. EXCLUDING}

^{PETROLEUM, SALES ROSE BY 5.2%.}

^{ON A YEAR-ON-YEAR BASIS, FOREIGN WHOLESALE SALES ROSE BY 31.4% OVER 1Q 2007.}

^{EXCLUDING PETROLEUM, SALES ROSE BY 18.3%. AFTER REMOVING PRICE EFFECT, OVERSEAS}

^{SALES ROSE BY 6.7% OVER 1Q 2007.}

^{COMPARED TO 4Q 2007, THERE WAS MIXED PERFORMANCE IN FOREIGN SALES AMONG THE}

^{WHOLESALE SECTORS IN 1Q 2008.}

^{FOOD, BEVERAGES AND TOBACCO WHOLESALERS REPORTED HIGHER OVERSEAS SALES OF 16.0%}

^{IN 1Q 2008 OVER 4Q 2007, THE LARGEST INCREASE AMONG ALL SECTORS. IT WAS FOLLOWED}

^{BY GENERAL WHOLESALE TRADE (9.4%) SHIP CHANDLERS AND BUNKERING (4.7%) AND}

^{WHOLESALING OF CHEMICALS AND CHEMICAL PRODUCTS (2.2%).}

^{SALES OF PETROLEUM AND PETROLEUM PRODUCTS ROSE SLIGHTLY BY 1.3% IN 1Q 2008 OVER}

^{4Q 2007. HOWEVER, AFTER ADJUSTING FOR PRICE CHANGES, THE SALES VOLUME FELL BY}

^3.8%.

^{CONVERSELY, FOREIGN SALES OF HOUSEHOLD EQUIPMENT AND FURNITURE,}

^{TELECOMMUNICATIONS AND COMPUTERS, TIMBER, PAINTS AND CONSTRUCTION MATERIALS,}

^{TRANSPORT EQUIPMENT, INDUSTRIAL AND CONSTRUCTION MACHINERY AND ELECTRONIC}

^{COMPONENTS FELL IN 1Q 2008 OVER 4Q 2007.}

^{COMPARED TO A YEAR AGO, SOME WHOLESALE SECTORS REPORTED DOUBLE-DIGIT GROWTHS IN}

^{FOREIGN SALES IN 1Q 2008 WHILE OTHERS FELL.}

^{WHOLESALING OF FOOD, BEVERAGES AND TOBACCO CONTINUED TO RECORD HIGH GROWTH RATES}

^{IN FOREIGN SALES, WITH HIGHER TURNOVER OF 89.0% IN 1Q 2008 OVER A YEAR AGO.}

^{AFTER ADJUSTING FOR PRICES, SALES VOLUME ROSE BY 72.9% OVER A YEAR AGO.}

^{WITH HIGHER FUEL PRICES. WHOLESALE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS,}

^{SHIP CHANDLERS AND BUNKERINH REPORTED HIGHER FOREIGN SALES OF 49.2% AND 46.3%}

^{RESPECTIVELY OVER A YEAR AGO. AFTER REMOVING PRICE EFFECT, THE SALES VOLUME OF}

^{PETROLEUM AND PETROLEUM PRODUCTS FELL BY 3.1% WHILE SALES VOLUME OF SHIP}

^{CHANDLERS AND BUNKERING HELD ITS LEVEL.}

^{GENERAL WHOLESALE TRADE, CHEMICALS AND CHEMICAL PRODUCTS, TRANSPORT EQUIPMENT,}

^{AND INDUSTRIAL AND CONSTRUCTION MACHINERY ALSO REGISTERED STRONG SALES GROWTHS}

^{BETWEEN 10.5% TO 47.4%.}

^{CONVERSELY, FOREIGN SALES DECLINED IN 1Q 2008 FOR HOUSEHOLD EQUIPMENT AND}

^{FURNITURE, TIMBER, PAINTS AND CONSTRUCTION MATERIALS, ELECTRONIC COMPONENTS, AND}

^{TELECOMMUNICATIONS AND COMPUTERS. THE SALES FELL BY 4.3% TO 8.7% FOR THESE}

^{SECTORS COMPARED TO 1Q 2007.}

^NEWS

^{MARCH RETAIL GROWTH FUELLED BY PETROL PRICES}

^{THE VALUE OF PETROL SALES IN MARCH SOARED 39%, AS A RESULT OF RISING CRUDE OIL}

^{PRICES, EVEN THOUGH THE ACTUAL VOLUME WAS ONLY MARGINALLY HIGHER.}

^{PETROL STATION SALES POSTED THE FASTEST GROWTH OF ALL RETAIL SEGMENTS IN MARCH,}

^{ACCORDING TO FIGURES THE DEPARTMENT OF STATISTICS RELEASED YESTERDAY.}

^{PETROL SALES ROSE 28.2% IN FEBRUARY.}

^{MOST RETAIL SEGMENTS POSTED HIGHER GROWTH MARCH AFTER A WEAKER SHOWING IN}

^{FEBRUARY FOR THE COMPUTERS, FURNITURE, OPTICAL GOODS AND BOOKS SEGMENTS. BUT}

^{MOTOR VEHICLES FELL 8.1% FROM MARCH 2007 AS A RESULT OF THE ESCALATING PETROL}

^{PRICES. CRUDE OIL HIT ALMOST US$127 A BARREL RECENTLY.}

^{THE SUPERMARKET AND FOOD AND BEVERAGE SEGMENTS ALSO REPORTED LOWER SALES}

^{ACTIVITY THAN IN FEBRUARY, WITH FALLS OF 4.7% AND 11.9%, RESPECTIVELY.}

^{OVERALL RETAIL SALES ROSE BY 5.6% COMPARED TO MARCH 2007. EXCLUDING MOTOR}

^{VEHICLES, SALES VOLUME ROSE BY 12.5%.}

^{OCBC ECONOMIST SELENA LING NOTED THE RETAIL NUMBERS INDICATED RELATIVELY HEALTHY}

^{CONSUMER SPENDING. "THIS IS A TESTIMONY TO THE FACT THAT THE SINGAPOREAN ECONOMY}

^{IS STILL ENJOYING BROAD-BASED GROWTH DESPITE THE GLOBAL SLOWDOWN," SHE SAID.}

^{THE TOTAL VALUE OF RETAIL SALES IN MARCH WAS ESTIMATED AT S$2.89 BILLION,}

^{COMPARED WITH S$2.59 BILLION IN FEBRUARY.}

^OUTLOOK

^{GENERALLY, WHOLESALERS ARE POSITIVE ABOUT THEIR BUSINESS PROSPECTS IN THE COMING}

^{MONTHS, WITH A NET WEIGHTED BALANCE OF 9% OF FIRMS EXPRESSING POSITIVE BUSINESS}

^{SENTIMENTS. THOSE DEALING IN TROPICAL PRODUCE, WEARING APPAREL AND FOOTWEAR, AND}

^{INDUSTRIAL MACHINERY AND EQUIPMENT ARE THE ONES EXPRESSING OPTIMISM.}

^{A NET WEIGHTED BALANCE OF 29% OF RETAILERS PREDICTS LESS FAVOURABLE BUSINESS}

^{CONDITIONS FOR THE PERIOD ENDING SEPTEMBER 2008. SUPERMARKETS AND RETAILERS OF}

^{JEWWELLERY AND WATCHES EXPECT SLOWER BUSINESS AFTER THE FESTIVE PERIOD. 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.43.79
UK Pound	1	Rs.80.05
Euro	1	Rs.64.56

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