MIRA INFORM REPORT

Report Date :

09.09.2008

IDENTIFICATION DETAILS

Name :	SILIC IMPEX PTE. LIMITED

Registered Office :	#10-12, Sim Lim Tower, 208787

Country :	Singapore

Date of Incorporation :	^20.05.2002

Com. Reg. No.:	^200204291E

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{General Wholesale Trade (including General Importers and} ^Exporters) ^{Electrical and Elctronics, Chemicals and General Items}

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

^{SILIC IMPEX PTE. LIMITED}

Line Of Business

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

^{ELECTRICAL AND ELCTRONICS, CHEMICALS AND GENERAL
ITEMS}

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$ 100,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : SILIC IMPEX PTE. LIMITED}

^{Former Name :
-}

^{Business Address : 10 JALAN BESAR}

^#10-12

^{SIM LIM TOWER}

^{Town :
SINGAPORE}

^{Postcode : 208787}

^{County :
-}

^{Country : Singapore}

^{Telephone : Not Listed}

^{Fax :
Not Listed}

^{ROC Number :
200204291E}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte
Ltd}

^{Date Inc. : 20/05/2002}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

^{Paid-Up Capital :
100,000}

^{Employees : -}

^{Net result : -}

^{Share value : -}

^{Auditor :}^{MGI N RAJAN ASSOCIATES}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started :
20/05/2002}

PRINCIPAL(S)

^{PARAMJIT KAUR S6970942G Director}

DIRECTOR(S)

^{PROMOD AHUJA S/O LATE
SHRI PARSOTAMB5153457 Director}

^{Appointed on :
20/05/2002}

^{Street :
78 EAST AVENUE ROAD}

^{PUNJABI BAGH}

^{Town : NEW
DELHI}

^{Postcode : 110026}

^{Country : India}

^{VENKATARAMAIYER
SIVARAMAKRISHNAN S0033476F Company Secretary}

^{Appointed on :
20/05/2002}

^{Street : 666
YISHUN AVENUE 4}

^#05-159

^{Town :
SINGAPORE}

^{Postcode : 760666}

^{Country : Singapore}

^{PARAMJIT KAUR S6970942G Director}

^{Appointed on :
30/10/2002}

^{Street : 2 ROCHOR
ROAD}

^#12-586

^{ROCHOR CENTRE}

^{Town :
SINGAPORE}

^{Postcode : 180002}

^{Country : Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:
11760}

^{GENERAL MERCHANDISE -
WHSLE Code:
10220}

^{BASED ON ACRA'S RECORD}

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

^{ELECTRICAL AND
ELECTRONICS, CHEMICALS AND GENERAL ITEMS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{PROMOD AHUJA S/O LATE
SHRI PARSOTAM
99,999 Private Person}

^{Street : 78 EAST
AVENUE ROAD}

^{PUNJABI BAGH}

^{Town : NEW
DELHI}

^{Postcode : 110026}

^{Country : India}

^{PARAMJIT KAUR
1 Private Person}

^{Street : 2 ROCHOR
ROAD}

^#12-586

^{ROCHOR CENTRE}

^{Town :
SINGAPORE}

^{Postcode : 180002}

^{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} ^{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} ^{20/05/2002 AS A EXEMPT LIMITED PRIVATE
COMPANY AND IS TRADING UNDER} ^{ITS PRESENT NAMESTYLE AS "SILIC
IMPEX PTE. LIMITED".}

^{THE COMPANY HAS AN
ISSUED AND PAID-UP CAPITAL OF} ^{100,000 SHARES, OF A VALUE OF S$100,000.}

^{PRINCIPAL ACTIVITIES:}

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

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

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

^EXPORTERS)

^{ELECTRICAL AND
ELCTRONICS, CHEMICALS AND GENERAL ITEMS}

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

^{SUBJECT ENGAGES IN THE
FOLLOWING ACTIVITIES:}

^{* TRADING OF LIGHTING,
ELECTRONIC, UNDERGARMENTS, AUTO PARTS,}

^BULB

^{CALLED THE NUMBER
LOCATED UNDER ONE OF THE DIRECTORY (6294 7173) BUT} ^{IT WAS ACTUALLY A FAX NUMBER.} ^{CALLED
THE HP NUMBERS PROVIDED (96620400 AND 96947173). THE FORMER} ^{NUMBER
WAS IN ENGAGED TONE WHEREAS THE LATTER HP WAS OFF. HENCE,} ^{UNABLE TO
OBTAIN ANY OTHER TRADE INFORMATION}

^{REGISTERED AND BUSINESS
ADDRESS:}

^{10 JALAN BESAR}

^{#10-12 SIM LIM TOWER}

^{SINGAPORE 208787}

^{DATE OF CHANGE OF
ADDRESS: -}

^{- RENTED PREMISE}

^{- OWNED BY: THE HOUSE OF
FERNMINSTER ASIA PTE LTD}

^{WEBSITE: -}

^{EMAIL: -}

MANAGEMENT

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

^{1) PROMOD AHUJA S/O LATE
SHRI PARSOTAM LAL AHUJA, AN INDIAN}

^{- BASED IN INDIA}

^{2) PARAMJIT KAUR, A
SINGAPORE PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
PARAMJIT KAUR}

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

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$6,000}

^{CO-OWNER (S): MR HARBANS
SINGH}

^{* 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.44.89
UK Pound	1	Rs.78.86
Euro	1	Rs.63.33

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

COMPANY IDENTIFICATION

SUMMARY

REFERENCES

PRINCIPAL(S)

DIRECTOR(S)

ACTIVITY(IES)

CHARGES

PREMISES/PROPERTY INFORMATIONS

SHAREHOLDERS(S)

SUBSIDIARY(IES)

PAYMENT HISTORY AND EXPERIENCES

FINANCIAL COMMENTS

BACKGROUND/OPERATION

MANAGEMENT

ADVERSE ON DIRECTORS

Singapore’s Country Rating 2007

Unit