MIRA INFORM REPORT

Report Date :

27.04.2011

IDENTIFICATION DETAILS

Name :	HET INTERNATIONAL

Registered Office :	150 South Bridge Road #06-07 Fook Hai Building, Singapore 058727

Country :	Singapore

Date of Incorporation :	23.09.1998

Com. Reg. No.:	52876492J

Legal Form :	Sole Proprietor

Line of Business :	General Wholesale Trade (Including General Importers & Exporters)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	SGD 592,000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Subject Company

HET INTERNATIONAL

Line Of Business

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)

Parent Company

----

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : NA

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

Rating

Credit Opinion : CREDIT LINE TO A MAXIMUM OF SGD 592,000 CAN BE CONSIDERED

COMPANY IDENTIFICATION

Subject Company :	HET INTERNATIONAL
Business Address:	150 SOUTH BRIDGE ROAD #06-07 FOOK HAI BUILDING
Town:	SINGAPORE
Postcode:	058727
Country:	Singapore
Telephone:	-
Fax:	-
ROC Number:	52876492J
Easy Number company:	00006005198468

SUMMARY

Legal Form:	Sole Proprietor
Date Inc.:	23/09/1998
Summary year :
All amounts in this report are in :	SGD
Sales:
Capital:
Paid-Up Capital:
Net result :
Share value:

REFERENCES

Credit Opinion:

CREDIT LINE TO A MAXIMUM OF SGD 592,000 CAN BE CONSIDERED

Litigation:	No
Company status :	TRADING
Started :	23/09/1998

PRINCIPAL(S)

HITEN A KAMDAR

S1770858I

Manager

DIRECTOR(S)

HITEN A KAMDAR	S1770858I	Manager
Appointed on :	22/09/1998
Street :	160 HAIG ROAD #06-01 HAIG COURT
Town:	SINGAPORE
Postcode:	438795
Country:	Singapore

ACTIVITY(IES)

Activity Code:

11760

IMPORTERS And EXPORTERS

BASED ON ACRA'S RECORD

1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)

SHAREHOLDERS(S)

VICTORY MERCANTILE CORPORATION PTE. LTD.

Company

Street :	150 SOUTH BRIDGE ROAD #06-07 FOOK HAI BUILDING
Town:	SINGAPORE
Postcode:	058727
Country:	Singapore

FORMER SHAREHOLDER(S)

HITEN A KAMDAR

PAYMENT HISTORY AND EXPERIENCES

Trade Morality:	UNKNOWN
Liquidity :	UNKNOWN
Payments :	UNKNOWN
Trend :	UNKNOWN
Financial Situation:	UNKNOWN

FINANCIAL COMMENTS

SOLE-PROPRIETORSHIP

BEING A SOLE PROPRIETORSHIP BUSINESS, THERE IS NO OBLIGATIONS ON THE

PART OF THE OWNER TO SUPPLY REGULAR FINANCIAL UPDATES TO THE REGISTRY

OF COMPANIES AND BUSINESSES.THE CREDIT OPINION IS BASED ON

NON-FINANCIAL INDICATORS AS WELL AS OTHER BUSINESS ELEMENTS

AND DATA AVAILABLE.

NO FINANCIAL INFORMATION WAS REVEALED BY THE MANAGEMENT.

BACKGROUND/OPERATION

THE SUBJECT WAS REGISTERED IN THE REPUBLIC OF SINGAPORE ON 23/09/1998

AND COMMENCED BUSINESS ON 23/09/1998 AS A SOLE PROPRIETORSHIP AND IS

TRADING UNDER THE NAMESTYLE AS "HET INTERNATIONAL".

THE BUSINESS LICENCE WAS RENEWED ON 03/09/2010 AND WILL EXPIRE ON

23/09/2011. THE CURRENT OWNER OF THE BUSINESS IS VICTORY MERCANTILE

CORPORATION PTE. LTD., A COMPANY INCORPORATED IN SINGAPORE.

THE MANAGER OF THE BUSINESS SINCE 22/09/1998 IS HITEN A KAMDAR.

SUBJECT WAS SET UP BY HITEN A KAMDAR ON 22/09/1998 AND LEFT THE

OWNERSHIP OF THE BUSINESS ON 01/05/2009.

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 & EXPORTERS)

FROM THE RESEARCH DONE ON THE SOLE-PROPRIETOR (VICTORY MERCANTILE

CORPORATION PTE. LTD), THE FOLLOWING INFORMATION WAS GATHERED:

SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:

* EXPORTER OF PETRO-CHEMICALS, SOLVENTS, INDUSTRIAL RAW MATERIALS AND

OTHER CHEMICALS.

AS THE SUBJECT'S CONTACT NUMBER AND OTHER INFORMATION WERE NOT LISTED

IN THE LOCAL DIRECTORIES AND INTERNET, NO OTHER INFORMATION WAS

AVAILABLE

REGISTERED AND BUSINESS ADDRESS:

150 SOUTH BRIDGE ROAD

#06-07 FOOK HAI BUILDING

SINGAPORE 058727

DATE OF CHANGE OF ADDRESS: 15/03/2002

- OWNED BY: ANANTRAI H KAMDAR, KAMLESH ANANTRAI K, HITEN A KAMDAR

(MANAGER)

ADDRESS PROVIDED BY CLIENT:

SOUTH BRIDGE ROAD

#06-06 FOOK HAI BUILDING

SINGAPORE

- UNABLE TO VERIFY

NUMBER PROVIDED BY CLIENT:

65 387902

- INCORRECT NUMBER; NUMBER CANNOT GET THROUGH

WEBSITE: -

EMAIL: -

MANAGEMENT

THE OWNER AT THE TIME OF THIS REPORT IS:

1) VICTORY MERCANTILE CORPORATION PTE. LTD.

   - PAID-UP CAPITAL                                            : S$3,947,826 (AS AT 06/10/2010)

   - ADVERSE CHECK AGAINST OWNER               : YES

      TYPE OF CASE                                              : DISTRICT COURT - W/S

      CASE NO                                                        : DCS01658/2008

      DEFENDANT                                                   : VICTORY MERCANTILE CORPORATION PTE. LTD

                                                                            P: S.A. BROTHERS

Singapore’s Country Rating 2010

Investment Grade

THE SINGAPORE ECONOMY WAS SIGNIFICANTLY AFFECTED BY THE CRISIS DUE TO THE CONTRACTION OF EXPORTS, WHICH REPRESENT 210% OF GDP. SALES ABROAD OF MANUFACTURED PRODUCTS (ELECTRONICS, ENGINEERING, PHARMACEUTICALS, PETROCHEMICALS) AND SERVICES (FINANCIAL SERVICES, TOURISM, TRANSPORT) WERE AFFECTED BY THE WEAK PERFORMANCE OF THE MAIN TRADING PARTNERS (MALAYSIA, UNITED STATES, CHINA, JAPAN). WITH THE ECONOMY'S SLIDE INTO RECESSION, THE CENTRAL BANK REDUCED INTEREST RATES SEVERAL TIMES AND A STIMULUS PROGRAMME REPRESENTING 8% OF GDP WAS IMPLEMENTED IN JANUARY LAST YEAR. ALTHOUGH INCREASED PUBLIC SPENDING ON INFRASTRUCTURE, TRANSPORT, HEALTH AND EDUCATION ENABLED THE AUTHORITIES TO LIMIT THE CONTRACTION OF INVESTMENT, THAT DID NOT SUFFICE TO OFFSET THE DROP IN PRIVATE INVESTMENT. THE GOVERNMENT MOREOVER GRANTED DEFAULT GUARANTEES OF UP TO 80% ON NEW LOANS. AND HOUSEHOLD CONSUMPTION WAS SUPPORTED BY A REDUCTION OF INCOME TAX AND MEASURES TO FOSTER EMPLOYMENT.

IN Q1 2010, GROWTH REBOUNDED SIGNIFICANTLY (15.5% Y/Y). FOR THE ENTIRE YEAR, GROWTH IS EXPECTED TO REMAIN HIGH (8.9%) THANKS TO THE POSITIVE IMPACT ON DOMESTIC DEMAND OF THESE EXPANSIONARY MONETARY AND FISCAL POLICIES AND THE GRADUAL RECOVERY OF THE WORLD ECONOMY. INVESTMENT, CONSUMPTION, AND NET EXPORTS ARE AGAIN EXPECTED TO CONTRIBUTE POSITIVELY TO GROWTH. ON THE SUPPLY SIDE, THE CONSTRUCTION SECTOR WILL BENEFIT AGAIN THIS YEAR FROM INCREASED PUBLIC SPENDING WHILE ELECTRONICS, PHARMACEUTICALS, PETROCHEMICALS, FINANCIAL SERVICES, AND TOURISM WILL GRADUALLY RECOVER. THE COFACE PAYMENT MONITORING ARE THUS EXPECTED TO REFLECT THIS FAVOURABLE TREND. SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA UNDERPINNED BY AN EFFECTIVE LEGAL SYSTEM THAT FACILITATES CLAIM COLLECTION AND A HIGH LEVEL OF FINANCIAL TRANSPARENCY.

STRONG FINANCIAL POSITION

DESPITE IMPLEMENTATION OF A BROAD STIMULUS PROGRAMME, THE COUNTRY CONTINUED TO RUN A SLIGHT FISCAL SURPLUS IN 2009, WHICH IS EXPECTED TO GROW IN 2010. PUBLIC SECTOR FINANCES HAVE THUS REMAINED SOLID.

DESPITE THE CONTRACTION OF THE CURRENT ACCOUNT SURPLUS, EXTERNAL ACCOUNTS ALSO REMAINED LARGELY IN SURPLUS LAST YEAR. IN 2010, THE CURRENT ACCOUNT SURPLUS WILL LIKELY REMAIN STABLE AS RESULT OF THE MORE RAPID RECOVERY OF IMPORTS COMPARED TO EXPORTS, ASSOCIATED WITH THE RISE OF RAW MATERIAL PRICES AND THE REBOUND OF DOMESTIC DEMAND. BESIDES, THE VOLATILITY OF PORTFOLIO INVESTMENT FLOWS THAT DEVELOPED AFTER THE LEHMAN BROTHERS BANKRUPTCY EASED IN 2009. IN 2010, THE HIGH LEVEL OF FOREIGN EXCHANGE RESERVES IS EXPECTED TO CONTINUE TO ENDOW THE COUNTRY WITH GOOD CAPACITY TO WITHSTAND SUDDEN CAPITAL.

MOREOVER, DESPITE THE INTERNATIONAL FINANCIAL TURMOIL AND THE EXPOSURE OF SOME BANKS TO SUBPRIMES AND LEHMAN BROTHERS, THE BANKING SYSTEM IS STILL SOLID THANKS TO SATISFACTORY RISK MANAGEMENT, EFFECTIVE OVERSIGHT, AND HIGH SOLVENCY AND LIQUIDITY RATIOS.

ASSETS

· VERY HIGH QUALITY-COMPETITIVENESS

· DEVELOPMENT OF HIGH VALUE-ADDED SECTORS (CHEMICALS, PHARMACEUTICALS, FINANCE)

· STRONG FDI INFLOWS THANKS TO AN ADVANTAGEOUS TAX REGIME, POLITICAL STABILITY AND AN EXCELLENT BUSINESS ENVIRONMENT

· MAJOR EXPORTER OF CAPITAL IN ASIA VIA THE PUBLIC HOLDING COMPANY TEMASEK

WEAKNESSES

ECONOMY DEPENDENT ON FOREIGN DEMAND
SHORTAGES OF SKILLED LABOUR
AGEING POPULATION
LATENT SOCIAL TENSIONS IN A CONTEXT OF INCREASING INEQUALITY AND GROWING DURABLE UNEMPLOYMENT AMONG THE LEAST SKILLED

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 19.0 IN 2Q 2010, FOLLOWING THE 17.0% GAIN IN 1Q 2010. IT IS ATTRIBUTED TO IMPROVEMENTS IN GLOBAL TRADE FLOWS.

DOMESTIC WHOLESALE TRADE INDEX

THE DOMESTIC WHOLESALE TRADE (SEASONALLY ADJUSTED) DECLINED BY 1.4% IN 2Q 2010 OVER 1Q 2010, WITH LOWER SALES IN CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL AND CONSTRUCTION MACHINERY. EXCLUDING PETROLEUM, OVERALL DOMESTIC SALES FELL BY 3.4%.

COMPARED TO THE SAME PERIOD A YEAR AGO, DOMESTIC WHOLESALE TRADE IN 2Q 2010 ROSE BY 15.1%, WITH HIGHER SALES REPORTED BY ALL SECTORS EXCEPT INDUSTRIAL AND CONSTRUCTION MACHINERY SECTOR. EXCLUDING PETROLEUM, DOMESTIC WHOLESALE TRADE GREW BY 20.0%.

AFTER REMOVING PRICE EFFECT, DOMESTIC WHOLESALE TRADE VOLUME SHOWED A RELATIVELY SMALLER YEAR-0N-YEAR INCREASE OF 1.3%. EXCLUDING PETROLEUM, DOMESTIC WHOLESALE TRADE GREW BY 15.4%.

MOST SECTORS REGISTERED QUARTER-ONP-QUARTER DECLINES IN DOMESTIC WHOLESALE TRADE AFTER SEASONAL ADJUSTMENT.

CHEMICALS AND CHEMICAL PRODUCTS AND INDUSTRIAL AND CONSTRUCTION MACHINERY SECTORS RECORDED DECREASES OF 14.0% AND 9.0% RESPECTIVELY. PETROLEUM AND PETROLEUM PRODUCTS, ELECTRONIC COMPONENTS, FOOD, BEVERAGES AND TOBACCO AND GENERAL WHOLESALE TRADE SECTORS ALSO RECORDED DECLINES OF BETWEEN 1.8% AND 5.0% IN THEIR DOMESTIC SALES.

ON THE OTHER HAND, TIMBER, PAINTS AND CONSTRUCTION MATERIALS AND TELECOMMUNICATIONS AND COMPUTERS SECTORS, RECORDED POSITIVE QUARTER-ON-QUARTER GROWTHS OF 3.7% AND 0.9% RESPECTIVELY.

ALL WHOLESALE SECTORS, WITH THE EXCEPTION OF INDUSTRIAL AND CONSTRUCTION MACHINERY, REPORTED YEAR-ON-YEAR GROWTHS IN DOMESTIC WHOLESALE TRADE IN 2Q 2010.

GENERAL WHOLESALE TRADE SECTOR REGISTERED A STRONG POSITIVE GROWTH OF 63.7% IN ITS DOMESTIC SALES, COMPARED TO 2Q 2009. OTHER SECTORS THAT EXPERIENCED DOUBLE-DIGIT YEAR-ON-YEAR INCREASES IN DOMESTIC WHOLESALE TRADE INCLUDE ELECTRONIC COMPONENTS (25.4%), TELECOMMUNICATIONS AND COMPUTERS (23.0%), TIMBER, PAINTS AND CONSTRUCTION MATERIALS (21.3%), CHEMICALS AND CHEMICAL PRODUCTS (19.6%), SHIP CHANDLERS AND BUNKERING (15.9%) AND HOUSEHOLD EQUIPMENT AND FURNITURE (10.4%).

DOMESTIC SALES OF THE INDUSTRIAL AND CONSTRUCTION MACHINERY SECTOR DECLINED SLIGHTLY BY 3.0% COMPARED TO 2Q 2009.

FOREIGN WHOLESALE TRADE INDEX

COMPARED TO 1Q 2010, FOREIGN WHOLESALE TRADE (SEASONALLY ADJUSTED) GREW 3.1% IN 2Q 2010, WITH MOST OF THE WHOLESALE SECTORS REGISTERING HIGHER SALES. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE ROSE BY 4.4% QUARTER-ON-QUARTER.

ON A YEAR-ON-YEAR BASIS, FOREIGN WHOLESALE TRADE GREW BY 28.8%, WITH STRONG GROWTHS IN MOST WHOLESALE SECTORS. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE ROSE BY 18.8%.

AFTER ADJUSTING FOR PRICE CHANGES, FOREIGN WHOLESALE TRADE VOLUME ROSE BY 13.7% YEAR-ON-YEAR. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE VOLUME GREW BY 14.1%.

AFTER SEASONAL ADJUSTMENT, ALL WHOLESALE SECTORS REGISTERED POSITIVE QUARTER-ON-QUARTER GROWTHS IN FOREIGN WHOLESALE TRADE IN 2Q 2010.

TIMBER, PAINT AND CONSTRUCTION MATERIALS AND PETROLEUM AND PETROLEUM PRODUCTS POSTED DOUBLE-DIGIT GROWTHS OF 31.4% AND 12.6% RESPECTIVELY IN FOREIGN WHOLESALE TRADE.

FOREIGN SALES OF HOUSEHOLD EQUIPMENT AND FURNITURE, CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL AND CONSTRUCTION MACHINERY AND FOOD, BEVERAGES AND TOBACCO ALSO ROSE BETWEEN 4.0% AND 8.0%.

FOREIGN SALES OF SHIP CHANDLERS AND BUNKERING SECTOR FELL BY 1.7% OVER 1Q 2010.

OTHER THAN THE FOOD, BEVERAGES AND TOBACCO SECTOR WHICH REGISTERED A MARGINAL DROP OF 2.1%, ALL WHOLESALE SECTORS REGISTERED DOUBLE-DIGIT YEAR-ON-YEAR GROWTHS IN FOREIGN WHOLESALE TRADE.

PETROLEUM AND PETROLEUM PRODUCTS, SHIP CHANDLERS AND BUNKERING, CHEMICALS AND CHEMICAL PRODUCTS SECTORS REGISTERED HIGHER FOREIGN SALES OF BETWEEN 23.5% AND 42.3%. AFTER ADJUSTING FOR PRICE CHANGES, FOREIGN WHOLESALE TRADE VOLUME OF PETROLEUM AND PETROLEUM PRODUCTS AND CHEMICALS AND CHEMICAL PRODUCTS AND SHIP CHANDLERS AND BUNKERING ROSE BY A SMALLER 13.3%, 6.3% AND 1.3% RESPECTIVELY.

OTHER SECTORS THAT REPORTED STRONG YEAR-ON-YEAR GROWTHS IN FOREIGN SALES INCLUDED

TIMBER, PAINTS AND CONSTRUCTION MATERIALS (60.0%), INDUSTRIAL AND CONSTRUCTION MACHINERY (35.1%), TRANSPORT EQUIPMENT (30.7%), TELECOMMUNICATIONS AND COMPUTERS (23.1%) AND HOUSEHOLD EQUIPMENT AND FURNITURE (22.2%).

RETAIL SALES

RETAIL SALES VOLUME FELL BY 5.7% IN 2Q 2010, REVERSING THE 1.1% GROWTH REGISTERED IN 1Q 2010. EXCLUDING MOTOR VEHICLE SALES, THE GROWTH WAS LOWER AT 4.8%.

ALTHOUGH WEIGHED DOWN BY THE DECLINE OF MOTOR VEHICLE SALES (-33.0%), OTHER MAJOR RETAIL SEGMENTS, SUCH AS FURNITURE AND HOUSEHOLD EQUIPMENT (11.0%), WEARING APPAREL AND FOOTWEAR (9.9%), WATCHES AND JEWELLERY (7.7%), AND DEPARTMENT STORES (6.2%)

POSTED STRONG GROWTH IN 2Q 2010.

NEWS

TOURISTS BOOST JULY RETAIL SALES

A SURGE IN TOURIST NUMBERS HAS BEEN GOOD NEWS FOR LOCAL SHOP OWNERS AS RETAIL SPENDING BOUNCED BACK IN JULY AFTER A FIVE-MONTH SLUMP.

SHOPPERS SPENT MORE ON SMALLER ITEMS IN JULY, AND CAR SALES, WHILE STILL WEAK, BECAME LESS OF A DRAG ON OVERALL SPENDING.

THE MONTHLY RETAIL SALES INDEX JUMPED 3.2% IN JULY FROM JUNE, ENDING FIVE MONTHS OF DECLINE, IN MONTH-ON-MONTH TERMS, SINCE FEBRUARY. THE MOST RECENT SLIDE, IN JUNE, WAS 0.7%.

COMPARED TO A YEAR EARLIER, THE INDEX SHRANK A SMALLER-THAN-EXPECTED 1.2% IN JULY, AFTER JUNE’S 5.0% DECLINE. A BLOOMBERG NEWS SURVEY OF SEVEN ECONOMISTS HAD FORECAST A 2.7% YEAR-ON-YEAR DECLINE.

SHOPPERS WERE IN A BULLISH MOOD. THEY BOUGHT MORE APPAREL AND FOOTWEAR, MEDICAL GOODS AND TOILETRIES, AND WATCHES AND JEWELLERY, WHICH HELPED OFFSET A FALL IN CAR SALES, SAID THE DEPARTMENT OF STATISTICS, WHICH PUBLISHED THE FIGURES YESTERDAY.

SALES OF CLOTHES AND SHOES ROSE 10.5% YEAR-0N-YEAR, MEDICAL GOODS ROSE 12.3% AND WATCHES AND JEWELLERY 16.9%.

HSBC ECONOMISTS FREDERIC NEUMANN AND KIM SONG YI WROTE IN A REPORT THAT IT IS “LOOKING GOOD ON ORCHARD”.

“FOREIGN VISITORS ARE FUELLING THE BOOM WITH RECORD ARRIVALS RECORDED IN JULY. THESE ARE INCREASINGLY COMING FROM CHINA, AND ARE HELPING TO SUBSTAIN RETAIL SALES IN SINGAPORE AND BEYOND.”

CITIGROUP ECONOMIST KIT WEI ZHENG SAID: “VISITOR ARRIVALS HAVE BEEN GROWING IN THE DOUBLE-DIGITS SINCE THE START OF THIS YEAR AND JULY ARRIVALES CROSSED THE ONE-MILLION MARK FOR THE FIRST TIME.”

STILL, THE OVERALL INDEX STAYED IN DECLINE BECAUSE OF A SMALLER SUPPLY OF CAR CERTIFICATES OF ENTITLEMENT (COEs) WHICH SLOWED DOWN CAR SALES. MOTOR VEHICLE SALES, WHICH MAKE UP A THIRD OF THE INDEX – THE LARGEST PART – FELL 24.8% IN JULY FROM A YEAR EARLIER. THIS WAS LESS THAN JUNE’S 32.3% DECLINE.

STANDARD CHARTERED ECONOMIST ALVIN LIEW SAID: POOR CAR SALES ARE LIKELY TO WEIGH DOWN ON THE HEADLINE RETAIL GROWTH.

“ALTHOUGH THE LATEST DATA SEEM TO SUGGEST THAT THE IMPACT MAY BE WANING, WE NOTE THE SKY-ROCKETING COE PRIES COULD HURT CAR SALES AGAIN IN THE SUBSEQUENT MONTHS.

OUTLOOK

A NET WEIGHTED BALANCE OF 37% OF WHOLESALERS EXPECT POSITIVE BUSINESS SENTIMENTS FOR THE PERIOD ENDING DEC 2010. IN PARTICULAR, THOSE DEALING WITH FOOD AND BEVERAGES, COSMETICS AND TOILETRIES, INDUSTRIAL MACHINERY AND EQUIPMENT, ELECTRONIC COMPONENTS, COMPUTERS AND ACCESSORIES, AND MOTOR VEHICLES.

RETAILERS PREDICT MORE UPBEAT BUSINESS CONDITIONS FOR THE COMING MONTHS. A NET WEIGHTED BALANCE OF 29% OF RETAILERS FORECAST MORE FAVOURABLE BUSINESS PROSPECTS FOR THE PERIOD ENDING DEC 2010. THIS APPLIES TO DEPARTMENT STORES, RETAILERS OF WEARING APPAREL AND JEWELLERY AND WATCHES.

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.44.59
UK Pound	1	Rs.73.44
Euro	1	Rs.64.81

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	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
----	NB	New Business	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.