MIRA INFORM REPORT

Report Date :

02.08.2011

IDENTIFICATION DETAILS

Name :	BATAVIA EXIMP AND CONTRACTING (S) PTE LTD.
Registered Office :	101 Cecil Street #23-03/04 Tong Eng Building Singapore 069533
Country :	Singapore
Date of Incorporation :	14.03.1981
Com. Reg. No.:	198101038D
Legal Form :	Exempt Pte Ltd
Line of Business :	General Wholesale Trade (Including General Importers & Exporters).

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	SGD 263,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exists

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Singapore	A1	A1

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

Subject Company

BATAVIA EXIMP & CONTRACTING (S) PTE LTD

Line Of Business

 
GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS).
 

Parent Company : N/A

Financial Elements

Sales : N/A

Networth : N/A

Paid-Up Capital : S$1,750,000

Net result : N/A

Net Margin(%) : N/A

Return on Equity(%) : N/A

Leverage Ratio : N/A

COMPANY IDENTIFICATION

Subject Company :	BATAVIA EXIMP & CONTRACTING (S) PTE LTD
Business Address:	101 CECIL STREET #23-03/04 TONG ENG BUILDING
Town:	SINGAPORE
Postcode:	069533
Country:	Singapore
Telephone:	6225 5633
Fax:	6225 5733
ROC Number:	198101038D
Easy Number company:	00000404533546

SUMMARY

Legal Form:	Exempt Pte Ltd
Date Inc.:	14/03/1981
All amounts in this report are in :	SGD
Paid-Up Capital:	1,750,000
Employees:	5

 
 
AUDITOR: WU CHIAW CHING & COMPANY 
 
BASED ON ACRA'S RECORD AS AT 31/12/2009 
  NO. OF SHARES CURRENCY  AMOUNT 
ISSUED ORDINARY  1,750,000  SGD  1,750,000.00
PAID-UP ORDINARY   -  SGD  1,750,000.00

REFERENCES

Credit Opinion:

CREDIT LINE TO A MAXIMUM OF SGD 263,000 CAN BE CONSIDERED

Litigation:	YES
Company status :	TRADING
Started :	14/03/1981

PRINCIPAL(S)

MODY ATISH JITENDRA

S2751998I

Managing Director

DIRECTOR(S)

WONG SOOK ENG	S2167747G	Company Secretary
Appointed on :	17/05/1983
Street :	36 BEDOK SOUTH AVENUE 2 #16-405
Town:	SINGAPORE
Postcode:	460036
Country:	Singapore

CHUA CHIN SEONG	S2009039A	Director
Appointed on :	16/05/1983
Street :	14A CAMDEN PARK CAMDEN PARK
Town:	SINGAPORE
Postcode:	299816
Country:	Singapore

MODY ATISH JITENDRA	S2751998I	Director
Appointed on :	01/06/1984
Street :	83 MEYER ROAD #12-02 MEYER PARK
Town:	SINGAPORE
Postcode:	437910
Country:	Singapore

RASESHKUMAR CHANDULAL KAPASI	F4127410	Director
Appointed on :	21/07/1986
Street :	SPECOM P O BOX 1070 AREA CODE 112
Town:	MUSCAT
Country:	Oman

VIJAY CHANDULAL KAPASI	V321384	Director
Appointed on :	16/05/1983
Street :	SPECOM P O BOX 1070 AREA CODE 112
Town:	MUSCAT
Country:	Oman

HASANMIYA SULEMAN DARVESH	Z1819092	Director
Appointed on :	16/05/1983
Street :	ABOU NABIL LLC P O BOX 174 AREA CODE 114
Town:	MUSCAT
Country:	Oman

KAPASI CHIRAG VIJAY	G5965411Q	Director
Appointed on :	09/06/2008
Street :	10 ANSON ROAD #44-03 INTERNATIONAL PLAZA
Town:	SINGAPORE
Postcode:	079903
Country:	Singapore

MODY ATISH JITENDRA	S2751998I	Managing Director
Appointed on :	01/12/1989
Street :	83 MEYER ROAD #12-02 MEYER PARK
Town:	SINGAPORE
Postcode:	437910
Country:	Singapore

FORMER DIRECTOR(S)

JAYANTKUMAR CHANDULAL KAPASI

S2652516J

ACTIVITY(IES)

Activity Code:	11760	IMPORTERS And EXPORTERS
Activity Code:	4990	COMMISSION MERCHANTS

 
 
BASED ON ACRA'S RECORD AS AT 31/12/2009 
1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
2) WHOLESALE ON A FEE OR CONTRACT BASIS (E.G. COMMISSION AGENCIES)

CHARGES

	AVAILABLE
Date:	20/09/2008
Amount:	0
Comments :	CHARGE NO: C200808785 AMOUNT SECURED: 0.00 AND ALL MONIES OWING CHARGEE: INDIAN BANK

	AVAILABLE
Date:	12/12/2003
Amount:	0
Comments :	CHARGE NO: C200306006 AMOUNT SECURED: 0.00 AND ALL MONIES OWING CHARGEE: INDIAN BANK

BANKERS

INDIAN BANK

SHAREHOLDERS(S)

MODY ATISH JITENDRA

210,000

Private Person

Street :	83 MEYER ROAD #12-02 MEYER PARK
Town:	SINGAPORE
Postcode:	437910
Country:	Singapore

CHUA CHIN SEONG

350,000

Private Person

Street :	14A CAMDEN PARK CAMDEN PARK
Town:	SINGAPORE
Postcode:	299816
Country:	Singapore

RASESHKUMAR CHANDULAL KAPASI

52,500

Private Person

Street :	M/S SPECOM P O BOX 1070 AREA CODE 112
Town:	MUSCAT
Country:	India

HASANMIYA SULEMAN DARVESH

507,500

Private Person

Street :	ABOU NABIL LLC P O BOX 174 AREA CODE 114
Town:	MUSCAT
Country:	Oman

KAPASI RANJIT CHANDULAL

52,500

Private Person

Street :	MODERN GARMENT FACTORY P O BOX 2152 AREA CODE 112
Town:	RUWI
Country:	Oman

VIJAY CHANDULAL KAPASI

472,500

Private Person

Street :	SPECOM P O BOX 1070 AREA CODE 112
Town:	MUSCAT
Country:	Oman

JAYANTKUMAR CHANDULAL KAPASI

52,500

Private Person

Street :	27 S. MORRISON AVENUE
Town:	SAN JOSE
County:	CA
Postcode:	95126
Country:	United States

KAPASI CHIRAG VIJAY

52,500

Private Person

Street :	10 ANSON ROAD #44-03 INTERNATIONAL PLAZA
Town:	SINGAPORE
Postcode:	079903
Country:	Singapore

FORMER SHAREHOLDER(S)

CHUA CHIN SEONG

0

PAYMENT HISTORY AND EXPERIENCES

Trade Morality:	AVERAGE
Liquidity :	UNKNOWN
Payments :	REGULAR
Trend :	LEVEL
Financial Situation:	UNKNOWN

LITIGATION(S)

Type Of Case:	Magistrate Court - W/S
Case Number:	MCS20446/1996
Defendant	BATAVIA EXIMP & CONTRACTING (S) PTE LTD	ROC # : 198101038D

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 
14/03/1981 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER 
ITS PRESENT NAMESTYLE AS "BATAVIA EXIMP & CONTRACTING (S) PTE LTD".
 
 
THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 
1,750,000 SHARES OF A VALUE OF S$1,750,000. 
  
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 AND EXPORTERS)
2) WHOLESALE ON A FEE OR CONTRACT BASIS (E.G. COMMISSION AGENCIES)
 
THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE 
CLASSIFICATION OF: TIMBER IMPORTERS AND EXPORTERS.
 
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED: 
 
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES: 
* WHOLESALER OF TIMBER AND LOG, PLYWOOD, SAWN TIMBER, MDF
* TEAKWOOD SPECIALIST  
 
PRODUCTS OR SERVICES: 
* LUMBER
* TIMBER EXPORTERS & IMPORTERS  
 
MARKET PRESENCE: 
* INDIA
 
SUBJECT IS ALSO A MEMBER OF FOLLOWING ENTITIES: 
* SINGAPORE TIMBER EXPORTERS' ASSOCIATION (STEA) 
* SINGAPORE TIMBER ASSOCIATION 
* ELEGANT FURNITURE MANUFACTURING AND GLASS CO (EFMGC)
* SINGAPORE INDIAN CHAMBERS OF COMMERCE & INDUSTRY 
 
NO OTHER TRADE INFORMATION WAS AVAILABLE AS TELE-INTERVIEW WAS NOT 
GRANTED BY SUBJECT'S PERSONNEL ON 15/09/2009.
  
FROM THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS 
GATHERED: 
 
ACTIVITIES:
* SALES AND MARKETING OF LUMBER, TIMBER, LOG AND PLYWOOD 
 
IMPORT/EXPORT COUNTRIES: 
* INDIA 
* DUBAI
  
NUMBER OF EMPLOYEES: 
* 2009: 5 
 
SUBJECT CONFIRMED ITS BUSINESS ADDRESS AND CONTACT NUMBERS. NO OTHER
TRADE INFORMATION WAS AVAILABLE 
 
NUMBER OF EMPLOYEES: 
* 2008: 5
  
REGISTERED ADDRESS: 
101 CECIL STREET 
#23-03 TONG ENG BUILDING
SINGAPORE 068894  
DATE OF CHANGE OF ADDRESS: 16/06/2008 
 
BUSINESS ADDRESS: 
101 CECIL STREET 
#23-03/04 TONG ENG BUILDING
SINGAPORE 068894 
- RENTED PREMISE 
- PREMISE OWNED BY: SINGAPORE INDIAN CHAMBER OF COMMERCE & INDUSTRY
WEBSITE: -  
EMAIL : atish@batavia.com.sg

MANAGEMENT

THE DIRECTORS AT THE TIME OF THIS REPORT ARE: 
 
1) RASEHKUMAR CHANDULAL KAPASI, AN INDIAN 
 - BASED IN SULTANATE OF OMAN.
 
2) KAPASI CHIRAG VIJAY, AN INDIAN 
 - BASED IN SINGAPORE. 
  
3) CHUA CHIN SEONG, A SINGAPOREAN 
 - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:
 KIAN GUAN INVESTMENTS PTE LTD  
 AKBARWOOD ENTERPRISES PTE LTD 
 
4) MODY ATISH JITENDRA, A SINGAPORE PERMANENT RESIDENT 
 - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.
 
5) VIJAY CHANDULAL KAPASI, AN INDIAN 
 -BASED IN SULTANATE OF OMAN. 
  
6) HASANMIYA SULEMAN DARVESH, AN INDIAN
 -BASED IN SULTANATE OF OMAN.

ADVERSE ON DIRECTORS

DIRECTOR'S NAME: CHUA CHIN SEONG 
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE 
PROPERTY OWNERSHIP: 1 
ANNUAL VALUE: S$ 67,200 
CO-OWNER (S): PANG LAY HUA
  
DIRECTOR'S NAME: MODY ATISH JITENDRA 
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE 
PROPERTY OWNERSHIP: NIL 
ANNUAL VALUE: N.A.
CO-OWNER(S): N.A. 
 
* 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.

general comments

Investment Grade

AFTER STRONG 6.7-PER CENT GROWTH IN THE 2008 FIRST QUARTER, SINGAPORE'S ECONOMY SLIPPED INTO RECESSION FOR THE REST OF THE YEAR. THE ECONOMIC SLOWDOWN IS ATTRIBUTABLE MAINLY TO A NEGATIVE NET EXPORT CONTRIBUTION TO GROWTH AS A RESULT OF WEAKER PERFORMANCE BY THE COUNTRY'S MAIN TRADING PARTNERS, MALAYSIA, UNITED STATES, CHINA, JAPAN, AND INDONESIA. EXPORTS, WHICH REPRESENT 210 PER CENT OF GDP, SLOWED IN BOTH MANUFACTURING (ELECTRONICS, PHARMACEUTICALS, AND PETROCHEMICALS) AND SERVICES (FINANCIAL SERVICES, TOURISM). BESIDES, DOMESTIC DEMAND SLUMPED.

CONSUMPTION SAGGED AMID AN UPSURGE OF INFLATION (WITH SINGAPORE COVERING ALL ITS ENERGY AND FOOD NEEDS THROUGH IMPORTS) AND A NEGATIVE WEALTH EFFECT ASSOCIATED WITH THE FALL OF STOCK MARKET PRICES WHILE INVESTMENT SUFFERED FROM THE CREDIT CRUNCH. IN 2009, ECONOMIC GROWTH COULD BE NEGATIVE FOR THE ENTIRE YEAR WITH INDUSTRIALISED AND EMERGING-ASIAN ECONOMIES EXPECTED TO WEAKEN. DOMESTIC DEMAND IS MOREOVER LIKELY TO REMAIN SLUGGISH. IN THIS CONTEXT, CORPORATE PAYMENT BEHAVIOUR, ALBEIT STILL SATISFACTORY ACCORDING TO COFACE RECORDS, COULD DETERIORATE.

PUBLIC SECTOR FINANCES REMAIN SOLID ENABLING THE GOVERNMENT TO ENVISAGE A FISCAL STIMULUS IN 2009. SINGAPORE CONTINUED MOREOVER TO RUN A LARGE EXTERNAL SURPLUS, DESPITE A NARROWING CURRENT ACCOUNT SURPLUS ATTRIBUTABLE TO THE SLOWDOWN IN EXPORTS OF ELECTRONIC PRODUCTS, PHARMACEUTICALS, PETROCHEMICALS, AND FINANCIAL SERVICES AS WELL AS IN TOURISM AND THE INCREASE IN IMPORTS DUE TO THE RISE OF RAW MATERIAL PRICES. EVEN WITH RAW MATERIAL PRICES EASING IN 2009, THE CURRENT ACCOUNT SURPLUS IS EXPECTED TO SHRINK FURTHER DUE TO THE EXPECTED FALL OF EXPORTS IN VALUE TERMS.

SINGAPORE HAS, HOWEVER, SUFFERED FROM THE VOLATILITY OF PORTFOLIO INVESTMENT FLOWS AS EVIDENCED BY THE SINGAPORE DOLLAR DEPRECIATION, WHICH COULD PERSIST IN 2009 IN A HIGHLY VOLATILE CONTEXT. NEVERTHELESS, THANKS TO THE HIGH LEVEL OF ITS FOREIGN EXCHANGE RESERVES, THE COUNTRY HAS THE CAPACITY TO COPE EFFECTIVELY WITH SUDDEN CAPITAL FLIGHT.
DESPITE THE INTERNATIONAL FINANCIAL TURBULENCE AND THE EXPOSURE OF SOME BANKS TO THE SUBPRIME CRISIS AND THE LEHMAN BROTHERS BANKRUPTCY, THE BANKING SYSTEM HAS REMAINED SOLID THANKS TO EFFECTIVE RISK MANAGEMENT AND COMPLIANCE TO BASLE II PRUDENTIAL NORMS.

ASSETS

• SINGAPORE'S QUALITY-COMPETITIVENESS IS AMONG THE MOST ADVANCED IN ASIA.
• A STRATEGY OF DIVERSIFICATION, ESPECIALLY TO HIGH VALUE-ADDED SECTORS (CHEMICALS, PHARMACEUTICALS, AND FINANCE), CONSTITUTES A DEFINITE ASSET TO THE SINGAPORE ECONOMY.
• THE COUNTRY ATTRACTS SUBSTANTIAL INFLOWS OF FOREIGN DIRECT INVESTMENT THANKS TO AN ADVANTAGEOUS TAX REGIME, POLITICAL STABILITY, AND AN EXCELLENT BUSINESS ENVIRONMENT.
• SINGAPORE HAS BECOME A MAJOR EXPORTER OF CAPITAL WITHIN ASIA IN MANY SECTORS INCLUDING FINANCE, TELECOMMUNICATIONS, TRANSPORT, FOR EXAMPLE, ESSENTIALLY VIA THE STATE-CONTROLLED HOLDING COMPANY TEMASEK.

WEAKNESSES

• THE COUNTRY'S VERY OPEN ECONOMY IS VULNERABLE TO A WORLD ECONOMIC DOWNTURN.
• SHORTAGES OF SKILLED LABOUR HAVE HAMPERED SECTORS SINGAPORE SEEKS TO DEVELOP AND AFFECTED THE GROWTH OUTLOOK.
• AN AGING POPULATION COULD ULTIMATELY UNDERMINE ECONOMIC DYNAMISM.
• SOCIAL TENSIONS COULD EMERGE IN A CONTEXT OF GROWING INEQUALITY AND INCREASING LONG-TERM UNEMPLOYMENT AMONG LESS-SKILLED JOBSEEKERS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

THE WHOLESALE AND RETAIL TRADE SECTOR FELL BY 14.0% IN 2Q 2009, SLIGHTLY SLOWER THAN THE 15.0% DECLINE IN 1Q 2009. IT WAS ATTRIBUTED TO SLOWER DECLINE RATES IN REAL NON-OIL DOMESTIC EXPORTS AND NON-OIL RE-EXPORTS IN 2Q 2009.

RETAIL SALES DECLINED BY 12.0% IN 2Q 2009, MARGINALLY WORSE HAN THE 11.0% DECLINE IN 1Q 2009. EXCLUDING MOTOR VEHICLES, RETAIL SALES FELL BY A SMALLER 2.9% IN 2Q 2009.

THE GREATEST DECLINE IN RETAIL SALES VOLUME WERE REGISTERED BY BIG-TICKET RETAIL SEGMENTS SUCH AS MOTOR VEHICLES (-29.0%), AND WATCHES AND JEWELLERY (-18.0%). ON THE OTHER HAND, TELECOMMUNICATIONS AND COMPUTERS (7.2%) SUPERMARKETS (2.0%) AND DEPARTMENT STORES (0.2%) REGISTERED BETTER PERFORMANCE IN 2Q 2009 THAN 1Q 2009.

DOMESTIC WHOLESALE TRADE INDEX

DOMESTIC WHOLESALE TRADE (SEASONALLY ADJUSTED) REGISTERED POSITIVE GROWTHS IN DOMESTIC WHOLESALE TRADE OVER PREVIOUS QUARTER AFTER SEASONAL ADJUSTMENT.

THE PETROLEUM AND PETROLEUM PRODUCTS, GENERAL WHOLESALE TRADE AND CHEMICALS AND CHEMICAL PRODUCTS SECTORS REGISTERED IMPROVEMENTS OF 14.7% TO 25.2% IN DOMESTIC WHOLESALE TRADE. AFTER REMOVING PRICE EFFECT, SALES VOLUME OF THE THREE SECTORS ROSE BETWEEN 5.5% AND 18.0%.

LIKEWISE, DOMESTIC SALES OF INDUSTRIAL AND CONSTRUCTION MACHINERY, HOUSEHOLD EQUIPMENT AND FURNITURE, AND ELECTRONIC COMPONENTS ROSE 4.6% TO 11.5% IN 2Q 2009 COMPARED TO 1Q 2009.

ON THE OTHER HAND, TIMBER, PAINTS AND CONSTRUCTION MATERIALS SECTOR REGISTERED A DECLINE OF 8.2% IN DOMESTIC SALES OVER 1Q 2009.

AFTER ADJUSTING FOR PRICE CHANGES, THE TRADE VOLUME FELL SLIGHTLY BY 1.6% FOR THE SECTOR.

ON A YEAR-ON-YEAR BASIS, DOMESTIC WHOLESALE TRADE FELL IN 2Q 2009 FOR MOST WHOLESALE TRADE SECTORS EXCEPT THE FOOD, BEVERAGES AND TOBACCO, AND HOUSEHOLD EQUIPMENT AND FURNITURE SECTORS.

DOMESTIC WHOLESALE TRADE OF PETROLEUM AND PETROLEUM PRODUCTS, SHIP CHANDLERS AND BNNKERING, AND CHEMICALS AND CHEMICAL PRODUCTS WERE BETWEEN 30.3% AND 38.0% LOWER THAN A YEAR AGO, LARGELY DUE TO LOWER PRICES.

AFTER REMOVING PRICE EFFECT, SALES VOLIME OF THE ABOVE SECTORS ROSE BETWEEN 5.6% TO 19.7%.

SIMILARLY, THE ELECTRONIC COMPONENTS, TIMBER, PAINTS AND CONSTRUCTION MATERIALS, TELECOMMUNICATIONS AND COMPUTERS, GENERAL WHOLESALE TRADE AND TRANSPORT EQUIPMENT ALSO REGISTERED YEAR-ON-YEAR DECLINES OF 4.7% TO 29.5%.

FOREIGN WHOLESALE TRADE INDEX

FOREIGN WHOLESALE TRADE (SEASONALLY ADJUSTED) RECORDED HIGHER SALES IN 2Q 2009 COMPARED TO 1Q 2009.

THE HOUSEHOLD EQUIPMENT AND FURNITURE, PETROLEUM AND PETROLEUM PRODUCTS, GENERAL WHOLESALE TRADE AND TIMBER, PAINTS AND CONSTRUCTION MATERIALS REGISTERED QUARTER-ON-QUARTER RISES OF 20.2% TO 28.8%.

OTHER SECTORS INCLUDING CHEMICALS AND CHEMICAL PRODUCTS, SHIP CHANDLERS AND BUNKERING, FOOD, BEVERAGES AND TOBACCO AND ELECTRONIC COMPONENTS REGISTERED SMALLER POSITIVE GROWTH OF 5.8% TO 15.4% IN 2Q 2009 OVER 1Q 2009.

IN CONTRAST, INDUSTRIAL AND CONSTRUCTON MACHINERY REGISTERED LOWER SALES OF 12.6%.

IN FOREIGN WHOLESALE TRADE, ALL SECTORS REGISTERED LOWER SALES IN 2Q 2009 COMPARED TO 2Q 2008.

THE PETROLEUM AND PETROLEUM PRODUCTS, AND SHIP CHANDLERS AND BUNKERING CONTRACTED 42.9% AND 35.1% RESPECTIVELY DUE TO LOWER OIL PRICES.

AFTER ADJUSTING FOR PRICE CHANGES, FOREIGN TRADE VOLUME OF THESE TWO SECTORS SHOWED YEAR-ON-YEAR GROWTHS OF 7.7% AND 20.0% RESPECTIVELY.

OTHER SECTORS THAT RECORDED RELATIVELY SIGNIFICANT DECLINES IN 2Q 2009 OVE 2Q 2008 ARE INDUSTRIAL AND CONSTRUCTION MACHINERY (-32.4%), CHEMICALS AND CHEMICAL PRODUCTS

(-31.6%), TIMNER, PAINTS AND CONSTRUCTION MATERIALS (-29.4%), GENERAL WHOLESALE TRADE (-25.0%), HOUSEHOLD EQUIPMENT AND FURNITURE (-24.4%), TRANSPORT EQUIPMENT (-19.7%), ELECTRONIC COMPONENTS (-18.7%) AND TELECOMMUNICATIONS AND COMPUTERS (-11.9%).

NEWS

RETAIL SALES DROP AS CAR SPENDING SLUMPS

SINGAPORE’S RETAIL SALES CONTRACTED BY NEARLY 10.0% IN JULY COMPARED WITH JULY 2008, AS SPENDING ON MOTOR VEHICLES FELL AND CAR OWNERS BOUGHT LESS AT PETROL SERVICE STATIONS.

ACCORDING TO DATA RELEASED BY THE DEPARTMENT OF STATISTICS YESTERDAY, RETAIL SALES FELL BY 9.8% COMPARED WITH JULY 2008 – THE 1OTH CONSECUTIVE MONTHLY CONTRACTION.

EXCLUDING MOTOR VEHICLES – WHICH COMPRISE OVER A THIRD OF THE INDEX – RETAIL SALES FELL BY 2.2% OVER A YEAR AGO.

COMPARING JULY WITH JUNE, SEASONALLY ADJUSTED MOTOR VEHICLE AND PETROL SERVICE STATION SALES FELL BY 6.0% AND 3.2% RESPECTIVELY. OPTICAL GOODS AND BOOKS, FOOD AND BEVERAGES, WEARING APPAREL AND FOOTWEAR, AS WELL AS PROVISION AND SUNDRY SHOPS, ALSO REGISTERED LOWER RECEIPTS IN JULY OVER JUNE.

BUT THERE WERE SOME BRIGHT SPOTS WITH JEWELLERY, WATCHES, MEDICAL GOODS AND TOILETRIES, DEPARTMENT STORES, TELECOMMUNICATION APPARATUS, AND COMPUTER SALES HOLDING UP.

AND ECONOMISTS REMAIN POSITIVE, SAYING IT IS NOT ALL DOOM AND GLOOM IN THE RETAIL SECTOR, WITH THE JULY DECLINE REPRESENTING ONLY A TEMPORARY SETBACK.

“EVEN AS WE EXPECT CAR SALES TO REMAIN WEAK, WE BELIEVE THE GRADUAL RECOVERY IN DISCRETIONARY SPENDING CATRGORIES WILL CONTINUE, SAID BARCLAYS CAPITAL ECONOMIST LEONG WAI HO.

“DOMESTIC DEMAND AND CONSUMER CONFIDENCE ARE SLOWLY RETURNING, WITH BOOST FROM A MORE STABLE LABOUR MARKET AND POSITIVE WEALTH EFFECTS ASSOCIATED WITH THE 13.0% JUMP IN STOCK PRICES IN JULY.

ECONOMISTS BELIEVE THE DONWARD JULY FIGURES DO NOT SIGNAL THE DERAILING OF A RETAIL SALES RECOVERY, AND THAT THERE WILL BE A PICK-UP SOON. THEY POINT TO STRONGER CONSUMER SPENDING ON THE BACK OF A STABLE JOB MARKET AND AN IMPROVING GLOBAL ECONOMY.

CITIGROUP ECONOMIST KIT WEI ZHENG SAID HE EXPECTED A GRADUAL IMPROVEMENT IN SPENDING ON SMALL TICKET ITEMS AS THE LABOUR MARKET, TOURIST ARRIVALS AND CONSUMER CONFIDENCE GREW.

“THE OPENING OF THE TWO INTEGRATED RESORTS EARLY NEXT YEAR COULD ALSO PROVIDE A LIFT TO TOURIST ARRIVALS AMD SPENDING, AS WLL AS THE RECENT OPENING OF NEW MALLS,” MR KIT SAID.

OUTLOOK

A NET WEIGHTED BALANCE OF 53% OF WHOLESALERS FORECAST THE BUSINESS TO REMAIN THE SAME FOR THE PERIOD ENDING DEC 2009. FOR THE REMAINING WHOLESALERS, A WEIGHTED 22% FORECASTS BETTER BUSINESS CONDITIONS. IN PARTICULAR, THOSE DEALING WITH FOOD AND BEVERAGES, AND HOUSEHOLD ELECTRICAL APPLIANCES AND EQUIPMENT. ON THE OTHER HAND, A WEIGHTED 25% OF WHOLESALERS, LAREGELY FROM CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL MACHINERY AND EQUIPMENT AND MOTOR VEHICLES, ANTICIPATES LESS POSITIVE BUSINESS CONDITIONS. ON THE WHOLE, A NET WEIGHTED BALANCE OF 3% OF WHOLESALE FIRMS FORECASTS LESS FAVOURABLE BUSINESS CONDITIONS FOR THE PERIOD ENDING DEC 2009.

A NET WEIGHTED BALANCE OF 11% OF RETAILERS PREDICTS SLOWER BUSINESS ACTIVITIES

FOR THE MONTHS ENDING DEC 2009.

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.44.05
UK Pound	1	Rs.72.40
Euro	1	Rs.63.46

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

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

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