MIRA INFORM REPORT

Report Date :

24.04.2011

IDENTIFICATION DETAILS

Name :	PANKTI INTERNATIONAL PTE LTD.
Registered Office :	141 Cecil St #07-07 Tung Ann Association Building Singapore 069541
Country :	Singapore
Financials (as on) :	31.03.2006
Date of Incorporation :	24.03.1995
Com. Reg. No.:	199502018N
Legal Form :	Exempt Pte Ltd
Line of Business :	Wholesale of Basic Industrial Chemicals Except Fertilizers

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	SGD 75,000
Status :	Moderate
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

PANKTI INTERNATIONAL PTE. LTD.

Line Of Business 

INTERNATIONAL TRADING IN ALL KINDS OF GOODS

Parent Company

-

Financial Elements

FY 2006

COMPANY

Sales : S$ 22,923,824

Networth : S$ 593,568

Paid-Up Capital : S$ 500,000

Net result : S$ 63,830

Net Margin(%) : 0.28

Return on Equity(%): 10.75

Leverage Ratio : 4.08

COMPANY IDENTIFICATION

Subject Company :	PANKTI INTERNATIONAL PTE. LTD.
Business Address:	141 CECIL ST #07-07 TUNG ANN ASSOCIATION BUILDING
Town:	SINGAPORE
Postcode:	069541
Country:	Singapore
Telephone:	6323 7944
Fax:	6323 7942
ROC Number:	199502018N

SUMMARY

Legal Form:	Exempt Pte Ltd
Date Inc.:	24/03/1995
Summary year :	31/03/2006
All amounts in this report are in :	SGD
Sales:	22,923,824
Networth :	593,568
Paid-Up Capital:	500,000
Employees:	2
Net result :	63,830
Share value:	-

 
 
AUDITOR: MGI N RAJAN ASSOCIATES 
 
BASED ON ACRA'S AS AT 07/12/2009,  
    NO. OF SHARES  CURRENCY  AMOUNT 
ISSUED ORDINARY  500,000  SGD  500,000
PAID-UP ORDINARY   -  SGD  500 000

REFERENCES

Credit Opinion:

CREDIT LINE TO A MAXIMUM OF SGD 75,000 CAN BE CONSIDERED

Litigation:	YES
Company status :	TRADING
Started :	24/03/1995
Credit Rating:	MEDIUM HIGH RISK

PRINCIPAL(S)

VINAY BIRLA

S2659035C

Director

DIRECTOR(S)

ARCHANA BIRLA	S2659036A	Company Secretary
Appointed on :	25/09/2007
Street :	114A ARTHUR ROAD #09-07 KATONG PARK TOWER
Town:	SINGAPORE
Postcode:	439826
Country:	Singapore

VINAY BIRLA	S2659035C	Director
Appointed on :	24/03/1995
Street :	114A ARTHUR ROAD #09-07 KATONG PARK TOWER
Town:	SINGAPORE
Postcode:	439826
Country:	Singapore

ARCHANA BIRLA	S2659036A	Director
Appointed on :	21/09/2007
Street :	114A ARTHUR ROAD #09-07 KATONG PARK TOWER
Town:	SINGAPORE
Postcode:	439826
Country:	Singapore

FORMER DIRECTOR(S)

AHMED MOHMED SALEHBHAI	S1840604G
VERONICA D/O A.KASMEL	S2168498H
MINESH DEVENDRA SHAH	B146634

ACTIVITY(IES)

Activity Code:	3970	CHEMICALS
Activity Code:	22190	TRADING COMPANIES

 
BASED ON ACRA'S RECORD AS 
1) WHOLESALE OF BASIC INDUSTRIAL CHEMICALS EXCEPT FERTILIZERS; 
 INTERNATIONAL TRADING IN ALL KINDS OF GOODS 
2) WHOLESALE OF PETROCHEMICAL PRODUCTS

CHARGES

	AVAILABLE
Date:	02/08/2001
Amount:	0
Comments :	CHARGE NO : 200103659, 200103660 SECURED : 0.00 AND ALL MONIES OWING CHARGEE(S) : BANK OF INDIA

	AVAILABLE
Date:	27/01/2006
Amount:	0
Comments :	CHARGE NO : C200600722 SECURED : 0.00 AND ALL MONIES OWING CHARGEE(S) : THE BANK OF EAST ASIA LIMITED

	AVAILABLE
Date:	27/09/2006
Amount:	0
Comments :	CHARGE NO : C200606478 SECURED : 0.00 AND ALL MONIES OWING CHARGEE(S) : BANGKOK BANK PUBLIC COMPANY LIMITED

	NOT AVAILABLE
Date:	05/07/1995
Amount:	70,000
Comments :	CHARGE NO : 9504073 (DISCHARGED - 28/09/2005) SECURED : S$70,000.00 CHARGEE(S) : INDIAN BANK

	NOT AVAILABLE
Date:	25/08/1995
Amount:	40,000
Comments :	CHARGE NO : 9505240 (DISCHARGED) SECURED : ALL MONIES OWING CHARGEE(S) : INDIAN BANK

	AVAILABLE
Date:	02/08/2001
Amount:	0
Comments :	CHARGE NO : C200809080 SECURED : 0.00 AND ALL MONIES OWING CHARGEE(S) : DBS BANK LTD

BANKERS

INDIAN BANK

BANK OF INDIA

THE BANK OF EAST ASIA LIMITED

BANGKOK BANK PUBLIC COMPANY LIMITED

DBS BANK LTD.

SHAREHOLDERS(S)

VINAY BIRLA

250,000

Private Person

Street :	114A ARTHUR ROAD #09-07 KATONG PARK TOWER
Town:	SINGAPORE
Postcode:	439826
Country:	Singapore

ARCHANA BIRLA

250,000

Private Person

Street :	114A ARTHUR ROAD #09-07 KATONG PARK TOWER
Town:	SINGAPORE
Postcode:	439826
Country:	Singapore

FORMER SHAREHOLDER(S)

MINESH DEVENDRA SHAH

250,000

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:	MCS34964/2002
Defendant	PANKTI INTERNATIONAL PTE. LTD.	ROC # : 199502018N

FINANCIAL ELEMENTS

Audit Qualification:	UNQUALIFIED (CLEAN) OPINION	UNQUALIFIED (CLEAN) OPINION	UNQUALIFIED (CLEAN) OPINION
Date Account Lodged:	29/11/2008
Balance Sheet Date:	31/03/2006	31/03/2005	31/03/2004
Number of weeks:	52	52	52
Consolidation Code:	COMPANY	COMPANY	COMPANY

ASSETS
Tangible Fixed Assets:	1,083	3,593	2,853
Total Fixed Assets:	1,083	3,593	2,853
Receivables:	2,123,554	1,052,469	542,764
Cash,Banks, Securitis:	715,664	496,490	678,384
Other current assets:	175,182	427,092	82,109
Total Current Assets:	3,014,400	1,976,051	1,303,257
TOTAL ASSETS:	3,015,483	1,979,644	1,306,110
LIABILITIES
Equity capital:	500,000	500,000	500,000
Profit & lost Account:	93,568	29,738	-29,061
Total Equity:	593,568	529,738	470,939
Trade Creditors:	655,443	207,636	386,925
Prepay. & Def. charges:	10,750	8,015	2,960
Due to Bank:	831,161	909,563	295,163
Provisions:	2,450	-	-
Other Short term Liab.:	922,111	324,692	150,123
Total short term Liab.:	2,421,915	1,449,906	835,171
TOTAL LIABILITIES:	2,421,915	1,449,906	835,171
PROFIT & LOSS ACCOUNT
Net Sales	22,923,824	18,518,193	10,273,258
Purchases,Sces & Other Goods:	22,431,844	17,991,557	-
Gross Profit:	491,981	526,636	-
Results of Ord Ops:	242,206	183,047	169,649
NET RESULT BEFORE TAX:	66,780	58,799	42,141
Tax :	2,950	-	-2,521
Net income/loss year:	63,830	58,799	44,662
Interest Paid:	77,890	35,857	127,508
Depreciation:	2,510	8,019	1,426
Directors Emoluments:	60,000	72,000	82,620
Wages and Salaries:	27,945	50,560	62,661
Financial Income:	19,074	6,757	4,960

RATIOS

Date Account Lodged:	31/03/2006	31/03/2005	31/03/2004
Turnover per employee:	11461912	9259096.5	5136629
Fin. Charges / Turnover(%):	0	0	0.01
Net Margin(%):	0.28	0.32	0.43
Return on Equity(%):	10.75	11.1	9.48
Return on Assets(%):	2.12	2.97	3.42
Net Working capital:	592485	526145	468086
Cash Ratio:	0.3	0.34	0.81
Quick Ratio:	1.17	1.07	1.46
Current ratio:	1.24	1.36	1.56
Receivables Turnover:	33.35	20.46	19.02
Leverage Ratio:	4.08	2.74	1.77

^{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

NOTE: THE FINANCIAL STATEMENT IN THIS REPORT IS THOSE OF 2006 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 RECORDS.

BACKGROUND/OPERATION

THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 
24/03/1995 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER 
ITS PRESENT NAMESTYLE AS "PANKTI INTERNATIONAL PTE. LTD.". 
 
THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF
500,000 SHARES OF A VALUE OF S$500,000. 
  
PRINCIPAL ACTIVITIES: 
SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY 
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
(1) WHOLESALE OF BASIC INDUSTRIAL CHEMICALS EXCEPT FERTILIZERS; 
 INTERNATIONAL TRADING IN ALL KINDS OF GOODS 
(2) WHOLESALE OF PETROCHEMICAL PRODUCTS 
  
THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE
CLASSIFICATION OF: CHEMICALS. 
 
DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF 
THE COMPANY CONSISTS OF INTERNATIONAL TRADING IN ALL KINDS OF GOODS.
 
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED: 
  
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES: 
* IMPORTER, EXPORTER, THIRD COUNTRY TRADE, BUYING AGENTS, 
 MANUFACTURERS' REPRESENTATIVE OF PLASTIC RAW MATERIALS
 & PLASTIC PRODUCTS  
 
PRODUCTS DEALINGS: 
* PLASTIC RAW MATERIALS 
 - LDPE
 - HDPE  
 - PP 
 - LLDPE 
* PET CHIPS(FILAMENT/BOTTLE GRADE)  
 - PP WOVEN SOCKS
 - PRINTED WOVEN BAGS 
 - ETC 
* PACKAGING FILMS 
 - BOPP 
 - POLYSTER FILMS
 - BOPA (NYLON) 
 - FILMS 
 - CPP & METALLISED FILMS  
* SPECIALITY FILMS 
 - HOLLOGRAPHIC FILMS
 - HOT STAMPING FOILS 
  
BRANCH/ ASSOCIATE OFFICES IN: 
* INDIA 
* AUSTRALIA
* BANGLADESH  
  
EXPORT COUNTRIES: 
* AFRICA 
* EUROPE
* SOUTH EAST ASIA  
 
SUBJECT IS A MEMBER OF THE FOLLOWING ENTITIES: 
* SINGAPORE PLASTIC INDUSTRY ASSOCIATION
 
 
FROM THE TELE-INTERVIEW CONDUCTED WITH MS THIRU FROM THE ACCOUNTS 
DEPARTMENT, THE FOLLOWING WAS GATHERED: 
 
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES: 
* TRADING OF PLASTICS
  
IMPORT COUNTRIES: 
* INDIA 
* BANGLADESH  
* CHINA
 
SUBJECT PERSONNEL MENTIONED THAT THEY DO NOT EXPORT TO OTHER 
COUNTRIES. 
  
NUMBER OF EMPLOYEES:
* 2010: 2 
NO OTHER TRADE INFORMATION WAS AVAILABLE 
  
REGISTERED ADDRESS:
10 JALAN BESAR 
#10-12 SIM LIM TOWER 
SINGAPORE 208787 
DATE OF CHANGE OF ADDRESS: 12/08/1997
 
BUSINESS ADDRESS: 
141 CECIL STREET 
#07-07 TUNG ANN ASSOCIATION BUILDING 
SINGAPORE 069541  
- MAIN OFFICE
- RENTED PREMISE 
- PREMISE OWNED BY: TUNG ANN DISTRICT GUILD 
  
WEBSITE: 
-
 
EMAIL: 
birla@pacific.net.sg

MANAGEMENT

THE DIRECTORS AT THE TIME OF THIS REPORT ARE: 
 
1) VINAY BIRLA, A SINGAPOREAN 
 - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE: 
 HIMU RICH PTE LTD
 
2) ARCHANA BIRLA, A SINGAPOREAN 
 - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE: 
 HIMU RICH PTE LTD

ADVERSE ON DIRECTORS

DIRECTOR'S NAME : VINAY BIRLA 
ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR DATABASE 
PROPERTY OWNERSHIP : 1  
ANNUAL VALUE : S$ 20,400 
CO-OWNER (S) : MDM ARCHANA BIRLA
 
DIRECTOR'S NAME : ARCHANA BIRLA  
ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR DATABASE 
PROPERTY OWNERSHIP : 1 
ANNUAL VALUE : S$ 20,400
CO-OWNER (S) : MR VINAY BIRLA  
 
* 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.

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 A SMALLER 8.8% IN 3Q 2009, SLOWER THAN THE 14.0% DECLINE IN 2Q 2009. IT WAS ATTRIBUTED TO SLOWER DECLINE RATES IN REAL NON-OIL DOMESTIC EXPORTS AND NON-OIL RE-EXPORTS IN 3Q 2009.

THE PACE OF DECLINE IN THE VOLUME OF RETAIL SALES HAS ALSO MODERATED. COMPARED TO THE SIGNIFICANT 12.0% DECLINE IN 2Q 2009, RETAIL SALES FELL BY A SMALLER 10.0% IN 3Q 2009. EXCLUDING MOTOR VEHICLES SALES, THE DECLINE WAS 2.0%.

RETAIL SALES SEGMENTS WHICH RECORDED GROWTH INCLUDE DEPARTMENT STORES (1.1%), AND PROVISION AND SUNDRY SHOPS (1.3%). THE WATCHES AND JEWELLERY, AND FURNITURE AND HOUSEHOLD EQUIPMENT SEGMENTS RECORDED SMALLER DECLINES OF 13.0% AND 1.7% RESPECTIVELY IN 3Q 2009, COMPARED TO THE -18% AND -7.1% REGISTERED IN 2Q 2009.

DOMESTIC WHOLESALE TRADE INDEX

DOMESTIC WHOLESALE TRADE (SEASONALLY ADJUSTED) REGISTERED POSITIVE GROWTHS IN 3Q 2009 OVER 2Q 2009 AFTER SEASONAL ADJUSTMENT.

PETROLEUM AND PETROLEUM PRODUCTS, AND CHEMICALS AND CHEMICAL PRODUCTS REGISTERED IMPROVEMENTS OF 13.2% AND 16.5% RESPECTIVELY. AFTER REMOVING PRICE EFFECT, DOMESTIC SALES VOLUME OF THE SECTORS GREW BY 1.4% AND 13.3% RESPECTIVELY.

LIKEWISE, DOMESTIC SALES OF SHIP CHANDLERS AND BUNKERING, TIMBER, PAINTS AND CONSTRUCTION MATERIALS, AND GENERAL WHOLESALE TRADE ROSE BY BETWEEN 9.6% AND 11.1% IN 3Q 2009 COMPARED TO 2Q 2009.

ON THE OTHER HAND, INDUSTRIAL AND CONSTRUCTION MACHINERY SECTOR REGISTERED A DECLINE OF 7.8% IN DOMESTIC SALES OVER 2Q 2009.

ON A YEAR-ON-YEAR BASIS, DOMESTIC WHOLESALE TRADE FELL IN 3Q 2009 FOR MOST WHOLESALE TRADE SECTORS.

DOMESTIC WHOLESALE TRADE OF PETROLEUM AND PETROLEUM PRODUCTS, SHIP CHANDLERS AND BNNKERING, AND CHEMICALS AND CHEMICAL PRODUCTS WERE BETWEEN 11.3% AND 38.9% LOWER THAN A YEAR AGO, LARGELY DUE TO LOWER PRICES.

AFTER REMOVING PRICE EFFECT, SALES VOLIME OF PETROLEUM AND PETROLEUM PRODUCTS, CHEMICALS AND CHEMICAL PRODUCTS ROSE BY 14.9% AND 28.2% RESPECTIVELY, WHILE THAT OF SHIP CHANDLERS AND BUNKERING MAINTAINED AT SIMLAR LEVEL.

SIMILARLY, THE GENERAL WHOLESALE TRADE, ELECTRONIC COMPONENTS, TIMBER, PAINTS AND CONSTRUCTION MATERIALS, AND TRANSPORT EQUIPMENT ALSO REGISTERED YEAR-ON-YEAR DECLINES OF BETWEEN 12.3% AND 23.9%

CONVERSELY, HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR REGISTERED A MARGINAL RISE OF 1.7% IN SALES OVER 3Q2008.

FOREIGN WHOLESALE TRADE INDEX

FOREIGN WHOLESALE TRADE (SEASONALLY ADJUSTED) RECORDED MIXED PERFORMANCE IN FOREIGN SALES IN 3Q 2009 COMPARED TO 2Q 2009.

THE SHIP CHANDLERS AND BUNKERING, PETROLEUM AND PETROLEUM PRODUCTS, TIMBER, PAINTS AND CONSTRUCTION MATERIALS, TELECOMMUNICATIONS AND COMPUTERS, HOUSEHOLD EQUIPMENT AND FURNITURE, AND CHEMICALS AND CHEMICAL PRODUCTS REGISTERED INCREASES OF 6.2% TO 19.4% IN SALES COMPARED TO 2Q 2009.

ON THE OTHER HAND, FOOD, BEVERAGES AND TOBACCO, ELECTRONIC COMPONENTS, INDUSTRIAL AND

CONSTRUCTION MACHINERY, AND GENERAL WHOLESALE TRADE RECORDED LOWER SALES OF BETWEEN 2.3% AND 10.0%.

ALL SECTORS RECORDED LOWER FOREIGN SALES IN 3Q 2009 COMPARED TO 3Q 2008.

THE PETROLEUM AND PETROLEUM PRODUCTS, AND SHIP CHANDLERS AND BUNKERING SECTORS CONTRACTED 35.7% DUE TO LOWER OIL PRICES.

AFTER ADJUSTING FOR PRICE CHANGES, FOREIGN TRADE VOLUME OF THESE TWO SECTORS SHOWED YEAR-ON-YEAR INCREASES OF 6.9% AND 7.2% RESPECTIVELY.

OTHER SECTORS THAT RECORDED RELATIVELY SIGNIFICANT DECLINES IN 3Q 2009 OVE 3Q 2008 ARE

GENERAL WHOLESALE TRADE (-35.7%), INDUSTRIAL AND CONSTRUCTION MACHINERY (-33.0%),

CHEMICALS AND CHEMICAL PRODUCTS (-26.6%), TIMBER, PAINTS AND CONSTRUCTION MATERIALS

(-23.7%), ELECTRONIC COMPONENTS (-19.8%) TRANSPORT EQUIPMENT (-19.2%), AND HOUSEHOLD EQUIPMENT AND FURNITURE (-15.1%)

NEWS

REBOUND IN RETAIL SALES IN OCTOBER

CONSUMERS STARTED TO EASE OPEN THEIR WALLETS IN OCTOBER IN RESPONSE TO A IMPROVING

ECONOMIC OUTLOOK.

RETAIL SALES DURING THE MONTH WERE 6.0% HIGHER THAN IN SEPTEMBER – THE BIGGEST MONTHLY RISE SINCE FEBRUARY AND A MARKED CONTRAST TO THE 8.0% DECLINE SEEN IN SEPTEMBER.

“RETAIL SALES LOOK TO CONTINUE IMPROVING, IN LINE WITH THE ECONOMIC REOVERY AND BETTER CONSUMER SENTIMENT,” SAID UOB ECONOMIST CHOW PENN NEE.

“JOB LOSSES HAVE ALSO BEEN RELATIVELY TAME, WHICH WILL BOOST CONSUMER SPENDING.”

HOWEVER, DESPITE OCTOBER’S IMPROVEMENT, RETAIL SALES ARE 4.4% LOWER THAN THEY WERE IN

OCTOBER 2008, ACCORDING TO FIGURES RELEASED BY THE DEPARTMENT OF STATISTICS.

BUT THIS YEAR-ON-YEAR DROP IS THE SMALLEST IN 10 MONTHS, AND MUCH LOWER THAN THE 12.0% DECLINE IN SEPTEMBER.

AFTER FALLING YEAR-ON-YEAR FOR 13 STRAIGHT MONTHS – STARTING FROM OCTOBER LAST YEAR WHEN THE FINANCIAL CRISIS TOOK HOLD – SALES MAY FINALLY TURN POSITIVE EARLY NEXT YEAR, MS CHOW BELIEVED.

“WE MIGHT SEE AN YEAR-ON-YEAR INCREASE IN JANUARY OR FEBRUARY NEXT YEAR, DUE TO THE LOW BASE EFFECT, SHE SAID.

CAR SALES ROSE SHARPLY IN OCTOBER, WITH SHOWROOMS SELLLING 8.1% MORE VEHICLES THAN THEY DID IN SEPTEMBER. EXCLUDING MOTOR VEHICLES, OVERALL RETAIL SALES WOULD HAVE DECLINED BY 1.9%, INSTEAD OF GROWING BY 6.0%.

THE STRONG CAR SHOWING IS LIKELY TO BE A BLIP RATHER THAN THE START OF A SUBSTAINABLE UPWARD TREND, SAID MS CHOW.

SHE SAID CONSUMERS MAY HAVE RUSHED TO BUY VEHICLES IN OCTOBER DUE TO THE GOVERNMENT’S ANNOUNCEMENT OF A REDUCTION IN THE SUPPLY OF CERTIFICATES OF ENTITLEMENTS (COEs) IN SEPTEMBER.

RETAILERS OF FOOD AND BEVERAGES ALSO FARED WELL IN OCTOBER COMPARED WITH SEPTEMBER, WITH AN 8.2% JUMP IN SALES.

DEPARTMENT STORES DID ALMOST AS WELL, REGISTERING A 7.2% SALES INCREASE FOR THE PERIOD.

RETAILERS OF WATCHES AND JEWELLERY POSTED A 7.5% RISE IN SALES, WHILE THOSE SELLING TELECOMMUNICATIONS GADGETS AND COMPUTERS SOLD 5.3% MORE.

SUPERMARKETS RECORDED LOWER SALES IN OCTOBER – BY 3.1% - WHILE PROVISION SHOP SALES DIPPED 1.7%.

RETAILERS OF RECREATIONAL GOODS AND FURNITURE AND HOUSEHOLD EQUIPMENT WERE ALSO AFFECTED, WITH SALES DECLINING BY BETWEEN 2.5 AND 4.3%.

OUTLOOK

A NET WEIGHTED BALANCE OF 23% OF WHOLESALERS FORECAST THE BUSINESS TO IMPROVE FOR THE PERIOD ENDING MAR 2010. IN PARTICULAR, THOSE DEALING WITH INDUSTRIAL MACHINERY AND EQUIPMENT, AND MOTOR VEHICLES ARE FORECASTING AN INCREASE IN BUSINESS ACTIVITY.

A NET WEIGHTED BALANCE OF 27% OF RETAILERS PREDICTS HIGHER BUSINESS ACTIVITIES FOR THE MONTHS ENDING MAR 2010. THIS APPLIES TO DEPARTMENT STORES, RETAILERS OF CLOTHING AND FOOTWEAR, 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.45.28
UK Pound	1	Rs.73.30
Euro	1	Rs.63.61

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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