MIRA INFORM REPORT

Report Date :

25.05.2011

IDENTIFICATION DETAILS

Name :	WILLIAMS-SONOMA SINGAPORE PTE. LTD.

Registered Office :	70 Anson Road #25-01 Hub Synergy Point Singapore 079905

Country :	Singapore

Financials (as on) :	31.12.2010

Date of Incorporation :	04.11.2008

Com. Reg. No.:	200821051N

Legal Form :	Private Limited Liability Company

Line of Business :	Sales of furniture

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	No Complaints

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Singapore

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

Bottom of Form

Contact Points

Company Name:	Williams-Sonoma Singapore Pte. Ltd.
Supplied Name:	William Sonoma Singapore Pte Ltd
Trading Address:	89-Amoy Street Singapore 069908, Singapore
Supplied Address:	89-Amoy Street Singapore 069908, Singapore

Credit Summary

Credit Opinion:

Since we did not get contact with subject, subject’s operation information is not confirmed, thus we did not give the credit rating at this stage.

Special Notes

We did not find any contact information of subject according to the supplied name or the supplied address. From public files, we found that subject is engaged in sales of furniture, while it is not confirmed by subject.

Up to the date of reporting, we did not get contact with subject, if you kindly supply contact information of subject, we’d like to continue our investigation.

We found the registered information of subject from local registry, supplying as follows for reference.

Company Identification Details

Registered Name:	Williams-Sonoma Singapore Pte. Ltd.
Registered Address:	70 Anson Road #25-01 Hub Synergy Point Singapore 079905
Date of Registration::	2008-11-4
Registered Number:	200821051N
Country of Incorporation:	Singapore
Registered Capital:	SGD 1 (USD 0.8017) (As of 2011.05, 1 SGD = 0.8017 USD)
Paid-up Capital:	SGD 1 (USD 0.8017) = 1 Shares@1 SGD
Legal Form:	Private Limited Liability Company
Principal Activities:	Sales of furniture
Staff:	N/A
Status:	Live Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2010-8-10

Notes: Since we didn’t find subject, the staff number is not available.

History

Subject was incorporated on 2008-11-4 with registered number 200821051N as Private Limited Liability Company in Singapore.

Shareholders

Unit: SGD

Name	Subscription Amount	Proportion of Investment (%)
Williams-Sonoma Sourcing, Inc.	1	100%
Total	1	100%

Major Shareholder Information:

1
Name:	Williams-Sonoma Sourcing, Inc.
Value:	SGD 1
ID Number:	T08UF9662G
Address:	3250 Van Ness Avenue, San Francisco, Ca 94109, United States Of America

Subsidiaries & Branches

Parent Company:

Name:

Williams-Sonoma Sourcing, Inc.

Manage Information

Core Management

Detailed Information of Management:

1
Name:	Julie Patenaude Whalen
Position:	Director
ID Number:	207630168
Address:	134 Los Trancos Circle, Portola Valley, Ca 94028, United States Of America
Nationality:	American
Date of Appointment:	2009-10-13
2
Name:	Teh Kwang Hwee
Position:	Director
ID Number:	S1153921A
Address:	74 Telok Blangah Heights #05-305 Singapore 100074
Nationality:	Singapore Citizen
Date of Appointment:	2011-1-24
3
Name:	Anthony Anne Catharine
Position:	Secretary
ID Number:	S1347717E
Address:	8 Lorong 29 Geylang #07-06 Singapore 388064
Nationality:	Singapore Citizen
Date of Appointment:	2008-11-4

Operation Information

From public files, we found that subject is engaged in sales of furniture, while it is not confirmed by subject.

Financial Figures

Balance Sheet

Unit: USD

	2010-12-31
Total Assets	8,103,867.00
Total Current Assets	8,054,933.00
Total Non-Current Assets f.k.a. [Fixed And Others]	48,934.00
Total Liabilities	7,676,921.00
Total Current Liabilities	7,670,785.00
Total Non-Current Liabilities	6,136.00
Total Equity f.k.a [Shareholder's Funds]	426,946.00
Paid-Up Capital	N.A.
Share Capital	1.00
Other Reserves, Total f.k.a. [Reserves]	0.00
Retained Earnings/(Accumulated Loss)	426,945.00

Profit/Loss Account

Unit: USD

	2010
Revenue f.k.a [Sales Turnover And Other Operating Revenues]	9,075,633.00
Profit/(Loss) before Tax from Continuing Operations f.k.a [Profit/(Loss) before tax]	492,503.00
Profit/(Loss) after Tax from Continuing Operations f.k.a [Profit/(Loss) After Tax]	426,945.00
Net Income/(Loss) From Extraordinary And Non-Operating Items	N.A.
Profit/(Loss) After Tax and Extraordinary Items	N.A.

Financial Ratio

	2010
Earning Capacity
Rate of Net Profit on Sales (%)	4.70
Return of Investment (%)	5.27
Return of Shareholder's Funds (%)	100.00
Total Assets Turnover (%)	1.12
Financial Stability
Current/Working Capital Ratio (%)	1.05
Proprietary Ratio (%)	5.27
Total Debt to Equity Ratio (%)	94.73

Bankers

Open Account Bank

Name:

DBS Bank

Auditors

Name:

Pricewaterhousecoopers Llp

Public

Charges

No charge information was found from public files.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.25
UK Pound	1	Rs.72.82
Euro	1	Rs.63.58

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.