MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	MANKIEWICZ SINGAPORE LLP

Registered Office :	1 Scotts Road #21-07/08 Shaw Centre 228208

Country :	Singapore

Date of Incorporation :	09.11.2005

Com. Reg. No.:	T05LL1018G

Legal Form :	Partnership

Line of Business :	Importing Paint from Germany and Distributing in Singapore

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 :	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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Singapore

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

Subject Company

MANKIEWICZ SINGAPORE LLP

Line Of Business

IMPORTING PAINT FROM GERMANY AND DISTRIBUTING IN SINGAPORE

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : -

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

Subject Company :	MANKIEWICZ SINGAPORE LLP
Business Address:	1 SCOTTS ROAD #21-07/08 SHAW CENTRE
Town:	SINGAPORE
Postcode:	228208
Country:	Singapore
Telephone:	6790 0470
Fax:	6790 1998
ROC Number:	T05LL1018G
Easy Number company:	00005360334642

SUMMARY

Legal Form:	Partnership
Date Inc.:	09/11/2005
Summary year :
All amounts in this report are in :
Sales:
Capital:
Paid-Up Capital:
Net result :
Share value:

REFERENCES

Litigation:	No
Company status :	TRADING
Started :	09/11/2005

PRINCIPAL(S)

LEE MEI CHING

S7474113D

Manager

DIRECTOR(S)

MICHAEL EDER		Manager
Appointed on :	28/01/2008
Street :	HAIDKAMP 8
Town:	PINNEBERG
Postcode:	25421
Country:	Germany

RENATUS JOHANN MATTHIAS GRAU		Manager
Appointed on :	28/01/2008
Street :	HEILWIGSTRASSE 6
Town:	HAMBURG
Postcode:	20249
Country:	Germany

PETER MICHAEL OTTMAR GRAU		Manager
Appointed on :	28/01/2008
Street :	BERNADOTTE STRASSE 227
Town:	HAMBURG
Postcode:	22605
Country:	Germany

CLAUS KOBUSCH	G5855105N	Manager
Appointed on :	01/07/2006
Street :	16 AMBER GARDENS #05-01 AMBER PARK
Town:	SINGAPORE
Postcode:	439961
Country:	Singapore

LEE MEI CHING	S7474113D	Manager
Appointed on :	28/01/2008
Street :	632 WOODLANDS RING ROAD #05-171
Town:	SINGAPORE
Postcode:	730632
Country:	Singapore

FORMER DIRECTOR(S)

GEORG ERNST GARBRECHT

G5542132W

ACTIVITY(IES)

Activity Code:

15800

PAINT - WHSLE And MFRS

BASED ON ACRA'S RECORD

 1) WHOLESALE OF PAINTS (INCLUDING VARNISHES AND SUPPLIES)

2) RETAIL SALE OF PAINTS

SHAREHOLDERS(S)

MANKIEWICZ AUSLANDVERWALTUNGSGESELLSCHAFT MBH

Company

Street :	GEORG-WILHELM-STRABE 189
Town:	HAMBURG
Postcode:	D-21107
Country:	Germany

GRAU INTERNATIONAL GMBH

Company

Street :	GEORG-WILHELM-STRABE 189
Town:	HAMBURG
Postcode:	D-21107
Country:	Germany

PAYMENT HISTORY AND EXPERIENCES

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

FINANCIAL COMMENTS

LIMITED LIABILITY PARTNERSHIP (LLP)

AN LLP IS AN ESSENCE A PARTNERSHIP WHICH ENJOYS A SEPARATE LEGAL PERSONALITY. ALL OF ITS PARTNERS ARE LIABLE UP TO THE LIMIT OF THEIR CONTRIBUTIONS AND THEY ARE NOT PERSONALLY LIABLE FOR THE DEBTS AND OBLIGATIONS OF THE LLP EXCEPT IN SITUATIONS WHERE THOSE DEBTS AND OBLIGATIONS ARISE AS A RESULT OF THEIR OWN NEGLIGENCE / FRAUDULENCE.

THE PARTNERS IN A LLP CAN BE EITHER AN INDIVIDUAL OR A CORPORATION. A  MINIMUM OF TWO PARTNERS ARE REQUIRED BY LAW WITH AT LEAST ONE MANAGER BEING OF FULL AGE AND CAPACITY AND ORDINARILY RESIDENT IN SINGAPORE.THERE IS NO CAP ON THE NUMBER OF PERSONS AN LLP CAN HAVE.

THE ACCOUNTS OF AN LLP ARE NOT PUBLICLY FILED WHICH ACCORDS A GREATER LEVEL OF PRIVACY TO INVESTORS.

BACKGROUND/OPERATION

THE COMPANY WAS REGISTERED IN THE REPUBLIC OF SINGAPORE ON 09/11/2005 AS A LIVE LLP AND IS TRADING UNDER THE NAMESTYLE AS "MANKIEWICZ SINGAPORE LLP".

THE MANAGER AS OF 01/07/2006 HAS BEEN CLAUS KOBUSCH. SUBSEQUENTLY, ON 28/01/2008, MICHAEL EDER, RENATUS JOHANN MATTHIAS GRAU, PETER MICHAEL OTTMAR GRAU AND LEE MEI CHING ALSO BECAME THE MANAGERS OF THE BUSINESS.

PRINCIPAL ACTIVITIES:

SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:

1) WHOLESALE OF PAINTS (INCLUDING VARNISHES AND SUPPLIES)

2) RETAIL SALE OF PAINTS

FROM THE RESEARCH CONDUCTED, THE FOLLOWING INFORMATION WAS GATHERED:

SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: PAINT-WHSLE & MFRS

BACKGROUND OF MANKIEWICZ:

MANKIEWICZ GEBR. & CO. WAS FOUNDED IN 1895 AS AN INDEPENDENT SUBSIDIARY OF THE ENGLISH PAINT FACTORY ROBERT INGHAM CLARK AND FELIX MANKIEWICZ, INITIALLY FOR THE SALE AND LATER FOR THE MANUFACTURE OF HIGH-QUALITY PAINTS FOR COACHES ACCORDING TO ORIGINAL ENGLISH FORMULAE.

IN 1930, PAINT MANUFACTURER OTTMAR J. GRAU ACQUIRED THE COMPANY FROM THE MANKIEWICZ FAMILY´S HEIRS, WHICH SINCE THE EIGHTIES HAS BEEN MANAGED BY MR MICHAEL O. GRAU.

INVESTMENTS IN THE AREAS OF RESEARCH AND DEVELOPMENT AS WELL AS MODERN PRODUCTION FACILITIES ARE THE BASIS FOR THE SUCCESSFUL BUSINESS DEVELOPMENT.OVER A CENTURY OF TAKING PLEASURE IN INNOVATION MADE MANKIEWICZ A MANUFACTURER OF HIGH-QUALITY COATING SYSTEMS, OPERATING WORLDWIDE.NOWADAYS, MORE THAN 700 STAFF MEMBERS ARE OCCUPIED WITH THE REALIZATION OF "COATING CONCEPTS OF THE FUTURE" TO ENSURE THE LONG-

TERM PRESERVATION OF UTILITY AND CAPITAL GOODS.

FROM THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS GATHERED:

SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:

* IMPORTING PAINT FROM GERMANY AND DISTRIBUTING IN SINGAPORE

* MIXING OF PAINT

NO OTHER TRADE INFORMATION WAS MADE AVAILABLE.

REGISTERED ADDRESS:

1 SCOTTS ROAD

#21-07/08

SHAW CENTRE

SINGAPORE 228208

DATE OF CHANGE OF ADDRESS: -

BUSINESS ADDRESS:

44 TUAS SOUTH STREET 5

SINGAPORE 637833

- OFFICE AND FACTORY

WEBSITE:

http://www.mankiewicz.de

EMAIL:

Info@mankiewicz.com.sg

MANAGEMENT

THE PARTNERS AT THE TIME OF THIS REPORT ARE:

1) MANKIEWICZ AUSLANDVERWALTUNGSGESELLSCHAFT MBH, A GERMAN

   - BASED IN GERMANY

2) GRAU INTERNATIONAL GMBH, A GERMAN

   - BASED IN GERMANY

GENERAL COMMENTS

Singapore’s Country Rating 2008

Investment Grade

IN SINGAPORE, THE POLITICAL AND ECONOMIC SITUATION IS VERY GOOD. A QUALITY BUSINESS ENVIRONMENT HAS A POSITIVE INFLUENCE ON CORPORATE PAYMENT BEHAVIOUR. CORPORATE DEFAULT PROBABILITY IS VERY LOW ON AVERAGE.

ECONOMIC GROWTH REMAINED STRONG IN 2007 AND IN Q1 2008 (6.7%) THANKS TO A SHARP INCREASE IN CONSUMPTION SPURRED BY A BRIGHT EMPLOYMENT PICTURE, RISING REAL WAGES, AND A POSITIVE WEALTH EFFECT PRODUCED BY RISING PROPERTY PRICES. IN THIS CONTEXT, BANKRUPTCIES CONTINUE TO DECLINE, AS REFLECTED BY THE FAVOURABLE COFACE PAYMENT INCIDENT INDEX TREND. SINGAPORE MOREOVER BOASTS THE BEST GOVERNANCE IN ASIA THANKS TO AN EFFECTIVE LEGAL SYSTEM AND A GOOD LEVEL OF FINANCIAL TRANSPARENCY.

HOWEVER, A GROWTH SLOWDOWN IS EXPECTED FOR 2008 (4.5%) AMID WEAKER DEMAND GROWTH IN THE UNITED STATES, SINGAPORE'S NUMBER TWO TRADING PARTNER. THE FOREIGN TRADE CONTRIBUTION TO GROWTH WILL THUS DECLINE ESPECIALLY WITH EXPORTS REPRESENTING 210 PER CENT OF GDP.

INFLATION ACCELERATED IN 2007 AND REACHED 7.5% IN MAY 2008 BECAUSE OF RISING RAW MATERIAL PRICES. INDEED, SINGAPORE IMPORTS ALMOST ALL ITS ENERGY AND FOOD. HOWEVER, FOR THE ENTIRE YEAR, INFLATION SHOULD MODERATE AND REACH 2.8%.

THE FINANCIAL SITUATION HAS REMAINED ROBUST AS THE EQUILIBRIUM OF PUBLIC SECTOR FINANCES AND THE SOLIDITY OF A BANKING SYSTEM POISED TO ADOPT BASEL II PRUDENTIAL STANDARDS ATTEST. EXTERNAL ACCOUNTS CONTINUE MOREOVER TO SHOW LARGE SURPLUSES THANKS TO GOOD PERFORMANCE IN A RANGE OF SECTORS INCLUDING ELECTRONICS, TRANSPORT, CONSTRUCTION, TOURISM, AND FINANCIAL SERVICES. THE DECLINE EXPECTED IN THE CURRENT ACCOUNT SURPLUS IN 2008 SHOULD NOT JEOPARDISE SINGAPORE'S EXCEPTIONAL FINANCIAL SOLIDITY.

UNDERPINNED BY SUBSTANTIAL FISCAL RESERVES AND A LARGE MAJORITY IN PARLIAMENT, THE PEOPLE'S ACTION PARTY OF PRIME MINISTER LEE HSIEN LOONG HAS SOUGHT AT ONCE TO MAKE THE CITY-STATE MORE ATTRACTIVE TO FOREIGN INVESTORS AND TO BOLSTER THE SPECIALISATION IN HIGH-VALUE ADDED SECTORS TO MEET THE GROWING COMPETITION FROM LOW-COST ASIAN ECONOMIES. BESIDES REDUCTIONS IN CORPORATE INCOME TAX AND TAX INCENTIVES FOR COMPANIES SETTING UP OPERATIONS IN SINGAPORE, THE GOVERNMENT CONTINUES TO PURSUE ITS INFRASTRUCTURE AND R&D INVESTMENT POLICY.

ASSETS

· THE COUNTRY HAS BEEN PURSUING AMBITIOUS DIVERSIFICATION STRATEGY, ESPECIALLY TO HIGH VALUE-ADDED SECTORS LIKE CHEMICALS, PHARMACEUTICALS, AND FINANCE.

· IT IS AMONG THE MOST ADVANCED COUNTRIES OF ASIA IN QUALITY COMPETITIVENESS TERMS.

· SINGAPORE HAS BECOME A MAJOR EXPORTER OF CAPITAL IN ASIA IN MANY ECONOMIC SECTORS —SUCH AS FINANCE, TELECOMMUNICATIONS, TRANSPORT — NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY

· THE ECONOMY HAS BENEFITED FROM THE COUNTRY'S POLITICAL STABILITY AND EXCELLENT BUSINESS CLIMATE.

WEAKNESSES

· SKILLED LABOUR IS IN SHORT SUPPLY IN THE SECTORS THE COUNTRY WISHES TO DEVELOP.

· THE AGEING POPULATION COULD ULTIMATELY UNDERMINE ECONOMIC PERFORMANCE.

· GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.

· THE VERY OPEN ECONOMY IS VULNERABLE TO A WORLD ECONOMIC DOWNTURN.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 4.3% IN 3Q 2008, LOWER THAN THE

6.0% GROWTH IN 2Q 2008. RETAIL SALES GREW BY 2.9% IN 3Q 2008, IN CONTRAST TO THE

2.9% DECLINE IN 2Q 2008.. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 7.6% IN

3Q 2008, HIGHER THAN THE 2.7% IN 2Q 2008.

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 9.0% IN 3Q 2008 OVER 2Q 2008.

EXCLUDING PETROLEUM, DOMESTIC SALES ROSE BY 5.6%.

AFTER SEASONAL ADJUSTMENT, DOMESTIC SALES ROSE BY 4.7% IN 3Q 2008 OVER 2Q 2008.

EXCLUDING PETROLEUM, DOMESTIC SALES ROSE BY 2.8%.

ON A YEAR-ON-YEAR BASIS, THE OVERALL DOMESTIC WHOLESALE TRADE GREW BY 25.3% OVER

THE PREVIOUS YEAR. EXCLUDING PETROLEUM, DOMESTIC SALES ROSE BY 7.4%. AFTER

REMOVING PRICE EFFECT, THE OVERALL DOMESTIC WHOLESALE TRADE FELL SLIGHTLY BY

1.6% IN 3Q 2008 OVER 3Q 2007.

ON A QUARTER-OVER-QUARTER BASIS, THE WHOLESALE SEGMENTS PERFORMED DIFFERENTLY

COMPARED TO 2Q 2008.

DOMESTIC SALES OF GENERAL WHOLESAL TRADE, SHIP CHANDLERS AND BUNKERING, AND

HOUSEHOLD EQUIPMENT AND FURNITURE GREW BY 14.3% TO 32.7%, AFTER RECORDING LOWER

SALES IN 2Q 2008.

PETROLEUM AND PETROLEUM PRODUCTS, MODERATED ITS GROWTH BY 12.2% IN 3Q 2008,

SLOWER THAN THE 20.2% GROWTH REGISTERED IN 2Q 2008. AFTER ADJUSTING FOR PRICE

CHANGES, SALES VOLUME OF PETROLEUM AND PETROLEUM PRODUCTS ROSE BY 10.1%. OTHER

SEGMENTS THAT REPORTED HIGHER SALES INCLUDE FOOD AND BEVERAGES AND TOBACCO

(5.8%), TELECOMMUNICATIONS AND COMPUTERS (5.3%) AND TIMBER, PAINTS AND

CONSTRUCTION MATERIALS (3.4%).

CONVERSELY, DOMESTIC SALES OF INDUSTRIAL AND CONSTRUCTION MACHINERY FELL BY

10.7%, AFTER RECORDING 21.0% GROWTH IB 2Q 2008. SALES OF TRANSPORT EQUIPMENT,

ELECTRONIC COMPONENTS, AND CHEMICALS AND CHEMICAL PRODUCTS FELL BY 1.5% TO 2.8%

OVER 2Q 2008.

ON A YEAR-ON-YEAR BASIS, THE WHOLESALE SECTORS RECORDED MIXED PERFORMANCE IN

DOMESTIC SALES IN 3Q 2008 OVER 2Q 2008.

THE DOMESTIC SALES OF PETROLEUM AND PETROLEUM PRODUCTS, SHIP CHANDLERS AND

BUNKERING, TIMBER, PAINTS AND CONSTRUCTION MATERIALS, AND CHEMICALS AND CHEMICAL

PRODUCTS  ALL REGISTERED HIGHER SALES. GENERAL WHOLESALE TRADE GREW BY 14.0% IN

3Q 2008 COMPARED TO 3Q 2007, AFTER CONTRACTING IN 2Q 2008. HOWEVER, AFTER

REMOVING PRICE EFFECT, SALES VOLUME IN 3Q 2008 FELL FOR PETROLEUM AND PETROLEUM

PRODUCTS, SHIP CHANDLERS AND BUNKERING, TIMBER, CHEMICALS AND CHEMICAL PRODUCTS,

AND GENERAL WHOLESALE TRADE.

CONVERSELY, DOMESTIC SALES OF ELECTRONIC COMPONENTS AND TRANSPORT EQUIPMENT FELL

BY 12.2% AND 9.5% RESPECTIVELY. SALES OF TELECOMMUNICATIONS AND COMPUTERS,

INDUSTRIAL AND CONSTRUCTION MACHINERY AND FOOD, FOOD, BEVERAGES AND TOBACCO ALSO

RECORDED MODERATE DECLINES OVER 3Q 2007.

FOREIGN WHOLESALE TRADE INDEX

FOREIGN WHOLESALE TRADE SALES ROSE BY 2.1% IN 3Q 2008 OVER 2Q 2008. EXCLUDING

PETROLEUM, SALES ROSE BY 5.2%.

AFTER SEASONAL ADJUSTMENT, FOREIGN SALES REMAINED STABLE OVER 2Q 2008. EXCLUDING

PETROLEUM, SALES ROSE SLIGHTLY BY 1.3%.

ON A YEAR-ON-YEAR BASIS, FOREIGN WHOLESALE SALES ROSE BY 23.5% OVER 3Q 2007.

EXCLUDING PETROLEUM, SALES ROSE BY 12.9%. AFTER REMOVING PRICE EFFECT, OVERSEAS

SALES REMAINED STABLE OVER 3Q 2007.

THE WHOLESALE SECTORS REGISTERED MIXED PERFORMACE IN FOREIGN SALES IN 3Q 2008 IN

COMPARISON TO 2Q 2008.

IN OVERSEAS SALES, SHIPS CHANDLERS AND BUNKERING, TRANSPORT EQUIPMENT AND

GENERAL WHOLESALE TRADE ALL RECORDED DOUBLE-DIGIT GROWTHS IN 3Q 2008 OVER 2Q

2008. OTHER WHOLESALE SECTORS THAT RECORDED HIGHER SALES WERE ELECTRONIC

COMPONENTS (5.0%),

TELECOMMUNICATIONS AND COMPUTERS (4.1%) AND HOUSEHOLD EQUIPMENT AND FURNITURE

(3.0%).

CONVERSELY, FOREIGN SALES OF FOOD, BEVERAGES AND TOBACCO CONTRACTED IN 3Q 2008

OVER 2Q 2008 AFTER REGISTERING POSITIVE GROWTHS IN THE PREVIOUS FIVE QUARTERS.

INDUSTRIAL AND CONSTRUCTION MACHINERY, AND PETROLEUM AND PETROLEUM PRODUCTS FELL

MARGINALLY WHILE

CHEMICALS AND CHEMICAL PRODUCTS, AND SALES OF TIMBER, PAINTS AND CONSTRUCTION

MATERIALS REMAIN THE SAME.

COMPARED TO A YEAR AGO, MOST WHOLESALE SECTORS REPORTED HIGHER FOREIGN SALES IN

3Q 2008.

FOREIGN SALES OF SHIP CHANDLERS AND BUNKERING, AND PETROLEUM AND PETROLEUM

PRODUCTS

POSTED HIGHER SALES OF 46.2% AND 36.4% RESPECTIVELY IN 3Q 2008. HOWEVER, AFTER

ADJUSTING FOR PRICE CHANGES, THEIR SALES VOLUME FELL BY 4.5% AND 8.2%

DOUBLE-DIGIT GROWTHS IN OVERSEAS SALES WERE RECORDED FOR FOOD, BEVERAGES AND

TOBACCO

(37.2%), GENERAL WHOLESALE TRADE (31.9%), TRANSPORT EQUIPMENT (25.9%) AND

CHEMICALS AND CHEMICALS PRODUCTS (13.1%).

CONVERSELY, FOREIGN SALES OF ELECTRONIC COMPONENTS, TIMBER, PAINTS AND

CONSTRUCTION MATERIALS, AND TELECOMMUNICATIONS AND COMPUTERS CONTINUED TO FALL

FOR THE THIRD CONSECUTIVE QUARTER SINCE 1Q 2008.

NEWS

BIGGEST DROP IN RETAIL SALES IN SIX YEARS

SHOPPERS SLAMMED THEIR WALLETS AND PURSES SHUT IN OCTOBER, CAUSING RETAIL SALES

TO SUFFER THE WORST DECLINE IN MORE THAN SIX YEARS.

SALES FELL BY 3.6%, COMPARED TO OCTOBER 2007. AFTER ADJUSTING FOR HIGHER PRICES,

SALES VOLUME DECLINED BY A SUBSTANTIAL 8.5%, ACCORING TO THE RETAIL SALES INDEX

RELEASED BY THE DEPARTMENT OF STATISTICS (DOS) YESTERDAY.

THIS IS THE BIGGEST FALL SINCE MAY 2002, SAID HSBC ECONOMIST ROBERT PRIOR-

WANDESFORDE. IT MAY ALSO INDICATE THAT THE OVERALL ECONOMY WILL RECORD A DECLINE

IN 4Q 2008, AND HINTS OF FURTHER DECLINE NEXT YEAR.

DBS ECONOMIST IRVIN SEAH SAID: "SEPTEMBER'S RETAIL NUMBERS WERE LARGELY BOOSTED

BY THE FORMULA ONE EVENT AND THIS EXTRA BOOST WAS MISSING IN OCTOBER.

"AGAINST THE BACKDROP OF A WEAKENING ECONOMY AND SEPTEMBER'S FINANCIAL UPHEAVAL,

CONSUMER SPENDING CAN BE EXPECTED TO FALL INTO NEGATIVE TERRITORY."

DEPARTMENT STORES, RECREATIONAL GOODS AND BOOKS SELLERS REGISTERED INCREASED

TURNOVER OF BETWEEN 1.9 AND 3.1%, SALES OF FOOD AND BEVERAGES, FURNITURE,

TOILETRIES, APPAREL AND FOOTWEAR ALL FELL BETWEEN 3.4% AND 6.0%.

THE WATCHES AND JEWELLERY SECTOR ENJOYED HIGHER RECEIPTS OF 11.8% IN OCTOBER,

AFTER CONTRACTING BETWEEN 6.2% AND 8.1% IN SEPTEMBER 2008.

THE TWO BIGGEST DECLINES WERE MOTOR VEHICLES SALES, DOWN 20.0%, AND

TELECOMMUNICATIONS GEAR AND COMPUTERS, WHICH FELL 17.5%.

THESE DRAGGED DOWN THE AVERAGE, PUTTING TOTAL RETAIL SALES IN OCTOBER AT ABOUT S

$2.7 BILLION, DOWN FROM S$2.9 BILLION IN SEPTEMBER 2008, SAID THE DOS.

MR SEAH SEES THE DANGER SIGNAL: "THIS IS DEFINITELY AN EARLY SIGN THAT THE

FOURTH QUARTER WILL REGISTER SOME CONTRACTION."

COMPARED TO SEPTEMBER 2008, OCTOBER'S RETAIL SALES FELL 6.8%.

CITIGROUP'S VICE-PRESIDENT OF ASIA PACIFIC ECONOMICS AND MARKET ANALYSIS KIT WEI

ZHENG SAID: "MONTH-ON-MONTH, IT'S PRETTY CLEAR THAT THE MOMENTUM IS POINTING

DOWN. THAT'S WHAT REALLY MATTERS."

OUTLOOK

A NET WEIGHTED BALANCE OF 10% OF WHOLESALERS EXPECT BUSINESS TO SLOW DOWN FOR

THE PERIOD OF OCT 2008 - MAR 2009 OVER APR - SEP 2008. IN PARTICULAR, THOSE

DEALING WITH

HOUSEHOLD ELECTRICAL APPLIANCES AND EQUIPMENT, PETROLEUM AND PETROLEUM PRODUCTS,

AND OTHER NON-AGRICULTURAL INTERMEDIATE PRODUCTS PREDICT LESS FAVOURABLE

BUSINESS CONDITIONS IN THE COMING MONTHS.

A NET WEIGHTED BALANCE OF 12% OF RETAILERS PREDICTS SLOWER BUSINESS ACTIVITIES

FOR THE MONTHS ENDING MAR 2009. MOTOR VEHICLES RETAILERS ARE AMONG THOSE WHO

FORECAST LESS FAVOURABLE BUSINESS CONDITIONS.

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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

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.