MIRA INFORM REPORT

Report Date :

13.04.2007

IDENTIFICATION DETAILS

Name :	AUTOASIA MEDIA PTE. LTD.

Registered Office :	^{3 Temasek Avenue, #21-00, Centennial Tower, Singapore – 039190}

Country :	Singapore

Financials (as on) :	30.06.2003

Date of Incorporation :	^28/01/2002

Com. Reg. No.:	^200200617C

Legal Form :	^{Pte Ltd}

Line of Business :	Publishing Information and Selling of Services, Subscription or Advertisement

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company

AUTOASIA MEDIA PTE. LTD.

Line Of Business

PUBLISHING INFORMATION AND SELLING OF SERVICES, SUBSCRIPTION OR ADVERTISEMENT

Parent Company

Financial Elements

FY 2003

COMPANY

Sales : S$373,859

Networth : S$291,818

Paid-Up Capital : S$176,000

Net result : S$-183,792

Net Margin(%) : -49.16

Return on Equity(%) : -62.98

Leverage Ratio : 0.62

COMPANY IDENTIFICATION

^{Subject Company: AUTOASIA
MEDIA PTE. LTD.}

^{Former Name: -}

^{Registered Address: 3 TEMASEK AVENUE}

^#21-00

^{CENTENNIAL
TOWER}

^{Town: SINGAPORE}

^{Postcode: 039190}

^{County: -}

^{Country: Singapore}

^{Telephone: Not
Listed}

^{Fax: Not
Listed}

^{ROC Number: 200200617C}

^{Reg. Town: -}

SUMMARY

^{All amounts in this report are in: SGD unless otherwise stated}

^{Legal Form: Pte
Ltd}

^{Date Inc.: 28/01/2002}

^{Previous Legal Form: -}

^{Summary year: 30/06/2003}

^{Sales: 373,859}

^{Net worth: 291,818}

^{Capital:
-}

^{Paid-Up Capital: 176,000}

^{Employees: Not
Available}

^{Net result: -183,792}

^{Share value: -}

^{Auditor: D.
ARUMUGAM & CO}

REFERENCES

^{Litigation: No}

^{Company status: TRADING}

^{Started: 28/01/2002}

PRINCIPAL(S)

^{STEPHEN NEVILLE FISHER G5646665M Director}

DIRECTOR(S)

^{STEPHEN NEVILLE FISHER G5646665M Director}

^{Appointed on: 28/01/2002}

^{Street: 3
TEMASEK AVENUE}

^#21-00

^{CENTENNIAL TOWER}

^{Town: SINGAPORE}

^{Postcode: 039190}

^{Country: Singapore}

^{FISHER PAUL NIGEL G5646670W Director}

^{Appointed on: 28/01/2002}

^{Street: 7
JALAN PUTEH JERNEH}

^{Town: SINGAPORE}

^{Postcode: 278030}

^{Country: Singapore}

^{RAGINI D/O DHANVANTRAY S2607093G Company Secretary}

^{Appointed on: 28/01/2002}

^{Street: 299 BEDOK SOUTH AVENUE 3}

^#01-15

^{BEDOK COURT}

^{Town: SINGAPORE}

^{Postcode: 469298}

^{Country: Singapore}

ACTIVITY(IES)

^{PUBLISHERS - DIRECTORY And GUIDE Code:17680}

^{BASED ON ACRA'S RECORD AS AT 09/04/2007}

^{1) PUBLISHING OF DIRECTORIES AND DATABASES;
PUBLISHING INFORMATION AND SELLING OF SERVICES, SUBSCRIPTION}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Banker Information In Our Database

SHAREHOLDERS(S)

^{STEPHEN NEVILLE FISHER 38,250 Private Person}

^{Street: 3 TEMASEK AVENUE}

^#21-00

^{CENTENNIAL TOWER}

^{Town: SINGAPORE}

^{Postcode: 039190}

^{Country: Singapore}

^{FISHER PAUL NIGEL 38,250 Private Person}

^{Street: 7
JALAN PUTEH JERNEH}

^{Town: SINGAPORE}

^{Postcode: 278030}

^{Country: Singapore}

^{MICHAEL BENSON-COLPI 13,500 Private Person}

^{Street: STONERWOOD
PARK}

^{STEEP, HAMPSHIRE GU32
1AH}

^{Town: -}

^{Postcode: -}

^{Country: United Kingdom}

^{JONATHAN NAYLOR SHARPE 5,000 Private Person}

^{Street: BEECH
HOUSE}

^{COTTINGLEY CLIFFE ROAD}

^{BINGLEY BD16 1UW}

^{Town: -}

^{Postcode: -}

^{Country: United Kingdom}

^{CSM WORLDWIDE INC. 5,000 Company}

^{Street: 22600
HAGGERTY ROAD}

^{NORTHVILLE, MICHIGAN 48167}

^{Town: -}

^{Postcode: -}

^{Country: United States}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

Liquidity: UNKNOWN

Payments: UNKNOWN

Trend: UNKNOWN

Financial Situation: UNKNOWN

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

^{All amounts in this report are in: USD unless
otherwise stated}

^{Audit Qualification: UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 05/01/2006}

^{Balance Sheet Date: 30/06/2003}

^{Number of weeks: 52}

^{Consolidation Code: COMPANY}

^---
ASSETS

^{Intangible Fixed
Assets: 217,360}

^{Tangible Fixed
Assets: 35,000}

^{Total Fixed Assets}^{: 252,360}

^{Cash,Banks,Securities: 8,733}

^{Other current assets: 77,024}

^{Total Current Assets}^{: 85,757}

^{TOTAL ASSETS: 338,117}

^{---
LIABILITIES}

^{Equity capital: 176,000}

^{Reserves: 206,525}

^{Profit & loss
Account: -183,792}

^{Other: 93,085}

^{Total Equity: 291,818}

^{Prepay. & Def. charges: 40,800}

^{Advanced payments: 5,499}

^{Total short term Liab}^{.: 46,299}

^{TOTAL LIABILITIES: 46,299}

PROFIT & LOSS ACCOUNT

^{Net Sales 373,859}

^{Purchases,Sces & Other Goods: 174,400}

^{Gross Profit: 199,459}

^{NET RESULT BEFORE
TAX: -183,792}

^{Net income/loss year: -183,792}

^{Interest Paid: 3,553}

^{Depreciation: 19,925}

^{Directors Emoluments: 160,000}

RATIOS

^30/06/2003

^{Net result /
Turnover(%): -0.49}

^{Fin. Charges /
Turnover(%): 0.01}

^{Net Margin(%): -49.16}

^{Return on Equity(%): -62.98}

^{Return on Assets(%): -54.36}

^{Net Working capital: 39458.00}

^{Cash Ratio: 0.19}

^{Quick Ratio: 0.19}

^{Current ratio: 1.85}

^{Leverage Ratio: 0.62}

^{Net Margin: (100*Net
income loss year)/Net sales}

^{Return on Equity: (100*Net
income loss year)/Total equity}

^{Return on Assets: (100*Net
income loss year)/Total fixed assets}

^{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}

^{Leverage Ratio: Total
liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL STATEMENT IN THIS REPORT ARE
THOSE OF 2003 AND ARE} ^{CONSIDERED OUTDATED. HENCE, FINANCIAL ANALYSIS IS NOT CONDUCTED.
THE} ^{FINANCIAL STATEMENT SERVE AS A REFERENCE ONLY.}

^{ADVERSE CHECK COULD NOT BE CONDUCTED AS
SUBJECT'S DIRECTORS ARE ALL} ^FOREIGNERS.

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON} ^{28/01/2002
AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER THE} ^{PRESENT
NAMESTYLE OF "AUTOASIA MEDIA PTE. LTD.".}

^{AS AT 09/04/2007, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF} ^{100,000 SHARES, OF A VALUE OF USD100,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) PUBLISHING OF DIRECTORIES AND DATABASES;}

^{PUBLISHING
INFORMATION AND SELLING OF SERVICES, SUBSCRIPTION OR} ^{ADVERTISEMENTS}

^{DURING THE FINANCIAL YEAR (S) UNDER REVIEW,
THE PRINCIPAL ACTIVITIES} ^{OF THE COMPANY ARE THAT OF PUBLISHING INFORMATION AND SELLING OF} ^{SERVICES, SUBSCRIPTION OR ADVERTISMENT.}

^{FROM THE RESEARCH DONE, THE FOLLOWING
INFORMATION WAS GATHERED:}

^ACTIVITIES

^{- PUBLISHES A QUARTERLY MAGAZINE, MONTHLY
INDUSTRY NEWSLETTER AND A} ^{MONTHLY ASIAN}

^{VEHICLE MARKET DATA}

^{MARKET PRESENCE}

^{- ASIA PACIFIC REGION}

^{VARIOUS ATTEMPTS WERE MADE TO CONTACT SUBJECT
(TEL: 6726 3464) ON} ^{12/04/2007 AND 13/04/2007, BUT WERE UNSUCCESSFUL, HENCE NO OTHER} ^{INFORMATION WAS MADE AVAILABLE AT THE TIME OF THIS REPORT.}

^{NUMBER OF EMPLOYEES (30 JUNE)}

^{- COMPANY - 2003: NIL}

^{REGISTERED AND BUSINESS ADDRESS:}

^{3 TEMASEK AVENUE}

^#21-00

^{CENTENNIAL TOWER}

^{SINGAPORE 039190}

^{DATE OF CHANGE OF ADDRESS: 10/11/2005}

^WEBSITE:

^{http://www.auto-asia.com}

^EMAIL:

^{marketing@auto-asia.com}

^{editorial@auto-asia.com}

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THIS REPORT ARE:}

^{1) STEPHEN NEVILLE FISHER, A BRITISH}

^{- BASED IN SINGAPORE}

^{2) FISHER PAUL NIGEL, A BRITISH}

^{- BASED IN SINGAPORE}

Singapore’s Country Rating 2006

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE’S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR’S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.
ONE OF ASIA’S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.
WORKFORCE’S EDUCATION AND SKILL LEVEL IS VERY HIGH.
A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.
THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.
GREAT POLITICAL STABILITY.

WEAKNESSES

ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.
MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES
REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.
AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

OVERVIEW OF SINGAPORE

PAST PERFORMANCE

SINGAPORE’S ECONOMY GREW BY 6.6% IN 4Q 2006, AFTER A 7.0% GROWTH IN 3Q 2006. THE GROWTH MOMENTUM, ON AN ANNUALISED QUARTER-TO-QUARTER BASIS, DOUBLED TO 7.9% IN 4Q 2006, FROM 3.9% IN THE PREVIOUS QUARTER. THIS BROUGHT FULL-YEAR REAL GDP GROTH TO 7.9%, HIGHER THAN THE 6.6% GROWTH IN 2005.

THE MANUFACTURING SECTOR GREW AT A MORE MODEST PACE OF 7.7% IN 4Q 2006, AFTER A 9.5% EXPANSION IN 3Q 2006. THIS WAS DUE MAINLY TO A FALL IN THE OUTPUT OF THE ELECTRONICS AND CHEMICALS CLUSTERS, AND SLOWER GROWTH IN THE PRECISION ENGINEERING CLUSTER. GROWTH IN THE TRANSPORT ENGINEERING CLUSTER EASED BUT REMAINED STRONG. MEANWHILE, THE BIOMEDICAL MANUFACTURING CLUSTER ACCELERATED FROM A GROWTH OF 4.7% IN 3Q 2006 TO 27% IN 4Q 2006. FOR THE WHOLE YEAR, THE MANUFACTURING SECTOR GREW BY 12%, UP FROM 9.5% IN 2005, SUPPORTED BY STRONGER PERFORMANCES IN THE TRANSPORT ENGINEERING, BIOMEDICAL

MANUFACTURING AND PRECISION ENGINEERING CLUSTERS.

THE WHOLESALE AND RETAIL TRADE SECTOR EXPANDED 6.9% IN 4Q 2006, BUT ITS GROWTH MOMENTUM WAS DOWN BY 3.5%. THE WHOLESALE SEGMENT MODERATED, WITH GROWTH OF NON-OIL RE-EXPORTS HALVED FROM 13% IN 3Q 2006 TO 6.3% IN 4Q 2006. PERFORMANCE OF THE RETAIL SEGMENT IMPROVED FURTHER AS RETAIL SALES WENT UP 7.9% IN 4Q 2006, COMPARED TO 5.2% IN THE PREVIOUS QUARTER. OVER 2006, THE WHOLESALE AND RETAIL SECTOR EXPANDED STRONGLY BY 10%, UP FROM 9.6% IN 2005.

THE FINANCIAL SERVICES SECTOR EXPANDED BY 11% IN 4Q 2006, AFTER GROWING BY 7.4% FROM THE PREVIOUS QUARTER. THE EXPANSION WAS BROAD-BASED ACROSS MOST SEGMENTS. IN PARTICULAR, THE STOCK TRADING SEGMENT ENJOYED A SHARP INCREASE IN ACTIVITY DURING THE QUARTER. FUND MANAGEMENT, ASIAN CURRENCY UNITS, AND FOREX SEGMENTS ALSO REGISTERED STRONG GROWTH IN 4Q 2006. THE STRONG PERFORMANCE IN THE FINAL QUARTER BROUGHT THE SECTOR’S FULL-YEAR GROWTH TO 9.2%, HIGHER THAN THE 7.6% GAIN IN 2005.

THE CONSTRUCTION SECTOR CONTINUED TO EXPAND BY 4.7%, FOLLOWING 5.8% IN 3Q 2006. GROWTH MOMENTUM ON A SEASONALLY ADJUSTED QUARTER-ON-QUARTER BASIS REMAINED STRONG AT 12%. CERTIFIED PAYMENTS GREW SLIGHTLY BY 0.7%, DOWN FROM 9.8% IN 3Q 2006. CONTRACTS AWARDED DIPPED 8.0% IN 4Q 2006 AFTER A RISE IN GROWTH IN THE PREVIOUS QUARTER. FOR THE YEAR, THE SECTOR GREW BY 2.7%, UP FROM 0.7% IN 2005.

THE HOTELS AND RESTAURANTS SECTOR CONTINUED TO STRENGTHEN IN 4Q 2006 WITH A 6.1% INCREASE FOLLOWING A 4.4% GROWTH IN 3Q 2006. VISITOR ARRIVALS ROSE 8.4% COMPARED WITH 4.5% IN THE PREVIOUS QUARTER. THIS HELPED TO RAISE THE AVERAGE OCCUPANCY RATE OF HOTELS TO 88% IN 4Q 2006, COMPARED TO 85% A YEAR EARLIER. HOTEL ROOM REVENUES WENT UP 12% AFTER A 28% INCREASE IN 3Q 2006. FOR THE YEAR AS A WHOLE, THE SECTOR GREW BY 5.1%, UP FROM 4.3% IN 2005, ON THE BACK OF A RECORD 9.7 MILLION VISITOR ARRIVALS.

THE FINANCIAL SERVICES SECTOR EXPANDED BY 11% IN 4Q 2006, AFTER GROWING BY 7.4% A QUARTER EARLIER. THE EXPANSION WAS BROAD-BASED ACROSS MOST SEGMENTS. IN PARTICULAR, THE STOCK TRADING SEGMENT ENJOYED AN INCREASE IN ACTIVITY DURING THE QUARTER. FUND MANAGEMENT, ASIAN CURRENCY UNITS, AND FOREX SEGMENTS ALSO REGISTERED STRONG GROWTH IN 4Q 2006. THE STRONG PERFORMANCE IN THE FINAL QUARTER BROUGHT THE SECTOR’S FULL-YEAR GROWTH TO 9.2%, HIGHER THAN THE 7.6% GAIN IN 2005.

THE TRANSPORT AND STORAGE SECTOR INCREASE BY 4.0% IN 4Q 2006, SAME AS THE PREVIOUS QUARTER. WITHIN THE SECTOR, THE AIR TRANSPORT SEGMENT TURNED IN BETTER PERFORMANCE WHILE THE WATER TRANSPORT SEGMENT MODERATED. SLOWER GROWTH WAS SEEN IN BOTH SEA CARGO AND AIR CARGO HANDLED. MEANWHILE, GROWTH IN AIR PASSENGERSHANDLED AND CONTAINER THROUGHPUT IMPROVED COMPARED TO 3Q 2006. OVERALL, THE TRANSPORT AND STORAGE SECTOR EXPANDED 4.3% IN 2006, SIMILAR TO THE 4.2% IN 2005.

THE INFORMATION AND COMMUNICATIONS SECTOR POSTED A BETTER PERFORMANCE IN 4Q 2006 WITH A GROWTH OF 6.0%, FOLLOWING A 3.6% GAIN IN 3Q 2006. THE NUMBER OF BROADBAND SUBSCRIBERS CONTINUED TO REGISTER DOUBLE-DIGIT GROWTH IN THE QUARTER. INTERNATIONAL TELEPHONE CALL DURATION AND THE NUMBER OF MOBILE PHONE SUBSCRIBERS GREW AT A FASTER PACE COMPARED TO THE PREVIOUS QUARTER. THE SECTOR EXPANDED BY 4.6% DURING THE YEAR, COMPARED TO 5.5% IN 2005.

THE BUSINESS SERVICES SECTOR ROSE BY 5.4% IN 4Q 2006, FOLLOWING A 5.1% GAIN IN THE PREVIOUS QUARTER. THE EXPANSION IN THE SECTOR WAS DRIVEN BY ACTIVITIES IN THE CONSULTANCY, ARCHITECTURAL & ENGINEERING AND BUSINESS REPRESENTATIVE OFFICES AS WELL AS REAL ESTATE SEGMENT. FOR THE YEAR AS A WHOLE, THE BUSINESS SERVICES SECTOR INCREASED BY 5.8%, SIMILAR TO THE 5.9% GROWTH ACHIEVED IN 2005.

APART FROM WHOLESALE AND RETAIL TRADE, ALL SECTORS EXPERIENCED POSITIVE GROWTH MOMENTUM IN 4Q 2006. FOR 2006 AS A WHOLE, ALL SECTORS REGISTERED GROWTH, LED BY MANUFACTURING, WHOLESALE & RETAIL TRADE AND FINANCIAL SERVICES.

OUTLOOK

THE OUTLOOK FOR THE ECONOMY IS GENERALLY POSITIVE ALTHOUGH THERE ARE SOME DOWNSIDE RISKS. THE AVIAN FLU PANDEMIC TREAT HAS RESURFACED AS A GROWING NUMBER OF COUNTRIES REPORTED CASES OF INFECTION IN BIRDS IN RECENT WEEKS. OTHER UNCERTAINTIES INCLUDE THE DISORDERLY UNWINDING OF GLOBAL IMBALANCES, TERRORISM AND THE VULNERABILITY OF OIL PRICES TO SUPPLY SHOCKS. AS A RESULT, THE ECONOMIC GROWTH FORECAST FOR 2007 IS BEING RAISE FROM 4.0% TO 6.0% TO 4.5% TO 6.5%.

REAL ESTATE DEVELOPERS AND AGENTS AND 73% OF THE REAL ESTATE FIRMS ARE THE MOST OPTIMISTIC. THIS SECTOR IS EXPECTING TO DO WELL IN THE FIRST HALF OF 2007. THE MANUFACTURING SECTOR IS CAUTIOUSLY OPTIMISTIC ABOUT BUSINESS SITUATIONS IN THE NEXT SIX MONTHS OF 2007.

WITHIN THE FINANCIAL SERVICES INDUSTRY, 46% OF THE FIRMS, INCLUDING COMPANIES ENGAGED IN BANKING AND FINANCE, STOCK, SHARE AND BOND BROKERAGE, FUND MANAGEMENT AND INSURANCE ACTIVITIES, ANTICIPATED HIGHER LEVELS OF BUSINESS ACTIVITIES IN THE FIRST 6 MONTHS.

IN THE BUSINESS SERVICES INDUSTRY, 27% OF THE FIRMS EXPECTS BUSINESS TO PICK UP DURING THE FIRST HALF OF THE YEAR. IN PARTICULAR, FIRMS ENGAGED IN ACCOUNTING, ARCHITECTURAL AND ENGINEERING, ADVERTISING AND SECURITY SERVICES AND THE RENTING OF CONSTRUCTION AND INDUSTRIAL MACHINERY FORESEE HIGHER DEMAND FOR THEIR SERVICES.

WITHIN THE CATERING TRADE INDUSTRY, 31% OF THE FIRM EXPRESSES POSITIVE BUSINESS SENTIMENTS. MOST HOTELIERS EXPECTS TO DO WELL IN THE FIRST HALF, IN ANTICIPATION OF HIGHER TOURIST ARRIVALS AND OCCUPANCY RATE.

RETAILERS, PARTICULARLY DEPARTMENT STORES OWNERS AND RETAILER OF FURNITURE AND FURNISHINGS, PREDICTS BUSINESS CONDITIONS TO IMPROVE IN THE NEXT SIX MONTHS.

WHOLESALERS ARE GENERALLY LESS OPTIMISTIC ABOUT THE BUSINESS ENVIRONMENT. IN PARTICULAR, DEALERS OF JEWELLERY AND WATCHES, INDUSTRIES MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS ARE THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.

ALSO, TRANSPORT AND COMMUNICATIONS INDUSTRY IS LESS POSITIVE ABOUT THE BUSINESS OUTLOOK. SHIPPING LINES EXPECT SLOWER BUSINESS IN THE FIRST HALF DUE TO SEASONAL FACTORS. IN CONTRAST, FIRMS PROVIDING POST AND COURIER SERVICES FORESEE MORE FAVOURABLE CONDITIONS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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