MIRA INFORM REPORT

Report Date :

19.04.2007

IDENTIFICATION DETAILS

Name :	THE GALLUP ORGANIZATION (SINGAPORE) PTE LTD
Registered Office :	^20 Raffles Place, #23-03, Ocean Towers,^Singapore –^048620
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^05/02/1991
Com. Reg. No.:	^199100550D
Legal Form :	^Pte Ltd
Line of Business :	Market Research and Consultancy Services

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

THE GALLUP ORGANIZATION (SINGAPORE) PTE LTD

Line Of Business 

MARKET RESEARCH AND CONSULTANCY SERVICES

Parent Company

GALLUP INC.

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2005

COMPANY

Sales : S$5,730,674

Networth : S$1,949,619

Paid-Up Capital : S$100,000

Net result : S$821,270

Net Margin(%) : 14.33

Return on Equity(%) : 42.12

Leverage Ratio : 0.64

COMPANY IDENTIFICATION

^{Subject Company : THE GALLUP ORGANIZATION (SINGAPORE) PTE LTD}

^{Former Name : -}

^{Business Address : 20 RAFFLES PLACE}

^#23-03

^{OCEAN TOWERS}

^{Town : SINGAPORE}

^{Postcode : 048620}

^{County : -}

^{Country : Singapore}

^{Telephone : 6433 2400}

^{Fax : 6538 9545}

^{ROC Number : 199100550D}

^{Reg. Town : -}

SUMMARY

^{All amounts in this report are in : SGD}

^{Legal Form : Pte Ltd}

^{Date Inc. : 05/02/1991}

^{Previous Legal Form : -}

^{Summary year : 31/12/2005}

^{Sales : 5,730,674}

^{Networth : 1,949,619}

^{Capital : -}

^{Paid-Up Capital : 100,000}

^{Employees : 27}

^{Net result : 821,270}

^{Share value : 1}

^{Auditor : LOKE LUM & PARTNERS}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 05/02/1991}

PRINCIPAL(S)

^{ONG CHIN LEE PETER S6904245G Director}

DIRECTOR(S)

^{JAMES K CLIFTON 015284786 Director}

^{Appointed on : 05/02/1991}

^{Street : 6511 PONDEROSA CIRCLE}

^LINCOLN

^{Town : NEBRASKA}

^{Postcode : 68510}

^{Country : United States}

^{MICHAEL SEAN VAUGHN 074993207 Director}

^{Appointed on : 13/03/2006}

^{Street : 6614 S 162ND AVENUE}

^{OMAHA NE 68135-6380}

^{Town : NEBRASKA}

^{Postcode : -}

^{Country : United States}

^{TAN PENG CHIN S1269425C Company Secretary}

^{Appointed on : 01/09/1996}

^{Street : 3 JALAN HARUM}

^{OEI TIONG HAM PARK}

^{Town : SINGAPORE}

^{Postcode : 268477}

^{Country : Singapore}

^{ONG CHIN LEE PETER S6904245G Director}

^{Appointed on : 13/03/2006}

^{Street : 17 POH HUAT TERRACE}

^{PRINCETON VALE}

^{Town : SINGAPORE}

^{Postcode : 545142}

^{Country : Singapore}

ACTIVITY(IES)

^{BUSINESS MANAGEMENT Code: 3160}

^{MARKET RESEARCH And ANALYSIS Code: 13450}

^{BASED ON ACRA'S RECORD AS AT 13/04/2007}

^{1) BUSINESS MANAGEMENT AND CONSULTANCY SERVICES}

^{2) MARKET RESEARCH AND PUBLIC OPINION POLLING NEC}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{ABN AMRO BANK N.V.}

^{UNITED OVERSEAS BANK LIMITED}

SHAREHOLDERS(S)

^{GALLUP, INC. 100,000 Company}

^{Street : 1001 GALLUP DRIVE}

^OMAHA

^{Town : NEBRASKA}

^{Postcode : 68102}

^{Country : United States}

HOLDING COMPANY

^{GALLUP, INC. UF34557M % : 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : AVERAGE

Liquidity : SUFFICIENT

^{Payments : REGULAR}

Trend : UPWARD

Financial Situation : AVERAGE

FINANCIAL ELEMENTS

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 21/07/2006}

^{Balance Sheet Date: 31/12/2005 31/12/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Tangible Fixed Assets: 297,629 287,641}

^{Total Fixed Assets: 297,629 287,641}

^{Inventories: 358,658 460,447}

^{Receivables: 1,967,277 614,783}

^{Cash,Banks, Securities: 367,345 461,166}

^{Other current assets: 209,202 351,979}

^{Total Current Assets: 2,902,482 1,888,375}

^{TOTAL ASSETS: 3,200,111 2,176,016}

^{--- LIABILITIES ---}

^{Equity capital: 100,000 100,000}

^{Reserves: 1,849,619 1,028,349}

^{Total Equity: 1,949,619 1,128,349}

^{L/T deffered taxes: 5,000}

^{Total L/T Liabilities: 5,000}

^{Trade Creditors: 623,571 392,867}

^{Prepay. & Def. charges: 46,595 49,925}

^{Advanced payments: 523,268 604,875}

^{Due to Bank:}

^{Provisions: 1,300}

^{Other Short term Liab.: 50,758}

^{Total short term Liab.: 1,245,492 1,047,667}

^{TOTAL LIABILITIES: 1,250,492 1,047,667}

PROFIT & LOSS ACCOUNT

^{Net Sales 5,730,674 3,561,781}

^{NET RESULT BEFORE TAX: 827,570 -207,271}

^{Tax : 6,300 -39,000}

^{Net income/loss year: 821,270 -168,271}

^{Depreciation: 92,896 82,745}

^{Directors Emoluments: 231,667 235,456}

^{Wages and Salaries: 934,089 903,217}

^{Financial Income: 223}

RATIOS

^{31/12/2005 31/12/2004}

^{Turnover per employee: 212247.19 131917.81}

^{Net result / Turnover(%): 0.14 -0.05}

^{Stock / Turnover(%): 0.06 0.13}

^{Net Margin(%): 14.33 -4.72}

^{Return on Equity(%): 42.12 -14.91}

^{Return on Assets(%): 25.66 -7.73}

^{Net Working capital: 1656990.00 840708.00}

^{Cash Ratio: 0.29 0.44}

^{Quick Ratio: 1.87 1.03}

^{Current ratio: 2.33 1.80}

^{Receivables Turnover: 123.58 62.14}

^{Leverage Ratio: 0.64 0.93}

^{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}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{Receivables Turnover : (Receivable*360)/Net sales}

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

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS PASSABLE WITH NET WORTH IMPROVED BY 72.79% FROM S$1,128,349 IN FY 2004 TO S$1,949,619 IN FY 2005. THIS WAS DUE TO HIGHER REVENUE RESERVE OF S$1,849,619 (2004: S$1,028,349); AN INCREASE OF 79.86% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 50.07% (2004: 34.82%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$623,571 (2004: S$392,867). TRADE CREDITORS CONSISTED OF THE FOLLOWING:}

^{* TRADE PAYABLES TO EXTERNAL PARTIES - 2005: S$136,366 (2004: S$232,453)}

^{* AMOUNT PAYABLE TO HOLDING COMPANY (TRADE) - 2005: S$250,196 (204: S$27,397)}

^{* AMOUNT PAYABLE TO RELATED COMPANIES (TRADE) - 2005: S$237,009 (2004; S$133,016)}

^{IN ALL, LEVERAGE RATIO FELL FROM 0.93 TIMES TO 0.64 TIMES AS A RESULT OF A GREATER INCREASE IN TOTAL EQUITY THAN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL FROM S$840,708 IN FY 2004 TO S$1,656,990 IN FY 2005. CURRENT AND QUICK RATIOS INCREASED TO 2.33 TIMES (2004: 1.80 TIMES) AND 1.87 TIMES (2004: 1.03 TIMES).}

^{PROFITABILITY:}

^{SUBJECT POSTED AN INCREASE IN REVENUE BY 60.89% FROM S$3,561,781 IN FY 2004 TO S$5,730,674 IN FY 2005. ALSO, SUBJECT POSTED A NET PROFIT OF S$821,270 IN FY 2005 FROM NET LOSS OF S$168,271 IN FY 2004. AS A RESULT, NET MARGIN ROSE TO 14.33% (2004: -4.72%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IT WAS NOTED THAT AVERAGE COLLECTION PERIOD HAS LENGTHENED TO 124 DAYS (2004: 62 DAYS).}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{CONTINGENT LIABILITIES:}

^{* BANKER'S GUARANTEES ISSUED TO THIRD PARTY - 2005: S$14,850 (2004: S$14,850)}

^{THE BANKER'S GUARANTEES ARE SECURED BY THE FIXED DEPOSITS OF THE COMPANY.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 05/02/1991 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "THE GALLUP ORGANIZATION (SINGAPORE) PTE LTD".}

^{AS AT 13/04/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 100,000 SHARES, OF A VALUE OF S$100,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) BUSINESS MANAGEMENT AND CONSULTANCY SERVICES}

^{2) MARKET RESEARCH AND PUBLIC OPINION POLLING}

^{THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: MARKET RESEARCH AND ANALYSIS}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE THOSE OF SURVEY RESEARCH, PUBLIC OPINION POLLING, ATTITUDINAL SURVEY RESERACH, HUMAN RESOURCE DEVELOPMENT, RESEARCH, MANAGEMENT CONSULTING, TRAINING AND EDUCATION.}

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

^ACTIVITIES:

^{* MARKET RESEARCH, CUSTOMER LOYALTY RESEARCH, HUMAN CAPITAL ENGAGEMENT}

^{SUBJECT IS A MEMBER OF:}

^{* AMERICAN CHAMBER OF COMMERCE}

^{TERMS OF PAYMENT:}

^{* TRADE AND OTHER RECEIVABLES: 30-90 DAYS TERM}

^{* TRADE AND OTHER PAYABLES : 30-90 DAYS TERM}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 19/04/2007, SUBJECT'S PERSONNEL REVEALED THE COMPANY CATERS TO LOCAL CLIENTS AS WELL AS ALL OTHER COUNTRIES BUT REFUSED TO PROVIDE SPECIFIC COUNTRIES. NO OTHER TRADE INFORMATION WAS AVAILABLE AS THE PERSON DECLINED TO PROVIDE.}

^{TME IMMEDIATE AND ULTIMATE HOLDING COMPANY IS GALLUP INC., A COMPANY INCORPORATED IN UNITED STATES OF AMERICA.}

^{BACKGROUND OF GALLUP INC.:}

^{THE GALLUP ORGANIZATION HAS STUDIED HUMAN NATURE AND BEHAVIOR FOR MORE THAN 70 YEARS. GALLUP EMPLOYS MANY OF THE WORLD'S LEADING SCIENTISTS IN MANAGEMENT, ECONOMICS, PSYCHOLOGY, AND SOCIOLOGY. GALLUP PERFORMANCE MANAGEMENT SYSTEMS HELP ORGANIZATIONS BOOST ORGANIC GROWT BY INCREASING CUSTOMER ENGAGEMENT AND MAXIMIZING EMPLOYEE PRODUCTIVITY THROUGH MEASUREMENT TOOLS, COURSEWORK, AND STRATEGIC ADVISORY SERVICES. GALLUP'S 2,000 PROFESSIONALS DELIVER SERVICES AT CLIENT ORGANIZATIONS, THROUGH THE WEB, AT GALLUP UNIVERSITY'S CAMPUSES, AND IN 40 OFFICES AROUND THE WORLD.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* 2005: 27 (2004: 21)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{20 RAFFLES PLACE}

^#23-03

^{OCEAN TOWERS}

^{SINGAPORE 048620}

^{DATE OF CHANGE OF ADDRESS: 17/11/2003}

^{- PROPERTY RECORD WAS NOT AVAILABLE}

^{WEBSITE: www.gallup.com}

^{EMAIL: -}

MANAGEMENT

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

^{1) JAMES K CLIFTON, AN AMERICAN}

^{- BASED IN USA}

^{2) MICHAEL SEAN VAUGHN, AN AMERICAN}

^{- BASED IN USA}

^{3) ONG CHIN LEE PETER, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

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 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%.

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.

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