MIRA INFORM REPORT

Report Date :

17.07.2007

IDENTIFICATION DETAILS

Name :	EXXONMOBIL CHEMICAL ASIA PACIFIC

Registered Office :	^{1 Harbourfront Place, #07-00}^{, Singapore – 098633}

Country :	Singapore

Date of Incorporation :	^27/05/1999

Com. Reg. No.:	^52893724C

Legal Form :	^{Sole Proprietor}

Line of Business :	Chemical Associates Project Management

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

EXXONMOBIL CHEMICAL ASIA PACIFIC

Line Of Business

CHEMICAL ASSOCIATES PROJECT MANAGEMENT

Parent Company

EXXONMOBIL ASIA PACIFIC PTE. LTD.

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : -

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : EXXONMOBIL
CHEMICAL ASIA PACIFIC}

^{Former Name : EXXON
CHEMICAL ASIA PACIFIC}

^{Business Address: 1 HARBOURFRONT PLACE}

^#07-00

^{Town: SINGAPORE}

^{Postcode: 098633}

^{County: -}

^{Country: Singapore}

^{Telephone: 6885
8000}

^{Fax: 6885 8405}

^{ROC Number: 52893724C}

^Reg.^Town^{:
-}

PREVIOUS IDENTIFICATION

^{EXXON CHEMICAL ASIA
PACIFIC}

^{DATE OF CHANGE OF NAME: 14/03/2000}

SUMMARY

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

^{Legal Form: Sole
Proprietor}

^{Date Inc.: 27/05/1999}

^{Previous Legal Form: -}

^{Summary year : -}

^{Sales: -}

^{Capital: -}

^{Paid-Up Capital: -}

^{Employees: 2,000}

^{Net result : -}

^{Share value: -}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 26/05/1999}

PRINCIPAL(S)

No principals recorded in our Database

DIRECTOR(S)

No Directors In Our Database

FORMER DIRECTOR(S)

^{ROBERT ERIC HARAYDA 710108715}

ACTIVITY(IES)

^{BUSINESS SERVICES Code:4}

^{BASED ON ACRA'S RECORD AS AT
01/06/2007}

^{1) OTHER BUSINESS ACTIVITIES NEC}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Bankers Information In Our Database

SHAREHOLDERS(S)

^{EXXONMOBIL ASIA
PACIFIC PTE. LTD.
Company}

^{Street : 1 HARBOURFRONT PLACE}

^#07-00

^{HARBOURFRONT TOWER
ONE}

^{Town: SINGAPORE}

^{Postcode: 098633}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{EXXONMOBIL CHEMICAL SINGAPORE}

HOLDING COMPANY

^{EXXONMOBIL ASIA
PACIFIC PTE. LTD. 196800312N % :
100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : UNKNOWN

Payments : REGULAR

Trend : LEVEL

Financial Situation: UNKNOWN

LITIGATION(S)

No Litigation In Our Database

FINANCIAL COMMENTS

^{SOLE PROPRIETORSHIP:}

^{BEING A SOLE PROPRIETORSHIP BUSINESS, THERE
IS NO OBLIGATIONS ON THE PART OF THE OWNER TO SUPPLY REGULAR FINANCIAL UPDATES TO
THE REGISTRY OF COMPANIES AND BUSINESSES.THE CREDIT OPINION IS BASED ON
NON-FINANCIAL INDICATORS AS WELL AS OTHER BUSINESS ELEMENTS AND DATA AVAILABLE.}

^{NO FINANCIAL INFORMATION WAS REVEALED BY THE
MANAGEMENT.}

BACKGROUND/OPERATION

^{THE SUBJECT WAS REGISTERED IN THE REPUBLIC OF SINGAPORE
ON 27/05/1999 AND COMMENCED BUSINESS ON 26/05/1999 AS A SOLE PROPRIETORSHIP AND
IS TRADING UNDER THE NAMESTYLE AS "EXXON CHEMICAL ASIA
PACIFIC".}

^{SUBSEQUENTLY, ON 14/03/2000, THE SUBJECT
CHANGED TO ITS PRESENT NAMESTYLE AS "EXXONMOBIL CHEMICAL ASIA
PACIFIC".}

THE LICENCE WHICH WAS RENEWED ON 09/04/2007 WILL EXPIRE ON 26/05/2008.

^{THE BUSINESS WAS FIRST STARTED BY EXONMOBIL
CHEMICAL SINGAPORE
PTE LT ON 26/05/1999. ON 01/01/2001, EXXONMOBIL ASIA
PACIFIC PTE. LTD.}

^{TOOK OVER THE BUSINESS}

^{PRINCIPAL ACTIVITIES:}

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

^{1) OTHER BUSINESS ACTIVITIES NEC}

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

^{BACKGROUND OF EXXONMOBIL CHEMICAL GROUP:}

^{EXXONMOBIL CHEMICAL IS ONE OF THE LARGEST
WORLDWIDE PETROCHEMICAL COMPANIES. THE GROUP IS AN INTEGRATED MANUFACTURER AND
GLOBAL MARKETER OF OLEFINS, AROMATICS, FLUIDS, SYNTHETIC RUBBER, POLYETHYLENE, POLYPROPYLENE,
ORIENTED POLYPROPYLENE PACKAGING FILMS, PLASTICIZERS, SYNTHETIC LUBRICANT
BASESTOCKS, ADDITIVES FOR FUELS AND LUBRICANTS, ZEOLITE CATALYSTS AND OTHER
PETROCHEMICAL PRODUCTS. WITH WORLDWIDE OPERATIONS, THE CHEMICAL COMPANY IS A
SIGNIFICANT AND GROWING PART OF EXXON MOBIL CORPORATION. THE GROUP IS AMONG THE
TOP THREE PETROCHEMICAL COMPANIES WITH MANUFACTURING LOCATIONS IN MORE THAN 20
COUNTRIES. THE PRODUCTS ARE MARKETED IN MORE THAN 150 COUNTRIES.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* CHEMICAL ASSOCIATES PROJECT MANAGEMENT}

^{THERE ARE A NUMBER OF PLANTS IN SINGAPORE.}

^{- PULAU AYER CHAWAN FLUIDS PLANT}

^{MAILING ADDRESS:}

^{JURONG POINT POST OFFICE, P.O. BOX 23}

^SINGAPORE^{916401, SINGAPORE}

^{THE SINGAPORE
PLANT SUPPLIES INDUSTRIAL FLUIDS TO THE ASIA
PACIFIC MARKETS.}

^PRODUCTS:

^{* ALIPHATIC FLUIDS: EXXSOL AND EXXSOL D
FLUIDS, EXX-PRINT FLUIDS, ESCAID FLUIDS}

^{- JURONG PETROCHEMICAL COMPLEX}

^{JURONG PARAXYLENE PLANT}

^{18 PIONEER ROAD}

^JURONG^{, SINGAPORE
628498, SINGAPORE}

^{TEL: (65) 660 6000}

^{THE EXXONMOBIL PETROCHEMICAL COMPLEX AT
JURONG INTEGRATES A WORLD-CLASS PETROCHEMICALS PLANT WITH A MODERN FUELS
REFINERY.}

^{WITH A CAPACITY OF 245,000 BARRELS A DAY, THE
JURONG REFINERY REFINES CRUDE OIL INTO PRODUCTS LIKE LIQUEFIED PETROLEUM
GASOLINE, NAPHTHA, GASOLINE, KEROSENE, DIESEL AND FUEL OIL. OUTPUT FROM THE
PETROCHEMICALS COMPLEX IS SOLD TO DOWNSTREAM COMPANIES THAT TRANSFORM THEM INTO
POLYESTER FIBERS, NYLON, TEXTILES, CARPETS, PLASTIC PRODUCTS, PAINTS, DYE OR
POLYSTYRENE PRODUCTS.}

^{THE COMPLEX INCLUDES FACILITIES WITH
MANUFACTURING CAPACITIES TO PRODUCE 880 MILLION POUNDS OF PARAXYLENE, 660
MILLION POUNDS OF BENZENE, 198 MILLION POUNDS OF ORTHOXYLENE, 500 MILLION
POUNDS OF CYCLOHEXANE AND 110 MILLION POUNDS OF TOLUENE EACH YEAR.}

^PRODUCTS:

^{* AROMATICS: BENZENE, TOLUENE, PARAXYLENE,
ORTHOXYLENE}

^{* CYCLOHEXANE}

^{- SINGAPORE CHEMICAL PLANT}

^{100 JURONG
ISLAND HIGHWAY}

^SINGAPORE⁶²⁷⁸⁶⁷

^{THIS HIGHLY INTEGRATED COMPLEX IS NOW SUPPLYING
PETROCHEMICAL PRODUCTS TO THE MARKETPLACE.}

^PRODUCTS:

^{* OLEFINS: ETHYLENE, PROPYLENE}

^{* AROMATICS: BENZENE}

^{* POLYETHYLENE}

^{* POLYPROPYLENE}

^{* OXO ALCOHOLS}

^BRANDS:

^{* ACHIEVE}

^{* AUROPOL}

^{* ADEVA}

^{* BICOV}

^{* CEKANOIC}

^{* COPPCO}

^{* DF-2000}

^{* DIGILYTE}

^{* EXXON MOBIL PE}

^{* EXXON CHLOROBUTYL}

^{* EXXON BROMOBUTYL}

^{* EXXELOV}

^{* ETC}

^{NEWS: EXXONMOBIL CHEMICAL COMPLETES EXPANSION
OF ETHYLENE CAPACITY IN SINGAPORE}

^"EXTRACTS"

^{-SOURCE: EXXONMOBIL CHEMICAL WEBSITE}

^{DATE: 22/03/2007}

^SINGAPORE^{- EXXONMOBIL CHEMICAL TODAY ANNOUNCED THE
SUCCESSFUL COMPLETION OF THE EXPANSION OF ITS STEAM CRACKER IN SINGAPORE. THE
EXPANSION PROJECT, ANNOUNCED IN 2005, HAS INCREASED THE ETHYLENE CAPACITY OF
THE WORLD-SCALE SINGAPORE
CHEMICAL PLANT BY 75,000 TONS PER YEAR TO MORE THAN 900,000 TONS PER YEAR.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
14/06/2007, THE FOLLOWING WAS GATHERED:}

^{THE SUBJECT OCCUPIES THE 5TH FLOOR TO 8TH
FLOOR AND 10TH FLOOR AT 1
HARBOURFRONT PLACE SINGAPORE 098633.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 2000 (HARBOURFRONT OFFICE)}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
14/06/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{1 HARBOURFRONT
PLACE}

^#07-00

^SINGAPORE⁰⁹⁸⁶³³

^{- DATE OF CHANGE OF ADDRESS: 20/01/2003}

^{WORLDWIDE HEAD OFFICES:}

^{NORTH AMERICA}^{, WORLDWIDE HEADQUARTERS}

^{EXXONMOBIL CHEMICAL COMPANY}

^{13501 KATY FREEWAY}

^HOUSTON^{, TX 77079-1398, USA}

^{TEL.: (281) 870-6000}

^{FAX: (281) 870-6661}

^EUROPE^{HEAD OFFICE}

^{HERMESLAAN 2}

^{1831 MACHELEN,
BELGIUM}

^{TEL: (32) 2 722 21 11}

^{FAX: (32) 2 722 27 80}

^{LATIN AMERICA}^{HEAD OFFICE}

^{EXXONMOBIL CHEMICAL COMPANY}

^{13501 KATY FREEWAY}

^HOUSTON^{, TX 77079-1398, USA}

^{TEL.: (281) 870-6000}

^{FAX: (281) 870-6661}

^{MIDDLE EAST AND AFRICA
HEAD OFFICE}

^{HERMESLAAN 2}

^{1831 MACHELEN,
BELGIUM}

^{TEL: (32) 2 722 21 11}

^{FAX: (32) 2 722 27 80}

^{YOUR PROVIDED ADDRESS:}

^{1 HARBOURFRONT
PLACE}

^{3 0601}

^{HARBOUR TOWER ONE - 098633}

^{- INCORRECT}

^WEBSITE:

^{http://www.exxonmobilchemical.com}

^EMAIL:

MANAGEMENT

^{THE OWNER AT THE TIME OF THE REPORT IS}

^{1) EXXONMOBIL ASIA PACIFIC PTE. LTD.}

^{NET WORTH AS AT 31/12/2005: US$2,535,867,000.}

^{AVERSE REPORT AGAINST OWNER: YES}

^{TYPE OF CASE: HIGH COURT - W/S}

^{CASE NO
: HWS00421/2006}

^{DEFENDANT
: EXXONMOBIL ASIA PACIFIC PTE. LTD.}

^{PROPERTY OWNERSHIP: NIL}

ANNUAL VALUE: N.A.

CO-OWNER (S): N.A.

* 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.

Singapore’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
HIGH QUALITY COMPETITIVENESS IN ASIA
EXCELLENT BUSINESS CLIMATE
POLITICAL STABILITY.

WEAKNESSES

SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

Manufacturing sector

PAST PERFORMANCE

THE MANUFACTURING SECTOR GREW BY 18.8% COMPARED TO Q2 OF 2006, RIDING ON STRONG GROWTH FROM THE BIOMEDICAL MANUFACTURING AND TRANSPORT ENGINEERING CLUSTERS. TOTAL MANUFACTURING OUTPUT GREW BY 7.8% COMPARED TO OUTPUT IN THE SAME PERIOD LAST YEAR.

THE CHEMICALS CLUSTER GREW 4.1% IN Q2 COMPARED TO LAST YEAR'S SECOND QUARTER. THE OUTPUT OF PETROLEUM ROSE 21.7% FROM A YEAR AGO WHEN OUTPUT WAS LOW ARISING FROM MAINTENANCE SHUTDOWNS IN SOME REFINERY PLANTS. THE PRODUCTION OF PETROCHEMICALS FELL SLIGHTLY BY 0.6%. THE OUTPUT OF SPECIALTY CHEMICALS SHRANK 9.6% ON ACCOUNT OF LESS OUTPUT OF EPOXY COMPOUNDS, MINERAL OIL ADDITIVES AND CHEMICAL CATALYSTS. THE CLUSTER RECORDED A CUMULATIVE GROWTH OF 1.8% IN THE FIRST FOUR MONTHS OF 2007 COMPARED TO THE SAME PERIOD LAST YEAR.

OUTLOOK

THE MANUFACTURING SECTOR IS CAUTIOUSLY OPTIMISTIC ABOUT BUSINESS CONDITIONS IN THE NEXT SIX MONTHS COMPARED TO THE LAST QUARTER OF 2006. OVERALL, A WEIGHTED 18% OF THE MANUFACTURERS EXPECT AN IMPROVEMENT IN BUSINESS CONDITIONS WHILE A WEIGHTED 11% PREDICT DETERIORATION. THIS RESULTS IN A NET WEIGHTED BALANCE OF 7% OF MANUFACTURERS HAVING AN OPTIMISTIC OUTLOOK, COMPARED TO 22% IN LAST QUARTER’S SURVEY. THE MODERATION IN SENTIMENTS CAN BE ATTRIBUTED MAINLY TO A WEAKER OUTLOOK IN THE ELECTRONICS CLUSTER AND SEASONAL SLOWDOWN DUE TO FESTIVE HOLIDAYS IN THE EARLY PART OF THE YEAR.

THE MANUFACTURING SECTOR IS MORE OPTIMISTIC IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007, COMPARED TO THE FIRST QUARTER OF THE YEAR. OVERALL, A WEIGHTED 30% OF MANUFACTURERS FORESEE AN IMPROVED OUTLOOK, WHILE 4% PREDICT DETERIORATION. THIS RESULTS IN A NET WEIGHTED BALANCE OF 26% OF MANUFACTURERS EXPECTING BUSINESS CONDITIONS TO IMPROVE, WHICH IS HIGHER THAN THE 7% RECORDED A QUARTER AGO. THE POSITIVE BUSINESS SENTIMENT IS LED BY THE ELECTRONICS CLUSTER.

IN THE CHEMICALS CLUSTER, A NET WEIGHTED 10% OF MANUFACTURERS EXPECT THE BUSINESS ENVIRONMENT IN THE SECTOR TO IMPROVE IN THE NEXT SIX MONTHS ENDING SEPTEMBER 2007. FIRMS IN THE SPECIALTIES AND OTHER CHEMICALS SEGMENTS ARE MORE OPTIMISTIC AS THE TREND OF SALES LEVEL DURING THE APRIL TO SEPTEMBER PERIOD IS EXPECTED TO RISE, FOLLOWING SEASONAL WEAKNESS IN THE FIRST THREE MONTHS OF 2007. OUTPUT IN ALL SEGMENTS OF THE CLUSTER IS PROJECTED TO INCREASE IN THE SECOND QUARTER OF THE YEAR, AS COMPARED TO THE FIRST. THE ONLY EXCEPTION IS IN THE PETROLEUM REFINERY SEGMENT, WHERE SOME MAINTENANCE DOWNTIME IS PLANNED DURING THIS PERIOD.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

economic development board

CONTACT SINGAPORE

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