MIRA INFORM REPORT

Report Date :

18.06.2007

IDENTIFICATION DETAILS

Name :	PROMINENT FORWARDERS PTE LTD

Registered Office :	^{23 Benoi Sector,}^Singapore^–⁶²⁹⁸⁵⁶

Country :	Singapore

Date of Incorporation :	^21/06/1991

Com. Reg. No.:	^199102980M

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Freight Forwarding, Packing and Crating Services.

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 :	Regular

Litigation :	Clear

Subject Company

PROMINENT FORWARDERS PTE LTD

Line Of Business

FREIGHT FORWARDING, PACKING AND CRATING SERVICES.

Parent Company

Financial Elements

Sales : NA

Networth : NA

Paid-Up Capital : S$25,000

Net result : NA

Net Margin(%) : NA

Return on Equity(%) : NA

Leverage Ratio : NA

COMPANY IDENTIFICATION

^{Subject Company :}^{PROMINENT FORWARDERS PTE LTD}

^{Former Name :}^-

^{Business Address :}^{23 BENOI SECTOR}

^{Town :
SINGAPORE}

^{Postcode :}⁶²⁹⁸⁵⁶

^{County :
-}

^{Country :
Singapore}

^{Telephone :}^{6268 3626}

^{Fax :}^{6268 2613}

^{ROC Number :}^199102980M

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :}^{Exempt Pte Ltd}

^{Date Inc. :}^21/06/1991

^{Previous Legal
Form}^:
-

^{Summary year :}^-

^{Sales :}^-

^{Networth :}^-

^{Capital :}^-

^{Paid-Up Capital :}^25,000

^{Employees :
3}

^{Net result :}^-

^{Share value :
1}

^{Auditor :}^{KEN TAN & CO}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :}^21/06/1991

PRINCIPAL(S)

^{LENG SOW FONG S1208612A Director}

DIRECTOR(S)

^{LENG SOW FONG S1208612A Director}

^{Appointed on : 12/09/2000}

^{Street : 308A ANCHORVALE ROAD}

^#17-16

^{Town : SINGAPORE}

^{Postcode : 541308}

^{Country : Singapore}

^{LENG SOW FONG S1208612A Company Secretary}

^{Appointed on : 22/02/2001}

^{Street : 308A ANCHORVALE ROAD}

^#17-16

^{Town : SINGAPORE}

^{Postcode : 541308}

^{Country : Singapore}

^{ANG TJOEI TJOENG
ROBERT K384290 Director}

^{Appointed on : 10/08/1993}

^{Street : JL TELUK
BETUNG 45}

^{Town : JAKARTA PUSAT}

^{Postcode : -}

^{Country : Indonesia}

^{KIKI UNGGARO K438237 Director}

^{Appointed on : 22/02/2001}

^{Street : JL MENGGA
DUA RAYA NO 2}

^{BLOK A 1}

^{Town : JAKARTA}

^{Postcode : 11110}

^{Country : Indonesia}

ACTIVITY(IES)

^{FREIGHT
FORWARDING
Code: 9640}

^{PACKING And
CRATING SERVICE
Code: 15770}

CHARGES

^{Date :
12/02/2004}

^{Comments
: CHARGE NO: C200400716}

^{AMOUNT SECURED: 0.00 AND ALL
MONIES OWING}

^{CHARGEE(S): OVERSEA-CHINESE BANKING
CORPORATION LIMITED}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{FSB HOLDINGS
LIMITED} ^{(MERGED TO OVERSEA-CHINESE
BANKING} ^{CORPORATION LIMITED)}

SHAREHOLDERS(S)

^{LIEM KIM LANG
7,250 Private Person}

^{Street :
183 UBI AVENUE
4}

^{EVAN LIM WAREHOUSE}

^{Town : SINGAPORE}

^{Postcode : 408795}

^{Country : Singapore}

^{ANG TJOEI TJOENG
ROBERT
16,500 Private Person}

^{Street : JL TELUK
BETUNG 45}

^{Town : JAKARTA PUSAT}

^{Postcode : -}

^{Country : Indonesia}

^{KIKI UNGGARO
1,250 Private Person}

^{Street :
JL MENGGA DUA RAYA NO 2}

^{BLOK A 1}

^{Town : JAKARTA}

^{Postcode : 11110}

^{Country : Indonesia}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend :
LEVEL}

^{Financial
Situation : UNKNOWN}

FINANCIAL COMMENTS

^{EXEMPT
PRIVATE COMPANY}

^{WHERE THE SHARES
OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE
THAN 20 MEMBERS, THE PRIVATE COMPANY IS KNOWN AS AN EXEMPT PRIVATE COMPANY.}

^{AN EXEMPT PRIVATE
COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A PRIVATE COMPANY. IT IS NOT
REQUIRED TO FILE ACCOUNTS WITH THE REGISTRAR IF IT CAN PRODUCE A CERTIFICATE
SIGNED BY ONE OF ITS DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING
POINTS:}

^{1. THE COMPANY IS AN EXEMPT
PRIVATE COMPANY.}

^{2. THE AUDITED ACCOUNTS HAVE
BEEN TABLED BEFORE THE SHAREHOLDERS}

^{AT THE ANNUAL GENERAL MEETING.}

^{3. THE COMPANY IS ABLE TO MEET
ITS LIABILITIES.}

^{THERE IS THEREFORE
NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH THE
ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL
MEETING OF THE COMPANY.}

^{A PRIVATE COMPANY
THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF
THE MINISTER FOR FINANCE, IN THE NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A
GAZETTE NOTIFICATION.}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE
COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL
YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL
YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004,
THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE
STILL REQUIRED TO MAINTAIN PROPER ACCOUNTING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON
21/06/1991 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT
NAMESTYLE AS "PROMINENT FORWARDERS PTE LTD".}

^{AS AT 13/06/2007,
THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 25,000 SHARES, OF A VALUE OF
S$25,000.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1) FREIGHT
FORWARDING, PACKING AND CRATING SERVICES}

^{THE COMPANY IS
LISTED IN THE SINGAPORE
LOCAL DIRECTORIES UNDER THE CLASSIFICATION OF: FREIGHT FORWARDING}

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

^{PRODUCT OR
SERVICES:}

^{* FREIGHT
FORWARDING}

^{* WATER COOLERS:
DRINKING}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 18/06/2007, SUBJECT IS INTO FREIGHT FORWARDING
SERVICES FOR SINGAPORE AND INDONESIA
MARKETS.}

^{SUBJECT HAS 3
EMPLOYEES.}

^{REGISTERED
ADDRESS:}

^{101 UPPER CROSS STREET}

^#05-50

^{PEOPLE'S PARK
CENTRE}

^SINGAPORE⁰⁵⁸³⁵⁷

^{DATE OF CHANGE OF
ADDRESS: 05/02/2001}

^{BUSINESS ADDRESS:}

^{23 BENOI SECTOR}

^SINGAPORE⁶²⁹⁸⁵⁶

^{- PREMISE OWNED
BY: HSBC INSTITUTIONAL TRUST SERVICES (S) LTD AS}

^{TRUSTEE OF
MAPLETREE LOGISTICS TRUST}

^{WEBSITE: -}

^{EMAIL: -}

MANAGEMENT

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

^{1) ANG TJOEI
TJOENG ROBART, AN INDONESIA}

^{- BASED IN INDONESIA}

^{2) KIKI UNGGARO,
AN INDONESIA}

^{- BASED IN INDONESIA}

^{3) LENG SOW FONG,
A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME:
LENG SOW FONG}

^{ADVERSE REPORT
AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL VALUE:
S$6,000}

^{CO-OWNER(S): LOH
HUANG LIANG}

^{* 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.

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