MIRA INFORM REPORT

Report Date :

22.04.2008

IDENTIFICATION DETAILS

Name :	STANDARD CHARTERED BANK
Registered Office :	^6 Battery Road ^#09-08 ^049909
Country :	Singapore
Financials (as on) :	31.12.2006
Date of Incorporation :	^28.02.1916
Com. Reg. No.:	^F 00027C
Legal Form :	^Foreign Company
Line of Business :	^Full Bank.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exists

Subject Company

STANDARD CHARTERED BANK

Line Of Business 

^{FULL BANK.}

Parent Company

^{STANDARD CHARTERED HOLDINGS LTD}

Financial Elements

FY 2006

BRANCH

Sales : S$1,790,547,000

Networth : S$3,547,047,000

Paid-Up Capital : N/A

Net result : S$ 293,984,000

Net Margin(%) : 16.42

Return on Equity(%) : 8.29

Leverage Ratio : 11.66

COMPANY IDENTIFICATION

^{Subject Company : STANDARD CHARTERED BANK}

^{Former Name : -}

^{Business Address : 6 BATTERY ROAD}

^#09-08

^{Town : SINGAPORE}

^{Postcode : 049909}

^{County :}

^{Country : Singapore}

^{Telephone : 6225 8888}

^{Fax : 6789 3756}

^{ROC Number : F 00027C}

^{Reg. Town :}

SUMMARY

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

^{Legal Form : Foreign Company}

^{Date Inc. : 28/02/1916}

^{Previous Legal Form : -}

^{Summary year : 31/12/2006}

^{Sales : 1,790,547,000}

^{Networth : 3,547,047,000}

^{Capital : -}

^{Paid-Up Capital : 5,638,000,000}

^{Employees : -}

^{Net result : 293,984,000}

^{Share value : -}

^{Auditor : KPMG}

^{BASED ON ACRA'S RECORD}

^{CAPITAL STRUCTURE AMOUNT V/SHARE CURRENCY}

^{AUTHORISED CAPITAL 1,225,000,000 24.50 NEW TAIWAN $}

^{AUTHORISED CAPITAL 24,000 0.01 US DOLLAR}

^{AUTHORISED CAPITAL 10,000,000,000 1.00 US DOLLAR}

^{AUTHORISED CAPITAL 5,075,000 5.00 US DOLLAR}

REFERENCES

^{Litigation : YES}

^{Company status : TRADING}

^{Started : 28/02/1916}

PRINCIPAL(S)

^{ALUN MICHAEL GUEST REES 093082287 Director}

DIRECTOR(S)

^{GARETH RICHARD BULLOCK 038016834 Director}

^{Appointed on : 06/01/2003}

^{Street : 47 KINGSTON LANE}

^TEDDINGTON,

^{MIDDLESEX,TW11 9HN}

^Town:

^{Postcode :}

^{Country :United Kingdom}

^{PETER ALEXANDER SANDS 093033496 Director}

^{Appointed on :14/05/2002}

^{Street : 29 BAALBEC ROAD}

^{LONDON N5 1QN}

^{Town :}

^{Postcode :}

^{Country : United Kingdom}

^{RICHARD HENRY MEDDINGS 500252319 Director}

^{Appointed on : 16/11/2002}

^{Street : SLIP MILL, SLIP MILL ROAD}

^{HAWKHURST, CRANBROOK,}

^{KENT TN18 5AB}

^{Town :}

^{Postcode :}

^{Country :United Kingdom}

^{MICHAEL BERNARD DENOMA 700595678 Director}

^{Appointed on : 12/05/2000}

^{Street : 33 BEECHWOOD GROVE}

^{Town : SINGAPORE}

^{Postcode : 738102}

^{Country : Singapore}

^{ALUN MICHAEL GUEST REES 093082287 Director}

^{Appointed on : 30/07/2004}

^{Street : 4B ROCHALIE DRIVE}

^{Town : SINGAPORE}

^{Postcode : 248262}

^{Country : Singapore}

^{TIMOTHY JOHN MILLER 093115471 Director}

^{Appointed on : 26/11/2004}

^{Street : 42 GRANTBRIDGE STREET}

^{Town : LONDON N1 8JN}

^{Postcode :}

^{Country : United Kingdom}

^{KOH PECK LAY GRACE S1460665C Agent}

^{Appointed on : 12/10/2004}

^{Street : 69 CRESCENT ROAD}

^{Town: : SINGAPORE}

^{Postcode: : 439359}

^{Country : Singapore}

^{JOANNA CLAIRE FIELDING 706289574 Agent}

^{Appointed on : 31/03/2006}

^{Street : 50 ANDREW ROAD}

^{CALDECOTT HILL ESTATE}

^{Town: SINGAPORE}

^{Postcode: 299965}

^{Country: Singapore}

^{JASPAL SINGH BINDRA Z1228946 Director}

^{Appointed on : 06/08/2007}

^{Street : 29 QUEEN ASTRID PARK}

^{Town: SINGAPORE}

^{Postcode: 266834}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{FLETCHER LESLIE 677780E}

^{STEIN RICHARD JONATHAN BEAVER 733647F}

^{ROBINSON PHILIP HENRY 790237E}

^{PUGH IDWAL VAUGHAN 791479B}

^{PAGE JOHN BRANGWYN 954989}

^{PAO YUE-KONG B041911}

^{PAN YUE-KUO STEPHEN B073949}

^{PENNOCK THE LORD B172347}

^{MILLAR DAVID LINDSAY B216929}

^{WOO KWONG-CHING PETER B223047}

^{MCWILLIAM MICHAEL DOUGLAS B301915}

^{GRAHAM PETER ALFRED B328181}

^{ENDACOTT COLIN WILLIAM GRESHAM C630340}

^{LOUDEN JAMES E690590}

^{BAILLIE ROBIN ALEXANDER M P346303}

^{KWONG YAU SHING VINCENT 006288799}

^{HO SENG HIAN S7002790I}

^{SHOBA D/O K GOPINATH S2676735J}

^{DAVID ALEXANDER PASCAL BC123047}

^{SUBRAMANIAN SURYANARAYAN S2617924F}

^{BRYAN KAYE SANDERSON 103089060}

^{EVAN MERVYN DAVIES 500153426}

^{KAIKHUSHRU SHIAVAX NARGOLWALA 761091038}

^{WONG TUNG SHUN PETER 704898121}

^{CHRISTOPHER AVEDIS KELJIK B481610}

^{GREGORY JOHN POWELL 761033975}

ACTIVITY(IES)

^{BANKS Code:1560}

^{BASED ON ACRA'S RECORD AS AT 16/04/2008}

^{1) FULL BANKS.}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

No Shareholders In Our Database

HOLDING COMPANY

^{STANDARD CHARTERED HOLDINGS LTD}

SUBSIDIARY(IES)

^{STANDARD CHARTERED [1996] LIMITED}

^{(STANDARD CHARTERED FINANCE}

^{(SINGAPORE) LTD) DATE : 22/03/96}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : LACKING}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : AVEAGE}

LITIGATION(S)

^{Type Of Case: District Court - W/S P}

^{Case Number: DCS002018/2004}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: District Court - W/S P}

^{Case Number: DCS005549/2003}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000583/2003}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: Magistrate Court - W/S P}

^{Case Number: MCS001179/2002}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000750/2002}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: District Court - W/S P}

^{Case Number: DCS000648/2001}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000447/2001}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000433/2001}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000128/2001}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000947/2000}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: Magistrate Court - W/S P}

^{Case Number: MCS016658/1999}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: Magistrate Court - W/S P}

^{Case Number: MCS001521/1999}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: District Court - W/S P}

^{Case Number: DCS051485/1998}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: District Court - W/S P}

^{Case Number: DCS051422/1998}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000799/1998}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000380/1998}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000357/1997}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: District Court - W/S P}

^{Case Number: DCS001137/1996}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: Magistrate Court - W/S P}

^{Case Number: MCS005082/1996}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS001341/1994}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000056/1992}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000176/1990}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS002064/1989}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS001557/1988}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS001310/1988}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS000627/1987}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS007576/1985}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS002949/1985}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

^{Type Of Case: High Court - W/S P}

^{Case Number: HWS001785/1985}

Defendant STANDARD CHARTERED BANK ROC # : F 00027C

FINANCIAL ELEMENTS

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

^{Audit Qualification: "MILD" UNCERTAINTIES "MILD" UNCERTAINTIES Date Account Lodged: 22/04/2008}

^{Balance Sheet Date: 31/12/2006 31/12/2005 Number of weeks: 52 52 Consolidation Code: BRANCH BRANCH}

^{--- ASSETS ---}

^{Preliminary Exp 6,777,686,000 9,442,396,000 Intangible Fixed Assets: Tangible Fixed Assets: 216,071,000 137,672,000 Investments 7,183,994,000 6,401,519,000}

^{Total Fixed Assets: 14,177,751,000 15,981,587,000}

^{Receivables: 19,219,010,000 21,750,220,000 Short Term Fin. Assets: 4,622,427,000 4,784,623,000}

^{Cash,Banks, Securitis: 5,528,483,000 4,283,683,000 Other current assets: 1,342,933,000 805,403,000}

^{Total Current Assets: 30,712,853,000 31,623,929,000}

^{TOTAL ASSETS: 44,890,604,000 47,605,516,000}

^{--- LIABILITIES ---}

^{Equity capital: Profit & lost Account: Other:}

^{Total Equity: 3,547,047,000 3,410,598,000}

^{Reserve for pensions: L/T deffered taxes: 6,765,000}

^{Other long term Liab.: 8,817,767,000 8,881,712,000}

^{Total L/T Liabilities: 8,824,532,000 8,881,712,000}

^{Trade Creditors: 25,495,792,000 28,731,992,000}

^{Prepay. & Def. charges: 60,084,000 77,868,000}

^{Due to Bank: Provisions: 170,553,000 188,042,000 Other Short term Liab.: 6,792,596,000 6,315,304,000}

^{Total short term Liab.: 32,519,025,000 35,313,206,000}

^{TOTAL LIABILITIES: 41,343,557,000 44,194,918,000}

^{--- PROFIT & LOSS ACCOUNT ---}

^{Net Sales 1,790,547,000 1,388,087,000 Result of ordinary operations 419,799,000 459,734,000 NET RESULT BEFORE TAX: 358,566,000 388,550,000 Tax : 64,582,000 69,870,000 Net income/loss year: 293,984,000 318,680,000 Depreciation: 12,233,000 24,680,000 Wages and Salaries: 245,035,000 227,891,000}

RATIOS

^{31/12/2006 31/12/2005 Net result / Turnover(%): 0.16 0.23 Net Margin(%): 16.42 22.96 Return on Equity(%): 8.29 9.34 Return on Assets(%): 0.65 0.67 Net Working capital: -1806172000.00 -3689277000.00 Cash Ratio: 0.17 0.12 Quick Ratio: 0.76 0.74 Current ratio: 0.94 0.90 Receivables Turnover: 3864.09 5640.91 Leverage Ratio: 11.66 12.96}

^{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}

^{Dividends Coverage : Net income loss year/Dividends}

^{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}

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

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

FINANCIAL COMMENTS

^NOTE:

^{THE FINANCIAL STATEMENT FOR THE YEAR 2004, IS PRESENTED ON A CONSOLIDATED BASIS WHILE THE FINANCIAL STATEMENT FOR THE YEAR 2005 AND 2006 WERE PRESENTED ON A BRANCH BASIS.}

^{AUDITORS REPORT:}

^{THE SINGAPORE BRANCH IS A SEGMENT OF STANDARD CHARTERED BANK AND IS NOT A SEPARATELY INCORPORATED LEGAL ENTITY. THE ATTACHED FINANCIAL STATEMENTS HAVE BEEN PREPARED FROM THE OF THE SINGAPORE BRANCH AND REFLECT ONLY TRANSACTIONS RECORDED LOCALLY.}

^{THE FINANCIAL CONDITION OF THE GROUP WAS SEEN TO BE FAIR TO STABLE IN}

^{VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 4.00% FROM S$3,410,598,000 IN 2005 TO S$3,547,047,000 IN 2006. THIS}

^{WAS REPRESENTED BY:}

^{* HEAD OFFICE ASSIGNED CAPITAL - 2006: S$1,122,083,000}

^{(2005: S$1,122,083,000)}

^{* EXCHANGE TRANSLATION RESERVE - 2006: S$ - 5,520,000}

^{(2005: S$ 1,100,000)}

^{* UNREMITTED PROFITS - 2006: S$ 710,158,000}

^{(2005: S$ 636,884,000)}

^{* AVAILABLE FOR -SALE REVALUATION RESERVE - 2006: S$13,017,000}

^{(2005: S$ - 10,016,000)}

^{* CASH FLOW HEDGE RESERVE - 2006: S$ 926,000)}

^{(2005: S$ -7,971,000)}

^{* AMOUNTS DUE TO HEAD OFFICE - 2006: S$1,812,700,000)}

^{(2005: S$1,780,029,000)}

^{* AMOUNTS DUE FROM HEAD OFFICE - 2006: S$ - 106,317,000)}

^{(2005: S$ - 111,511,000)}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY CUSTOMERS WHICH MADE UP 78.40% (2005: 81.36%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$25,495,792,000 (2005: S$28,731,992,000).BREAKDOWN WAS AS}

^FOLLOWS:

^{* DEPOSITS AND BALANCES OF BANKS - 2006: S$ 1,958,120,000}

^{2005: S$ 6,072,099,000}

^{* DEPOSITS OF NON-BANK CUSTOMERS - 2006: S$23,489,543,000}

^{2005: S$22,594,325,000}

^{* TRADE DATE PAYABLE - PURCHASE OF DEALING SECURITIES}

^{2006: S$48,129,000 (2005: S$65,568,000)}

^{OVERALL, THE LEVERAGE RATIO HAD IMPROVED TO 11.66 TIMES (2005: 12.96}

^{TIMES), INDICATING THAT THE COMPANY'S TOTAL LIABILITIES WERE LESS}

^{SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS INADEQUATE AS SEEN FROM THE NEGATIVE NET WORKING CAPITAL, WHICH NARROWED BY 51.04% TO S$1,806,172,000 (2005: S$3,689,277,000).}

^{HOWEVER, CURRENT RATIO ROSE TO 0.94 TIMES, UP FROM 0.90 TIMES AND QUICK RATIO ALSO IMPROVED TO 0.76 TIMES FROM 0.74 TIMES IN 2005.}

^{SIMILARLY, CASH AND CASH EQUIVALENTS ROSE BY 29.06% TO S$5,528,483,000 (2005: S$4,283,683,000). BREAKDOWN WAS AS FOLLOWS:}

^{* AT AMORTISED COST - 2006: S$5,328,753,000 (2005: S$4,120,938,000)}

^{* AT FAIR VALUE THROUGH PROFIT OR LOSS - TRADING}

^{2006: S$199,730,000 (2005: S$162,745,000)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 28.99% FROM S$1,388,087,000 IN 2005 TO S$1,790,547,000. HOWEVER, NET PROFIT FELL BY 7.75% TO S$293,984,000}

^{(2005: S$318,680,000). HENCE, NET MARGIN FELL TO 16.42% (2005:}

^22.96%).

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS}

^{CAN BE MAINTAINED OR IMPROVED AND PAYMENTS BY TRADE DEBTORS ARE}

^FORTHCOMING.

^{NON-CURRENT ASSETS:}

^{THE FOLLOWING ITEMS ARE CLASSIFIED UNDER PRELIMINARY:}

^{* AMOUNTS DUE FROM OVERSEAS BRANCHES - 2006: S$2,374,118,000}

^{2005: S$5,467,686)}

^{* AMOUNTS DUE FROM SUBSISIARIES - 2006: S$4,403,538,000}

^{2005: S$3,956,170,000}

^{* DEFERRED TAX ASSETS - 2006: NIL (2005: S$18,540,000)}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{* BASIS OF PREPARATION:}

^{THE PREPARATION OF FINANCIAL STATEMENTS REQUIRES MANAGEMENT TO MAKE JUDGEMENTS, ESTIMATES AND ASSUMPTIONS THAT AFFECT THE APPLICATION OF ACCOUNTING POLICIES AND THE REPORTED AMOUNTS OF ASSETS, LIABILITIES, INCOME AND EXPENSES. ACTUAL RESULTS MAY DIFFER FROM THESE ESTIMATES. THE ESTIMATES AND UNDERLYING ASSUMTIONS ARE REVIEWED ON AN ONGOING BASIS. REVISIONS TO ACCOUNTING ESTIMATES ARE RECOGNISED IN THE PERIOD}

^{IN WHICH THE ESTIMATE IS REVISED, IF THE REVISION AFFECTS ONLY THAT PERIOD, OR IN THE PERIOD OF THE REVISION AND FUTURE PERIODS, IF THE REVISION AFFECTS BOTH CURRENT AND FUTURE PERIODS. IN PARTICULAR, INFORMATION ABOUT SIGNIFICANT AREAS OF ESTIMATED UNCERTAINTY AND CRETICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES THAT HAVE THE MOST SIGNIFICANT EFFECT ON THE AMOUNT RECOGNISED IN THE FINANCIAL STATEMENTS.}

^{CONTINGENT LIABILITIES:}

^{* DIRECT CREDIT SUBSTITUTES - 2006: S$1,203,589,000}

^{2005: S$987,901,000}

^{* TRANSACTION-RELATED CONTINGENCIES - 2006: S$2,634,089,000}

^{2005: S$2,383,230,000}

^{* TRADE-RELATED CONTINGENCIES - 2006: S$891,370,000}

^{2005: S$27,789,000}

^COMMITMENTS:

^{* UNDRAWN CREDIT LINES AND OTHER COMMITMENTS TO EXTEND CREDIT}

^{2006: S$11,393,400,000 (2005: S$9,706,088,000)}

BACKGROUND/OPERATION

^{THE SUBJECT WAS REGISTERED IN THE REPUBLIC OF SINGAPORE ON 28/02/1916 AS A FOREIGN BRANCH UNDER ITS PRESENT NAMESTYLE OF "STANDARD CHARTERED BANK", SINGAPORE BRANCH.}

^{THE SINGAPORE BRANCH (THE "BRANCH") IS A SEGMENT OF STANDARD CHARTERE BANK, INCORPORATED IN THE UNITED KINGDOM AND IS NOT A SEPARATELY INCORPORATED LEGAL ENTITY. THE BRANCH OPERATES UNDER A FULL COMMERCIAL BANKING LICENCE WITH AN ASIAN CURRENCY UNIT GRANTED BY THE MONETARY AUTHORITY OF SINGAPORE. THE BRANCH WAS AWARDED QUALIFYING FULL BANK PRIVILEGES IN 1999.}

^{QUALIFYING FULL BANK (QFB) PRIVILEGES ALLOWED FOREIGN BANKS WITH THIS LICENCE TO ESTABLISH UP TO 15 LOCATIONS, INCLUDING BOTH BANKING BRANCHES AND OFF-SITE ATMS. THEY CAN OPEN UP TO 10 BRANCHES AND OPERATE FIVE ATMS, WHILE QFB STATUS ALSO ALLOWS FOREIGN BANKS TO PROVIDE DEBIT SERVICES THROUGH THE EFTPOS (ELECTRONIC FUNDS TRANSFER AT POINT OF SALE) NETWORK BY NEGOTIATING WITH NETS (NETWORK FOR ELECTRONIC TRANSFERS), VISA OR MASTERCARD FOR ACCESS.}

^{THE BRANCH HAS AN AUTHORISED CAPITAL OF 1,225,000,000.00 TAIWAN, NEW DOLLARS AND 10,005,099,000.00 US DOLLAR.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY}

^{AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) FULL BANK}

^{THROUGH OUR RESEARCH, THE FOLLOWING INFORMATION HAS BEEN GATHERED.}

^BACKGROUND

^{THE SUBJECT IS A FULL SERVICE BANK, DOMESTIC AND INTERNATIONAL BANKINGWITH 20 BRANCHES IN SINGAPORE AND OVER 615 OFFICES IN MORE THAN 57 COUNTRIES (FIRST BANK IN ASIA TO ACHIEVE ISO 9002 CERTIFICATION)}

^{STANDARD CHARTERED FIRST OPENED FOR BUSINESS IN SINGAPORE IN 1859 AND TODAY OPERATES THE LARGEST BRANCH NETWORK (20) AMONG INTERNATIONAL BANKS IN THE REPUBLIC. THE GROUP IS ALSO UNIQUE AMONG THE FOREIGN BANKS IN RUNNING ALL ITS GLOBAL BUSINESSES -- INCLUDING MUCH OF THE GROUP'S PRODUCT DEVELOPMENT AND TRAINING ACTIVITIES -- FROM SINGAPORE.}

^{STANDARD CHARTERED WAS AMONG THE FIRST FOUR FOREIGN BANKS IN SINGAPORE TO HAVE BEEN AWARDED A QUALIFYING FULL BANK (QFB) LICENCE IN OCTOBER 1999, A STRONG ENDORSEMENT OF THE BANK'S LONG TERM COMMITMENT AND THE IMPORTANT ROLE IT HAS PLAYED IN THE COUNTRY'S ECONOMIC DEVELOPMENT}

^{QUALITY ASSESSMENT}

^{- ISO 9002}

^{THE SUBJECT IS A MEMBER OF THE FOLLOWING ENTITIES}

^{- SINGAPORE MANUFACTURERS' FEDERATION}

^{- BRITISH CHAMBER OF COMMERCE}

^{- AUSTRALIAN CHAMBER OF COMMERCE}

^{- SINGAPORE INTERNATIONAL CHAMBERS OF COMMERCE}

^{- SINGAPORE CHINESE CHAMBERS OF COMMERCE & INDUSTRY}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE AS TELE-INTERVIEW WAS NOT}

^{GRANTED BY SUBJECT'S PERSONNEL}

^{THE IMMEDIATE HOLDING COMPANY IS STANDARD CHARTERED HOLDINGS LTD AND THE ULTIMATE HOLDING COMPANY IS STANDARD CHARTERED PLC. BOTH COMPANIES ARE INCORPORATED IN THE UNITED KINGDOM.}

^{NUMBER OF EMPLOYEES (31 DECEMBER)}

^{* BRANCH - 2006: NOT AVAILABLE (2005: NOT AVAILABLE; 2004: 1,766;}

^{2003: 1,755, 2002: 1,579, 2001: 1,522)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{6 BATTERY RAOD}

^#09-08

^{SINGAPORE 049909}

^{DATE OF CHANGE OF ADDRESS: 01/06/2004}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: HSBC INSTITUTIONAL TRUST SERVICES}

^{WEBSITE: www.standardchartered.com.sg}

^{EMAIL : personal.banking@sg.standardchartered.com}

^{euleen.goh@sg.standardchartered.com}

MANAGEMENT

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

^{1) GARETH RICHARD BULLOCK, A BRITISH}

^{- BASED IN UNITED KINGDOM}

^{2) PETER ALEXANDER SANDS, A BRITISH}

^{- BASED IN UNITED KINGDOM}

^{3) ALUN MICHAEL GUEST REES, A BRITISH}

^{- BASED IN SINGAPORE}

^{4) TIMOTHY JOHN MILLER, A BRITISH}

^{- BASED IN UNITED KINGDOM}

^{5) RICHARD HENRY MEDDINGS, A BRITISH}

^{- BASED IN UNITED KINGDOM}

^{6) MICHAEL BERNARD DENOMA, AN AMERICAN}

^{- BASED IN SINGAPORE}

^{7) JASPAL SINGH BINDRA, AN INDIAN}

^{- BASED IN SINGAPORE}

^{THE AGENTS AT THE TIME OF THE REPORT ARE:}

^{1) JOANNA CLAIRE FIELDING, A BRITISH}

^{- BASED IN SINGAPORE}

^{2) GRACE KOH PECK LAY, A SINGAPOREAN}

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

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.

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FINANCIAL SERVICES SECTOR

PAST PERFORMANCE

THE FINANCIAL SERVICES SECTOR GREW SUBSTANTIALLY BY 20%, FOLLOWING A 17% GAIN RECORDED IN 2Q 2007.HOWEVER, ON A SEASONALLY ADJUSTED QUARTER-ON-QUARTER BASIS, THE SECTOR FELL BY 8.6%, COMPARED WITH THE 39% GROWTH IN 2Q 2007. THE DECLINE PARTLY REFLECTED THE IMPACT FROM THE TURMOIL IN FINANCIAL MARKETS WORLDWIDE.

MOST SEGMENTS REGISTERED BROAD-BASED GROWTH. THE DOMESTIC STOCK MARKET RECORDED A 2.2 TIMES INCREASE IN TURNOVER VOLUMES, DESPITE A SHARP CORRECTION IN STOCK PRICES IN AUGUST. THE WEALTH ADVISORY CLUSTER WAS SIMILARLY RESILIENT. AT THE SAME TIME, GROWTH WAS BOOSTED BY THE BANKING CLUSTER, WHICH CONTINUED TO REGISTER SUBSTANTIAL GROWTH IN BOTH DOMESTIC AND OFFSHORE LENDING ACTIVITY.

LOANS TO NON-BANK CUSTOMERS GREW BY 13.0% IN 3Q 2007. THE STOCK OF TOTAL LOANS IN THE DOMESTIC BANKING SECTOR STOOD AT S$219 BILLION AT THE END OF SEPTEMBER, S$9.6 BILLION HIGHER THAN AT THE END OF JUNE.

CREDIT GROWTH WAS DRIVEN MAINLY BY LOANS TO CORPORATES, WHICH ROSE BY 15.0%. LENDING TO THE BUSINESS SERVICES AND TRANSPORT AND STORAGE SEGMENTS REMAINED STRONG, WITH INCREASES OF 41.0% AND 37.0% RESPECTIVELY. CREDIT EXTENDED TO THE BUILDING AND CONSTRUCTION SECTOR ROSE BY 21.0%, PARTLY REFLECTING THE GROWTH IN COMMERCIAL BUILDING ACTIVITY. THE BUOYANT PROPERTY MARKET ALSO SPURRED MORTGAGE LOANS, LIFTING OVERALL CONSUMER-RELATED LOANS GROWTH TO 10.0%, COMPARED WITH 5.7% IN 2Q 2007.

FINANCE COMPANIES ALSO REGISTER STRONGER CREDIT GROWTH OF 21.0%. THE OVERALL STOCK OF LOANS, DISBURSED BY FINANCE COMPANIES ROSE TO S$9.6 BILLION AS AT END-SEPTEMBER, S$826 MILLION HIGHER THAN AT END-JUNE.

THE STOCK OF TOTAL ASSETS/LIABILITIES IN THE ASIAN DOLLAR MARKET ROSE BY 26.0% TO REACH US$845 BILLION IN 3Q 2007. THIS WAS MAINLY ATTRIBUTED TO STRONG LENDING ACTIVITY IN BOTH THE NON-BANK AND INTERBANK MARKETS. IN THE NON-BANK MARKET, LOANS RECORDED A SUBSTANTIAL 34.0% GROWTH, AS LENDING TO EAST ASIAN AND EUROPEAN REGIONS

CONTINUED TO GATHER MOMENTUM. LOANS GROWTH IN THE INTERBANK SEGMENT ALSO ROSE 19.0%, COMPARED TO THE 11% GROWTH IN 2Q 2007.

OUTLOOK

WITHIN THE FINANICAL SERVICES INDUSTRY, THE OUTLOOK IS POSITIVE, ESPECIALLY FOR INSURANCE COMPANIES, OVERALL, A NET WEIGHTED BALANCE OF 17.0% OF FIRMS FORECASTS HIGHER BUSINESS ACTIVITY IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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.	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%)

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