MIRA INFORM REPORT

Report Date :

12.12.2008

IDENTIFICATION DETAILS

Name :	YAK HENG INVESTMENTS (SINGAPORE) PTE. LTD.

Registered Office :	121 Bedok North Road #07-181 460121

Country :	Singapore

Date of Incorporation :	28.12.2005

Com. Reg. No.:	200517948W

Legal Form :	Exempt Pte Ltd

Line of Business :	Other Investment Holding Companies Other Financial Intermediation

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

YAK HENG INVESTMENTS (SINGAPORE) PTE. LTD.

Line Of Business

OTHER INVESTMENT HOLDING COMPANIES

OTHER FINANCIAL INTERMEDIATION

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : USD 1,001

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

Subject Company :	YAK HENG INVESTMENTS (SINGAPORE) PTE. LTD.
Business Address:	121 BEDOK NORTH ROAD #07-181
Town:	SINGAPORE
Postcode:	460121
Country:	Singapore
ROC Number:	200517948W

SUMMARY

Legal Form:	Exempt Pte Ltd
Date Inc.:	28/12/2005
All amounts in this report are in :	USD
Paid-Up Capital:	1,001

BASED ON ACRA'S RECORD

                                NO OF SHARES   CURRENCY              AMOUNT

ISSUED ORDINARY          1,002              USD                       1,002.00

PAID-UP ORDINARY           -                  USD                        1,001.00

AUDITOR : NIL

REFERENCES

Litigation:	No
Company status :	TRADING
Started :	28/12/2005

PRINCIPAL(S)

LEE TENGCHUN

S7810456B

Director

DIRECTOR(S)

LEE TENGCHUN	S7810456B	Company Secretary
Appointed on :	22/06/2006
Street :	121 BEDOK NORTH ROAD #07-181
Town:	SINGAPORE
Postcode:	460121
Country:	Singapore
GOH THIANCHIN	S0069988H	Director
Appointed on :	28/12/2005
Street :	121 BEDOK NORTH ROAD #07-181
Town:	SINGAPORE
Postcode:	460121
Country:	Singapore
LEE TENGCHUN	S7810456B	Director
Appointed on :	28/12/2005
Street :	121 BEDOK NORTH ROAD #07-181
Town:	SINGAPORE
Postcode:	460121
Country:	Singapore

ACTIVITY(IES)

Activity Code:

11320

HOLDING COMPANIES

BASED ON ACRA'S RECORD

1) OTHER INVESTMENT HOLDING COMPANIES

2) OTHER FINANCIAL INTERMEDIATION

SHAREHOLDERS(S)

GOH THIANCHIN

Private Person

Street :	121 BEDOK NORTH ROAD #07-181
Town:	SINGAPORE
Postcode:	460121
Country:	Singapore

LEE TENGCHUN

1,001

Private Person

Street :	121 BEDOK NORTH ROAD #07-181
Town:	SINGAPORE
Postcode:	460121
Country:	Singapore

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 28/12/2005 AS A EXEMPT LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "YAK HENG INVESTMENTS (SINGAPORE) PTE. LTD.".

THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF1,002 SHARES, OF A VALUE OF US$1,001.

PRINCIPAL ACTIVITIES:

SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY

AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:

(1) OTHER INVESTMENT HOLDING COMPANIES

(2) OTHER FINANCIAL INTERMEDIATION

NO INFORMATION WAS GATHERED FROM THE RESEARCH DONE.

NO OTHER TRADE INFORMATION IS AVAILABLE AS SUBJECT AND THE DIRECTORS ARE NOT LISTED UNDER THE LOCAL DIRECTORIES HENCE UNABLE TO OBTAIN ANY CONTACT NUMBER.

REGISTERED AND BUSINESS ADDRESS:

121 BEDOK NORTH ROAD

#07-181

SINGAPORE 460121

DATE OF CHANGE OF ADDRESS: 28/12/2006

- RENTED PREMISE

- OWNED BY: LEE TENG FEI

WEBSITE: -

EMAIL: -

MANAGEMENT

THE DIRECTORS AT THE TIME OF THIS REPORT ARE:

1) GOH THIAN CHIN, A SINGAPOREAN

   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

2) LEE TENG CHUN, A SINGAPOREAN

   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

ADVERSE ON DIRECTORS

DIRECTOR'S NAME: GOH THIAN CHIN

ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE

PROPERTY OWNERSHIP: NIL

ANNUAL VALUE: NA

CO-OWNER (S): NA

DIRECTOR'S NAME: LEE TENG CHUN

ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE

PROPERTY OWNERSHIP: NIL

ANNUAL VALUE: NA

CO-OWNER (S): NA

* 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

GENERAL COMMENTS

Singapore’s Country Rating 2008

INVESTMENT GRADE

IN SINGAPORE, THE POLITICAL AND ECONOMIC SITUATION IS VERY GOOD. A QUALITY

BUSINESS ENVIRONMENT HAS A POSITIVE INFLUENCE ON CORPORATE PAYMENT BEHAVIOUR.

CORPORATE DEFAULT PROBABILITY IS VERY LOW ON AVERAGE.

ECONOMIC GROWTH REMAINED STRONG IN 2007 AND IN Q1 2008 (6.7%) THANKS TO A SHARP

INCREASE IN CONSUMPTION SPURRED BY A BRIGHT EMPLOYMENT PICTURE, RISING REAL

WAGES, AND A POSITIVE WEALTH EFFECT PRODUCED BY RISING PROPERTY PRICES. IN THIS

CONTEXT, BANKRUPTCIES CONTINUE TO DECLINE, AS REFLECTED BY THE FAVOURABLE COFACE

PAYMENT INCIDENT INDEX TREND. SINGAPORE MOREOVER BOASTS THE BEST GOVERNANCE IN

ASIA THANKS TO AN EFFECTIVE LEGAL SYSTEM AND A GOOD LEVEL OF FINANCIAL

TRANSPARENCY.

HOWEVER, A GROWTH SLOWDOWN IS EXPECTED FOR 2008 (4.5%) AMID WEAKER DEMAND GROWTH

IN THE UNITED STATES, SINGAPORE'S NUMBER TWO TRADING PARTNER. THE FOREIGN TRADE

CONTRIBUTION TO GROWTH WILL THUS DECLINE ESPECIALLY WITH EXPORTS REPRESENTING

210 PER CENT OF GDP.

INFLATION ACCELERATED IN 2007 AND REACHED 7.5% IN MAY 2008 BECAUSE OF RISING RAW

MATERIAL PRICES. INDEED, SINGAPORE IMPORTS ALMOST ALL ITS ENERGY AND FOOD.

HOWEVER, FOR THE ENTIRE YEAR, INFLATION SHOULD MODERATE AND REACH 2.8%.

THE FINANCIAL SITUATION HAS REMAINED ROBUST AS THE EQUILIBRIUM OF PUBLIC SECTOR

FINANCES AND THE SOLIDITY OF A BANKING SYSTEM POISED TO ADOPT BASEL II

PRUDENTIAL STANDARDS ATTEST. EXTERNAL ACCOUNTS CONTINUE MOREOVER TO SHOW LARGE

SURPLUSES THANKS TO GOOD PERFORMANCE IN A RANGE OF SECTORS INCLUDING

ELECTRONICS, TRANSPORT, CONSTRUCTION, TOURISM, AND FINANCIAL SERVICES. THE

DECLINE EXPECTED IN THE CURRENT ACCOUNT SURPLUS IN 2008 SHOULD NOT JEOPARDISE

SINGAPORE'S EXCEPTIONAL FINANCIAL SOLIDITY.

UNDERPINNED BY SUBSTANTIAL FISCAL RESERVES AND A LARGE MAJORITY IN PARLIAMENT,

THE PEOPLE'S ACTION PARTY OF PRIME MINISTER LEE HSIEN LOONG HAS SOUGHT AT ONCE

TO MAKE THE CITY-STATE MORE ATTRACTIVE TO FOREIGN INVESTORS AND TO BOLSTER THE

SPECIALISATION IN HIGH-VALUE ADDED SECTORS TO MEET THE GROWING COMPETITION FROM

LOW-COST ASIAN ECONOMIES. BESIDES REDUCTIONS IN CORPORATE INCOME TAX AND TAX

INCENTIVES FOR COMPANIES SETTING UP OPERATIONS IN SINGAPORE, THE GOVERNMENT

CONTINUES TO PURSUE ITS INFRASTRUCTURE AND R&D INVESTMENT POLICY.

ASSETS

·                THE COUNTRY HAS BEEN PURSUING AMBITIOUS DIVERSIFICATION STRATEGY,

       ESPECIALLY TO HIGH VALUE-ADDED SECTORS LIKE CHEMICALS, PHARMACEUTICALS, AND

       FINANCE.

·                IT IS AMONG THE MOST ADVANCED COUNTRIES OF ASIA IN QUALITY               COMPETITIVENESS TERMS.

·                SINGAPORE HAS BECOME A MAJOR EXPORTER OF CAPITAL IN ASIA IN MANY ECONOMIC

       SECTORS -SUCH AS FINANCE, TELECOMMUNICATIONS, TRANSPORT - NOTABLY VIA THE

       STATE-OWNED TEMASEK HOLDING COMPANY

·                THE ECONOMY HAS BENEFITED FROM THE COUNTRY'S POLITICAL STABILITY AND

       EXCELLENT BUSINESS CLIMATE.

WEAKNESSES

·                SKILLED LABOUR IS IN SHORT SUPPLY IN THE SECTORS THE COUNTRY WISHES TO

       DEVELOP.

·                THE AGEING POPULATION COULD ULTIMATELY UNDERMINE ECONOMIC PERFORMANCE.

·                GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE

       LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.

·                THE VERY OPEN ECONOMY IS VULNERABLE TO A WORLD ECONOMIC DOWNTURN.

FINANCIAL SERVICES SECTOR

PAST PERFORMANCE

THE FINANCIAL SERVICES SECTOR ROSE BY A SMALLER 10% IN 2Q 2008, FOLLOWING A 14%

GAIN IN 1Q 2008. GROWTH WAS ACROSS THE BOARD, SUPPORTED BY ROBUST EXPANSIONS IN

BOTH THE DOMESTIC AND OFFSHORE BANKING SEGMENTS. THIS IS REFLECTED IN THE

CONTINUED GROWTH OF COMMERCIAL BANK LOANS AND THE STOCK OF ASSETS/LIABILITIES IN

THE ASIAN DOLLAR MARKET.

NEWS

SINGAPORE BANK EASES RATE

SINGAPORE FELL INTO RECESSION FOR THE FIRST TIME IN SIX YEARS, LEADING THE CITY-

STATE'S CENTRAL BANK TO EASE MONETARY POLICY AND WARN OF MORE STRUGGLE TO COME.

THE SINGAPORE AUTHORITY RELAXED ITS CURRENCY-BASED POLICY ON FRIDAY FOLLOWING

INTEREST RATE CUTS BY CENTRAL BANKS WORLDWIDE LAST WEEK. SINGAPORE'S CENTRAL

BANK USES THE EXCHANGE RATE RATHER THAN THE INTEREST RATE AS ITS CHIEF POLICY

TOOL.

ANALYSTS SAID THE SINGAPORE AUTHORITY'S STEP WAS MILD COMPARED WITH MOVES BY ITS

COUNTERPARTS, AND THE TRADE-DEPENDENT ECONOMY MAY STRUGGLE TO MET EVEN MODEST

ECONOMIC GROWTH TARGETS.

ON A SEASONALLY-ADJUSTED ANNUALISED BASIS, SINGAPORE'S GROSS DOMESTIC PRODUCT

FELL BY 6.3% IN 3Q 2008 FROM 2Q 2008 AFTER DECLINING 5.7% IN 2Q 2008, ACCORDING

TO THE MINISTRY OF TRADE AND INDUSTRY'S ADVANCE ESTIMATE. A DOW JONES NEWSWIRES

POLL OF

ECONOMISTS HAD FORECAST A 0.3% RISE.

THE MONETARY AUTHORITY OF SINGAPORE SAID IT WOULD REDUCE THE SLOPE OF ITS TRADE-

WEIGHTED CURRENCY BAND TO ZERO, BUT LEAVE ITS WIDTH AND MID-POINT UNCHANGED.

OUTLOOK

IN THE FINANCIAL SERVICES INDUSTRY, MAJORITY OF THE BANKS AND FINANCE COMPANIES

FORECAST BUSINESS OUTLOOK TO REMAIN THE SAME FOR THE 2ND HALF OF 2008 OVER THE

1ST HALF OF 2008. BANKS AND FINANCE COMPANIES ARE MORE OPTIMISTIC WHILE STOCK,

SHARE AND BOND BROKERS, FUND MANAGERS AND INSURANCE COMPANIES FORECAST SLOWER

BUSINESS ACTIVITY IN THE COMING MONTHS, MAINLY DUE TO UNCERTAINTY IN THE

INVESTMENT CLIMATE AND GLOBAL ECONOMY.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

                SINGAPORE DEPARTMENT OF STATISTICS

                THE WALL STREET JOURNAL

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.71
UK Pound	1	Rs.72.85
Euro	1	Rs.64.70

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%)

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