MIRA INFORM REPORT

Report Date :

29.07.2008

IDENTIFICATION DETAILS

Name :	^{SAP MEDIA SINGAPORE PTE. LTD.}

Registered Office :	^{76 South Bridge Road #03-00} ^{Merchants Building} ⁰⁵⁸⁷⁰⁶

Country :	Singapore

Financials (as on) :	31.03.2005

Date of Incorporation :	^10.10.2003

Com. Reg. No.:	^200310170K

Legal Form :	^{Pte Ltd}

Line of Business :	Marketing and Agents of Magazines

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 :	Unknown

Litigation :	Clear

Subject Company

SAP MEDIA SINGAPORE PTE. LTD.

Line Of Business

MARKETING AND AGENTS OF MAGAZINES

Parent Company

SAP MEDIA WORLDWIDE LIMITED

(PERCENTAGE OF SHAREHOLDINGS: 100.00%)

Financial Elements

FY 2005

COMPANY

Sales : S$ 282,878

Networth : S$ -300,396

Paid-Up Capital : S$ 10,000

Net result : S$ -270,162

Net Margin(%) : -95.50

Return on Equity(%) : 89.94

Leverage Ratio : -1.34

COMPANY IDENTIFICATION

^{Subject
Company : SAP MEDIA
SINGAPORE PTE. LTD.}

^{Former
Name :
-}

^{Business
Address : 76 SOUTH BRIDGE
ROAD}

^#03-00

^{MERCHANTS BUILDING}

^{Town :
SINGAPORE}

^{Postcode : 058706}

^{Country :
Singapore}

^{Telephone : 6296 7613}

^{Fax :
6438 4886}

^{ROC
Number :
200310170K}

^{Reg.
Town : -}

SUMMARY

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

^{Legal Form :}^{Pte Ltd}

^{Date Inc. :}^10/10/2003

^{Previous Legal Form :}^-

^{Summary year :}^31/03/2005

^{Sales :}^282,878

^{Networth :}^-300,396

^{Capital :
-}

^{Paid-Up Capital :}^10,000

^{Employees : 4}

^{Net result :}^-270,162

^{Share value : 1}

^{Auditor :}^{BSL PUBLIC ACCOUNTING CORPORATION}

^{BASED
ON ACRA'S}

^{NO.
OF SHARES CURRENCY AMOUNT}

^{ISSUED
ORDINARY 10,000 SGD 10,000}

^{PAID-UP
ORDINARY - SGD 10,000}

REFERENCES

^{Litigation : No}

^{Company
status : TRADING}

^{Started
:
10/10/2003}

PRINCIPAL(S)

^{KORA
GANGULY
G5777230T Director}

DIRECTOR(S)

^{KORA
GANGULY
G5777230T Director}

^{Appointed
on : 01/08/2007}

^{Street
: 12 NORRIS ROAD}

^{Town: SINGAPORE}

^{Postcode: 208254}

^{Country: Singapore}

^{TRILOK
KANCHANLAL DESAI
21577683 Director}

^{Appointed
on : 10/10/2003}

^{Street
: 35 B/68 MANISH NAGAR J.P}

^{ROAD ANDHERI (W)}

^{Town: MUMBAI}

^{Postcode: 400058}

^{Country: India}

^{TAN
CHING CHEK
S1397070Z Company Secretary}

^{Appointed
on : 10/10/2003}

^{Street
: 286 YISHUN AVENUE 6}

^#12-100

^{Town: SINGAPORE}

^{Postcode: 760286}

^{Country: Singapore}

^{LO
SWEE OI
S1611477D Company Secretary}

^{Appointed
on : 18/01/2005}

^{Street
: 135 CASHEW ROAD}

^#10-129

^{Town: SINGAPORE}

^{Postcode: 670135}

^{Country: Singapore}

ACTIVITY(IES)

^{MARKETING
CONSULTANTS
Code: 13455}

^{HOLDING
COMPANIES Code: 11320}

^{BASED
ON ACRA'S RECORD}

^{1)
OTHER SUPPORT ACTIVITIES NEC; MARKETING AND AGENTS OF MAGAZINE}

^{2)
OTHER INVESTMENT HOLDING COMPANIES; INVESTMENT HOLDING}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{SAP
MEDIA WORLDWIDE LIMITED
10,000 Company}

^{Street
:
13/D LAXMI INDUSTRIAL ESTATE,}

^{NEW
LINK ROAD}

^{ANDHERI (W)}

^{Town : MUMBAI}

^{Postcode : 400053}

^{Country : India}

HOLDING COMPANY

^{SAP
MEDIA WORLDWIDE LIMITED
UF34965C % : 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade
Morality :
AVERAGE}

^{Liquidity
: UNKNOWN}

^{Payments
: UNKNOWN}

^{Trend
:
UNKNOWN}

^{Financial
Situation : UNKNOWN}

FINANCIAL ELEMENTS

^{Audit
Qualification: GOING CONCERN
QUALIF GOING CONCERN QUALIF}

^{Date
Account Lodged:
20/11/2007}

^{Balance
Sheet Date: 31/03/2005 31/03/2004}

^{Number
of weeks:
52 23}

^{Consolidation
Code: COMPANY COMPANY}

^{--- ASSETS} ^---

^{Tangible
Fixed Assets:
4,201
5,952}

^{Total Fixed Assets: 4,201 5,952}

^{Receivables: 27,927 -}

^{Cash,Banks,
Securitis: 11,946 1}

^{Other
current assets:
58,700
3,610}

^{Total Current Assets: 98,573 3,611}

^{TOTAL ASSETS: 102,774 9,563}

^{---
LIABILITIES} ^---

^{Equity
capital:
10,000
10,000}

^{Profit
& lost Account: -310,396 -40,234}

^{Total Equity: -300,396 -30,234}

^{Trade
Creditors:
376,242
-}

^{Other
Short term Liab.: 16,991 36,549}

^{Prepay.
& Def. charges:
9,937
3,248}

^{Total short term Liab.: 403,170 39,797}

^{TOTAL LIABILITIES: 403,170 39,797}

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

^{Net
Sales 282,878 -}

^{Purchases,Sces
& Other Goods:
139,934
-}

^{Gross
Profit:
142,944
-}

^{NET
RESULT BEFORE TAX:
-270,162
-40,234}

^{Tax
:
-
-}

^{Net
income/loss year:
-270,162
-40,234}

^{Depreciation: 1,751 875}

^{Wages
and Salaries:
3,330
-}

RATIOS

^{31/03/2005 31/03/2004}

^{Turnover
per employee: 70719.50 0.00}

^{Net result / Turnover(%): -0.96 -0.96}

^{Net
Margin(%): -95.50 -95.50}

^{Return
on Equity(%): 89.94 133.08}

^{Return
on Assets(%): -262.87 -420.73}

^{Net
Working capital: -304597.00 -36186.00}

^{Cash
Ratio: 0.03 0.00}

^{Quick
Ratio: 0.10 0.00}

^{Current
ratio: 0.24 0.09}

^{Receivables
Turnover: 35.54 35.54}

^{Leverage
Ratio: -1.34 -1.32}

^{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}

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

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

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

FINANCIAL COMMENTS

^{NOTE: THE FINANCIAL STATEMENT IN THIS REPORT IS THOSE
OF 2005 AND IS} ^{CONSIDERED OUTDATED. HENCE, FINANCIAL ANALYSIS IS NOT
CONDUCTED. THE} ^{FINANCIAL STATEMENT SERVES AS A REFERENCE ONLY. IN REPLACEMENT,} ^{ADVERSE CHECK ON ITS LOCAL DIRECTORS IS MADE.}

^{AUDITOR'S NOTE:}

^{WITHOUT QUALIFYING
OUR OPINION, WE DRAW ATTENTION TO NOTE 2 OF THE} ^{FINANCIAL
STATEMENTS WHICH INDICATES THAT THE COMPANY INCURRED A NET} ^{LOSS OF
$270,162 DURING THE YEAR ENDED 31 MARCH 2005 AND, AS OF THAT} ^{DATE,
THE COMPANY'S TOTAL LIABILITIES EXCEEDED ITS TOTAL ASSETS BY} ^{$300,396.
THE COMPANY'S FINANCIAL STATEMENTS HAVE BEEN PREPARED ON A} ^{GOING
CONCERN BASIS AS THE IMMEDIATE AND ULTIMATE HOLDING COMPANY HAS} ^{GIVEN
WRITTEN CONFIRMATION TO PROVIDE CONTINUED FINANCIAL SUPPORT TO} ^{THE
COMPANY TO MEET ITS OBLIGATIONS AS AND WHEN THEY FALL DUE.}

BACKGROUND/OPERATION

^{THE
COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON} ^{10/10/2003
AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS} ^{PRESENT
NAMESTYLE AS "SAP MEDIA SINGAPORE PTE. LTD.".}

^{THE
COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF} ^{10,000
SHARES, OF A VALUE OF S$10,000.}

^{PRINCIPAL
ACTIVITIES:}

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

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

^{1)
OTHER SUPPORT ACTIVITIES NEC; MARKETING AND AGENTS OF MAGAZINE}

^{2)
OTHER INVESTMENT HOLDING COMPANIES; INVESTMENT HOLDING}

^{THE
COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE} ^{CLASSIFICATION
OF: MAGAZINES - SUBSCRIPTION AGENTS.}

^{DURING
THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL} ^{ACTIVITIES
ARE MARKETING AND AGENTS OF MAGAZINES.}

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

^{BACKGROUND
ON ITS HOLDING COMPANY:}

^{SAP MEDIA
WORLDWIDE LIMITED A PIONEERING INDUSTRY RELATED PUBLICATIONS} ^{COMPANY
CATERING TO INDUSTRY PROFESSIONALS AND END USERS, IS A HIGHLY} ^{DIVERSIFIED
ORGANIZATION PROVIDING AN ENTIRE GAMUT OF MEDIA RELATED} ^{ACTIVITIES
LIKE PUBLISHING MONTHLY MAGAZINES IN VARIOUS INDUSTRY,} ^{ORGANIZING
EXHIBITIONS AND CONFERENCES, INITIATING AWARDS AND BRINGING} ^{OUT
DAILY TABLOID NEWSPAPERS AT ALL THE MAJOR CONFERENCES AND} ^{EXHIBITIONS
IN NATIONAL AND INTERNATIONAL EVENTS.}

^{BUSINESS
ACTIVITIES:}

^{*
INTERNATIONAL AEROSPACE}

^{*
ASIAN PHOTOGRAPHY ASEAN}

^{*
ASIAN PHOTOGRAPHY}

^*
AMBROSIA

^{*
SHOW DAILY}

^{*
EXHIBITION/CONFERENCE}

^{FROM
THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS} ^GATHERED:

^ACTIVITIES:

^{*
PUBLISHING MAGAZINES}

^{NUMBER
OF EMPLOYEES:}

^{*
2008: 4}

^{NO
OTHER TRADE INFORMATION WAS AVAILABLE}

^{THE
IMMEDIATE AND ULTIMATE HOLDING COMPANY IS SAP MEDIA WORLDWIDE}

^{LIMITED,
A COMPANY INCORPORATED IN INDIA.}

^{REGISTERED
ADDRESS:}

^{220
ORCHARD ROAD}

^#05-01

^{MIDPOINT
ORCHARD}

^{SINGAPORE
238852}

^{DATE
OF CHANGE OF ADDRESS: 10/10/2003}

^{BUSINESS
ADDRESS:}

^{76
SOUTH BRIDGE ROAD}

^#03-00

^{MERCHANTS
BUILDING}

^{SINGAPORE
238852}

^{-
RENTED PREMISE}

^{-
PREMISE OWNED BY: MR JULIAN SEBASTIAN LIM HUAT SING}

^{YOUR
PROVIDED CONTACT NUUMBER:}

^6297
4068

^-
INCORRECT

^WEBSITE:

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

^EMAIL:

^{k_ganguly@sapmagazines.com}

^{sappl@bom8.vsnl.net.in}

MANAGEMENT

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

^{1)
TRILOK KANCHANLAL DESAI, AN INDIAN}

^{-
BASED IN INDIA}

^{2)
KORA GANGULY, AN INDIAN}

^{-
BASED IN SINGAPORE}

ADVERSE ON DIRECTORS

^{NOTE:
ADVERSE CHECK CANNOT BE CONDUCTED AS ALL ITS DIRECTORS ARE}

^FOREIGNERS.

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 5.4% IN 4Q 2007, SLOWER THAN THE 9.5% GROWTH IN 3Q 2007. GROW MOMENTUM WAS LED BY CONSTRUCTION AND FINANCIAL SERVICES. FOR THE WHOLE OF 2007, THE ECONOMY GREW BY 7.7%, DOWN FROM 8.2% IN 2006.

THE MANUFACTURING SECTOR ROSE BY 0.2% IN 4Q 2007, SLOWER THAN THE 11.0% IN 3Q 2007. THE SMALL GROWTH WAS ATTRIBUTED TO A 28.0% CONTRACTION IN THE BIOMEDICAL MANUFACTURING SECTOR. ON THE OTHER HAND, ELECTRONICS, CHEMICALS, PRECISION ENGINEERING AND TRANSPORT ENGINEERING SECTOR PERFORMED BETTER. OVERALL, THE MANUFACTURING SECTOR POSTED A 5.8% GROWTH IN 2007, DOWN FROM 12.0% IN 2006.

THE FINANCIAL SERVICES SECTOR ROSE SIGNIFICANTLY BY 16% IN 4Q 2007, FOLLOWING A 20% GROWTH IN THE PREVIOUS QUARTER. MOST SECTORS EXPERIENCE STRONG EXPANSION WITH THE EXCEPTION OF STOCK BROKING AND FUND MANAGEMENT ACTIVITIES WHICH HAVE SLOWED DOWN. OVERALL, THE FINANCIAL SERVICES SECTOR POSTED A 17% GROWTH IN 2007, HIGHER THAN 11.0% IN 2006.

THE CONSTRUCTION SECTOR REGISTERED A STRONG GROWTH. THE SECTOR GREW BY 24%, FOLLOWING 20% GAIN IN 3Q 2007. GROWTH MOMENTUM FOR THE WHOLE YEAR GREW 20%, ITS FASTEST GROWTH SINCE 1996.

THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 6.0% IN 4Q 2007, SLOWER THAN THE 6.8% GROWTH IN 3Q 2007. NON-OIL RE-EXPORTS SAW GROWTH REDUCED FROM 9.0% IN 3Q 2007 TO 7.0% IN 4Q 2007. RETAIL SALES FELL BY 2.5% IN 4Q 2007, FOLLOWING A 1.5% GROWTH IN 3Q 2007. OVERALL, THE WHOLESALE AND RETAIL TRADE SECTOR POSTED A 7.3% GROWTH IN 2007, DOWN FROM 10.0% IN 2006.

THE TRANSPORT AND STORAGE SECTOR ROSE BY 5.4% IN 4Q 2007, FROM 5.0% IN 3Q 2007. HIGHER GROWTH IN THE SEA TRANSPORT SEGMENT WAS OFFSET BY SLOWER GROWTH IN THE AIR TRANSPORT SEGEMENT. OVERALL, THE TRANSPORT AND STORAGE SECTOR POSTED A 5.1% GROWTH IN 2007, UP FROM 4.7% IN 2006.

THE HOTELS AND RESTAURANTS SECTOR GREW BY A SMALLER 2.5% FROM 4.9% IN 3Q 2007. VISITOR ARRIVALS ROSE 5.5% IN 4Q 2007, SIMILAR TO 5.4% RISE IN 3Q 2007. HOWEVER, THE AVERAGE OCCUPANCY RATE OF HOTELS DIPPED TO 86.0% IN 4Q 2007 FROM 88.0% IN 4Q 2006. VISITOR ARRIVALS ROSE 5.4% TO REACH A RECORD OF 10.3 MILLION IN 2007. OVERALL, THE HOTELS AND RESTAURANTS SECTOR POSTED A 4.4% GROWTH IN 2007, DOWN FROM 4.8% IN 2006.

THE INFORMATION AND COMMUNICATIONS SECTOR ROSE 6.1% IN 4Q 2007, SLIGHTLY SLOWER THAN THE 6.6% IN 3Q 2007. BOTH THE TELECOMMUNICATIONS AND IT SERVICES SEGMENTS REMAINED HEALTHY DURING THE QUARTER. FOR THE TELECOMMUNICATIONS SEGMENT, THE GROWTH OF INTERNATIONAL TELEPHONE CALLS DURATION AND NUMBER OF SUBSCRIBERS FOR BOTH MOBILE PHONE SERVICE AND BROADBAND INTERNET REMAINED STRONG. OVERALL, THE INFORMATION AND COMMUNICATIONS SECTOR POSTED A 6.3% GROWTH IN 2007, UP FROM 4.6% IN 2006.

THE BUSINESS SERVICES SECTOR EXPANDED BY 8.7%, HIGHER THAN THE 7.5% GAIN IN 3Q 2007. GROWTH WAS HEALTHY ACROSS ALL SEGMENTS, WITH GOOD PERFORMANCES IN THE BUSINESS REPRESENTATIVE OFFICES AND REAL ESTATE SEGMENTS. OVERALL, THE BUSINESS SERVICES SECTOR POSTED A 7.8% GROWTH IN 2007, UP FROM 6.9% IN 2006.

NEWS

SINGAPORE ECONOMY GROWS 7.2% ON STRONG SHOWING IN MANUFACTURING

SINGAPORE’S ECONOMY TURNED OUT TO BE SURPRISINGLY RESLIENT IN THE FIRST QUARTER, EASILY BEATING MARKET EXPECTATIONS WITH STRONG GROWTH OF 7.2%.

THE ADVANCE ESTIMATES ISSUED BY THE MINISTRY OF TRADE AND INDUSTRY (MTI) REPORTED YESTERDAY WERE A MARKED IMPROVEMENT OVER THE 5.4% POSTED IN THE FINAL QUARTER OF LAST YEAR. EARLIER REPORTS HAD SUGGESTED MARKET EXPECTATIONS OF 5.9% GROWTH. ON A SEASONALLY ADJUSTED ANNUALISED BASIS, THE ECONOMY GREW AT A BREAKNECK RATE OF 16.9% QUARTER-ON-QUARTER. IT SHRANK 4.8% IN 4Q 2007.

HOWEVER, ECONOMISTS DO NOT BELIEVE THE STRONG PERFORMANCE SIGNIFIES AN UPTREND FOR THE REST OF THE YEAR. THEY POINT TO A POTENTIAL RECESSION IN THE UNITED STATES AND RISING GLOBAL INFLATION.

MANUFACTURING AND SERVICES WERE CONTRIBUTORS TO THE BETTER-THAN-EXPECTED FIRST QUARTER GROWTH.

MANUFACTURING IS ESTIMATED TO HAVE EXPANDED BY 13.2% IN THE FIRST QUARTER, COMPARED TO A SMAL 0.2% RISE IN THE PREVIOUS THREE MONTHS. IT WAS ALSO CONSIDERABLY HIGHER THAN THE 3.9% REGISTERED IN 1Q 2007.

THIS WAS LARGELY DUE TO A SURGE IN BIOMEDICAL MANUFACTURING OUTPUT. THE REST OF THE MANUFACTURING CLUSTERS ALSO ENJOYED BETTER PERFORMANCES

WITH THE EXCEPTION OF TRANSPORT ENGINEERING AND PRECISION ENGINEERING CLUSTER WHO ENJOY MODERATE GROWTH.

SERVICES INDUSTRIES GROW 7.6%, SIMILAR TO THE 7.7% IN 4Q 2007 AS WELL AS IN 1Q 2007. FINANCIAL SERVICES CONTINUED TO BE THE FASTEST-GROWING AMONG THE SERVICES SECTORS.

HOWEVER, THE FIGURE FOR THE SLOWING CONSTRUCTION SECTOR WAS LESS ROSY WITH GROWTH SLIPPING TO 14.6% FROM 24.3% IN 4Q 2007.

UNITED OVERSEAS BANK ECONOMIST HO WOEI CHEN SAID THIS WAS DISAPPOINTING,

AFTER THREE QUARTERS OF GROWTH ABOVE 20.0%. BUT SHE STILL EXPECTED THE SECTOR TO CONTRIBUTE TO GROWTH THIS YEAR, ON THE BACK OF INFRASTRCTURE PROJECTS SUCH AS THE INTEGRATED RESORTS AND THE PROPOSED SPORTS HUB IN KALLANG.

ECONOMISTS WERE SURPRISED BY WHAT THEY SAID AMOUNTED TO A CONTRACTION IN THE INDUSTRY BUT THEY REMAINED CONFIDENT THAT GROWTH WAS STILL HEALTHY AND IN LINE WITH THEIR FORECASTS FOR THE YEAR, WHICH RANGED FROM 10.0%

TO 25.0%.

CIMG-GK ECONOMIST SOGN SENG WUN SAID THAT RISING INFLATION, ESPECIALLY FOR FOOD PRICES, WILL BE A MAJOR CONCERN. “PEOPLE ARE FOCUSING ON ISSUES SUCH AS THE RISING PRICE OF RICE AND THIS IS SOMETHING THAT COULD PERSIST FOR THE REST OF THE YEAR”.

NONE OF THE ECONOMISTS INTERVIEWED REVISE FULL-YEAR GROWTH FORECASTS WHICH RANGE FROM 4.7% TO 5.5%. MTI HAS FORECAST A RANGE OF 4.0% TO 6.0% FOR THE YEAR.

OUTLOOK

AFTER THE LAST REVIEW IN NOVEMBER 2007, THE OUTLOOK FOR EXTERNAL DEMAND IN 2008 HAS WORSENED AND THERE ARE INCREASED DOWNSIDE RISKS.

COMPARED TO THE FORECAST THREE MONTHS AGO, THERE IS BROAD CONSENSUS NOW THAT THE US ECONOMY IS ENTERING A SLOWDOWN. THE LENGTH AND SEVERITY OF THE SLOWDOWN REMAINS TO BE SEEN, AND IT WILL AFFECT COUNTRIES WORLDWIDE AND KEY INDUSTRIES.

TAKING INTO ACCOUNT THE RISE IN DOWNSIDE RISKS, THE MINISTRY OF TRADE AND INDUSTRY LOWERED THE ECONOMIC FORECAST FOR THE SINGAPORE ECONOMY TO GROW BY 4.0-6.0% IN 2008, DOWN FROM THE GROWTH FORECAST OF 4.5-6.5% EARLIER.

CURRENT CONDITIONS INDICATE THAT THE US ECONOMY WILL LIKELY ENTER A MILD RECESSION IN THE FIRST HALF BUT ITS STRONG FUNDAMENTALS, COUPLED WITH FISCAL AND MONETARY STIMULUS, WILL ASSIST TO SUPPORT RECOVERY IN THE SECOND HALF. REGIONAL ECONOMIES WILL HAVE MODERATE BUT HEALTHY GROWTH. SINGAPORE’S GDP GROWTH WILL THEN BE IN THE UPPER HALF OF THE FORECAST RANGE. HOWEVER, IF THE US FALLS INTO A MORE SEVERE RECESSION, THE REGION WILL BE MORE SIGNIFICANTLY AFFECTED. THE IMPACT ON THE SINGAPORE ECONOMY WILL ALSO BE STRONGER, PARTICULARLY IN THE SENTIMENT-SENSITIVE AND EXPORT-ORIENTED SECTORS LIKE FINANCIAL SERVICES, WHOLESALE TRADE AND ELECTRONICS. IN THIS ENVIRONMENT, THE SINGAPORE ECONOMY WILL GROW AT A SLOWER PACE, NEARER THE LOWER END OF THE FORECAST RANGE.

IN THE FINANCIAL SERVICES INDUSTRY, A NET WEIGHTED BALANCE OF 19% OF FIRMS, ESPECIALLY INSURANCE COMPANIES AND FIRMS PROVIDING CREDIT CARD SERVICES, REMAINS POSITIVE ABOUT THE BUSINESS OUTLOOK IN THE MONTHS AHEAD.

IN THE REAL ESTATE INDUSTRY, A NET WEIGHTED BALANCE OF 17% OF FIRMS,

EXPECT BUSINESS TO BE BRISK FOR THE COMING MONTHS.

MANUFACTURING FIRMS ARE CAUTIOUS ABOUT BUSINESS CONDITIONS FOR THE PERIOD ENDING JUNE 2008. A NET WEIGHTED BALANCE OF 2% OF MANUFACTURERS FORECAST BETTER BUSINESS, LOWER THAN THE 7% REGISTERED IN THE SAME PERIOD LAST YEAR AND THE 25% RECORDED IN THE PREVIOUS QUARTER.

GENERALLY, WHOLESALERS ARE POSITIVE ABOUT THEIR BUSINESS PROSPECTS IN THE COMING MONTHS, WITH A NET WEIGHTED BALANCE OF 4% OF FIRMS EXPRESSING POSITIVE BUSINESS SENTIMENTS. THE MAJORITY OF WHOLESALERS OF PETROLEUM AND PETROLEUM PRODUCTS, CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL MACHINERY AND EQUIPMENT AND COMPUTERS AND ACCESSORIES FORECAST BUSINESS OUTLOOK TO REMAIN THE SAME IN THE FIRST SIX MONTHS OF 2008 COMPARED WITH THE LAST SIX MONTHS IN 2007.

A NET WEIGHTED BALANCE OF 12% OF RETAILERS PREDICTS LESS FAVOURABLE BUSINESS CONDITIONS FOR THE PERIOD ENDING JUNE 2008. AS A RESULT OF THE REDUCED CERTIFICATE OF ENTITLEMENT (COE) QUOTA, MOTOR VEHICLES RETAILERS ARE ESPECIALLY CONCERNED WITH THE SALES.

IN THE TRANSPORT AND STORAGE INDUSTRY, A NET WEIGHTED BALANCE OF 5% OF FIRMS FORECASTS LESS FAVOURABLE BUSINESS CONDITIONS FOR THE COMING MONTHS.

IN THE SERVICES INDUSTRY, A NET WEIGHTED BALANCE OF 8% OF FIRMS,

EXPECT BUSINESS TO BE BRISK FOR THE COMING MONTHS. THIS IS SMALLER THAN THE 18% REGISTERED IN THE SAME PERIOD LAST YEAR AND THE 23% RECORDED IN THE PREVIOUS QUARTER. HOTELIERS REMAIN BULLISH ON BUSINESS CONDITIONS FOR THE COMING MONTHS, WITH A NET WEIGHTED BALANCE OF 35% OF HOTELIERS EXPECTING THEIR BUSINESSES TO RISE IN ANTICIPATION OF EXPECTED INCREASES IN ROOM RATES AND HIGHER OCCUPANCY RATES. IN THE CATERING TRADE INDUSTRY, A NET WEIGHTED BALANCE OF 27% OF CATERERS ANTICIPATES MORE FAVOURABLE BUSINESS CONDITIONS.

IN THE INFORMATION AND COMMUNICATIONS INDUSTRY, A NET WEIGHTED BALANCE OF 9% OF FIRMS PREDICTS A HIGHER DEMAND FOR THEIR SERVICES, IN PARTICULAR THE NETWORK OPERATORS.

IN THE BUSINESS SERVICES INDUSTRY, AN OVERALL NET WEIGHTED BALANCE OF 19% OF FIRMS EXPECTS POSITIVE SENTIMENTS. THESE INCLUDE ACCOUNTING, BOOK-KEEPING AND AUDITING, RENTING OF CONSTRUCTION AND INDUSTRIAL MACHINERY AND RENTING OF TRANSPORT EQUIPMENT.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

THE STRAITS TIMES

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.42.47
UK Pound	1	Rs.84.00
Euro	1	Rs.66.14

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

MIRA INFORM REPORT

Subject Company

Line Of Business

Parent Company

Financial Elements

COMPANY IDENTIFICATION

SUMMARY

REFERENCES

PRINCIPAL(S)

DIRECTOR(S)

ACTIVITY(IES)

CHARGES

PREMISES/PROPERTY INFORMATIONS

SHAREHOLDERS(S)

HOLDING COMPANY

SUBSIDIARY(IES)

PAYMENT HISTORY AND EXPERIENCES

FINANCIAL ELEMENTS

FINANCIAL COMMENTS

BACKGROUND/OPERATION

MANAGEMENT

ADVERSE ON DIRECTORS

SINGAPORE'S COUNTRY RATING 2007

Unit