MIRA INFORM REPORT

Report Date :

07.05.2008

IDENTIFICATION DETAILS

Name :	LASER PRINTING INDUSTRIES PTE LTD

Registered Office :	^{111 Kallang Way 2} ³⁴⁹¹⁴³

Country :	Singapore

Date of Incorporation :	^30.04.1985

Com. Reg. No.:	^198500990C

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{Publishing Activities.}

RATING & COMMENTS

MIRA’s Rating :

B

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 :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

LASER PRINTING INDUSTRIES PTE LTD

Line Of Business

^{PUBLISHING
ACTIVITIES.}

Parent Company

N/A

Financial Elements

Sales : N/A

Networth : N/A

Paid-Up Capital : S$2,000,000

Net result : N/A

Net Margin(%) : N/A

Return on Equity(%) : N/A

Leverage Ratio : N/A

COMPANY IDENTIFICATION

^{Subject
Company : LASER PRINTING INDUSTRIES PTE LTD}

^{Former
Name : -}

^{Business
Address : 111 KALLANG WAY 2}

^{Town : SINGAPORE}

^{Postcode : 349143}

^{County :}

^{Country : Singapore}

^{Telephone : 6746 6111}

^{Fax : 6746 6388}

^{ROC
Number : 198500990C}

^{Reg.
Town :}

SUMMARY

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

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

^{Date Inc. :}^30/04/1985

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :}^-

^{Networth : -}

^{Capital :
-}

^{Paid-Up Capital :
2,000,000}

^{Employees : 70}

^{Net result :}^-

^{Share value : -}

^{Auditor :}^{S. LEE & COMPANY}

^{BASED
ON ACRA'S RECORD}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED
ORDINARY 2,000,000 SGD 2,000,000.00}

^{PAID-UP
ORDINARY - SGD 2,000,000.00}

REFERENCES

^{Litigation : No}

^{Company
status : TRADING}

^{Started
:
30/04/1985}

PRINCIPAL(S)

^{LEE
FON HIAN
S0585719H Director}

DIRECTOR(S)

^{LEE
FON HIAN
S0585719H Director}

^{Appointed
on : 30/04/1985}

^{Street
: 21A ST. PATRICK'S ROAD}

^{Town: SINGAPORE}

^{Postcode: 424143}

^{Country: Singapore}

^{QUAH
POH KENG
S1535692H Director}

^{Appointed
on : 30/04/1985}

^{Street
: 66 GOODMAN ROAD}

^{Town: SINGAPORE}

^{Postcode: 439029}

^{Country: Singapore}

^{SHIEN
TIAM HWEE
S1543131H Director}

^{Appointed
on : 30/04/1985}

^{Street
: 97 MARINE PARADE}

^#09-01

^{MARINE
VIEW MANSION}

^{Town: SINGAPORE}

^{Postcode: 449273}

^{Country: Singapore}

^{CHUA
LEE SAN
S0137143F Company Secretary}

^{Appointed
on : 31/12/2007}

^{Street
: 22 SHAMAH TERRACE}

^{Town: SINGAPORE}

^{Postcode: 597574}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{LEE
HOI CHENG
S0103618A}

^{LEE
YEE PAU
S7539827A}

ACTIVITY(IES)

^{LABEL
STOCK - ADHESIVE Code:12600}

^{PRINTERS-CONTINUOUS
And INDIVIDUAL FORM Code:17545}

^{BASED
ON ACRA'S RECORD}

^{1)
PUBLISHING ACTIVITIES;}

^{PRINTING,
PUBLISHING & ALLIED INDUSTRIES}

CHARGES

^{Date: 12/09/2005}

^{Comments
: CHARGE NO: C200505469 (DISCHARGED -
17/09/2007)}

^{SECURED:
0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
MALAYAN BANKING BHD}

^{Date: 03/11/1998}

^{Comments
: CHARGE NO: 199805570}

^{SECURED:
0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
OVERSEAS UNION BANK LIMITED}

^{Date: 10/02/1998}

^{Comments
: CHARGE NO: 199800727 (DISCHARGED)}

^{SECURED:
0.00 AND ALL MONIES OWING}

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

^{Date: 24/03/1997}

^{Comments
: CHARGE NO: 199701731 (DISCHARGED)}

^{SECURED:
0.00 AND ALL MONIES OWING}

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

^{Date: 20/01/1996}

^{Comments
: CHARGE NO: 9600378}

^{SECURED:
0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
OVERSEAS UNION BANK LIMITED}

^{Date: 17/06/1996}

^{Comments
: CHARGE NO: 9603400}

^{SECURED:
0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
OVERSEAS UNION BANK LIMITED}

^{Date: 01/08/2002}

^{Comments
: CHARGE NO: 200203389}

^{SECURED:
0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
BANGKOK BANK PUBLIC CO LTD}

PREMISES/PROPERTY INFORMATIONS

^{Date: 27/11/2007}

^{Estimated
Value : Tax rate: 10}

^{Site
Address : 111 KALLANG WAY 2}

^{Town: SINGAPORE}

^County:

^{Postcode: 349143}

^{Country: Singapore}

^{Annual
Value: 107,000}

* TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

* TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR FULLY RENTED OUT BY THE OWNER/OWNED BY COMPANY.

* FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT, THE TAX RATE IS 10% (I.E INDUSTRIAL AND COMMERCIAL PROPERTY).

* 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.

BANKERS

^{OVERSEAS
UNION BANK LIMITED}

^{OVERSEA-CHINESE
BANKING CORPORATION LIMITED}

^{BANGKOK
BANK PUBLIC COMPANY LIMITED}

SHAREHOLDERS(S)

^{LEE
FON HIAN
600,000 Private Person}

^{Street
: 21A ST. PATRICK'S ROAD}

^{Town: SINGAPORE}

^{Postcode: 424143}

^{Country: Singapore}

^{QUAH
POH KENG
1,100,000 Private Person}

^{Street
: 66 GOODMAN ROAD}

^{Town: SINGAPORE}

^{Postcode: 439029}

^{Country: Singapore}

^{SHIEN
TIAM HWEE
300,000 Private Person}

^{Street
: 97 MARINE PARADE}

^#09-01

^{MARINE
VIEW MANSION}

^{Town: SINGAPORE}

^{Postcode: 449273}

^{Country: Singapore}

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} ^{30/04/1985
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS PRESENT
NAMESTYLE AS "LASER PRINTING INDUSTRIES PTE LTD".}

^{THE
COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF} ^{2,000,000
SHARES, OF A VALUE OF S$2,000,000.}

^{PRINCIPAL
ACTIVITIES:}

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

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

^{(1) PUBLISHING ACTIVITIES ; PRINTING, PUBLISHING
& ALLIED INDUSTRIES}

^{(2) PRINTING OF CONTINUOUS AND FAN-FOLD FORMS}

^{THE
COMPANY WAS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE} ^{CLASSIFICATION
OF: LABEL STOCK - ADHESIVE}

^{FROM
THE RESEARCH DONE, SUBJECT SPECIALISES IN PRODUCTS SUCH AS} ^{SELF-ADHESIVE
LABELS, STICKERS, BARCODE LABELS, ETC.}

^PRODUCTS:

^{* PRODUCT IDENTIFICATION LABELS}

^{* COMPUTER IMPRINTABLE LABELS}

^{* SECURITY AND VOIDABLE LABELS}

^{* COMPUTER PUNCHED LABELS}

^{* THERMAL TRANSFER LABELS}

^{* LAMINATING ADHESIVE}

^{* BAR CODE LABEL}

^{* TEAR RESISTANCE TAG}

^{* DOME/CRYSTAL DROP NAMEPLATE}

^{* POLYCARBONATE FILMS}

^{* CLEANROOM LABEL}

^{* POLYIMIDE FILM TAPE AND LABEL}

^{* FOAM AND RUBBER}

^{* CAR DECAL}

^SERVICES:

^{* PRINTING TECHNOLOGY}

^{* PRECISION DIE-CUTTING TECHNOLOGY}

^BRANDS:

^{* 3M, FASSON, NITTO, SONY, VALERON, LINTEC,
RAFLATAC & FLEXCON}

^{BUSINESS
PARTNERS:}

^{* 3M}

^{* AVERY DENNISON}

^{* RAFLATAC (S) PTE LTD}

^{* YENOM LABEL MATERIALS (S) PTE LTD}

^{* NITTO DENKO (S) PTE LTD}

^{* SONY CHEMICALS (S) PTE LTD}

^CLIENTS:

^{ELECTRONICS
& COMPUTER INDUSTRIES}

^{* MATSUSHITA ELECTRIC MOTOR (S) PTE LTD}

^{* SANYO AIRCONDITIONERS MFG (S) PTE LTD}

^{* SEAGATE TECHNOLOGY INT'L}

^{* SINGAPORE TECHNOLOGIES (ST)}

^{* SONY INTERNATIONAL (S) LTD}

^{* TERAOKA WEIGHT-SYSTEM PTE LTD}

^{* VENTURE MANUFACTURING (S) LTD}

^{* NIDEC SINGAPORE PTE LTD}

^{* NMB SINGAPORE LTD}

^{* SHIN-ETSU (M) SDN BHD}

^{* FLEXTRONICS SINGAPORE PTE LTD}

^{METAL
STAMPING & PLASTIC MOULDING}

^{* AMTEK ENGINEERING}

^{* METALFORM PTE LTD}

^{* SEKSUN CORPORATION LTD}

^{* FIRST ENGINEERING PLASTIC}

^{* RAYCO TECHNOLOGIES PTE LTD}

^{* MMI HOLDINGS LTD}

^{LOCAL
MULTI-NATIONAL COMPANIES}

^{* EXXONMOBIL ASIA PACIFIC}

^{* SAMSONITE (S) PTE LTD}

^{* SINGAPORE AIRLINES (SIA)}

^{* SINGAPORE POST LTD}

^{* SINGAPORE NATIONAL PRINTERS}

^{* CHAN BROTHERS}

^{MARKET
COVERAGE:}

^{* MALAYSIA}

^{* THAILAND}

^{* HONG KONG}

^{* CHINA}

^{* USA}

^{* VIETNAM}

^{* SWEDEN}

^{* INDONESIA}

^{* INDIA}

^{* UK}

^{QUALITY
ASSESSMENT:}

^{* ISO9001}

^{* ISO14001}

^AWARDS:

^{* PREFERRED CONVERTER PROGRAM FOR OUTSTANDING
SALES PERFORMANCE}

^{BY
3M (2003, 2002)}

^{* OUTSTANDING PERFORMANCE BY 3M (1999)}

^{* CERTIFICATION OF APPRECIATION BY 3M (2003,
2002, 1999)}

^{* APPRECIATION OF VALUABLE CONTRIBUTIONS BY
SEAGATE (2002, 2001,}

^2000,
1999)

^{SUBJECT
WAS A MEMBER OF THE FOLLOWING ENTITIES:}

^{* UL (UNDERWRITER LABORATORIES)}

^{* CSA (CANADIAN STANDARDS ASSOCIATION)}

^{NO
OTHER TRADE INFORMATION WAS AVAILABLE AS TELE-INTERVIEW WAS NOT} ^{GRANTED BY
SUBJECT'S PERSONNEL}

^{NUMBER
OF EMPLOYEES:}

^{* 2007 - 70}

^{REGISTERED
AND BUSINESS ADDRESS:}

^{111
KALLANG WAY 2}

^{SINGAPORE
349143}

^{DATE
OF CHANGE OF ADDRESS: 01/06/1997}

^{-
OWNED PREMISE}

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

^{EMAIL:
lasersin@singnet.com.sg}

MANAGEMENT

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

^{1)
LEE FON HIAN, A SINGAPOREAN}

^{-
HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{INTEGRAL
CONVERTERS PTE LTD}

^{2)
QUAH POH KENG, A SINGAPOREAN}

^{-
HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{YAN
SAN METALS PTE LTD}

^{INTEGRAL
CONVERTERS PTE LTD}

^{3)
SHIEN TIAM HWEE, A SINGAPOREAN}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S
NAME: LEE FON HIAN}

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

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL
VALUE: S$12,600}

^{CO-OWNER
(S): GOH WHATT WHA}

^{DIRECTOR'S
NAME: QUAH POH KENG}

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

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL
VALUE: S$34,800}

^{CO-OWNER
(S): SHIEN YENG LENG}

^{DIRECTOR'S
NAME: SHIEN TIAM HWEE}

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

^{PROPERTY
OWNERSHIP: 1}

^{ANNUAL
VALUE: S$20,400}

^{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.

SERVICES SECTOR

PAST PERFORMANCE

WITH STRONG ECONOMIC FUNDAMENTALS AND BROAD-BASED GROWTH IN 2007, THE BUSINESS SERVICES SECTOR GREW AT ITS STRONGEST PACE IN THE PAST DECADE. DESPITE THE UNCERTAINTY IN GLOBAL FINANCIAL MARKETS, THE SECTOR GREW STRONGLY BY 8.7% IN 4Q 2007, UP FROM 7.5% IN 3Q 2007. THIS BROUGHT FULL-YEAR GROWTH TO 7.8% IN 2007, UP FROM THE 6.9% GROWTH IN 2006.

DUE TO SINGAPORE’S ATTRACTIVENESS AS A VIBRANT REGIONAL BUSINESS HUB, BUSINESS REPRESENTATIVE OFFICE ACTIVITIES ROSE BY 7.8% IN 2007. PROFESSIONAL SERVICES ALSO RECORDED HEALTHY GROWTH. NOTEWORTHY IS THE ARCHITECTURAL AND ENGINEERING SERVICES SEGMENT WHICH GREW BY 7.0%, ON THE BACK OF STRONG CONSTRUCTION ACTIVITIES IN 2007.

THE STAR PERFORMER OF THE SECTOR WAS THE REAL ESTATE SEGMENT WHICH REGISTERED FULL YEAR EXPANSION OF 8.0%. IN A YEAR CHARACTERISED BY RECORD LEVELS OF TRANSACTION ACTIVITY AND LAUNCHES IN THE PRIVATE RESIDENTIAL MARKET SURGED BY 31.0%, EXCEEDING 2006’S 10.0% INCREASE SUBSTANTIALLY. GROWTH HAS SPREAD OUT TO THE MASS MARKET SEGMENT WHICH SAW MORE UNCOMPLETED UNITS SOLD IN THE OUTSIDE CENTRAL REGION COMPARED TO THE CORE CENTRAL REGION (INCLUDING DISTRICTS 9, 10, 11, DOWNTOWN CORE AND SENTOSA). IN TOTAL, 2007’S TRANSACTIONS HAVE EXCEEDED 2006’S LEVELS BY 60.0%.

IN THE OFFICE MARKET, OCCUPANCY RATES HOVERED ABOVE 93.0%, THE HIGHEST LEVEL SINCE 3Q 1995. REFLECTING RISING OFFICE DEMAND COUPLED WITH TIGHT SHORT-TERM SUPPLY, RENTS IN THE CENTRAL REGION ROSE BY 56.0%, UP FROM 30.0% IN 2006. SHOP RENTALS IN THE CENTRAL REGION ALSO ROSE BY 18.0% COMPARED WITH 5.6% IN 2006, WHILE VACANCY RATES CONTINUED TO INCH DOWNWARDS FROM 7.7% IN 2006 TO 7.2%. DUE TO STRONG DEMAND FOR INDUSTRIAL SPACE, INDUSTRIAL RENTS SOARED 32.O% IN 2007, OVERSHADOWING THE 4.2% GAIN IN 2006. VACANCY RATES FELL FURTHER FROM 9.3% IN 2006 TO 8.2%, THE LOWEST LEVEL SINCE 1Q 1988.

NEWS

GENTING’S GAMBLE – CASINO DEVELOPER BORROWS S$4.2 BILLION TO FUND BUILDING OF INTEGRATED RESORT

GENTING INTERNATIONAL, A UNIT OF ASIA’S BIGGEST GAMING OPERATOR BY MARKET VALUE, BORROWED AS MUCH AS S$4.2 BILLION TO FUND THE BUILDING OF ITS CASINO RESORT IN SINGAPORE, MORE THAN DOUBLE ITS OUTSTANDING DEBT.

THE COMPANY’S FUNDING WILL HELP IT TO COMPETE WITH THE LAS VEGAS SANDS AS BOTH RACE TO OPEN THE FIRST CASINO RESORT HERE IN ABOUT TWO YEARS. THE TWO GAMING DEVELOPMENTS WILL HAVE SINGAPORE’S CASINO MARKET FOR AT LEAST 10 YEARS BEFORE THE GOVERNMENT OPENS UP THE INDUSTRY TO FURTHER COMPETITION. THE DEVELOPMENT WILL INCLUDE SOUTH-EAST ASIA’S FIRST UNIVERSAL STUDIOS THEME PARK.

THE MALL AND GAMING RESORTS ARE PART OF SINGAPORE’S EFFORTS TO TRIPLE TOURISM

REVENUE TO S$30 BILLION BY 2015. THE REPUBLIC ENDED A FOUR DECADE CASINO BAN IN 2005.

THE SINGAPORE RESORTS AIM TO CAPTURE A SLICE OF THE REGULATED GAMBLING MARKET IN THE ASIA-PACIFIC REGION, EXPECTED TO RISE 16.0% A YEAR TO US$30.3 BILLION IN 2011.

OUTLOOK

IN GENERAL, A NET WEIGHTED BALANCE OF 8.0% OF FIRMS IN THE SERVICES SECTOR FORECASTS POSITIVE BUSINESS SENTIMENTS FOR THE MONTHS ENDING JUNE 2008 COMPARED WITH THE PREVIOUS SIX MONTHS. THIS IS SMALLER THAN THE 18% REGISTERED AT THE SAME

JUNCTURE IN 2007 AND 23.0% RECORDED FOR THE PERIOD FROM OCTOBER 2007 TO MARCH 2008 IN THE PREVIOUS QUARTER’S SURVEY.

HOTELIERS FORSEES A ROBUST BUSINESS OUTLOOK WITH A NET WEIGHTED BALANCE OF 35.0% OF FIRMS EXPECTING BETTER BUSINESS IN ANTICIPATION OF INCREASE IN ROOM RATES AS WELL AS HIGHER OCCUPANCY RATES. SIMILARLY, FOR THE CATERING TRADE INDUSTRY, A NET WEIGHTED BALANCE OF 27.0% OF FIRMS, ESPECIALLY FOOD CATERERS, FORECASTS BRISK BUSINESS IN THE COMING MONTHS.

FOR THE BUSINESS SERVICES INDUSTRY, AN OVERALL NET WEIGHTED BALANCE OF 19.0% OF FIRMS PREDICTS BETTER BUSINESS IN THE COMING MONTHS. THESE INCLUDE FIRMS ENGAGED IN THE RENTING OF TRANSPORT EQUIPMENT, RENTING OF CONSTRUCTION AND INDUSTRIAL MACHINERY AND ACCOUNTING, BOOK-KEEPING AND AUDITING 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.	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