MIRA INFORM REPORT

Report Date :

15.12.2011

IDENTIFICATION DETAILS

Name :	Affin Bank Bhd
Registered Office :	Tingkat 12, Menara Affin, No. 80, Jalan Raja Chulan, Kuala Lumpur, 50200
Country :	Malaysia
Financials (as on) :	31.12.2010
Date of Incorporation :	23.10.1975
Legal Form :	Private Subsidiary
Line of Business :	Commercial Banking
No. of Employees :	1000

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Malaysia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Affin Bank Bhd

Tingkat 12, Menara Affin, No. 80, Jalan Raja Chulan, Kuala Lumpur, 50200, Malaysia

Tel: 60-32-0559000

Fax: 60-32-0261415

www.affinbank.com.my

Employees: 1,000

Company Type: Private Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: Affin Holdings Berhad

Incorporation Date: 23-Oct-1975

Auditor: PricewaterhouseCoopers LLP

Financials in:  USD (mil)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Malaysian Ringgit

Annual Sales: 595.2 ¹

Net Income: 118.4

Total Assets: 13,641.6 ²

Business Description

Affin Bank Berhad is a Malaysia-based company. It is principally involved in carrying out the banking and finance related services. The business units of the Company include Business Banking, Consumer Banking, Debt and Capital Markets and Hire Purchase. Consumer Banking provides credit cards, personal loans, mortgages and deposit taking services to individuals. The principal activities of the Bank’s subsidiaries include Islamic banking business, property management services, nominee and trustee services. The Company’s Islamic banking subsidiary, Affin Islamic Bank Berhad (AFFINISLAMIC) is an Islamic bank, which offers a range of Islamic banking products and services encompassing the areas of enterprise and consumer banking. Affin Bank Berhad is a wholly owned subsidiary of Affin Holdings Berhad. For the fiscal year ended 31 December 2010 Affin Bank Bhd's interest income increased 13% to RM1.51B. Net interest income after loan loss provision increased 20% to RM655.6M. Net income increased 20% to RM381.2M. Interest income reflects an increase in interest income and an decrease in interest expense. Net income benefited from lower loan loss provision, higher Islamic banking income, raise in other operating income and lower operating expense.

Industry

Industry Commercial Banks

ANZSIC 2006: 6221 - Banking

NACE 2002: 6512 - Other monetary intermediation

NAICS 2002: 52211 - Commercial Banking

UK SIC 2003: 65121 - Banks

US SIC 1987: 6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name Title

Zulkiflee Abbas bin Abdul Hamid Chief Executive Officer, Managing Director, Non-Independent Executive Director

Kok Sin Ee Chief Financial Officer

Khairom Azlin Sham Mois Vice President, Head of IT Application

Khatimah Mahadi Group Chief Internal Auditor

Nor Rozita Nordin Chief Human Resource Officer

News

Title Date

Hamidy is new chairman of Credit Guarantee Corp
Business Times (Malaysia) (72 Words) 26-Nov-2011

Capital Intelligence maintains Affin Bank's ratings
Aii Data Processing Ltd (102 Words) 2-Nov-2011

14pc of Harvest Court shares traded off mart
Business Times (Malaysia) (53 Words) 19-Oct-2011

Bank stocks rise on talk of higher foreign stake cap
Business Times (Malaysia) (430 Words) 18-Oct-2011

`Partial sale of Lotus will be good for Proton'
Business Times (Malaysia) (797 Words) 13-Oct-2011

1 - Profit & Loss Item Exchange Rate: USD 1 = MYR 3.220637

2 - Balance Sheet Item Exchange Rate: USD 1 = MYR 3.0835

Corporate Overview

Location Tingkat 12, Menara Affin No. 80, Jalan Raja Chulan KUALA LUMPUR, 50200 Malaysia Tel: 60-32-0559000 Fax: 60-32-0261415 www.affinbank.com.my

Sales MYR(mil): 1,917.0 Assets MYR(mil): 42,063.9 Employees: 1,000 Fiscal Year End: 31-Dec-2010 Industry: Commercial Banks

Incorporation Date: 23-Oct-1975 Company Type: Private Subsidiary Quoted Status: Not Quoted Chief Executive Officer, Managing Director, Non-Independent Executive Director: Zulkiflee Abbas bin Abdul Hamid

Industry Codes

ANZSIC 2006 Codes:

6221 - Banking

6230 - Non-Depository Financing

NACE 2002 Codes:

6522 - Other credit granting

6512 - Other monetary intermediation

NAICS 2002 Codes:

52211 - Commercial Banking

522291 - Consumer Lending

US SIC 1987:

6029 - Commercial Banks, Not Elsewhere Classified

6141 - Personal Credit Institutions

UK SIC 2003:

65121 - Banks

6522 - Other credit granting

Business Description

Affin Bank Berhad is a Malaysia-based company. It is principally involved in carrying out the banking and finance related services. The business units of the Company include Business Banking, Consumer Banking, Debt and Capital Markets and Hire Purchase. Consumer Banking provides credit cards, personal loans, mortgages and deposit taking services to individuals. The principal activities of the Bank’s subsidiaries include Islamic banking business, property management services, nominee and trustee services. The Company’s Islamic banking subsidiary, Affin Islamic Bank Berhad (AFFINISLAMIC) is an Islamic bank, which offers a range of Islamic banking products and services encompassing the areas of enterprise and consumer banking. Affin Bank Berhad is a wholly owned subsidiary of Affin Holdings Berhad. For the fiscal year ended 31 December 2010 Affin Bank Bhd's interest income increased 13% to RM1.51B. Net interest income after loan loss provision increased 20% to RM655.6M. Net income increased 20% to RM381.2M. Interest income reflects an increase in interest income and an decrease in interest expense. Net income benefited from lower loan loss provision, higher Islamic banking income, raise in other operating income and lower operating expense.

More Business Descriptions

Banking and the provision of related financial services. Subsidiary companies are involved in the factoring of credit facilities, property management services, and nominee and trustee services

Affin Bank Bhd is primarily engaged in banks and building societies.

Commercial banks and trust companies (accepting deposits) chartered under the National Bank Act.

Financial Data

Financials in: MYR(mil) 1 Year Growth

Revenue: 1,917.0 11.1%

Net Income: 381.2 NA

Assets: 42,063.9 NA

Long Term Debt: 357.6

Total Liabilities: 38,750.9

Date of Financial Data: 31-Dec-2010

Subsidiaries

Company	Percentage Owned	Country
PAB Properties Sdn Bhd	100%	MALAYSIA
ABB Nominee (Tempatan) Sdn Bhd	100%	MALAYSIA
ABB Nominee (Asing) Sdn Bhd	100%	MALAYSIA
AFFIN Islamic Bank Berhad	100%	MALAYSIA

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Bank:	Affin Bank Berhad
Auditor:	Pricewaterhousecoopers, PricewaterhouseCoopers LLP, PricewaterhouseCoopers

Corporate Family
Corporate Structure News:	Affin HoldingsBerhad Affin Bank Bhd
Affin Bank Bhd Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Affin HoldingsBerhad	Parent	Kuala Lumpur	Malaysia	Commercial Banks	678.5	3,580
Affin Bank Bhd	Subsidiary	KUALA LUMPUR	Malaysia	Commercial Banks	595.2	1,000
Affin Islamic Bank BHD	Subsidiary		Malaysia	Commercial Banks

Executives Report

Board of Directors

Name	Title	Function
Ismail Bin Omar	Non-Independent Non-Executive Chairman of the Board	Chairman

Education Royal Military Academy of Sandhurst
Ismail Haji Omar	Chairman	Chairman
Abdul Aziz Abdul Rahman	Independent Non-Executive Director	Director/Board Member
Y. Bhg. Dato' Sri Abdul Aziz Abdul Rahman serves as Independent Non-Executive Director of Affin Bank Bhd. He was appointed to the Board of Directors of AFFINBANK on January 28, 2003. He graduated with a Bachelor of Commerce from University of New South Wales, Sydney, Australia. He is a member of the Malaysian Institute of Certified Public Accountants (MICPA) and the Malaysian Institute of Accountants (MIA). He has served as Chairman and board member of several government institutions, agencies and public listed companies, both in Australia and Malaysia. At the corporate level, he was with Price Waterhouse & Co. Sydney, Malaysia Airlines and Managing Director of Bank Rakyat Berhad before venturing into politics and public service as the Pahang State Assemblyman, State Executive Councillor and Deputy Chief Minister of Pahang. He was a Senator of Malaysian Parliament for a maximum period of two (2) terms. Presently he is a board member of the International Islamic University Malaysia, Universiti Malaysia Pahang and their associated holding companies. Education B , University of New South Wales
Zulkiflee Abbas bin Abdul Hamid	Chief Executive Officer, Managing Director, Non-Independent Executive Director	Director/Board Member
Y. Bhg. Dato' Zulkiflee Abbas bin Abdul Hamid serves as Chief Executive Officer, Managing Director, Non-Independent Executive Director of Affin Bank Bhd. Prior to joining AFFINBANK, Dato' Zulkiflee Abbas was the Chief Credit Officer in one of Malaysia's banks. He also served in various positions there including the board member of its subsidiaries. He graduated with a Masters in Business Administration from the Southern Illinois University. Dato' Zulkiflee Abbas joined AFFINBANK in March 2005 as Director, Enterprise Banking. He was later made the Director of Business before assuming his current position. Education M Business Administration, Southern Illinois University
Mohd Suffian bin Haron	Independent Non-Executive Director	Director/Board Member
Encik Mohd Suffian bin Haron serves as Independent Non-Executive Director of Affin Bank Bhd. He was appointed to the Board of Directors of AFFINBANK on August 15, 2009. He graduated with a Bachelor of Economics from University of Malaya (1970) and holds a Master of Business Administration from University of Oregon in the United States (1976). Current directorships in public companies include, L.K. & Associates Sdn Bhd, Idaman Pharma Manufacturing Sdn Bhd and Polmag Sdn Bhd. Education MBA , University of Oregon B , University of Malaya
Abdul Malek bin Jallaludin	Independent Non-Executive Director	Director/Board Member
Y.M. Dr. Raja Abdul Malek bin Jallaludin serves as Independent Non-Executive Director of Affin Bank Bhd. He was appointed to the Board of Directors of AFFINBANK on January 29, 1991. He graduated as a doctor from the University of Malaya in 1972 and, early in his career, worked at the General Hospital, Kuala Lumpur and the Faculty of Medicine, UKM. In late 1975, he went into private medical practice and became a senior partner of Drs. Catteral, Khoo, Raja Malek & Partners until 2003 when he resigned from the firm. Professionally he is experienced and had served in various peer and academic activities. Amongst others, he had been a clinical tutor in the Faculty of Medicine, UMMC; been a member of the Ethical Committee of the Malaysian Medical Council, MOH; was the Chairman of Council, Academy of Family Physicians, Malaysia and had also held consultancy position as Medical Director for Parke Davis-Warner Lambert, an American pharmaceutical firm. He is currently the Director of Medical & Scientific Affairs for HOE Pharmaceutical/ Diversified Healthcare Services Sdn Bhd. His other directorship in public companies include ABB Trustee Berhad. He is also a member of the Advisory Panel of StemLife Berhad. Education , University of Malaya
Lodin Bin Wok Kamaruddin	Independent Non-Executive Director	Director/Board Member
Y. Bhg. Tan Sri Dato' Lodin Bin Wok Kamaruddin serves as Independent Non-Executive Director of Affin Bank Bhd. He was re-appointed to the Board of Directors of AFFINBANK on October 4, 2010. He was appointed as the Managing Director of Affin Holdings Berhad in February 1991 and redesignated as Deputy Chairman on July 1, 2008. He has business and management experience pursuant to his various positions held in Lembaga Tabung Angkatan Tentera ("LTAT") Group of Companies. He is the Chief Executive of LTAT and the Deputy Chairman/ Group Managing Director of Boustead Holdings Berhad. Prior to joining LTAT, he was the General Manager of Perbadanan Kemajuan Bukit Fraser for 9 years. He is also the Chairman of Boustead Heavy Industries Corporation Berhad, Boustead Naval Shipyard Sdn Bhd, Boustead Petroleum Marketing Sdn Bhd, Boustead REIT Managers Sdn Bhd, Johan Ceramics Berhad and 1Malaysia Development Berhad and also sits on the Boards of UAC Berhad, The University of Nottingham in Malaysia Sdn Bhd, Minority Shareholder Watchdog Group, Atlas Hall Sdn Bhd, AFFIN ISLAMIC, Affin Investment Bank Berhad and AXA Affin Life Insurance Berhad. He graduated from the University of Toledo, Ohio, USA with a Bachelor of Business Administration and a Master of Business Administration Degree. Education MBA , University of Toledo BBA , University of Toledo
Mohd Suffian bin Hj Haron	Independent Non-Executive Director	Director/Board Member
Razman Mohammed Hashim	Director	Director/Board Member
Eric Koh Thong Hau	Director	Director/Board Member
Abdul Malek Raja Jallaludin	Independent Non-Executive Director	Director/Board Member
Lodin bin Wok Kamaruddin	Director	Director/Board Member
Lee Chee Kuon	Director	Director/Board Member
Stephen Charles Li	Director	Director/Board Member
Kwok-Sing Li	Non-Independent Non-Executive Director	Director/Board Member
Mr. Li (Aubrey) Kwok-Sing serves as Non-Independent Non-Executive Director of Affin Bank Bhd. He was appointed to the Board of Directors of AFFINBANK on March 17, 2008. He is a Director of The Bank of East Asia Limited and Chairman of MCL Partners Limited. He is also a Director of Caf de Coral Holdings Limited, China Everbright International Limited, CNPC (Hong Kong) Limited, Kowloon Development Co. Ltd, Pokfulam Development Company Limited, Atlantis Investment Management (Ireland) Limited and Dalton Capital (Guernsey) Limited.
Ahmad Ramli Moh Nor	Director	Director/Board Member
Abdul Aziz Abdu Rahman	Director	Director/Board Member

Executives

Name	Title	Function
Zulkiflee Abbas bin Abdul Hamid	Chief Executive Officer, Managing Director, Non-Independent Executive Director	Chief Executive Officer
Y. Bhg. Dato' Zulkiflee Abbas bin Abdul Hamid serves as Chief Executive Officer, Managing Director, Non-Independent Executive Director of Affin Bank Bhd. Prior to joining AFFINBANK, Dato' Zulkiflee Abbas was the Chief Credit Officer in one of Malaysia's banks. He also served in various positions there including the board member of its subsidiaries. He graduated with a Masters in Business Administration from the Southern Illinois University. Dato' Zulkiflee Abbas joined AFFINBANK in March 2005 as Director, Enterprise Banking. He was later made the Director of Business before assuming his current position. M Business Administration, Southern Illinois University
Zulkiflee Abbas Hamid	Chief Executive Officer & Executive Director-Banking	Chief Executive Officer
Kamarul Ariffin Jamil	Chief Executive Officer-AFFIN Islamic Bank	Chief Executive Officer
Shariffudin Mohamad	Executive Director - Operations	Chief Executive Officer
Mr. Shariffudin Mohamad serves as Executive Director - Operations of Affin Bank Bhd. He was promoted to Executive Director - Operations effective November 1, 2009. He was previously the Director, Operations. Shariffudin joined AFFINBANK in August 2007. He has 25 years local and overseas experience in banking. His hands-on experience covers Branch Operations, Trade Finance, Corporate Banking, Corporate Relationship Management, Credit Operations, Cash Management and Securities Services. His last position was Head, Project Management Services (Technology & Operations) in a foreign bank and its local outsourcing subsidiary. He graduated from Southern Illinois University, USA with a Degree in Finance and a Masters in Business Administration. Education M Business Administration, Southern Illinois University Finance, Southern Illinois University
Khatimah Mahadi	Group Chief Internal Auditor	Division Head Executive
Ms. Khatimah Mahadi serves as Group Chief Internal Auditor of Affin Bank Bhd. She has 28 years of experience in Internal Auditing including 21 years in financial services with Citibank Berhad, a development bank and a finance company. In addition, she also had a stint with a local bank, Lembaga Pasaran dan Perlesenan Getah and Auditing/Consulting Firm Hanafiah, Raslan & Mohamad. She was also the Director of Compliance and Country Internal Audit Head when she was with Citibank Berhad.
Kamarul Ariffin Mohd Jamil	Chief Executive Officer - AFFIN Islamic Bank	Division Head Executive
Mr. Kamarul Ariffin Mohd Jamil serves as Chief Executive Officer - AFFIN Islamic Bank of Affin Bank Bhd. He graduated from the University of Cambridge in 1992 with a Bachelor of Arts (Economics). He joined AFFINBANK in 2003 as Head, Corporate Strategy Division. In 2005, he was appointed as Head, Islamic Banking Division and with the incorporation of AFFIN Islamic Bank as a standalone subsidiary in 2006, he is currently the Chief Executive Officer. Prior to AFFINBANK, Kamarul held various positions at Pengurusan Danaharta Nasional Berhad namely Head of Managing Director's Office and Special Assistant to Managing Director between 1999 and 2003. Kamarul also did a stint in Trenergy Malaysia Berhad and Shell Malaysia Trading Sdn Bhd in various capacities including business development, planning and Special Assistant to the Managing Director of Trenergy Malaysia Berhad. Education BA Economics, University of Cambridge
Nimma Safira Khalid	Co-Company Secretary	Company Secretary
Azizah Shukor	Co-Company Secretary	Company Secretary
Kok Sin Ee	Chief Financial Officer	Finance Executive
Mr. Ee Kok Sin serves as Chief Financial Officer of Affin Bank Bhd. He began his career in 1982 as a Trainee Accountant with a firm of Chartered Accountants in London. He has experience in auditing, treasury functions, financial accounting, financial management and information technology. Prior to his appointment at AFFINBANK, he was the General Manager, Finance & Services of Pengurusan Danaharta Nasional Berhad. He is a Fellow Member of the Association of the Chartered Certified Accountants (FCCA) and a member of The Malaysian Institute of Certified Public Accountants (MICPA) and Malaysian Institute of Accountants (MIA).
Ramanathan	Head Of Finance	Finance Executive
Kok Toon Tan	Director - Treasury	Treasurer
Mr. Tan Kok Toon serves as Director - Treasury of Affin Bank Bhd. He completed his Bachelor of Science (Hons) in Mathematics from Universiti Malaya in 1987. He joined AFFINBANK as Head of Treasury in October 2004 and is responsible for managing all aspects of Treasury Division. He is currently the Honorary Secretary of Persatuan Pasaran Kewangan Malaysia (Association Cambiste Internationale) and Chair to the Seminar and Education Committee. Prior to AFFINBANK, he worked in one of the banks in Malaysia. For more than 18 years, he worked in various capacities of Treasury operations, served as Treasury Manager with the New York branch of the bank and was Treasury Business Advisor to turnaround a business project in the Philippines. Education BS Mathematics, Universiti Malaya
Tan Kok Toon	Director-Treasury	Treasurer
Anini	Human Resource Manager	Human Resources Executive
Richard Kong Mu Choy	Chief Human Resources Officer	Human Resources Executive
Krishna	Head Of Human Resource	Human Resources Executive
Nor Rozita Nordin	Chief Human Resource Officer	Human Resources Executive
Khairom Azlin Sham Mois	Vice President, Head of IT Application	Information Executive
Azlan Rashid	Head of Information Technology	Information Executive
Idris Abdul Hamid	Head of Hire Purchase	Purchasing Executive
Idris Abd. Hamid	Director - Consumer Banking	Other
Mr. Idris Abd. Hamid serves as Director - Consumer Banking of Affin Bank Bhd. He has over 30 years of experience in the banking and finance industry. His career with AFFINBANK began in 1994 when he was the General Manager for AFFIN Finance Berhad and he was later made Deputy Chief Executive Officer for AFFIN-ACF Finance Berhad from 2000 to 2005. Prior to joining AFFINBANK, Idris held various positions at Arab-Malaysian Finance (currently known as AmBank) from 1984 to 1994 as Branch Manager, Assistant Manager Corporate Loans and Head of Consumer Loans Division. He graduated from the University of Northern Colorado and Southern Illinois University, USA with Masters in Business Administration and Bachelor of Science in Finance respectively. Education M Business Administration, University of Northern Colorado BS Finance, Southern Illinois University
Aziz Bin Abdul Rahman Abdul	Director	Other
Amirudin Abdul Halim	Director - Business Banking	Other
Mr. Amirudin Abdul Halim serves as Director - Business Banking of Affin Bank Bhd. He joined Affin Bank Bhd as Director, Business Banking in July 2009. Prior to Affin Bank, Amirudin was at Malayan Banking Berhad (Maybank) for more than 21 years where he gained banking experience in Branch Operations, Credit Control, Business Banking, Retail Marketing, Consumer Banking and Corporate Services. He has served in several senior strategic roles at Maybank, including Deputy Head, Business Banking Division where he was also responsible for the growth and operations of the bank's Business and Trade Finance Centres throughout Malaysia. Amirudin was also previously the Deputy Chief Executive Officer of Mayban Fortis Berhad (a member of the Maybank Group of Companies) and Head, Mortgage & Automobile Financing. In this latter role, Maybank received The Asian Banker's "Excellence in Retail Financial Services for Automobile Lending" in 2007. Amirudin graduated with a Bachelor of Arts degree in Finance from St. Louis University, United States of America in 1986. Since then, he has attended several senior executive management-development programmes from various universities in the United States, namely Stamford University in 2008, Wharton Business School in 2005, Washington University in 1999 and from Asian Institute of Management, Philippines in 1995. Education BA Finance, St. Louis University
Ramli Bin Hj Mohd Nor Ahmad	Director	Other
Kasinathan T. Kasipillai	Group Chief Risk Officer	Other
Mr. Kasinathan T. Kasipillai serves as Group Chief Risk Officer of Affin Bank Bhd. Kasinathan holds a Masters in Business Administration from the University of Bath, UK and is a Certified Risk Professional awarded by Bank Administration Institute, Chicago, USA. He is also an Associate Fellow of Institute of Bankers Malaysia. This is in recognition of his pioneering work in developing the Certified Credit Professional (CCP) certification. He continues to serve as an active member of CCP Examination Committee to this day. He has over 30 years of local and overseas banking experience particularly in the area of Risk Management. He comes from a foreign bank background having earlier worked in the risk function of that bank in a number of countries including London, Singapore, Hong Kong, Mumbai and Jakarta. Education M Business Administration, University of Bath
Nazlee Khalifa	Other	Other
Mr. Nazlee Khalifah serves as Chief Corporate Strategist of Affin Bank Bhd. Prior to his appointment as Chief Corporate Strategist, Nazlee served for 2 years as Head, Business Strategy & Support , Business Banking Division. Before joining AFFINBANK in February 2009, Nazlee was employed in Maybank for 17 years in various capacity especially in Strategic Management. He holds a Bachelor of Business Administration majoring in both Accounting and Finance from Simon Fraser University, Vancouver, Canada. Education BBA Finance and Accounting, Simon Fraser University
Mohamad Aslam Khan	Chief Recovery Specialist	Other
Y. Bhg. Dato' Mohamad Aslam Khan serves as Chief Recovery Specialist of Affin Bank Bhd. He holds a Bachelor's Degree in Business Administration with honours. He joined AFFINBANK in 1996 as the General Manager of Commercial Banking Division and was later appointed the Head of Special Asset Management. He has held various positions domestically and internationally both in the business and business support divisions. Dato' Aslam has over 35 years of banking experience. Prior to AFFINBANK, he held various positions at Maybank for 21 years. His last position there was the General Manager of Maybank in New York. He also had a five-year stint with the former Oriental Bank as the General Manager, Enterprise Banking Division.
Thong Hau Koh	Director	Other
Abdul Malek Bin Raja Jallaludin Raja	Director	Other

Hamidy is new chairman of Credit Guarantee Corp

Business Times (Malaysia): 26 November 2011
[What follows is the full text of the news story.]

KUALA LUMPUR: Credit Guarantee Corp Malaysia Bhd (CGC) has appointed Datuk Seri Abdul Hamidy Abdul Hafiz as its new chairman effective November 22.

Hamidy has vast experience in the commercial and finance banking, investment banking and Islamic banking, Credit Guarantee Corp said in a statement yesterday.

Formerly managing director and chief executive officer of Affin Bank Bhd, Hamidy is currently chairman of Corporate Debt Restructuring Committee (CDRC) and Danajamin Nasional Bhd.

Aii Data Processing Ltd: 02 November 2011
[What follows is the full text of the news story.]

(SeeNews) Nov 2, 2011 - Capital Intelligence has affirmed the BB+/B long- and short-term foreign currency ratings as well as 3 support rating of Malaysia'sAffin Bank Berhad (KUL:AFFIN).

The agency also maintained the BB+ financial strength rating on the bank.

The financial strength rating and foreign currency rating bear "stable" outlooks.

The ratings are supported by the bank's sound liquidity, good capital adequacy level and adequate cost control.

These rating positives are somewhat offset by its small size relative to peers, below-average loan-loss reserve coverage ratio and weakening operating profitability, the service added.

Rating agency website: www.ciratings.com

Business Times (Malaysia): 19 October 2011
[What follows is the full text of the news story.]

SOME 14 per cent of Harvest Court Industries Bhd's shares were traded off market at 20 sen a piece in a deal valued at RM4.9 million. Meanwhile, Harvest told the stock exchange that its managing director Ng Swee Kiat plans to buy Harvest shares and warrants held by Affin Bank Bhd.

Bank stocks rise on talk of higher foreign stake cap

Business Times (Malaysia): 18 October 2011
[What follows is the full text of the news story.]

KUALA LUMPUR: Banking stocks rose yesterday on talk that Bank Negara Malaysia (BNM) may raise the foreign ownership cap in commercial banks.

It is believed that the central bank will include the measure in its Financial Sector Masterplan (FMSP), which is due to be unveiled by year-end.

Among the sectoral movers, Maybank rose by 30 sen to RM8.32. Affin Bank up 4 sen to RM2.96, CIMB edged up 6 sen to RM7.36, AMMB 1 rose sen to RM5.97, BIMB grew 6 sen to RM2.07, Public Bank gained 2 sen to RM12.52 and Alliance Banking Group inched up 2 sen to RM3.42.

Analysts said in preparation for the FSMP, the central bank has been in talks with the banking sector, compiling feedback on what steps are needed to further liberalise the financial sector.

The last time such liberalisation took place was in 2009 when the government raised foreign equity limits from 49 per cent to 70 per cent of investment banks, Islamic banks, insurance companies and takaful operators.

The limit for commercial banks, however, remained at 30 per cent.

The rationale behind the move was to enhance the growth of financial institutions through the involvement of the global network of foreign shareholders.

Analysts, however, said it may not be wise to raise the cap on foreign shareholding, given the current global economic downturn.

"Even if BNM wants to do so, it has to be on a gradual or staggered time frame," said an analyst.

In a statement to Bernama, the National Union of Bank Employees (NUBE) expressed its concern over the matter, saying that the move has to be studied carefully.

Its secretary-general, J. Solomon, said with what is going on in Europe and its banks, any liberalisation in Asia may attract the European banks' interest for all the wrong reasons.

"Malaysia should not allow itself to be used by foreign banks for their own interests."

He said in drawing up the second financial sector masterplan, BNM should recognise the direction of the global economy and have the foresight to chart what is right for the economy and society.

Prime Minister Datuk Seri Najib Razak had in March said Malaysia was ready to relax its bank ownership rules and allow for foreign ownership of local financial institutions to go above 30 per cent.

AmBank and Affin Holdings are among Malaysian lenders with foreign shareholders.

The Australian and New Zealand Banking Group holds 24 per cent of AmBank and the same equity is being held by Hong Kong'sBank of East Asia in Affin Holdings.

`Partial sale of Lotus will be good for Proton'

Business Times (Malaysia): 13 October 2011
[What follows is the full text of the news story.]

KUALA LUMPUR: A partial sale of Group Lotus is "more than okay" to help finance the British sports carmaker's expensive turnaround and branding plans, analysts said yesterday.

Lotus, the British sports car of Proton, was instrumental in the national carmaker's earnings decline in the first quarter ended June 30 2011.

For the quarter in question, Proton posted a 94.6 per cent year-on-year drop in net profit to RM4.55 million compared with RM84.68 million a year earlier.

The decline in earnings was due to higher expenses incurred by Lotus Group International Ltd in the rebuilding of its brand and restructuring costs. The latter reportedly posted a net loss of STG14 million (RM69 million) for the last quarter.

With this in mind, analysts said that money from a new investor will be handy as Proton will need a few billion ringgit to pay for the subsidiary's product development, motorsport sponsorships and other activities over the next few years.

"It will be a wise move for Proton if a new investor can bring in the much-needed money ...," said a director at a foreign research house.

He was commenting on an Autosport report that Luxembourg-based Genii Capital had held advanced talks with Proton on taking a management and financial interest in Lotus.

"Proton faces a huge bill to revive Lotus, raising concerns that this will wipe out its cash pile and be a major drag on its earnings in the coming years," the director added.

In an August report, OSK Research noted that there was a risk of further cash depletion at Proton, as its net cash had dropped to RM649 million compared with RM907 million in the previous quarter.

Meanwhile, Lotus chief executive officer Dany Bahar did not deny the Autosport report outright.

"I can only say this: When we made the announcement about our involvement in Lotus Renault GP, we made it clear that this was the start of a close relationship and this journey continues," he was quoted as saying by Autocar UK, a sister publication of Autosport.

In April, Bloomberg had cited Bahar as saying that Lotus should break even in 2014.

Also, in April, Lotus Cars Ltd secured US$270 million (RM856 million) in financing for its turnaround plan through a syndicated loan involving CIMB Bank Bhd, Malayan Banking Bhd, Oversea-Chinese Banking Corp Ltd, Export-Import Bank of Malaysia Bhd, Affin Bank Bhd and EON Bank Bhd.

Investors generally stayed on the sidelines, awaiting clarity from the national carmaker, as Proton shares closed unchanged at RM2.64 apiece yesterday.

After the close of trading, Proton informed the stock exchange that the report on the Lotus sale was untrue and "highly" speculative.

"Proton's relationship with Group Lotus is as good as it has ever been. Through this positive synergy, our priority now is to ensure that the Lotus Business Turnaround Plan is executed according to schedule and that both parties are committed to its success," it said in a statement.

Proton and Lotus have reached a juncture whereby the market is eagerly waiting for Lotus' new products.

"Furthermore, the scope of Lotus' involvement in F1 as title sponsor to Lotus-Renault GP is to create dynamic marketing and branding synergies," it added.

Still, some analysts believe selling a portion of Lotus, at a maximum 49 per cent, would be a logical step to bring in fresh capital injection into the company. The valuation must reflect the years of support, capital injections and loan guarantees extended by Proton.

Lotus became title sponsor of the Genii-owned Renault F1 Team late last year, leading to the F1 outfit racing in black and gold livery that recalls the Team Lotus of old.

Both parties signed a seven-year sponsorship deal, with Lotus having the option to take over 50 per cent stake in the team at some point in time.

Lotus is 100 per cent-owned by Proton and is currently in the second year of a STG480 million (RM2.4 billion) five-year turnaround plan.

Meanwhile, analysts who went to Proton's interim results briefing late last month said the management had told that the Lotus turnaround plan was on track.

"The turnaround for Lotus is expected to take four to five years following the launch of its five new models sometime in 2014. These new five models will have 50 per cent common parts, with some up to 75 per cent.

"Lotus is currently developing its own V8 engine for the upcoming five models," OSK Research wrote in a report recently.

Increasingly, China has become a key market for Lotus with 150 and 114 units of the Evora and Evora GTEs having been sold.

Half of Lotus' planned volume delivery is now dedicated to the Chinese market, with volume commitments totaling 1,200 units to be delivered by June 2013, OSK said.

Pakistani High Commissioner in Malaysia appeals donations for flood affectees

Balochistan Times (Pakistan): 21 September 2011
[What follows is the full text of the news story.]

ISLAMABAD, September 22, 2011 (Balochistan Times): High Commissioner for Pakistan in Malaysia, Masood Khalid has called on the Pakistani community as well as NGOs in Malaysia to come forward and contribute in cash or kind to the relief efforts for the floods affectees in Pakistan.

According to a press release received from Malaysia here Wednesday, the High Commissioner said Pakistan had been hit by massive floods for the second consecutive year with some areas in Sindh seeing the worst rainfall since 1936.This has resulted in a serious humanitarian crisis which is not possible to tackle without the help and support of the international community, particularly the Pakistani diaspora settled in different parts of the world, including Malaysia.

He said this during a media briefing held at the High Commission to apprise the Malaysian media of the scale of damage caused by the floods and the nature of relief aid required for the affectees. He told the media that due to enormity of the disaster and limited resources available with the government of Pakistan, the UN Office of the Coordinator for Humanitarian Affairs (UNOCHA) had also launched a flash, appeal, based on their preliminary assessment, of US$ 357 million.

Masood Khalid informed the media that despite the initial forecast for the 2011 monsoon rains in Pakistan remaining 10 per cent below the normal rainfall, the province of Sindh had received unprecedented rainfall during the month of August.

These rains have caused flash floods and devastation throughout the province with major damage done to life and property in the districts of Badin, Khairpur, Shaheed Benazirabad, Mirpur Khas, Tando Muhammad Khan, Matiari, Tando Allahyar, Umerkot, Thatta Shahdad Kot and Tharparkar, he said. He said that so for as many as 352 people had been killed by the floods which had ravaged all 23 districts of Sindh and the flood water was now heading towards Balochistan.

According to latest information, the floods in Sindh province have caused damage to an area of 7.9 million acres (3.2 million hectares), destroying most of the crops while the estimated number of flood affected people in Sindh as of today stands at 8 million, he went on to add.

He further mentioned that more than 80,000 livestock had also been washed away by flood waters while crops like cotton, banana, dates, chilli and sugarcane on 2.8 million (1.1 million hectares) acres had been destroyed or affected. To a question, Masood Khalid said floods had also fully damaged 539,899 houses while another 848,412 houses had suffered partial damage.

He said the Pakistan High Commission in Malaysia in response to the appeal for international assistance and to receive donations from Pakistani diaspora, had opened Flood Relief Account 2011 (Account No. 20-002-065872-4) at AFFIN Bank.I would urge the Pakistani community based in Malaysia to come forward and assist their brethren back home at this hour of need, he said. To a question, the High Commissioner said relief goods for the flood victims could also be sent to Pakistan through PIA free of transportation costs.

He said some of the necessary items required by the flood victims included blankets, mosquito nets, mosquito repellent oil, Jerry cans, water coolers, plastic sheets, buckets, hygiene/sanitation tablets, water purification tablets (aqua-tabs), water purification units and mineral water bottles.

Pakistan High Commission for helping flood victims in Sindh

Frontier Star (Pakistan): 14 September 2011
[What follows is the full text of the news story.]

KUALA LUMPUR, September 15, 2011 (Frontier Star): Pakistan High Commission in Malaysia has appealed to the Pakistani community in Malaysia to come forward and be part of government efforts to provide relief to more than five million people rendered homeless by devastating floods in the Sindh province.

In a statement here Wednesday the High Commissioner for Pakistan in Malaysia, Mr. Masood Khalid said it was a difficult time for the people of Pakistan as unprecedented monsoon rains had caused a massive damage in Sindh, destroying 223,138 houses and badly affecting 650,950 acres of farmland so far. "The situation is likely to get worse if the people do not come forward and join the government in providing relief, food and shelter to the flood victims," he added.

The High Commissioner said most of the damage had been caused in districts of Badin, Khairpur, Shaheed Benazirabad, Mirpur Khas, Tando Muhammad Khan, Tando Allahyar, Umerkot, Thatta, K. Shahdad Kot and Tharparkar. "The government of Pakistan is making all-out efforts to provide necessary relief to the flood victims but its resources are falling short of a growing need for more blankets, mosquito nets, mosquito repellent oil, jerry cans, water coolers, plastic sheets, buckets, hygiene/sanitation tablets, water purification tablets, water purification units and mineral water bottles needed for the flood victims," he said.

He urged the Pakistanis living in Malaysia to display a spirit of generosity and help their flood-stricken brethren in this hour of need. He said the people could donate food and relief goods or directly deposit their donations in a special Flood Relief Account 20-002-065872-4 opened with Affin Bank by the High Commission for Pakistan in Malaysia. The donations can be deposited in any branch of Affin Bank, he added.

Pakistan High Commission in Malaysia urges Pakistanis to help flood victims in Sindh

Frontier Star (Pakistan): 14 September 2011
[What follows is the full text of the news story.]

ISLAMABAD, September 15, 2011 (Frontier Star): Pakistan High Commission in Malaysia has appealed to the Pakistani community in Malaysia to come forward and be part of government efforts to provide relief to more than five million people rendered homeless by devastating floods in the Sindh province. In a statement received here on Wednesday, the High Commissioner for Pakistan in Malaysia, Masood Khalid said that it was a difficult time for the people of Pakistan.

He said that unprecedented monsoon rains had caused a massive damage in Sindh, destroying 223,138 houses and badly affecting 650,950 acres of farmland so far.

The situation is likely to get worse if the people do not come forward and join the government in providing relief, food and shelter to the flood victims, he added.

He said that most of the damage had been caused in districts of Badin, Khairpur, Shaheed Benazirabad, Mirpur Khas, Tando Muhammad Khan, Tando Allahyar, Umerkot, Thatta, K. Shahdad Kot and Tharparkar.

The government of Pakistan is making all-out efforts to provide necessary relief to the flood victims but its resources are falling short of a growing need for more blankets, mosquito nets, mosquito repellent oil, jerry cans, water coolers, plastic sheets, buckets, hygiene/sanitation tablets, water purification tablets, water purification units and mineral water bottles needed for the flood victims, he said.

He urged the Pakistanis living in Malaysia to display a spirit of generosity and help their flood-stricken brethren in this hour of need.

He said the people could donate food and relief goods or directly deposit their donations in a special Flood Relief Account 20-002-065872-4 opened with Affin Bank by the High

Commission for Pakistan in Malaysia.

The donations can be deposited in any branch of Affin Bank, he added.

SOP announces guarantee for loan

Business Times (Malaysia): 14 September 2011
[What follows is the full text of the news story.]

SARAWAK Oil Palms Bhd (SOP) has announced the execution of its corporate guarantee for a term loan of RM54 million and revolving credit facility of RM5 million. The banking facilities, it told Bursa Malaysia, was in favour of Affin Bank Bhd and granted to SOP's subsidiary, SOP Pelita Batu Lintang Plantation Sdn Bhd.

Disbarred lawyer faces 10 counts of money laundering

New Straits Time (Malaysia): 19 August 2011
[What follows is the full text of the news story.]

KUALA LUMPUR: A senior lawyer yesterday not only failed in his appeal against his disbarment but had to face 10 charges of money laundering amounting to RM2.14 million at the Sessions Court here yesterday.

Judge Abang Iskandar Abang Hashim upheld the Bar Council disciplinary board's March 23 decision to disbar R. Arunachalam, 65, from Arun & Co, and set aside his appeal.

Arunachalam is alleged to have committed the offences at the Affin Bank and Maybank branches at Jalan Bunus, off Jalan Masjid India, here between Oct 15 and Nov 18, 2009.

Deputy public prosecutor Mohd Farez Rahman proposed bail at RM200,000 due to the seriousness of the offence.

Defence counsel Kamarul Hisham Kamaruddin pleaded for RM10,000 bail because his client had already paid a RM100,000 bail on a separate charge for criminal breach of trust, which is being heard in the same court, and had every reason to attend court proceedings for the money laundering charges as well.

Kamarul explained that his client's bank accounts had been frozen since last year when he was charged with criminal breach of trust and would find it difficult to raise the necessary bail.

He added that his client was a person of high standing in the legal fraternity with 30 years' experience and would attend proceedings to clear his name.

Sessions Court judge Che Mohamad Zulkifly Jusoh set bail at RM60,000 with one surety and fixed Sept 8 for mention. This is to enable the prosecution to apply to the court for a joint trial of the breach of trust and money laundering charges.

The accused posted bail through his wife.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	MYR	MYR
Exchange Rate (Period Average)	3.220637	3.52323
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified
Interest & Fees on Loans	469.4	380.6
Interest Income, Bank	469.4	380.6
Interest on Other Borrowings	236.2	171.7
Total Interest Expense	236.2	171.7
Net Interest Income	233.2	208.9
Loan Loss Provision	29.6	53.2
Net Interest Income after Loan Loss Provision	203.6	155.7
Other Revenue	125.8	109.2
Non-Interest Income, Bank	125.8	109.2
Other Unusual Expense	-2.5	-0.4
Other Expense	-164.8	-143.8
Non-Interest Expense, Bank	-167.3	-144.1
Income Before Tax	162.0	120.7
Total Income Tax	43.7	30.5
Income After Tax	118.4	90.2
Net Income Before Extraord Items	118.4	90.2
Net Income	118.4	90.2
Income Available to Common Excl Extraord Items	118.4	90.2
Income Available to Common Incl Extraord Items	118.4	90.2
Diluted Net Income	118.4	90.2
Depreciation, Supplemental	6.2	6.3
Total Special Items	2.5	0.4
Normalized Income Before Tax	164.5	121.1
Effect of Special Items on Income Taxes	0.7	0.1
Inc Tax Ex Impact of Sp Items	44.3	30.6
Normalized Income After Tax	120.2	90.5
Normalized Inc. Avail to Com.	120.2	90.5
Amort of Intangibles, Supplemental	5.1	5.8
Bank Total Revenue	595.2	489.8

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	MYR	MYR
Exchange Rate	3.0835	3.424
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified
Cash & Due from Banks	2,798.6	1,791.1
Other Short Term Investments	32.2	9.1
Securities Held	188.4	184.4
Securities for Sale	1,870.0	1,643.5
Total Investment Securities	2,058.4	1,827.9
Other Earning Assets, Total	2,090.6	1,837.1
Net Loans	8,423.8	6,422.1
Property/Plant/Equipment - Net	55.4	54.8
Intangibles, Net	50.1	48.5
Deferred Income Tax - Long Term Asset	1.4	16.0
Other Long Term Assets, Total	1.4	16.0
Other Assets	221.7	227.1
Other Assets, Total	221.7	227.1
Total Assets	13,641.6	10,396.8
Accrued Expenses	35.7	27.5
Interest Bearing Deposits	10,003.3	7,722.1
Total Deposits	10,003.3	7,722.1
Other Bearing Liabilities	2,142.2	1,467.2
Other Bearing Liabilities, Total	2,142.2	1,467.2
Income Taxes Payable	0.0	0.8
Other Current liabilities, Total	0.0	0.8
Long Term Debt	116.0	99.8
Total Long Term Debt	116.0	99.8
Total Debt	116.0	99.8
Deferred Income Tax - LT Liability	8.1	0.0
Deferred Income Tax	8.1	0.0
Other Liabilities	261.9	212.9
Other Liabilities, Total	261.9	212.9
Total Liabilities	12,567.2	9,530.3
Common Stock	466.8	420.4
Common Stock	466.8	420.4
Retained Earnings (Accumulated Deficit)	607.7	446.2
Total Equity	1,074.4	866.5
Total Liabilities & Shareholders’ Equity	13,641.6	10,396.8
Shares Outstanding - Common Stock Primary Issue	1,439.3	1,439.3
Total Common Shares Outstanding	1,439.3	1,439.3

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	MYR	MYR
Exchange Rate (Period Average)	3.220637	3.52323
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified
Net Income/Starting Line	162.0	120.7
Depreciation	6.2	6.2
Depreciation/Depletion	6.2	6.2
Amortization of Intangibles	5.1	5.8
Amortization	5.1	5.8
Unusual Items	42.6	-11.3
Other Non-Cash Items	34.5	95.6
Non-Cash Items	77.2	84.2
Other Assets	-1,275.0	-627.6
Payable/Accrued	4.9	-11.9
Other Liabilities	1,858.7	752.0
Other Operating Cash Flow	-44.1	-40.8
Investment Securities, Gains/Losses	-52.3	-41.2
Changes in Working Capital	492.2	30.5
Cash from Operating Activities	742.8	247.4
Purchase of Fixed Assets	-3.0	-4.1
Purchase/Acquisition of Intangibles	-0.3	-0.2
Capital Expenditures	-3.3	-4.4
Sale of Fixed Assets	8.5	19.5
Sale/Maturity of Investment	41.9	37.2
Investment, Net	11.2	-366.6
Other Investing Cash Flow Items, Total	61.6	-309.9
Cash from Investing Activities	58.3	-314.3
Cash Dividends Paid - Common	-34.5	-27.1
Total Cash Dividends Paid	-34.5	-27.1
Long Term Debt Issued	0.0	85.1
Long Term Debt Reduction	0.0	-141.9
Long Term Debt, Net	0.0	-56.8
Issuance (Retirement) of Debt, Net	0.0	-56.8
Cash from Financing Activities	-34.5	-83.8
Foreign Exchange Effects	8.6	-3.8
Net Change in Cash	775.2	-154.5
Net Cash - Beginning Balance	1,904.2	1,895.2
Net Cash - Ending Balance	2,679.5	1,740.7

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	-	-	595.2	11.09%	-	-
Income Available to Common Excl Extraord Items1	-	-	118.4	19.98%	-	-
Capital Expenditures2	-	-	3.3	-30.56%	-	-
Cash from Operating Activities2	-	-	742.8	174.43%	-	-
Free Cash Flow	-	-	772.3	178.10%	-	-
Total Assets3	-	-	13,641.6	18.16%	-	-
Total Liabilities3	-	-	12,567.2	18.75%	-	-
Total Long Term Debt3	-	-	116.0	4.65%	-	-
Total Common Shares Outstanding3	-	-	1,439.3	0.00%	-	-
1-ExchangeRate: MYR to USD Average for Period	Â	Â	3.220637	Â	Â	Â
2-ExchangeRate: MYR to USD Average for Period	Â	Â	3.220637	Â	Â	Â
3-ExchangeRate: MYR to USD Period End Date	Â	Â	3.083500	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2010	31-Dec-2009
Interest Income, Bank1	469.4	380.6
Total Interest Expense1	236.2	171.7
Loan Loss Provision1	29.6	53.2
Cash & Due from Banks3	2,798.6	1,791.1
Total Deposits3	10,003.3	7,722.1
1-ExchangeRate: MYR to USD Average for Period	3.220637	3.523230
3-ExchangeRate: MYR to USD Period End Date	3.083500	3.424000

Key Ratios
Â	31-Dec-2010	31-Dec-2009
Profitability
Pretax Margin	34.52%	31.70%
Net Profit Margin	25.22%	23.69%
Financial Strength
Long Term Debt/Equity	0.11	0.12
Total Debt/Equity	0.11	0.12
Management Effectiveness
Return on Assets	0.98%	-
Return on Equity	12.14%	-
Efficiency
Receivables Turnover	0.08	-
Asset Turnover	0.05	-

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009
Financial Strength
Long Term Debt/Equity	0.11	0.12
Total Debt/Equity	0.11	0.12
Long Term Debt/Total Capital	0.10	0.10
Total Debt/Total Capital	0.10	0.10
Effective Tax Rate	26.95%	25.26%
Total Capital1	1,190.4	966.3
Efficiency
Asset Turnover	0.05	-
Receivables Turnover	0.08	-
Days Receivables Outstanding	4,566.30	-
Profitability
Pretax Margin	34.52%	31.70%
Net Profit Margin	25.22%	23.69%
Management Effectiveness
Return on Assets	0.98%	-
Return on Equity	12.14%	-
Valuation
Free Cash Flow/Share2	0.54	0.17
Operating Cash Flow/Share 2	0.54	0.18
1-ExchangeRate: MYR to USD Period End Date	3.0835	3.424
2-ExchangeRate: MYR to USD Average for Period	3.0835	3.424

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	MYR	MYR
Exchange Rate (Period Average)	3.220637	3.52323
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified
Interest & Fees on Loans	469.4	380.6
Interest Income, Bank	469.4	380.6
Interest on Other Borrowings	236.2	171.7
Total Interest Expense	236.2	171.7
Net Interest Income	233.2	208.9
Loan Loss Provision	29.6	53.2
Net Interest Income after Loan Loss Provision	203.6	155.7
Other Revenue	125.8	109.2
Non-Interest Income, Bank	125.8	109.2
Other Unusual Expense	-2.5	-0.4
Other Expense	-164.8	-143.8
Non-Interest Expense, Bank	-167.3	-144.1
Income Before Tax	162.0	120.7
Total Income Tax	43.7	30.5
Income After Tax	118.4	90.2
Net Income Before Extraord Items	118.4	90.2
Net Income	118.4	90.2
Income Available to Common Excl Extraord Items	118.4	90.2
Income Available to Common Incl Extraord Items	118.4	90.2
Diluted Net Income	118.4	90.2
Depreciation, Supplemental	6.2	6.3
Total Special Items	2.5	0.4
Normalized Income Before Tax	164.5	121.1
Effect of Special Items on Income Taxes	0.7	0.1
Inc Tax Ex Impact of Sp Items	44.3	30.6
Normalized Income After Tax	120.2	90.5
Normalized Inc. Avail to Com.	120.2	90.5
Amort of Intangibles, Supplemental	5.1	5.8
Bank Total Revenue	595.2	489.8

Annual Balance

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	MYR	MYR
Exchange Rate	3.0835	3.424
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified
Cash & Due from Banks	2,798.6	1,791.1
Other Short Term Investments	32.2	9.1
Securities Held	188.4	184.4
Securities for Sale	1,870.0	1,643.5
Total Investment Securities	2,058.4	1,827.9
Other Earning Assets, Total	2,090.6	1,837.1
Net Loans	8,423.8	6,422.1
Property/Plant/Equipment - Net	55.4	54.8
Intangibles, Net	50.1	48.5
Deferred Income Tax - Long Term Asset	1.4	16.0
Other Long Term Assets, Total	1.4	16.0
Other Assets	221.7	227.1
Other Assets, Total	221.7	227.1
Total Assets	13,641.6	10,396.8
Accrued Expenses	35.7	27.5
Interest Bearing Deposits	10,003.3	7,722.1
Total Deposits	10,003.3	7,722.1
Other Bearing Liabilities	2,142.2	1,467.2
Other Bearing Liabilities, Total	2,142.2	1,467.2
Income Taxes Payable	0.0	0.8
Other Current liabilities, Total	0.0	0.8
Long Term Debt	116.0	99.8
Total Long Term Debt	116.0	99.8
Total Debt	116.0	99.8
Deferred Income Tax - LT Liability	8.1	0.0
Deferred Income Tax	8.1	0.0
Other Liabilities	261.9	212.9
Other Liabilities, Total	261.9	212.9
Total Liabilities	12,567.2	9,530.3
Common Stock	466.8	420.4
Common Stock	466.8	420.4
Retained Earnings (Accumulated Deficit)	607.7	446.2
Total Equity	1,074.4	866.5
Total Liabilities & Shareholders’ Equity	13,641.6	10,396.8
Shares Outstanding - Common Stock Primary Issue	1,439.3	1,439.3
Total Common Shares Outstanding	1,439.3	1,439.3

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	MYR	MYR
Exchange Rate (Period Average)	3.220637	3.52323
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified
Net Income/Starting Line	162.0	120.7
Depreciation	6.2	6.2
Depreciation/Depletion	6.2	6.2
Amortization of Intangibles	5.1	5.8
Amortization	5.1	5.8
Unusual Items	42.6	-11.3
Other Non-Cash Items	34.5	95.6
Non-Cash Items	77.2	84.2
Other Assets	-1,275.0	-627.6
Payable/Accrued	4.9	-11.9
Other Liabilities	1,858.7	752.0
Other Operating Cash Flow	-44.1	-40.8
Investment Securities, Gains/Losses	-52.3	-41.2
Changes in Working Capital	492.2	30.5
Cash from Operating Activities	742.8	247.4
Purchase of Fixed Assets	-3.0	-4.1
Purchase/Acquisition of Intangibles	-0.3	-0.2
Capital Expenditures	-3.3	-4.4
Sale of Fixed Assets	8.5	19.5
Sale/Maturity of Investment	41.9	37.2
Investment, Net	11.2	-366.6
Other Investing Cash Flow Items, Total	61.6	-309.9
Cash from Investing Activities	58.3	-314.3
Cash Dividends Paid - Common	-34.5	-27.1
Total Cash Dividends Paid	-34.5	-27.1
Long Term Debt Issued	0.0	85.1
Long Term Debt Reduction	0.0	-141.9
Long Term Debt, Net	0.0	-56.8
Issuance (Retirement) of Debt, Net	0.0	-56.8
Cash from Financing Activities	-34.5	-83.8
Foreign Exchange Effects	8.6	-3.8
Net Change in Cash	775.2	-154.5
Net Cash - Beginning Balance	1,904.2	1,895.2
Net Cash - Ending Balance	2,679.5	1,740.7

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.58
UK Pound	1	Rs.82.97
Euro	1	Rs.69.89

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	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
----	NB	New Business	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.