MIRA INFORM REPORT

Report Date :

12.03.2011

IDENTIFICATION DETAILS

Name :	MAP EQUIPMENTS

Registered Office :	1 North Bridge Road #18-01 High Street Centre Singapore 179094

Country :	Singapore

Date of Incorporation :	18.02.1993

Com. Reg. No.:	48017000B

Legal Form :	Sole Proprietor

Line of Business :	Trading of Electrical and Electronic Components

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 389,000
Status :	Small Concern
Payment Behaviour :	Unknown
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Singapore

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

Subject Company

MAP EQUIPMENTS

Line Of Business

TRADING OF ELECTRICAL AND ELECTRONIC COMPONENTS

Parent Company : -

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : -

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

Subject Company :	MAP EQUIPMENTS
Business Address:	1 NORTH BRIDGE ROAD #18-01 HIGH STREET CENTRE
Town:	SINGAPORE
Postcode:	179094
Country:	Singapore
Telephone:	6337 7647
Fax:	6337 7850
ROC Number:	48017000B
Easy Number company:	00005814955724

SUMMARY

Legal Form:	Sole Proprietor
Date Inc.:	18/02/1993
Summary year :
All amounts in this report are in :	SGD
Sales:
Capital:
Paid-Up Capital:
Employees:	4
Net result :
Share value:

REFERENCES

Credit Opinion:

CREDIT LINE TO A MAXIMUM OF USD389,000 CAN BE CONSIDERED

Litigation:	No
Company status :	TRADING
Started :	15/02/1993

PRINCIPAL(S)

PRASHANT JASWANTLAL GHELANI

S7276091C

Manager

DIRECTOR(S)

PRASHANT JASWANTLAL GHELANI	S7276091C	Manager
Appointed on :	01/04/2003
Street :	57 SIMEI RISE #08-56 SAVANNAH CONDOPARK
Town:	SINGAPORE
Postcode:	528792
Country:	Singapore

ACTIVITY(IES)

Activity Code:

13260

MACHINERY

BASED ON ACRA'S RECORD

1) WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT

2) WHOLESALE OF MEDICAL, PROFESSIONAL, SCIENTIFIC AND PRECISION

   EQUIPMENT

SHAREHOLDERS(S)

ASIAN CARATS PTE LTD

Company

Street :	1 NORTH BRIDGE ROAD #18-01 HIGH STREET CENTRE
Town:	SINGAPORE
Postcode:	179094
Country:	Singapore

FORMER SHAREHOLDER(S)

NARENDRA S/O AMRITLAL

HITESH S/O AMRIT LAL

SONAL N TIMBADIA

ASHA HITESH TIMBADIA

PRASHANT JASWANTLAL GHELANI

PAYMENT HISTORY AND EXPERIENCES

Trade Morality:	AVERAGE
Liquidity :	UNKNOWN
Payments :	UNKNOWN
Trend :	UNKNOWN
Financial Situation:	UNKNOWN

FINANCIAL COMMENTS

SOLE-PROPRIETORSHIP

BEING A SOLE PROPRIETORSHIP BUSINESS, THERE IS NO OBLIGATIONS ON THE

PART OF THE OWNER TO SUPPLY REGULAR FINANCIAL UPDATES TO THE REGISTRY

OF COMPANIES AND BUSINESSES.THE CREDIT OPINION IS BASED ON

NON-FINANCIAL INDICATORS AS WELL AS OTHER BUSINESS ELEMENTS

AND DATA AVAILABLE.

NO FINANCIAL INFORMATION WAS REVEALED BY THE MANAGEMENT.

BACKGROUND/OPERATION

THE SUBJECT WAS REGISTERED IN THE REPUBLIC OF SINGAPORE ON 18/02/1993

AND COMMENCED BUSINESS ON 15/02/1993 AS A SOLE PROPRIETORSHIP AND IS

TRADING UNDER THE NAMESTYLE AS "MAP EQUIPMENTS".

THE LICENCE WAS RENEWED ON 24/01/2011 AND WILL EXPIRE ON 18/02/2012.

PRINCIPAL ACTIVITIES:

SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY

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

1) WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT

2) WHOLESALE OF PROFESSIONAL, SCIENTIFIC AND PRECISION EQUIPMENT

THE MANAGER OF THE BUSINESS IS PRASHANT JASWANTLAL GHELANI SINCE

01/04/2003.

THE SOLE-PROPRIETOR IS "ASIAN CARATS PTE LTD".

FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:

ACTIVITIES:

* TRADING OF ELECTRICAL AND ELECTRONIC COMPONENTS

PRODUCTS DEALING:

* ELECTRONIC COMPONENTS

FROM THE TELE-INTERVIEW CONDUCTED , THE FOLLOWING WAS

GATHERED:

THE SUBJECT CONFIRMS ITS BUSINESS ADDRESS, CONTACT NUMBERS AND

BUSINESS ACTIVITIES AND NUMBER OF EMPLOYEES.

NUMBER OF EMPLOYEES:

* 2011: 4

NO OTHER TRADE INFORMATION WAS AVAILABLE.

REGISTERED AND BUSINESS ADDRESS:

1 NORTH BRIDGE ROAD

#18-01 HIGH STREET CENTRE

SINGAPORE 179094

DATE OF CHANGE OF ADDRESS: 25/10/2004

WEBSITE:

EMAIL:

map@htco.biz

MANAGEMENT

THE OWNER AT THE TIME OF THIS REPORT IS:

1) ASIAN CARATS PTE LTD

   - PAID-UP CAPITAL            : S$ 3,300,000 (AS AT 17/04/2009)

   - ADVERSE CHECK AGAINST OWNER: NO

Investment Grade

THE SINGAPORE ECONOMY WAS SIGNIFICANTLY AFFECTED BY THE CRISIS DUE TO THE CONTRACTION OF EXPORTS, WHICH REPRESENT 210% OF GDP. SALES ABROAD OF MANUFACTURED PRODUCTS (ELECTRONICS, ENGINEERING, PHARMACEUTICALS, PETROCHEMICALS) AND SERVICES (FINANCIAL SERVICES, TOURISM, TRANSPORT) WERE AFFECTED BY THE WEAK PERFORMANCE OF THE MAIN TRADING PARTNERS (MALAYSIA, UNITED STATES, CHINA, JAPAN). WITH THE ECONOMY'S SLIDE INTO RECESSION, THE CENTRAL BANK REDUCED INTEREST RATES SEVERAL TIMES AND A STIMULUS PROGRAMME REPRESENTING 8% OF GDP WAS IMPLEMENTED IN JANUARY LAST YEAR. ALTHOUGH INCREASED PUBLIC SPENDING ON INFRASTRUCTURE, TRANSPORT, HEALTH AND EDUCATION ENABLED THE AUTHORITIES TO LIMIT THE CONTRACTION OF INVESTMENT, THAT DID NOT SUFFICE TO OFFSET THE DROP IN PRIVATE INVESTMENT. THE GOVERNMENT MOREOVER GRANTED DEFAULT GUARANTEES OF UP TO 80% ON NEW LOANS. AND HOUSEHOLD CONSUMPTION WAS SUPPORTED BY A REDUCTION OF INCOME TAX AND MEASURES TO FOSTER EMPLOYMENT.

IN Q1 2010, GROWTH REBOUNDED SIGNIFICANTLY (15.5% Y/Y). FOR THE ENTIRE YEAR, GROWTH IS EXPECTED TO REMAIN HIGH (8.9%) THANKS TO THE POSITIVE IMPACT ON DOMESTIC DEMAND OF THESE EXPANSIONARY MONETARY AND FISCAL POLICIES AND THE GRADUAL RECOVERY OF THE WORLD ECONOMY. INVESTMENT, CONSUMPTION, AND NET EXPORTS ARE AGAIN EXPECTED TO CONTRIBUTE POSITIVELY TO GROWTH. ON THE SUPPLY SIDE, THE CONSTRUCTION SECTOR WILL BENEFIT AGAIN THIS YEAR FROM INCREASED PUBLIC SPENDING WHILE ELECTRONICS, PHARMACEUTICALS, PETROCHEMICALS, FINANCIAL SERVICES, AND TOURISM WILL GRADUALLY RECOVER. THE COFACE PAYMENT MONITORING ARE THUS EXPECTED TO REFLECT THIS FAVOURABLE TREND. SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA UNDERPINNED BY AN EFFECTIVE LEGAL SYSTEM THAT FACILITATES CLAIM COLLECTION AND A HIGH LEVEL OF FINANCIAL TRANSPARENCY.

STRONG FINANCIAL POSITION

DESPITE IMPLEMENTATION OF A BROAD STIMULUS PROGRAMME, THE COUNTRY CONTINUED TO RUN A SLIGHT FISCAL SURPLUS IN 2009, WHICH IS EXPECTED TO GROW IN 2010. PUBLIC SECTOR FINANCES HAVE THUS REMAINED SOLID.

DESPITE THE CONTRACTION OF THE CURRENT ACCOUNT SURPLUS, EXTERNAL ACCOUNTS ALSO REMAINED LARGELY IN SURPLUS LAST YEAR. IN 2010, THE CURRENT ACCOUNT SURPLUS WILL LIKELY REMAIN STABLE AS RESULT OF THE MORE RAPID RECOVERY OF IMPORTS COMPARED TO EXPORTS, ASSOCIATED WITH THE RISE OF RAW MATERIAL PRICES AND THE REBOUND OF DOMESTIC DEMAND. BESIDES, THE VOLATILITY OF PORTFOLIO INVESTMENT FLOWS THAT DEVELOPED AFTER THE LEHMAN BROTHERS BANKRUPTCY EASED IN 2009. IN 2010, THE HIGH LEVEL OF FOREIGN EXCHANGE RESERVES IS EXPECTED TO CONTINUE TO ENDOW THE COUNTRY WITH GOOD CAPACITY TO WITHSTAND SUDDEN CAPITAL.

MOREOVER, DESPITE THE INTERNATIONAL FINANCIAL TURMOIL AND THE EXPOSURE OF SOME BANKS TO SUBPRIMES AND LEHMAN BROTHERS, THE BANKING SYSTEM IS STILL SOLID THANKS TO SATISFACTORY RISK MANAGEMENT, EFFECTIVE OVERSIGHT, AND HIGH SOLVENCY AND LIQUIDITY RATIOS.

ASSETS

· VERY HIGH QUALITY-COMPETITIVENESS

· DEVELOPMENT OF HIGH VALUE-ADDED SECTORS (CHEMICALS, PHARMACEUTICALS, FINANCE)

· STRONG FDI INFLOWS THANKS TO AN ADVANTAGEOUS TAX REGIME, POLITICAL STABILITY AND AN EXCELLENT BUSINESS ENVIRONMENT

· MAJOR EXPORTER OF CAPITAL IN ASIA VIA THE PUBLIC HOLDING COMPANY TEMASEK

WEAKNESSES

ECONOMY DEPENDENT ON FOREIGN DEMAND
SHORTAGES OF SKILLED LABOUR
AGEING POPULATION
LATENT SOCIAL TENSIONS IN A CONTEXT OF INCREASING INEQUALITY AND GROWING DURABLE UNEMPLOYMENT AMONG THE LEAST SKILLED

MANUFACTURING SECTOR

PAST PERFORMANCE

THE MANUFACTURING SECTOR SURGED 45.0% IN 2Q 2010, COMPARED TO 2Q 2009, FOLLOWING THE 38.0% GROWTH IN 1Q 2010.

THE STRONG GROWTH WAS SUPPORTED BY BETTER PERFORMANCES IN ALL CLUSTERS EXCEPT TRANSPORT ENGINEERING.

THE BIOMEDICAL MANUFACTURING CLUSTER SURGED 85.0%, DRIVEN BY STRONG PERFORMANCE IN THE PHARMACEUTICALS (89.0%), AND MEDICAL TECHNOLOGY SEGMENTS (15.0%).

THE ELECTRONICS CLUSTER ROSE 53.0%, DUE TO ROBUST GLOBAL ELECTRONICS DEMAND. WHILE THE

SEMICONDUCTORS SEGMENT (81.0%) EXPANDED RAPIDLY, THE DATA STORAGE SEGMENT (0.4%) GREW MARGINALLY, DUE IN PART TO ONGOING RELOCATION OF PRODUCTION OVERSEAS ANNOUNCED PREVIOUSLY.

THE PRECISION ENGINEERING CLUSTER GREW 36.0%, LIFTED BY MACHINERY AND SYSTEMS (44.0%0) AND PRECISION MODULES AND COMPONENTS SEGMENTS (29.0%).

OUTPUT OF THE CHEMICALS CLUSTER ROSE BY 17.0%, DUE TO GAINS IN THE PETROCHEMICALS SEGMENT (41.0%).

THE GENERAL MANUFACTURING CLUSTER GREW 15.0%, SUPPORTED BY STRONG GROWTH IN THE MISCELLANEOUS INDUSTRIES SEGMENT (20.0%).

THE TRANSPORT ENGINEERING CLUSTER CONTRACTED FOR THE FIFTH CONSECUTIVE QUARTER AS IT FELL BY 10.0%, DUE TO DECLINES IN THE MARINE AND OFFSHORE ENGINEERING CLUSTER (-24.0%).

NEWS

SIGNS OF SLOWDOWN IN SINGAPORE FACTORY OUTPUT

FACTORY OUTPUT IS SHOWING SIGNS OF FALTERING, WITH A KEY INDICATOR SUGGESTING THAT SINGAPORE’S MANUFACTURING SECTOR HAS SHRUNK FOR THE FIRST TINE IN 16 MONTHS.

THE PURCHASING MANAGERS’ INDEX (PMI), A BAROMETER OF FACTORY PRODUCTION, FELL TO 49.4 LAST MONTH, AN EARLY WARNING SIGN OF SLOWING OUTPUT GIVEN THAT A READING OF LESS THAN 50 INDICATES CONTRACTION.

SUCH A LOW READING HAS NOT BEEN SEEN SINCE APRIL LAST YEAR WHEN THE PMI INDEX HIT 49.2.

THE DATA, RELEASED YESTERDAY, COMES AFTER FIGURES LAST WEEK SHOWED THAT PRODUCTION IN JULY GREW AT THE SLOWEST PACE IN EIGHT MONTHS. THAT ENDED A STRING OF STRONG DOUBLE-DIGIT EXPANSIONS IN MANUFACTURING OUTPUT SINCE THE END OF LAST YEAR.

FIRM DATA FOR AUGUST’S FACTORY PRODUCTION IS NOT OUT UNTIL LATER THIS MONTH BUT, WITH THE PMI COMING IN WELL BELOW EXPECTATIONS, ECONOMISTS ARE APPREHENSIVE.

“THIS WAS A LITTLE WORSE THAN EXPECTED,” SAID ACTION ECONOMICS’ DAVID COHEN OF THE PMI NUMBERS.

SINGAPORE JOINED TAIWAN AS THE TWO EXPORT-DEPENDENT ASIAN COUNTRIES TO REPORT LOWER PMI READINGS FOR LAST MONTH – BOTH BELOW 50 – WHILE JAPAN AND SOUTH KOREA PUBLISHED BORDERLINE INDEXES OF 50.1 AND 50.9 RESPECTIVELY.

AND CIMB-GK ECONOMIST SONG SENG WUN NOTED THAT THE PMI SOLELY FOR SINGAPORE’S ELECTRONICS SEGMENT, WHICH MAKES UP ALMOST A THIRD OF TOTAL MANUFACTURING OUTPUT, POSTED ITS LOWEST READING FOR THE MONTH OF AUGUST SINCE 2001, WHICH HE DESCRIBED AS “A WORRISOME SIGN”.

“THE SLOWDOWN IN ORDERS IN AUGUST IS CERTAIN TO LIMIT FUTURE IMPROVEMENTS IN TECH MANUFACTURING,” MR SONG ADDED.

MS JANICE ONG, EXECUTIVE DIRECTOR OF THE SINGAPORE INSTITUTE OF PURCHASING AND MATERIALS MANAGEMENT, WHICH COMPILES AND PUBLISHES THE PMI MONTHLY, BLAMES MANUFACTURING’S COOLING ON SLOWER ECONOMIC ACTIVITY BECAUSE OF MAJOR EVENTS SUCH AS THE YOUTH OLYMPICS GAMES AND NATIONAL DAY CELEBRATIONS TAKING PLACE LAST MONTH.

AND SOME ECONOMISTS REMAIN UPBEAT ABOUT THE OUTLOOK FOR GROWTH.

SINGAPORE’S LOWER PMI READING “IS LINE WITH REGIONAL TRENDS AND NOT YET CAUSE FOR ALARM”, SAID HSBC ECONOMIST FREDERIC NEUMANN.

“AFTER BLISTERING GROWTH OVER THE FIRST HALF, THE INDUSTRIAL SECTOR IS TAKING A BREATHER, AS THE GLOBAL RESTOCKING BOUNCE IS BEGINNING TO FADE.

MR COHEN SAID THAT WHILE SINGAPORE’S PMI READINGS ARE SLATED TO REMAIN BELOW THE CRUCIAL 50 LEVEL FOR THE NEXT FEW MONTHS, THEY ARE UNLIKELY TO PLUNGE TO THE DEEP LOWS SEEN AT THE END OF 2008 AND THE BEGINNING OF LAST YEAR, WHEN THEY CAME IN AT BETWEEN 44 AND 45.

“THIS IS BASED ON THE CONSENSUS VIEW THAT WHILE THE GLOBAL RECOVERY HAS SLOWED, IT WILL AVOID A SEVERE DOUBLE-DIP,” HE SAID.

MR NEUMANN PREDICTS THE PMI SHOULD START HEADING NORTH AGAIN BY THE FOURTH QUARTER.

“CHINA’S PMI READINGS PICKED UP AGAIN IN AUGUST, WHICH SUGGESTS THAT THIS IS NOT THE BEGINNING OF A DOUBLE DIP, BUT RATHER A BRIEF MOMENT FOR EVERYONE TO CATCH THEIR BREATH,” HE SAID.

OUTLOOK

THE MANUFACTURING SECTOR FORECASTS FAVOURABLE BUSINESS SENTIMENTS FOR THE MONTHS ENDING DEC 2010, ACCORDING TO THE LATEST BUSINESS EXPECTATIONS SURVEY. A WEIGHTED 25.0% OF FIRMS EXPECT BUSINESS CONDITIONS TO IMPROVE WHILE A WEIGHTED 7.0% FORSEE DETERIORATION. OVERALL, A NET WEIGHTED BALANCE OF 18.0% OF MANUFACTURERS FORECASTS A MORE FAVOURABLE BUSINESS CLIMATE IN THE MONTHS ENDING DEC 2010, AS COMPARED TO 2Q 2010.

THOUGH BUSINESS OUTLOOK REMAINS POSITIVE, THE MANUFACTURING CLUSTERS GENERALLY REGISTERED SMALLER POSITIVE NET BALANCES FOR BUSINESS SENTIMENTS COMPARED TO THE SURVEY CONDUCTED A QUARTER AGO. THIS IS DUE TO THE EXPECTATIONS OF A SLOWER PACE OF GROWTH GLOBALLY IN THE SECOND HALF OF 2010.

WITHIN THE MANUFACTURING SECTOR, THE ELECTRONICS CLUSTER IS THE MOST OPTIMISTIC WITH A NET WEIGHTED BALANCE OF 33.0% OF FIRMS PREDICTING AN IMPROVED BUSINESS SITUATION IN THE MONTHS ENDING DEC 2010. THE FIRMS FORESEE ORDERS BEING SUBSTAINED BY DEMAND FOR CONSUMER ELECTRONIC PRODUCTS SUCH AS WIRELESS HANDSETS AND MOBILE COMPUTING DEVICES. MANUFACTURERS IN THE CHEMICALS CLUSTER ARE THE NEXT MOST OPTIMISTIC, WITH A NET WEIGHTED BALANCE OF 19.0% OF FIRMS FORECASTING BETTER BUSINESS CLIMATE IN THE MONTHS ENDING DEC 2010. WHILE THE SPECIALTIES AND OTHER CHEMICALS SEGMENTS PROJECTS BETTER DEMAND AHEAD, THE PETROCHEMICAL SEGMENT HAS A LESS POSITIVE OUTLOOK DUE TO CONCERNS OF WEAKER MARGINS AS A RESULT OF EXCESS CAPACITIES IN THE REGION.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

EDB SINGAPORE

THE STRAITS TIMES

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

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%)

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