MIRA INFORM REPORT

Report Date :

09.02.2012

IDENTIFICATION DETAILS

Name :	ESUN INTERNATIONAL PTE. LTD.
Registered Office :	3 Seng Poh Road The Cape Inn 168891
Country :	Singapore
Date of Incorporation :	22.11.2007
Com. Reg. No.:	200721691H
Legal Form :	Exempt Pte Ltd
Line of Business :	Mechanical Engineering Works
No. of Employees :	Not Available

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

Maximum Credit Limit :	SGD 1,500,000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

ESUN INTERNATIONAL PTE. LTD.

Line Of Business 

 
MECHANICAL ENGINEERING WORKS 
 

Parent Company

-

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$5,000,010

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

Subject Company :	ESUN INTERNATIONAL PTE. LTD.
Business Address:	3 SENG POH ROAD THE CAPE INN
Town:	SINGAPORE
Postcode:	168891
Country:	Singapore
Telephone:	6438 7757
Fax:	6438 7747
ROC Number:	200721691H
Easy Number company:	00005797747351

SUMMARY

Legal Form:	Exempt Pte Ltd
Date Inc.:	22/11/2007
Summary year :
All amounts in this report are in :	SGD
Sales:
Capital:
Paid-Up Capital:	5,000,010
Net result :
Share value:

 
BASED ON ACRA'S RECORD 
 
  NO OF SHARES CURRENCY  AMOUNT 
ISSUED ORDINARY  5,000,010  SGD    5,000,010.00  
PAID-UP ORDINARY   -  SGD  5,000,010.00
 
AUDITOR : E.M. NG & CO.

REFERENCES

Credit Opinion:

CREDIT LINE TO A MAXIMUM OF SGD 1,500,000 IS RECOMMENDED

Litigation:	No
Company status :	TRADING
Started :	22/11/2007

PRINCIPAL(S)

SEAH HOCK THIAM

S1764330D

Director

DIRECTOR(S)

LIM HONG GEOK	S0230858D	Company Secretary
Appointed on :	31/12/2008
Street :	305 JURONG EAST STREET 32 #04-148
Town:	SINGAPORE
Postcode:	600305
Country:	Singapore

SEAH HOCK THIAM	S1764330D	Director
Appointed on :	05/09/2008
Street :	11 JALAN SENANDONG SWISS CLUB PARK
Town:	SINGAPORE
Postcode:	288762
Country:	Singapore

ACTIVITY(IES)

Activity Code:	7880	ENGINEERING WORKS
Activity Code:	5490	CONTRACTORS - BUILDING, GENERAL

 
BASED ON ACRA'S RECORD 
1) MECHANICAL ENGINEERING WORKS 
2) GENERAL CONTRACTORS (BUILDING CONSTRUCTION INCLUDING MAJOR 
 UPGRADING WORKS); GENERAL CONTRACTOR

CHARGES

	AVAILABLE
Date:	02/07/2009
Amount:	0
Comments :	CHARGE NO : C200903938 AMOUNT SECURED : 0.00 AND ALL MONIES OWING CHARGEE(S) : MALAYAN BANKING BHD

BANKERS

MALAYAN BANKING BERHAD

SHAREHOLDERS(S)

SEAH HOCK THIAM

5,000,010

Private Person

Street :	11 JALAN SENANDONG SWISS CLUB PARK
Town:	SINGAPORE
Postcode:	288762
Country:	Singapore

PAYMENT HISTORY AND EXPERIENCES

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

FINANCIAL COMMENTS

NEWLY-SET UP COMPANY 
SUBJECT BEING NEWLY INCORPORATED AND HAS YET TO FILE IN ITS FIRST SET 
OF ACCOUNTS. A NEWLY INCORPORATED COMPANY HAS UP TO 18 MONTHS FROM THE
DATE OF INCORPORATION TO FILE IN ITS FIRST SET OF ACCOUNTS.
 
LIMITED 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 
22/11/2007 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER 
ITS PRESENT NAMESTYLE AS "ESUN INTERNATIONAL PTE. LTD.". 
  
THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF
5,000,010 SHARES, OF A VALUE OF S$5,000,010. 
 
PRINCIPAL ACTIVITIES:  
SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY 
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
1) MECHANICAL ENGINEERING WORKS 
2) GENERAL CONTRACTORS (BUILDING CONSTRUCTION INCLUDING MAJOR 
 UPGRADING WORKS); GENERAL CONTRACTOR 
 
FROM THE RESEARCH CONDUCTED, THE FOLLOWING INFORMATION WAS GATHERED:
  
SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE 
CLASSIFICATION OF: ENGINEERS - MECHNICAL 
  
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:
* MECHANICAL ENGINEERING WORKS 
 
SUBJECT IS A MEMBER OF THE FOLLOWING ENTITIES: 
* SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY (SCCCI)
 
NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT 
GRANTED BY SUBJECT'S PERSONNEL 
  
REGISTERED AND BUSINESS ADDRESS: 
3 SENG POH ROAD
THE CAPE INN 
SINGAPORE 168891 
DATE OF CHANGE OF ADDRESS: 04/12/2008 
 
WEBSITE: -
 
EMAIL:  
giam@esun.com.sg

MANAGEMENT

THE DIRECTORS AT THE TIME OF THIS REPORT ARE: 
 
1) SEAH HOCK THIAM, A SINGAPOREAN  
 - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

ADVERSE ON DIRECTORS

DIRECTOR'S NAME: SEAH HOCK THIAM 
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE 
PROPERTY OWNERSHIP: NIL 
ANNUAL VALUE: N.A. 
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.

GENERAL COMMENTS

Investment Grade

AFTER STRONG 6.7-PER CENT GROWTH IN THE 2008 FIRST QUARTER, SINGAPORE'S ECONOMY SLIPPED INTO RECESSION FOR THE REST OF THE YEAR. THE ECONOMIC SLOWDOWN IS ATTRIBUTABLE MAINLY TO A NEGATIVE NET EXPORT CONTRIBUTION TO GROWTH AS A RESULT OF WEAKER PERFORMANCE BY THE COUNTRY'S MAIN TRADING PARTNERS, MALAYSIA, UNITED STATES, CHINA, JAPAN, AND INDONESIA. EXPORTS, WHICH REPRESENT 210 PER CENT OF GDP, SLOWED IN BOTH MANUFACTURING (ELECTRONICS, PHARMACEUTICALS, AND PETROCHEMICALS) AND SERVICES (FINANCIAL SERVICES, TOURISM). BESIDES, DOMESTIC DEMAND SLUMPED.

CONSUMPTION SAGGED AMID AN UPSURGE OF INFLATION (WITH SINGAPORE COVERING ALL ITS ENERGY AND FOOD NEEDS THROUGH IMPORTS) AND A NEGATIVE WEALTH EFFECT ASSOCIATED WITH THE FALL OF STOCK MARKET PRICES WHILE INVESTMENT SUFFERED FROM THE CREDIT CRUNCH. IN 2009, ECONOMIC GROWTH COULD BE NEGATIVE FOR THE ENTIRE YEAR WITH INDUSTRIALISED AND EMERGING-ASIAN ECONOMIES EXPECTED TO WEAKEN. DOMESTIC DEMAND IS MOREOVER LIKELY TO REMAIN SLUGGISH. IN THIS CONTEXT, CORPORATE PAYMENT BEHAVIOUR, ALBEIT STILL SATISFACTORY ACCORDING TO COFACE RECORDS, COULD DETERIORATE.

PUBLIC SECTOR FINANCES REMAIN SOLID ENABLING THE GOVERNMENT TO ENVISAGE A FISCAL STIMULUS IN 2009. SINGAPORE CONTINUED MOREOVER TO RUN A LARGE EXTERNAL SURPLUS, DESPITE A NARROWING CURRENT ACCOUNT SURPLUS ATTRIBUTABLE TO THE SLOWDOWN IN EXPORTS OF ELECTRONIC PRODUCTS, PHARMACEUTICALS, PETROCHEMICALS, AND FINANCIAL SERVICES AS WELL AS IN TOURISM AND THE INCREASE IN IMPORTS DUE TO THE RISE OF RAW MATERIAL PRICES. EVEN WITH RAW MATERIAL PRICES EASING IN 2009, THE CURRENT ACCOUNT SURPLUS IS EXPECTED TO SHRINK FURTHER DUE TO THE EXPECTED FALL OF EXPORTS IN VALUE TERMS.

SINGAPORE HAS, HOWEVER, SUFFERED FROM THE VOLATILITY OF PORTFOLIO INVESTMENT FLOWS AS EVIDENCED BY THE SINGAPORE DOLLAR DEPRECIATION, WHICH COULD PERSIST IN 2009 IN A HIGHLY VOLATILE CONTEXT. NEVERTHELESS, THANKS TO THE HIGH LEVEL OF ITS FOREIGN EXCHANGE RESERVES, THE COUNTRY HAS THE CAPACITY TO COPE EFFECTIVELY WITH SUDDEN CAPITAL FLIGHT.
DESPITE THE INTERNATIONAL FINANCIAL TURBULENCE AND THE EXPOSURE OF SOME BANKS TO THE SUBPRIME CRISIS AND THE LEHMAN BROTHERS BANKRUPTCY, THE BANKING SYSTEM HAS REMAINED SOLID THANKS TO EFFECTIVE RISK MANAGEMENT AND COMPLIANCE TO BASLE II PRUDENTIAL NORMS.

ASSETS

• SINGAPORE'S QUALITY-COMPETITIVENESS IS AMONG THE MOST ADVANCED IN ASIA.
• A STRATEGY OF DIVERSIFICATION, ESPECIALLY TO HIGH VALUE-ADDED SECTORS (CHEMICALS, PHARMACEUTICALS, AND FINANCE), CONSTITUTES A DEFINITE ASSET TO THE SINGAPORE ECONOMY.
• THE COUNTRY ATTRACTS SUBSTANTIAL INFLOWS OF FOREIGN DIRECT INVESTMENT THANKS TO AN ADVANTAGEOUS TAX REGIME, POLITICAL STABILITY, AND AN EXCELLENT BUSINESS ENVIRONMENT.
• SINGAPORE HAS BECOME A MAJOR EXPORTER OF CAPITAL WITHIN ASIA IN MANY SECTORS INCLUDING FINANCE, TELECOMMUNICATIONS, TRANSPORT, FOR EXAMPLE, ESSENTIALLY VIA THE STATE-CONTROLLED HOLDING COMPANY TEMASEK.

WEAKNESSES

• THE COUNTRY'S VERY OPEN ECONOMY IS VULNERABLE TO A WORLD ECONOMIC DOWNTURN.
• SHORTAGES OF SKILLED LABOUR HAVE HAMPERED SECTORS SINGAPORE SEEKS TO DEVELOP AND AFFECTED THE GROWTH OUTLOOK.
• AN AGING POPULATION COULD ULTIMATELY UNDERMINE ECONOMIC DYNAMISM.
• SOCIAL TENSIONS COULD EMERGE IN A CONTEXT OF GROWING INEQUALITY AND INCREASING LONG-TERM UNEMPLOYMENT AMONG LESS-SKILLED JOBSEEKERS.

OVERVIEW OF SINGAPORE

PAST PERFORMANCE

IN 4Q 2008, The Singapore economy contracted by 4.2%, AFTER REGISTERING FLAT GROWTH IN 3Q 2008. ALL MAJOR SECTORS WITH THE EXCEPTION OF CONSTRUCTION, INFORMATION AND COMMUNICATIONS, AND BUSINESS SERVICES, RECORDED DECLINES.

FOR THE YEAR 2008, THE ECONOMY ROSE BY 1.1%, DOWN FROM 7.8% IN 2007.

ON A SEASONALLY ADJUSTED ANNUALISED QUARTER-ON-QUARTER BASIS, REAL GROSS DOMESTIC PRODUCT (GDP) FELL BY 16.4%, FOLLOWING THE 2.1% DECLINE IN 3Q 2008.

The manufacturinG Sector FELL BY 11%, SIMILAR TO 3Q 2008. ALL CLUSTERS, WITH THE EXCEPTION OF BIOMEDICAL MANUFACTURING, TRANSPORT ENGINEERING AND GENERAL MANUFACTURING CLUSTERS, CONTRACTED.

The construction sector moderate its growth in 3q 2008, GROWING by 18.0%, following the robust 26% growth in 3Q 2008. IT WAS ATTRIBUTED TO THE SHARP SLOWDOWN IN INDUSTRIAL BUILDING ACTIVITY AND THE DEFERMENT OF SEVERAL PRIVATE SECTOR PROJECTS.

THE SERVICES PRODUCING INDUSTRIES AS A WHOLE FELL BY 1.3%, DOWN FROM THE 5.5% GROWTH IN 3Q 2008. ALL MAJOR SECTORS, EXCEPT INFORMATION AND COMMUNICATIONS, AND BUSINESS SERVICES, CONTRACTED.

The financial services sector FELL BY 8.1% ON THE back OF SUBSTANTal declines in trading activities in foreign exchange and stock brokerage, fund management and asian currency units.

THE WHOLESALE AND RETAIL TRADE SECTOR FELL BY 5.3% IN 4Q 2008, IN CONTRAST TO 4.5% GROWTH IN 3Q 2008. WHOLESALE TRADE, WHICH COMPRISES 89% OF THE SECTOR, GREW BY 3.2% IN 2008. RETAIL TRADE FELL BY 1.9%, ATTRIBUTED BY WEAK HOUSEHOLD CONSUMPTION AND DECLINING VISITOR ARRIVALS.

GROWTH IN THE TRANSPORT AND STORAGE SECTOR FELL BY 2.4% IN 4Q 2008, DOWN FROM 4.0% RISE IN 3Q 2008.

The hotels and restaurants sector fell marginally by 0.1% in 4Q 2008, SLIGHTLY LESS than THE 0.2% DECLINE recorded in 3q 2008.

The information and communications sector rose by 5.4% in 4Q 2008, substantially GREATER than the 0.3% growth in 3Q 2008.

The business services sector expanded by 7.4% in 4Q 2008, SIGNIFICANTLY HIGHER than the 0.8% gain in 3Q 2008.

NEWS

IT’S NOT AS BAD AS IT LOOKS: ECONOMISTS

SINGAPORE YESTERDAY RELEASED THE WORST SET OF ECONOMIC DATA IN THE COUNTRY’S HISTORY AND CUT ITS GROWTH PROJECTION FOR THE YEAR, AFTER EXPORTS FELL DRAMATICALLY IN THE FIRST QUARTER.

BUT ECONOMISTS SAY THESE GRIM FIGURES REFLECT HISTORICAL PERFORMANCE AND DO NOT NECESSRILY MEAN THE CURRENT ECONOMIC SCENARIO IS WORSENING SIGNIFICANTLY.

THE MINISTRY OF TRADE AND INDUSTRY (MTI) YESTERDAY SAID THE ECONOMY SHRANK IN THE FIRST QUARTER BY A DRASTIC 11.5% OVER THE PREVIOUS YEAR AND 20.0% OVER 4Q 2008, BOTH ARE RECORDS.

WITH THE RELEASE OF THESE NUMBERS, THE GOVERNMENT ALSO DOWNGRADED ITS GROWTH FORECASTS AS WELL AS ITS TRADE PROJECTIONS FOR THE FULL YEAR.

HOWEVER, THE DISMAL FIRST-QUARTER FIGURES ARE ADVANCE ESTIMATES THAT WERE HEAVILY WEIGHTED ON NUMBERS FROM JANUARY AND FEBRUARY, WHICH BORE THE BRUNT OF THE DOWNTURN, SAID ECONOMISTS.

THEY ADDED THAT MORE RECENT DATA, INCLUDING LAST MONTH’S EXPORT FIGURES THAT WERE ALSO RELEASED YESTERDAY, ACTUALLY SHOW AN ENCOURAGING TREND OF ECONOMIC IMPROVEMENT.

EXPORTS IN MARCH ROSE A BETTER-THAN-EXPECTED 11.0% OVER FEBRUARY, ON TOP OF A 1.6% RISE IN FEBRUARY OVER JANUARY, ACCORDING TO INTERNATIONAL ENTERPRISE (IE) SINGAPORE.

ALTHOUGH EXPORTS LAST MONTH WERE STILL SOME 17.O% LOWER THAN A YEAR AGO, THE MONTH-ON-MONTH INCREASE WAS “STAGGERINGLY STRONG”, SAID HSBC ECONOMIST ROBERT PRIOR-WANDESFORDE.

“IT IS THE FIRST BACK-TO-BACK MONTHLY RISE WE’VE SEEN IN EXPORTS SINCE JULY-AUGUST 2007 AND ITS’ ALSO THE BIGGEST TWO MONTH RISE SINCE DECEMBER 2005.

THE RISE IN EXPORTS STEMMED MAINLY FROM AN INCREASE IN SHIPMENTS TO MAINLAND CHINA AND HONG KONG, UNDERPINNING THE “NASCENT REBOUND” IN THE CHINESE ECONOMY FOLLOWING BEIJING’S MULTIBILLION DOLLAR STIMULUS PACKAGE, NOTED OCBC ECONOMIST SELENA LING.

THIS EXPORT PICK-UP COMES ON THE HEELS OF RECENT INDICATIONS FROM A KEY LEADING INDICATOR, THE PURCHASING MANAGERS’ INDEX, THAT FACTORY OUPTUT HAS BEEN STABILISING AND MAY SOON TURN THE CORNER.

ON A GLOBAL SCALE, POCKETS OF OPTIMISM HAVE ALSO EMERGED IN RECENT WEEKS THAT SUGGEST THE WORST PHASE OF THE RECESSION, BEING THE FIRST QUARTER, MAY BE OVER.

IN AMERICA, MAJOR BANKS WELLS FARGO AND GOLDMAN SACHS RECENTLY BEAT EARNINGS

EXPECTATIONS, WHILE THE DECLINE IN RETAIL SALES HAS STABILISED AND MANUFACTURING IS FORECASTED TO IMPROVE.

IN CHINA, IMPORTS OF OIL, IRON AND OTHER RAW MATERIALS ROSE LAST MONTH, AS DID SALES OF HOMES AND CARS.

STILL, MTI IS ONLY CAUTIOUSLY OPTIMISTIC AT BEST. IT HAS SHARPLY PARED ITS FULL-YEAR GROWTH FORECAST, SAYING THE ECONOMY COULD SHRINK UP TO 9%.

BUT ECONOMISTS MOSTLY SHRUGGED OFF THE BLEAK PROJECTON, SAYING A CONTRACTION OF 9% IS UNLIKELY. EVEN IF IT HAPPENS, GIVEN THE SEVERITY OF THE DECLINE IN FIRST QUARTER, IT MERELY IMPLIES THAT QUARTERLY GROWTH WILL BE FLAT FOR THE REST OF THE YEAR, SAID MR PRIOR-WANDESFORDE.

“THE MAGNITUDE OF THE REVISION SEEMS EXAGGERATED, AND IS PERHAPS AN INSURANCE AGAINST FREQUENT REVISIONS TO FORECASTS GIVEN THE STILL UNCERTAIN GLOBAL ECONOMIC BAKCDROP,” SAID MR RAJEEV MALIK, HEAD OF INDIA AND ASEAN ECONOMICS AT MACQUARIE CAPITAL SECURITIES. THE REVISION WAS MTI’S THIRD IN UNDER FIVE MONTHS.

OUTLOOK

THE COMPOSITE LEADING INDEX (CLI) FELL FURTHER BY 6.9% IN 4Q 2008, FOLLOWING THE 0.3% DECLINE IN 3Q 2008. OF THE NINE COMPONENTS WITHIN THE INDEX, EIGHT COMPONENTS RECORDED DECLINES, NAMELY STOCK PRICES, THE US PURCHASING MANAGER’S INDEX, NON-OIL SEA CARGO HANDLED, NEW COMPANIES FORMED, WHOLESALE TRADE, DOMESTIC LIQUIDITY, NON-OIL RETAINED IMPORTS AND THE STOCK OF FINISHED GOODS. THE ONLY INDICATOR THAT SHOWN IMPROVEMENT WAS THE MONEY SUPPLY.

SINGAPORE’S GDP GROWTH PROSPECTS APPEAR WEAK IN 2009 ON ACCOUNT OF THE PESSIMISTIC GLOBAL ECONOMIC OUTLOOK. IN 2009, THE INTERNATIONAL MONETARY

FUND (IMF) DOWNGRADED ITS 2009 GROWTH FORECAST FOR THE WORLD ECONOMY

TO 0.5% IN 2009, ITS LOWEST RATE SINCE WORLD WAR II. THE IMF ALSO ESTIMATED THAT DECLINES IN GLOBAL OUTPUT AND TRADE ARE LIKELY TO CONTINUE THROUGH EARLY 2009. IN PARTICULAR, THE VOLUME OF TRADE IS FORECASTED TO SHRINK BY 2.8% IN 2009, A SHARP DECLINE IN CONTRAST TOT ESTIMATED 4.1% GROWTH IN 2008. THIS CONTINUED DECLINE IN EXTERNAL DEMAND WILL HAVE AN IMPACT ON SINGAPORE’S EXPORTS AND EXTERNALLY-ORIENTED SECTORS.

THE DECLINES IN MOST OF THE CLI COMPONENTS SUGGEST THAT THE SINGAPORE ECONOMY WILL CONTINUE TO EXPERIENCE DETERIORATION IN THE NEAR TERM.

THE SPILLOVER EFFECTS OF THE GLOBAL CRISIS WILL HAVE AN IMPACT ON MANY SECTORS. THE MANUFACTURING SECTOR WILL LIKELY BE WEIGHED DOWN BY DECLINES IN GLOBAL DEMAND FOR ELECTRONICS PRODUCTS, PHARMACEUTICALS AND CHEMICALS. EXTERNALLY-ORIENTED SECTORS SUCH AS WHOLESALE AND RETAIL TRADE, AND TRANSPORT AND STORAGE WILL BE NEGATIVELY AFFECTED BY WORSENING EXTERNAL DEMAND. THE FINANCIAL SERVICES SECTOR WHICH GAVE STRENGTH TO THE ECONOMY IN EARLY 2008, EXPERIENCED A SHARP DECLINE IN 4Q 2008, AND IS LIKELY TO CONTINUE TO SLOW DOWN IN THIS PERIOD OF UNCERTAINTY AND RISK AVERSION.

TAKING INTO ACCOUNT THESE FACTORS, THE MINISTRY OF TRADE AND INDUSTRY HAS PROJECTED THAT THE ECONOMY WILL SHRINK BY 2-5% IN 2009. THE ECONOMY IS LIKELY TO CONTINUE TO PERFORM WEAKLY IN THE FIRST HALF OF 2009. ALTHOUGH ECONOMIC GROWTH MAY BOTTOM OUT IN THE LATTER PART OF 2009, THE SPEED AND STRENGTH OF THE RECOVERY IS DEPENDENT ON THE PERFORMANCE OF THE G3 AND REGIONAL ECONOMIES. WHILE THERE IS A POSSIBILITY THAT A STRONG AND SHARP RECOVERY MIGHT TAKE PLACE, A MORE GRADUAL RECOVERY IS EXPECTED DUE TO THE SEVERE NATURE OF THE CURRENT DOWNTURN.

IN THE FINANCIAL SERVICES INDUSTRY, A NET WEIGHTED BALANCE OF 34% OF FIRMS

FORECASTS SLOWER BUSINESS FOR THE MONTHS ENDING MAR 2009. IN PARTICULAR,

BANKS AND FINANCE COMPANIES, STOCK, SHARE AND BOND BROKERS, FUND MANAGERS AND INSURANCE COMPANIES FORECAST SLOWER BUSINESS ACTIVITY IN THE COMING MONTHS, MAINLY DUE TO THE DEEPENING GLOBAL CREDIT CRISIS AND ECONOMIC SLOWDOWN.

IN THE FINANCIAL SERVICES INDUSTRY, FIRMS FORECASTS SLOWER BUSINESS FOR THE MONTHS ENDING JUN 2009. IN PARTICULAR, BANKS AND FINANCE COMPANIES, STOCK, SHARE AND BOND BROKERS, FUND MANAGERS AND INSURANCE COMPANIES FORECAST LESS FAVOURABLE BUSINESS CONDITIONS IN THE COMING MONTHS DUE TO THE GLOBAL FINANCIAL CRISIS.

IN THE REAL ESTATE INDUSTRY, A NET WEIGHTED BALANCE OF 52% OF FIRMS PREDICTS

BUSINESS CONDITIONS TO DETERIORATE IN THE MONTHS AHEAD. IN PARTICULAR, FIRMS ENGAGED IN THE OPERATION OF SERVICE APARTMENTS AND REAL ESTATE MANAGEMENT ARE LESS OPTIMISTIC ABOUT FUTURE BUSINESS PROSPECTS.

IN THE SERVICES INDUSTRY, FIRMS ARE LESS UPBEAT ABOUT BUSINESS PROSPECTS FOR THE COMING MONTHS. OVERALL, A NET WEIGHTED BALANCE OF 53% OF FIRMS EXPECT BUSINESS CONDITIONS TO DETERIORATE IN THE MONTHS ENDING JUN 2009 COMPARED WITH JUL-DEC 2008. THE MAGNITUDE OF THE NEGATIVE NET WEIGHTED BALANCE IS LARGER THAN THE NEGATIVE NET WEIGHTED BALANCE OF 15% RECORDED FOR OCT-MAR 2009 IN THE PREVIOUS QUARTER. THIS IS ALSO IN CONTRAST TO THE POSITIVE NET WEIGHTED BALANCE OF 8% REGISTERED IN JAN – JUN 2008.

A NET WEIGHTED BALANCE OF 45% OF WHOLESALERS EXPECT BUSINESS TO SLOW DOWN FOR THE PERIOD ENDING JUNE 2009. IN PARTICULAR, THOSE DEALING WITH HOUSEHOLD ELECTRICAL APPLIANCES AND EQUIPMENT, PETROLEUM AND PETROLEUM PRODUCTS, CHEMICALS AND CHEMICAL PRODUCTS, OTHER NON-AGRICULTURAL INTERMEDIATE PRODUCTS AND ELECTRONIC COMPONENTS.

RETAILERS FORECAST SLOWER BUSINESS CONDITIONS FOR THE FIRST HALF OF 2009.

A NET WEIGHTED BALANCE OF 60% OF RETAILERS EXPECT BUSINESS TO SLOW DOWN FOR THE PERIOD ENDING JUNE 2009.THIS APPLIES TO DEPARTMENT STORE OWNERS, RETAILERS OF MOTOR VEHICLES, PHARMACEUTICAL AND MEDICAL GOODS, WEARING APPAREL AND FOOTWEAR, FURNITURE AND FURNISHINGS, AND JEWELLERY AND WATCHES.

IN THE TRANSPORT AND STORAGE INDUSTRY, A NET WEIGHTED BALANCE OF 66% OF FIRMS ARE LESS OPTIMISTIC ABOUT THE BUSINESS CONDITIONS FOR THE COMING MONTHS. THESE INCLUDE SHIPPING LINES AS WELL AS FIRMS PROVIDING AIR TRANSPORT SERVICES, STORAGE AND WAREHOUSING SERVICES, SHIP AND BOAT LEASING SERVICES, AND FREIGHT FORWARDING, PACKING AND CRATING SERVICES.

HOTELIERS FORECAST THE BUSINESS CONDITIONS TO REMAIN LESS FAVOURABLE IN THE MONTHS AHEAD ENDING JUN 2009 COMPARED WITH JUL – DEC 2008 WHICH WITNESSED THE FIRST FORMULA ONE GRAND PRIX EVENT HELD IN SINGAPORE. SIMILARLY, FIRMS IN THE CATERING TRADE FORECASTS LOWER BUSINESS ACTIVITY IN THE COMING MONTHS.

IN THE INFORMATION AND COMMUNICATIONS INDUSTRY, A NET WEIGHTED BALANCE OF 30% OF FIRMS PREDICTS SLOWER BUSINESS IN THE COMING MONTHS.

IN THE BUSINESS SERVICES INDUSTRY, A NET WEIGHTED BALANCE OF 49% OF FIRMS PREDICTS NEGATIVE SENTIMENTS. THESE INCLUDE LEGAL FIRMS, HEAD AND REGIONAL OFFICES, FIRMS ENGAGED IN ARCHITECTURAL AND LAND SURVEYING, ADVERTISING, SPECIALISED DESIGN, LABOUR RECRUITMENT, TRAVEL, AND INVESTIGATION AND SECURITY ACTIVITIES.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

THE STRAITS TIMES

NOTES :

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.07
UK Pound	1	Rs.78.09
Euro	1	Rs.65.15

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.