MIRA INFORM REPORT

Report Date :

21.02.2013

IDENTIFICATION DETAILS

Name :	SEAQUEST ENTERPRISE PTE. LTD.
Registered Office :	10, Admiralty Street, 02-34/35, North Link Building, 757695, Singapore.
Country :	Singapore
Financials (as on) :	2010
Date of Incorporation :	16.05.2003
Com. Reg. No.:	200304487-K
Legal Form :	Exempt Private (Limited By Share)
Line of Business :	Building Of Ships, Tankers And Other Ocean-Going Vessels Including Shipbuilding And Ship Repairing
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	---

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Singapore	A1	A1

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

Singapore - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200304487-K
COMPANY NAME	:	SEAQUEST ENTERPRISE PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	16/05/2003
COMPANY STATUS	:	EXIST
LEGAL FORM	:	EXEMPT PRIVATE (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, ADMIRALTY STREET, 02-34/35, NORTH LINK BUILDING, 757695, SINGAPORE.
BUSINESS ADDRESS	:	10, ADMIRALTY STREET, 02-34/35, NORTH LINK BUILDING, 757695, SINGAPORE.
TEL.NO.	:	65-67537433
FAX.NO.	:	65-67537633
CONTACT PERSON	:	TAN MENG HIN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	BUILDING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS INCLUDING SHIPBUILDING AND SHIP REPAIRING
ISSUED AND PAID UP CAPITAL	:	1,200,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,200,000.00
SALES	:	N/A
NET WORTH	:	N/A
STAFF STRENGTH	:	N/A
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	N/A
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The SC is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the SC has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the SC is able to meet all its obligations as and when they fall due. The SC is not required to have their accounts audited. However, the SC will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The SC is principally engaged in the (as a / as an) building of ships, tankers and other ocean-going vessels including shipbuilding and ship repairing.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
TAN MENG HIN +	707, UPPER CHANGI ROAD EAST, EAST VIEW GARDEN, 486837, SINGAPORE.	S1757717D	612,000.00	51.00
LUI KEE +	459, ANG MO KIO AVENUE 10, 06-1596, 560459, SINGAPORE.	S1304444I	588,000.00	49.00
			---------------	------
			1,200,000.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Company	(%)	As At
199605315	SUNG MI (ASIA) PTE LTD	100	30/06/2012
201007252	SEAQUEST MARINE ENGINEERING PTE. LTD.	100	30/06/2012
200700528	SEAQUEST MARINE & CONSTRUCTION PTE. LTD.	100	30/06/2012
200607432	SEAQUEST ENGINEERING PTE. LTD.	100	30/06/2012
200807757	PROPTECH (PTE.) LTD.	51	30/06/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LUI KEE
Address	:	459, ANG MO KIO AVENUE 10, 06-1596, 560459, SINGAPORE.
IC / PP No	:	S1304444I
Nationality	:	SINGAPOREAN
Date of Appointment	:	16/05/2003

DIRECTOR 2

Name Of Subject	:	TAN MENG HIN
Address	:	707, UPPER CHANGI ROAD EAST, EAST VIEW GARDEN, 486837, SINGAPORE.
IC / PP No	:	S1757717D
Nationality	:	SINGAPOREAN
Date of Appointment	:	16/05/2003

MANAGEMENT

1)	Name of Subject	:	TAN MENG HIN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ONG PING LAN & COMPANY
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAY GIOK TIN
	IC / PP No	:	S1668201B
	Address	:	37, JALAN RUMAH TINGGI,12-425, 150037, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

ENCUMBRANCE 1

Date of Creation	:	26/12/2007
Description Of Charge	:	N/A
Amount Secured	:	N/A
Description Of Property Affected	:	N/A
Name & Address Of Chargee	:	UNITED OVERSEAS BANK LIMITED
Form 40 Dated
Registered and Numbered C200711333 In The Register of Charges

ENCUMBRANCE 2

Date of Creation	:	20/01/2009
Description Of Charge	:	N/A
Amount Secured	:	N/A
Description Of Property Affected	:	N/A
Name & Address Of Chargee	:	UNITED OVERSEAS BANK LIMITED
Form 40 Dated
Registered and Numbered C200900530 In The Register of Charges

ENCUMBRANCE 3

Date of Creation	:	29/06/2009
Description Of Charge	:	N/A
Amount Secured	:	N/A
Description Of Property Affected	:	N/A
Name & Address Of Chargee	:	UNITED OVERSEAS BANK LIMITED
Form 40 Dated
Registered and Numbered C200903804 In The Register of Charges

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	17081
Year	:	2008	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	10/07/2008
Plaintiff	:	NG YAN HOCK
Defendants	:	(200304487)
Amount Claimed	:	3,084.08
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE (MOTOR ACCIDENTS W/O DEATH/INJURY)

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The SC refused to disclose its clientele information.

OPERATIONS

Services

:

BUILDING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS INCLUDING SHIPBUILDING AND SHIP REPAIRING

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) building of ships, tankers and other ocean-going vessels including shipbuilding and ship repairing.

The SC refused to disclose any information on its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	65-67537433
Current Telephone Number	:	65-67537433
Match	:	YES
Address Provided by Client	:	10 ADMIRALLY STREET 02-34/35 NORTH LINK BLDG SINGAPORE 757695
Current Address	:	10, ADMIRALTY STREET, 02-34/35, NORTH LINK BUILDING, 757695, SINGAPORE.
Match	:	YES

Other Investigations

On 19th February 2013 we contacted one of the staff from the SC and she provided some information on the SC.

She refused to disclose the SC's number of employees.

FINANCIAL ANALYSIS

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

Overall financial condition of the SC : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2006	2007	2008	2009	2010
Population (Million)	4.40	4.58	4.84	4.98	5.08
Gross Domestic Products ( % )	8.7	8.8	1.5	<0.8>	14.5
Consumer Price Index	1.0	2.1	6.6	0.6	2.8
Total Imports (Million)	378,924.1	395,979.7	450,892.6	356,299.3	423,221.8
Total Exports (Million)	431,559.2	450,627.7	476,762.2	391,118.1	478,840.7
Unemployment Rate (%)	2.7	2.3	2.2	3.2	2.2
Tourist Arrival (Million)	9.75	10.28	10.12	9.68	11.64
Hotel Occupancy Rate (%)	85.2	87.0	81.0	75.8	85.6
Cellular Phone Subscriber (Million)	1.05	1.22	1.31	1.37	1.43
Registration of New Companies (No.)	21,495	25,903	25,327	26,414	29,798
Registration of New Companies (%)	10.2	20.5	<2.2>	4.3	12.8
Liquidation of Companies (No.)	8,980	9,226	10,493	22,393	15,126
Liquidation of Companies (%)	28.1	2.7	13.7	113.4	<32.5>
Registration of New Businesses (No.)	24,219	24,762	24,850	26,876	23,978
Registration of New Businesses (%)	3.17	2.24	0.36	8.15	<10.78>
Liquidation of Businesses (No.)	26,843	21,322	21,150	23,552	24,211
Liquidation of Businesses (%)	<52.3>	<20.6>	<0.8>	11.4	2.8
Bankruptcy Orders (No.)	2,983	2,767	2,326	2,058	1,537
Bankruptcy Orders (%)	15.8	<7.2>	<15.9>	<11.5>	<25.3>
Bankruptcy Discharges (No.)	1,634	1,626	1,500	3,056	2,252
Bankruptcy Discharges (%)	<2.9>	<0.5>	<7.7>	103.7	<26.3>
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.91	5.26	<0.32>	3.25	<0.48>
Fish Supply & Wholesale	1.33	<3.91>	<6.31>	<1.93>	3.60
Manufacturing *	94.4	100.0	95.8	91.8	119.1
Food, Beverages & Tobacco	89.9	100.0	107.7	102.7	109.5
Textiles	119.9	100.0	92.6	75.0	62.8
Wearing Apparel	114.5	100.0	71.8	45.3	26.4
Leather Products & Footwear	100.3	100.0	84.7	52.6	54.1
Wood & Wood Products	107.1	100.0	88.8	68.3	70.0
Paper & Paper Products	92.5	100.0	98.8	93.3	103.7
Printing & Media	97.6	100.0	96.7	82.5	84.7
Crude Oil Refineries	100.2	100.0	101.0	86.1	85.4
Chemical & Chemical Products	93.8	100.0	95.1	90.4	109.9
Pharmaceutical Products	102.1	100.0	92.8	104.4	159.9
Rubber & Plastic Products	100.1	100.0	92.2	77.6	86.1
Non-metallic Mineral	113.1	100.0	83.1	79.1	79.7
Basic Metals	110.0	100.0	120.9	101.9	112.5
Fabricated Metal Products	97.8	100.0	95.0	85.2	97.2
Machinery & Equipment	83.9	100.0	97.4	85.8	117.7
Electrical Machinery	98.8	100.0	98.1	104.2	149.1
Electronic Components	96.1	100.0	93.0	85.1	115.5
Transport Equipment	85.3	100.0	106.7	100.2	99.3
Construction	46.60	45.60	45.90	<36.9>	14.20
Real Estate	12.9	40.8	<11.2>	1.4	21.3
Services
Electricity, Gas & Water	<5.3>	11.00	<1.3>	1.70	4.00
Transport, Storage & Communication	6.00	8.50	11.60	3.90	12.80
Finance & Insurance	6.40	41.50	<5.9>	<16.4>	<0.4>
Government Services	13.50	3.80	17.40	4.50	9.70
Education Services	1.10	1.80	0.50	0.10	<0.9>
* Based on Index of Industrial Production (2007 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2012. Global economic conditions are expected to remain subdued in 2012, with the outlook clouded by increased uncertainty and financial volatility. In the advanced economies, final demand is likely to be restrained by continued household deleveraging, ongoing fiscal tightening as well as structural weaknesses in labour and housing markets.
Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.
For the 4th quarter of 2011, growth in the Singapore economy will likely weaken alongside deteriorating external macroeconomic conditions. Within the manufacturing sector, the electronics cluster is expected to register a lower level of output given the downturn in the global electronics cycle. This in turn will have knock-on effects on the precision engineering cluster and wholesale trade. The biomedical manufacturing (BMS) cluster is expected to see a pullback in growth following the strong surge in the 3rd quarter of 2011. In the financial services sector, activity in the core financial intermediation will moderate and the sentiment-sensitive segments are expected to continue to perform poorly.
The manufacturing sector expanded by 14.2 % on a year-on-year basis, reversing from the 5.6 % decline in the preceding quarter. On a sequential basis, the sector grew by an annualised rate of 11.7 %. This was largely due to a rebound in biomedical manufacturing output, as some companies switched to producing a higher value mix of pharmaceutical products. By contrast, the electronics cluster continued to contract, as global demand for semiconductor chips and other electronic components moderated.
The construction sector grew marginally by 0.3 % on a year-on-year basis, moderating from the 1.5 % growth in the preceding quarter. On a sequential basis, the sector contracted by an annualised rate of 11.8 %, largely due to a decline in private sector building activities.
The wholesale and retail trade sector saw a small year-on-year decline of 0.2 %, mainly due to weakening export activities. Supported by air travel demand, the transport and storage sector grew by 4.2 %, similar to the pace of growth in the preceding quarter. On a sequential basis, growth momentum in both sectors declined, by annualised rates of 0.6 % and 4.5 % respectively.
The financial services sector grew at 10.5 % on a year-on-year basis, anchored by gains in domestic and offshore lending activities. However, the business services sector registered a weak growth of 1.7 %, largely due to a moderation in the real estate services segment. On a sequential basis, both sectors grew marginally by 0.8 % and 0.9 % respectively.
Supported by healthy visitor inflows, the hotels and restaurants sector and the 'other services' industries (which include arts, entertainment and recreation activities) grew by 5.6 % and 4.0 % respectively. However, on a sequential basis, these sectors declined by 2.6 and 0.7 % respectively.
Overall, the Singapore economy is expected to grow by around 5.0% in 2011 and by 1.0 to 3.0% in 2012.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2003, the SC is an Exempt Private company, focusing on building of ships, tankers and other ocean-going vessels including shipbuilding and ship repairing. Having been in the industry for a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

As the SC is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.

In view of the above, we only recommend credit be proceeded to the SC with guarantee.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.05
UK Pound	1	Rs.83.44
Euro	1	Rs.72.53

INFORMATION DETAILS

Report Prepared by :

PDT

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.