MIRA INFORM REPORT

Report Date :

06.07.2013

IDENTIFICATION DETAILS

Name :	RESORTS WORLD AT SENTOSA PTE. LTD.
Formerly Known As :	INFINITY @ THEBAY PTE. LTD. Eff. date : 28/02/2005
Registered Office :	8 Sentosa Gateway Resorts World Sentosa Singapore 098269
Country :	Singapore
Financials (as on) :	December, 2012
Date of Incorporation :	28.02.2005
Com. Reg. No.:	200502573D
Legal Form :	Limited Private Company
Line of Business :	1. Hotel Management Consultancy Services Construction , Development & Operation of An Integrated Resort
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

Status :	Satisfactory
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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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

Company Name:	Registered Number:
RESORTS WORLD AT SENTOSA PTE. LTD.	200502573D

Date Incorporated:	Registered Office:	Telephone Number:
28/02/2005	8 SENTOSA GATEWAY RESORTS WORLD SENTOSA SINGAPORE 098269	6577 8888
Age of Company:	Website:	Industry Type:
8	www.rwsentosa.com	SERVICES

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		0
37
Payment pattern as per previous month		No. of Charges(s): NA
Industry DTC
29

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	STAR EAGLE HOLDINGS LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	4

EXECUTIVE SUMMARY

Company Name	:	RESORTS WORLD AT SENTOSA PTE. LTD.
Registration No	:	200502573D
Date of Registration	:	28/02/2005
Former Name	:	INFINITY @ THEBAY PTE. LTD. Eff. date : 28/02/2005
Date of Change of Name	:	05/01/2007
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	8 SENTOSA GATEWAY RESORTS WORLD SENTOSA SINGAPORE 098269
Date of Change of Address	:	08/02/2011
Contact No.	:	6577 8888
Fax No.	:	6577 8890
Website	:	www.rwsentosa.com
Registered Activities	:	1. HOTEL MANAGEMENT CONSULTANCY SERVICES CONSTRUCTION , DEVELOPMENT & OPERATION OF AN INTEGRATED RESORT 2. PASSENGER LAND TRANSPORT NEC (EG PRIVATE CARS FOR HIRE WITH OPERATOR) CHARTERED BUS SERVICES, PRIVATE CARS FOR HIRE WITH OPERATOR
Issued Ordinary Capital*	:	$2,000,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,000,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$2,000,000,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	PRICEWATERHOUSECOOPERS LLP
Bankers / Financiers	:	DBS BANK LTD. DBS BANK LTD, LABUAN BRANCH

EXECUTIVE SUMMARY

Turnover	:	SINGAPORE, DOLLARS 2,930,957,000.00 (FY2012)
Net Worth	:	SINGAPORE, DOLLARS 3,833,244,000.00 (FY2012)
No. of Bank Charges	:	7
No. of Litigation Suits	:	2
S1000 / SME 1000 / FG50 Ranking	:	35 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2011/2012) 154 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012) 146 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 57 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011)
Compounded Annual Growth Rate (CAGR)	:	NA

SHAREHOLDER DETAILS

NAME	:	STAR EAGLE HOLDINGS LIMITED
SHAREHOLDER ID	:	T05UF2621F
NATIONALITY	:	VIRGIN ISLANDS, BRITISH
ADDRESS	:	P.O. BOX 957, OFFSHORE INCORPORATIONS CENTRE ROAD TOWN TORTOLA, BRITISH VIRGIN ISLANDS
NO. OF ORD SHARES	:	2,000,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	YAP CHEE YUEN
ADDRESS	:	68 ST. THOMAS WALK #06-02 SKYLINE 360 @ ST THOMAS WALK SINGAPORE 238142
POSITION	:	DIRECTOR
DATE OF APPT	:	20/02/2013
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1191076I
NAME	:	TAN HEE TECK
ADDRESS	:	331 RIVER VALLEY ROAD #03-04 YONG AN PARK SINGAPORE 238363
POSITION	:	DIRECTOR
DATE OF APPT	:	08/03/2005
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2702416E
NAME	:	LEE SHI RUH
ADDRESS	:	45 CONWAY GROVE SERANGOON GARDEN ESTATE SINGAPORE 558225
POSITION	:	DIRECTOR
DATE OF APPT	:	29/03/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2767432A
NAME	:	TAY WEI HENG TERENCE
ADDRESS	:	49 TOH DRIVE SINGAPORE 507896
POSITION	:	SECRETARY
DATE OF APPT	:	31/01/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7517009B

KEY PERSONNEL PROFILE

Name:	TAN HEE TECK
NRIC Number:	S2702416E
Available Address:	331 RIVER VALLEY ROAD #03-04 YONG AN PARK SINGAPORE 238363

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	GENTING INTERNATIONAL GAMING & RESORT TECHNOLOGIES PTE. LTD.	DIRECTOR	08/03/2005	-	NA
2	GENTING SINGAPORE PLC	DIRECTOR	19/02/2010	-	NA
3	RESORTS WORLD AT SENTOSA PTE. LTD.	DIRECTOR	08/03/2005	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ASIA CONVERGE PTE LTD	LIVE COMPANY	DIRECTOR	25/05/2001	28/01/2004
2	DBS TRADING (PRIVATE) LIMITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	01/10/2001	18/11/2002
3	DBS VICKERS SECURITIES (SINGAPORE) PTE LTD	LIVE COMPANY	DIRECTOR	03/09/2001	13/06/2013
4	DBS VICKERS SECURITIES NOMINEES (SINGAPORE) PTE LTD	LIVE COMPANY	DIRECTOR	03/09/2001	26/02/2013
5	GENTING INTEGRATED RESORTS OPERATIONS MANAGEMENT PTE. LTD.	LIVE COMPANY	DIRECTOR	04/07/2008	20/06/2013
6	GENTING INTERNATIONAL (SINGAPORE) PTE LTD	LIVE COMPANY	DIRECTOR	26/12/2007	04/07/2013
7	GENTING INTERNATIONAL ENTERPRISES (SINGAPORE) PTE. LTD.	LIVE COMPANY	DIRECTOR	05/03/2008	22/05/2013
8	GENTING INTERNATIONAL MANAGEMENT SERVICES PTE LTD	LIVE COMPANY	DIRECTOR	26/12/2007	06/09/2012
9	GENTING INTERNATIONAL SERVICES SINGAPORE PTE. LTD.	LIVE COMPANY	DIRECTOR	21/05/2007	20/06/2013
10	MARK BURNETT PRODUCTIONS ASIA PTE. LTD.	STRUCK OFF	DIRECTOR	30/05/2008	11/04/2012

KEY PERSONNEL PROFILE

Previous Business (Cont’d)

11	MAXIMS CLUBS PTE. LTD.	STRUCK OFF	DIRECTOR	26/12/2007	06/09/2012
12	MEDO INVESTMENT PTE. LTD.	LIVE COMPANY	DIRECTOR	16/11/2005	06/09/2012
13	RESORTS WORLD INC PTE. LTD.	LIVE COMPANY	DIRECTOR	23/11/2010	19/06/2013
14	RESORTS WORLD MARKETING PTE. LTD.	LIVE COMPANY	DIRECTOR	18/05/2005	20/06/2013
15	RESORTS WORLD PROPERTIES PTE. LTD.	LIVE COMPANY	DIRECTOR	03/11/2010	20/06/2013
16	WORLDCARD (SINGAPORE) PTE. LTD.	LIVE COMPANY	DIRECTOR	26/12/2007	22/05/2013

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Transfer	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
RESORTS WORLD MARKETING PTE. LTD.	100
TAMERTON PTE. LTD.	100
DCP (SENTOSA) PTE. LTD.	80
WESTGATE ASIA ENTERPRISE	NA (SOLE-PROPRIETOR)

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 7 bank charges registered against Subject by its bankers. The charge numbers are:

1)		Charge No.	:	C201102072
		Date of Registration	:	17/02/2011
		Chargee	:	DBS BANK LTD.
		Amount Secured and Currency	:	All Monies
		Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
2)		Charge No.	:	C201102071
		Date of Registration	:	17/02/2011
		Chargee	:	DBS BANK LTD.
		Amount Secured and Currency	:	All Monies
		Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
3)		Charge No.	:	C201102070
		Date of Registration	:	17/02/2011
		Chargee	:	DBS BANK LTD.
		Amount Secured and Currency	:	All Monies
		Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
4)		Charge No.	:	C201102069
		Date of Registration	:	17/02/2011
		Chargee	:	DBS BANK LTD.
		Amount Secured and Currency	:	All Monies
		Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
5)		Charge No.	:	C200903753
		Date of Registration	:	25/06/2009
		Chargee	:	DBS BANK LTD, LABUAN BRANCH
		Amount Secured and Currency	:	40,000,000.00 SINGAPORE, DOLLARS
		Address	:	---
6)		Charge No.	:	C200903752
		Date of Registration	:	25/06/2009
		Chargee	:	DBS BANK LTD, LABUAN BRANCH
		Amount Secured and Currency	:	40,000,000.00 SINGAPORE, DOLLARS
		Address	:	---
7)	Charge No.		:	C200903750
	Date of Registration		:	25/06/2009
	Chargee		:	DBS BANK LTD, LABUAN BRANCH
	Amount Secured and Currency		:	40,000,000.00 SINGAPORE, DOLLARS
	Address		:	---

LITIGATION

To date, there have been 2 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2013	Past Years Bef 01 Jan 2013
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	1
High (>$250,000)	1	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	484
	Transfer	:	-
	Date of Filing	:	29/05/2013
	Amount	:	15,571.00
	Cause	:	Negligence (Others)
	Case Status	:	Pending
	Plaintiff	:	GOEL ADESH KUMAR
	Last Update Date	:	30/05/2013
2)	Court	:	District Court
	Case No.	:	2527
	Transfer	:	-
	Date of Filing	:	22/08/2011
	Amount	:	5,431.40
	Cause	:	Tort - Negligence (Others)
	Case Status	:	CONCLUDED
	Plaintiff	:	ANDREW JENSEN CAMPBELL
	Last Update Date	:	03/09/2012

COMPLIANCE

Date of Last AGM	:	30/05/2013
Date of Last AR	:	24/06/2013
Date of A/C Laid At Last AGM	:	31/12/2012

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING, ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2012	% Change	DEC 2011	DEC 2010	DEC 2009
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	2,930,957,000	-8.43	3,200,846,000	2,702,801,000	0
Profit/(Loss) Before Tax	810,710,000	-27.87	1,123,955,000	772,233,000	(123,937,000)
Profit After Tax attributable to Shareholders	652,110,000	-28.65	913,907,000	581,434,000	(123,931,000)
Balance Sheet Key Figures
Total Assets	7,910,400,000	0.20	7,894,928,000	7,222,826,000	5,339,274,000
Current Assets	1,918,912,000	-2.15	1,961,029,000	1,835,754,000	1,122,216,000
Non Current Assets	5,991,488,000	0.97	5,933,899,000	5,387,072,000	4,217,058,000
Total Liabilities	4,077,156,000	-13.76	4,727,607,000	4,791,813,000	3,573,084,000
Current Liabilities	1,514,832,000	-7.93	1,645,233,000	1,341,139,000	448,858,000
Non Current Liabilities	2,562,324,000	-16.87	3,082,374,000	3,450,674,000	3,124,226,000
Shareholders' Funds	3,833,244,000	21.02	3,167,321,000	2,431,013,000	1,766,190,000
Share Capital	2,000,000,000	0.00	2,000,000,000	2,000,000,000	2,000,000,000
Total Reserves	1,833,244,000	57.05	1,167,321,000	431,013,000	(233,810,000)

FINANCIAL RATIOS

	Group
	DEC 2012	DEC 2011	DEC 2010	DEC 2009
Growth %
Year-on-Year Growth	-8.43	18.43	NA	NA
Profitability
Profit Margin (%)	22.25	28.55	21.51	NA
Return on Equity (%)	17.01	28.85	23.92	NA
Return on Assets (%)	8.24	11.58	8.05	NA
Leverage
Total Debt/Equity (Times)	1.06	1.49	1.97	2.02
Current Debt/Equity (Times)	0.40	0.52	0.55	0.25
Long Term Debt To Equity (Times)	0.67	0.97	1.42	1.77
Total Asset To Total Equity (Times)	2.06	2.49	2.97	3.02
Asset Management
Total Assets Turnover (Times)	0.37	0.41	0.37	NA
Fixed Assets Turnover (Times)	0.49	0.54	0.50	NA
Liquidity
Current Ratio (Times)	1.27	1.19	1.37	2.50

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2012	% Change	DEC 2011	DEC 2009
Currency	SGD - SIN		SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	2,931,069,000	-8.43	3,201,045,000	0
Profit/(Loss) Before Tax	807,130,000	-28.21	1,124,285,000	(122,703,000)
Profit After Tax attributable to Shareholders	648,530,000	-29.12	915,004,000	(122,697,000)
Balance Sheet Key Figures
Total Assets	7,896,609,000	0.18	7,882,225,000	5,340,250,000
Current Assets	1,912,914,000	-2.03	1,952,603,000	1,123,084,000
Non Current Assets	5,983,695,000	0.91	5,929,622,000	4,217,166,000
Total Liabilities	4,081,192,000	-13.71	4,729,456,000	3,572,794,000
Current Liabilities	1,519,077,000	-7.79	1,647,383,000	448,568,000
Non Current Liabilities	2,562,115,000	-16.87	3,082,073,000	3,124,226,000
Shareholders' Funds	3,815,417,000	21.02	3,152,769,000	1,767,456,000
Share Capital	2,000,000,000	0.00	2,000,000,000	2,000,000,000
Total Reserves	1,815,417,000	57.48	1,152,769,000	(232,544,000)

FINANCIAL RATIOS

	Company
	DEC 2012	DEC 2011	DEC 2009
Growth %
Year-on-Year Growth	-8.43	NA	NA
Profitability
Profit Margin (%)	22.13	28.58	0.00
Return on Equity (%)	17.00	29.02	-6.94
Return on Assets (%)	8.21	11.61	-2.30
Leverage
Total Debt/Equity (Times)	1.07	1.50	2.02
Current Debt/Equity (Times)	0.40	0.52	0.25
Long Term Debt To Equity (Times)	0.67	0.98	1.77
Total Asset To Total Equity (Times)	2.07	2.50	3.02
Asset Management
Total Assets Turnover (Times)	0.37	0.41	0.00
Fixed Assets Turnover (Times)	0.49	0.54	0.00
Liquidity
Current Ratio (Times)	1.26	1.19	2.50

FINANCIAL COMMENTARY

Profitability

The group yielded a rate of net profit on sales of 22.25 per cent in FY12 (FY11: 28.55 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.22 of profit for every SINGAPORE, DOLLARS of sales in FY12, as compared with SINGAPORE, DOLLARS 0.29 a year ago.

Liquidity

Current ratio stood at 1.27 times in FY12 (FY11: 1.19 times). This means that the group has SINGAPORE, DOLLARS 1.27 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 1.06 times in FY12, compared with 1.49 times in FY11. This means that the group requires additional external financing of SINGAPORE, DOLLARS 1.06 for every SINGAPORE, DOLLARS injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 17.01 per cent for Subject in the current financial period, as compared to 28.85 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 8.24 per cent (FY11: 11.58 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 0.37 times in FY12 (FY11: 0.41 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.90.78
Euro	1	Rs.77.81

INFORMATION DETAILS

Report Prepared by :

SDA

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
s56-70	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.