MIRA INFORM REPORT

Report Date :

08.10.2013

IDENTIFICATION DETAILS

Name :	MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED
Registered Office :	10, Marina Boulevard, 17-01, Marina Bay Financial Centre, Tower 2, 018983
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	24.02.2006
Com. Reg. No.:	T06FC6823-A
Legal Form :	Foreign
Line of Business :	Subject is engaged as fund management activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	T06FC6823-A
COMPANY NAME	:	MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED
FORMER NAME	:	N/A
INCORPORATION DATE	:	24/02/2006
COMPANY STATUS	:	EXIST
LEGAL FORM	:	FOREIGN
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, MARINA BOULEVARD, 17-01, MARINA BAY FINANCIAL CENTRE, TOWER 2, 018983, SINGAPORE.
BUSINESS ADDRESS	:	10 MARINA BOULEVARD, 17-01, MARINA BAY FINANCIAL CENTRE, TOWER 2, 018983, SINGAPORE.
TEL.NO.	:	65-66010888
FAX.NO.	:	65-66010653
WEB SITE	:	WWW.MACQUARIE.COM
CONTACT PERSON	:	HENG CHIANG MENG ( CHAIRMAN )
PRINCIPAL ACTIVITY	:	FUND MANAGEMENT ACTIVITIES
AUTHORISED CAPITAL	:	N/A
SALES	:	N/A
NET WORTH	:	SGD 3,192,000 [2013]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	N/A
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The SC is principally engaged in the (as a / as an) fund management activities.

No shareholders was found in our databank at the time of investigation

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. FRANCIS PUI-CHEUN KWOK
Address	:	174, HARGRAVE STREET, PADDINGTON, NSW 2021, AUSTRALIA.
IC / PP No	:	E4101233
Nationality	:	AUSTRALIAN
Date of Appointment	:	15/07/2009

DIRECTOR 2

Name Of Subject	:	LEIGH PETER HARRISON
Address	:	49, HASTINGS ROAD, WARRAWEE NSW 2074, AUSTRALIA.
IC / PP No	:	E1035192
Nationality	:	AUSTRALIAN
Date of Appointment	:	07/08/2013

DIRECTOR 3

Name Of Subject	:	DANIEL MATTHEW WALMSLEY
Address	:	55, REMBRANDT DRIVE, MIDDLE COVE, NSW 2068, AUSTRALIA.
IC / PP No	:	N5559506
Nationality	:	AUSTRALIAN
Date of Appointment	:	27/06/2013

MANAGEMENT

1)	Name of Subject	:	FRANCIS PUI-CHEUN KWOK
	Position	:	DIRECTOR

2)	Name of Subject	:	HENG CHIANG MENG
	Position	:	CHAIRMAN

AUDITOR

No Auditor found in our databank 

COMPANY SECRETARIES

No company secretary was found in our databank. 

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

LEGAL CHECK AGAINST SC

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

No legal action was found in our databank. 

No winding up petition was found in our databank. 

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The SC is a service provider and it does not deal with trade suppliers. 

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Services

:

FUND MANAGEMENT ACTIVITIES

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) fund management activities. 

The SC is part of the Macquarie Group, a global provider of banking, financial, advisory, investment and funds management services. 

Macquarie's main business focus is making returns by providing a diversified range of services to clients.

Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. The Group has expertise in specific industries, including resources and commodities, energy, financial institutions, infrastructure and real estate. 

Macquarie International Infrastructure Fund (MIIF) is an Asia-focused listed infrastructure owner and operator of private infrastructure businesses. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-66010888
Match	:	N/A
Address Provided by Client	:	SINGAPORE
Current Address	:	10 MARINA BOULEVARD, 17-01, MARINA BAY FINANCIAL CENTRE, TOWER 2, 018983, SINGAPORE.
Match	:	NO

Other Investigations

We contacted one of the staff from the SC and he provided some information on the SC.

The address provided is incomplete.

The SC refused to disclose its number of employees.

FINANCIAL ANALYSIS

The SC's turnover was nil during the year indicate that it was inactive. As a result, we are unable to comment on its financial performance.

Overall financial condition of the SC : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 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 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.
However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.
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 whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.
Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2006, the SC is a Foreign company, acts as an infrastructure owner and operator of private infrastructure businesses. Having been in business for 7 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. 

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC has a good management capability. Its capable management team has enabled the SC to keep its business on going. Hence, the future prospect of the SC is bright. 

The SC does not have turnover as it is an investment management company. The SC has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 3,192,000, the SC should be able to maintain its business in the near terms. 

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. 

Based on the above condition, we recommend credit be granted to the SC promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED

Financial Year End	2013-03-31	2012-03-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
PROFIT/(LOSS) FROM OPERATIONS	23,209,000	1,808,000
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	23,209,000	1,808,000
Taxation	<2,281,000>	<197,000>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	20,928,000	1,611,000
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	<2,971,000>	<4,582,000>
	----------------	----------------
As restated	<2,971,000>	<4,582,000>
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	17,957,000	<2,971,000>
TRANSFER TO RESERVES - General	<22,000,000>	-
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	<4,043,000>	<2,971,000>
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	117,000	365,000
	----------------	----------------
	117,000	365,000

BALANCE SHEET

MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED

LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	-	1,721,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	1,721,000
	----------------	----------------
TOTAL LONG TERM ASSETS	-	1,721,000
CURRENT ASSETS
Other debtors, deposits & prepayments	2,299,000	2,293,000
Amount due from related companies	15,776,000	5,557,000
Cash & bank balances	385,000	343,000
Others	932,000	265,000
	----------------	----------------
TOTAL CURRENT ASSETS	19,392,000	8,458,000
	----------------	----------------
TOTAL ASSET	19,392,000	10,179,000
	=============	=============
CURRENT LIABILITIES
Other creditors & accruals	12,000	30,000
Amounts owing to related companies	15,622,000	5,059,000
Provision for taxation	560,000	-
Other liabilities	6,000	61,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	16,200,000	5,150,000
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	3,192,000	3,308,000
	----------------	----------------
TOTAL NET ASSETS	3,192,000	5,029,000
	=============	=============
SHARE CAPITAL
Ordinary share capital	7,235,000	8,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	7,235,000	8,000,000
RESERVES
Retained profit/(loss) carried forward	<4,043,000>	<2,971,000>
	----------------	----------------
TOTAL RESERVES	<4,043,000>	<2,971,000>
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	3,192,000	5,029,000
	----------------	----------------
	3,192,000	5,029,000
	=============	=============

FINANCIAL RATIO

MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED

TYPES OF FUNDS
Cash	385,000	343,000
Net Liquid Funds	385,000	343,000
Net Liquid Assets	3,192,000	3,308,000
Net Current Assets/(Liabilities)	3,192,000	3,308,000
Net Tangible Assets	3,192,000	5,029,000
Net Monetary Assets	3,192,000	3,308,000
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	16,200,000	5,150,000
Total Assets	19,392,000	10,179,000
Net Assets	3,192,000	5,029,000
Net Assets Backing	3,192,000	5,029,000
Shareholders' Funds	3,192,000	5,029,000
Total Share Capital	7,235,000	8,000,000
Total Reserves	<4,043,000>	<2,971,000>
LIQUIDITY (Times)
Cash Ratio	0.02	0.07
Liquid Ratio	1.20	1.64
Current Ratio	1.20	1.64
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	5.08	1.02
Times Interest Earned Ratio	199.37	5.95
Assets Backing Ratio	-	-
PERFORMANCE RATIO (%)
Operating Profit Margin	0.00	0.00
Net Profit Margin	0.00	0.00
Return On Net Assets	730.76	43.21
Return On Capital Employed	730.76	43.21
Return On Shareholders' Funds/Equity	655.64	32.03
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.99.06
Euro	1	Rs.83.84

INFORMATION DETAILS

Report Prepared by :

MNL

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.