MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED
Formerly Known As :	BERMUDA TRUST (SINGAPORE) LIMITED
Registered Office :	21, Collyer Quay, 10-02, Hsbc Building, 049320,.
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	24.02.1949
Com. Reg. No.:	194900022-R
Legal Form :	PUBLIC
Line of Business :	Subject is engaged in the trustee, fiduciary and custody services firms.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist

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.

:

194900022-R

COMPANY NAME

:

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

FORMER NAME

:

BERMUDA TRUST (SINGAPORE) LIMITED (17/09/2004)
STANDARD CHARTERED EQUITOR TRUSTEE SINGAPORE LIMITED (01/11/1993)
STANDARD CHARTERED BANK TRUSTEE SINGAPORE LIMITED (09/09/1991)

INCORPORATION DATE

:

24/02/1949

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

21, COLLYER QUAY, 10-02, HSBC BUILDING, 049320, SINGAPORE.

BUSINESS ADDRESS

:

21 COLLYER QUAY #10-02 HSBC BUILDING, 049320, SINGAPORE.

TEL.NO.

:

65-66586906/65341900

FAX.NO.

:

65-65345526

WEB SITE

:

WWW.HSBC.COM.SG

CONTACT PERSON

:

MATTHEW NICHOLAS CANNON ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRUSTEE, FIDUCIARY AND CUSTODY SERVICES FIRMS

ISSUED AND PAID UP CAPITAL

:

1,030,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,150,000.00

SALES

:

SGD 50,869,679 [2012]

NET WORTH

:

SGD 37,098,433 [2012]

STAFF STRENGTH

:

N/A

BANKER (S)

:

STANDARD CHARTERED BANK (HONG KONG) LIMITED DEUTSCHE BANK AKTIENGESELLSCHAFT THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED OVERSEA-CHINESE BANKING CORPORATION LIMITED UNITED OVERSEAS BANK LIMITED STANDARD CHARTERED BANK

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

HISTORY / BACKGROUND

As a public limited company, the SC must have at least one shareholder but there is no limit on the maximum number of shareholders. The SC must have at least two directors. A public 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. The liabilities of the shareholders are only up to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and must file in its annual return, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trustee, fiduciary and custody services firms.

The immediate holding company of the SC is THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, a company incorporated in HONG KONG.

The ultimate holding company of the SC is HSBC HOLDINGS PLC, a company incorporated in UNITED KINGDOM.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HSBC MAIN BUILDING 1 QUEEN ROAD, CENTRAL, LEVEL 30, HONG KONG.	T03UF0127	1,030,000.00	100.00
			---------------	------
			1,030,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
200806663C	SINGAPORE	MATSUDO INVESTMENT PTE. LTD.	100.00	31/12/2012
200920809C	SINGAPORE	PMF HOLDINGS PTE. LTD.	100.00	31/12/2012
200704927C	SINGAPORE	ELOK HOLDINGS PTE. LTD.	100.00	31/12/2012
201213203	SINGAPORE	AACI REIT MTN PTE. LTD.	100.00	31/12/2012
201203883	SINGAPORE	PARKWAY LIFE MALAYSIA PTE. LTD.	100.00	31/12/2012
201118084C	SINGAPORE	SAGACITY INVESTMENTS PTE. LTD.	100.00	31/12/2012
200704920E	SINGAPORE	MAGNUS INVESTMENTS PTE. LTD.	100.00	31/12/2012
201304223	SINGAPORE	SABANA SUKUK PTE. LTD	100.00	31/12/2012
200808957H	SINGAPORE	PARKWAY LIFE JAPAN2 PTE. LTD.	100.00	31/12/2012
200702216D	SINGAPORE	METROPOLIS PROPERTIES PTE. LTD.	100.00	31/12/2012
200702211H	SINGAPORE	SERPONG PROPERTIES PTE. LTD.	100.00	31/12/2012
201212428	SINGAPORE	LMIRT CAPITAL PTE. LTD.	100.00	31/12/2012
200817724K	SINGAPORE	PARKWAY LIFE JAPAN3 PTE. LTD.	100.00	31/12/2012
201131506R	SINGAPORE	SABANA TREASURY PTE. LTD.	100.00	31/12/2012
200921096D	SINGAPORE	SG REIT (M) PTE. LTD.	100.00	31/12/2012
201112830M	SINGAPORE	CACHE SINGAPORE ONE PTE. LTD.	100.00	31/12/2012
201216916	SINGAPORE	MIYANG (KOREA) PTE. LTD.	100.00	31/12/2012
200707930G	SINGAPORE	FIRSTOFFICE PTE. LTD.	100.00	31/12/2012
200921101H	SINGAPORE	SG REIT (WA) PTE. LTD.	100.00	31/12/2012
201206223	SINGAPORE	JUNGBU JEIL (KOREA) PTE. LTD.	100.00	31/12/2012
201206221	SINGAPORE	DOOIL (KOREA) PTE. LTD.	100.00	31/12/2012
200704912N	SINGAPORE	CIBUBUR HOLDINGS PTE. LTD.	100.00	31/12/2012
200704938E	SINGAPORE	PS INTERNATIONAL HOLDINGS PTE. LTD.	100.00	31/12/2012
200703579M	SINGAPORE	STARHILL GLOBAL REIT JAPAN SPC ONE PTE. LTD.	100.00	31/12/2012
201134581	SINGAPORE	RAGLAN INVESTMENT PTE. LTD.	100.00	31/12/2012
200713946W	SINGAPORE	PLATINUM STRATEGIC INVESTMENTS PTE. LTD.	100.00	31/12/2012
201115124K	SINGAPORE	KALMORE INVESTMENTS PTE. LTD.	100.00	31/12/2012
200517175G	SINGAPORE	GAJAH MADA INVESTMENTS PTE. LTD.	100.00	31/12/2012
200702226R	SINGAPORE	DETOS PROPERTIES PTE. LTD.	100.00	31/12/2012
201130129Z	SINGAPORE	.LOVAGE INTERNATIONAL PTE. LTD.	100.00	31/12/2012
201130129Z	SINGAPORE	ULTIMO INVESTMENT PTE. LTD.	100.00	31/12/2012
201133323M	SINGAPORE	NOVICIO INVESTMENT PTE. LTD.	100.00	31/12/2012
200509863H	SINGAPORE	PRIMERICH INVESTMENTS PTE. LTD.	100.00	31/12/2012
200823408W	SINGAPORE	PV INTERNATIONAL HOLDINGS PTE. LTD.	100.00	31/12/2012
200702236H	SINGAPORE	MADIUN PROPERTIES PTE. LTD.	100.00	31/12/2012
201133310G	SINGAPORE	REQUIS INVESTMENT PTE. LTD.	100.00	31/12/2012
201134589	SINGAPORE	RHUDDLAN INVESTMENT PTE. LTD.	100.00	31/12/2012
201320465	SINGAPORE	SUNTEC REIT MTN PTE. LTD	100.00	31/12/2012
201131969D	SINGAPORE	ELSINOR INVESTMENT PTE. LTD.	100.00	31/12/2012
200702219R	SINGAPORE	MATOS PROPERTIES PTE. LTD.	100.00	31/12/2012
200702234G	SINGAPORE	JAVA PROPERTIES PTE. LTD.	100.00	31/12/2012
201024966W	SINGAPORE	SHANGHAI (JQ) INVESTMENT HOLDINGS PTE. LTD.	100.00	31/12/2012
200704938E	SINGAPORE	PS INTERNATIONAL HOLDINGS PTE. LTD.	100.00	31/12/2012
200713754Z	SINGAPORE	GOLD CAPITAL PTE. LTD.	100.00	31/12/2012
200700162R	SINGAPORE	ASCENDAS ZPARK (SINGAPORE) PTE. LTD.	100.00	31/12/2012
200609232R	SINGAPORE	CLUB RESORTS NO. 1 ASIA PACIFIC PTE. LTD.	100.00	31/12/2012
200616853H	SINGAPORE	MAPLETREELOG HIMAWARI PTE. LTD.	100.00	31/12/2012
200702232E	SINGAPORE	PALLADIUM PROPERTIES PTE. LTD.	100.00	31/12/2012
200701276D	SINGAPORE	CMT MTN PTE. LTD.	100.00	31/12/2012
201101421W	SINGAPORE	CACHE-MTN PTE. LTD.	100.00	31/12/2012
200801635D	SINGAPORE	MAPLETREELOG VSIP 1 WAREHOUSE PTE. LTD.	100.00	31/12/2012
200717660Z	SINGAPORE	CCT MTN PTE. LTD.	100.00	31/12/2012
200722634C	SINGAPORE	MAPLETREELOG OAKLINE (KOREA) PTE. LTD.	100.00	31/12/2012
200709287W	SINGAPORE	STARHILL GLOBAL REIT MTN PTE. LTD.	100.00	31/12/2012
200613550D	SINGAPORE	MALAYSIA COMMERCIAL DEVELOPMENT FUND PTE. LTD.	100.00	31/12/2012
200902298N	SINGAPORE	PLUIT VILLAGE INVESTMENTS PTE. LTD.	100.00	31/12/2012
200602417Z	SINGAPORE	MAPLETREELOG TREASURY COMPANY PTE. LTD.	100.00	31/12/2012
200415442D	SINGAPORE	ASIAN BOND FUND 1 SINGAPORE PTE. LTD.	100.00	31/12/2012
200106421N	SINGAPORE	SENGKANG MALL LIMITED	100.00	31/12/2012
199906493Z	SINGAPORE	TAMPINES ASSETS LIMITED	100.00	31/12/2012
200008613C	SINGAPORE	HENLEY INVESTMENTS PTE. LTD.	100.00	31/12/2012
200308316C	SINGAPORE	BAXUS LIMITED	100.00	31/12/2012
200310515G	SINGAPORE	FAIRBURY PTE. LTD.	100.00	31/12/2012
200517482K	SINGAPORE	MAPLETREELOG MALAYSIA HOLDINGS PTE. LTD.	100.00	31/12/2012
200704914R	SINGAPORE	TANGENT INVESTMENTS PTE. LTD.	100.00	31/12/2012
200517176W	SINGAPORE	MAL LIPPO INVESTMENTS PTE. LTD.	100.00	31/12/2012
200816258D	SINGAPORE	ALHAMBRA PTE. LTD.	100.00	31/12/2012
200823081E	SINGAPORE	FCT MTN PTE. LTD.	100.00	31/12/2012
199300246Z	SINGAPORE	SOMERSET (WUHAN) INVESTMENTS PTE LTD	100.00	31/12/2012
201302253	SINGAPORE	CACHE POLAR (SINGAPORE) PTE. LTD.	100.00	31/12/2012
201134456	SINGAPORE	ESTILO INVESTMENT PTE. LTD.	100.00	31/12/2012
201328756	SINGAPORE	AACI REIT OPERA PTE. LTD.	100.00	31/12/2012
201117568R	SINGAPORE	DCS ASSET FUNDING PTE. LTD.	100.00	31/12/2012
200704914R	SINGAPORE	TANGENT INVESTMENTS PTE. LTD.	100.00	31/12/2012
201017438Z	SINGAPORE	MAPLETREELOG MQ (KOREA) PTE. LTD.	100.00	31/12/2012
201306239	SINGAPORE	KMT1 HOLDINGS PTE. LTD.	100.00	31/12/2012
200308274C	SINGAPORE	CAPITARETAIL SINGAPORE LIMITED	100.00	31/12/2012
200912272C	SINGAPORE	SUNTEC HARMONY PTE. LTD.	100.00	31/12/2012
201026055R	SINGAPORE	KINGSTON (KOREA) PTE. LTD.	100.00	31/12/2012
200705857C	SINGAPORE	GREAT PROPERTIES PTE. LTD.	100.00	31/12/2012
200709603K	SINGAPORE	REALTY OVERSEAS PTE. LTD.	100.00	31/12/2012
200510309R	SINGAPORE	GRACE CAPITAL PTE. LTD.	100.00	31/12/2012
200713935N	SINGAPORE	GLOBALINK INVESTMENTS PTE. LTD.	100.00	31/12/2012
200805627W	SINGAPORE	PARKWAY LIFE MTN PTE. LTD.	100.00	31/12/2012
201315022	SINGAPORE	SEOICHEON (KOREA) PTE. LTD.	100.00	31/12/2012
200713955Z	SINGAPORE	GREAT CAPITAL PTE. LTD.	100.00	31/12/2012
197300623H	SINGAPORE	THAKRAL BROTHERS (PRIVATE) LIMITED	100.00	31/12/2012
201106968Z	SINGAPORE	ILJUK (KOREA) PTE. LTD.	100.00	31/12/2012
200308928D	SINGAPORE	GOT PTE. LTD.	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GUY DANIEL HARVEY-SAMUEL
Address	:	28, SWISS CLUB ROAD, SWISS CLUB PARK, 288126, SINGAPORE.
IC / PP No	:	S2764215B
Nationality	:	BRITISH
Date of Appointment	:	17/06/2013

DIRECTOR 2

Name Of Subject	:	IAN ROBERT BANKS
Address	:	FLAT 6, 2/F, 52 STANLEY VILLAGE ROAD, HONG KONG.
IC / PP No	:	504540253
Date of Appointment	:	02/05/2013

DIRECTOR 3

Name Of Subject	:	ANTONY WADE LEWIS
Address	:	9, ARDMORE PARK, 04 - 03, ARDMORE PARK, 259955, SINGAPORE.
IC / PP No	:	G6481127X
Nationality	:	BRITISH
Date of Appointment	:	02/09/2010

DIRECTOR 4

Name Of Subject	:	CHOW WAN THONH
Address	:	29, JALAN BINCHANG, MING PARK, 578534, SINGAPORE.
IC / PP No	:	S1692160B
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/06/2010

DIRECTOR 5

Name Of Subject	:	MATTHEW NICHOLAS CANNON
Address	:	25, HOLLAND GROVE DRIVE, HOLLAND GROVE PARK, 278869, SINGAPORE.
IC / PP No	:	G5256294K
Nationality	:	BRITISH
Date of Appointment	:	19/07/2012

DIRECTOR 6

Name Of Subject	:	TAN SWEE BENG KELVIN
Address	:	2, THOMSON CLOSE, THOMSON HILLS ESTATE, 575012, SINGAPORE.
IC / PP No	:	S1640428D
Nationality	:	SINGAPOREAN
Date of Appointment	:	10/09/2012

MANAGEMENT

1)	Name of Subject	:	MATTHEW NICHOLAS CANNON
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANTONY LEE SAY MENG
	IC / PP No	:	S1394306J
	Address	:	15, JALAN TEMPUA, 298980, SINGAPORE.

2)	Company Secretary	:	HARJIT KAUR D/O HAKAM SINGH
	IC / PP No	:	S6836700Z
	Address	:	54, TELOK BLANGAH DRIVE, 08 - 38, 100054, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

STANDARD CHARTERED BANK (HONG KONG) LIMITED

2)

Name

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

3)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

4)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

5)

Name

:

UNITED OVERSEAS BANK LIMITED

6)

Name

:

STANDARD CHARTERED BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200303922	14/08/2003	N/A	DBS BANK LTD.	N/A	Unsatisfied
C200404331	02/09/2004	N/A	EMERALD ASSETS LIMITED	SGD 5,000,000,000.00	Unsatisfied
C200404332	02/09/2004	N/A	EMERALD ASSETS LIMITED	SGD 5,000,000,000.00	Unsatisfied
C200404333	02/09/2004	N/A	EMERALD ASSETS LIMITED	SGD 5,000,000,000.00	Unsatisfied
C200404334	02/09/2004	N/A	EMERALD ASSETS LIMITED	SGD 5,000,000,000.00	Unsatisfied
C200404335	02/09/2004	N/A	EMERALD ASSETS LIMITED	SGD 5,000,000,000.00	Unsatisfied
C200404858	30/09/2004	N/A	DEUTSCHE BANK AKTIENGESELLSCHAFT	N/A	Unsatisfied
C200406304	13/12/2004	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C200504235	19/07/2005	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HKD 2,650,000,000.00	Unsatisfied
C200506442	17/10/2005	N/A	EMERALD ASSETS LIMITED	SGD 300,000,000.00	Unsatisfied
C200606779	10/10/2006	N/A	SILVER OAK LTD.	SGD 1,030,000,000.00	Unsatisfied
C200606780	10/10/2006	N/A	SILVER OAK LTD.	SGD 1,030,000,000.00	Unsatisfied
C200606781	10/10/2006	N/A	SILVER OAK LTD.	SGD 1,030,000,000.00	Unsatisfied
C200606782	10/10/2006	N/A	SILVER OAK LTD.	SGD 1,030,000,000.00	Unsatisfied
C200606783	10/10/2006	N/A	SILVER OAK LTD.	SGD 1,030,000,000.00	Unsatisfied
C200606784	10/10/2006	N/A	SILVER OAK LTD.	SGD 1,030,000,000.00	Unsatisfied
C200701884	08/03/2007	N/A	SILVER OAK LTD.	N/A	Unsatisfied
C200704369	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704370	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704371	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704372	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704373	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704374	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704375	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704376	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704377	11/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704384	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704386	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704387	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704400	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704404	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704406	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704409	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704411	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200704412	12/06/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200707046	28/08/2007	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C200807072	30/07/2008	N/A	THE BANK OF NEW YORK MELLON, LONDON BRANCH	SGD 650,000,000.00	Unsatisfied
C200907303	11/11/2009	N/A	STANDARD CHARTERED BANK (HONG KONG) LIMITED	N/A	Unsatisfied
C200907306	11/11/2009	N/A	STANDARD CHARTERED BANK (HONG KONG) LIMITED	N/A	Unsatisfied
C200907307	11/11/2009	N/A	STANDARD CHARTERED BANK (HONG KONG) LIMITED	N/A	Unsatisfied
C200907308	11/11/2009	N/A	STANDARD CHARTERED BANK (HONG KONG) LIMITED	N/A	Unsatisfied
C200908191	11/12/2009	N/A	THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED	SGD 825,000,000.00	Unsatisfied
C200908210	11/12/2009	N/A	THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED	SGD 825,000,000.00	Unsatisfied
C200908215	11/12/2009	N/A	THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED	SGD 825,000,000.00	Unsatisfied
C200908219	11/12/2009	N/A	THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED	SGD 825,000,000.00	Unsatisfied
C200908248	11/12/2009	N/A	THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED	SGD 825,000,000.00	Unsatisfied
C201003349	22/04/2010	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201003350	22/04/2010	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201003352	22/04/2010	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201003353	22/04/2010	N/A	RUBY ASSETS PTE. LTD	N/A	Unsatisfied
C201003355	22/04/2010	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201003356	22/04/2010	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201003357	22/04/2010	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201003358	22/04/2010	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201006450	27/07/2010	N/A	STANDARD CHARTERED BANK HONG KONG LIMITED	N/A	Unsatisfied
C201006455	27/07/2010	N/A	STANDARD CHARTERED BANK HONG KONG LIMITED	N/A	Unsatisfied
C201009563	15/10/2010	N/A	DBS BANK LTD.	SGD 700,000,000.00	Unsatisfied
C201009565	15/10/2010	N/A	DBS BANK LTD.	SGD 700,000,000.00	Unsatisfied
C201009567	15/10/2010	N/A	DBS BANK LTD.	SGD 700,000,000.00	Unsatisfied
C201009575	15/10/2010	N/A	DBS BANK LTD.	SGD 700,000,000.00	Unsatisfied
C201009585	15/10/2010	N/A	THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED	SGD 825,000,000.00	Unsatisfied
C201011734	02/12/2010	N/A	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201011735	02/12/2010	N/A	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201011736	02/12/2010	N/A	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201011738	02/12/2010	N/A	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201011739	02/12/2010	N/A	THE HONG KONG AND SHANGHAI CORPORATION LIMITED	N/A	Unsatisfied
C201011740	02/12/2010	N/A	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201101116	25/01/2011	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201101118	25/01/2011	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	SGD 50,000,000.00	Unsatisfied
C201102892	09/03/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201105529	05/05/2011	N/A	STANDARD CHARTERED BANK HONG KONG LIMITED	N/A	Unsatisfied
C201105539	06/05/2011	N/A	STANDARD CHARTERED BANK (HONG KONG) LIMITED	N/A	Unsatisfied
C201108418	12/07/2011	N/A	DBS BANK LTD.	SGD 264,000,000.00	Unsatisfied
C201108429	12/07/2011	N/A	DBS BANK LTD.	SGD 264,000,000.00	Unsatisfied
C201108441	12/07/2011	N/A	DBS BANK LTD.	SGD 264,000,000.00	Unsatisfied
C201108443	12/07/2011	N/A	DBS BANK LTD.	SGD 264,000,000.00	Unsatisfied
C201109557	02/08/2011	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201109560	02/08/2011	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201109563	02/08/2011	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201111831	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201111834	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201111837	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201111840	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201111845	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201111846	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201111853	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201111872	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201111874	21/09/2011	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201115302	06/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115307	06/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115308	06/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115309	06/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115314	06/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115317	06/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115318	06/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115321	06/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115311	16/12/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201116288	27/12/2011	N/A	DBS BANK LTD.	SGD 70,000,000.00	Unsatisfied
C201116291	27/12/2011	N/A	DBS BANK LTD.	SGD 70,000,000.00	Unsatisfied
C201116294	27/12/2011	N/A	DBS BANK LTD.	SGD 70,000,000.00	Unsatisfied
C201116296	27/12/2011	N/A	DBS BANK LTD.	SGD 70,000,000.00	Unsatisfied
C201200095	03/01/2012	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201200538	12/01/2012	N/A	PT BANK CIMB NIAGA TBK.	SGD 190,000,000.00	Unsatisfied
C201200539	12/01/2012	N/A	PT BANK CIMB NIAGA TBK.	SGD 190,000,000.00	Unsatisfied
C201202782	13/03/2012	N/A	UNITED OVERSEAS BANK LIMITED	N/A	Unsatisfied
C201207757	12/07/2012	N/A	STANDARD CHARTERED BANK	SGD 375,000,000.00	Unsatisfied
C201207760	12/07/2012	N/A	STANDARD CHARTERED BANK	SGD 375,000,000.00	Unsatisfied
C201207761	12/07/2012	N/A	STANDARD CHARTERED BANK	SGD 375,000,000.00	Unsatisfied
C201207764	12/07/2012	N/A	STANDARD CHARTERED BANK	SGD 375,000,000.00	Unsatisfied
C201207798	12/07/2012	N/A	STANDARD CHARTERED BANK	SGD 375,000,000.00	Unsatisfied
C201207799	12/07/2012	N/A	STANDARD CHARTERED BANK	SGD 375,000,000.00	Unsatisfied
C201207806	12/07/2012	N/A	EMERALD ASSETS LIMITED	SGD 395,000,000.00	Unsatisfied
C201209315	16/08/2012	N/A	STANDARD CHARTERED BANK	SGD 375,000,000.00	Unsatisfied
C201210565	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210566	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210567	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210568	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210569	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210570	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210572	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210575	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210576	17/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210601	18/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201210602	18/09/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201211286	02/10/2012	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201213501	22/11/2012	N/A	UNITED OVERSEAS BANK LIMITED	N/A	Unsatisfied
C201213864	29/11/2012	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201213872	29/11/2012	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115300	06/12/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201115305	06/12/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201214365	06/12/2012	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201300724	16/01/2013	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C201300725	16/01/2013	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C201300726	16/01/2013	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C201300727	16/01/2013	N/A	EMERALD ASSETS LIMITED	N/A	Unsatisfied
C201310507	31/07/2013	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201310508	31/07/2013	N/A	RUBY ASSETS PTE. LTD.	N/A	Unsatisfied
C201312118	04/09/2013	N/A	STANDARD CHARTERED BANK	SGD 430,000,000.00	Unsatisfied
C201313422	03/10/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201313708	09/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied
C201313711	09/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied
C201313720	09/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied
C201313721	09/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied
C201313722	09/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied
C201313725	09/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied
C201313728	09/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied
C201313738	09/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied
C201314163	21/10/2013	N/A	STANDARD CHARTERED BANK	SGD 370,000,000.00	Unsatisfied

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	:	2022
Year	:	2006	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	01/06/2006
Solicitor	:	YEO SIEW CHYE TROY
Solicitor Ref	:	GTP.GEN.6206.TY.JH
Solicitor Firm	:	GRAYS LLC
Plaintiff	:	BUTTERFLIES CONNECTION NG SOW LAI
Defendants	:	HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED (194900022)
Amount Claimed	:	135753
Nature of Claim	:	SGD
Remark	:	OTHERS / MISCELLANEOUS
Code No	:	99	Case No	:	3642
Year	:	2008	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	12/11/2008
Solicitor	:	NAVINDER SINGH
Solicitor Ref	:	2008100095NSN
Solicitor Firm	:	NAVIN & CO LLP
Plaintiff	:	THE DIGITAL NETWORK PTE LTD
Defendants	:	HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED (194900022)
Amount Claimed	:	114200
Nature of Claim	:	SGD
Remark	:	LAND (INCLUDING SALE AND TENANCY)
Code No	:	99	Case No	:	271
Year	:	2011	Place	:	SINGAPORE
Court	:	SESSIONS COURT
Date Filed	:	18/04/2011
Solicitor Ref	:	AN/CC/10082/IZ
Solicitor Firm	:	NETTOWON LLC
Plaintiff	:	TURKESVARAN S/O SILVARJAH
Defendants	:	HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED (194900022)
Amount Claimed	:	35814.16
Nature of Claim	:	SGD
Remark	:	TORT - NEGLIGENCE
Code No	:	99	Case No	:	2111
Year	:	2012	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	25/07/2012
Solicitor Ref	:	HS/HSB/1429/10/AN A
Solicitor Firm	:	HAR ASSOCIATES
Plaintiff	:	HANNAN MRIDHA ABDUL KUDDUS MRIDHA
Defendants	:	HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED (194900022)
Remark	:	TORT - NEGLIGENCE

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	:	N/A
Overseas	:	N/A

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

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose any information on the SC's clientele.

OPERATIONS

Services

:

TRUSTEE, FIDUCIARY AND CUSTODY SERVICES FIRMS

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trustee, fiduciary and custody services firms.

The staff from the registered office refused to disclose any information on the SC's operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-66586906/65341900
Match	:	N/A
Address Provided by Client	:	SINGAPORE
Current Address	:	21 COLLYER QUAY #10-02 HSBC BUILDING, 049320, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the registered office and she only provided limited information on the SC.

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

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	6.84%	]
Profit/(Loss) Before Tax	:	Increased	[	1.53%	]
Return on Shareholder Funds	:	Acceptable	[	27.01%	]
Return on Net Assets	:	Favourable	[	31.77%	]
The higher turnover could be attributed to the favourable market condition.The SC's management have been efficient in controlling its operating costs. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Acceptable	[	64 Days	]
Creditors Ratio	:	Favourable	[	7 Days	]
As the SC is a service oriented company, the SC does not need to keep stocks. The SC's management was quite efficient in handling its debtors. The SC's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	3.70 Times	]
Current Ratio	:	Favourable	[	3.70 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The SC's interest cover was nil as it did not pay any interest during the year. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the SC's performance has improved with higher turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC did not make any interest payment during the year. The SC was dependent on its shareholders' funds to finance its business needs. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC : STRONG

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 1949, the SC is a Public Limited Company company, focusing on trustee, fiduciary and custody services firms. The SC has been in business for over 6 decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the SC was at an acceptable range 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 37,098,433, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

We regard that the SC's overall payment habit is prompt. The SC had a favourable creditors' ratio as evidenced by its favourable collection days.

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. In spite of the difficult and challenging business environment, the SC's competitive capability is strong and it is adapting well to meet the challenges of this sector.

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.

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

Financial Year End	2012-12-31	2011-12-31
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
TURNOVER	50,869,679	47,610,897
	----------------	----------------
Total Turnover	50,869,679	47,610,897
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	11,787,011	11,609,652
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	11,787,011	11,609,652
Taxation	<1,765,261>	<1,621,230>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	10,021,750	9,988,422
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	21,101,566	42,642,607
	----------------	----------------
As restated	21,101,566	42,642,607
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	31,123,316	52,631,029
DIVIDENDS - Ordinary (paid & proposed)	-	<31,529,463>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	31,123,316	21,101,566
	=============	=============

BALANCE SHEET

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	3,480	5,824
LONG TERM INVESTMENTS/OTHER ASSETS
Others	105,500	105,500
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	105,500	105,500
	----------------	----------------
TOTAL LONG TERM ASSETS	108,980	111,324
CURRENT ASSETS
Trade debtors	8,908,829	6,287,529
Other debtors, deposits & prepayments	350,144	231,711
Short term deposits	38,400,000	29,102,000
Amount due from related companies	179,001	57,230
Cash & bank balances	2,859,477	4,206,887
	----------------	----------------
TOTAL CURRENT ASSETS	50,697,451	39,885,357
	----------------	----------------
TOTAL ASSET	50,806,431	39,996,681
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,033,567	1,150,111
Other creditors & accruals	10,322,396	9,438,990
Amounts owing to holding company	97,901	855,170
Amounts owing to related companies	172,726	-
Provision for taxation	2,081,408	2,039,860
	----------------	----------------
TOTAL CURRENT LIABILITIES	13,707,998	13,484,131
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	36,989,453	26,401,226
	----------------	----------------
TOTAL NET ASSETS	37,098,433	26,512,550
	=============	=============
SHARE CAPITAL
Ordinary share capital	5,150,000	5,150,000
	----------------	----------------
TOTAL SHARE CAPITAL	5,150,000	5,150,000
RESERVES
Retained profit/(loss) carried forward	31,123,316	21,101,566
Employee share option reserve	825,117	260,984
	----------------	----------------
TOTAL RESERVES	31,948,433	21,362,550
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	37,098,433	26,512,550
	----------------	----------------
	37,098,433	26,512,550
	=============	=============

FINANCIAL RATIO

HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

TYPES OF FUNDS
Cash	41,259,477	33,308,887
Net Liquid Funds	41,259,477	33,308,887
Net Liquid Assets	36,989,453	26,401,226
Net Current Assets/(Liabilities)	36,989,453	26,401,226
Net Tangible Assets	37,098,433	26,512,550
Net Monetary Assets	36,989,453	26,401,226
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	13,707,998	13,484,131
Total Assets	50,806,431	39,996,681
Net Assets	37,098,433	26,512,550
Net Assets Backing	37,098,433	26,512,550
Shareholders' Funds	37,098,433	26,512,550
Total Share Capital	5,150,000	5,150,000
Total Reserves	31,948,433	21,362,550
LIQUIDITY (Times)
Cash Ratio	3.01	2.47
Liquid Ratio	3.70	2.96
Current Ratio	3.70	2.96
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	64	48
Creditors Ratio	7	9
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.37	0.51
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	7.20	5.15
PERFORMANCE RATIO (%)
Operating Profit Margin	23.17	24.38
Net Profit Margin	19.70	20.98
Return On Net Assets	31.77	43.79
Return On Capital Employed	31.77	43.79
Return On Shareholders' Funds/Equity	27.01	37.67
Dividend Pay Out Ratio (Times)	0.00	3.16
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

NIS

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.