MIRA INFORM REPORT

Report Date :

31.03.2007

IDENTIFICATION DETAILS

Name :	GOLDWIN EXPRESS PTE LTD

Registered Office :	^{34 Craig Road, #02-08, Chinatown Plaza, Singapore - 089673}

Country :	Singapore

Financials (as on) :	30.06.2006

Date of Incorporation :	^27/08/1994

Com. Reg. No.:	^199406075Z

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	General Transport Services and Stevedores, General Commission Agency and General Trading

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Subject Company

GOLDWIN EXPRESS PTE LTD

Line Of Business

GENERAL TRANSPORT SERVICES AND STEVEDORES, GENERAL COMMISSION AGENCY AND GENERAL TRADING

Parent Company

Financial Elements

FY 2006

COMPANY

Sales : S$1,162,558

Networth : S$102,745

Paid-Up Capital : S$50,000

Net result : S$15,243

Net Margin(%) : 1.31

Return on Equity(%) : 14.84

Leverage Ratio : 0.51

Rating

Credit Rating : Sing $ 100001 to sing $ 300000

COMPANY IDENTIFICATION

^{Subject Company
: GOLDWIN
EXPRESS PTE LTD}

^{Former Name : -}

^{Business
Address: 34 CRAIG ROAD}

^#02-08

^{CHINATOWN PLAZA}

^{Town: SINGAPORE}

^{Postcode: 089673}

^{County: -}

^{Country: Singapore}

^{Telephone: 6323
0309}

^{Fax: 6323 3630}

^{ROC Number: 199406075Z}

^{Reg. Town: -}

SUMMARY

^{All amounts in
this report are in: SGD
unless otherwise stated}

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 27/08/1994}

^{Previous Legal
Form: -}

^{Summary year
: 30/06/2006}

^{Sales: 1,162,558}

^{Networth : 102,745}

^{Capital: -}

^{Paid-Up
Capital: 50,000}

^{Employees: -}

^{Net result : 15,243}

^{Share value: -}

^{AUDITOR : WU
CHIAW CHING & COMPANY}

REFERENCES

^{Litigation: No}

^{Company status
: TRADING}

^{Started : 27/08/1994}

PRINCIPAL(S)

^{TAN GEOK KWEE S1390805B Director}

DIRECTOR(S)

^{TAN GEOK KWEE S1390805B Director}

^{Appointed on : 27/08/1994}

^{Street : 123 MEYER ROAD}

^#23-02

^{THE MAKENA}

^{Town: SINGAPORE}

^{Postcode: 437934}

^{Country: Singapore}

^{YONG LAY ENG S1585382D Director}

^{Appointed on : 12/04/2004}

^{Street : 123
MEYER ROAD}

^#23-02

^{THE MAKENA}

^{Town: SINGAPORE}

^{Postcode: 437934}

^{Country: Singapore}

^{TAN THAI NGEE S1643701H Company Secretary}

^{Appointed on :
01/11/2005}

^{Street : 702 UPPER CHANGI ROAD EAST}

^#04-02

^{CHANGI COURT}

^{Town: SINGAPORE}

^{Postcode: 486832}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{CHUA LEE SAN S0137143F}

^{TAN NGUK HENG S1707516J}

ACTIVITY(IES)

^{TRANSPORT
Code:22292}

^{COMMISSION
MERCHANTS Code:4990}

^{BASED ON ACRA'S
RECORD AS AT 26/03/2007}

^{1) SERVICES ALLIED
TO TRANSPORT OF GOODS NEC.}

^{2) WHOLESALE ON A
FEE OR CONTRACT BASIS (COMMISSION AGENCIES)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Bankers Information In Our Database

SHAREHOLDERS(S)

^{TAN GEOK KWEE
25,000 Private Person}

^{Street : 123
MEYER ROAD}

^#23-02

^{THE MAKENA}

^{Town: SINGAPORE}

^{Postcode: 437934}

^{Country: Singapore}

^{YONG LAY ENG
25,000 Private Person}

^{Street : 123
MEYER ROAD}

^#23-02

^{THE MAKENA}

^{Town: SINGAPORE}

^{Postcode: 437934}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{TAN NGUK HENG
25,000}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

^{All
amounts in this report are in : SGD}

^{Audit
Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date
Account Lodged:
27/01/2007}

^{Balance
Sheet Date:
30/06/2006
30/06/2005}

^{Number
of weeks:
52 52}

^{Consolidation
Code: COMPANY COMPANY}

^{--- ASSETS}

^{Tangible
Fixed Assets:
35,361
11,155}

^{Total
Fixed Assets: 35,361 11,155}

^{Receivables: 84,047 144,077}

^{Cash,Banks,
Securitis: 30,914 -}

^{Other
current assets:
4,426
2,100}

^{Total
Current Assets:
119,387
146,177}

^{TOTAL ASSETS: 154,748 157,332}

^{--- LIABILITIES}

^{Equity
capital:
50,000
50,000}

^{Profit
& loss Account:
52,745
37,502}

^{TOTAL EQUITY: 102,745 87,502}

^{L/T
deffered taxes:
2,755
1,783}

^{Total
L/T Liabilities:
2,755
1,783}

^{Trade
Creditors:
2,551
125}

^{Prepay.
& Def. charges:
11,320
53,255}

^{Due
to Bank:
11,026}

^{Provisions: 1,530 1,158}

^{Other
Short term Liab.:
33,847
2,483}

^{Total
short term Liab.:
49,248
68,047}

^{TOTAL LIABILITIES: 52,003 69,830}

PROFIT & LOSS ACCOUNT

^{Net
Sales
1,162,558
1,111,305}

^{NET
RESULT BEFORE TAX:
17,003
10,547}

^{Tax
:
1,760
2,420}

^{Net
income/loss year: 15,243 8,127}

^{Depreciation: 8,175 3,040}

^{Directors
Emoluments:
115,260 124,865}

^{Wages
and Salaries:
105,600
67,800}

RATIOS

^{30/06/2006 30/06/2005}

^{Net
result / Turnover(%): 0.01 0.01}

^{Net
Margin(%): 1.31 0.73}

^{Return
on Equity(%): 14.84 9.29}

^{Return
on Assets(%): 9.85 5.17}

^{Net
Working capital: 70139.00 78130.00}

^{Cash
Ratio: 0.63 0.00}

^{Quick
Ratio: 2.33 2.12}

^{Current ratio: 2.42 2.15}

^{Receivables
Turnover: 26.03 46.67}

^{Leverage
Ratio: 0.51 0.80}

^{Net
Margin : (100*Net income loss year)/Net sales}

^{Return
on Equity : (100*Net income loss year)/Total equity}

^{Return
on Assets : (100*Net income loss year)/Total fixed assets}

^{Net
Working capital : Total current assets - Total short term liabilities}

^{Cash
Ratio : Cash Bank securities/Total short term liabilities}

^{Quick
Ratio : (Cash Bank securities+Receivables)/Total Short term liabilities}

^{Current
ratio : Total current assets/Total short term liabilities}

^{Receivables
Turnover : (Receivable*360)/Net sales}

^{Leverage
Ratio : Total liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL
CONDITION OF THE COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^NET
WORTH:

^{THE BALANCE SHEET
WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 17.42% FROM S$87,502 IN FY
2005 TO S$102,745 IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF
S$52,745 (2005: S$37,502); A RISE OF 40.65% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM,
SUBJECT WAS LARGELY FINANCED BY OTHER SHORT-TERM LIABILITIES WHICH MADE UP
68.73% (2005: 3.65%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$33,847
(2005: S$2,483). THE BREAKDOWN IS AS FOLLOWS:}

^{-DIRECTORS - 2006:
S$33,847 (2005: S$2,483)}

^{AMOUNT DUE TO
BANKS OF - (2005: S$11,026) CONSISTED OF:}

^{-BANK OVERDRAFT
(UNSECURED) - 2006: - (2005: S$11,026)}

^{IN ALL, LEVERAGE
RATIO FELL FROM 0.80 TIMES TO 0.51 TIMES AS A RESULT OF A DECLINE IN TOTAL LIABILITIES
AND A RISE IN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL,
SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE CHANGES IN NET
WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO ROSE TO 2.42 TIMES, UP FROM
2.15 TIMES AND QUICK RATIO IMPROVED TO 2.33 TIMES FROM 2.12 TIMES IN FY 2005.}

^{NET WORKING
CAPITAL FELL BY 10.23% FROM S$78,130 IN FY 2005 TO S$70,139.}

^{PROFITABILITY:}

^{REVENUE POSTED AN
INCREASE OF 4.61% FROM S$1,111,305 IN FY 2005 TO S$1,162,558 AND NET PROFIT
ROSE BY 87.56% TO S$15,243 (2005: S$8,127). HENCE, NET MARGIN ROSE TO 1.31%
(2005: 0.73%).}

^{DEBT
SERVICING:}

^{DEBT SERVICING
PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND
PAYMENT BY TRADE DEBTORS ARE FORTHCOMING.}

^{NOTES TO THE FINANCIAL STATEMENTS}^:

^{BANK
OVERDRAFT}

^{THE BANK OVERDRAFT
IS DUE TO THE UNPRESENTED CHEQUES AS AT THE BALANCE SHEET DATE.}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 27/08/1994 AS A LIMITED EXEMPT
PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "GOLDWIN
EXPRESS PTE LTD".}

^{AS AT 26/03/2007,
THE COMPANY HAS ISSUED AND PAID-UP
CAPITAL OF 50,000 SHARES OF A VALUE OF S$50,000.}

^{PRINCIPAL
ACTIVITIES:}

^{SUBJECT IS
REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY AUTHORITY (ACRA) TO
BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) SERVICES ALLIED
TO TRANSPORT OF GOODS NEC.}

^{2) WHOLESALE ON A
FEE OR CONTRACT BASIS (COMMISSION AGENCIES)}

^{DURING THE
FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF
GENERAL TRANSPORT SERVICES AND STEVEDORES, GENERAL COMMISSION AGENCY AND
GENERAL TRADING.}

^{FROM THE RESEARCH
DONE, THE FOLLOWING INFORMATION WAS GATHERED:}

^{PRODUCTS AND
SERVICES:}

^{* CONTAINER
HANDLING EQUIPMENT AND SERVICES}

^{* CONTAINER TRUCKS}

^{* TRUCKS,
EQUIPMENT, PARTS AND SERVICES}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT GRANTED BY SUBJECT'S
PERSONNEL ON 29/03/2007.}

^{NUMBER OF
EMPLOYEES (30 JUNE):}

^{* COMPANY - 2006:
NOT AVAILABLE (2005: NOT AVAILABLE)}

^{* GROUP - 2006:
- (2005: -)}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{34 CRAIG ROAD}

^{#02-08 CHINATOWN
PLAZA}

^{SINGAPORE 089673}

^{- RENTED PREMISE}

^{- OWNED BY PAN
OCEAN INTERNATIONAL PTE LTD}

^{- DATE OF CHANGE
OF ADDRESS: 01/10/2003}

^{YOUR PROVIDED
ADDRESS:}

^{34 TREIG ROAD}

^{#02-08 CHINATOWN
PLAZA}

^{SINGAPORE 089673}

- INCORRECT ROAD NAME

^WEBSITE:

^EMAIL:

MANAGEMENT

^{THE DIRECTORS AT
THE TIME OF THE REPORT ARE:}

^{1) TAN GEOK KWEE,
A SINGAPOREAN}

^{- HOLDS NO OTHER
DIRECTORSHIP IN OUR DATABASE.}

^{2) YONG LAY ENG, A
SINGAPOREAN}

- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.

Singapore’s Country Rating 2006

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE’S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR’S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.
ONE OF ASIA’S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.
WORKFORCE’S EDUCATION AND SKILL LEVEL IS VERY HIGH.
A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.
THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.
GREAT POLITICAL STABILITY.

WEAKNESSES

ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.
MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES
REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.
AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

TRANSPORTATION SECTOR

PAST PERFORMANCE

AIR

THE AIRLINE INDUSTRY PICKED UP SLIGHTLY IN THE FIRST HALF OF THIS YEAR, BUT NOT ENOUGH TO SEND IT INTO THE BLACK. COMPARED WITH THE FIRST HALF OF LAST YEAR, AIRLINES AROUND THE WORLD CARRIED MORE PEOPLE AND FILLED MORE SEATS, BRINGING A MUCH-NEEDED BOOST TO AN INDUSTRY LABOURING UNDER SKY-HIGH FUEL PRICES.

ACCORDING TO THE INTERNATIONAL AIR TRANSPORT ASSOCIATION (IATA), PASSENAGER TRAFFIC BETWEEN JANUARY AND JUNE GREW 6.7 PER CENT, WHILE CARGO VOLUME ROSE 5.2 PER CENT.

SEA

SINGAPORE HAS CLINCHED THE ‘BEST SEAPORT IN ASIA’ AWARD FOR THE 18TH TIME AT THE 20TH ASIAN FREIGHT AND SUPPLY CHAIN AWARDS ORGANISED BY CARGONEWS ASIA, A LEADING MARITIME PUBLICATION. “THE AWARD REFLECTS THE ABILITY OF SINGAPORE PORT AND MARITIME FACILITIES AND SERVICES IN MEETING INTERNATIONAL AND LOCAL CUSTOMERS’ EXPECTATIONS VIS-À-VIS A HIGHLY COMPETITIVE OPERATING ENVIRONMENT. MARITIME AND PORT AUTHORITY OF SINGAPORE (MPA) WILL ENSURE THAT SINGAPORE CONTINUES TO REMAIN HIGHLY ATTRACTIVE WITH EXCELLENT PORT FACILITIES THAT ARE SUPPORTED BY A COMPREHENSIVE HOST OF SERVICES,” SAID BG TAY LIM HENG, CHIEF EXECUTIVE, MPA

PORT PERFORMANCE FOR THE FIRST QUARTER OF 2006 SHOWED A CONTINUED UPWARD TREND. SHIPPING TONNAGE SAW AN INCREASE OF 15.1 PER CENT TO 313.17 MILLION GROSS TONS. SINGAPORE’S CONTAINER THROUGHPUT IN THE FIRST QUARTER WAS 5.76 MILLION TEUS, A 4.3 PER CENT RISE OVER THE SAME PERIOD LAST YEAR. BUNKER SALES RECORDED AN INCREASE OF 10 PER CENT TO 6.6 MILLION TONNES IN THE FIRST QUARTER OF 2006 AS COMPARED TO THE SAME PERIOD LAST YEAR.

LOOKING AHEAD

AIR

STABLE ECONOMIC GROWTH AROUND THE WORLD, PARTICULARLY IN ASIA-PACIFIC IS EXPECTED TO BOOST THE TRAVEL INDUSTRY, DESPITE COMPLAINTS FROM PASSENAGERS FORCED TO SHOULDER FUEL SURCHARGES.

BUT THE UPWARD TREND IN PASSENAGER TRAFFIC HAS NOT BEEN ENOUGH TO SEND THE INDUSTRY INTO PROFIT. AIRLINES, WHICH GLOBALLY HAVE LOST AN ACCUMUALTED US$40 BILLION (S$63 BILLION) SINCE SEPTEMBER 2001, ARE EXPECTED TO LOSE A FURTHER US$3 BILLION THIS YEAR.

FUEL BILL OF US$112 BILLION THIS YEAR AT AN AVERAGE PRICE OF US$66 PER BARREL IS EXPECTED TO DRAG THE BOTTOMLINE DOWN. ALSO, THE INSTABILITY IN THE MIDDLE-EAST MAKES THE LIKELIHOOD OF LOWER OIL PRICES REMOTE IN THE SHORT-TERM.

SEA

NEW FINANCE SCHEME FOR MARINE FIRMS

SHIP-LEASING COMPANIES AND SHIPPING BUSINESS TRUSTS THAT PROVIDE FINANCING FOR ALL TYPES OF VESSELS SHOULD BENEFIT FROM THE MARITIME FINANCE INCENTIVE SCHEME. THE SCHEME INCLUDES A TAX EXEMPTION ON THE “QUALIFYING” INCOME FOR THE ENTIRE LIFE OF ANY VESSEL WITHIN ITS INCENTIVE PERIOD. THIS WILL INCREASE THE ATTRACTIVENESS OF SUCH INVESTMENTS TO POTENTIAL INVESTORS AND SPUR SHIP INVESTMENT MANAGEMENT COMPANIES TO SET UP SUCH INVESTMENTS IN SINGAPORE.

THE SCHEME WAS MOOTED BY PM LEE HSIEN LOONG DURING THE BUDGET PRESENTATION WITH THE AIM OF TAPPING SINGAPORE’S FINANCIAL INFRASTRUCTURE TO MAXIMISE THE GROWING OPPORTUNITIES IN SHIPPING. SHIP FINANCING IS A FAST-GROWING SECTOR, DRIVEN BY AN ESTIMATED US$300 BILLION (S$482 BILLION) WORTH OF FINANCING FOR NEW VESSELS AND SECOND-HAND BUYS.

NEW S$10 MILLION SINGAPORE FLY-CRUISE DEVELOPMENT FUND (FCDF) TO BOOST CRUISE INDUSTRY SINGAPORE CRUISE CENTRE IS DELIGHTED TO BE PART OF THE FCDF INITIATIVE. IT SIGNIFIES ITS LONG TERM COMMITMENT TO WORK TOGETHER WITH SINGAPORE TOURISM BOARD, CIVIL AVIATION AUTHORITY OF SINGAPORE AND OTHER CRUISE STAKEHOLDERS TO DEVELOP SINGAPORE AND THE REGION INTO AN EXCITING AND EXOTIC CRUISE PLAYGROUND, COMPARABLE TO THE CARIBBEAN OR MEDITERRANEAN. HOPEFULLY THIS FUND WILL BE THE CATALYST FOR FURTHER COOPERATION AMONG REGIONAL COUNTRIES, ATTRACTING MORE CRUISE SHIPS TO THIS PART OF THE WORLD,” SAID MR CHEONG TEOW CHENG, PRESIDENT OF THE SINGAPORE CRUISE CENTRE.

GROWTH FOR THE PACIFIC ASIA REGION IS EXPECTED TO INCREASE TO 1.5 MILLION BY 2010 FROM THE ONE MILLION CRUISE PASSENGERS IN 2005, SAID MR MASSIMO BRANCALEONI, VICE PRESIDENT, PACIFIC ASIA OPERATIONS, COSTA CRUISES.

EXTRACTED FROM: THE STRATS TIMES, SINGAPORE

CIVIL AVIATION AUTHORITY OF SINGAPORE

MARITIME AND PORT AUTHORITY OF SINGAPORE

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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