MIRA INFORM REPORT

Report Date :

01.08.2007

IDENTIFICATION DETAILS

Name :	ECO ASIA PTE. LTD.
Registered Office :	^28 Tomlinson Road, #10^-^34, Kum Hing Court, Singapore – 247854
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^29/09/2003
Com. Reg. No.:	^200309650G
Legal Form :	^Exempt Pte Ltd
Line of Business :	Trading of Foodstuff and Electronics

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 :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear

Subject Company

ECO ASIA PTE. LTD.

Line Of Business 

TRADING OF FOODSTUFF AND ELECTRONICS

Parent Company

--

Financial Elements

FY 2005

COMPANY

Sales : S$3,051,618

Networth : S$619,961

Paid-Up Capital : S$509,000

Net result : S$122,550

Net Margin(%) : 4.02

Return on Equity(%) : 19.77

Leverage Ratio : 0.66

Rating

Credit Rating : Sing $ 600001 to Sing $ 1000000

COMPANY IDENTIFICATION

^{Subject Company : ECO ASIA PTE. LTD.}

^{Former Name : -}

^{Business Address: 28 TOMLINSON ROAD}

^#10-34

^{KUM HING COURT}

^{Town: SINGAPORE}

^{Postcode: 247854}

^{County: -}

^{Country: Singapore}

^{Telephone: 6735 0283}

^{Fax: 6735 0638}

^{ROC Number: 200309650G}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Exempt Pte Ltd}

^{Date Inc.: 29/09/2003}

^{Previous Legal Form: -}

^{Summary year : 31/12/2005}

^{Sales: 3,051,618}

^{Networth : 619,961}

^{Capital: -}

^{Paid-Up Capital: 509,000}

^{Employees: 3}

^{Net result : 122,550}

^{Share value: -}

^{AUDITOR: CHNG WEE YIN & CO}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 29/09/2003}

PRINCIPAL(S)

^{MAY AYE MON G5845785Q Director}

DIRECTOR(S)

^{MAY AYE MON G5845785Q Director}

^{Appointed on : 13/03/2006}

^{Street : 67 SOPHIA ROAD}

^#08-02

^{SOPHIA CREST}

^{Town: SINGAPORE}

^{Postcode: 228151}

^{Country: Singapore}

^{U KO KO KYAW CM101261 Director}

^{Appointed on : 24/08/2004}

^{Street : NO 52 125TH STREET}

^{Town: YANGON}

^Postcode:

^{Country: Myanmar}

^{U THAN KYAW G5773408L Director}

^{Appointed on : 29/09/2003}

^{Street : 67 SOPHIA ROAD}

^#08-02

^{SOPHIA CREST}

^{Town: SINGAPORE}

^{Postcode: 228151}

^{Country: Singapore}

^{WONG HONG JUAN S0007782H Company Secretary}

^{Appointed on : 29/09/2003}

^{Street : 18 THOMSON WALK}

^{HAPPY PARK}

^{Town: SINGAPORE}

^{Postcode: 574465}

^{Country: Singapore}

^{CHAN HEE NOI EUNICE S1791023Z Company Secretary}

^{Appointed on : 29/09/2003}

^{Street : 230E TAMPINES STREET 24}

^#07-49

^{Town: SINGAPORE}

^{Postcode: 528230}

^{Country: Singapore}

^{MAUNG THANT SIN AUNG S7782727G Director}

^{Appointed on : 29/09/2003}

^{Street : 204A COMPASSVALE DRIVE}

^#12-439

^{Town: SINGAPORE}

^{Postcode: 541204}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{BASED ON ACRA'S RECORD AS AT 26/07/2007}

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

^{2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG 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)

^{U KO KO KYAW 49,000 Private Person}

^{Street : NO 52 125TH STREET}

^{Town: YANGON}

^Postcode:

^{Country: Myanmar}

^{U THAN KYAW 459,999 Private Person}

^{Street : 67 SOPHIA ROAD}

^#08-02

^{SOPHIA CREST}

^{Town: SINGAPORE}

^{Postcode: 228151}

^{Country: Singapore}

^{MAUNG THANT SIN AUNG 1 Private Person}

^{Street : 204A COMPASSVALE DRIVE}

^#12-439

^{Town: SINGAPORE}

^{Postcode: 541204}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : UNKNOWN

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: 25/04/2007}

^{Balance Sheet Date: 31/12/2005 31/12/2004}

^{Number of weeks: 52 64}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 139,937 -}

^{Total Fixed Assets: 139,937 -}

^{Cash,Banks, Securitis: 80,789 163,545}

^{Other current assets: 807,645 177,266}

^{Total Current Assets: 888,434 340,811}

^{TOTAL ASSETS: 1,028,371 340,811}

^{--- LIABILITIES}

^{Equity capital: 509,000 349,000}

^{Profit & loss Account: 110,961 -11,589}

^{TOTAL EQUITY: 619,961 337,411}

^{L/T deffered taxes: 5,000 -}

^{Total L/T Liabilities: 5,000 -}

^{Trade Creditors: 370,805 -}

^{Prepay. & Def. charges: 2,540 3,400}

^{Provisions: 465 -}

^{Other Short term Liab.: 29,600 -}

^{Total short term Liab.: 403,410 3,400}

^{TOTAL LIABILITIES: 408,410 3,400}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 3,051,618 1,088,443}

^{Result of ordinary operations 127,567 -11,589}

^{NET RESULT BEFORE TAX: 127,550 -11,589}

^{Tax : 5,000 -}

^{Net income/loss year: 122,550 -11,589}

^{Interest Paid: 17 -}

^{Depreciation: 35,318 -}

^{Directors Emoluments: 36,000 -}

^{Wages and Salaries: 12,412 -}

RATIOS

^{31/12/2005 31/12/2004}

^{Turnover per employee: 1017206.00 362814.33}

^{Net result / Turnover(%): 0.04 -0.01}

^{Net Margin(%): 4.02 -1.06}

^{Return on Equity(%): 19.77 -3.43}

^{Return on Assets(%): 11.92 -3.40}

^{Net Working capital: 485024.00 337411.00}

^{Cash Ratio: 0.20 48.10}

^{Quick Ratio: 0.20 48.10}

^{Current ratio: 2.20 100.24}

^{Leverage Ratio: 0.66 0.01}

^{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}

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

FINANCIAL COMMENTS

^{THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/12/2005 COVERS THE PERIOD FROM 01/01/2005 TO 31/12/2005, A TOTAL OF 52 WEEKS. THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/12/2004 COVERS THE PERIOD FROM 29/09/2003 TO 31/12/2004, A TOTAL OF 64 WEEKS. THUS, THE ANALYSIS MAY NOT GIVE A TRUE AND FAIR VIEW.}

^{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 83.74% FROM S$337,411 IN FY 2004 TO S$619,961 IN FY 2005. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$110,961 (2004: S$-11,589); A RISE OF 10.57 TIMES FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 91.92% (2004: -) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$370,805 (2004: -). IN ALL, LEVERAGE RATIO ROSE FROM 0.01 TIMES TO 0.66 TIMES AS A RESULT OF A SUBSTANTIAL RISE IN TOTAL LIABILITIES THAN 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 FELL TO 2.20 TIMES, DOWN FROM 100.24 TIMES AND QUICK RATIO FELL TO 0.20 TIMES FROM 48.10 TIMES IN FY 2004.}

^{NET WORKING CAPITAL IMPROVED BY 43.75% FROM S$337,411 IN FY 2004 TO S$485,024.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 1.80 TIMES FROM S$1,088,443 IN FY 2004 TO S$3,051,618 AND NET PROFIT ROSE BY 11.57 TIMES TO S$122,550 (2004: S$-11,589). HENCE, NET MARGIN ROSE TO 4.02% (2004: -1.06%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IN ADDITION, ITS INTEREST COVERAGE WAS HEALTHY CONSIDERING THAT ITS INTEREST EXPENSES WERE LOW AT S$17 IN FY 2005 (2004: -).}

^{LIMITED EXEMPT PRIVATE COMPANY:}

^{WHERE THE SHARES OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE COMPANY IS KNOWN AS AN EXEMPT PRIVATE COMPANY.}

^{AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A PRIVATE COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE REGISTRAR IF IT CAN PRODUCE A CERTIFICATE SIGNED BY ONE OF ITS DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING POINTS:}

^{1. THE COMPANY IS AN EXEMPT PRIVATE COMPANY.}

^{2. THE AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS AT THE ANNUAL GENERAL MEETING.}

^{3. THE COMPANY IS ABLE TO MEET ITS LIABILITIES.}

^{THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL MEETING OF THE COMPANY.}

^{A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF THE MINISTER FOR FINANCE, IN THE NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION.}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004, THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE STILL REQUIRED TO MAINTAIN PROPER ACCOUNTING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 29/09/2003 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "ECO ASIA PTE. LTD.".}

^{AS AT 26/07/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 509,000 SHARES OF A VALUE OF S$509,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

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

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF GENERAL IMPORTERS AND EXPORTERS.}

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

^{TERMS OF PAYMENT:}

^{* TRADE AND OTHER PAYABLES: 30-90 DAYS TERM}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 31/07/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF FOODSTUFF AND ELECTRONICS}

^{IMPORT COUNTRIES:}

* MYANMAR

EXPORT COUNTRIES:

^{* SOUTH EAST ASIA (SEAFOOD, FISHERY PRODUCTS)}

^{THE SUBJECT MAINLY EXPORTS AND DOES SELL LOCALLY.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 3}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 31/07/2007.}

^{NUMBER OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2005: NOT AVAILABLE (2004: NOT AVAILABLE)}

^{* GROUP - 2005: - (2004: -)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{28 TOMLINSON ROAD}

^{#10-34 KUM HING COURT}

^{SINGAPORE 247854}

^{- RENTED PREMISE}

^{- OWNED BY UNITED MALAYSIAN DEVELOPMENT COMPANY (PRIVATE) LIMITED}

^{- DATE OF CHANGE OF ADDRESS: 08/12/2006}

^{YOUR PROVIDED CONTACT NUMBERS:}

^{TEL: 6338 0207 - NOT IN USE}

^{FAX: 6738 6849 - INCORRECT}

^WEBSITE:

^-

^EMAIL:

^{messi@pacific.net.sg}

MANAGEMENT

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

^{1) U KO KO KYAW, A MYANMARESE}

^{- BASED IN MYANMAR.}

^{2) U THAN KYAW, A MYANMARESE}

^{- BASED IN SINGAPORE.}

^{3) MAY AYE MON, A MYANMARESE}

^{- BASED IN SINGAPORE.}

^{4) MAUNG THANT SIN AUNG, A SINGAPORE PERMANENT RESIDENT}

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

Singapore’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

• MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
• HIGH QUALITY COMPETITIVENESS IN ASIA
• EXCELLENT BUSINESS CLIMATE
• POLITICAL STABILITY.

WEAKNESSES

• SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
• AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
• GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
• BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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