MIRA INFORM REPORT

Report Date :

07.08.2007

IDENTIFICATION DETAILS

Name :	INGRAM MICRO (INDIA) EXPORTS PTE. LTD.
Registered Office :	205 Kallang Bahru, 1m, Ingram Micro Building, Singapore – 339341
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	20/02/2001
Com. Reg. No.:	200101113W
Legal Form :	Pte Ltd
Line of Business :	Export of Computer Hardware and Electronic Components

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 :	Clear

Subject Company

INGRAM MICRO (INDIA) EXPORTS PTE. LTD.

Line Of Business 

EXPORT OF COMPUTER HARDWARE AND ELECTRONIC COMPONENTS

Parent Company

TECH PACIFIC (INDIA) LIMITED

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2005

COMPANY

Sales : US$115,539,470

Networth : US$3,964,489

Paid-Up Capital : US$25,000

Net result : US$1,801,738

Net Margin(%) : 1.56

Return on Equity(%) : 45.45

Leverage Ratio : 3.88

Rating

Credit Rating : Sing $ 5000001 to Sing $ 10000000

COMPANY IDENTIFICATION

^{Subject Company : INGRAM MICRO (INDIA) EXPORTS PTE. LTD.}

^{Former Name : TECH PACIFIC (INDIA) EXPORTS PTE. LTD.}

^{Business Address: 205 KALLANG BAHRU}

^1M

^{INGRAM MICRO BUILDING}

^{Town: SINGAPORE}

^{Postcode: 339341}

^{County: -}

^{Country: Singapore}

^{Telephone: 6274 9633}

^{Fax: 6274 9665}

^{ROC Number: 200101113W}

^Reg. Town: -

PREVIOUS IDENTIFICATION

^{TECH PACIFIC (INDIA) EXPORTS PTE. LTD.}

^{DATE OF CHANGE OF NAME: 01/12/2005}

SUMMARY

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

^{Legal Form: Pte Ltd}

^{Date Inc.: 20/02/2001}

^{Previous Legal Form: -}

^{Summary year : 31/12/2005}

^{Sales: 115,539,470}

^{Networth : 3,964,489}

^{Capital: -}

^{Paid-Up Capital: 25,000}

^{Employees: -}

^{Net result : 1,801,738}

^{Share value:}

^{AUDITOR: PRICEWATERHOUSECOOPERS}

^{BASED ON ACRA'S RECORD AS AT 03/08/2007}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 45,272 SGD 45,272.00}

^{PAID-UP ORDINARY - SGD 45,272.00}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 20/02/2001}

PRINCIPAL(S)

^{SHAILENDRA GUPTA S2729326C Director}

DIRECTOR(S)

^{SHAILENDRA GUPTA S2729326C Director}

^{Appointed on : 19/02/2002}

^{Street : 9 NATHAN ROAD}

^#09-04

^{REGENCY PARK}

^{Town: SINGAPORE}

^{Postcode: 248730}

^{Country: Singapore}

^{FOO SOON SOO S1310912E Company Secretary}

^{Appointed on : 21/02/2005}

^{Street : 45 MOUNT SINAI RISE}

^#18-03

^{BEAVERTON COURT}

^{Town: SINGAPORE}

^{Postcode: 276958}

^{Country: Singapore}

^{RAMANADHAN KRISHNAN S2729459F Director}

^{Appointed on : 20/02/2001}

^{Street : 234 JURONG EAST STREET 21}

^#07-314

^{Town: SINGAPORE}

^{Postcode: 600234}

^{Country: Singapore}

^{SEAN LEROY FORT 017368797 Director}

^{Appointed on : 17/11/2006}

^{Street : 21 ANGULLIA PARK}

^#04-01

^PARISIAN

^{Town: SINGAPORE}

^{Postcode: 239974}

^{Country: Singapore}

^{LAI SIANG TUNG S7076201C Director}

^{Appointed on : 17/11/2006}

^{Street : 31 PAVILION RISE}

^{Town: SINGAPORE}

^{Postcode: 658666}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{GUY ANTHONY FREELAND L4630563}

ACTIVITY(IES)

^{ELECTRONIC COMPONENTS Code:7605}

^{COMPUTER PERIPHERALS And ACCESSORIES-WHSLE And MFR Code:5088}

^{BASED ON ACRA'S RECORD AS AT 03/08/2007}

^{1) WHOLESALE OF ELECTRONIC COMPONENTS}

^{2) WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{MIZUHO CORPORATE BANK, LTD}

SHAREHOLDERS(S)

^{TECH PACIFIC (INDIA) LIMITED 45,272 Company}

^{Street : EDEN ROAD, FLAT E}

^{YELLAPPA CHETTY LAYOUT}

^{37 ULSOOR ROAD}

^{Town: BANGALORE}

^{Postcode: 560042}

^{Country: India}

HOLDING COMPANY

^{TECH PACIFIC (INDIA) LIMITED UF28828R % : 100}

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: USD}

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

^{Date Account Lodged: 09/10/2006 -}

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

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Preliminary Exp 74,993 441,727}

^{Tangible Fixed Assets: 3,736 2,485}

^{Total Fixed Assets: 78,729 444,212}

^{Inventories: 6,350,535 2,244,995}

^{Receivables: 12,305,857 5,492,627}

^{Cash,Banks, Securitis: 153,631 746,683}

^{Other current assets: 466,246 505,236}

^{Total Current Assets: 19,276,269 8,989,541}

^{TOTAL ASSETS: 19,354,998 9,433,753}

^{--- LIABILITIES}

^{Equity capital: 25,000 25,000}

^{Profit & loss Account: 3,939,489 2,137,751}

^{TOTAL EQUITY: 3,964,489 2,162,751}

^{Trade Creditors: 11,379,084 6,331,063}

^{Prepay. & Def. charges: 1,067,508 131,984}

^{Advanced payments: 902,746 503,351}

^{Due to Bank: 1,520,030 33,701}

^{Provisions: 521,141 262,113}

^{Other Short term Liab.: 8,790}

^{Total short term Liab.: 15,390,509 7,271,002}

^{TOTAL LIABILITIES: 15,390,509 7,271,002}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 115,539,470 62,808,643}

^{NET RESULT BEFORE TAX: 2,244,295 1,605,075}

^{Tax : 442,557 293,594}

^{Net income/loss year: 1,801,738 1,311,481}

^{Interest Paid: 28,657 21,353}

^{Depreciation: 1,226 771}

^{Directors Emoluments: 72,660 38,651}

^{Wages and Salaries: 183,764 135,762}

^{Financial Income: 5,171 997}

RATIOS

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

^{Net result / Turnover(%): 0.02 0.02}

^{Stock / Turnover(%): 0.05 0.04}

^{Net Margin(%): 1.56 2.09}

^{Return on Equity(%): 45.45 60.64}

^{Return on Assets(%): 9.31 13.90}

^{Net Working capital: 3885760.00 1718539.00}

^{Cash Ratio: 0.01 0.10}

^{Quick Ratio: 0.81 0.86}

^{Current ratio: 1.25 1.24}

^{Receivables Turnover: 38.34 31.48}

^{Leverage Ratio: 3.88 3.36}

^{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}

^{Inventory Turnover : (360*Inventories)/Net sales}

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

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

FINANCIAL COMMENTS

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

^{NET WORTH:}

^{THE BALANCE SHEET WAS PASSABLE WITH TOTAL EQUITY SURGING BY 83.31% TOTALLING USD3,964,489 (2004: USD2,162,751). THIS WAS CONTRIBUTED BY HIGHER RETAINED EARNINGS BROUGHT FORWARD OF USD3,939,489 (2004: USD2,137,751).}

^LEVERAGE:

^{THE LEVERAGE RATIO HAD GONE UP AND WAS AGGRESSIVE AT 3.88 TIMES (2004: 3.36 TIMES). THIS INDICATED THAT THE COMPANY'S TOTAL LIABILITIES WER MORE SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.}

^{IN THE SHORT TERM, TRADE CREDITORS ROSE NOTABLY BY 79.73% AMOUNTING TO USD11,379,084 (2004: USD6,331,063). AMOUNT DUE TO BANKS HAD INCREASED SIGNIFICANTLY TO USD1,520,030 (2004: USD33,701) AND COMPRISED OF:}

^{* BANK OVERDRAFTS OF USD20,030 (2004: USD33,701)}

^{* BANK BORROWINGS OF USD1,500,000 (2004: NIL)}

^{THE ABOVE BANKING FACILITIES ARE SECURED BY A STANDBY LETTER OF CREDIT GRANTED FROM A FINANCIAL INSTITUTION.}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS FAIRLY HEALTHY. NET WORKING CAPITAL WAS ROBUST AT USD3,885,760 (2004: USD1,718,539). ON THE OTHER HAND, THE QUICK RATIO POSTED LOWER AND WAS LACKING AT 0.81 TIMES (2004: 0.86 TIMES) WHILE THE CURRENT RATIO WAS BARELY SUFFICIENT AT 1.25 TIMES (2004: 1.24 TIMES).}

^{PROFITABILITY:}

^{REVENUE FOR FY2005 IMPROVED BY 83.95%, ACCOUNTING FOR USD115,539,470 (2004: USD62,808,643). THIS WAS IN TANDEM WITH THE NET INCOME, WHICH WENT UP BY 37.38%, TOTALLING USD1,801,738 (2004: USD1,311,481). AS A RESULT, NET MARGIN STOOD POSITIVELY AT 1.56% (2004: 2.09%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE ANTICIPATED IN VIEW OF THE SUFFICIENT LIQUIDITY AND IF TRADE RECEIVABLES WERE FORTHCOMING.}

^{IN ADDITION, AVERAGE COLLECTION PERIOD WAS COMPUTED AT 38 DAYS (2004: 31 DAYS).}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 20/02/2001 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS NAMESTYLE AS "TECH PACIFIC (INDIA) EXPORTS PTE. LTD.".}

^{SUBSEQUENTLY, ON 01/12/2005, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE AS "INGRAM MICRO (INDIA) EXPORTS PTE. LTD.".}

^{AS AT 03/08/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 45,272 SHARES OF A VALUE OF S$45,272.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF ELECTRONIC COMPONENTS}

^{2) WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF THE EXPORT OF COMPUTER HARDWARE AND ELECTRONIC COMPONENTS.}

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

^BACKGROUND:

^{* A PROVIDER OF TECHNOLOGY SOLUTIONS, PRODUCTS AND SERVICES, REPRESENTING WORLD'S LEADING IT AND ELECTRONICS VENDORS KEY COMPONENTS:}

^{* CPU, HARD DRIVE}

^{TRADE NAMES:}

^{* IBM}

^{* MATROX}

^{* SUN}

^{BRANDS FOR SEMICONDUCTOR PRODUCTS:}

^{* MAXIM}

^{* INTEL}

^{* ACER LABORATORIES}

^{* ST MICROELECTRONICS}

^{* M-TRON}

^{* ISSI}

^{* HYUNDAI}

^{* POWER INTEGRATION}

^{* TDK}

^{* PHOENIX}

^{* HEWLETT PACKARD}

^{* CML}

^{* VISHAY}

^{* MICRON}

^{* ZILOG}

^{* ON-CHIP SYSTEM}

^{BRANDS FOR COMPUTER SYSTEMS AND PERIPHERAL PRODUCTS:}

^{* 3COM}

^{* 3M}

^{* ACER}

^{* ADAPTEC}

^{* AMP}

^{* APC}

^{* APPLE}

^{* ATL}

^{* AUTODESK}

^{* CANON}

^{* CISCO}

^{* COMPAQ}

^{* IBM}

^{* INFOCUS}

^{* INTEL}

^{* IOMEGA}

^{* KINGSTON}

^{* MATROX}

^{* MICROSOFT}

^{* NAI}

^{* NORTEL NETWORKS}

^{* NOVELL}

^{* PC PARTNER}

^{* POLYCOM}

^{* QUANTUM}

^{* QUARK}

^{* SEGATE SOFTWARE}

^{* SONY}

^{* TARGUS}

^{* TEKTRONIX}

^{* VERITAS}

^{* SOFTWARE}

^{* XIRCOM}

^{ADDITIONAL INFORMATION:}

^{"INGRAM MICRO INDIA PVT. LIMITED" IS SUBJECT'S HEADQUARTERS IN INDIA.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 06/08/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES}

^{* THE EXPORTING OF INFORMATION TECHNOLOGY PRODUCTS}

^{EXPORT COUNTRIES:}

^{* INDIA SUBCONTINENT (SRI LANKA AND BANGLADESH)}

^{THE SUBJECT EXPORTS AND DOES NOT SELL LOCALLY.}

^{THE SUBJECT CARRY A WIDE VARIETY OF BRANDS WHICH INCLUDE HEWLETT PACKARD AND MICROSOFT.}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 06/08/2007.}

^{THE COMPANY'S IMMEDIATE HOLDING CORPORATION IS TECH PACIFIC (INDIA) LIMITED, INCORPORATED IN INDIA. THE ULTIMATE HOLDING COMPANY IS INGRAM MICRO INC., INCORPORATED IN THE UNITED STATES OF AMERICA.}

^{REGISTERED ADDRESS}

^{205 KALLANG BAHRU}

^INGRAM MICRO BUILDING

^SINGAPORE 339341

^{- OWNED BY INGRAM MICRO ASIA LTD}

^{- DATE OF CHANGE OF ADDRESS: 07/07/2006}

^{BUSINESS ADDRESS:}

^{205 KALLANG BAHRU}

^{1M INGRAM MICRO BUILDING}

^SINGAPORE 339341

^{- OWNED BY INGRAM MICRO ASIA LTD}

^WEBSITE:

^{http://www.ingrammicro.com}

^EMAIL:

^-

MANAGEMENT

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

^{1) SEAN LEROY FORT, AN AMERICAN}

^{- BASED IN SINGAPORE.}

^{2) SHAILENDRA GUPTA, AN INDIAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{TECH PACIFIC (SINGAPORE) LTD.}

^{FIRST TECH PACIFIC DISTRIBUTORS SDN BHD}

^{3) RAMANADHAN KRISHNAN, AN INDIAN}

^{- BASED IN SINGAPORE.}

^{4) LAI SIANG TUNG, A SINGAPORE PERMANENT RESIDENT}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{INGRAM MICRO ASIA LTD}

^{ACER COMPUTER INTERNATIONAL LTD}

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

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