MIRA INFORM REPORT

Report Date :

19.12.2007

IDENTIFICATION DETAILS

Name :	WINTEK INTERNATIONAL PTE. LTD.

Registered Office :	^{194 Pandan Loop, #07-29} ^{Pantech Industrial Complex, Singapore – 128383}

Country :	^Singapore

Financials (as on) :	31.10.2006

Date of Incorporation :	^19/08/2002

Com. Reg. No.:	^200207178K

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Wholesale of Electronic Components

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

WINTEK INTERNATIONAL PTE. LTD.

Line Of Business

WHOLESALE OF ELECTRONIC COMPONENTS

Parent Company

Financial Elements

FY 2006

COMPANY

Sales : S$3,430,230

Networth : S$-28,690

Paid-Up Capital : S$260,000

Net result : S$103,618

Net Margin(%) : 3.02

Return on Equity(%) : -361.16

Leverage Ratio : -12.98

Rating

Credit Requested : USD90,000

Credit Rating : SIGNIFICANT RISK

COMPANY IDENTIFICATION

^{Subject Company : WINTEK
INTERNATIONAL PTE. LTD.}

^{Business Address: 194 PANDAN
LOOP}

^#07-29 ^{PANTECH INDUSTRIAL COMPLEX}

^{Town: SINGAPORE}

^{Postcode: 128383}

^{Country: Singapore}

^{Telephone: 6778
0498}

^{Fax: 6778
0368}

^{ROC Number: 200207178K}

^{Reg. Town:}

SUMMARY

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

^{Legal Form: Exempt
Pte Ltd}

^{Date Inc.: 19/08/2002}

^{Summary year : 31/10/2006}

^{Sales: 3,430,230}

^{Networth : -28,690}

^{Capital:
20,000,000}

^{Paid-Up Capital: 260,000}

^Employees:

^{Net result : 103,618}

^{Share value: 1}

^{AUDITOR: NIL}

REFERENCES

^{Credit Requested : USD90,000}

^{Credit Rating :}^{SIGNIFICANT RISK}

^{Litigation : No}

^{Company status : TRADING}

^{Started :}^19/08/2002

PRINCIPAL(S)

^{ANG CHAY HEE S1501474A Director}

DIRECTOR(S)

^{ANG CHAY HEE S1501474A Director}

^{Appointed on : 19/08/2002}

^{Street : 303
WOODLANDS STREET 31}

^#04-167

^{Town: SINGAPORE}

^{Postcode: 730303}

^{Country: Singapore}

^{TAN LEONG CHEE S1574077I
Company Secretary}

^{Appointed on : 10/06/2004}

^{Street : 220
TAI KENG GARDENS}

^{TAI KENG GARDENS}

^{Town: SINGAPORE}

^{Postcode: 535463}

^{Country: Singapore}

^{SUNIL TRIMBAKLAL SHAH Z1214571 Director}

^{Appointed on : 08/07/2004}

^{Street : 9-A
SYOG JUHU VERSOVA LINK ROAD}

^{ANDHERI (WEST)}

^{Town: MUMBAI}

^{Postcode: 400053}

^{Country: India}

FORMER DIRECTOR(S)

^{KALISEWARAN AL SINNIAH A13769672}

^{CHEN LIANG S2708663B}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{ELECTRONIC COMPONENTS Code:7605}

^{BASED ON ACRA'S RECORD AS AT 14/12/2007}

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

^{2. WHOLESALE OF ELECTRONIC COMPONENTS}

CHARGES

^{Date: 07/08/2007}

^{Comments : CHARGE
NO: C200706409, C200706408}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
STANDARD CHARTERED BANK}

^{Date: 31/05/2006}

^{Comments : CHARGE
NO: C200603403}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
OVERSEA-CHINESE BANKING CORPORATION LTD}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{OVERSEA-CHINESE BANKING CORPORATION} ^LIMITED

^{STANDARD CHARTERED BANK}

SHAREHOLDERS(S)

^{ANG CHAY HEE 288,000 Private Person}

^{Street : 303
WOODLANDS STREET 31}

^#04-167

^{Town: SINGAPORE}

^{Postcode: 730303}

^{Country: Singapore}

^{WOON KWO SHENQ 30,000 Private Person}

^{Street : 30A
SIMS AVENUE EAST}

^{DENG FU COURT}

^{Town: SINGAPORE}

^{Postcode: 416542}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{CHEN LIANG 90,000}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity : LACKING}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation: BAD}

FINANCIAL ELEMENTS

^{Audit Qualification: - -}

^{Date Account Lodged: 25/05/2007}

^{Balance Sheet Date: 31/10/2006 31/10/2005}

^{Number of weeks: 52 2}

^{Consolidation Code: COMPANY COMPANY}

^---
ASSETS

^{Tangible Fixed
Assets: 29,089 49,165}

^{Total Fixed Assets: 29,089 49,165}

^{Receivables: 77,059 6,520}

^{Cash,Banks,
Securitis: 20,070 4,518}

^{Other current assets: 218,370 4,480}

^{Total Current Assets: 315,499 15,518}

^{TOTAL ASSETS: 344,588 64,683}

^{--- LIABILITIES}

^{Equity capital: 260,000 200,000}

^{Profit & lost Account: -288,690 -392,308}

^{Total Equity: -28,690 -192,308}

^{Trade Creditors: 179,586 54,050}

^{Prepay. & Def.
charges: 110,292 46,941}

^{Other Short term
Liab.: 82,400 156,000}

^{Total short term Liab.: 372,278 256,991}

^{TOTAL LIABILITIES: 372,278 256,991}

^{PROFIT & LOSS
ACCOUNT}

^{Net Sales 3,430,230 575,597}

^{Purchases,Sces & Other Goods: 2,673,469 445,035}

^{Gross Profit: 756,761 130,562}

^{Result of ordinary
operations 128,939 -165,174}

^{NET RESULT BEFORE TAX: 103,618 -175,304}

^{Net income/loss year: 103,618 -175,304}

^{Depreciation: 26,042 25,582}

^{Directors Emoluments: 220,280 10,200}

^{Wages and Salaries: 98,699 71,020}

RATIOS

^{31/10/2006 31/10/2005}

^{Net result /
Turnover(%): 0.03 -0.30}

^{Net Margin(%): 3.02 -30.46}

^{Return on Equity(%): -361.16 91.16}

^{Return on Assets(%): 30.07 -271.02}

^{Net Working capital: -56779.00 -241473.00}

^{Cash Ratio: 0.05 0.02}

^{Quick Ratio: 0.26 0.04}

^{Current ratio: 0.85 0.06}

^{Receivables Turnover: 8.09 4.08}

^{Leverage Ratio: -12.98 -1.34}

^{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)/1000}

^{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 LIMITED IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED INADEQUATE
WITH NEGATIVE NET WORTH IMPROVED BY 85.08% FROM S$192,308 IN FY 2005 TO S$28,690
IN FY 2006. THIS WAS DUE TO LOWER ACCUMULATED LOSSES OF S$288,690 (2005:
S$392,308); AN IMPROVEMENT OF 26.41% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY
FINANCED BY TRADE CREDITORS WHICH MADE UP 48.24% (2005: 21.03%) OF THE TOTAL
CURRENT LIABILITIES AND AMOUNTED TO S$179,586 (2005: S$54,050).}

^{IN ALL, LEVERAGE RATIO IS AT -12.98 TIMES
(2005: -1.34 TIMES) AS A RESULT OF A RISE IN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
INADEQUATE AS SEEN FROM THE NET WORKING CAPITAL DEFICIT AND LIQUIDITY RATIOS.
CURRENT RATIO ROSE TO 0.85 TIMES, FROM 0.06 TIMES AND QUICK RATIO IMPROVED TO
0.26 TIMES FROM 0.04 TIMES IN FY 2005.}

^{NET WORKING CAPITAL DEFICIT IMPROVED BY
76.48% FROM S$241,473 IN FY 2005 TO S$56,779.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 9.17% FROM
S$575,597 IN FY 2005 TO S$3,430,230. NET PROFIT ROSE BY 9.93% TO S$103,618
(2005: S$-175,304). HENCE, NET MARGIN
ROSE TO 3.02% (2005: -30.46%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT BE EXPECTED IF
REVENUE AND EARNINGS CANNOT BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE NOT
FORTHCOMING NOTES TO THE FINANCIAL STATEMENTS:}

^{SHARE CAPITAL:}

^{THE ISSUE SHARE CAPITAL OF THE COMPANY WAS
INCREASED FROM S$200,000 TO S$260,000 BY THE ADDITIONAL ISSUE OF S$60,000
ORDINARY SHARES OF S$1 EACH AT PAR FOR CASH.}

^{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 19/08/2002 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING
UNDER ITS PRESENT NAMESTYLE AS "WINTEK INTERNATIONAL PTE. LTD.".}

^{AS AT 14/12/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 318,000 SHARES
OF A VALUE OF S$318,000.}

^{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 AND EXPORTERS)}

^{2. WHOLESALE OF ELECTRONIC COMPONENTS}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE
PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF DEALERS IN ELECTRONIC
COMPONENTS, RESEARCH AND EXPERIMENTAL DEVELOPMENT ON ELECTRONICS AND
COMMUNICATION PRODUCTS.}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{*PROVIDE SOLUTION AND CONSULTATION ON HIGH END
LEADING TECHNOLOGY PRODUCTS, AND TRADING IN DIVERSIFIED PRODUCTS SUCH AS
METALS, COMMODITIES, OIL, COAL, MINERALS ETC.}

^PRODUCTS:

^{*TEST AND MEASUREMENT EQUIPMENT}

^{*INDUSTRIAL AUTOMATION/ RUGGED COMPUTING
SOLUTION}

^{*OPTICAL / FIBER COMMUNICATION PRODUCT}

^{*AVIATION SIMULATION AND TRAINING SOLUTION}

^{*EDUCATIONAL TRAINER KITS}

^{*CLEAN ROOMS EQUIPMENT/ HOSPITAL &
PHARMACEUTICAL}

^{INDUSTRIES SERVED:}

^*LASER

^{*FIBER OPTICS}

^{*COMMUNICATIONS}

^{*INDUSTRIAL AUTOMATION}

^{*RUGGED COMPUTING SOLUTION}

^{*TEST & MEASUREMENT}

^{*CLEANROOM EQUIPMENTS}

^{*MEDICAL EQUIPMENTS}

^{*AVIATION TRAINING AND SIMULATION}

^{*EDUCATIONAL TRAINING PRODUCTS}

^{WORK WITH BUSINESS PARTNERS FROM ALL OVER THE
WORLD INCLUDING:}

^*EUROPE

^*USA

^*JAPAN

^*INDIA

^*CHINA

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW
WAS NOT GRANTED BY SUBJECT'S PERSONNEL ON 19/12/2007.}

^{NUMBER OF EMPLOYEES (31 OCTOBER):}

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

^{REGISTERED AND BUSINESS ADDRESS :}

^{194 PANDAN LOOP}

^#07-29

^{PANTECH INDUSTRIAL COMPLEX}

^{SINGAPORE 128383}

^{DATE OF CHANGE OF ADDRESS : 25/02/2003}

^{-RENTED PREMISE}

^{-OWNED BY YEO KIM LUI RITA}

^WEBSITE:

^{http://www.wtk-intl.com/}

^EMAIL:

^{sales@wtk-intl.com/}

MANAGEMENT

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

^{1) ANG CHAY HEE, A SINGAPOREAN}

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

^{MAYOR EXPRESS FREIGHT SERVICES PTE LTD}

^{2) SUNIL TRIMBAKLAL SHAH, AN INDIAN}

^{- BASED IN INDIA.}

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.	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