MIRA INFORM REPORT

Report Date :

04.06.2007

IDENTIFICATION DETAILS

Name :	UNICELL PRODUCTS PTE LTD
Registered Office :	^20 Cecil Street, #16-03^, Equity Plaza, Singapore^– 049705
Country :	Singapore
Financials (as on) :	30.06.2005
Date of Incorporation :	^22/07/1994
Com. Reg. No.:	^199405143W
Legal Form :	^Exempt Pte Ltd
Line of Business :	Trading of Paper

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 :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

UNICELL PRODUCTS PTE LTD

Line Of Business 

TRADING OF PAPER

Parent Company

--

Financial Elements

FY 2005

COMPANY

Sales : S$5,510,791

Networth : S$233,307

Paid-Up Capital : S$200,000

Net result : S$9,953

Net Margin(%) : 0.18

Return on Equity(%) : 4.27

Leverage Ratio : 2.94

COMPANY IDENTIFICATION

^{Subject Company : UNICELL PRODUCTS PTE LTD}

^{Former Name : -}

^{Business Address: 20 CECIL STREET}

^#16-03

^{EQUITY PLAZA}

^{Town: SINGAPORE}

^{Postcode: 049705}

^{County: -}

^{Country: Singapore}

^{Telephone: 6732 6615}

^{Fax: 6324 2717}

^{ROC Number: 199405143W}

^{Reg. Town: -}

SUMMARY

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

^{Legal Form: Exempt Pte Ltd}

^{Date Inc.: 22/07/1994}

^{Previous Legal Form: -}

^{Summary year : 30/06/2005}

^{Sales: 5,510,791}

^{Networth : 233,307}

^{Capital: 500,000}

^{Paid-Up Capital: 200,000}

^{Employees: 5}

^{Net result : 9,953}

^{Share value: 1}

^{AUDITOR : RAMA & CO}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 22/07/1994}

PRINCIPAL(S)

^{VINCENT EUGENE JESUDASON S0150422C Director}

DIRECTOR(S)

^{WONG-LEONG HIONG JEE S0115574A Company Secretary}

^{Appointed on : 05/08/1998}

^{Street : 105D CHESTNUT AVENUE}

^{Town: SINGAPORE}

^{Postcode: 679512}

^{Country: Singapore}

^{VINCENT EUGENE JESUDASON S0150422C Director}

^{Appointed on : 31/03/1998}

^{Street : 20 BUKIT BATOK STREET 52}

^#14-03

^{GUILIN VIEW}

^{Town: SINGAPORE}

^{Postcode: 659244}

^{Country: Singapore}

^{AMJAD ALI F5604831Q Director}

^{Appointed on : 22/07/1994}

^{Street : 20 CECIL STREET}

^#16-03

^{EQUITY PLAZA}

^{Town: SINGAPORE}

^{Postcode: 049705}

^{Country: Singapore}

^{CLIFFORD EMMANUEL GERMAIN S2191478I Company Secretary}

^{Appointed on : 01/06/2004}

^{Street : 33A SURIN AVENUE}

^{CHARLTON COURT}

^{Town: SINGAPORE}

^{Postcode: 535617}

^{Country: Singapore}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{BASED ON ACRA'S RECORD AS AT 28/05/2007}

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

CHARGES

^{Date: 07/12/2006}

^{Comments : CHARGE NO: C200608253}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): UNITED OVERSEAS BANK LIMITED}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UNITED OVERSEAS BANK LIMITED}

SHAREHOLDERS(S)

^{VINCENT EUGENE JESUDASON 1 Private Person}

^{Street : 20 BUKIT BATOK STREET 52}

^#14-03

^{GUILIN VIEW}

^{Town: SINGAPORE}

^{Postcode: 659244}

^{Country: Singapore}

^{AMJAD ALI 199,999 Private Person}

^{Street : 20 CECIL STREET}

^#16-03

^{EQUITY PLAZA}

^{Town: SINGAPORE}

^{Postcode: 049705}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : DOWNWARD

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: 12/03/2007}

^{Balance Sheet Date: 30/06/2005 30/06/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 123,538 164,202}

^{Total Fixed Assets: 123,538 164,202}

^{Receivables: 204,636 53,738}

^{Cash,Banks, Securitis: 205,512 270,455}

^{Other current assets: 385,095 141,536}

^{Total Current Assets: 795,243 465,729}

^{TOTAL ASSETS: 918,781 629,931}

^{--- LIABILITIES}

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

^{Profit & loss Account: 33,307 23,354}

^{TOTAL EQUITY: 233,307 223,354}

^{Other long term Liab.: 123,880 141,787}

^{Total L/T Liabilities: 123,880 141,787}

^{Trade Creditors: 414,190 140,889}

^{Prepay. & Def. charges: 100,755 59,711}

^{Short term liabilities: 17,910 17,911}

^{Due to Bank: - 23,297}

^{Provisions: 25,603 22,982}

^{Other Short term Liab.: 3,136 -}

^{Total short term Liab.: 561,594 264,790}

^{TOTAL LIABILITIES: 685,474 406,577}

PROFIT & LOSS ACCOUNT

^{Net Sales 5,510,791 9,033,526}

^{Gross Profit: 736,928 719,330}

^{Result of ordinary operations 23,826 81,963}

^{NET RESULT BEFORE TAX: 18,991 77,127}

^{Tax : 9,038 15,712}

^{Net income/loss year: 9,953 61,415}

^{Interest Paid: 4,835 4,836}

^{Depreciation: 45,094 44,791}

^{Directors Emoluments: 142,000 122,000}

^{Purchases,Sces & Other Goods: 4,773,863 8,314,196}

^{Wages and Salaries: 208,082 201,256}

^{Financial Income: 676 278}

RATIOS

^{30/06/2005 30/06/2004}

^{Turnover per employee: 1102158.20 1806705.20}

^{Net result / Turnover(%): 0.00 0.01}

^{Net Margin(%): 0.18 0.68}

^{Return on Equity(%): 4.27 27.50}

^{Return on Assets(%): 1.08 9.75}

^{Net Working capital: 233649.00 200939.00}

^{Cash Ratio: 0.37 1.02}

^{Quick Ratio: 0.73 1.22}

^{Current ratio: 1.42 1.76}

^{Receivables Turnover: 13.37 2.14}

^{Leverage Ratio: 2.94 1.82}

^{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 4.46% FROM S$223,354 IN FY 2004 TO S$233,307 IN FY 2005. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$33,307 (2004: S$23,354); A RISE OF 42.62% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 73.75% (2004: 53.21%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$414,190 (2004: S$140,889).}

^{IN THE LONG-TERM, SUBJECT WAS WHOLLY FINANCED BY OTHER LONG-TERM LIABILITIES AND AMOUNTED TO S$123,880 (2004: S$141,787). THE BREAKDOWN IS AS FOLLOWS:}

^{-FINANCE LEASE - 2005: S$123,880 (2004: S$141,787)}

^{AMOUNT DUE TO BANKS OF - (2004: S$23,297) CONSISTED OF:}

^{-BANK OVERDRAFT (UNSECURED) - 2004: - (2004: S$23,297)}

^{IN ALL, LEVERAGE RATIO ROSE FROM 1.82 TIMES TO 2.94 TIMES AS A RESULT OF A GREATER 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 1.42 TIMES, DOWN FROM 1.76 TIMES AND QUICK RATIO FELL TO 0.73 TIMES FROM 1.22 TIMES IN FY 2004.}

^{NET WORKING CAPITAL IMPROVED BY 16.28% FROM S$200,939 IN FY 2004 TO S$233,649.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-CASH AND BANK BALANCES - 2005: S$165,112 (2004: S$133,455)}

^{-FIXED DEPOSITS - 2005: S$40,400 (2004: S$137,000)}

^{PROFITABILITY:}

^{REVENUE POSTED A DECLINE OF 38.99% FROM S$9,033,526 IN FY 2004 TO S$5,510,791 AND NET PROFIT DROPPED BY 83.79% TO S$9,953 (2004: S$61,415). HENCE, NET MARGIN FELL TO 0.18% (2004: 0.68%).}

^REVENUE:

^{-GOODS - 2005: S$4,731,558 (2004: S$8,739,942)}

^{-COMMISSION INCOME - 2005: S$779,233 (2004: S$293,584)}

^{DEBT SERVICING:}

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

^{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 22/07/1994 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "UNICELL PRODUCTS PTE LTD".}

^{AS AT 28/05/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 200,000 SHARES OF A VALUE OF S$200,000.}

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

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF GENERAL MERCHANTS, IMPORTERS, EXPORTERS, STOREKEEPERS, BROKERS, COMMISSION AGENTS, REMOVERS, PACKERS OF AND DEALERS IN PAPER PRODUCTS, GARMENTS, MANUFACTURED PRODUCTS, ELECTRONICS AND TELECOMMUNICATION EQUIPMENT, COMPUTER PERIPHERALS AND PRODUCE OF ALL KINDS.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 04/06/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF PAPER}

^{IMPORT COUNTRIES:}

^{* CHINA}

^{* EUROPE}

^{EXPORT COUNTRIES:}

^{* MALAYSIA}

^{* VIETNAM}

^{* PHILIPPINES}

^{* HONG KONG}

^{* CHINA}

^{* PAKISTAN}

^{THE SUBJECT MAINLY EXPORTS AND DOES SELL LOCALLY ON A SMALL SCALE.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 5}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 04/06/2007.}

^{NUMBER OF EMPLOYEES (30 JUNE):}

^{* COMPANY - 2005: 6 (2004: 6)}

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

^{REGISTERED AND BUSINESS ADDRESS:}

^{20 CECIL STREET}

^{#16-03 EQUITY PLAZA}

^{SINGAPORE 049705}

- RENTED PREMISE

- OWNED BY D.L. PROPERTIES LTD.

^{- DATE OF CHANGE OF ADDRESS: 02/09/2002}

^{YOUR PROVIDED BUSINESS ADDRESS:}

^{20 CELL STREET}

^{I1-03 EQUITY PLAZA}

^{SINGAPORE 049-105}

^{- INCORRECT}

^WEBSITE:

^-

^EMAIL:

^{ali@unicellsingapore.com.sg}

MANAGEMENT

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

^{1) AMJAD ALI, A PAKISTANI}

^{- BASED IN SINGAPORE.}

^{2) VINCENT EUGENE JESUDASON, A SINGAPOREAN}

- 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

DOMESTIC WHOLESALE TRADE IN 4Q 2006 HAS DECLINED BY 6.9%. EXCLUDING PETROLEUM, DOMESTIC SALES REMAINED AT SIMILAR LEVEL COMPARED TO THE PREVIOUS QUARTER.

GENERAL WHOLESALE TRADE POSTED THE LARGEST SALES DECREASE OF 16.6%, FOLLOWED BY THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS OF 15.7% AND HOUSEHOLD EQUIPMENT AND FURNITURE OF 13.2%.

SECTORS OF INDUSTRIAL AND CONSTRUCTION MACHINERY AND ELECTRONIC COMPONENTS REGISTERED GROWTHS OF 17.0% AND 12.3%, RESPECTIVELY.

FOREIGN WHOLESALE TRADE INDEX

ON A QUARTER-TO-QUARTER BASIS, OVERALL FOREIGN WHOLESALE TRADE CONTRACTED BY 7.9% IN 4Q 2006 AFTER TWO QUARTERS OF POSITIVE GROWTH. FOREIGN SALES WENT DOWN BY 1.6%, EXCLUDING PETROLEUM.

THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS AND ELECTRONIC COMPONENTS MARKED LOWER OVERSEAS SALE OF 14.2% AND 11.6% RESPECTIVELY IN 4Q 2006 OVER 3Q 2006.

RETAIL TRADE

IN GENERAL, RETAIL SALES GREW BY 7.9% IN 4Q 2006, UP FROM THE 5.2% IN THE PREVIOUS QUARTER. THIS BROUGHT FULL YEAR GROWTH FOR 2006 TO 6.9%, DOWN FROM 9.0% IN 2005. EXCLUDING MOTOR VEHICLE SALES, RETAIL SALES ROSE 4.1%, SLOWING FROM THE 7.2% GAIN IN THE PREVIOUS YEAR.

MOST RETAIL SECTORS REPORTED BRISK BUSINESS IN DEC. 2006. SALES OF RECREATIONAL GOODS, DEPARTMENT STORES, WEARING APPAREL AND FOOTWEAR, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND JEWELLERY CLIMBED BY 36.6% TO 44.2% IN DEC. 2006 COMPARED TO THE PREVIOUS MONTH.

LIKEWISE, RETAILERS OF OPTICAL GOODS AND BOOKS, TELECOMMUNICATIONS APPARATUS AND COMPUTERS, FOOD AND BEVERAGES, MEDICAL GOODS AND TOILETRIES AND SUPERMARKETS ENJOYED GROWTH BETWEEN 12.7% TO 26.0%.

OUTLOOK

FOR WHOLESALE TRADE, A NET WEIGHTED BALANCE OF 11% OF FIRMS ANTICIPATES BUSINESS TO BE LESS BRISK FOR COMING MONTHS. THOSE DEALING IN JEWELLERY AND WATCHES, INDUSTRIAL MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS ARE AMONG THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.

FOR RETAILERS, A NET WEIGHTED BALANCE OF 8%, FORECAST THE BUSINESS CONDITIONS TO IMPROVE IN THE NEXT SIX MONTHS. DEPARTMENT STORES OWNERS AND RETAILERS OF FURNITURE AND FURNISHINGS ARE OPTIMISTIC ABOUT THE BUSINESS PROSPECTS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

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