MIRA INFORM REPORT

Report Date :

07.06.2007

IDENTIFICATION DETAILS

Name :	RAAZ ENTERPRISES PTE LTD
Registered Office :	^49^Dunlop Street, Singapore^– 209378
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^26/01/1984
Com. Reg. No.:	^198400342H
Legal Form :	^Exempt Pte Ltd
Line of Business :	Wholesalers of Food Stuffs and Canned Products and Importers and Exporters of General Merchandise, Electronic and Electrical Goods

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

RAAZ ENTERPRISES PTE LTD

Line Of Business 

WHOLESALERS OF FOOD STUFFS AND CANNED PRODUCTS AND IMPORTERS AND EXPORTERS OF GENERAL MERCHANDISE, ELECTRONIC AND ELECTRICAL GOODS

Parent Company

--

Financial Elements

FY2005

COMPANY

Sales : S$968,978

Networth : S$130,166

Paid-Up Capital : S$140,000

Net result : S$ 19,786

Net Margin(%) : 2.04

Return on Equity(%) : 15.20

Leverage Ratio : 1.03 TIMES

COMPANY IDENTIFICATION

^{Subject Company : RAAZ ENTERPRISES PTE LTD}

^{Former Name : -}

^{Business Address : 49 DUNLOP STREET}

^{Town : SINGAPORE}

^{Postcode : 209378}

^{County : -}

^{Country : Singapore}

^{Telephone : 6291 2127}

^{Fax : 6291 5503}

^{ROC Number : 198400342H}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 26/01/1984}

^{Previous Legal Form : -}

^{Summary year : 31/12/2005}

^{Sales : 968,978}

^{Net Worth : 130,166}

^{Paid-Up Capital : 140,000}

^{Employees : -}

^{Net Result : 19,786}

^{Auditor : AKBER ALI & CO}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 26/01/1984}

PRINCIPAL(S)

^{A.G. MOHAMED MUSTAPHA S2194642G Director}

DIRECTOR(S)

^{A.G. MOHAMED MUSTAPHA S2194642G Director}

^{Appointed on : 26/01/1984}

^{Street : 334 TAMPINES STREET 32}

^#03-516

^{Town : SINGAPORE}

^{Postcode : 520334}

^{Country : Singapore}

^{A.G. MOHAMED MUSTAPHA S2194642G Company Secretary}

^{Appointed on : 26/01/1984}

^{Street : 334 TAMPINES STREET 32}

^#03-516

^{Town : SINGAPORE}

^{Postcode : 520334}

^{Country : Singapore}

^{RIYASUDEEN SHAHID S7078213H Director}

^{Appointed on : 02/05/2001}

^{Street : 92 BEDOK NORTH AVENUE 4}

^#08-1485

^{Town : SINGAPORE}

^{Postcode : 460092}

^{Country : Singapore}

^{RIYASUDEEN SHAHID S7078213H Company Secretary}

^{Appointed on : 14/07/2004}

^{Street : 92 BEDOK NORTH AVENUE 4}

^#08-1485

^{Town : SINGAPORE}

^{Postcode : 460092}

^{Country : Singapore}

ACTIVITY (IES)

^{HEALTH FOODS - WHSLE And MFRS Code: 11100}

^{FOOD PRODUCTS Code: 9460}

^{BASED ON ACRA'S RECORD AS AT 04/06/2007}

^{1) WHOLESALE OF HEALTH FOOD; WHOLES FOODSTUFFS}

^{2) MANUFACTURE OF FOOD PRODUCTS (EXCEPT FOOD CHEMICAL AND ADDITIVES);}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{INDIAN BANK}

^{INDIAN OVERSEAS BANK}

^{MALAYAN BANKING BERHAD}

SHAREHOLDERS(S)

^{A.G. MOHAMED MUSTAPHA 139,999 Private Person}

^{Street : 334 TAMPINES STREET 32}

^#03-516

^{Town : SINGAPORE}

^{Postcode : 520334}

^{Country : Singapore}

^{RIYASUDEEN SHAHID 1 Private Person}

^{Street : 92 BEDOK NORTH AVENUE 4}

^#08-1485

^{Town : SINGAPORE}

^{Postcode : 460092}

^{Country : Singapore}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{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: 27/07/2006}

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

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Tangible Fixed Assets: - 8,410}

^{Total Fixed Assets: - 8,410}

^{Inventories: 62,935 90,694}

^{Receivables: 106,985 113,221}

^{Cash, Banks, Securities: 94,834 52,833}

^{Other current assets: 3,348}

^{Total Current Assets: 264,754 260,096}

^{TOTAL ASSETS: 264,754 268,506}

^{--- LIABILITIES ---}

^{Equity capital: 140,000 140,000}

^{Profit & loss Account: -9,834 -29,620}

^{Total Equity: 130,166 110,380}

^{Other long term Liab.: 2,165 10,585}

^{Total L/T Liabilities: 2,165 10,585}

^{Trade Creditors: 42,175 46,983}

^{Short term liabilities: 8,420 8,420}

^{Due to Bank: 10,619 76,711}

^{Provisions: 704 266}

^{Other Short term Liab.: 69,140 13,796}

^{Prepay. & Def. charges: 1,365 1,365}

^{Total short term Liab.: 132,423 147,541}

^{TOTAL LIABILITIES: 134,588 158,126}

PROFIT & LOSS ACCOUNT

^{Net Sales 968,978 974,794}

^{Purchases,Sces & Other Goods: 615,487 670,678}

^{Gross Profit: 353,491 304,116}

^{Result of ordinary operations 22,378 3,978}

^{NET RESULT BEFORE TAX: 20,490 2,090}

^{Tax : 704 266}

^{Net income/loss year: 19,786 1,824}

^{Interest Paid: 1,888 1,888}

^{Depreciation: 8,410 26,111}

^{Directors Emoluments: 76,600 63,696}

^{Wages and Salaries: 81,752 88,964}

RATIOS

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

^{Net result / Turnover(%): 0.02 0.00}

^{Stock / Turnover(%): 0.06 0.09}

^{Net Margin(%): 2.04 0.19}

^{Return on Equity(%): 15.20 1.65}

^{Return on Assets(%): 7.47 0.68}

^{Net Working capital: 132331.00 112555.00}

^{Cash Ratio: 0.72 0.36}

^{Quick Ratio: 1.52 1.13}

^{Current ratio: 2.00 1.76}

^{Receivables Turnover: 39.75 41.81}

^{Leverage Ratio: 1.03 1.43}

^{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 IMPROVING BY 17.93% AMOUNTING TO S$130,166 (2004: S$110,380). THIS WAS CONTRIBUTED BY LOWER RETAINED LOSSES BROUGHT FORWARD OF S$9,834 (2004: -S$29,620).}

^LEVERAGE:

^{THE LEVERAGE RATIO HAD IMPROVED TO 1.03 TIMES (2004: 1.43 TIMES), INDICATING THAT THE COMPANY'S TOTAL LIABILITIES WERE LESS SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.}

^{IN THE SHORT TERM, TRADE CREDITORS DECREASED BY 10.23%, AMOUNTING TO S$42,175 (2004: S$46,983).}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS FAIRLY HEALTHY. BOTH THE QUICK AND CURRENT RATIOS WERE SUFFICIENT AT 1.52 TIMES (2004: 1.13 TIMES) AND 2.00 TIMES (2004: 1.76 TIMES) RESPECTIVELY.}

^{THIS WAS IN TANDEM WITH THE NET WORKING CAPITAL, WHICH REGISTERED HIGHER AT S$132,331 (2004: S$112,555).}

^{PROFITABILITY:}

^{REVENUE FOR FY2005 FELL BY 0.60%, TOTALLING S$968,978 (2004: S$974,794). HOWEVER, NET INCOME SURGED BY 9.85 TIMES, AMOUNTING TO S$19,786 (2004: S$1,824).}

^{THUS, NET MARGIN STOOD HIGHER AT 2.04% (2004: 0.19%).}

^{DEBT SERVICING:}

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

^{AVERAGE COLLECTION PERIOD HAD ALSO SHORTENED TO 40 DAYS (2004: 42 DAYS).}

^{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

^{26/01/1984 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "RAAZ ENTERPRISES PTE LTD".}

^{AS AT 04/06/2007, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 140,000 SHARES OF A VALUE OF S$140,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF HEALTH FOOD; WHOLES FOODSTUFFS}

^{2) MANUFACTURE OF FOOD PRODUCTS (EXCEPT FOOD CHEMICAL AND ADDITIVES); MANUFACTURING AND PROCESSING OF FOOD PRODUCTS (ETHNIC FOOD)}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE THOSE OF WHOLESALERS OF FOOD STUFFS AND CANNED PRODUCTS AND IMPORTERS AND EXPORTERS OF GENERAL MERCHANDISE, ELECTRONIC AND ELECTRICAL GOODS.}

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

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: IMPORTERS AND EXPORTERS.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY:}

^{* IMPORTER AND EXPORTER OF SPICES (POWDER), SUNFLOWER RICE, PICKLES, SYRUP AND ALL SORT OF CONSUMER FOOD ITEMS}

^PRODUCTS:

^{* SPICES}

^{* RICE}

^{* MASALA}

^{* MEAT}

^{* JELLY}

^{* PICKLE (CONDIMENTS)}

^{* JAM}

^{* INCENSE STICKS}

^{* OIL AND GHEE}

^{BRANDS CARRIED:}

^{* AHMED}

^{* PRIYA}

^{* GUARD}

^{* RAAZ}

^{* GOE}

^{* MINARA}

^{* HERITAGE}

^{* EMIRATES}

^{* BAMBINO}

^{* STAG}

^{* OBAN}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 07/06/2007, IT WAS REVEALED THAT THERE ARE ABOUT 7 EMPLOYEES IN THE COMPANY.}

^{NO OTHER INFORMATION WAS GATHERED VIA THE TELE-INTERVIEW CONDUCTED.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{49 DUNLOP STREET}

^{SINGAPORE 209378}

^{DATE OF CHANGE OF ADDRESS: 10/11/2005}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED BY: MAJLIS UGAMA ISLAM SINGAPURA}

^WEBSITE:

^{* http://www.raazepl.com}

^EMAIL:

^{* raazent@singnet.com.sg}

MANAGEMENT

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

^{1) A.G. MOHAMED MUSTAPHA, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE}

^{2) RIYASUDEEN SHAHID, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIP AS RECORDED 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