MIRA INFORM REPORT

Report Date :

28.05.2007

IDENTIFICATION DETAILS

Name :	INTER-CONTINENTAL OILS & FATS PTE.

Registered Office :	^{150 Beach Road, #16-01}^{, Gateway West, Singapore – 189720}

Country :	Singapore

Financials (as on) :	30.06.2006

Date of Incorporation :	^16/05/2002

Com. Reg. No.:	^200204156N

Legal Form :	^{Pte Ltd}

Line of Business :	Trading of Palm Oil, Palm related Commodities and Soft Oils

RATING & COMMENTS

MIRA’s Rating :

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

INTER-CONTINENTAL OILS & FATS PTE.

Line Of Business

TRADING OF PALM OIL, PALM RELATED COMMODITIES AND SOFT OILS

Parent Company

UNITED RESOURCES HOLDING INC.

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY2006

COMPANY

Sales : US$628,892,615

Networth : US$ 16,204,188

Paid-Up Capital : US$ 5,632,746

Net result : US$ 3,337,917

Net Margin(%) : 0.53

Return on Equity(%) : 20.60

Leverage Ratio : 2.41 TIMES

COMPANY IDENTIFICATION

^{Subject Company : INTER-CONTINENTAL OILS & FATS PTE. LTD.}

^{Former Name :
-}

^{Business Address : 150
BEACH ROAD}

^#16-01

^{GATEWAY WEST}

^{Town :
SINGAPORE}

^{Postcode :
189720}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6353 6563/9041}

^{Fax :
6259 5613}

^{ROC Number :
200204156N}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :
Pte Ltd}

^{Date Inc. :
16/05/2002}

^{Previous Legal Form : -}

^{Summary year :
30/06/2006}

^{Sales :
628,892,615}

^{Net Worth :
16,204,188}

^{Paid-Up Capital :
5,632,746}

^{Employees :
-}

^{Net Result :
3,337,917}

^{Auditor :
PRICEWATERHOUSECOOPERS}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
16/05/2002}

PRINCIPAL(S)

^{CHAN CHEOW HIONG S1591659A
Director}

DIRECTOR(S)

^{CHAN CHEOW HIONG S1591659A Company Secretary}

^{Appointed on :
18/06/2002}

^{Street :
62 ELITE TERRACE}

^{Town :
SINGAPORE}

^{Postcode :
458811}

^{Country :
Singapore}

^{UNG CHIEW HWA S2560290J Director}

^{Appointed on :
06/07/2002}

^{Street :
3 KHIANG GUAN AVENUE}

^#05-03

^{LINCOLN LODGE}

^{Town :
SINGAPORE}

^{Postcode :
308381}

^{Country :
Singapore}

^{CHAN CHEOW HIONG S1591659A Director}

^{Appointed on :
16/05/2002}

^{Street :
62 ELITE TERRACE}

^{Town :
SINGAPORE}

^{Postcode :
458811}

^{Country :
Singapore}

FORMER DIRECTOR(S)

^{NG SIEW MOI S1633151A}

^{CHAN TAK YEE HELEN S2593629I}

^{NG SIEW KUAN S1414237A}

ACTIVITY (IES)

^{TRADING COMPANIES Code: 22190}

^{COMMISSION MERCHANTS Code:
4990}

^{PALM OIL
Code: 15870}

^{BASED ON ACRA'S RECORD AS AT
21/05/2007}

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

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

CHARGES

^{Date :
12/06/2006}

^{Comments :
CHARGE NO: C200603754}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWNING}

^{CHARGEE: DBS BANK
LTD.}

^{Date :
28/11/2005}

^{Comments :
CHARGE NO: C200507389}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWNING}

^{CHARGEE: HSH NORDBANK AG}

^{Date :
06/09/2005}

^{Comments :
CHARGE NO: C200505354}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWNING}

^{CHARGEE: BNP PARIBAS}

^{Date :
25/05/2004}

^{Comments :
CHARGE NO: C200402533}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWNING}

^{CHARGEE: ING BANK
N.V.}

^{Date :
23/03/2004}

^{Comments :
CHARGE NO: C200401379}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWNING}

^{CHARGEE: FORTIS BANK S.A./N.V.}

^{Date :
27/04/2007}

^{Comments :
CHARGE NO: C200703150}

^{AMOUNT SECURED: 0.00
AND ALL MONIES OWNING}

^{CHARGEE: THE HONGKONG
& SHANGHAI BANKING CORPORATION LIMITED}

^{Date :
18/02/2003}

^{Comments :
CHARGE NO : C200300636,C200300618}

^{AMOUNT SECURED : 0.00
AND ALL MONIES OWING}

^{CHARGEE : FORTIS BANK
S.A/N.V.}

^{Date :
31/07/2003 Amount: 10,000,000}

^{Comments :
CHARGE NO : C200303663 (DISCHARGED)}

^{AMOUNT SECURED :
USD10000000.00}

^{CHARGEE : RAIFFEISEN
ZENTRALBANK OESTRREICH AKTIENGESELLSCHAFT}

^{Date :
30/01/2003}

^{Comments :
CHARGE NO : C200300282}

^{AMOUNT SECURED : 0.00
AND ALL MONIES OWING}

^{CHARGEE : COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{FORTIS BANK S.A./N.V.}

^{COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B A}

^{RAIFFEISEN ZENTRALBANK OESTERREICH
AKTIENGESELLSCHAFT}

^{ING BANK N.V.}

^{DBS BANK LTD.}

^{HSH NORDBANK AG}

^{THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED}

^{AMERICAN EXPRESS BANK LTD}

SHAREHOLDERS(S)

^{UNITED RESOURCES HOLDING INC. 10,000,000 Company}

^{Street :
OMAR HOFGE BLDG WICKHAMS CAY 1}

^{P O BOX 362 ROAD TOWN}

^{Town :
TORTOLA}

^{Postcode :
-}

^{Country :
Virgin Islands (British)}

FORMER SHAREHOLDER(S)

^{NG SIEW KUAN 1}

^{CHAN CHEOW HIONG 1}

HOLDING COMPANY

^{UNITED RESOURCES HOLDING INC. UF31218Z % :
100}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity :
SUFFICIENT}

^{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: 16/01/2007}

^{Balance Sheet Date: 30/06/2006 30/06/2005}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Tangible Fixed Assets: 316,492 201,245}

^{Total Fixed Assets}^{: 316,492 201,245}

^{Receivables: 1,299,442 455,866}

^{Short Term Fin.
Assets: 45,063,718 40,276,251}

^{Cash, Banks,
Securities: 8,331,407 8,122,458}

^{Other current assets: 181,132 457,357}

^{Total Current Assets}^{: 54,875,699 49,311,932}

^{TOTAL ASSETS: 55,192,191 49,513,177}

^{--- LIABILITIES ---}

^{Equity capital: 5,632,746 5,632,746}

^{Profit & loss
Account: 10,571,442 7,233,525}

^{Total Equity}^{: 16,204,188 12,866,271}

^{Trade Creditors: 13,666,461 24,559,677}

^{Due to Bank: 24,537,895 11,567,751}

^{Provisions: 546,099 396,212}

^{Other Short term
Liab.: 104,079}

^{Prepay. & Def.
charges: 133,469 123,266}

^{Total short term Liab.}^{: 38,988,003 36,646,906}

^{TOTAL LIABILITIES: 38,988,003 36,646,906}

PROFIT & LOSS ACCOUNT

^{Net Sales 628,892,615 627,714,649}

^{Purchases,Sces & Other
Goods: 617,893,306 617,477,858}

^{Gross Profit: 10,999,309 10,236,791}

^{NET RESULT BEFORE TAX: 3,745,484 2,284,394}

^{Tax : 407,567 299,451}

^{Net income/loss year: 3,337,917 1,984,943}

^{Interest Paid: 583,234 360,918}

^{Depreciation: 108,417 62,402}

^{Directors Emoluments: 121,280 170,935}

^{Wages and Salaries: 1,360,123 800,140}

^{Financial Income: 212,303 90,965}

RATIOS

^{30/06/2006 30/06/2005}

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

^{Net Margin(%): 0.53 0.32}

^{Return on Equity(%): 20.60 15.43}

^{Return on Assets(%): 6.05 4.01}

^{Net Working capital: 15887696.00 12665026.00}

^{Cash Ratio: 0.21 0.22}

^{Quick Ratio: 0.25 0.23}

^{Current ratio: 1.41 1.35}

^{Receivables Turnover: 0.74 0.26}

^{Leverage Ratio: 2.41 2.85}

^{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 DEEMED
TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS PASSABLE WITH TOTAL
EQUITY IMPROVING BY 25.94% AMOUNTING TO USD16,204,188 (2005: USD12,866,271).
THIS WAS DUE TO HIGHER RETAINED EARNINGS BROUGHT FORWARD OF USD10,571,442
(2005: USD7,233,525).}

^LEVERAGE:

^{THE LEVERAGE RATIO HAD IMPROVED TO 2.41 TIMES
(2005: 2.85 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
44.35%, AMOUNTING TO USD13,666,461 (2005: USD24,559,677). AMOUNT DUE TO BANKS
IN THE FORM OF TRUST RECEIPTS OF USD24,537,895 (2005: USD11,567,751) ARE
SECURED BY THE PLEDGED OF GOODS PURCHASED BY THE COMPANY.}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS
FAIRLY HEALTHY. NET WORKING CAPITAL REGISTERED HIGHER AT USD15,887,696 (2005:
USD12,665,026).}

^{ON THE OTHER HAND, THE QUICK RATIO WAS
LACKING AT 0.25 TIMES (2005: 0.23 TIMES) WHILE THE CURRENT RATIO WAS SUFFICIENT
AT 1.41 TIMES (2005: 1.35 TIMES).}

^{PROFITABILITY:}

^{REVENUE FOR FY2006 IMPROVED MARGINALLY BY
0.19%, AMOUNTING TO USD628,892,615 (2005: USD627,714,649). NET INCOME SURGED BY
68.16%, ACCOUNTING FOR USD3,337,917 (2005: USD1,984,943).}

^{THUS, NET MARGIN STOOD HIGHER AT 0.53% (2005:
0.32%).}

^{DEBT SERVICING:}

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

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 16/05/2002 AS A LIMITED
PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS
"INTER-CONTINENTAL OILS & FATS PTE. LTD.".}

^{AS AT 21/05/2007, SUBJECT HAS AN ISSUED AND
PAID-UP CAPITAL OF 10,000,000 SHARES OF A VALUE OF S$10,000,000.}

^{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 CONTRACT BASIS (EG
COMMISSION AGENCIES)}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW,
SUBJECT'S PRINCIPAL ACTIVITIES ARE TRADING OF PALM OIL, PALM RELATED
COMMODITIES AND SOFT OILS.}

^{THE COMPANY'S IMMEDIATE AND ULTIMATE HOLDING
CORPORATION IS UNITED RESOURCES HOLDINGS INC, INCORPORATED IN THE BRITISH VIRGIN ISLANDS. FROM THE RESEARCH CONDUCTED, THE
FOLLOWING INFORMATION WAS GATHERED:}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY:}

^{* IMPORT AND EXPORT OF PETROLEUM AND RELATED
PRODUCTS}

^PRODUCTS:

^{* TOILET SOAPS}

^{* LAUNDRY SOAPS}

^{* TOILET & LAUNDRY SOAP CHIPS}

^{* MARGARINE}

^{* SHORTENING}

^{* PURE VEGETABLE GHEE}

^{* GLYCERINE}

^{EXPORT COUNTRIES:}

^{* MAINLY TO THE INDIA CONTINENTAL}

^{* OTHERS: AFRICA ETC.}

^BRANDS:

^{* HARMONY}

^{* LARK}

^{* LIESEL BOTANICAL}

^{* MEDICARE}

^{NO OTHER TRADE INFORMATION WAS MADE AVAILABLE
ON 25/05/2007.}

^{REGISTERED ADDRESS:}

^{150 BEACH ROAD}

^#16-04

^{GATEWAY WEST}

^SINGAPORE¹⁸⁹⁷²⁰

^{DATE OF CHANGE OF ADDRESS: 31/03/2004}

^{BUSINESS ADDRESS:}

^{150 BEACH ROAD}

^#16-01

^{GATEWAY WEST}

^SINGAPORE¹⁸⁹⁷²⁰

^WEBSITE:

^{* NA}

^EMAIL:

^{* general@icof.com.sg}

MANAGEMENT

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

^{1) CHAN CHEOW HIONG, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIP AS RECORDED IN OUR
DATABASE}

^{OCEANIC FATS & OILS HOLDINGS PTE LTD}

^{2) UNG CHIEW HWA, A SINGAPORE
PERMANENT RESIDENT}

^{- HOLDS OTHER DIRECTORSHIP AS RECORDED IN OUR
DATABASE}

^{ARAKO ASSOCIATES PTE 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

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