MIRA INFORM REPORT

Report Date :

15.11.2007

IDENTIFICATION DETAILS

Name :	SHAWARAT MANUFACTURER (S) PTE LTD
Registered Office :	102 Joo Chia Walk 427160
Country :	Singapore
Financials (as on) :	30.06.2006
Date of Incorporation :	07.05.1993
Legal Form :	Exempt Pte Ltd
Line of Business :	Importers and Exporters of Agricultural Chemical Products and Fertilizers.

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

Subject Company : SHAWARAT MANUFACTURERS (S) PTE LTD

Line Of Business  : IMPORTER AND EXPORTER OF AGRICULTURAL CHEMICAL PRODUCTS AND

FERTILIZERS

Parent Company : N.A.

COMPANY IDENTIFICATION

^{Subject Company : SHAWARAT MANUFACTURERS (S) PTE LTD}

^{Former Name : -}

^{Business Address : 102 JOO CHIA WALK}

^{Town : SINGAPORE}

^{Postcode : 427160}

^{Country : Singapore}

^{Telephone : 6224 5550}

^{Fax : 6224 5558}

^{ROC Number : 199302813H}

^{Reg. Town : -}

SUMMARY

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 07/05/1993}

^{Previous Legal Form : -}

^{Summary year : 30/06/2006}

^{Sales : 2,001,792}

^{Networth : -15,255}

^{Capital : -}

^{Paid-Up Capital : 428,031}

^{Employees : 3}

^{Net result : 18,518}

^{Share value : -}

^{Auditor : UHY DIONG}

^{Litigation : No}

^{Company status : TRADING}

^{Started : 07/05/1993}

PRINCIPAL(S)

^{TEO HWA KOK 6821914 Director}

DIRECTOR(S)

^{TEO HWA HWA 640806-01- Director}

^{Appointed on : 09/03/1996}

^{Street : 21 JLN PASAR PARIT SULONG PARIT SULONG}

^{Town : JOHOR}

^{Postcode : 83500}

^{Country : Malaysia}

^{TEO HWA KOK 6821914 Director}

^{Appointed on : 07/05/1993}

^{Street : 102 JOO CHIAT WALK}

^{Town : SINGAPORE}

^{Postcode : 427160}

^{Country : Singapore}

^{CHIN HAY MIN ALBERT S0037272B Company Secretary}

^{Appointed on : 28/04/2006}

^{Street : 7 BASSEIN ROAD #06-03 PASTORAL VIEW}

^{Town : SINGAPORE}

^{Postcode : 309837}

^{Country : Singapore}

FORMER DIRECTOR(S)

^{PRIYALATHA NAIDU S1087104B}

^{JUNE TAN LIN @ WONG LIM S2655524H}

^{LOH CHUEN THIM S1212068J}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code: 11760}

^{BASED ON ACRA'S RECORD AS AT 12/11/2007}

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

CHARGES

^{Date : 01/06/1998}

^{Comments : CHARGE NO: 199802762}

^{AMOUNT SECURED : 100,000.00 U.S. DOLLAR}

^{CHARGEE(S) : THE HONGKONG & SHANGHAI BANKING CORPORATION LTD}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{THE HONGKONG & SHANGHAI BANKING CORPORATION}

SHAREHOLDERS(S)

^{TEO HWA HWA 19,989 Private Person}

^{Street : 21 JLN PASAR PARIT SULONG}

^{PARIT SULONG}

^{Town : JOHOR}

^{Postcode : 83500}

^{Country : Malaysia}

^{TEO HWA KOK 408,042 Private Person}

^{Street : 102 JOO CHIAT WALK}

^{Town : SINGAPORE}

^{Postcode : 427160}

^{Country : Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : LACKING}

^{Payments : SLOW}

^{Trend : LEVEL}

^{Financial Situation : BAD}

FINANCIAL ELEMENTS

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

^{Date Account Lodged: 22/01/2007}

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

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

ASSETS

^{Tangible Fixed Assets: 137,884 34,357}

^{Total Fixed Assets: 137,884 34,357}

^{Receivables: 307,002 93,463}

^{Cash,Banks, Securitis: 29,173 293,185}

^{Other current assets: 134,927 104,187}

^{Total Current Assets: 471,102 4 90,835}

^{TOTAL ASSETS: 608,986 525,192}

LIABILITIES

^{Equity capital: 428,031 428,031}

^{Profit & lost Account: -443,286 -461,804}

^{Total Equity: -15,255 -33,773}

^{Other long term Liab.: 98,405 56,878}

^{Total L/T Liabilities: 98,405 56,878}

^{Trade Creditors: 510,487 484,886}

^{Short term liabilities: 15,349 17,201}

^{Total short term Liab.: 525,836 502,087}

^{TOTAL LIABILITIES: 624,241 558,965}

PROFIT & LOSS ACCOUNT

^{Net Sales 2,001,792 2,457,855}

^{Purchases,Sces & Other Goods: 1,709,684 2,115,795}

^{Gross Profit: 292,108 342,060}

^{Result of ordinary operations}

^{NET RESULT BEFORE TAX: 18,518 -25,414}

^{Tax : 4,867}

^{Net income/loss year: 18,518 -20,547}

^{Interest Paid: 49,512 54,573}

^{Depreciation: 36,618 18,252}

^{Directors Emoluments: 51,984 51,984}

^{Wages and Salaries: 76,902 70,456}

^{Financial Income: 7,780 3,694}

RATIOS

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

^{Turnover per employee: 667264.00 819285.00}

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

^{Fin. Charges / Turnover(%): 0.02 0.02}

^{Net Margin(%): 0.93 -0.84}

^{Return on Equity(%): -121.39 60.84}

^{Return on Assets(%): 3.04 -3.91}

^{Net Working capital: -54734.00 -11252.00}

^{Cash Ratio: 0.06 0.58}

^{Quick Ratio: 0.64 0.77}

^{Current ratio: 0.90 0.98}

^{Receivables Turnover: 55.21 13.69}

^{Leverage Ratio: -40.92 -16.55}

^{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 FINANICAL STATEMENTS ARE NOT REQUIRED TO BE AUDITED.}

^{PLEASE REFER TO THE LIMITED EXEMPT PRIVATE COMPANY CLAUSE BELOW FOR FURTHER INFORMATION.}

^{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}

^{DECLINING BY 54.83% FROM S$33,773 IN FY 2005 TO S$15,255 IN FY}

^{2006. THIS WAS DUE TO LOWER ACCUMULATED LOSS OF S$443,286 (2005:}

^{S$-461,804); A DECLINE OF 4.01% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS}

^{WHICH MADE UP 97.08% (2005: 96.57%) OF THE TOTAL CURRENT LIABILITIES}

^{AND AMOUNTED TO S$510,487 (2005: S$484,886).}

^{IN THE LONG-TERM, SUBJECT WAS WHOLLY FINANCED BY OTHER LONG-TERM}

^{LIABILITIES AND AMOUNTED TO S$98,405 (2005: S$56,878). THE}

^{BREAKDOWN IS AS FOLLOWS:}

^{-HIRE PURCHASE OBLIGATION - 2006: S$98,405 (2005: S$56,878)}

^{IN ALL, LEVERAGE RATIO IS SIGNIFICANT AT -40.92 TIMES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS WEAK AS SEEN FROM}

^{THE RISE IN NET WORKING CAPITAL DEFICIT AND DECLINE IN LIQUIDITY}

^{RATIOS. CURRENT RATIO FELL TO 0.90 TIMES, DOWN FROM 0.98 TIMES AND}

^{QUICK RATIO FELL TO 0.64 TIMES FROM 0.77 TIMES IN FY 2005.}

^{NET WORKING CAPITAL DEFICIT ROSE BY 3.86 TIMES FROM S$11,252 IN}

^{FY 2005 TO S$54,734.}

^{PROFITABILITY:}

^{REVENUE POSTED A DECLINE OF 18.56% FROM S$2,457,855 IN FY 2005 TO}

^{S$2,001,792 BUT NET PROFIT ROSE BY 1.90 TIMES TO S$18,518 (2005: S}

^{$-20,547). THIS COULD BE DUE TO LOWER SALES AND MARKETING COST OF}

^{S$104,025 IN FY 2006 (2005: S$145,195). HENCE, NET MARGIN ROSE TO}

^{0.93% (2005: -0.84%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT BE EXPECTED WITH THE DECLINING REVENUE}

^{AND NEGATIVE NET WORTH. IN ADDITION, THE SUBJECT HAS LOW LIQUIDITY AND}

^{SUBSTANTIAL GEARING.}

^{AVERAGE COLLECTION PERIOD HAS INCREASED FROM 13.69 DAYS TO 55.21 DAYS.}

^{A HIGHER AVERAGE COLLECTION PERIOD POSES GREATER RISK OF TURNING}

^{INTO BAD DEBTS. HOWEVER, IT IS STILL WORTH NOTING THAT DEBT SERVICING}

^{ABILITY MAY NOT BE AFFECTED IF TRADE RECEIVABLES ARE FORTHCOMING.}

^{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}

^{07/05/1993 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER}

^{ITS PRESENT NAMESTYLE AS "SHAWARAT MANUFACTURERS (S) PTE LTD".}

^{THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF}

^{428,031 SHARES OF A VALUE OF S$428,031.}

^{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)}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF}

^{THE COMPANY CONSIST OF IMPORTER AND EXPORTER OF AGRICULTURAL CHEMICAL}

^{PRODUCTS AND FERTILIZERS.}

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

^{THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE}

^{CLASSIFICATION OF: AGRICULTURAL CHEMICALS.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* AGRICULTURAL MERCHANTS}

^{PRODUCTS DEALINGS:}

^{* AGRICULTURAL CHEMICALS}

^{* AGRICULTURAL EQUIPMENT, SUPPLIES & SERVICES}

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT}

^{GRANTED BY SUBJECT'S PERSONNEL}

^{NUMBER OF EMPLOYEES (30 JUNE):}

^{* COMPANY - 2006: NOT AVAILABLE (2005: NOT AVAILABLE; 2004: 3;}

^{2003: 3)}

^{* GROUP - 2006: - (2005: -)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{102 JOO CHIAT WALK}

^{SINGAPORE 427160}

^{DATE OF CHANGE OF ADDRESS: 01/07/2007}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: MDM TOH LOO HEOK}

^{YOUR PROVIDED ADDRESS:}

^{70 SHENTON WAY}

^#18-01

^{MARINE HOUSE}

^{SINGAPORE 079118}

^{- UNABLE TO CONFIRM}

^{WEBSITE : -}

^{EMAIL : shawarat@pacific.net.sg}

MANAGEMENT

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

^{1) TEO HWA HWA, A MALAYSIAN}

^{- BASED IN MALAYSIA.}

^{2) TEO HWA KOK, A MALAYSIAN}

^{- BASED IN SINGAPORE.}

SINGAPORE’S COUNTRY RATING 2007

^{RATING: A1}

^{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