MIRA INFORM REPORT

Report Date :

20.11.2007

IDENTIFICATION DETAILS

Name :	SINOCHEM INTERNATIONAL (OVERSEAS) PTE. LTD.

Registered Office :	^{9 Raffles Place, #54-01, Republic Plaza, Singapore – 048619}

Country :	Singapore

Financials (as on) :	31.12.2005

Date of Incorporation :	^27/06/2003

Com. Reg. No.:	^200305994Z

Legal Form :	^{Pte Ltd}

Line of Business :	Trading of Plastics, Chemicals, Rubber & Petrochemical Products

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

SINOCHEM INTERNATIONAL (OVERSEAS) PTE. LTD.

Line Of Business

TRADING OF PLASTICS, CHEMICALS, RUBBER & PETROCHEMICAL PRODUCTS

Parent Company

SINOCHEM INTERNATIONAL CORPORATION

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY2005

COMPANY

Sales : US$802,170,657

Networth : US$ 52,645,883

Paid-Up Capital : US$ 6,000,000

Net result : US$ 36,623,506

Net Margin(%) : 4.57

Return on Equity(%) : 69.57

Leverage Ratio : 1.20 TIMES

COMPANY IDENTIFICATION

^{Subject Company : SINOCHEM INTERNATIONAL
(OVERSEAS) PTE. LTD.}

^{Former Name :
-}

^{Business Address : 9 RAFFLES PLACE}

^#54-01

^{REPUBLIC PLAZA}

^{Town :
SINGAPORE}

^{Postcode : 048619}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6538 5866}

^{Fax :
6538 9337}

^{ROC Number :
200305994Z}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form :
Pte Ltd}

^{Date Inc. :
27/06/2003}

^{Previous Legal
Form :
-}

^{Summary year :
31/12/2005}

^{Sales :
802,170,657}

^{Net Worth :
52,645,883}

^{Capital :
6,000,000}

^{Paid-Up Capital :
6,000,000}

^{Employees :
-}

^{Net Result :
36,623,506}

^{Share value :
1}

^{Auditor :
DELOITTE & TOUCHE}

REFERENCES

^{Litigation :
No}

^{Company status :
TRADING}

^{Started :
27/06/2003}

PRINCIPAL(S)

^{XIAN MING G5731044N Director}

DIRECTOR(S)

^{XIAN MING G5731044N Director}

^{Appointed on : 08/12/2003}

^{Street : 9 RAFFLES
PLACE}

^#54-01

^{REPUBLIC PLAZA}

^{Town :
SINGAPORE}

^{Postcode : 048619}

^{Country : Singapore}

^{TENG SEOK GOH S2010054J
Company Secretary}

^{Appointed on : 27/06/2003}

^{Street : 17
JUBILEE ROAD}

^{Town :
SINGAPORE}

^{Postcode : 128549}

^{Country : Singapore}

^{GAO MIN G5728289X Company Secretary}

^{Appointed on : 18/05/2005}

^{Street : 9 RAFFLES
PLACE}

^#54-01

^{REPUBLIC PLAZA}

^{Town :
SINGAPORE}

^{Postcode : 048619}

^{Country : Singapore}

^{LI XUETAO P6166891 Director}

^{Appointed on : 28/03/2005}

^{Street : JIN MAO
BUILDING BLK 3 18TH FLOOR}

^{SHIJI AVE 88 PUDONG}

^{Town :
SHANGHAI}

^{Postcode : -}

^{Country : China}

^{LI HONGWEI G06889143 Director}

^{Appointed on : 27/09/2005}

^{Street : JIN MAO
BUILDING BLK 3, 18TH FLR}

^{SHIJI AVE 88 PUDONG}

^{Town :
SHANGHAI}

^{Postcode : -}

^{Country : China}

^{QIN HENGDE P6168616 Director}

^{Appointed on : 14/12/2005}

^{Street : JIN MAO
BUILDING BLK 3, 18TH FLR}

^{SHIJI AVE 88 PUDONG}

^{Town :
SHANGHAI}

^{Postcode : -}

^{Country : China}

FORMER DIRECTOR(S)

^{LI XIN 6101031970}

^{YUAN ZHIYING P.4011379}

^{RAO
ZHONGLIANG ML855351}

ACTIVITY (IES)

^{IMPORTERS And
EXPORTERS Code: 11760}

^{INVESTMENT
COMPANIES Code: 12095}

^{CHEMICALS Code: 3970}

^{RUBBER (M) Code: 18655}

^{PLASTICS (M) Code: 16942}

^{BASED ON ACRA'S
RECORD AS AT 31/08/2006}

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

^{2) OTHER
INVESTMENT HOLDING COMPANIES}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Bankers’ Information In Our Databases

ASSOCIATED COMPANY(IES)

^{SINOCHEM ZHEJIANG
COKING CO. LTD China}

SHAREHOLDERS(S)

^{SINOCHEM
INTERNATIONAL CORPORATION 10,506,000 Company}

^{Street : JIN MAO
BUILDING BLOCK 3}

^{18TH FLOOR SHIJI AVENUE 88}

^{PUCHONG NEW
DISTRICT}

^{Town :
SHANGHAI}

^{Postcode : -}

^{Country : China}

HOLDING COMPANY

^{SINOCHEM
INTERNATIONAL CORPORATION UF33488K % :
100}

SUBSIDIARY(IES)

^{HAINAN SINOCHEM
ENLIAN RUBBER CO. LTD}

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
AVERAGE}

^{Liquidity : SUFFICIENT}

^{Payments : REGULAR}

^{Trend :
UPWARD}

^{Financial
Situation : GOOD}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit
Qualification: UNQUALIFIED
UNQUALIFIED UNQUALIFIED}

^{(CLEAN) (CLEAN) (CLEAN)}

^{Date
Account Lodged: 19/07/2006}

^{Balance
Sheet Date:
31/12/2005
31/12/2004         31/12/2003}

^{Number
of weeks:
52 52 26}

^{Consolidation
Code: COMPANY COMPANY COMPANY}

^{--- ASSETS ---}

^{Intangible
Fixed Assets: 5,407 5,407 -}

^{Tangible
Fixed Assets: 146,356 179,787 138,925}

^{Investments 6,961,733 9,536,700
4,200,000}

^{Total
Fixed Assets}^{:
7,113,496 9,721,894 4,338,925}

^{Inventories: 3,393,381 11,745,243 -}

^{Receivables: 81,192,046 30,671,266 -}

^{Cash,Banks,
Securities: 4,365,960 2,526,056 5,141,720}

^{Other
current assets:
19,510,529
6,061,185             93,285}

^{Total
Current Assets}^{:
108,461,916
51,003,750
5,235,005}

^{TOTAL ASSETS: 115,575,412 60,725,644
9,573,930}

^{---
LIABILITIES ---}

^{Equity
capital: 6,000,000 6,000,000 6,000,000}

^{Profit
& loss Account:
46,645,883
10,022,377
-50,071}

^Total
Equity^{:
52,645,883
16,022,377          5,949,929}

^{L/T
Liab. to ass. comp: - -
3,610,525}

^{Total
L/T Liabilities}^{: - -
3,610,525}

^{Trade
Creditors:
54,101,812
34,622,068
-}

^{Advanced
payments: 894,564 1,232,353 -}

^{Due
to Bank:
2,924,724 5,079,961 -}

^{Provisions: 4,032,908 2,876,227 -}

^{Other
Short term Liab.:
651,332 141,373 13,476}

^{Prepay.
& Def. charges:
324,189 751,285 -}

^{Total
short term Liab.}^{:
62,929,529 44,703,267 13,476}

^{TOTAL LIABILITIES: 62,929,529 44,703,267 3,624,001}

PROFIT & LOSS ACCOUNT

^{Net
Sales
802,170,657
361,637,271                  -}

^{Purchases,Sces
& Other Goods: 757,727,217 344,972,789 -}

^{Gross
Profit:
44,443,440
16,664,482
-}

^{Result
of ordinary operations
- 13,290,267 -50,071}

^{NET
RESULT BEFORE TAX:
39,875,717
12,948,675
-50,071}

^{Tax
:
3,252,211 2,876,227 -}

^{Net
income/loss year:
36,623,506 10,072,448 -50,071}

^{Interest
Paid: 780,666 67,780 0}

^{Depreciation: 35,628 31,070 4,593}

^{Directors
Emoluments: 37,728 36,018 -}

^{Wages
and Salaries:
710,187 403,918 -}

^{Financial
Income: 234,513 36,699 1,234}

RATIOS

^{31/12/2005 31/12/2004 31/12/2003}

^{Net
result / Turnover(%): 0.05
0.03 0.03}

^{Stock
/ Turnover(%): 0.00
0.03 0.03}

^{Net
Margin(%): 4.57
2.79 2.79}

^{Return
on Equity(%): 69.57
62.86 -0.84}

^{Return
on Assets(%): 31.69
16.59 -0.52}

^{Net
Working capital: 45532387.00
6300483.00 5221529.00}

^{Cash
Ratio: 0.07
0.06 381.55}

^{Quick
Ratio: 1.36
0.74 381.55}

^{Current
ratio: 1.72 1.14
388.47}

^{Receivables
Turnover: 36.44 30.53 30.53}

^{Leverage
Ratio: 1.20
2.79 0.61}

^{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 STABLE IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCESHEET WAS
SOUND WITH TOTAL EQUITY SURGING BY 2.29 TIMES AMOUNTING TO USD52,645,883 (2004:
USD16,022,377). THIS WAS CONTRIBUTED BY HIGHER RETAINED EARNINGS BROUGHT
FORWARD OF USD46,645,883 (2004: USD10,022,377).}

^LEVERAGE:

^{THE LEVERAGE RATIO
HAD DECREASED AND WAS ADEQUATE AT 1.20 TIMES (2004: 2.79 TIMES). THIS INDICATED
THAT THE COMPANY'S TOTAL LIABILITIES WERE LESS SUBSTANTIAL IN RELATION TO ITS
TOTAL EQUITY.}

^{IN THE SHORT TERM,
TRADE CREDITORS ROSE BY 56.26%, AMOUNTING TO USD54,101,812 (2004:
USD34,622,068). AMOUNT DUE TO BANKS HAD GONE DOWN TO USD2,924,724 (2004:
USD5,079,961) AND ARE GUARANTEED BY A LETTER OF COMFORT FROM IMMEDIATE HOLDING
COMPANY.}

^{OTHER CURRENT
LIABILITIES OF USD651,332 (2004: USD141,373) REPRESENTED:}

^{* IMMEDIATE HOLDING
COMPANY OF USD150,179 (2004: USD73,328)}

^{* RELATED
COMPANIES OF USD501,153 (2004: USD68,045)}

^LIQUIDITY:

^{THE OVERALL
LIQUIDITY OF THE COMPANY WAS HEALTHY AND IMPROVING. BOTH THE QUICK AND CURRENT
RATIOS POSTED HIGHER AND WERE SUFFICIENT AT 1.36 TIMES (2004: 0.74 TIMES) AND
1.72 TIMES (2004: 1.14 TIMES) RESPECTIVELY.}

^{THIS WAS IN TANDEM
WITH THE NET WORKING CAPITAL, WHICH INCREASED NOTABLY BY 6.23 TIMES TOTALLING
USD45,532,387 (2004: USD6,300,483). CASH AND CASH EQUIVALENTS ALSO IMPROVED
SIGNIFICANTLY, REGISTERING AT USD4,365,960 (2004: USD2,526,056).}

^{PROFITABILITY:}

^{REVENUE FOR FY2005
WAS ROBUST AT USD802,170,657 (2004: USD361,637,271), RISING BY 1.22 TIMES. SIMILARLY, NET INCOME ALSO SURGED BY 2.64
TIMES ACCOUNTING FOR USD36,623,506 (2004: USD10,072,448). AS A RESULT, NET MARGIN STOOD HIGHER AT
4.57% (2004: 2.79%).}

^{DEBT SERVICING:}

^{DEBT SERVICING
PROBLEMS WERE UNLIKELY TO BE ANTICIPATED IN VIEW OF THE STRONG NET WORTH AND IF
TRADE RECEIVABLES WERE FORTHCOMING. IN ADDITION,
AVERAGE COLLECTION PERIOD WAS COMPUTED AT 36 DAYS (2004: 31 DAYS).}

^{OTHER CURRENT
ASSETS:}

^{THIS COMPONENT OF
USD19,510,529 (2004: USD6,061,185) COMPRISED OF:}

^{* LOAN TO A
RELATED COMPANY OF USD11,668,736 (2004: USD5,549,475)}

^{* OTHER
RECEIVABLES AND PREPAYMENTS OF USD7,841,793 (2004: USD511,710)}

BACKGROUND/OPERATION

^{THE COMPANY WAS
INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 27/06/2003 AS A LIMITED PRIVATE
COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE OF "SINOCHEM INTERNATIONAL
(OVERSEAS) PTE. LTD.".}

^{AS AT 19/04/2007,
SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 10,506,000 SHARES OF A VALUE OF
S$10,506,000.}

^{PRINCIPAL
ACTIVITIES:}

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

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

^{2) OTHER
INVESTMENT HOLDING COMPANIES}

^{DURING THE
FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE TRADING OF
PLASTICS, CHEMICALS, RUBBER AND PETROCHEMICAL PRODUCTS.}

^{THE PRINCIPAL
ACTIVIIES OF THE SUBSIDIARY AND ASSOCIATES ARE TRADING OF RUBBER AND CHEMICAL
PRODUCTS.}

^{THE COMPANY IS A
SUBSIDIARY OF SINOCHEM INTERNATIONAL CORPORATION, INCORPORATED IN THE PEOPLE'S
REPUBLIC OF CHINA. THE COMPANY'S ULTIMATE HOLDING COMPANY IS SINOCHEM GROUP,
INCORPORATED IN THE PEOPLE'S REPUBLIC OF CHINA.}

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

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

^{NO. OF EMPLOYEES
(31 DECEMBER):}

^{* COMPANY - 2005:
NOT AVAILABLE (2004: 18)}

^{NO INFORMATION WAS
GATHERED ON 25/04/2007 AS A TELE-INTERVIEW WAS DENEID BY SUBJECT'S PERSONNEL.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{9 RAFFLES PLACE}

^#54-01

^{REPUBLIC PLAZA}

^{SINGAPORE 048619}

^{DATE OF CHANGE OF
ADDRESS: 07/08/2003}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED
BY: CDL PROPERTIES LTD.}

^WEBSITE:

^{*
www.sinochemintl.com (PARENT COMPANY'S WEBISTE)}

^EMAIL:

^{* NA}

MANAGEMENT

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

^{1) LI HONGWEI, A
CHINESE}

^{- BASED IN CHINA}

^{2) XIAN MING, A
CHINESE}

^{- BASED IN
SINGAPORE}

^{3) LI XUETAO, A
CHINESE}

^{- BASED IN CHINA}

^{4) QIN HENGDE, A
CHINESE}

^{- BASED IN CHINA}

SINGAPORE'S COUNTRY RATING 2006

INVESTMENT GRADE

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE'S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR'S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

- ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR

ROLE IN ITS PERFORMANCE.

- ONE OF ASIA'S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.

- WORKFORCE'S EDUCATION AND SKILL LEVEL IS VERY HIGH.

- A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING

COMPANY, TEMASEK.

- THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.

- GREAT POLITICAL STABILITY.

WEAKNESSES

- ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.

- MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER

OTHER ASIAN ECONOMIES

- REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM

MODERNIZATION.

- AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

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