MIRA INFORM REPORT

Report Date :

04.09.2007

IDENTIFICATION DETAILS

Name :	VIRGOZ OIL AND FATS PTE. LTD.
Registered Office :	^20 Cecil Street, #18-08, Equity Plaza, Singapore – 049705
Country :	Singapore
Financials (as on) :	31.12.2005
Date of Incorporation :	^14/09/2004
Com. Reg. No.:	^200411727K
Legal Form :	^Exempt Pte Ltd
Line of Business :	Import and Export of Inedible Oils and Fats, Palm Oil Commodities and related 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 :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

VIRGOZ OIL AND FATS PTE. LTD.

Line Of Business 

IMPORT AND EXPORT OF INEDIBLE OILS AND FATS, PALM OIL COMMODITIES AND RELATED GOODS

Parent Company

--

Financial Elements

FY 2005

COMPANY

Sales : US$150,274,677

Networth : US$2,860,902

Paid-Up Capital : US$1,208,448

Net result : US$1,652,454

Net Margin(%) : 1.10

Return on Equity(%) : 57.76

Leverage Ratio : 2.45

Rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company: VIRGOZ OIL AND FATS PTE. LTD.}

^{Former Name: -}

^{Business Address: 20 CECIL STREET}

^#18-08

^{EQUITY PLAZA}

^{Town: SINGAPORE}

^{Postcode: 049705}

^{County: -}

^{Country: Singapore}

^{Telephone: 6532 7777}

^{Fax: 6532 0787}

^{ROC Number: 200411727K}

^Reg. Town: -

SUMMARY

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

^{Legal Form: Exempt Pte Ltd}

^{Date Inc.: 14/09/2004}

^{Previous Legal Form: -}

^{Summary year: 31/12/2005}

^{Sales: 150,274,677}

^{Net worth: 2,860,902}

^{Capital: -}

^{Paid-Up Capital: 1,208,448}

^{Employees: Not available}

^{Net result: 1,652,454}

^{Share value: -}

^{Auditor: FOO KON TAN GRANT THORNTON}

REFERENCES

^{Litigation: No}

^{Company status: TRADING}

^{Started: 14/09/2005}

PRINCIPAL(S)

^{ROBERT G5786324U Director}

DIRECTOR(S)

^{ROBERT G5786324U Director}

^{Appointed on: 14/09/2004}

^{Street: 205 RIVER VALLEY ROAD}

^#04-79

^{Town: SINGAPORE}

^{Postcode: 238274}

^{Country: Singapore}

^{DIANA VIRGO N145095 Director}

^{Appointed on: 14/09/2004}

^{Street: JLN. ISKANDAR MUDA NO. 107}

^{Town: MEDAN}

^{Postcode: 20154}

^{Country: Indonesia}

^{JHONNY VIRGO G5784044M Director}

^{Appointed on: 25/10/2004}

^{Street: 205 RIVER VALLEY ROAD}

^#04-79

^{Town: SINGAPORE}

^{Postcode: 238274}

^{Country: Singapore}

^{LIN MOI HEYANG F1059693U Company Secretary}

^{Appointed on: 29/06/2007}

^{Street: 210 ANG MO KIO AVENUE 3}

^#07-1614

^{Town: SINGAPORE}

^{Postcode: 560210}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{LATHIKA DEVI AMMA D/O K R PILLAY S1552769B}

^{TAN GEK MING @ CHEN YUE MING S7284484Z}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{PALM OIL Code:15870}

^{OILS - WHSLE Code:15515}

^{BASED ON ACRA'S RECORD AS AT 31/08/2007}

^{1) WHOLESALE OF PALM OIL; IMPORT & EXPORT OF INEDIBLE OILS AND FATS, PALM OIL COMMODITIES & RELATED GOODS BY-PRODUCTS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED}

^{DBS BANK LTD.}

^{STANDARD CHARTERED BANK}

^{ING BANK N V}

SHAREHOLDERS(S)

^{ROBERT 800,000 Private Person}

^{Street: 205 RIVER VALLEY ROAD}

^#04-79

^{Town: SINGAPORE}

^{Postcode: 238274}

^{Country: Singapore}

^{MARIA WIJAYA 800,000 Private Person}

^{Street: JLN. ISKANDAR MUDA NO. 107}

^{Town: MEDAN}

^{Postcode: 20154}

^{Country: Indonesia}

^{DIANA VIRGO 200,000 Private Person}

^{Street: JLN. ISKANDAR MUDA NO. 107}

^{Town: MEDAN}

^{Postcode: 20154}

^{Country: Indonesia}

^{JHONNY VIRGO 200,000 Private Person}

^{Street: 205 RIVER VALLEY ROAD}

^#04-79

^{Town: SINGAPORE}

^{Postcode: 238274}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity: SUFFICIENT}

^{Payments: REGULAR}

^{Trend: UNKNOWN}

^{Financial Situation: AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 19/04/2006}

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

^{Number of weeks: 67}

^{Consolidation Code: COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 84,529}

^{Total Fixed Assets: 84,529}

^{Receivables: 6,578,844}

^{Cash,Banks,Securities: 3,188,752}

^{Other current assets: 11,402}

^{Total Current Assets: 9,778,998}

^{TOTAL ASSETS: 9,863,527}

^{--- LIABILITIES}

^{Equity capital: 1,208,448}

^{Profit & loss Account: 1,652,454}

^{Total Equity: 2,860,902}

^{Trade Creditors: 6,433,487}

^{Provisions: 184,915}

^{Other Short term Liab.: 384,223}

^{Total short term Liab.: 7,002,625}

^{TOTAL LIABILITIES: 7,002,625}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 150,274,677}

^{Purchases,Sces & Other Goods: 147,295,001}

^{Gross Profit: 2,979,676}

^{NET RESULT BEFORE TAX: 1,837,369}

^{Tax: 184,915}

^{Net income/loss year: 1,652,454}

^{Depreciation: 15,339}

^{Directors Emoluments: 35,096}

^{Wages and Salaries: 67,677}

^{Financial Income: 6,139}

RATIOS

^31/12/2005

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

^{Net Margin(%): 1.10}

^{Return on Equity(%): 57.76}

^{Return on Assets(%): 16.75}

^{Net Working capital: 2776373.00}

^{Cash Ratio: 0.46}

^{Quick Ratio: 1.39}

^{Current ratio: 1.40}

^{Receivables Turnover: 15.76}

^{Leverage Ratio: 2.45}

^{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 REGISTERING AT USD2,860,902. THIS WAS CONTRIBUTED BY RETAINED PROFITS BROUGHT FORWARD OF USD1,652,454.}

^LEVERAGE:

^{THE LEVERAGE RATIO WAS AGGRESSIVE AT 2.45 TIMES, INDICATING THAT THE COMPANY'S TOTAL LIABILITIES WERE SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.}

^{IN THE SHORT TERM, TRADE CREDITORS ACCOUNTED FOR 91.87% OF THE TOTAL CURRENT LIABILITIES, AMOUNTING TO USD6,433,487.}

^{OTHER CURRENT LIABILITIES OF RM384,223 REPRESENTED:}

^{* OTHER PAYABLES OF USD37,371}

^{* AMOUNT OWING TO RELATED COMPANY (NON-TRADE) OF USD346,852}

^LIQUIDITY:

^{THE OVERALL LIQUIDITY OF THE COMPANY WAS FAIRLY HEALTHY. BOTH THE QUICK AND CURRENT RATIOS WERE SUFFICIENT AT 1.39 TIMES AND 1.40 TIMES RESPECTIVELY. THIS WAS IN TANDEM WITH THE NET WORKING CAPITAL, WHICH WAS ROBUST AT USD2,776,373.}

^{PROFITABILITY:}

^{REVENUE FOR FY2005 REGISTERED AT USD150,274,677 WHILE NET INCOME POSTED AT USD1,652,454. AS A RESULT, NET MARGIN WAS POSITIVE AT 1.10%.}

^{DEBT SERVICING:}

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

^{IN ADDITION, THERE WERE NO INTEREST-BEARING DEBTS TO FINANCE DURING THE FINANCIAL YEAR.}

^{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 SUBJECT WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 14/09/2004 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "VIRGOZ OILS AND FATS PTE. LTD.".}

^{AS AT 31/08/2007, SUBJECT HAS AN ISSUED AND PAID-UP CAPITAL OF 2,000,000 SHARES OF A VALUE OF S$2,000,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{1) WHOLESALE OF PALM OIL; IMPORT & EXPORT OF INEDIBLE OILS AND FATS, PALM OIL}

^{COMMODITIES & RELATED GOODS}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS);}

^{WHOLESALE OF PALM OIL COMMODITIES, RELATED SUBSTANCES AND BY-PRODUCTS}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE THOSE OF IMPORT AND EXPORT OF INEDIBLE OILS AND FATS, PALM OIL COMMODITIES AND RELATED GOODS.}

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

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL DIRECTORY UNDER THE CLASSIFICATION OF: OILS - EDIBLE PLANTS.}

^PRODUCTS:

^{* PALM OILS}

^{* FATS}

^{IMPORT COUNTRY:}

^{* INDONESIA}

^{MARKETS SERVED:}

^{* WORLDWIDE}

^{TERMS OF PAYMNET:}

^{* CUSTOMERS: LETTER OF CREDIT, DOCUMENT AGAINST PAYMENT}

^{* SUPPLIERS: LETTER OF CREDIT, DOCUMENT AGAINST PAYMENT}

^{FROM THE EARLIER TELE-INTERVIEW CONDUCTED ON 03/11/2006, SUBJECT REVEALED THAT THEY ARE INTO THE TRADING OF PALM OIL. THEY ONLY ENGAGE IN EXPORTING AND DO NOT SUPPLY TO THE LOCAL SINGAPORE MARKET.}

^{THERE ARE 8 EMPLOYEES IN THE COMPANY.}

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

^{REGISTERED AND BUSINESS ADDRESS:}

^{20 CECIL STREET}

^#18-08

^EQUITY PLAZA

^SINGAPORE 049705

^{DATE OF CHANGE OF ADDRESS: 18/02/2005}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: D.L. PROPERTIES LTD.}

^WEBSITE:

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

^EMAIL:

^{* virgoz@virgoz.com}

MANAGEMENT

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

^{1) JHONNY VIRGO, AN INDONESIAN}

^{- BASED IN SINGAPORE}

^{2) ROBERT, AN INDONESIAN}

^{- BASED IN SINGAPORE}

^{3) DIANA VIRGO, AN INDONESIAN}

^{- BASED IN INDONESIA}

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

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