MIRA INFORM REPORT

Report Date :

13.12.2008

IDENTIFICATION DETAILS

Name :	ISS GROUP HOLDINGS LIMITED

Formerly Known as :	INCHCAPE SHIPPING SERVICES HOLDINGS LIMITED

Registered Office :	Units 6-7, Lakeside Business Village, Fleming Road Chafford Hundred, Essex RM16 6YA

Country :	United Kingdom

Financials (as on) :	31.12.2007

Date of Incorporation :	15.10.1998

Legal Form :	Private Limited with Share Capital

Line of Business :	Acts as an investment holding company. Accounts data converted from US Dollars

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	[£] 60,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

Name of the company

ISS GROUP HOLDINGS LIMITED

Number 03650395

company summary

Phone		Type	Private limited with Share Capital
Address	UNITS 6-7, LAKESIDE BUSINESS VILLAGE, FLEMING ROAD CHAFFORD HUNDRED, ESSEX RM16 6YA	Company Status	Active - Accounts Filed
Postcode	RM16 6YA	Incorporated Date	15/10/1998

Todays Limit [£] 60,000

	Active CCJ's	0
	Value of CCJ's [£]	£0
	Number Of Writs	0

	Current Directors	4
	Total Directorships	48

Trading to Date	31/12/07	31/12/06	31/12/05
Turnover	£95,959	£92,922	£264,000
Shareholder Funds	£24,669,628	£18,167,970	£18,656,000
Employees	-	-	-

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Previous Names Details

Previous Name(s)
Changed :	15/04/2004	Inchcape Shipping Services Holdings Limited
Changed :	04/03/1999	Placechart Limited

Secondary Industry Code Details

	SIC Code	Description
	6110	Sea Transport

Mortgage Details

Mortgage Type:	share mortgage
Date Charge Created:	30/03/2007	Date Charge Registered:	10/04/2007
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND,AS SECURITY AGENT
Amount Secured:	all monies due or to become due from the company to the chargee under the termsof the aforementioned instrument creating or evidencing the charge
Details:	all mortgaged securities,rights and proc eeds and any certificate or other eviden ce of ownership and all other rights the reon

Mortgage Type:	debenture
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

Mortgage Type:	share pledge
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	all of the right title and interest in, to and under the following property, the initial pledged equity and the certific ates, all cash, securities or other prop erty representing a dividend or other di stribution out of income or earned surpl us on any of the pledged equity

Mortgage Type:	share charge
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	by way of first fixed charge all shares held now or in the future and all share rights

Mortgage Type:	share charge
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all of the right title and interest in, to and under the following property, the initial pledged equity and the certific ates, all cash, securities or other prop erty representing a dividend or other di stribution out of income or earned surpl us on any of the pledged equity under the terms of the aforementioned instrument creating or evidencing the charge
Details:	by way of first fixed charge all shares held now or in the future and all share rights

Mortgage Type:	share charge
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	150 shares of hong kong dollars, 1,000 i nchcape shipping services (hong kong) li mited, (ordinary shares), all and any ca sh dividends and other distributions

Mortgage Type:	share pledge
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	all of the present and future rights, ti tle and interest in, to and over the ple dged property, being the existing securi ties, all other shares, stocks, securiti es and all rights, monies and property

Mortgage Type:	share pledge
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	the assets pledged under the share pledg e include, the present shares, any futur e shares; and all related assets

Mortgage Type:	share pledge
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	the pledgor grants a first ranking comme rcial pledge on the security shares

Mortgage Type:	security interest agreement
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	the chargor assigns, transfers and other wise makes over to the security agent or its nominee title to the shares and the share rights

Mortgage Type:	agreement and instrument of pledge
Date Charge Created:	14/09/2004	Date Charge Registered:	24/09/2004
Date Charge Satisfied:	23/08/2006	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND plc IN ITS CAPACITY AS SECURITY TRUSTEE AND AS AGENT FOR AND ON
Amount Secured:	all monies due or to become due from eac h obligor to the agent and the secured p arties or any of them under the terms of the aforementioned instrument creating or evidencing the charge
Details:	all shares by way of redemption repurcha se dividend bonus pre-emption conversion substitution exchange option right or o therwise in respect of any of the shares

Mortgage Type:	supplemental share charge
Date Charge Created:	08/04/2004	Date Charge Registered:	20/04/2004
Date Charge Satisfied:	08/01/2007	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC AS AGENT AND SECURITY TRUSTEE FOR AND ON BEHALF OF THE SENIOR
Amount Secured:	all monies due or to become due from the obligors to the chargee or the senior l enders under the terms of the aforementioned instrument creating or evidencing the charge
Details:	all the charged securities being all sha res together with all money dividends di stributions interest allotments offers b enefits privileges rights

Mortgage Type:	stock pledge agreement
Date Charge Created:	21/12/2001	Date Charge Registered:	10/01/2002
Date Charge Satisfied:	08/01/2007	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND plc
Amount Secured:	all obligations due or to become due fro m the obligors (as defined) and the comp any to the chargee as arranger, clearing bank, issuing bank and agent for itself and the banks (as defined) under the terms of the aforementioned instrument creating or evidencing the charge
Details:	all of the company's right title and int erest in and to all of the pledged share s

Mortgage Type:	share charge
Date Charge Created:	25/06/2001	Date Charge Registered:	29/06/2001
Date Charge Satisfied:	23/08/2006	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	all moneys interests costs fees expenses charges and other amounts present and f uture payable by the obligors to the age nt or the senior lenders pursuant to the financing documents
Details:	all shares (being 150 shares of hk$1,000 each in the issued share capital of the company together with all related right s accruing therefrom (inclusive of all m onies dividends and bonuses)

Mortgage Type:	agreement of hypothec on shares
Date Charge Created:	29/12/2000	Date Charge Registered:	17/01/2001
Date Charge Satisfied:	08/01/2007	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC FOR ITSELF AND AS AGENT AND SECURITY TRUSTEE FOR AND ON BEHALF
Amount Secured:	on account of or arising from or in conn ection with the loan agreement,the loan (as defined in the agreement of hypothec on shares) and/or the financing documen ts (as defined in the loan agreement) an d all other obligations,covenants and ag reements under the loan agreement and th e agreement of hypothec on shares all monies due or to become due from the company to the chargee.
Details:	all of the right title and interest pres ent and future in and to all of the shar es in the capital stock of inchcape cana da,together with all fruits and revenues therefrom including without limitation the 100 common shares of inchcape canada ,all securities or other property after the date of the agreement,and all monies ,securities or other property distribute d thereon by way of return of capital

Mortgage Type:	trust beneficial interest pledge agreement
Date Charge Created:	13/07/2000	Date Charge Registered:	18/07/2000
Date Charge Satisfied:	08/01/2007	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	any and all moneys liabilities and oblig ations due or to become due from any eac h obligor (as defined) to the chargee as agent for itself and the other secured parties (as defined) under or in connect ion with any of the facility agreement a nd financing documents (as defined)
Details:	the beneficial interest (including socia l capital, interests, securities, voting and dividend rights) in respect of the trust for the shares of inchape shipping services s.a.(panama)

Mortgage Type:	stock pledge agreement
Date Charge Created:	25/04/2000	Date Charge Registered:	04/05/2000
Date Charge Satisfied:	08/01/2007	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND plc
Amount Secured:	the payment and performance of all oblig ations of the obligors (as defined) to t he chargee (as agent for itself and the ratable benefit of the banks including w ithout limitation the hedging banks name d in the facility agreement (as defined) ) whether arising under the facility agr eement or any other financing document ( as defined) the performance by the pledg or (the company) of its obligations and agreements set forth in the stock pledge agreement and in each other financing d ocument to which it is a party and all m onies due from the pledgor under the sto ck pledge agreement
Details:	all of the pledgors right title and inte rest in and to the 1000 shares of common stock in inchcape shipping services usa holdings inc and all dividends cash ins truments and other property from time to time received

Mortgage Type:	share pledge agreement
Date Charge Created:	25/04/2000	Date Charge Registered:	04/05/2000
Date Charge Satisfied:	08/01/2007	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND plc
Amount Secured:	any and all moneys liabilities and oblig ations due or to become due from any gro up obligor (as defined) to the chargee a s agent for itself and the other secured parties (as defined) under or in connec tion with any of the financing documents (as defined)
Details:	200 ordinary shares of %50,000 each in i nchcape shipping services (japan) holdin g kk and all other shares stocks securit ies grants and all rights monies and pro perty including without limitation all d ividends or other distributions

Mortgage Type:	guarantee & debenture
Date Charge Created:	25/04/2000	Date Charge Registered:	04/05/2000
Date Charge Satisfied:	23/08/2006	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND plc
Amount Secured:	all monies due or to become due from the company to the chargee under the financ ing documents
Details:	01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

Mortgage Type:	share pledge agreement
Date Charge Created:	25/04/2000	Date Charge Registered:	04/05/2000
Date Charge Satisfied:	08/01/2007	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND plc
Amount Secured:	all money and liabilities due or to beco me due from the company to the chargee a cting on its own behalf and as agent on behalf of the banks (as defined) under t he financing documents (as defined)
Details:	3,994 registered shares (including all p resent or future rights relating thereto or arising therefrom) of the company

Mortgage Type:	pledge of shares
Date Charge Created:	25/04/2000	Date Charge Registered:	04/05/2000
Date Charge Satisfied:		Status:	Property Ceasing To Belong
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	all present and future obligations and l iabilities of each obligor to the securi ty trustee and the senior lenders under the terms of the deed
Details:	all right title or interest in and to th e shares together with all rights divide nds and other distributions

Mortgage Type:	deed of pledge
Date Charge Created:	25/04/2000	Date Charge Registered:	10/05/2000
Date Charge Satisfied:	08/01/2007	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND plc
Amount Secured:	under or pursuant to the deed of pledge and the financing documents (both as def ined therein) all monies due or to become due from the company to the chargee on any account whatsoever.
Details:	all of the present and future shares tog ether with all the cash dividends, right s, monies and other assets ("related ass ets" as defined therein)

Shareholders Details

	Name	Shares
	Inchcape Shipping Services Holdings Limited	25,933,427 Ordinary Gbp 0.10

	Address	Telephone Number	TCPS
	Units 6-7 Lakeside Business Village Fleming Road Chafford Hundred Grays RM16 6YA

Accounts

PROFIT & LOSS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Months	12	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	95,959	3.3 %	92,922	-64.8 %	264,000
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	-
Gross Profit	-	-	-	-	-
Wages & Salaries	-	-	-	-	-
Directors Emoluments	-	-	-	-	-
Operating Profits	-4,370,785	-25.2 %	-3,491,419	-449.8 %	-635,000
Depreciation	181,499	-14.9 %	213,263	-13.0 %	245,000
Audit Fees	176,016	54.8 %	113,740	-24.2 %	150,000
Interest Payments	902,012	-49.0 %	1,768,051	11.5 %	1,586,000
Pre Tax Profit	5,050,173	165.2 %	1,904,641	-45.5 %	3,496,000
Taxation	-	-	-	100.0 %	-137,000
Profit After Tax	5,050,173	165.2 %	1,904,641	-43.3 %	3,359,000
Dividends Payable	-	-	-	-	-
Retained Profits	5,050,173	165.2 %	1,904,641	-43.3 %	3,359,000

BALANCE SHEET

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Tangible Assets	29,412,184	-28.8 %	41,334,924	129.6 %	18,000,000
Intangible Assets	224,818	-0.7 %	226,465	-19.4 %	281,000
Total Fixed Assets	29,637,002	-28.7 %	41,561,389	127.3 %	18,281,000
Total Current Assets	68,292,482	113.4 %	31,996,039	-37.3 %	51,041,000
Trade Debtors	-	-	-	-	-
Stocks & WIP	-	-	-	-	-
Cash	4,168,449	36.9 %	3,044,582	-64.5 %	8,568,000
Other Debtors	64,124,034	121.5 %	28,951,457	-31.8 %	42,472,000
Increase In Cash	1,123,867	120.3 %	-5,523,418	-443.7 %	1,607,000
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	97,929,484	33.1 %	73,557,429	6.1 %	69,322,000
Total Current Liabilities	63,600,373	37.6 %	46,237,433	12.4 %	41,143,000
Trade Creditors	-	-	-	-	-
Bank Loans & Overdrafts	15,488,841	11.0 %	13,957,043	-14.6 %	16,336,000
Other Short Term Fin	43,875,637	42.2 %	30,851,021	30.0 %	23,732,000
Miscellaneous Current Liabilities	4,235,894	196.3 %	1,429,369	32.8 %	1,076,000
Other Long Term Fin	9,659,483	5.5 %	9,152,026	-3.9 %	9,522,000
Total Long Term Liabilities	9,659,483	5.5 %	9,152,026	-3.9 %	9,522,000
Bank Loans & Overdrafts & LTL	25,148,325	8.8 %	23,109,069	-10.6 %	25,858,000
Total Liabilities	73,259,856	32.3 %	55,389,459	9.3 %	50,665,000
Net Assets	24,669,628	35.8 %	18,167,970	-2.6 %	18,657,000
Working Capital	4,692,109	132.9 %	-14,241,393	-243.9 %	9,898,000

CAPITALS & RESERVES

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Called up Share Capital	2,613,368	8.0 %	2,420,026	-12.8 %	2,776,000
P&L Account Reserve	-1,373,581	76.9 %	-5,948,512	34.0 %	-9,009,000
Sundry Reserves	23,429,840	8.0 %	21,696,456	-12.8 %	24,889,000
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	24,669,628	35.8 %	18,167,970	-2.6 %	18,656,000
Net Worth	24,444,810	36.2 %	17,941,505	-2.4 %	18,375,000

MISCELLANEOUS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	NO	-	NO	-	NO
Capital Employed	34,329,111	25.7 %	27,319,996	-3.0 %	28,178,000
No of Employees	-	-	-	-	-

	Auditors	ERNST & YOUNG LLP
	AuditQualification	No Adverse Comments
	Bankers	HSBC BANK PLC
	BankBranchCode

RATIOS

Annual Accounts	01/07-12/07	01/06-12/06	01/05-12/05
Pre-tax profit margin %	5,262.9 %	2,049.7 %	1,324.2 %
Current ratio	1.07	0.69	1.24
Sales/Net Working Capital	0.02	-0.01	0.03
Gearing %	101.9 %	127.2 %	138.6 %
Equity in %	25.2 %	24.8 %	27.0 %
Creditor Days	-	-	0.00
Debtor Days	-	-	0.00
Liquidity/Acid Test	1.07	0.69	1.24
Return On Capital Employed %	14.7 %	7.0 %	12.4 %
Return On Total Assets Employed %	5.2 %	2.6 %	5.0 %
Current Debt Ratio %	2.6 %	2.5 %	2.2 %
Total Debt Ratio %	3.0 %	3.0 %	2.7 %
Stock Turnover Ratio %	-	-	0.0 %
Return on Net Assets Employed %	20.5 %	10.5 %	18.7 %

group structure

	Ultimate Parent Company	ISTITHMAR PJSC
	Companies in Group	17

Company Name	Registered Number	Latest Annual Accounts
ISTITHMAR PJSC	UNT.ARAB EM.	N/A
INCHCAPE SHIPPING SERVICES WORLD LTD	CAYMAN ISL.	N/A
INCHCAPE SHIPPING SERVICES HOLDINGS LIMITED	04980958	31/12/2007
ISS GROUP HOLDINGS LIMITED<<<	03650395	31/12/2007
INCHCAPE SHIPPING SERVICES PENSION TRUSTEES LIMITED	03831517	31/12/2007
ISS TRUSTEES LTD	03850407	31/12/2007
BETHELL,GWYN & CO.LIMITED	00525814	31/12/2007
JOHN COOK (AGENCIES) LIMITED	01459692	31/12/2007
EXNOR CRAGGS LIMITED	01376193	31/12/2007
GELLATLY SHIPPING (U.K.) LIMITED	01147588	31/12/2007
INCHCAPE SHIPPING SERVICES (IRAQ) LIMITED	00308836	31/12/2007
INCHCAPE SHIPPING SERVICES (EUROPE) LTD	00226938	31/12/2007
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED	00185767	31/12/2007
INCHCAPE SHIPPING SERVICES LTD.	01465019	31/12/2007
INCHCAPE SHIPPING SERVICES (UK) LTD	00196654	31/12/2007
F M S (CHARTERING) LIMITED	02990162	31/12/2007
ISS (GLOBAL SERVICES) LIMITED	01389399	31/12/2007

Status History

Date	Description
No Status History

Event History

Date	Description
15/10/2008	Annual Returns
18/09/2008	New Accounts Filed
06/07/2007	New Accounts Filed
13/10/2006	Gary Boydcarpenter Has Left The Board
02/10/2006	New Board Member (christopher Markwhiteside) Appointed
28/09/2006	New Board Member (john Horrocks) Appointed
22/09/2006	Change In Reg.office
22/09/2006	Change Of Company Postcode
06/07/2006	New Accounts Filed
20/05/2006	New Board Member (claus Hyldager) Appointed
14/05/2006	Simon Arthur Davidsonmorse Has Left The Board
07/05/2006	Creditsafe Rating Refinement
29/06/2005	New Accounts Filed
22/10/2004	Annual Returns
13/09/2004	New Accounts Filed

directors

Name	John Horrocks
Address	21 Dunedin Drive
	Caterham
	Surrey
	CR3 6BA
Officers Title	Mr	Date Of Birth	15/09/1956
Honours		Present Appointments	14
Appointment Date	07/09/2006	Function	Director

Name	Christopher Mark Whiteside
Address	P O Box 33166
	Dubai
	United Arab Emirates
Officers Title	Mr	Date Of Birth	07/04/1964
Honours		Present Appointments	3
Appointment Date	07/09/2006	Function	Director

Name	Simon Edward John Tory
Address	148 Kristiansand Way
	Letchworth
	Hertfordshire
	SG6 1TY
Officers Title	Mr	Date Of Birth	04/09/1958
Honours		Present Appointments	24
Appointment Date	28/10/1999	Function	Company Secretary

Name	Claus Hyldager
Address	42
	Wylke Lane
	Tollesbury
	Essex
	CM9 8ST
Officers Title	Mr	Date Of Birth	14/08/1958
Honours		Present Appointments	7
Appointment Date	09/05/2006	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.33
UK Pound	1	Rs.73.92
Euro	1	Rs.66.69

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

Web Address		Incorporation Date	15/10/1998
Type of Accounts	Full Accounts	Filing Date of Accounts	12/09/2008
Company Type	Private Limited With Share Capital	Date of Latest Accounts	31/12/2007
Annual Return	08/10/2008

	Registered Address		Trading Address
	Telephone Number		Telephone Number
	TPS		TPS
	Address		Address
	UNITS 6-7 LAKESIDE BUSINESS VILLAGE FLEMING ROAD CHAFFORD HUNDRED ESSEX RM16 6YA		Units 6-7 Lakeside Business Village Fleming Road Chafford Hundred Grays RM16 6YA

	Previous Name(s)
	Changed:	15/04/2004	Inchcape Shipping Services Holdings Limited

	Industry:
	Acts as an investment holding company. Accounts data converted from US Dollars.

	Mortgage Charges
	Outstanding	11	Satisfied	11