MIRA INFORM REPORT

Report Date :

04.02.2008

IDENTIFICATION DETAILS

Name :	BABA MART PTE. LTD
Registered Office :	^120 Hillview Avenue, ^#02-04, ^Kewalram Hillview
Country :	Singapore
Date of Incorporation :	^09.11.2004
Com. Reg. No.:	^200414578E
Legal Form :	^Exempt Pte Ltd
Line of Business :	General Wholesale Trade (Including General Importers & Exporters)

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 :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear

Subject Company

BABA MART PTE. LTD.

Line Of Business

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)

Parent Company

-

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$ 175,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company :BABA MART PTE. LTD.}

^{Former Name : -}

^{Business Address : 120 HILLVIEW AVENUE}

^#02-04

^{KEWALRAM HILLVIEW}

^{Town : SINGAPORE}

^{Postcode : 669594}

^{Country : Singapore}

^{Telephone : 6767 4244}

^{Fax : 6893 3004}

^{ROC Number : 200414578E}

^{Reg. Town : -}

SUMMARY

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

^{Legal Form : Exempt Pte Ltd}

^{Date Inc. : 09/11/2004}

^{Previous Legal Form : -}

^{Summary year : -}

^{Sales : -}

^{Networth : -}

^{Capital : -}

^{Paid-Up Capital : 175,000}

^{Employees : 2}

^{Net result : -}

^{Share value : 1}

^{Auditor : NIL}

^{BASED ON ACRA'S RECORD}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED ORDINARY 175,000 SGD 175,000.00}

^{PAID-UP ORDINARY - SGD 175,000.00}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 09/11/2004}

PRINCIPAL(S)

^{MARGABANDHU GOPINATH S7184317C Managing Director}

DIRECTOR(S)

^{MARGABANDHU GOPINATH S7184317C Director}

^{Appointed on : 09/11/2004}

^{Street : 432 CHOA CHU KANG AVENUE 4}

^#02-561

^{Town : SINGAPORE}

^{Postcode : 680432}

^{Country : Singapore}

^{MARGABANDHU GOPINATH S7184317C Company Secretary}

^{Appointed on : 09/11/2004}

^{Street : 432 CHOA CHU KANG AVENUE 4}

^#02-561

^{Town : SINGAPORE}

^{Postcode : 680432}

^{Country : Singapore}

^{MARGABANDHU GOPINATH S7184317C Managing Director}

^{Appointed on : 09/11/2004}

^{Street : 432 CHOA CHU KANG AVENUE 4}

^#02-561

^{Town : SINGAPORE}

^{Postcode : 680432}

^{Country : Singapore}

^{GOVINDASWAMY PUNITHAVALLI S7283008C Director}

^{Appointed on : 09/11/2004}

^{Street : 432 CHOA CHU KANG AVENUE 4}

^#02-561

^{Town : SINGAPORE}

^{Postcode : 680432}

^{Country : Singapore}

ACTIVITY(IES)

^{SUPERMARKETS Code:20580}

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD}

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

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{DBS BANK LTD.}

SHAREHOLDERS(S)

^{MARGABANDHU GOPINATH 170,000 Private Person}

^{Street : 432 CHOA CHU KANG AVENUE 4}

^#02-561

^{Town : SINGAPORE}

^{Postcode : 680432}

^{Country : Singapore}

^{GOVINDASWAMY PUNITHAVALLI 5,000 Private Person}

^{Street : 432 CHOA CHU KANG AVENUE 4}

^#02-561

^{Town : SINGAPORE}

^{Postcode : 680432}

^{Country : Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : REGULAR}

^{Trend : LEVEL}

^{Financial Situation : UNKNOWN}

FINANCIAL COMMENTS

^{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 09/11/2004 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "BABA MART PTE. LTD.".}

^{THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 175,000 SHARES OF A VALUE OF S$175,000.}

^{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)}

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

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF FOOD PRODUCTS, BEVERAGES AND TOILETRIES}

^{* ONLINE ORDER}

^{PRODUCTS DEALING:}

^{FOOD & GROCERY:}

^{RICE & SUGAR (BRANDS)}

^{* BASMATI RICE DOUBLE DEER}

^{* BASMATI RICE INDIA GATE}

^{* BASMATI RICE KOHINOOR}

^{* PONNI RICE BHARATH BRAND}

^{* WHITE PONNI RICE HOUSE BRAND}

^{* IDLI RICE}

^{* BASMATI RICE BABA BRAND}

^{* PONNI RICE BABA BRAND}

^FLOUR

^{* PILLSBURY ATTA}

^{* HOUSE BRAND ATTA}

^DHAL

^{FOOD GRAINS}

^{OIL & GHEE}

^{JAMS & KETCHUP}

^PICKLES

^{HEALTH DRINKS}

^{MALASA POWDERS}

^SPICES

^NOODLES

^{MILK PRODUCTS:}

^{MILK CARTONS}

^{* AMUL TAAZA (12 PACKS 1 LITRE)}

^{* AMUL SLIM &TRIM (12 PACKS 1 LITRE)}

^{* PAUL'S UHT (12 PACKS 1 LITRE)}

^{* PAUL'S SKIM MILK (12 PACKS 1 LITRE)}

^{* FARMHOUSE (12 PACKS 1 LITRE)}

^{* MAGNOLIA SUPERSLIM (12 PACK OF 1 LITRE)}

^{* MAGNOLIA UHT FULL CREAM MILK (12 PACKS 1 LITRE)}

^{* MAGNOLIA HIGH CALCIUM LOW FAT (12 PACKS 1 LITRE)}

^{FRESH MILK}

^{* MAGNOLIA FRESH MILK}

^{* MARIGOLD HL MILK (HIGH CALCIUM LOW FAT)}

^{* DAISY LF HC MILK}

^{CONDENSED MILK TIN}

^{* MILK MAID TIN}

^{* TEA POT TIN}

^GHEE

^{* AMUL GHEE}

^{* QBB(PURE AUSTRALIAN GHEE)}

^{COCONUT MILK}

^{* KARA COCONUT CREAM (3 PACKS OF 200ML)}

^{* KARA COCONUT CREAM}

^{BUTTER & CHEESE}

^{* SKIPPY SUPER CHUNK PEANUT BUTTER}

^{* SKIPPY SUPER CHUNK PEANUT BUTTER}

^{* SKIPPY CREAMY PEANUT BUTTER}

^{* KRAFT CHEESE SINGLES}

^BEVERAGES:

^{* COFFEE}

^{* TEA}

^{* JUICE}

^COSMETICS:

^{* SKIN CARE}

^{* LIPSTICS}

^{* HAIR CARE}

^{* AYURVEDIC HAIR OIL}

^{* SPECIAL SHAVING CREAM}

^TOILETRIES:

^{* DETERGENTS}

^{* BEAUTY SOAP}

^{* SPECIAL SOAP}

^{* SOAP}

^{* SHAMPOO & CONDITIONER}

^{* ORAL CARE}

^{* TOOTH PASTE}

^{* DEODRANTS}

^{* AFTER SHAVE}

^{TRADE NAMES:}

^{* BABA}

^{* MTR}

^{* EVEREST}

^{* MDH}

^{* KISSAN}

^{* PILLSBURY}

^{* AMUL}

^{* HOUSE}

^{FROM THE TELE-INTERVIEW THE FOLLOWING WAS}

^GATHERED:

^{IMPORT COUNTRIES:}

^{* INDIA}

^{THE SUBJECT DOES NOT EXPORT AND ONLY SELLS LOCALLY.}

^{TERMS OF PAYMENT:}

^{* SUPPLIERS: TELEGRAPHIC TRANSFER IN ADVANCE}

^{* CUSTOMERS: CHEQUE, 14 DAYS TERM (LOCAL)}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2008: 2}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE ON 04/02/2008.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{120 HILLVIEW AVENUE}

^#02-04

^{KEWALRAM HILLVIEW}

^{SINGAPORE 669594}

^{DATE OF CHANGE OF ADDRESS : 07/09/2007}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: LIGUANG DISTRIBUTORS PTE. LTD.}

^WEBSITE:

^{http://www.babamart.com}

^EMAIL:

^{support@babamart.com}

MANAGEMENT

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

^{1) MARGABANDHU GOPINATH, A SINGAPOREAN}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:}

^{INDIA MART PTE. LTD.}

^{2) GOVINDASWAMY PUNITHAVALLI, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME : MARGABANDHU GOPINATH}

^{ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE : S$ 6,300}

^{CO-OWNER : GOVINDASWAMY PUNITHAVALLI}

^{DIRECTOR'S NAME : GOVINDASWAMY PUNITHAVALLI}

^{ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE : S$ 6,300}

^{CO-OWNER : MARGABANDHU GOPINATH}

^{* ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF IT WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE SAME MANNER REGARDLESS OF WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR VACANT.}

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

THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 6.6% IN 3Q 2007, WEAKER THAN THE 8.4% GROWTH IN 2Q 2007. ALTHOUGH NON-OIL RE-EXPORTS STRENGTHENED IN THE QUARTER, RETAIL SALES RECORDED SLOWER GROWTH.

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 4.6% IN 3Q 2007 OVER 3Q 2006.

EXCLUDING PETROLEUM, DOMESTIC SALES GREW BY 7.5%.

THE RISE IN THE OVERALL INDEX WAS MAINLY DUE TO HIGHER SALES OF FOOD, BEVERAGES AND TOBACCO (45.7%), TIMBER, PAINTS AND CONSTRUCTION MATERIALS (23.3%). OTHER WHOLESALE SEGMENTS THAT REPORTED BETTER BUSINESS WERE WHOLESALING OF INDUSTRIAL AND CONSTRUCTION MACHINERY (9.7%) TELECOMMUNICATIONS AND COMPUTERS (8.3%) AND CHEMICALS AND CHEMICAL PRODUCTS (6.8%).

ON THE OTHER HAND, WHOLESALE SEGMENTS THAT REPORTED LOWER SALES WERE ELECTRONIC COMPONENTS (-19.4%), HOUSEHOLD EQUIPMENT AND FURNITURE (-4.4%), SHIP CHANDLERS AND BUNKERING (-3.1%).

AT CONSTANT PRICES, THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 4.9% IN 3Q 2007 OVER 3Q 2006. DOMESTIC SALES EXCLUDING PETROLEUM ROSE BY 9.1%.

ON A QUARTER-OVER-QUARTER BASIS, THE OVERALL DOMESTIC WHOLESALE TRADE IN 3Q 2007 ROSE BY 12.2% OVER 2Q 2007. EXCLUDING PETROLEUM, IT GREW BY 8.2%.

THE MAJORTIY OF THE WHOLESALE SECTORS RECORDED HIGHER DOMESTIC SALES IN 3Q 2007 OVER PREVIOUS QUARTER. SHIP CHANDLERS AND BUNKERING EXPANDED BY 27.9%, MAINLY DUE TO HIGHER BUNKER SALES.

THE GENERAL WHOLESALE TRADE SECTOR FELL IN 3Q 2007 AFTER RECORDING STRONG GROWTH IN 2Q 2007.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE FOR 3Q 2007 ROSE BY 4.3%, IN COMPARISON TO 3Q 2006. EXCLUDING PETROLEUM, IT EXPANDED BY 9.0%

MOST OF THE SECTORS REPORTED HIGHER SALES. DOUBLE-DIGIT GROWTH RATES FOR OVERSEAS SALES WERE RECORDED BY FOOD, BEVERAGES AND TOBACCO (51.2%) AND TIMBER, PAINT AND CONSTRUCTION MATERIALS (15.5%). OTHER WHOLESALE SECTORS THAT REGISTERED BETTER BUSINESS IN 3Q 2007 WERE CHEMICALS AND CHEMICAL PRODUCTS (7.6%) AND TELECOMMUNICATIONS AND COMPUTERS (5.0%)

FOREIGN SALES OF SHIP CHANDLERS AND BUNKERING, GENERAL WHOLESALE TRADE, INDUSTRIAL AND CONSTRUCTION MACHINERY AND ELECTRONIC COMPONENTS REGISTERED INCREASES OF 2.6% TO 6.1 %IN 3Q 2007, IN CONTRAST TO THE LOWER SALES IN THE PREVIOUS QUARTER.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE BY 8.0% IN 3Q 2007 OVER 3Q 2006.

EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE GREW BY 12.0%.

ON A QUARTER-OVER-QUARTER BASIS, THE OVERALL FOREIGN WHOLESALE TRADE IN 3Q 2007 ROSE BY 4.9% OVER 2Q 2007. EXCLUDING PETROLEUM, IT GREW BY 8.2%.

ALL WHOLESALE SECTORS RECORDED BETTER BUSINESS IN 3Q 2007 WITH THE EXCEPTION OF CHEMICALS AND CHEMICAL PRODUCTS. WHOLESALE TRADE OF FOOD, BEVERAGES AND TOBACCO, AND SHIP CHANDLERS AND BUNKERING BOTH GREW BY 17.1%. WHOLESALE OF ELECTRONIC COMPONENTS ROSE BY 12.5%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE BY 1.3%, WEAKER THAN THE 7.9% IN 2Q 2007. MOTOR VEHICLES FELL BY 6.8% COMPARED TO THE 2.4% GROWTH IN 2Q 2007. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.7%, A DECLINE FROM THE 11.O% IN 2Q 2007.

OUTLOOK

GENERALLY, WHOLESALERS ARE POSITIVE ABOUT THEIR BUSINESS PROSPECTS IN THE COMING MONTHS, WITH A NET WEIGHTED BALANCE OF 24% OF FIRMS EXPRESSING POSITIVE BUSINESS SENTIMENTS. THIS APPLIES PARTICULARLY TO FIRMS IN THE WHOLESALING OF FOOD AND BEVERAGES, WEARING APPAREL AND FOOTWEAR, COSMETICS AND TOILETRIES, AND HOUSEHOLD AND ELECTRICAL APPLIANCES.

AS A RESULT OF YEAR-END FESTIVE SHOPPING, A NET WEIGHTED BALANCE OF 31% OF RETAILERS EXPECTS BUSINESS TO IMPROVE IN THE COMING MONTHS. THE RETAIL SECTORS THAT ARE FORECASTING BETTER BUSINESS INCLUDING DEPARTMENT STORE AND SUPERMARKET OWNERS, WEARING APPAREL AND FOOTWEAR, FURNITURE AND FURNISHINGS, AND JEWELLERY AND WATCHES.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY

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