MIRA INFORM REPORT

Report Date :

01.07.2008

IDENTIFICATION DETAILS

Name :	UNITED DIAMOND PTE LTD

Registered Office :	^{101 Cecil Street} ^#10-03 ^{Tong Eng Building}

Country :	Singapore

Date of Incorporation :	^27.06.1997

Com. Reg. No.:	^199704446H

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	^{General Wholesale Trade (including General Importers and Exporters}

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

UNITED DIAMOND PTE LTD

Line Of Business

^{GENERAL WHOLESALE
TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS.}

Parent Company

N/A

Financial Elements

Sales : N/A

Networth : N/A

Paid-Up Capital : S$500,000

Net result : N/A

Net Margin(%) : N/A

Return on Equity(%) : N/A

Leverage Ratio : N/A

COMPANY IDENTIFICATION

^{Subject Company : UNITED DIAMOND PTE LTD}

^{Former Name :}

^{Business Address : 101 CECIL STREET}

^#10-03

^{TONG ENG BUILDING}

^{Town :
SINGAPORE}

^{Postcode : 069533}

^{County :}

^{Country : Singapore}

^{Telephone : 6323 0793}

^{Fax : 6323 0172}

^{ROC Number :
199704446H}

^{Reg. Town :}

SUMMARY

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

^{Legal Form :}^{Exempt Pte Ltd}

^{Date Inc. :}^27/06/1997

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :}^-

^{Networth : -}

^{Capital :
-}

^{Paid-Up Capital :}^500,000

^{Employees :}³

^{Net result :}^-

^{Share value : -}

^{Auditor :}^{TAN, TEO &
PARTNERS PAC}

^{BASED
ON ACRA'S RECORD}

^{NO OF SHARE CURRENCY AMOUNT}

^{ISSUED
ORDINARY 500,000 SGD 500,000.00}

^{PAID-UP
ORDINARY - SGD 500,000.00}

REFERENCES

^{Litigation : No}

^{Company
status : TRADING}

^{Started
:
27/06/1997}

PRINCIPAL(S)

^{SEJAL
RAJESHKUMAR KANTILAL
Z1542365 Director}

DIRECTOR(S)

^{FOO
AH TUANG @ FOO MOK FUEN
S0088947D Company Secretary}

^{Appointed
on : 27/06/1997}

^{Street
: 8
PEAKVILLE WALK}

^{PEAKVILLE PARK}

^{Town: SINGAPORE}

^{Postcode: 487654}

^{Country: Singapore}

^{SEJAL
RAJESHKUMAR KANTILAL
Z1542365 Director}

^{Appointed
on : 27/06/1997}

^{Street
: 5 TANJONG RHU ROAD}

^#18-01

^{THE WATERSIDE}

^{Town: SINGAPORE}

^{Postcode: 436882}

^{Country: Singapore}

^{RAJESHKUMAR
NARESCHANDRA KANTILAL Z8000951 Director}

^{Appointed
on : 27/06/1997}

^{Street
: 5 TANJONG RHU ROAD}

^#18-01

^{THE WATERSIDE}

^{Town: SINGAPORE}

^{Postcode: 436882}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{CHAN
CHENG KANG
S0748147J}

ACTIVITY(IES)

^{JEWELLERS
- WHSLE Code:12280}

^{DIAMONDS
- WHSLE
Code:6450}

^{IMPORTERS
And EXPORTERS
Code:11760}

^{BASED
ON ACRA'S RECORD}

^{1.
RETAIL SALE OF JEWELLERY}

^{2.
GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{OVERSEA-CHINESE
BANKING CORPORATION LIMITED}

SHAREHOLDERS(S)

^{SEJAL
RAJESHKUMAR KANTILAL
5,000 Private Person}

^{Street
: 5 TANJONG RHU ROAD}

^#18-01

^{THE WATERSIDE}

^{Town: SINGAPORE}

^{Postcode: 436882}

^{Country: Singapore}

^{RAJESHKUMAR
NARESCHANDRA KANTILAL
495,000 Private Person}

^{Street
: 5 TANJONG RHU ROAD}

^#18-01

^{THE WATERSIDE}

^{Town: SINGAPORE}

^{Postcode: 436882}

^{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} ^{27/06/1997
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS PRESENT
NAMESTYLE AS "UNITED DIAMOND PTE LTD".}

^{THE
COMPANY HAS ISSUED AND PAID-UP CAPITAL OF} ^{500,000 SHARES OF A VALUE OF
S$500,000.}

^{PRINCIPAL
ACTIVITIES:}

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

^{1)
RETAIL SALE OF JEWELLERY}

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

^{FROM
THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:} ^{THE COMPANY
WAS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE} ^{CLASSIFICATION
OF: DIAMONDS-WHSLE}

^{PRODUCTS
DEALINGS:}

^{*
JEWELLERS (DIAMONDS, GOLD)}

^{FROM
THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS} ^GATHERED:

^{SUBJECT
ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF DIAMONDS}

^{IMPORT
COUNTRIES:}

^*
HONGKONG

^{*
UNITED STATES OF AMERICA}

^*
ETC

^{EXPORT
COUNTRIES:}

^*
HONGKONG

^{*
UNITED STATES OF AMERICA}

^*
MALAYSIA

^{THE
SUBJECT DOES EXPORTS AND MAINLY SELLS LOCALLY.}

^{NUMBER
OF EMPLOYEES:}

^{*
COMPANY - 2008: 3}

^{NO
OTHER TRADE INFORMATION IS AVAILABLE}

^{REGISTERED
AND BUSINESS ADDRESS:}

^{101
CECIL STREET}

^{#10-03
TONG ENG BUILDING}

^{SINGAPORE
069533}

^{DATE
OF CHANGE OF ADDRESS: 01/08/1997}

^{-
RENTED PREMISE}

^{-
PREMISE OWNED BY: ADM INVESTMENT PTE LTD}

^-
OFFICE

^WEBSITE:
-

^{EMAIL : -}

MANAGEMENT

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

^{1)
SEJAL RAJESHUMAR KANTILAL, AN INDIAN}

^{-
BASED IN SINGAPORE.}

^{2)
RAJESHKUMAR NARESHCHANDRA KANTILAL, AN AMERICAN}

^{-
BASED IN SINGAPORE.}

ADVERSE ON DIRECTORS

^{ADVERSE
CHECK CANNOT BE CONDUCTED AS ALL ITS DIRECTORS ARE FOREIGNERS.}

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 6.0% IN 4Q 2007, SLOWER THAN THE 6.8% GROWTH IN 3Q 2007. RETAIL SALES FELL BY 2.5%, FOLLOWING A 1.5% GROWTH IN 3Q 2007.

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 22.2% IN 4Q 2007 OVER 4Q 2006.

EXCLUDING PETROLEUM, DOMESTIC SALES GREW BY 4.8%.

THE RISE IN THE OVERALL INDEX WAS MAINLY DUE TO HIGHER SALES OF PETROLEUM AND PETROLEUM PRODUCTS (47.3%), TIMBER, PAINTS AND CONSTRUCTION MATERIALS (29.8%). OTHER WHOLESALE SEGMENTS THAT REPORTED DOUBLE-DIGIT GROWTH WERE WHOLESALING OF GENERAL WHOLESALE TRADE, HOUSEHOLD EQUIPMENT AND FURNITURE AND CHEMICALS AND CHEMICAL PRODUCTS.

ON THE OTHER HAND, WHOLESALE SEGMENT THAT REPORTED LOWER SALES WERE ELECTRONIC COMPONENTS (-35.8%).

AT CONSTANT PRICES, THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 1.6% IN 4Q 2007 OVER 4Q 2006. EXCLUDING PETROLEUM, DOMESTIC SALES ROSE SLIGHTLY BY 0.2%.

ON A QUARTER-OVER-QUARTER BASIS, THE OVERALL DOMESTIC WHOLESALE TRADE IN 4Q 2007 ROSE BY 7.1% OVER 3Q 2007. EXCLUDING PETROLEUM, DOMESTIC SALES CONTRACTED BY 2.9%.

THE MAJORTIY OF THE WHOLESALE SECTORS RECORDED HIGHER DOMESTIC SALES IN 4Q 2007 OVER PREVIOUS QUARTER. PETROLEUM AND PETROLEUM PRODUCTS EXPANDED BY 20.0%. GENERAL WHOLESALE TRADE AND INDUSTRIAL AND CONSTRUCTION MACHINERY ALSO REGISTERED

DOUBLE-DIGIT GROWTH OVER PREVIOUS QUARTER.

ON THE OTHER HAND, SALES OF FOOD, BEVERAGES AND TOBACCO AND ELECTRONIC COMPONENTS FELL IN 4Q 2007 OVER 3Q 2007.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE FOR 4Q 2007 ROSE BY 27.0%, IN COMPARISON TO 4Q 2006. EXCLUDING PETROLEUM, IT EXPANDED BY 15.3%

MOST OF THE SECTORS REPORTED HIGHER SALES. DOUBLE-DIGIT GROWTH RATES FOR OVERSEAS SALES WERE RECORDED BY FOOD, BEVERAGES AND TOBACCO (40.6%) PETROLEUM AND PETROLEUM PRODUCTS (39.9%) SHIP CHANDLERS AND BUNKERING (24.3%) INDUSTRIAL AND CONSTRUCTION MACHINERY (18.2%) CHEMICALS AND CHEMICAL PRODUCTS (16.4%) ELECTRONIC COMPONENTS (12.1%) TIMBER, PAINT AND CONSTRUCTION MATERIALS (11.1%).

ON THE OTHER HAND, OVERSEAS SALES OF TELECOMMUNICATIONS AND COMPUTERS FELL BY 2.8%

IN 4Q 2007 OVER 4Q 2006.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE BY 11.5% IN 4Q 2007 OVER 4Q 2006.

EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE GREW BY 15.1%.

ON A QUARTER-OVER-QUARTER BASIS, THE OVERALL FOREIGN WHOLESALE TRADE IN 4Q 2007 ROSE BY 11.7% OVER 3Q 2007. EXCLUDING PETROLEUM, IT GREW BY 6.0%.

ALL WHOLESALE SECTORS RECORDED BETTER BUSINESS IN 4Q 2007 WITH THE EXCEPTION OF THE ELECTRONIC COMPONENTS SECTOR. THOSE SECTORS THAT REGISTERED DOUBLE-DIGIT GROWTH WERE WHOLESALE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS, TELECOMMUNICATIONS AND COMPUTERS, INDUSTRIAL AND CONSTRUCTION MACHINERY AND CHEMICALS AND CHEMICAL PRODUCTS.

RETAIL TRADE

THE OVERALL RETAIL SALES CONTRACTED BY 2.5%, IN CONTRAST TO THE 1.5% GROWTH IN 3Q 2007. THE SECTOR THAT RECORDED THE LARGEST DECLINE WERE MOTOR VEHICLES, FOLLOWED BY PROVISION AND SUNDRY SHOPS, FOOD AND BEVERAGES, WATCHES AND JEWELLERY AND MEDICAL GOODS AND TOILETRIES. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.2%, A DECLINE FROM THE 6.O% GROWTH IN 3Q 2007.

NEWS

SURPRISING DROP IN RETAIL SALES

RETAIL SALES FELL UNEXPECTEDLY IN FEBRUARY, THE FIRST TIME IN SEVEN MONTHS, AS INFLATION HIT 26 YEAR HIGHS AND WORRIES GREW ABOUT THE WORLD ECONOMY. SHOPS, SUPERMARKETS AND OTHER RETAILERS SAW REVENUES FELL 1.3% FROM A YEAR EARLIER, AS CAR SALES DECLINED 10.6% AND FOOD AND BEVERAGES SALES PLUNGED 21.8%.

THE OVERALL CONTRACTION BY THE SECTOR WOULD HAVE BEEN BIGGER IF NOT FOR MUCH HIGHER PRICES THIS YEAR. IN CONSTANT PRICES TERMS, SALES FELL 5.7%. THIS IS THE WORST READING SINCE THE 5.0% DECLINE IN MARCH 2007, IF ONE WERE TO IGNORE THE 2.0% CONTRACTION IN JULY THAT WAS DUE TO THE HIKE IN THE GOODS AND SERVICES TAX,” SAID HSBC ECONOMIST PRAKRITI SOFAT.

ANALYSTS SAID RISING LIVING COSTS AND UNCERTAINTY ABOUT THE ECONOMY WOULD AFFECT SINGAPORE CONSUMER’S SPENDING THIS YEAR. MANY, HOWEVER, REMAIN LARGELY OPTIMISTIC ABOUT THE DOMESTIC RETAIL SCENE, SAYING THE POOR FEBRUARY SHOWING COULD BE A STATISTICAL BLIP.

DOMESTIC DEMAND CONDITIONS REMAIN POSITIVE, HELPED BY THE GOVERNMENT WHICH IS GIVING CASH FROM LAST YEAR’S SURPLUS TO THE WHOLE POPULATION AND ISSUING FOOD VOUCHERS TO THE POOR. “LOW INTEREST RATES AND A HEALHY JOBS MARKET SHOULD KEEP SPENDING FIRM,” SAID HSBC’S MS SOFAT. SHE ADDED THAT FEBRUARY’S DECLINE WAS DUE LARGELY TO A HIGH BASE SET THE PREVIOUS YEAR AND PREDICTED THAT MARCH SALES WOULD BOUNCE BACK WITH A 15.0% SURGE. ALSO, IF COMPARED WITH JANUARY, FEBRUARY SALES ROSE 8.8% AFTER ADJUSTING FOR SEASONAL EFFECTS. THIS WAS THE STRONGEST PERFORMANCE IN FOUR YEARS, SHE SAID.

CIMB-GK ECONOMIST SONG SENG WUN SAID MUCH OF THE POOR PERFORMANCE CAME ON THE BACK OF WEAKER CAR SALES. EXCLUDING THOSE, RETAIL SALES WOULD HAVE RISEN 2.9%. CAR SALES HAVE BEEN HURT SINCE OCTOBER BY RISING CERTIFICATE OF ENTITLEMENT PRICES, CAUSED BY AN EXPECTED CUT IN QUOTAS FROM NEXT MONTH AND SURGING PUMP PRICES.

OUTLOOK

GENERALLY, WHOLESALERS ARE POSITIVE ABOUT THEIR BUSINESS PROSPECTS IN THE COMING MONTHS, WITH A NET WEIGHTED BALANCE OF 4% OF FIRMS EXPRESSING POSITIVE BUSINESS SENTIMENTS. THE MAJORITY OF WHOLESALERS OF PETROLEUM AND PETROLEUM PRODUCTS, CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL MACHINERY AND EQUIPMENT AND COMPUTERS AND ACCESSORIES FORECAST BUSINESS OUTLOOK TO REMAIN THE SAME IN THE FIRST SIX MONTHS OF 2008 COMPARED WITH THE LAST SIX MONTHS IN 2007.

A NET WEIGHTED BALANCE OF 12% OF RETAILERS PREDICTS LESS FAVOURABLE BUSINESS CONDITIONS FOR THE PERIOD ENDING JUNE 2008. AS A RESULT OF THE REDUCED CERTIFICATE OF ENTITLEMENT (COE) QUOTA, MOTOR VEHICLES RETAILERS ARE ESPECIALLY CONCERNED WITH THE SALES.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

THE STRAITS TIMES

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