MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	SEASONAIR (M) SDN. BHD.
Registered Office :	Lot 4, Jalan Ipoh, Batu 18 Rawang Industrial & Housing Estate Rawang Selangor Darul Ehsan 48000
Country :	Malaysia
Date of Incorporation :	12.11.1990
Com. Reg. No.:	207592-K
Legal Form :	Private Company Limited By Shares
Line of Business :	Manufacturer of automotive air conditioning heat exchangers.
No. of Employees :	100 employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 400,000
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Malaysia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

IDENTIFICATION DETAILS

Verified Address

Subject name : SEASONAIR (M) SDN. BHD.

Business address : Lot 4, Jalan Ipoh, Batu 18

Rawang Industrial & Housing Estate

Town : Rawang

Province : Selangor Darul Ehsan

Zip/postal code : 48000

Country : Malaysia

Tel : +60 3 60921519

Fax : +60 3 60921524

Email : sales@seasonair.com

Website : www.seasonair.com

Registered address : C/o HOVEST CONSULTANCY SDN. BHD.

Lot 6.28, 6th Floor

Imbi Plaza

28, Jalan Imbi

Town : Kuala Lumpur

Province : Wilayah Persekutuan

Zip/postal code : 55100

_{Country : Malaysia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 12/11/1990

Legal form : Private Company Limited By Shares

Chief executive : Liow Seng Ong

Issued & paid up capital : MYR 2,000,000

Sales turnover : USD 8,000,000 (Estimated non-consolidated 12 months, 31/12/2010)

Line of business : Manufacturer of automotive air conditioning heat exchangers.

_{Staff employed : 100 employees}

CREDIT RISK OPINION

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience : Management is adequately experienced

Financial performance : Financial performance is good

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 400,000}

Credit amount asked : Not described.

Comments : It is advisable to conduct business dealing on prepayment or L/C for larger credit transaction than suggested. Although the Subject seems well positioned in the market and financially stable however without official financial information it would be difficult to grant a large credit amount. Our suggestion of credit is based on years of establishment, nature of business, capital investment, estimated turnover etc.

STATUTORY DETAILS

Registry Data

Registration date : 12/11/1990

Legal form : Private Company Limited By Shares

Registration no 207592-K

Registered authority : Companies Commission of Malaysia

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

MANAGEMENT / DIRECTORS

Key Management

Name : Liow Seng Ong

Designation : Managing Director

Name : Esther Liow

Designation : General Manager

Name : Leong Yoke Moy

_{Designation : Administration & Finance Manager}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Liow Seng Ong

Designation : Director

Identification no : 530109-01-5029

Appointment date : 12/11/90

Address : No. 2, Pinggir Bukit Segar 3

Taman Bukit Segar

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

Name : Leong Yoke Moy

Designation : Director

Identification no : 550426-08-5512

Appointment date : 09/06/11

Address : No. 2, Pinggir Bukit Segar 3

Taman Bukit Segar

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

Name : Ho Swee Sang

Designation : Company Secretary

Identification no : 550413-10-5641

Appointment date : 15/01/92

Address : 48, Jalan BU 10/10

Bandar Utama

47800 Petaling Jaya Selangor Darul Ehsan Malaysia

Name : Yee Tuck Foong

Designation : Company Secretary

Identification no : 630621-06-5162

Appointment date : 01/03/92

Address : No.4, Lorong 12/17A Seksyen 12

46200 Petaling Jaya Selangor Darul Ehsan Malaysia

Staff employed : 100 employees

Key Advisors

Auditors : SIM & CO.

Lot 6.30, 6th Floor, Imbi Plaza

28 Jalan Imbi

Kuala Lumpur 55100

Wilayah Persekutuan

_Malaysia

SHARE CAPITAL

Composition

Authorized Capital : MYR 5,000,000

No of shares : 5,000,000 Ordinary Shares

Share par value : MYR 1

Issued capital : MYR 2,000,000

Paid up capital : MYR 2,000,000

Changed in capital : The Subject increased its share capital from MYR 400,000 to MYR 5,000,000 on

_10-05-1999.

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : Liow Seng Ong

Address : No. 2, Pinggir Bukit Segar 3

Taman Bukit Segar

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares : 1,000,000 Ordinary Shares

Shareholder name : Liow Mee Yeo @ Leow Mee Yeo

Address : No. 22, Jalan Bawang

Taman Cheras

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares : 400,000 Ordinary Shares

Shareholder name : Yee Wah Shui @ Yee Tin Wah

Address : 65, Jalan 6/155A

Bukit Jalil Golf & Country Resort

57000 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares : 200,000 Ordinary Shares

Shareholder name : Lim Yok Kee

Address : No. 22, Jalan Bawang

Taman Cheras

56100 Kuala Lumpur

_{Wilayah Persekutuan}

Malaysia

No. of shares : 200,000 Ordinary Shares

Shareholder name : Leong Yoke Moy

Address : No. 2, Pinggir Bukit Segar 3

Taman Bukit Segar

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

_{No. of shares : 200,000 Ordinary Shares}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Related companies and corporate affiliations comments: None reported.

BANK & MORTGAGES

Bank Details

Name of bank : HSBC Bank Malaysia Berhad

Address : Malaysia

Account details : Current Account

Name of bank : CIMB Bank Berhad

Address : Malaysia

Account details : Current Account

Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

_Mortgages : Total of Charge: OPEN CHARGE Date of Creation: 09-07-1992

Name of Chargee: HONGKONG BANK MALAYSIA BERAHD Charge Status: UNSATISFIED

Total of Charge: 3,330,000.00

Date of Creation: 29-03-1994

Name of Chargee: HONGKONG BANK MALAYSIA BERHAD Charge Status: UNSATISFIED

Total of Charge: 2,000,000.00

Date of Creation: 17-11-1997

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 450,000.00

Date of Creation: 20-12-1997

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 2,000,000.00

Date of Creation: 01-09-1998

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 560,000.00

Date of Creation: 22-07-1999

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

_{Total of Charge: 3,000,000.00}

Date of Creation: 25-09-2001

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 250,000.00

Date of Creation: 05-06-2002

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 810,000.00

Date of Creation: 02-07-2003

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 645,000.00

Date of Creation: 05-09-2003

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 1,000,000.00

Date of Creation: 05-11-2004

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 1,050,000.00

Date of Creation: 13-10-2006

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 2,151,217.00

Date of Creation: 29-05-2009

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: UNSATISFIED

Total of Charge: 855,000.00

Date of Creation: 28-02-2011

Name of Chargee: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

Charge Status: UNSATISFIED

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

FINANCIAL DATA

Description

Source of financial statement : Provided by the Subject

Financial statement date : 31/12/10

Type of accounts : Estimated key figures

Currency : US Dollar (USD)

^{Consolidation type :} Non Consolidated

^{Currency :} US Dollar (USD)

^{Denomination :} (x1) One

^{Date of financial year end :} 31/12/10

^{Length of accounts :} 12 months

^{Sale turnover / Income :} 8,000,000

Comments : The Subject has been exempted from filling their financials. In 2010, the Subject filed for the certificate of exemption private company and their accountants states that all liabilities are in good manner.

The estimated turnover was provided by Ms. Leong Yoke Moy. In addition, we have requested Ms. Leong Yoke Moy to provide us with the Subject’s latest financial information.

OPERATION DETAILS

Main activities : The Subject is engaged in manufacturing of automotive air conditioning heat exchanger.

The Subject supplies products for OEM (Original Equipment Manufacturer), Aftermarket and Custom designed air conditioning applications.

Product & services : Automotive Air Conditioning Heat Exchangers

Serpentine Coils and Condensers Parallel Flow Coils and Condensers Tube and Fin Coils and Condensers Universal Custom Units

Bus Roof Top Applications

Refrigeration Coils with High Collar Fins

Brand : SEASONAIR

Purchases

International : China, Thailand, Taiwan, South Korea

Sales

Local : Yes

International : United States, United Arab Emirates, Singapore, Thailand, Philippines, South Africa, United Kingdom, Australia, India

Property & Assets

Premises : The Subject operates from premises located at the verified heading

address consisting of production facilities, warehouse and administrative office covering 8,000 square feet.

The Subject factory of 8,000 square meters is located in Rawang, 25km north of Kuala Lumpur, the capital city of Malaysia.

The manufacturing facility, worth more than USD 8 million is equipped with state of the art technology in Product Design and Modelling, Laser Cutting, Nocolok Brazing and also a Helium Leak Test facility.

_{Branches : None reported.}

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$ 134.8 billion as of 30 November 2011

Gross domestic product - GDP : US$ 247.781 billion

GPP (Purchasing power parity) : 442.01 billion of International dollars

GDP per capita - current prices : US$ 8,624

GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%

Inflation : 2008: 5.4%

2009: 0.6%

2010: 1.7%

Unemployment rate : 2008: 3.3%

2009: 3.6%

_{2010: 3.3%}

Public debt

(General Government gross debt as a % GDP) : 2008: 42.8%

2009: 55.4%

_{2010: 54.2%}

Government bond ratings : Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

_{Moody's outlook: STA}

Market value of publicly traded shares: US$420 billion

Largest companies in the country : CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga Nasional(Utilities), Petronas Chemicals, Maxis Berhad

Trade & Competitiveness Overview

Total exports : US$210.3 billion

Exports commodities : electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals

Total imports : US$156.2 billion

Imports commodities : electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals

Export - major partners : US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong Kong 4.6%

Import - major partners : Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%, Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

FDI Inflows : 2007: US$8,538 million

2008: US$7,318 million

_{2009: US$1,381 million}

FDI Outflows : 2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

Best countries for doing business : 21 out of 183 countries

Global competitiveness ranking : 26 (ranking by country on a basis of 133, the first is the best)

Country and Population Overview

Total population : 28.23 million

Total area : 329,847 km2

Capital : Kuala Lumpur

_{Currency : Malaysia Ringgits (MYR)}

Internet users as % of total population: 57.61%

PAYMENT HISTORY

Purchase Term

International : L/C, Prepayment, Telegraphic transfer, Credit 30 days

Sales Term

Local : Credit 60 days, Cash

International : L/C, Prepayment, Telegraphic transfer, Credit 30 days

Trade Reference/ Payment

Behaviour

Comments : As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources : Interviews and material provided by the Subject

: Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.88

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	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
--	NB	New Business	--

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.