MIRA INFORM REPORT

Report Date :

28.12.2011

IDENTIFICATION DETAILS

Name :	IPL PTE. LTD.

Registered Office :	120 Telok Ayer Street, Singapore 068589

Country :	Singapore

Date of Incorporation :	05.03.2008

Com. Reg. No.:	200804406R

Legal Form :	Private Limited Liability Company

Line of Business :	General Wholesale Trade

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Singapore

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

Contact Points

Company Name:	IPL Pte. Ltd.
Supplied Name:	IPL Pte Ltd.
Supplied Address:	120 Telok Ayer Street Singapore 068589

Credit Summary

Credit Opinion:

Since we did not get contact with subject, subject’s operation information is not confirmed, thus we did not give the credit rating at this stage.

Special Notes

We did not find any other contact information of subject according to the supplied name, and the supplied address is not complete. From public files, we found that subject was an importer of bitumen, while the operation information is not confirmed by subject.

Up to the date of reporting, we did not get contact with subject, if you kindly supply contact information of subject, we’d like to continue our investigation.

We found the registered information of subject from local registry, supplying as follows for reference.

Company Identification Details

Registered Name:	IPL Pte. Ltd.
Registered Address:	120 Telok Ayer Street, Singapore 068589
Date of Registration::	2008-3-5
Registered Number:	200804406R
Country of Incorporation:	Singapore
Registered Capital:	SGD 12,500,000.00 (USD 9,836,250.00) (As of 2011.12, 1 SGD = 0.7869 USD)
Paid-up Capital:	SGD 12,500,000.00 (USD 9,836,250.00) =12,500,000 Shares@1 SGD
Legal Form:	Private Limited Liability Company
Principal Activities:	46900 General Wholesale Trade (Including General Importers And Exporters
Staff:	N/A
Status:	Live Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-11-8

History

Subject was incorporated on 2008-3-5 with registered number 200804406R as Private Limited Liability Company in Singapore.

Shareholders

Unit: SGD

Name	Subscription Shares	Proportion of Investment (%)
Yeo Soon Seng	12,450,000	99.6%
Ragini Dhanvantray	50,000	0.4%
Total	12,500,000	100%

Major Shareholder Information:

1
Name:	Yeo Soon Seng
ID Number:	S1367334I
Address:	299 Punggol Central #13-453 Singapore 820299
Nationality:	Singapore Citizen
2
Name:	Ragini Dhanvantray
ID Number:	S2607093G
Address:	18 Marina Boulevard #44-01 Marina Bay Residences Singapore 018980
Nationality:	Singapore P.R.

Management Information

Core Management

Detailed Information of Management:

1
Name:	Toh Hun Ngin
Position:	Director
ID Number:	S0180280A
Address:	502 Hougang Avenue 8, #06-604, Singapore 530502
Nationality:	Singapore Citizen
Date of Appointment:	2011-4-28
2
Name:	Yeo Soon Seng
Position:	Director
ID Number:	S1367334I
Address:	299 Punggol Central, #13-453, Singapore 820299
Nationality:	Singapore Citizen
Date of Appointment:	2008-3-5
3
Name:	Ragini Dhanvantray
Position:	Director
ID Number:	S2607093G
Address:	18 Marina Boulevard, #44-01, Marina Bay Residences Singapore 018980
Nationality:	Singapore P.R.
Date of Appointment:	2008-3-5
4
Name:	Ragini Dhanvantray
Position:	Secretary
ID Number:	S2607093G
Address:	18 Marina Boulevard, #44-01, Marina Bay Residences Singapore 018980
Nationality:	Singapore P.R.
Date of Appointment:	2008-3-5

Financial Information

The subject has no obligations to supply its financial statements to the third party according to the relevant policy in Singapore and the only source from which we can obtain the information is the subject itself.

Since we did not find subject, the financial information of subject is not available.

Auditors

Name:

Chew Whye Lee & Co

Public

Charges

Charge 1
Charge Number:	C200808176
Date of Registration:	2008-9-1
Name:	Malayan Banking Berhad
Amount Secured:	All Monies
Charge 2
Charge Number:	C200903084
Date of Registration:	2009-5-26
Name:	Malayan Banking Berhad
Amount Secured:	All Monies
Charge 3
Charge Number:	C201005235
Date of Registration:	2010-6-23
Name:	Cimb Bank Berhad
Amount Secured:	All Monies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.89
UK Pound	1	Rs.82.71
Euro	1	Rs.69.15

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.