MIRA INFORM REPORT

Report Date :

31.12.2011

IDENTIFICATION DETAILS

Name :	RLA POLYMERS (M) SDN. BHD.
Registered Office :	No. 5, Lebuhraya Petai Pandamaran Port Klang Selangor Darul Ehsan 42000
Country :	Malaysia
Financials (as on) :	31.12.2010
Date of Incorporation :	23.04.1992
Com. Reg. No.:	238530-M
Legal Form :	Private Company Limited By Shares
Line of Business :	Manufacturer, importer and distributor of adhesive and polymeric compounds.
No. of Employees :	25 employees (Subject); 5,000 employees (Vita Group)

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

Maximum Credit Limit :	USD 400,000
Status :	Satisfactory
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 : RLA POLYMERS (M) SDN. BHD.

Business address : No. 5, Lebuhraya Petai

Pandamaran

Town : Port Klang

Province : Selangor Darul Ehsan

Zip/postal code : 42000

Country : Malaysia

Tel : +60 3 31661039

Fax : +60 3 31661037

Website : www.rlapolymers.com.au

Registered address : C/o IMMANUEL CONSULTANTS SDN. BHD.

10A, Lebuh Gopeng

Town : Klang

Province : Selangor Darul Ehsan

Zip/postal code : 41400

_{Country : Malaysia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 23/04/1992

Legal form : Private Company Limited By Shares

Chief executive : Francis Anthony Sta Maria

Issued & paid up capital : MYR 2,600,000

Sales turnover : MYR 26,739,766 (Non-consolidated 12 months, 31/12/2010)

Net income : MYR 2,295,172 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets : MYR 16,138,771 (Non-consolidated 12 months, 31/12/2010)

Line of business : Manufacturer, importer and distributor of adhesive and polymeric compounds.

_{Staff employed : 25 employees (Subject); 5,000 employees (Vita Group)}

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 : USD 150,000

Comments : Larger credit can still be considered. The Subject is well positioned in the market and the financial stability of the group is positive.

STATUTORY DETAILS

Registry Data

Registration date : 23/04/1992

Legal form : Private Company Limited By Shares

Registration no 238530-M

Registered authority : Companies Commission of Malaysia

Registry status : Live/Active

Previous name : The Subject was established under the name POLYMER SOLUTIONS (M) SDN.

BHD. and changed to the current style on 15-12-2004.

_{Change of legal form : None reported.}

MANAGEMENT / DIRECTORS

Key Management

Name : Francis Anthony Sta Maria

_{Designation : Managing Director}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Anthony Wood

Designation : Director

Identification no : 093075258

Appointment date : 14/02/11

Address : 2/1008 Toorak Road

Camberwell, VIC 3124

Australia

Name : John David Meltham

Designation : Director

Identification no : 110143667

Appointment date : 05/05/11

Address : Willow Garth, Howden Croft Hill Ellerker, Brough, HU15 2DE East Yorkshire

United Kingdom

Name : Tong Mei Fong

Designation : Director and Company Secretary

Identification no : 570621-10-6276

Appointment date : 01/08/01

Address : No. 225, Jalan Ladang Palm Grove

41200 Klang

Selangor Darul Ehsan

Malaysia

Name : Francis Anthony Sta Maria

Designation : Director

Identification no : 621106-10-7431

Appointment date : 30/11/02

Address : 4, Jalan SS 25/31

Taman Mayang

47301 Petaling Jaya Selangor Darul Ehsan Malaysia

Name : Lim Lily

_{Designation : Company Secretary}

Identification no : 470602-10-5966

Appointment date : 23/04/92

Address : No. 77, Jalan Ibus

Southern Park

41200 Klang

Selangor Darul Ehsan

Malaysia

Staff employed : 25 employees (Subject); 5,000 employees (Vita Group)

Key Advisors

Auditors : PRICEWATERHOUSECOOPERS Level 10, 1 Sentral

Jalan Travers

Kuala Lumpur Sentral

50470 Kuala Lumpur

_Malaysia

SHARE CAPITAL

Composition

Authorized Capital : MYR 5,000,000

No of shares : 3,000,000 Ordinary A Shares / 1,200,000 Ordinary B Shares / 800,000 Ordinary

Unclassified Shares

Share par value : MYR 1

Issued capital : MYR 2,600,000

_{Paid up capital : MYR 2,600,000}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : RLA POLYMERS PTY LTD

Address : 215 Colchester Road

Kilsyth, VIC 3137

Australia

No. of shares : 2,210,000 Ordinary A Shares / 260,000 Ordinary B Shares

Shareholder name : Francis Anthony Sta Maria

Address : 4, Jalan SS 25/31

Taman Mayang

47301 Petaling Jaya Selangor Darul Ehsan Malaysia

_{No. of shares : 130,000 Ordinary B Shares}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : VITA CAYMAN LIMITED

Affiliation type : Ultimate Holding Company

Address : PO Box 309, Ugland House

Grand Cayman KY1-1104

Cayman Islands

Comments : Investment holding company.

Name : BRITISH VITA (LUX III) S.À R.L.

Affiliation type : Intermediate Holding Company

Address : 5, Rue Guillaume Kroll

_{L-1882, Luxembourg}

Luxembourg

Comments : Investment holding company.

Name : RLA POLYMERS PTY LTD

Affiliation type : Parent Company

Address : 215 Colchester Road

Kilsyth, VIC 3137

Australia

Comments : Manufacturer and supplier of premium adhesives, industrial compounds, surface coatings and carpet underlay.

Name : LIBELTEX BVBA

Affiliation type : Sister Company

Address : Marialoopsteenweg 51

8760 Meulebeke

Belgium

Name : VITAFOAM PRODUCTS CANADA LIMITED

Affiliation type : Sister Company

Address : 150 Toro Road Downsview Ontario M3J 2A9

Canada

Name : VITA LIQUID POLYMERS SAE

Affiliation type : Sister Company

Address : 26/3/D A.1

10th of Ramadan City

Egypt

Name : TRAMICO SAS

Affiliation type : Sister Company

Address : Commune de Coulombs

28210 Nogent Le Roi

France

Name : KOEPP SCHAUM GMBH

Affiliation type : Sister Company

Address : Dieselstrasse 10

89275 Elchingen

Germany

Name : BRITISH VITA (UK) LIMITED

Affiliation type : Sister Company

Address : Times Place

45 Pall Mall

London SW1Y 5JG United Kingdom

Name : LIBELTEX AB

Affiliation type : Sister Company

Address : Sporda

330 10 Bredaryd

Sweden

Related companies and corporate affiliations comments: Other companies of the Vita Group should be considered affiliates of the Subject.

BANK & MORTGAGES

Bank Details

Name of bank : Standard Chartered Bank Malaysia 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 : None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

FINANCIAL DATA

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 31/12/10

Type of accounts : Full audited

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 3.17 as of 30-12-2011

Summarized Financial Information

^{Consolidation type :} Non Consolidated Non Consolidated Group Consolidated ^{Currency :} Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) Euro (EUR) ^{Denomination :} (x1) One (x1) One (x1) One

^{Date of financial year end :} 31/12/10 31/12/09 31/12/10

^{Length of accounts :} 12 months 12 months 12 months

^{Sale turnover / Income :} 26,739,766 18,850,765 1,107,500,000

^{Gross profit :} 6,782,865 5,177,090

^{Profit before tax :} 3,090,726 1,871,094

^{Net income :} 2,295,172 1,423,093 -28,700,000

^{Non current assets :} 3,898,424 3,805,060 496,900,000

^{Current assets :} 12,240,347 9,855,020 369,700,000

Inventories : _{3,296,253 2,723,310 86,700,000}

Total assets :	16,138,771	13,660,080	874,400,000
Current liabilities :	4,651,045	4,469,756
Non current liabilities :	65,149	62,919
Total liabilities :	4,716,194	4,532,675	455,400,000
Share equity :	11,422,577	9,127,405	419,000,000
Retained earning :	8,822,577	6,527,405	170,500,000

Comments : The non-consolidated financial information above relates to the Subject only.

The group’s consolidated financial information above relates to the Subject’s Intermediate Holding Company British Vita (Lux III) S.A R.L. and all its subsidiaries which include the Subject.

OPERATION DETAILS

Main activities : The Subject is engaged as manufacturer, importer and distributor of adhesive and polymeric compounds.

The Subject's parent company is RLA POLYMERS PTY LTD based in

Australia and was established in 1966 as Rubber Latex Australia. RLA POLYMERS PTY LTD.

Originally established to supply latex compounds to the Australian carpet industry, RLA POLYMERS PTY LTD now supply many different industries both in Australia, New Zealand and throughout Asia and Pacific Rim regions. Its integration into the multinational Vita Group in 1986 gave it an enormous pool of technical and corporate expertise to draw on.

In subsequent years, RLA POLYMERS PTY LTD acquired Polymer Engineering, The Roberts Company and Atlas Tile Adhesives giving RLA POLYMERS PTY LTD a market leading position in the flooring and construction adhesive industries. Today, RLA POLYMERS PTY LTD is a manufacturer and supplier of premium adhesives, industrial compounds, surface coatings and carpet underlay. The company products are used in a wide variety of domestic, commercial and industrial applications.

In addition, the company principle site is in the Melbourne suburb of Kilsyth, RLA POLYMERS PTY LTD also has manufacturing operations in Sydney (Pendle Hill), New Zealand (Manukau) and Malaysia (Port Klang).

The Subject is ultimately owned by VITA CAYMAN LIMITED based in

Cayman Islands and part of Vita Group.

The Vita Group is a world-class producer of cellular and industrial

polymers, engineered thermoplastic sheet and nonwovens. Operating in 24 countries on 74 sites, Vita Group supplies a vast range of polymer

materials for industrial applications including automotive, construction and packaging, and serves a range of markets from transportation to furniture and bedding.

The Group’s largest ultimate shareholder and former majority shareholder

is TPG Partners IV - AIV, LP which is deemed to have a controlling interest in the Group.

TPG is a leading global private investment firm with over $48bn of capital under management across a family of funds. Since the firm’s founding in

1992, TPG has invested in companies across a broad range of industries and geographies. TPG’s goal is to help management teams build

long-term value that benefits all stakeholders; investments are typically held for five to seven years, and in many cases longer.

TPG Capital LLP is regulated by the Financial Services Authority in

London.

_{Product & services : Adhesive and Polymeric Compounds such as synthetic rubber and plastic}

Brand : RLA POLYMERS, RL

Purchases

International : Australia

Sales

Local : Yes

International : Singapore, Thailand, Indonesia, Vietnam, Philippines, Hong Kong, Taiwan, China, India, Pakistan, United Arab Emirates

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of production facilities, warehouse and administrative office.

Branches : None reported.

Other property : Total NBV of property, plant and equipment as of 31-12-2010 was MYR

_586,001.

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$ 135.0 billion as of 15 December 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 Berhad (Banking), Maybank (Banking), Tenaga Nasional Berhad(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 : Prepayment, L/C, D/P, Telegraphic transfer, Credit 30-90 days

Sales Term

Local : Prepayment, D/P, D/A, Credit 30-90 days

International : Prepayment, L/C, D/P, Telegraphic transfer, Credit 30-90 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.53.26
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

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.