MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	SABER OILS & FATS SDN. BHD.

Registered Office :	PLO 470, Jalan Keluli 1 Kawasan Perindustrian Pasir Gudang Pasir Johor Darul 81700

Country :	Malaysia

Date of Incorporation :	04.05.2011

Com. Reg. No.:	943106-X

Legal Form :	Private Company Limited By Shares

Line of Business :	Packaging of edible oil and other related products through third party

No. of Employees :	_{1 Employee (Subject)}

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 :	New Business

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, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Malaysia

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 : SABER OILS & FATS SDN. BHD.

Business address : PLO 470, Jalan Keluli 1

Kawasan Perindustrian Pasir Gudang

Town : Pasir Gudang

Province : Johor Darul Takzim

Zip/postal code : 81700

Country : Malaysia

Tel : +65 63576288

Fax : +65 62590262

Email : enquiry@saber.com.sg

Website : www.saber.com.sg

Registered address : KAY BENG & ASSOCIATES

32B, Jalan Pingai

Taman Pelangi

Town : Johor Bahru

Province : Johor Darul Takzim

Zip/postal code : 80400

Country : Malaysia

Comments : The Subject is not a registered phone user locally and all correspondence are directed to the Subject’s Parent Company located in Singapore.

SUMMARY DETAILS

Executive Summary

Date founded or registered : 04/05/2011

Legal form : Private Company Limited By Shares

Chief executive : Sukumaran S/o Ramasamy

Issued & paid up capital : MYR 500,000

Line of business : Packaging of edible oil and other related products through third party facilities in Malaysia.

_{Staff employed : 1 employee (Subject)}

CREDIT RISK OPINION

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is in start-up phase

Management experience : Management is modestly experienced

Financial performance : Financial performance is undetermined

Organization structure : Organizational structure is acceptable

Detrimental : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : Fully secured.

Credit amount asked : Not described.

Comments : It is strictly advisable to conduct all business dealing on prepayment or L/C basis due to the Subject’s recent date of establishment.

STATUTORY DETAILS

Registry Data

Registration date : 04/05/2011

Legal form : Private Company Limited By Shares

Registration no 943106-X

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 : Sukumaran S/o Ramasamy

Designation : Managing Director

Biography : Mr. Sukumaran, a.k.a Kumar, is widely known in the international market arena. He has been in consumer marketing for over 30 years. He is the one and only person who is known to have taken

Singapore-made consumer-packed edible oils to over 50 countries, as well as branding commodities such as palm and cooking oils into branded consumer products. He is also the pioneer in launching Singapore brands to many African and Middle Eastern countries.

Name : Ramkrishna A/l Ramier Sankara Raman

Designation : General Manager

Biography : Mr Ramkrishna has been in the Edible Oils & Fats industry over the last 15 years. Currently his main functions are to oversee the increase in Sales & Profitability of the company and involve in purchases of various Lauric Oil products.

Name : A. M. Farokh

Designation : General Manager for Business Development

Biography : Mr. Farokh has over 38 years of experience in the oils & fats and the oleochemical industry. Mr. Farokh has held various positions in production, process engineering, projects, business development, marketing and business acquisitions. Projects include setting up edible palm & soft oil refineries overseas, specialty fat production plants and packaging plants.

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Sukumaran S/o Ramasamy

Designation : Director

Identification no : 570523-04-5369

Appointment date : 04/05/11

Address : No. 12, Jalan Suria 4/2

Taman Suria

81100 Johor Bahru Johor Darul Takzim Malaysia

Name : Ramkrishna A/l Ramier Sankara Raman

Designation : Director

Identification no : 700328-10-6165

Appointment date : 04/05/11

Address : No. 34, Jalan Desa Seputeh 5

Taman Desa Seputeh

58000 Kuala Lumpur Wilayah Persekutuan Malaysia

Name : Tay Kay Beng

Designation : Company Secretary

Identification no : 550124-01-5607

Appointment date : 04/05/11

Address : No. 49A, Jalan Sultanah Rogayah

Taman Iskandar

80050 Johor Bahru Johor Darul Takzim Malaysia

_{Staff employed : 1 employee (Subject)}

SHARE CAPITAL

Composition

Authorized Capital : MYR 500,000

No of shares : 500,000 Ordinary Shares

Share par value : MYR 1

Issued capital : MYR 500,000

_{Paid up capital : MYR 500,000}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : SABER INTERNATIONAL ENTERPRISE PTE. LTD.

Address : 101 Thomson Road

#23-02/03 United Square

Singapore 307591

Singapore

No. of shares : 499,998 Ordinary Shares

Shareholder name : Sukumaran S/o Ramasamy

Address : No. 12, Jalan Suria 4/2

Taman Suria

81100 Johor Bahru Johor Darul Takzim Malaysia

No. of shares : 1 Ordinary Share

Shareholder name : Ramkrishna A/l Ramier Sankara Raman

Address : No. 34, Jalan Desa Seputeh 5

Taman Desa Seputeh

58000 Kuala Lumpur Wilayah Persekutuan Malaysia

_{No. of shares : 1 Ordinary Share}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : SABER INTERNATIONAL ENTERPRISE PTE. LTD.

Affiliation type : Parent Company

Address : 101 Thomson Road

_{#23-02/03 United Square}

Singapore 307591

Singapore

Name : SABER PTE. LTD.

Affiliation type : Associate

Address : 101 Thomson Road

#23-02/03 United Square

Singapore 307591

_Singapore

BANK & MORTGAGES

Bank Details

Name of bank : United Overseas 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

Comments : Due to the Subject’s recent date of establishment, financial information is not available.

OPERATION DETAILS

Main activities : The Subject is engaged in packaging of edible oil, lauric oils, milk products and other related palm oil products through third party facilities in Malaysia.

Product & services : 1) Consumer-packed edible oils consisting of vegetable cooking oils such as RBD Palm Olein; Soft Oils such as RBD Soya Bean, RBD Sunflower Oil, RBD Corn and RBD Canola Oil,

2) Lauric Oils such as RBD Palm Kernel Oil and RBD Kernel Olein, Crude and Refined Coconut Oil,

3) Vegetable Ghee and Industrial-pack Margarine, Bakery Fats and

Shortening;

4) Milk products such as Evaporated and Sweetened Condensed Milk;

5) By-products such as PFAD, PKFAD, CFAD for the Soap Industries, Various types of Laundry and Toilet Grade Soap Noodles, Multipurpose and Toilet Soaps.

Brand : TRIKEY, REINNA, PREMIER, OLLEOSE, AHLAN, PREMIER GOLD, TRISPOON, TRICOCO, BONJOUR and LE VITA

Purchases

Local : Yes

Sales

International : Mainly to Middle East, Africa

Property & Assets

Premises : The Subject operates from third party premises located at the verified heading address consisting of packaging facilities.

_{Branches : None reported.}

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : USD134.4 billion as of 14 October 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

Local : Prepayment, Credit 30-60 days

Sales Term

International : Prepayment, Credit 30-60 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.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.82

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.