MIRA INFORM REPORT

Report Date :

15.09.2011

IDENTIFICATION DETAILS

Name :	SUBODH GLOBAL (M) SDN. BHD.
Registered Office :	C/O Spn Management Consultants Sdn Bhd Level 5, Menara City One Letter Box Cp5-01,No.3, Jalan Munshi Abdullah, Kuala Lumpur, Wilayah Persekutuan, Zip/Postal Code 50100
Country :	Malaysia
Financials (as on) :	30.06.2009
Date of Incorporation :	26.06.2007
Com. Reg. No.:	778527-T
Legal Form :	Private Limited Company Limited By Shares
Line of Business :	Import and export in precious stones and diamonds

RATING & COMMENTS

MIRA’s Rating :

B

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

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Malaysia	a2	a2

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

Bottom of Form

Identification details Bottom of Form

Verified Address

Subject name : SUBODH GLOBAL (M) SDN. BHD.

Business address Block E-8-6, Suite 10.4

Megan Avenue 1

189 Jalan Tun Razak

Town Kuala Lumpur

Province Wilayah Persekutuan

Zip/postal code 50400

Country : Malaysia

Tel : +60 3 23338888

Fax : +60 3 23338899

Email : shahharsat@yahoo.com

Registered address C/o SPN MANAGEMENT CONSULTANTS SDN BHD Level 5, Menara City One

Letter Box CP5-01,No.3, Jalan Munshi Abdullah

Town Kuala Lumpur

Province Wilayah Persekutuan

Zip/postal code 50100

Country : Malaysia

Comments The provided address and contact number +60 3 26988755 belongs to the

Subject's secretarial company SPN MANAGEMENT CONSULTANTS SDN BHD.

Summary details

Executive Summary

Date founded or registered 26/06/2007

Legal form Private Limited Company Limited By Shares

Chief executive : Hansit Popatlal Shah

Issued & paid up capital : MYR 1,200,000

Sales turnover : MYR 2,891,095 (Non-consolidated 12 months, 30/06/2009)

Net income : MYR 4,546 (Non-consolidated 12 months, 30/06/2009)

Total fixed assets : MYR 898,614 (Non-consolidated 12 months, 30/06/2009)

Line of business : Import and export in precious stones and diamonds.

_{Staff employed : 3 employees}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is declining

Management experience : Management is modestly experienced

Financial performance : Financial performance is fair

Organization structure : Organizational structure is acceptable

Detrimental : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : USD 23,000

Credit amount asked : Not described.

_{Comments : It is advisable to conduct business dealing on prepayment or L/C for larger credit} transaction than suggested as caution is needed as equity balance could face a deficit if losses incurred for following financial year end.

Statutory details

Registry Data

Registration date 26/06/2007

Legal form Private Limited Company Limited By Shares

Registration no 778527-T

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 : Hansit Popatlal Shah

_{Designation : Managing Director}

Board of directors / other appointments

Appointments

Name Hansit Popatlal Shah

Designation Director

Identification no : Z008051

Appointment date 26/06/07

Address : 1208, Block A, 12th Floor Suasana Sentral Condominium Jalan Sentral

50470 Kuala Lumpur Wilayah Persekutuan Malaysia

Name : A. Maheswary A/p S. Arjunan

Designation : Director

Identification no : 660818-10-6180

Appointment date 27/05/10

Address : C01-08, Palm Court Condominium

Jalan Berhala

Brickfields

50470 Kuala Lumpur Wilayah Persekutuan Malaysia

Name : M Ramanathan A/l S M Meyyappan

Designation : Company Secretary

Identification no : 600923-10-6815

Appointment date 26/06/07

Address : 15, Jalan Dato Abdul Aziz 14/29

46100 Petaling Jaya Selangor Darul Ehsan Malaysia

Staff employed : 3 employees

Key Advisors

Auditors : WSJ & CO

136A, Jalan Cerdas Taman Connaught Cheras 56000

Kuala Lumpur 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 1,200,000

_{Paid up capital : MYR 1,200,000}

ownership / shareholders

How listed : Full List

Composition

Shareholder name Hansit Popatlal Shah

Address 1208, Block A, 12th Floor Suasana Sentral Condominium Jalan Sentral

50470 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares 500,000 Ordinary Shares

Shareholder name A. Maheswary A/p S. Arjunan

Address C01-08, Palm Court Condominium

Jalan Berhala

Brickfields

50470 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares 455,000 Ordinary Shares

Shareholder name Mathianand A/l Nadarajah

Address Malaysia

_{No. of shares 245,000 Ordinary Shares}

Related companies & corporate Affiliations

Structure

Related companies and corporate affiliations comments : None Reported

Bank & mortgages

Bank Details

Name of bank : Malayan Banking Berhad (Maybank)

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 : Non reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

financials

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 30/06/09

Type of accounts : Full audited

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 3.15 as of 22-09-2011

Summarized Financial Information

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

^{Date of financial year end :} 30/06/09 30/06/08

^{Length of accounts :} 12 months 12 months

^{Sale turnover / Income :} 2,891,095 5,458,413

^{Profit before tax :} 5,473 64,583

^{Net income :} 4,546 51,007

^{Non current assets :} 4,098 5,464

^{Current assets :} 894,516 1,868,108

^{Total assets :} 898,614 1,873,572

Current liabilities : _{843,059 1,822,563}

Total liabilities 843,059 1,822,563

Share equity 55,555 51,009

Retained earning 55,553 51,007

Operation details

Main activities : The Subject's main activities are import and export of precious stones and diamonds.

Purchases

Local : None.

International : India, Hong Kong, Belgium

Sales

Local : None.

International : Hong Kong, Indonesia

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of administrative office.

_{Branches : None reported.}

Summarized country risk

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$136.3 billion as of 29 August 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: 55.2%}

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$ 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 : Credit 120-150 days D/A

Sales Term

International : Credit 90-150 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.49.62
UK Pound	1	Rs.76.68
Euro	1	Rs.66.47

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.