MIRA INFORM REPORT

Report Date :

02.02.2012

IDENTIFICATION DETAILS

Name :	TEONG FATT COMMODITIES (M) SDN. BHD.
Registered Office :	C/O Sh Corporate Services Sdn. Bhd., 35, 1st Floor, Jalan Kelisa Emas 1, Taman Kelisa Emas, Seberang Jaya, Pulau Pinang , Zip/Postal Code 13700
Country :	Malaysia
Financials (as on) :	31.08.2010
Date of Incorporation :	27.05.1991
Com. Reg. No.:	217777-X
Legal Form :	Private Company Limited By Shares
Line of Business :	Import, export and wholesale of agro products such as spices, dhalls, beans and herbs
No. of Employee:	31 employees

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 180,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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)
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 : TEONG FATT COMMODITIES (M) SDN. BHD.

Business address : No. 4181, Lorong Perda Utama 7

Bandar Perda

Town : Bukit Mertajam

Province : Pulau Pinang

Zip/postal code : 14000

Country : Malaysia

Tel : +60 4 5379996

Fax : +60 4 5303925

Registered address : C/o SH CORPORATE SERVICES SDN. BHD.

35, 1st Floor

Jalan Kelisa Emas 1

Taman Kelisa Emas

Town : Seberang Jaya

Province : Pulau Pinang

Zip/postal code : 13700

_{Country : Malaysia}

Summary details

Executive Summary

Date founded or registered : 27/05/1991

Legal form : Private Company Limited By Shares

Chief executive : Ng Chun Lai

Issued & paid up capital : MYR 1,150,000

Sales turnover : MYR 31,932,626 (Non-consolidated 12 months, 31/08/2010)

Net income : MYR 514,216 (Non-consolidated 12 months, 31/08/2010)

Total fixed assets : MYR 18,353,641 (Non-consolidated 12 months, 31/08/2010)

Line of business : Import, export and wholesale of agro products such as spices, dhalls, beans

and herbs.

_{Staff employed : 31 employees}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience : Management is reasonably experienced

Financial performance : Financial performance is fair

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 180,000}

_{Credit amount asked : Not described.}

Statutory details

Registry Data

Registration date : 27/05/1991

Legal form : Private Company Limited By Shares

Registration no : 217777-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 : Ng Chun Lai

Designation : Managing Director

Name : Ng Choon Chooi

Designation : Director

Name : Ng Chong Seng @ Eng Chong Seng

Designation : Director

Name : Ng Swee Luang

_{Designation : Director}

Board of directors / other appointments

Appointments

Name : Ng Chun Lai

Designation : Director

Identification no : 490824-02-5337

Appointment date : 27/05/91

Address : 11, Lorong Tambun Indah 8

Taman Tambun Indah

14100 Simpang Ampat

Pulau Pinang

Malaysia

Name : Ng Choon Chooi

Designation : Director

Identification no : 441209-08-5011

Appointment date : 08/01/92

Address : 326, Lorong Kenangan 9

Taman Kenangan

09410 Sungai Karangan

Kedah

Malaysia

Name : Ng Chong Seng @ Eng Chong Seng

Designation : Director

Identification no : 480615-02-5235

Appointment date : 26/04/02

Address : 5 Tingkat Binjai 30

Taman Sri Rambai

14000 Bukit Mertajam

Pulau Pinang

Malaysia

_{Name : Ng Swee Luang}

Designation : Director

Identification no : 650907-02-5666

Appointment date : 28/08/97

Address : 429 Jalan Pasar

09800 Serdang

Kedah

Malaysia

Name : Lim Kim Teck

Designation : Company Secretary

Identification no : 590613-07-5607

Appointment date : 27/02/02

Address : 40 Halaman Bukit Gambier 5

11700 Gelugor Pulau Pinang Malaysia

Name : Kong Sown Kaey

Designation : Company Secretary

Identification no : 731205-07-5225

Appointment date : 01/07/11

Address : 121, Jalan Binjai

Taman Sri Rambai

14000 Bukit Mertajam

Pulau Pinang

Malaysia

Staff employed : 31 employees

Key Advisors

Auditors : SH YEOH & CO

37, Jalan Kelisa Emas 1

Taman Kelisa Emas

13700 Seberang Jaya

Pulau Pinang

_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 1,150,000

Paid up capital : MYR 1,150,000

Changed in capital : The Subject increased its share capital from MYR 1,000,000 to MYR 5,000,000 on 16-02-1996.

ownership / shareholders

How listed : Full List

Composition

Shareholder name : Ng Chye Hock

Address : 429 Jalan Market

09800 Serdang

Kedah

Malaysia

No. of shares : 81,114 Ordinary Shares

Shareholder name : Ng Choon Chooi

Address : 326, Lorong Kenangan 9

Taman Kenangan

09410 Sungai Karangan

Kedah

Malaysia

No. of shares : 177,789 Ordinary Shares

Shareholder name : The Estate of Ng Son Tek

Address : 429 Jalan Market

09800 Serdang

Kedah

Malaysia

No. of shares : 198,620 Ordinary Shares

Shareholder name : Teoh Siam Loh

Address : 429 Jalan Market

09800 Serdang

Kedah

Malaysia

No. of shares : 60,717 Ordinary Shares

Shareholder name : Ng Teng Seah

_{Address : 11, Lorong Tambun Indah 8}

Taman Tambun Indah

14100 Simpang Ampat

Pulau Pinang

Malaysia

No. of shares : 100,000 Ordinary Shares

Shareholder name : Tan Swee Leng

Address : 31 Taman Sentosa

02000 Kuala Perlis

Perlis

Malaysia

No. of shares : 70,936 Ordinary Shares

Shareholder name : Ng Chun Lai

Address : 11, Lorong Tambun Indah 8

Taman Tambun Indah

14100 Simpang Ampat

Pulau Pinang

Malaysia

No. of shares : 224,171 Ordinary Shares

Shareholder name : Ng Chong Seng

Address : 5 Tingkat Binjai 30

Taman Sri Rambai

14000 Bukit Mertajam

Pulau Pinang

Malaysia

No. of shares : 165,718 Ordinary Shares

Shareholder name : Tan Swee Pheng

Address : 31 Taman Sentosa

02000 Kuala Perlis

Perlis

Malaysia

_{No. of shares : 70,935 Ordinary Shares}

Related companies & corporate Affiliations

Structure

Related companies and corporate affiliations comments : None Reported

Bank & mortgages

Bank Details

Name of bank : OCBC Bank (Malaysia) Berhad

Address : Malaysia

Account details : Curent Account

Name of bank : United Overseas Bank (Malaysia) Bhd.

Address : Malaysia

Account details : Curent Account

Name of bank : EON Bank Berhad

Address : Malaysia

Account details : Curent 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: 3,800,000.00

Date of Creation: 28-12-1992

Name of Chargee: ABN AMRO BANK BHD

Charge Status: FULLY SATISFIED

Total of Charge: 570,000.00

Date of Creation: 28-12-1992

Name of Chargee: UNITED MALAYAN BANKING CORPORATION BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 500,000.00

Date of Creation: 26-04-1994

Name of Chargee : 1. ABN AMRO BANK NV

Charge Status: FULLY SATISFIED

Total of Charge: 4,300,000.00

Date of Creation: 03-05-1995

Name of Chargee: ABN AMRO BANK BHD

Charge Status: FULLY SATISFIED

Total of Charge: 6,000,000.00

Date of Creation: 06-06-1997

Name of Chargee: HONG LEONG BANK BHD

Charge Status: FULLY SATISFIED

Total of Charge: 6,000,000.00

Date of Creation: 06-06-1997

Name of Chargee: HONG LEONG BANK BHDHD

Charge Status: FULLY SATISFIED

Total of Charge: 1,800,000.00

Date of Creation: 06-07-2000

Name of Chargee: MALAYAN BANKING BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 600,000.00

Date of Creation: 02-10-2002

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: FULLY SATISFIED

Total of Charge: 1,175,000.00

Date of Creation: 30-10-2002

Name of Chargee: EON BANK BERHAD

Charge Status: UNSATISFIED

Total of Charge: 125,000.00

Date of Creation: 30-10-2002

Name of Chargee: EON BANK BERHAD

Charge Status: UNSATISFIED

Total of Charge: 250,000.00

Date of Creation: 25-05-2004

Name of Chargee: EON BANK BERHAD

Charge Status: UNSATISFIED

Total of Charge: 1,700,000.00

Date of Creation: 03-10-2005

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

Total of Charge: 950,000.00

Date of Creation: 03-10-2005

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

Total of Charge: 1,500,000.00

Date of Creation: 03-10-2005

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

Total of Charge: 800,000.00

Date of Creation: 03-10-2005

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

Total of Charge: 500,000.00

Date of Creation: 15-05-2006

Name of Chargee: EON BANK BERHAD

Charge Status: UNSATISFIED

Total of Charge: 5,000,000.00

Date of Creation: 17-09-2007

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.

Charge Status: UNSATISFIED

Total of Charge: 5,000,000.00

Date of Creation: 17-09-2007

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.

Charge Status: UNSATISFIED

Total of Charge: OPEN CHARGE Date of Creation: 17-10-2007

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

Total of Charge: 1,300,000.00

Date of Creation: 17-10-2007

Name of Chargee: OCBC BANK (MALAYSIA) 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 : Commercial Registry Filings

Financial statement date : 31/08/10

Type of accounts : Full audited

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 3.11 as of 04-11-2011

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 :		31/08/10		31/08/09
Length of accounts :		12 months		12 months
Sale turnover / Income :		31,932,626		30,655,153
Gross profit :		4,326,135		3,802,543
Operating profit :		1,269,992		1,422,572
Profit before tax :		719,284		697,854
Net income :		514,216		511,057
Non current assets :		7,263,839		7,695,772
Current assets :		11,089,802		12,786,374
Inventories :	2,304,046		3,077,046
Total assets :	18,353,641		20,482,146
Current liabilities :	10,295,728		11,984,381
Non current liabilities :	2,416,271		3,082,839
Total liabilities :	12,711,999		15,067,220
Share equity :	5,641,642		5,414,926
Reserve :	4,491,642		4,264,926

Operation details

Main activities : The Subject is engaged in import, export and wholesale of agro products such as spices, dhalls, beans, and herbs.

Product & services : Spices: Cumin Seeds, Fennel Seeds, Corriander Seeds, Tumeric, Cardamon, Chilly, Pepper, Poppy Seeds & etc.

Dhalls: Aust. Yellow Dhall, Moong Dhall, Masoor Gota, Gramdhall, Malawi Dhall, Toldhall & etc

Beans: Green Mung Beans, Chick Peas, Cashew Nut, Red/Black Beans, Ground Nut, Raisins & etc

Purchases

International : Mainly India, Sri Lanka, Australia, China, Canada, United States

Sales

Local : Yes

International : Asia

Property & Assets

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

consisting of warehouse and administrative office.

Branches : None reported.

Other property : Total NBV of property, plant and equipment as of 31-08-2010 was MYR _6,761,418.

Summarized country risk

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$134.4 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 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%,

HongKong 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 : Kulaa Lumpur

_{Currency : Malaysia Ringgits (MYR)}

Internet users as % of total population : 57.61%

Payment history

Purchase Term

International : L/C, Prepayment, Credit 30-60 days

Sales Term

Local : Prepayment, Credit 30-60 days

International : L/C, 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.49.53
UK Pound	1	Rs.64.66
Euro	1	Rs.77.95

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.