MIRA INFORM REPORT

Report Date :

23.02.2012

IDENTIFICATION DETAILS

Name :	VACATION BORNEO TRAVEL MANAGEMENT (MALAYSIA) SDN. BHD.

Formerly Known As :	VACATION BORNEO TRAVEL MANAGEMENT MALAYSIA SDN. BHD.

Registered Office :	No. 36-3, Jalan Puteri 2/4 Bandar Puteri Puchong Selangor Darul Ehsan 47100

Country :	Malaysia

Financials (as on) :	30.06.2010

Date of Incorporation :	06.02.2002

Com. Reg. No.:	570774-M

Legal Form :	Private Company Limited By Shares

Line of Business :	Travel & tour agency.

No. of Employees :	_{3 employees}

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 :	Poor
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 : VACATION BORNEO TRAVEL MANAGEMENT (MALAYSIA) SDN. BHD.

Business address : No. 36-3, Jalan Puteri 2/4

Bandar Puteri

Town : Puchong

Province : Selangor Darul Ehsan

Zip/postal code : 47100

Country : Malaysia

Tel : +60 3 80635095

Fax : +60 3 80635096

Email : vacationborneo@vacationborneo.com.my

Website : www.vacationborneo.com.my

Registered address : Suite 401, 4th Floor

Bangunan Minerwa

114 Jalan Tuanku Abdul Rahman

Town : Kuala Lumpur

Province : Wilayah Persekutuan

Zip/postal code : 50100

_{Country : Malaysia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 06/02/2002

Legal form : Private Company Limited By Shares

Chief executive : Shanmuga Silan A/l Thanaraj

Issued & paid up capital : MYR 305,000

Sales turnover : MYR 606,421 (Non-consolidated 12 months, 30/06/2010)

Net income : MYR -123,978 (Non-consolidated 12 months, 30/06/2010)

Total fixed assets : MYR 388,133 (Non-consolidated 12 months, 30/06/2010)

Line of business : Travel & tour agency.

_{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 inadequately experienced

Financial performance : Financial performance is gradually declining

Organization structure : Organizational structure is acceptable

Detrimental : No detrimental records found

Payment history : Unknown

Credit amount asked : Not described.

STATUTORY DETAILS

Registry Data

Registration date : 06/02/2002

Legal form : Private Company Limited By Shares

Registration no 570774-M

Registered authority : Companies Commission of Malaysia

Registry status : Live/Active

Previous name : The Subject was established under the name VACATION BORNEO TRAVEL MANAGEMENT MALAYSIA SDN. BHD. and changed to the current style on 31-03-2009.

_{Change of legal form : None reported.}

MANAGEMENT / DIRECTORS

Key Management

Name : Shanmuga Silan A/l Thanaraj

_{Designation : Managing Director}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Shanmuga Silan A/l Thanaraj

Designation : Director

Identification no : 670407-08-5185

Appointment date : 06/02/02

Address : No.44, Jalan USJ 9/3K

47620 Subang Jaya Selangor Darul Ehsan Malaysia

Name : Kamala A/p Udayan

Designation : Director

Identification no : 680827-06-5446

Appointment date : 24/03/03

Address : 72B Jalan Reko Taman Sri Langat Kajang 43000

Selangor Darul Ehsan

Malaysia

Name : Thavy @ Devi A/p Gopal

Designation : Company Secretary

Identification no : 650301-05-5692

Appointment date : 30/06/04

Address : 51,Jalan Wira 2

Taman Maluri

Cheras 50500

Kuala Lumpur

Malaysia

Staff employed : 3 employees

Key Advisors

Auditors : CHRISTOPHER SANJAY Unit 4.02, Level 4

_{Wisma Paradise}

No. 63, Jalan Ampang

50450 Kuala Lumpur

_Malaysia

SHARE CAPITAL

Composition

Authorized Capital : MYR 500,000

No of shares : 500,000 Ordinary Shares

Share par value : MYR 1

Issued capital : MYR 305,000

Paid up capital : MYR 305,000

Changed in capital : The Subject increased its share capital from MYR 100,000 to MYR 500,000 on _06-03-2008.

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : Shanmuga Silan A/l Thanaraj

Address : No.44, Jalan USJ 9/3K

47620 Subang Jaya Selangor Darul Ehsan Malaysia

No. of shares : 300,000 Ordinary Shares

Shareholder name : Kamala A/p Udayan

Address : 72B Jalan Reko

Taman Sri Langat

Kajang 43000

Selangor Darul Ehsan

Malaysia

_{No. of shares : 5,000 Ordinary Shares}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Related companies and corporate affiliations comments : None reported.

BANK & MORTGAGES

Bank Details

Name of bank : CIMB Bank 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 : 30/06/10

Type of accounts : Full audited

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 3.03 as of 22-02-2012

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 :}30/06/10 30/06/09

^{Length of accounts :}12 months 12 months

^{Sale turnover / Income :}606,421 134,311

^{Gross profit :}90,210 20,607

^{Profit before tax :}-123,978 -14,392

^{Net income :}-123,978 -14,392

^{Non current assets :}19,621 18,055

^{Current assets :}368,512 300,464

Total assets : _{388,133 318,519}

Current liabilities :	276,715	83,123
Total liabilities :	276,715	83,123
Share equity :	111,418	235,396
Retained earning :	-193,582	-69,604

OPERATION DETAILS

Main activities : The Subject is engaged as a travel and tour agency.

Purchases

Local : None reported.

International : None reported.

Sales

Local : Yes

International : None reported.

Property & Assets

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

Branches : None reported.

Other property : Total NBV of property, plant and equipment as of 30-06-2010 was MYR

_19,621

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$ 133.7 billion as of 13 January 2012

Gross domestic product - GDP : US$ 247.781 billion

GPP (Purchasing power parity) : US$ 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

Sales Term

Local : Bank transfer, Cash

International : Bank transfer

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.49.24
UK Pound	1	Rs.76.75
Euro	1	Rs.65.16

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.