MIRA INFORM REPORT

Report Date :

23.12.2013

IDENTIFICATION DETAILS

Name :	PINEBRIDGE INVESTMENTS SINGAPORE LIMITED
Formerly Known As :	AIG GLOBAL INVESTMENT CORPORATION (SINGAPORE) LTD.
Registered Office :	1, Robinson Road, 21-01, Aia Tower, 048542
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	25.03.1996
Com. Reg. No.:	199602054-E
Legal Form :	Public
Line of Business :	Engaged in the (as a / as an) corporate finance advisory services, fund management services.
No. of Employees :	Not Available

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

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199602054-E
COMPANY NAME	:	PINEBRIDGE INVESTMENTS SINGAPORE LIMITED
FORMER NAME	:	AIG GLOBAL INVESTMENT CORPORATION (SINGAPORE) LTD. (04/01/2010) AIG INVESTMENT CORPORATION (SINGAPORE) LTD. (30/12/2003) AIG INVESTMENT CORPORATION (SINGAPORE) PTE LTD
INCORPORATION DATE	:	25/03/1996
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PUBLIC
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, ROBINSON ROAD, 21-01, AIA TOWER, 048542, SINGAPORE.
BUSINESS ADDRESS	:	1, ROBINSON ROAD, 21-01, AIA TOWER, 048542, SINGAPORE.
TEL.NO.	:	65-65719399
FAX.NO.	:	65-65385602
WEB SITE	:	WWW.PINEBRIDGE.COM
CONTACT PERSON	:	RAJEEV MITTAL ( DIRECTOR )
PRINCIPAL ACTIVITY	:	CORPORATE FINANCE ADVISORY SERVICES, FUND MANAGEMENT SERVICES
ISSUED AND PAID UP CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00
SALES	:	SGD 29,714,314 [2012]
NET WORTH	:	SGD 7,199,363 [2012]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	FAIR
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

As a public limited company, the Subject must have at least one shareholder but there is no limit on the maximum number of shareholders. The Subject must have at least two directors. A public limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies. The liabilities of the shareholders are only up to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and must file in its annual return, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) corporate finance advisory services, fund management services.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
28/06/2013	SGD 1,000,000.00	SGD 1,000,000.00
15/02/2013	N/A	SGD 1,000,000.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
PINEBRIDGE INVESTMENTS ASIA LIMITED	CLARENDON HOUSE, 2, CHURCH STREET, HAMILTON, HM11, BERMUDA.	T09UF2989	1,000,000.00	100.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. RAJEEV MITTAL
Address	:	FLAT B, HIGH CLIFF, 41D, STUBBS ROAD, 45/F, HONG KONG.
IC / PP No	:	761335948
Nationality	:	BRITISH
Date of Appointment	:	18/02/2011

DIRECTOR 2

Name Of Subject	:	TAN KHENG LAI
Address	:	27, YIO CHU KANG DRIVE, ATELIER VILLAS, 786292, SINGAPORE.
IC / PP No	:	S1474778H
Nationality	:	SINGAPOREAN
Date of Appointment	:	28/08/2009

MANAGEMENT

1)	Name of Subject	:	RAJEEV MITTAL
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATER HOUSECOOPERS LLP
Auditor' Address	:	8, CROSS STREET #17- 00 PWC BUILDING, 048424, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	MADELYN KWANG YEIT LAM
	IC / PP No	:	S1426198B
	Address	:	869, TAMPINES STREET 83, 12-179, 520869, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject is a service provider and it does not deal with trade suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[		]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	X	]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele.

OPERATIONS

Services

:

CORPORATE FINANCE ADVISORY SERVICES, FUND MANAGEMENT SERVICES

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) corporate finance advisory services, fund management services.

The subject refused to disclose any information on its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65719399
Match	:	N/A
Address Provided by Client	:	SINGAPORE
Current Address	:	1, ROBINSON ROAD, 21-01, AIA TOWER, 048542, SINGAPORE.
Match	:	NO

Other Investigations

On 16th December 2013 we contacted one of the staff from the Subject and he provided limited information on the Subject.

She refused to disclose the number of employees.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	15.38%	]
Profit/(Loss) Before Tax	:	Decreased	[	92.09%	]
Return on Shareholder Funds	:	Unfavourable	[	5.46%	]
Return on Net Assets	:	Unfavourable	[	6.04%	]
The lower turnover could be due to the intense market competition.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Acceptable	[	58 Days	]
Creditors Ratio	:	Unfavourable	[	97 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.70 Times	]
Current Ratio	:	Unfavourable	[	1.70 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	FINANCIAL SERVICES
The financial services sector grew by 3.3% in the fourth quarter of 2012, reversing the contraction of 2.9% in the third quarter. For the whole of 2012, the financial services sector expanded by a modest 0.5%, significantly slower than the 8.9% growth in 2011.
Total assets/liabilities of commercial banks reach $912 billion in 2012 grew by 6.1%. Growth was weighed down by a 15% decline in interbank lending as well as slower growth in non-bank loans and deposits. The total assets/liabilities of merchant banks recorded an uptick of 5.2% in 2012, following a decline of 2.1% in year 2011. Domestic operations continued to support overall activity, as non-bank lending picked up by 4.7% in 2012, a reversal from the 13% decline in 2011.
Total weighted new business premiums in the direct life insurance industry rose by 11% to $2.7 billion in 2012. This was driven mainly by the regular premium business, which grew by 20% to hit $2.0 billion in 2012, even as the growth of the single premium business fell by 11% to $650 million. At the same time, gains in investment returns also supported the overall net income of the direct life insurance industry, with the latter increasing to $1.9 billion from $0.9 billion in 2011.
Finance companies' overall assets/liabilities increased by 23% in 2012, up from the expansion of 5.6% in 2011. The robust performance was underpinned by the non-bank lending segment, which saw growth strengthen to 20% from 17% in the year 2011. On the liabilities front, total deposits of nonbank customers surged by 30% in 2012. Depositors favoured higher-interest bearing accounts such as fixed deposits, which grew by 29%.
As a result of recent market developments, the competitive and regulatory landscape in the financial services industry has been evolving at an unprecedented speed. Companies in this industry now have to grapple with and tackle a complex matrix of challenges that continue to change the industry. Looking ahead, financial services organisations must seek ways to improve profitability while balancing the demands of regulatory change. Drawing on our multidisciplinary capabilities, we create greater value for clients by delivering comprehensive and innovative solutions that will work for our clients and keep them ahead of the trends.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1996, the Subject is a Public Limited Company company, focusing on corporate finance advisory services, fund management services. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Strongly supported by its well-established holding company, the Subject is expected to enjoy timely financial and technical support should the needs arise.

Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 7,199,363, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

PINEBRIDGE INVESTMENTS SINGAPORE LIMITED

Financial Year End	2012-12-31	2011-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	29,714,314	35,115,997
	----------------	----------------
Total Turnover	29,714,314	35,115,997
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	434,492	5,494,403
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	434,492	5,494,403
Taxation	<41,147>	<932,935>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	393,345	4,561,468
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	10,806,018	16,244,550
	----------------	----------------
As restated	10,806,018	16,244,550
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	11,199,363	20,806,018
DIVIDENDS - Ordinary (paid & proposed)	<5,000,000>	<10,000,000>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	6,199,363	10,806,018
	=============	=============

BALANCE SHEET

PINEBRIDGE INVESTMENTS SINGAPORE LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	222,630	300,440
	----------------	----------------
TOTAL LONG TERM ASSETS	222,630	300,440
CURRENT ASSETS
Trade debtors	4,697,282	3,927,086
Other debtors, deposits & prepayments	139,448	119,128
Short term deposits	5,000,997	10,016,980
Cash & bank balances	7,157,272	12,267,271
	----------------	----------------
TOTAL CURRENT ASSETS	16,994,999	26,330,465
	----------------	----------------
TOTAL ASSET	17,217,629	26,630,905
	=============	=============
CURRENT LIABILITIES
Trade creditors	7,894,866	12,906,036
Other creditors & accruals	1,873,977	940,900
Provision for taxation	249,423	977,951
	----------------	----------------
TOTAL CURRENT LIABILITIES	10,018,266	14,824,887
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	6,976,733	11,505,578
	----------------	----------------
TOTAL NET ASSETS	7,199,363	11,806,018
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,000,000	1,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	1,000,000	1,000,000
RESERVES
Retained profit/(loss) carried forward	6,199,363	10,806,018
	----------------	----------------
TOTAL RESERVES	6,199,363	10,806,018
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	7,199,363	11,806,018
	----------------	----------------
	7,199,363	11,806,018
	=============	=============

FINANCIAL RATIO

PINEBRIDGE INVESTMENTS SINGAPORE LIMITED

TYPES OF FUNDS
Cash	12,158,269	22,284,251
Net Liquid Funds	12,158,269	22,284,251
Net Liquid Assets	6,976,733	11,505,578
Net Current Assets/(Liabilities)	6,976,733	11,505,578
Net Tangible Assets	7,199,363	11,806,018
Net Monetary Assets	6,976,733	11,505,578
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	10,018,266	14,824,887
Total Assets	17,217,629	26,630,905
Net Assets	7,199,363	11,806,018
Net Assets Backing	7,199,363	11,806,018
Shareholders' Funds	7,199,363	11,806,018
Total Share Capital	1,000,000	1,000,000
Total Reserves	6,199,363	10,806,018
LIQUIDITY (Times)
Cash Ratio	1.21	1.50
Liquid Ratio	1.70	1.78
Current Ratio	1.70	1.78
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	58	41
Creditors Ratio	97	134
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	1.39	1.26
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	7.20	11.81
PERFORMANCE RATIO (%)
Operating Profit Margin	1.46	15.65
Net Profit Margin	1.32	12.99
Return On Net Assets	6.04	46.54
Return On Capital Employed	6.04	46.54
Return On Shareholders' Funds/Equity	5.46	38.64
Dividend Pay Out Ratio (Times)	12.71	2.19
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.101.80
Euro	1	Rs.84.87

INFORMATION DETAILS

Report Prepared by :

PDT

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.