Query regarding vendor classification in Oracle EBS (r12)

Dear All,
We are using a Oracle EBS (r12) purchase module. We are currently discussing to classify our vendors into approved, trial, prospective and debarred. We have been informed that this is not a standard oracle feature but can maintain the classification as mere flex fields. The problem with maintaining the classification as flex fields is that we are unable to achieve the value added services behind this choice to classify vendors. (eg: Trial vendors cannot be used to raise more than 3 purchase orders, we cannot have this restriction setup in the system because the classification will be maintained as flex fields),
If any one can provide some additional info or has experience in performing similar work, please do share the same. This will be highly appreciated.
Thank you.
Regards.
Sai

If the profile option HZ: Change Party Name is set to No the update to vendor name is not allowed.
You will get the following error.
Failed to update party: TCA: Return Status:E: Error : Organization name cannot be updated because the HZ: Change Party Name profile option is set to No.

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