MIRA INFORM REPORT

Report Date :

16.11.2006

IDENTIFICATION DETAILS

Name :	PETROLEUM SPECIALITIES PTE. LTD.
Registered Office :	^4 Shenton Way, #08-03, Sgx Centre II, Singapore - 068807
Country :	^Singapore
Financials (as on) :	31.03.2006
Date of Incorporation :	^17/03/2004
Com. Reg. No.:	^200403112K
Legal Form :	^Pte Ltd
Line of Business :	Wholesale of petrochemical products and trading in petroleum based products.

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 :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

PETROLEUM SPECIALITIES PTE. LTD.

Line Of Business 

TRADING IN PETROLEUM BASED PRODUCTS

Parent Company

APAR INDUSTRIES LIMITED

(PERCENTAGE OF SHAREHOLDING: 100.00%)

Financial Elements

FY 2006

COMPANY

Sales : USD23,098,797

Networth : USD809,478

Paid-Up Capital : USD59,101

Net result : USD431,715

Net Margin(%) : 1.87

Return on Equity(%) : 53.33

Leverage Ratio : 0.34

rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

COMPANY IDENTIFICATION

^{Subject Company : PETROLEUM SPECIALITIES PTE. LTD.}

^{Former Name : -}

^{Registered Address : 4 SHENTON WAY}

^#08-03

^{SGX CENTRE II}

^{Town : SINGAPORE}

^{Postcode : 068807}

^{County : -}

^{Country : Singapore}

^{Telephone : Not Listed}

^{Fax : Not Listed}

^{ROC Number : 200403112K}

^{Reg. Town : -}

SUMMARY

^{All amounts in this report are in : USD unless otherwise stated}

^{Legal Form : Pte Ltd}

^{Date Inc. : 17/03/2004}

^{Previous Legal Form : -}

^{Summary year : 31/03/2006}

^{Sales : 23,098,797}

^{Net Worth : 809,478}

^{Capital : 1,000,000}

^{Paid-Up Capital : 59,101}

^{Employees : -}

^{Net result : 431,715}

^{Share value : 1 (SGD)}

^{Auditor : AUDIT ALLIANCE}

REFERENCES

^{Litigation : No}

^{Company status: TRADING}

^{Started : 17/03/2004}

PRINCIPAL(S)

^{GAJJALA SAI SUDHAKAR F5574939Q Director}

DIRECTOR(S)

^{CHAITANYA NARENDRA DESAI A9703001 Director}

^{Appointed on: 17/03/2004}

^{Street: E-9 SEA FACE PARK}

^{50 BHULABHAI DESAI ROAD}

^{Town: MUMBAI 26}

^{Postcode: -}

^{Country: India}

^{GAJJALA SAI SUDHAKAR F5574939Q Director}

^{Appointed on: 17/03/2004}

^{Street: 3 OXFORD ROAD}

^#04-09

^{KENTISH LODGE}

^{Town: SINGAPORE}

^{Postcode: 218814}

^{Country: Singapore}

^{KUSHAL NARENDRA DESAI Z1562898 Director}

^{Appointed on: 17/03/2004}

^{Street: 8 GITANJALI GARDENS RUNGTA LANE}

^{68-E, L JAGMOHANDAS, MARG.}

^{Town: MUMBAI 6}

^{Postcode: -}

^{Country: India}

^{WONG-SO YUK KEE MINERVA S6980032G Company Secretary}

^{Appointed on: 17/03/2004}

^{Street: 248 WESTWOOD AVENUE}

^#07-64

^{THE FLORAVALE}

^{Town: SINGAPORE}

^{Postcode: 648353}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{WONG-SO YUK KEE MINERVA S6980032G}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{PETROLEUM PRODUCTS Code:16350}

^{BASED ON ACRA'S RECORD AS AT 13/11/2006}

^{1) WHOLESALE OF PETROCHEMICAL PRODUCTS; TRADING IN PETROLEUM BASED PRODUCTS}

CHARGES

^{Date: 09/03/2005}

^{Comments: CHARGE NO: C200501412 (DISCHARGED)}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE (S): UNION BANK OF INDIA}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UNION BANK OF INDIA}

^{ING BANK N V [INTERNATIONALE NEDERLANDEN BANK N V ]}

SHAREHOLDERS(S)

^{APAR INDUSTRIES LIMITED 100,000 Company}

^{Street: 24 SAYED ABDULLA BRELVI ROAD}

^{FORT MUMBAI}

^{Town: MUMBAI}

^{Postcode: 400001}

^{Country: India}

HOLDING COMPANY

^{APAR INDUSTRIES LIMITED UF36481D %: 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity: SUFFICIENT}

^{Payments: REGULAR}

^{Trend: UPWARD}

^{Financial Situation: AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

^{All amounts in this report are in: USD unless otherwise stated}

^{Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 03/08/2006}

^{Balance Sheet Date: 31/03/2006 31/03/2005}

^{Number of weeks: 52 43}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Tangible Fixed Assets: 4,859 4,490}

^{Total Fixed Assets: 4,859 4,490}

^{Receivables: 3,047,931}

^{Cash,Banks,Securities: 1,073,557 368,023}

^{Other current assets: 2,483 115,954}

^{Total Current Assets: 1,076,040 3,531,908}

^{TOTAL ASSETS: 1,080,899 3,536,398}

^{--- LIABILITIES}

^{Equity capital: 59,101 59,101}

^{Profit & loss Account: 750,377 318,662}

^{Total Equity: 809,478 377,763}

^{L/T deferred taxes: 13,885 13,885}

^{Total L/T Liabilities: 13,885 13,885}

^{Trade Creditors: 5,408 5,408}

^{Due to Bank: 268,890}

^{Provisions: 88,063 85,310}

^{Other Short term Liab.: 164,065 2,785,142}

^{Total short term Liab.: 257,536 3,144,750}

^{TOTAL LIABILITIES: 271,421 3,158,635}

PROFIT & LOSS ACCOUNT

^{Net Sales 23,098,797 15,526,084}

^{NET RESULT BEFORE TAX: 510,468 417,857}

^{Tax: 78,753 99,195}

^{Net income/loss year: 431,715 318,662}

^{Interest Paid: 162,268 104,725}

^{Depreciation: 1,013 1,123}

^{Directors Emoluments: 6,000 6,065}

^{Wages and Salaries: 13,715 -}

RATIOS

^{31/03/2006 31/03/2005}

^{Net result / Turnover(%): 0.02 0.02}

^{Fin. Charges / Turnover(%): 0.01 0.01}

^{Net Margin(%): 1.87 2.05}

^{Return on Equity(%): 53.33 84.36}

^{Return on Assets(%): 39.94 9.01}

^{Net Working capital: 818504.00 387158.00}

^{Cash Ratio: 4.17 0.12}

^{Quick Ratio: 4.17 1.09}

^{Current ratio: 4.18 1.12}

^{Receivables Turnover: 0.00 70.67}

^{Leverage Ratio: 0.34 8.36}

^{Net Margin: (100*Net income loss year)/Net sales}

^{Return on Equity: (100*Net income loss year)/Total equity}

^{Return on Assets: (100*Net income loss year)/Total fixed assets}

^{Net Working capital: (Total current assets-Total short term liabilities)}

^{Cash Ratio: Cash Bank securities/Total short term liabilities}

^{Quick Ratio: (Cash Bank securities+Receivables)/Total Short term liabilities}

^{Current ratio: Total current assets/Total short term liabilities}

^{Receivables Turnover: (Receivable*360)/Net sales}

^{Leverage Ratio: Total liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE FAIR TO STABLE IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 1.14 TIMES FROM USD377,763 IN 2005 TO USD809,478 IN 2006.}

^{THIS WAS DUE TO HIGHER RETAINED EARNINGS OF USD750,377 (2005: USD318,662); A RISE OF 1.35 TIMES FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY OTHER SHORT TERM LIABILITIES WHICH MADE UP 63.71% (2005: 88.56%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO USD164,065 (2005: USD2,785,142). THE BREAKDOWN IS AS FOLLOWS:}

^{-THIRD PARTIES - 2006: USD24,657 (2005: USD474,431)}

^{-IMMEDIATE HOLDING CORPORATION - 2006: USD48,003 (2005: USD48,709)}

^{-RELATED PARTY - 2006: USD91,405 (2005: USD2,262,002)}

^{LIABILTIES DUE TO BANKS WERE FULFILLED IN 2006 (2005: USD268,890).}

^{SUBJECT'S LONG TERM LIABILITIES, WHICH CONSISTS OF DEFERRED INCOME TAX LIABILITIES, REMAINED AT USD13,885 DURING THE FINANCIAL YEAR UNDER REVIEW.}

^{IN ALL, LEVERAGE RATIO FELL FROM 8.36 TIMES TO 0.34 TIMES AS A RESULT OF A RISE IN TOTAL EQUITY AND A FALL IN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE SHARP RISE IN NET WORKING CAPITAL BY 1.11 TIMES TO USD818,504 (2005: USD387,158).}

^{CURRENT RATIO ROSE TO 4.18 TIMES, UP FROM 1.12 TIMES AND QUICK RATIO IMPROVED TO 4.17 TIMES FROM 1.09 TIMES IN 2005.}

^{SIMILARLY, CASH AND CASH EQUIVALENTS ROSE SHARPLY BY 1.92 TIMES TO USD1,073,557 IN 2006 (2005: USD368,023).}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 48.77% FROM USD15,526,084 IN 2005 TO USD23,098,797 AND NET PROFIT ROSE BY 35.48% TO USD431,715 (2005: USD318,662).}

^{HOWEVER, NET MARGIN FELL TO 1.87% (2005: 2.05%).}

^{THIS COULD BE DUE TO THE INCREASE IN EMPLOYEE BENEFITS BY 1.26 TIMES TO USD13,715 (2005: USD6,065), THE RENTAL ON OPERATING LEASES WHICH AMOUNTED TO USD3,563 (2005: - ), AND THE INCREASE IN OTHER EXPENSES BY 51.53% TO USD22,328,873 (2005: USD14,735,730), ALL OF WHICH COULD HAVE OFFSETTED THE INCREASE IN REVENUE.}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IN ADDITION, ITS INTEREST COVERAGE WAS HEALTHY AS SHOWN BY ITS INTEREST COVERAGE RATIO OF 4.15 TIMES (2005: 4.99 TIMES).}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 17/03/2004 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "PETROLEUM SPECIALITIES PTE. LTD."}

^{AS AT 13/11/2006, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 100,000 SHARES, OF A VALUE OF S$100,000.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) WHOLESALE OF PETROCHEMICAL PRODUCTS; TRADING IN PETROLEUM BASED PRODUCTS}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

^{DURING THE FINANCIAL YEAR(S), UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF TRADING IN PETROLEUM BASED PRODUCTS AND GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS).}

^{SUBJECT AND ITS CONTACT NUMBERS ARE NOT LISTED IN THE LOCAL DIRECTORIES. FROM OUR RESEARCH, WE ARE UNABLE TO GATHER ANY INFORMATION ON SUBJECT. HENCE, NO TRADE INFORMATION IS AVAILABLE.}

^{SUBJECT'S HOLDING AND ULTIMATE HOLDING COMPANY IS APAR INDUSTRIES LIMITED, A COMPANY INCORPORATED IN INDIA.}

^{NUMBER OF EMPLOYEES (31 MARCH)}

^{- COMPANY - 2006: NOT AVAILABLE (2005: 1 PART-TIMER)}

^{REGISTERED ADDRESS:}

^{4 SHENTON WAY}

^#08-03

^{SGX CENTRE II}

^{SINGAPORE 068807}

^{DATE OF CHANGE OF ADDRESS: 12/06/2006}

^{- ALSO YOUR PROVIDED ADDRESS}

^{- UNABLE TO CONFIRM}

^WEBSITE:

^{NOT AVAILABLE}

^EMAIL:

^{NOT AVAILABLE}

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THIS REPORT ARE:}

^{1) CHAITANYA NARENDRA DESAI, AN INDIAN}

^{- BASED IN INDIA}

^{2) GAJJALA SAI SUDHAKAR, AN INDIAN}

^{- BASED IN SINGAPORE}

^{3) KUSHAL NARENDRA DESAI, AN INDIAN}

^{- BASED IN INDIA}

Singapore’s Country Rating 2006

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE’S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR’S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

• ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.
• ONE OF ASIA’S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.
• WORKFORCE’S EDUCATION AND SKILL LEVEL IS VERY HIGH.
• A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.
• THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.
• GREAT POLITICAL STABILITY.

WEAKNESSES

• ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.
• MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES
• REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.
• AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

WHOLESALE AND RETAIL TRADE

^{PAST PERFORMANCE}

^{WITH THE GROWTH IN NON-OIL RE-EXPORTS AND THE RISE IN RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A ROBUST 15% IN 1Q2006, UP FROM THE 12% GAIN IN 4Q2005.}

^{WHOLESALE TRADE}

^{DOMESTIC WHOLESALE TRADE INDEX}

^{FOLLOWING SEVEN QUARTERS OF DOUBLE-DIGIT GROWTH, THE OVERALL DOMESTIC WHOLESALE TRADE INDEX MODERATED TO 7.5% IN 1Q2006. EXCLUDING PETROLEUM, THE INDEX ROSE BY 14.2% OVER THE SAME PERIOD LAST YEAR.}

^{AT CONSTANT PRICES, THE OVERALL INDEX DECLINED BY 4.4% IN 1Q2006 OVER 1Q2005, MAINLY DUE TO LOWER ACTIVITY IN CHEMICAL AND PETROLEUM SECTORS. EXCLUDING PETROLEUM, IT WAS 7.9% HIGHER THAN A YEAR AGO.}

^{ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 16.5% COMPARED TO 4Q2005. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.9%.}

^{FOREIGN WHOLESALE TRADE INDEX}

^{AS COMPARED TO 1Q2005, THE OVERALL FOREIGN WHOLESALE TRADE IN 1Q2006 ROSE BY 15.4%. EXCLUDING PETROLUEM, THE INDEX EXPANDED BY 11.5%.}

^{AT CONSTANT PRICES, THE OVERALL INDEX ROSE MARGINALLY BY 0.9% IN 1Q2006 OVER A YEAR AGO. EXCLUDING PETROLEUM, IT WAS UP BY 7.6%.}

^{ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 9.4% FOLLOWING GROWTH FOR THREE CONSECUTIVE QUARTERS. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.6%.}

^{THE MAJOR SECTORS MOSTLY POSTED LOWER FOREIGN SALES WITH THE EXCEPTION OF TELECOMMUNICATIONS & COMPUTERS SECTOR IN 1Q2006. THE HOUSEHOLD EQUIPMENT & FURNITURE, FOOD, BEVERAGES & TOBACCO SECTOR ALL REPORTED DECLINE IN TURNOVER OF MORE THAN 17% IN THE FIRST QUARTER OF 2006 OVER 4Q2005.}

^{RETAIL TRADE}

^{RETAIL SALES CHALKED UP 8.0% GROWTH IN 1Q2006, FELLING MARGINALLY FROM THE 8.2% GROWTH IN 4Q2005. SALES OF MOTOR VEHICLES ROSE BY 10% IN 1Q2006, HIGHER THAN THE 8.5% GAIN IN THE LAST QUARTER. EXCLUDING MOTOR VEHICLES, RETAIL SALES MODERATED TO 5.2% GROWTH, SLOWER THAN THE 7.8% RISE IN 4Q2005.}

^{ALL THE MAJOR SEGMENTS RECORDED GROWTH IN 1Q2006 OVER 1Q2005, WITH GROWTH RANGING FROM 1.6% TO 18%. THE SEGMENTS WERE TELECOMMUNICATIONS AND COMPUTERS, FOOD AND BEVERAGES, WEARING APPAREL AND FOOTWEAR, OPTICAL GOODS AND BOOKS, PROVISION AND SUNDRY SHOPS, DEPARTMENT STORES, SUPERMARKETS, MEDICAL GOODS AND TOILETRIES, RECREATIONAL GOODS, FURNITURE AND HOUSEHOLD EQUIPMENT, WATCHES AND JEWELLERY, AND PETROL SERVICE STATIONS.}

^{A ROSY OUTLOOK FOR RETAILERS}

^{RETAIL SALES IN SINGAPORE ROSE IN JUNE FOR THE 16TH STRAIGHT MONTH AS AN IMPROVING JOB MARKET AND A RISE IN TOURIST ARRIVALS INCREASED CONSUMER SPENDING.}

^{THE RETAIL SALES INDEX GREW BY 5.1% FROM A YEAR EARLIER AFTER EXPANDING BY 13.1% IN MAY. EXCLUDING MOTOR VEHICLES, RETAIL SALES GREW BY 7.8%.}

^AHEAD

^{WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE PERIOD ENDING DECEMBER 2006. THOSE DEALING IN FURNITURE & FURNISHINGS, COSMETICS & TOILETRIES, JEWELLERY & WATCHES, HOUSEHOLD ELECTRICAL APPLIANCES & EQUIPMENT, ELECTRONIC COMPONENTS, SCIENITIFIC & PRECISION EQUIPMENT, ARE AMONG THOSE WHO ARE OPTIMISTIC ABOUT THE BUSINESS OUTLOOK AHEAD.}

^{RETAILERS ALSO FORECAST BETTER BUSINESS SENTIMENTS FOR THE COMING MONTHS ENDING DECEMBER 2006, WITH A NET BALANCE OF 22%, ESPECIALLY DEPARTMENT STORES AND RETAILERS OF WEARING APPAREL AND FURNITURE & FURNISHINGS EXPECTING A POSITIVE BUSINESS OUTLOOK FROM THE YEAR-END FESTIVE SHOPPING.}

^{EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE}

^{SINGAPORE DEPARTMENT OF STATISTICS}

^TODAY

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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