MIRA INFORM REPORT

Report Date :

5^th January, 2007

IDENTIFICATION DETAILS

Name :	LYONDELL SOUTH ASIA PTE LTD

Registered Office :	250 North Bridge Road, #14-03/04, Raffles City Tower, Singapore 179101, Singapore

Country :	^Singapore

Financials (as on) :	31.12.2005

Date of Incorporation :	26.02.2000

Legal Form :	^{Pte Ltd}

Line of Business :	Manufacturer and seller of propylene oxide, propylene glycol, ethylene, propylene and polyethylene. Subject imports and exports chemical products as well as transporting chemical products to overseas.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

LYONDELL SOUTH ASIA PTE LTD

Line Of Business

MANUFACTURER AND SELLER OF PROPYLENE OXIDE, PROPYLENE GLYCOL, ETHYLENE, PROPYLENE AND POLYETHYLENE. SUBJECT IMPORTS AND EXPORTS CHEMICAL PRODUCTS AS WELL AS TRANSPORTING CHEMICAL PRODUCTS TO OVERSEAS.

Parent Company

LYONDELL ASIA PACIFIC LTD

(PERCENTAGE OF SHAREHOLDING: 100%)

Financial Elements

FY 2005

COMPANY

Sales : US$133,809,426

Networth : US$6,265,372

Paid-Up Capital : US$60,734

Net result : US$2,375,198

Net Margin(%) : 1.78

Return on Equity(%) : 37.91

Leverage Ratio : 4.94

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject
Company : LYONDELL SOUTH
ASIA PTE LTD}

^{Former
Name :
-}

^{Business
Address : 250 NORTH
BRIDGE ROAD}, ^#14-03/04, ^{RAFFLES CITY TOWER}

^{Town :
SINGAPORE}

^{Postcode : 179101}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6880 2345}

^{Fax :
6880 2377}

^{ROC
Number :
200001565W}

^{Reg.
Town : -}

SUMMARY

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

^{Legal
Form : Pte
Ltd}

^{Date
Inc. :
26/02/2000}

^{Previous
Legal Form : -}

^{Summary
year :
31/12/2005}

^{Sales :
133,809,426}

^{Networth
:
6,265,372}

^{Capital :
-}

^{Paid-Up
Capital :
60,734}

^{Employees : 20}

^{Net
result :
2,375,198}

^{Share
value : -}

^{AUDITOR :
PRICEWATERHOUSECOOPERS}

^{BASED
ON ACRA'S AS AT 15/12/2006}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED
ORDINARY 100,000 SGD 100,000.00}

^{PAID-UP
ORDINARY - SGD 100,000.00}

REFERENCES

^{Litigation : No}

^{Company
status : TRADING}

^{Started
:
26/02/2000}

PRINCIPAL(S)

^{KHOO
TONY S1173512F Director}

DIRECTOR(S)

^{ADRIAN
CHAN PENGEE S1658599H Company Secretary}

Appointed on : 01/04/2000

Street : 700 LORONG 1 TOA PAYOH, #08-02, TRELLIS TOWERS

Town : SINGAPORE

Postcode : 319773

Country: Singapore

^{YANG
CHEN-CHEN CHARLES 710073487 Director}

^{Appointed
on : 26/02/2000}

^{Street
: 2905
PARKSIDE, 88 QUEENSWAY}

^{Town : HONG
KONG}

^{Postcode :}

^{Country : Hong Kong}

^{KHOO
TONY S1173512F Director}

Appointed on : 26/02/2000

Street : 1A PINE GROVE, #08-03, PINE GROVE,

Town : SINGAPORE

Postcode : 590001

Country : Singapore

LUN CHEE LEONG S7003795E Company Secretary

Appointed on : 30/09/2004

Street : 60 LORONG 4 TOA PAYOH, #23-117

Town : SINGAPORE

Postcode : 310060

Country : Singapore

FORMER DIRECTOR(S)

^{ANG
RU-LIN S7442282I}

ACTIVITY(IES)

^{CHEMICALS
Code:3970}

^{TRADING
COMPANIES
Code:22190}

^{BASED
ON ACRA'S RECORD AS AT 15/12/2006}

^{1)
WHOLEDSALE OF CHEMICALS AND CHEMICALS PRODUCTS;} ^{TRADING OF CHEMICAL PRODUCTS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{No
Bankers Information In Our Database}

SHAREHOLDERS(S)

^{LYONDELL
ASIA PACIFIC LTD
100,000 Company}

^{Street
:
1221 MCKINNEY HOUSTON}

^{Town : USA}

^{Postcode : 77010}

^{Country : United
States}

FORMER SHAREHOLDER(S)

^{YANG
CHEN-CHEN CHARLES 1}

^{KHOO
TONY 1}

HOLDING COMPANY

^{LYONDELL
ASIA PACIFIC LTD
UF26015C % : 100}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade
Morality: AVERAGE}

^{Liquidity
: SUFFICIANT}

^{Payments
: REGULAR}

^{Trend
: LEVEL}

^{Financial
Situation: AVERAGE}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

All amounts in this report are in : USD

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

^{Date Account Lodged: 31/07/2006}

^{Balance Sheet Date: 31/12/2005 31/12/2004 31/12/2003}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY
COMPANY COMPANY}

ASSETS

^{Preliminary Exp 77,380 128,967
180,554}

^{Tangible Fixed Assets: 252,732 42,720 33,949}

^{Total Fixed Assets: 330,112
171,687 214,503}

^{Inventories: 11,110,542 15,106,504
2,838,814}

^{Receivables: 25,002,857 18,231,206
14,913,739}

^{Cash,Banks, Securitis: 566,053
1,713,936
3,405,366}

^{Other current assets: 182,480
371,458 174,871}

^{Total Current Assets: 36,861,932
35,423,104
21,332,790}

^{TOTAL ASSETS: 37,192,044 35,594,791
21,547,293}

LIABILITIES

^{Equity capital: 60,734 14,554
14,554}

^{Profit & lost Account: 6,204,638
3,875,620
-695,570}

^{TOTAL EQUITY: 6,265,372 3,890,174
-681,016}

^{L/T deffered taxes: 4,530 - -}

^{Total L/T Liabilities: 4,530 - -}

^{Trade Creditors: 28,436,484
29,344,246 19,783,224}

^{Prepay. & Def. charges: 1,552,272 1,122,220 410,699}

^{Provisions: 933,386 1,238,151
81,338}

^{Other Short term Liab.: -
- 1,953,048}

^{Total short term Liab.: 30,922,142 31,704,617 22,228,309}

^{TOTAL LIABILITIES: 30,926,672 31,704,617 22,228,309}

PROFIT & LOSS ACCOUNT

^{Net Sales
133,809,426
92,999,359
60,012,264}

^{Gross Profit: 9,401,980 10,420,943
4,188,089}

^{Result of ordinary operations -
- 411,494}

^{NET RESULT BEFORE TAX: 3,073,751
5,730,360
321,993}

^{Tax : 698,553 1,159,170
68,365}

^{Net income/loss year: 2,375,198
4,571,190
253,628}

^{Interest Paid: - 77,273 95,771}

^{Depreciation: 73,113 18,819 68,838}

^{Directors Emoluments: 238,671
269,612 148,613}

^{Purchases,Sces & Other}

^{Goods:
124,407,446
82,578,416
-}

^{Wages and Salaries: 977,876
1,467,230
-}

^{Financial Income: 57,290 11,554 6,270}

RATIOS

^{31/12/2005 31/12/2004
31/12/2003}

^{Turnover per employee:
6690471.30
4649967.95          3000613.20}

^{Net result / Turnover(%):
0.02 0.05 0.00}

^{Stock / Turnover(%):
0.08 0.16 0.05}

^{Net Margin(%):
1.78 4.92 0.42}

^{Return on Equity(%):
37.91
117.51              -37.24}

^{Return on Assets(%):
6.39 12.84 1.18}

^{Net Working capital:
5939790.00
3718487.00          -895519.00}

^{Cash Ratio:
0.02 0.05 0.15}

^{Quick Ratio:
0.83 0.63 0.82}

^{Current ratio:
1.19 1.12 0.96}

^{Receivables Turnover:
67.27 70.57 89.46}

^{Leverage Ratio:
4.94 8.15}^-32.64

^{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}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{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 IN VIEW OF}

^{THE FOLLOWING:}

^NET
WORTH:

^{THE BALANCE SHEET WAS
CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY} ^{61.06% FROM
US$3,890,174 IN FY 2004 TO US$6,265,372 IN FY 2005. THIS} ^{WAS DUE TO HIGHER
ACCUMULATED PROFIT OF US$6,204,638 (2004:} ^{US$3,875,620); A
RISE OF 60.09% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT
WAS LARGELY FINANCED BY TRADE CREDITORS} ^{WHICH MADE UP
91.96% (2004: 92.56%) OF THE TOTAL CURRENT LIABILITIES} ^{AND AMOUNTED TO
US$28,436,484 (2004: US$29,344,246). THE BREAKDOWN IS} ^{AS FOLLOWS:}

^{-THIRD PARTIES - 2005:
US$557,854 (2004: US$931,197)}

^{-ULTIMATE HOLDING
CORPORATION - 2005: US$12,409,176}

^{(2004: US$15,099,070)}

^{-RELATED CORPORATIONS -
2005: US$15,469,454 (2004: US$13,313,979)}

^{IN ALL, LEVERAGE RATIO FELL
FROM 8.15 TIMES TO 4.94 TIMES AS A RESULT} ^{OF A DECLINE IN
TOTAL LIABILITIES AND A RISE IN TOTAL EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S
LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM} ^{THE RISE IN NET
WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO} ^{ROSE TO 1.19
TIMES, UP FROM 1.12 TIMES AND QUICK RATIO IMPROVED TO} ^{0.83 TIMES FROM
0.63 TIMES IN FY 2004.}

^{SIMILARLY, NET WORKING
CAPITAL IMPROVED BY 59.74% FROM US$3,718,487 IN} ^{FY 2004 TO
US$5,939,790.}

^{CASH AND CASH EQUIVALENTS
COMPRISE OF:}

^{-CASH AT BANK - 2005: US$565,453 (2004: US$1,713,324)}

^{-CASH ON HAND - 2005: US$ 600 (2004: US$ 612)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE
OF 43.88% FROM US$92,999,359 IN FY 2004 TO} ^{US$133,809,426
BUT NET PROFIT DROPPED BY 48.04% TO US$2,375,198 (2004:} ^{US$4,571,190).
THIS COULD BE DUE TO LOWER GROSS MARGIN OF 7.03% IN FY} ^{2005 (2004:
11.21%). HENCE, NET MARGIN FELL TO 1.78% (2004: 4.92%).}

^REVENUE:

^{-GOODS - 2005:
US$133,584,975 (2004: US$92,836,829)}

^{-COMMISSION INCOME - 2005:
US$224,451 (2004: US$162,530)}

^{DEBT
SERVICING:}

^{DEBT SERVICING PROBLEMS
MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS} ^{CAN BE MAINTAINED
AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING.}

^{NON-CURRENT ASSETS:}

^{THE FOLLOWING ITEMS ARE
CLASSIFIED UNDER PRELIMINARY:}

^{-DEFERRED EXPENDITURE -
2005: US$77,380 (2004: US$128,967)}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED
IN THE REPUBLIC OF SINGAPORE ON} ^{26/02/2000 AS A LIMITED
PRIVATE COMPANY AND IS TRADING UNDER ITS} ^{PRESENT NAMESTYLE
AS "LYONDELL SOUTH ASIA PTE LTD".}

^{AS AT 15/12/2006, THE
COMPANY HAS A 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) WHOLEDSALE OF CHEMICALS
AND CHEMICALS PRODUCTS (TRADING OF}

^{CHEMICAL PRODUCTS)}

^{DURING THE FINANCIAL YEAR
UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF} ^{THE COMPANY
CONSIST OF THE TRADING AND SUPPLY OF CHEMICALS FOR} ^{INDUSTRIAL USE
AND PROVIDING ADMINISTRATIVE SERVICES TO ITS RELATED} ^{CORPORATIONS.}

^{FROM THE RESEARCH DONE, THE
FOLLOWING INFORMATION WAS GATHERED:}

^{SUBJECT ENGAGES IN THE
FOLLOWING ACTIVITIES:}

^{* MANUFACTURER AND SELLER OF
PROPYLENE OXIDE, PROPYLENE GLYCOL,} ^{ETHYLENE,
PROPYLENE AND POLYETHYLENE. SUBJECT IMPORTS AND EXPORTS} ^{CHEMICAL PRODUCTS
AS WELL AS TRANSPORTING CHEMICAL PRODUCTS TO} ^OVERSEAS.

^{BUSINESS
PARTNER:}

^{* SAIPER CHEMICALS PRIVATE
LIMITED}

^{FROM THE TELE-INTERVIEW
CONDUCTED ON 20/12/2006, THE FOLLOWING WAS} ^GATHERED:

^{NUMBER
OF EMPLOYEES:}

^{* COMPANY - 2006:
20}

^{NO OTHER TRADE INFORMATION
IS AVAILABLE ON 20/12/2006.}

^{THE COMPANY'S IMMEDIATE
HOLDING CORPORATION IS LYONDELL ASIA PACIFIC} ^{LTD, INCORPORATED
IN THE UNITED STATES OF AMERICA. THE ULTIMATE} ^{HOLDING
CORPORATION IS LYONDELL CHEMICAL COMPANY, WHICH IS ALSO} ^{INCORPORATED IN
THE UNITED STATES OF AMERICA.}

^{NUMBER
OF EMPLOYEES (31 DECEMBER):}

^{* COMPANY - 2005: NOT
AVAILABLE (2004: 13; 2003: 14)}

^{* GROUP - 2005:
- (2004: -)}

^{REGISTERED
AND BUSINESS ADDRESS:}

^{250 NORTH BRIDGE ROAD}

^{#14-03/04 RAFFLES CITY TOWER}

^{SINGAPORE 179101}

^{- DATE OF CHANGE OF ADDRESS:
09/05/2005}

^WEBSITE:

^{http://www.lyondell.com}

^EMAIL:

MANAGEMENT

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

^{1) YANG CHEN-CHEN CHARLES,
AN AMERICAN}

^{- BASED IN HONG KONG.}

^{2) KHOO TONY, A SINGAPOREAN}

^{- HOLDS NO OTHER
DIRECTORSHIP IN OUR DATABASE.}

Singapore’s Country Rating 2006

Rating: A1

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.

MANUFACTURING SECTOR

SINGAPORE'S MANUFACTURING SECTOR, WHICH MAKES UP ABOUT A QUARTER OF SINGAPORE’S ECONOMY, EXPANDED 22.5 PERCENT FROM JUNE LAST YEAR, MORE THAN TWICE THE 10.6 PER CENT PACE IN MAY. THIS WAS LED BY A SURGE IN DRUGS AND SEMICONDUCTOR OUTPUT, AND CONTINUED STRENGTH IN RIG-BUILDING. THE SURPRISINGLY STRONG JUNE NUMBERS MEAN THAT IN THE APRIL-TO-JUNE QUARTER, MANUFACTURING OUTPUT JUMPED 12.5 PER CENT.

TOTAL MANUFACTURING OUTPUT EXPANDED BY 20 PER CENT IN THE FIRST QUARTER

OF 2006, IMPROVING FROM THE 14 PER CENT GROWTH IN THE PREVIOUS QUARTER.

ALL CLUSTERS, EXCEPT CHEMICALS AND GENERAL MANUFACTURING, RECORDED DOUBLEDIGIT GAINS IN THE QUARTER. EXCLUDING THE BIOMEDICAL MANUFACTURING CLUSTER, MANUFACTURING OUTPUT GREW BY 15 PER CENT.

INDUSTRY CLUSTER	% GROWTH IN JUNE (YEAR-ON-YEAR)	% GROWTH IN APRIL-TO-JUNE QUARTER (YEAR-ON-YEAR)	% GROWTH IN FIRST HALF OF 2006 (YEAR-ON-YEAR)
BIOMEDICAL MANUFACTURING	59.4	15.6	29.6
TRANSPORT ENGINEERING	30.4	29.4	34.2
PRECISION ENGINEERING	15.4	10.6	12.4
ELECTRONICS	10.3	9.8	12.6
GENERAL MANUFACTURING	8.1	4.6	5.1
CHEMICALS	3.4	5.4	4.1
TOTAL	22.5	12.5	16.4

SOURCE: ECONOMIC DEVELOPMENT BOARD

PERFORMANCE BY CLUSTER

THE CHEMICALS CLUSTER REGISTERED A MODEST INCREASE OF 2.2 PER CENT IN THE FIRST QUARTER, ALMOST UNCHANGED FROM THE GROWTH IN THE QUARTER EARLIER. THE PETROLEUM SEGMENT DIPPED 0.8 PER CENT AS WEAKER DEMAND LED TO LOWER CRUDE OIL THROUGHPUT IN REFINERIES. SOME REFINERIES ALSO SHUT DOWN SOME OF THEIR DISTILLATION PLANTS FOR MAINTENANCE. HOWEVER, THE PRODUCTION OF SPECIALTY CHEMICALS ROSE 7.3 PER CENT WHILE THE PETROCHEMICALS SEGMENT GREW 2.7 PER CENT.

BUSINESS EXPECTATIONS FOR JULY TO DECEMBER 2006

IN THE CHEMICALS CLUSTER, A NET WEIGHTED 12 PER CENT OF MANUFACTURERS FORESEES BETTER BUSINESS PROSPECTS. THE PETROLEUM REFINING SEGMENT PROJECTS HIGHER THROUGHPUT AS THE REFINERIES CAPITALISE ON SHORTAGES ARISING FROM PLANNED REGIONAL PLANT MAINTENANCE. MANUFACTURERS IN THE PETROCHEMICALS SEGMENT FORESEE MORE STOCKING UP ON FINISHED GOODS IN THE SECOND QUARTER OF THE YEAR, IN ANTICIPATION OF SOME MAINTENANCE SHUTDOWNS IN JULY AND AUGUST. IN THE SPECIALTIES AND OTHER CHEMICALS SEGMENTS, OUTPUT AND ORDERS FOR THE SECOND QUARTER ARE EXPECTED TO INCREASE FOLLOWING THE SEASONAL LOW IN THE LAST QUARTER.

EXTRACTED FROM:

CHANNELNEWSASIA

ECONOMIC DEVELOPMENT BOARD (EDB)

MINISTRY OF TRADE AND INDUSTRY (MTI)

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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