MIRA INFORM REPORT

Report Date :

09.01.2007

IDENTIFICATION DETAILS

Name :	ROMACO S.R.L.
Registered Office :	Via Marzabotto Fraz. Rastignano, 5 Rastignano 40065 – Pianoro (BO)
Country :	Italy
Financials (as on) :	31.12.2005
Date of Incorporation :	13/02/1991
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of metallic packing and other thin sheet articles. Manufacture and installation of automatic machines for dosage and packaging.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	62.000 - Eur
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Name

ROMACO S.R.L.

address

Via Marzabotto Fraz. Rastignano, 5 Rastignano

40065 - Pianoro (BO) -IT-

SUMMARY

Legal Form	:	Limited liability company
Start of Activities	:	13/02/1991
Patrimonial Consistence	:	25.000 Eur
Turnover Range	:	1.500.000/2.000.000 Eur
Number of Employees	:	from 1 to 5
Group	:	Romaco

CREDIT ANALYSIS

CREDIT OPINION

:

62.000 - Eur

ACTIVITY

Manufacture of metallic packing and other thin sheet articles.

Manufacture and installation of automatic machines for dosage and packaging.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 01681340152

Foreign Trade Reg. no. : 018706 of Bologna since 10/01/1992

Chamber of Commerce no. : 335220 of Bologna since 07/06/1991

Chamber of Commerce no. : 178102 of Lucca

Chamber of Commerce no. : 1525045 of Milano

Firms' Register : BO006-56964 since 19/02/1996

Foundation Date	: 10/08/1972
Establishment Date	: 10/08/1972
Start of Activities	: 13/02/1991
Legal Duration Date	: 31/12/2100
Nominal Capital	: 15.600	Eur
Subscribed Capital	: 15.600	Eur
Paid up Capital	: 15.600	Eur

MEMBERS

Manteo

Roberto

Born in BOLOGNA

on 06/07/1967

- Fiscal Code : MNTRRT67L06A944I

Residence :

Via

A.E.O. GULLINI

, 10

- 40050

Monte San Pietro

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/11/2003
Procurator	09/05/2001

No Protests registered.

Naldi

Giuseppino

Born in MONGHIDORO

on 12/07/1955

- Fiscal Code : NLDGPP55L12F363L

Residence :

Via

DEI PINI

, 3

- 40065

Pianoro

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/11/2003
Assistant board Chairman	28/11/2003
Managing Director	28/11/2003

POLAZZO

MARCO MARIA

Born in MILANO

on 22/09/1969

- Fiscal Code : PLZMCM69P22F205T

Residence :

Via

AIROLO

, 36

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/01/2002

LANTERI

EZIO

Born in TRIORA

on 08/02/1949

- Fiscal Code : LNTZEI49B08L430E

Residence :

Via

KENNEDY

, 20

- 30027

San Dona' di Piave

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/11/2003

ZANNINI

ALESSANDRO

Born in FERRARA

on 02/12/1967

- Fiscal Code : ZNNLSN67T02D548Q

Residence :

Via

PORTA ROMANA

, 25

- 44100

Ferrara

(FE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	15/10/2004

MASIERO

ALBERTO

Born in SAN DONA' DI PIAVE

on 23/08/1967

- Fiscal Code : MSRLRT67M23H823K

Residence :

Via

JESOLO

, 11

- 30027

San Dona' di Piave

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	22/01/2003

NUCCI

FRANCESCO

Born in LUCCA

on 28/07/1964

- Fiscal Code : NCCFNC64L28E715D

Residence :

Via

VECCHI PARDINI

, 476B

- 55100

Lucca

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/11/2003
Managing Director	28/11/2003

WALLACE

PETER CAMPBELL

Born in MILWAUKEE

on 12/07/1954

- Fiscal Code : WLLPRC54L12Z404C

Residence :

Via

MARZABOTTO

, 5

- 40100

Bologna

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	03/02/2005
Board Chairman	03/02/2005

COMPANIES CONNECTED TO MEMBERS *

*checkings have been performed on a national scale.

*In this module are listed the companies in which members hold or held positions.

Manteo

Roberto

Company Style	Legal Seat	Fiscal Code	Position	Firm Status
MANTEO ROBERTO	Bologna (BO) - IT -	MNTRRT67L06A944I	Proprietor	Ceased

Naldi

Giuseppino

Company Style	Legal Seat	Fiscal Code	Position	Firm Status
PROMATIC-ITALIA S.R.L.	Pianoro (BO) - IT -	03560100376	Chairman	Ceased
PROMATIC - STUDIO TECNICO PROGETTAZIONE E RICAMBI - DI NALDI GIUSEPPINO E C.- S.	PIANORO (BO) - IT -		General Partner	Ceased
R E M GLASS S.R.L.	- -	05064791006	Director	Ceased
SIN S.R.L.	Pianoro (BO) - IT -	04156460372	Sole Director	Registered
MACINA SOCIETA' A RESPONSABILITA' LIMITATA	- -	02212241208	Sole Director	Ceased
ROBBINS E MYERS ITALIA S.R.L.	Pianoro (BO) - IT -	02291691208	Director	Registered

The indication "REGISTERED" as Firm Status could referred to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

CAPITAL SHAREHOLDERS

Style / Name	Seat / Address	Fiscal Code	Owned Shares	% of Ownership
ROBBINS E MYERS ITALIA S.R.L.	Pianoro - IT -	02291691208		99,65
ROMACO HOLDING LIMITED				0,35

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership
MACINA SOCIETA' A RESPONSABILITA' LIMITATA		02212241208	10.000 .Eur	100,00

STRUCTURE AND COMPANY ACTIVITY

In order to carry out its activities the firm uses the following locations:

-

Legal and operative seat

in :

Via

Marzabotto Fraz. Rastignano

, 5 Loc. Rastignano

- 40065 -

Pianoro

(BO)

- IT -

PHONE

: 051/6202511

FAX	: 051/6202911

-

Branch

(Factory )

since 10/12/1996

in :

Via

Nazionale Fraz. Rastignano

, 55/11 Loc. Rastignano

- 40065 -

Pianoro

(BO)

- IT -

PHONE

: 051/744817

-

Branch

(Factory )

since 10/12/1996

in :

Via

Podere La Vigna

, 9

- 20019 -

Settimo Milanese

(MI)

- IT -

Trading Style: Unipac

-

Branch

(Factory )

since 28/12/2000

in :

Via

Magenta

, 77

- 20017 -

Rho

(MI)

- IT -

-

Branch

(Factory )

since 23/08/2002

in :

Via

Della Contea

, 24

- 55015 -

Montecarlo

(LU)

- IT -

Trading Style: Divisione Zanchetta

PHONE

: 0583/2171

-

Branch

(Production engineering department )

since 01/09/2001

in :

Via

Bellini Fraz. Rastignano

, 22/4 Loc. Rastignano

- 40065 -

Pianoro

(BO)

- IT -

Employees

: 1

Fittings and Equipment

for a value of 271.000

Eur

Stocks

for a value of 9.761.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

The company sells mainly to wholesalers.

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- its own sales net-work

- its own agents

Export is mainly towards:

- Francia

- Belgio

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Changes to the legal form

Former legal form	New legal form	Changement Date
Joint stock company	Limited liability company	01/10/2002

Company Style modifications

Former Style	New Style	Changement Date
Costruzioni Elettromeccaniche Montarioso SpA	Romaco SpA	03/12/1991
Romaco SpA	Romaco Srl	01/10/2002

Ex-Members / Ex-Positions

Marcheschi

Vittoriano

Born in CAPANNORI

on 21/03/1955

- Fiscal Code : MRCVTR55C21B648A

Residence :

Via

S.GENNARO

, 40

- 55012

Capannori

(LU)

- IT -

Position

Director

Bertaglio

Silverio

Born in Trezzo Sull'Adda

on 28/02/1955

- Fiscal Code : BRTSVR55B28L411G

Residence :

Via

Isonzo

, 12

- 20056

Trezzo sull'Adda

(MI)

- IT -

Position

Procurator

Pirazzoli

Carlo

Born in Bologna

on 05/02/1964

- Fiscal Code : PRZCRL64B05A944A

Residence :

Via

Franceschini

, 13

- 40100

Bologna

(BO)

- IT -

Position

Procurator

Oates

Richard Jonn

Born in Alton

on 22/10/1948

- Fiscal Code : TSORHR48R22Z114F

Position

Director

Formiglio

Roberto

Born in FOGGIA

on 30/09/1965

- Fiscal Code : FRMRRT65P30D643S

Residence :

Via

RIZZOLI - GALL. DEL LEONE

, 9 - 1

- 40100

Bologna

(BO)

- IT -

Position

Temporary Auditor

Naldi

Giuseppino

Born in MONGHIDORO

on 12/07/1955

- Fiscal Code : NLDGPP55L12F363L

Residence :

Via

DEI PINI

, 3

- 40065

Pianoro

(BO)

- IT -

Position

Board Chairman

Ercolini

Pier Giorgio

Born in Fivizzano

on 01/09/1955

- Fiscal Code : RCLPGR55P01D629T

Residence :

Via

Roma

, 22

- 54013

Fivizzano

(MS)

- IT -

Position

Attorney with special power

Galluzzo

Iano

Born in Pozzuolo Del Friuli

on 17/07/1946

- Fiscal Code : GLLNIA46L17G966R

Residence :

Via

Nodari

, 40/20

- 33100

Udine

(UD)

- IT -

Position

Attorney with special power

BERGMANN

KARL HEINZ

Born in LANDEGGE J HAREN/EMS

on 15/05/1944

- Fiscal Code : BRGKLH44E15Z112Q

Residence :

Via

MARZABOTTO

, 5

- 40065

Pianoro

(BO)

- IT -

Position

Director

Board Chairman

Former seats

-

Branch

(Factory )

since 31/12/1997

until 28/09/1998

Via

Serrabella

- 40065

- Pianoro

(BO)

- IT -

The firm absorved

PROMATIC-ITALIA S.R.L.

Via

NAZIONALE

, 55/9

, 40065

, Pianoro

(BO)

- IT -

Fiscal Code: 03560100376

Date

:

10/12/1996

The firm absorved

UNIPAC SISTEMI SRL

, 20017

, Rho

(MI)

- IT -

Fiscal Code: 11509350150

Date

:

10/12/1996

The firm absorved

MACOFAR S.R.L.

Via

Nazionale

, 55

, 40065

, Pianoro

(BO)

- IT -

Fiscal Code: 00708650379

Date

:

10/12/1997

The firm absorved

LAETUS SISTEMI SRL

Via

BUZZI

, 4

, 20017

, Rho

(MI)

- IT -

Fiscal Code: 10297540154

Date

:

21/12/2000

The firm absorved

MACINA SOCIETA' A RESPONSABILITA' LIMITATA

Fiscal Code: 02212241208

Date

:

25/07/2002

The firm absorved

ZANCHETTA E C. - S.R.L.

Via

DELLA CONTEA

, 24

, 55015

, Montecarlo

(LU)

- IT -

Fiscal Code: 00431310465

Date

:

25/07/2002

PAYMENTS ANALYSIS

The average term of debts to suppliers is shorter than the sector one.

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

During last Year, the subject of inquiry has not been monitored by our company.

PROTESTS

Protests checking on the subject firm has given a negative result.

LEGAL PROCEDURES

None reported, standing to the last received edition of the Official Publications.

BANKERS

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCO DI ROMA BOLOGNA

IMMOVABLES *

*No specific (mortgage/cadastrial registrations) inspections have been requested.

Immovable Type	Value
Real estates	6.101.666 .Eur

NB.: For Capital Companies the value of the Immovables is the one reported in the last available financial documents.

FINANCIAL AND ECONOMICAL ANALYSIS

The company is active since 1991

Unstable economic results mark the company's financial state of affairs. with a negative economic result in the last financial year. Business volume is falling in the last financial year.

The return on investment in the last financial year was negative (-132%).

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2005 is in fact 0,7

Bank exposure is limited and the suppliers' credit is modest too, 30,63 gg. is the payment average period which is also lower than the sector average.

The management determines a good range of liquidity.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	1.831.099	filed balance sheet
Profit (Loss) for the period	-24.785	filed balance sheet

Complete balance-sheet for the year as at

31/08/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	37.336.094	filed balance sheet
Profit (Loss) for the period	-7.875.391	filed balance sheet

Complete balance-sheet for the year as at

31/08/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	46.486.752	filed balance sheet
Profit (Loss) for the period	-3.733.153	filed balance sheet

Complete balance-sheet for the year as at

31/08/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	26.007.907	filed balance sheet
Profit (Loss) for the period	-1.000.531	filed balance sheet

Complete balance-sheet for the year as at

31/12/2001

(in Eur

x 1 )

Item Type	Amount	Source
Sales	31.822.524	filed balance sheet
Profit (Loss) for the period	103.291	filed balance sheet

BALANCE SHEETS

From our constant monitoring of the Public Administration, actually, no more recent balance sheets result to be filed.

Balance Sheet as at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1

Balance Sheet as at 31/08/2004 - Months 12 - Currency Eur - Amounts x 1

Years		2005	2004
	BALANCE SHEET ACCOUNTS
.
ASSETS
CREDITS TO SHAREHOLDERS
FIXED ASSETS ( NET )		189	7.814.892
. Intangible assets			645.893
. Tangible fixed assets		189	6.557.631
. . Land and buildings			6.101.666
. . Plants, Equipm.and Machinery			270.796
. Long-term Investments			611.368
. . Financial loans			611.368
. . Own shares
CURRENT ASSETS		57.851	20.968.337
. Stock			9.761.098
. Credits		45.499	11.142.679
. . Credits to clients		37.611	10.588.353
. . Other credits		7.888	554.326
. Short-term financial assets
. Liquid assets		12.352	64.560
ACCRUED INCOME-DEFERR. ASSETS		118	117.040
TOTAL ASSETS		58.158	28.900.269
.
LIABILITIES
NET WORTH		22.529	-5.580.508
. Company's capital		15.600	2.580.000
. Reserves		31.714	200.705
. Reserves company's own shares
. Retained profits (losses)			-485.822
. Profit (loss)		-24.785	-7.875.391
PROVISION CHARGES ACCOUNTS		4.686	1.837.736
STAFF TERM INDEMNITY		2.813	2.460.160
DEBTS		28.130	30.131.696
. Financial M/L terms
. . Financial M/L term banks
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts			16.555.762
. . Financial short-term banks			96.796
. . Financial short-term bonds
. . Other financial short-term debts			16.458.966
. M/L term debts to suppliers
. Short-term debts to suppliers		23.570	8.559.828
. Sundry M/L debts
. Sundry short-term debts		4.561	5.016.106
ACCRUED COSTS DEFERR. LIABILITIES			51.185
TOTAL LIABILITIES		58.158	28.900.269
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		213.685	36.500.116
. Revenues from sales/services		1.831.099	37.336.094
. Change of stock (products)		-1.617.415	-1.713.728
OPERATING EXPENSES		290.459	41.483.059
. Purchasing expenses			15.959.451
. Change of stock (raw material)			1.009.871
. Expenses from services		276.916	10.562.928
. Expenses from leasing			712.345
. General expenses/sundry charges		900	991.447
. Staff expenses		12.483	11.287.819
. Depreciation/Devaluation costs		160	959.198
FINANCIAL REVENUES (CHARGES)		-255	-624.604
. Financial charges		-257	-655.170
. Financial revenues		2	30.566
FINANCIAL ASSETS CORRECTION			-1.345.516
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		52.244	-492.142
PROFIT (LOSS) FOR THE PERIOD		-24.785	-7.445.205
TAX			430.186
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		-24.785	-7.875.391

RATIOS	Item	O.V.	O.V.	as at 31/12/2005	as at 31/08/2004	Sector Average
Fixed assets ratio	Units	=> 1	l	134,07	n.c.	1,95
Net Short-term indebtedness	Units	- 1	l	0,70	n.c.	3,26
Current ratio	Units	=> 1	l	2,05	0,69	1,24
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	2,05	0,37	0,90
Return on Sales	%		l	- 1,34	- 18,52	3,29
Average stock waiting period	dd		l	n.c.	94,10	60,38
Credits to clients average term	dd		l	7,38	102,06	123,38
Debts to suppliers average term	dd		l	30,63	113,11	160,00
Net financial revenues/ charges incidence	%		l	- 0,01	- 1,67	- 0,92
Labour cost incidence	%		l	0,68	30,23	20,45

O.V. = Optimal Value. When not present refer to the sector's.

A coloured item indicates the opinion of the rate during the last financial year

(green=good; orange=not optimal; red=insufficient; n.c.=not computable)

FURTHER INFORMATION

The Romaco group is an ensemble of companies that produce a complete and integrated range of machines for the pharmaceutical sector and like areas( nutraceutical, diagnostic and cosmetic).

Their offer cover all the steps of manufacturing process, from filling and dosing, packaging and printing, handling and controlling, for the product of liquid, solid and creamy compounds.

From the analyses of the problem to the projects, up to the supply of the machine or the complete line, the Romaco staff is supported by an organisation focused on service that can draw on specific skills in engineering and post sales service.

Their presence worldwide is guaranteed by 16 now divisions but form distribution companies that ensure a direct link with local areas in all the main European countries, including Russia, as well as in strategic areas of North and South America, Australia and Far East (China):

* Bosspak (pill producing and liquid filling lines)

* FrymaKoruma ( homogenizers, emulsioners, grinders, deaereators and complete processing system)

* Hapa ( on line printing, safety printing, printing of material and packaging)

* Horn ( tablet process machines for pills)

* Index ( capsule filling machines)

* IPM ( prefabricated modular units for production and packaging)

* Laetus ( on-line packaging control devices)

* Macofar ( capsule fillers and weighers, aseptic powder fillers, complete sterile lines)

* Noack ( blistering machines)

* Promatic ( cartoning and case packing machines)

* Siebler ( strip packaging, wrapping and packaging blisters)

* Unipac ( tube-filling machines)

* Zanchetta ( mixers, calibrators, granulators, dryers and solid handling system).

From 1 September 2001 Romaco has become part of Robbins E Meyers Inc. , through the italian Robbins E Meyers Italia Srl ( fiscal code 02291691208 - Rea no. 427780) .

In the last ten years Romaco has enjoyed an average annual growthrate of over 22%, bearing witness to success and consensus for a strategy that clearly focuses on the cosmetics and pharmaceutical markets.

The further growth of Romaco would have required levels of capital investment difficult to keep up for a private company . Now, along with Robbins E Meyers, Romaco will benefit from the access to capital that guarantees product development plans both internally and by way of new purchases.

Romaco operates inside Robbins E Meyers as a separate business unit, keeping its current management and working structure, this in order not to interrupt its strategic growth or affect its technological innovation and market approach strategies.

As regards the financial situation of the company at issue relating to the year 2004 they registered an high loss caused which was covered by a money transfer equal to 8.399.160 € secured by the mother company.

Robbins E Meyers set up a cost reduction program by taking out significant costs by consolidating facilities, increasing production at their existing low cost facilities in India and China, and reducing personnel to eliminate redundancies. As part of this cost reduction program, the Company expects to expense money to restructure the Pharmaceutical business. These costs are primarily related to

severance costs.

Romaco helds holdings in these following foreign companies:

Rodic S.A. De C.V. , mexican business branch of the group

Romaco machinery S.A., a spanish business company which takes care of sales in Spain and Portugal

Romaco Ltd a chinese commercial company

Romaco S.A. in Argentina

Romaco do Brasil Ltda

Romaco S.A. in Colombia.

CREDIT OPINION DETERMINATION

The credit opinion determination is divided into two phases :

1) Risk analysis (Score).

2) Reliability score identification.

RELIABILITY SCORE

Considering also subject's structural and behavioural characteristics its credit margin rate (from 0 to 100%) is equal to 85%, in respect of a sector average of 51%.

CREDIT OPINION

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

62.000 .Eur.

REMARKS

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

MARKET / TERRITORY DATA

Population living in the province	:	944.297
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

Monthly family expenses average in the region (in Eur.) :

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

SECTOR DATA

The values are calculated on a base of 1.219 significant companies.

The companies cash their credits on an average of 123 dd.

The average duration of suppliers debts is about 160 dd.

The sector's profitability is on an average of 3,29%.

The labour cost affects the turnover in the measure of 20,45%.

Goods are held in stock in a range of 60 dd.

The difference between the sales volume and the resources used to realize it is about 1,22.

The employees costs represent the 21,13% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 3.720.

The insolvency index for the region is 0,46, while for the province it is 0,40.

Total Bankrupt companies in the province : 4.335.

Total Bankrupt companies in the region : 14.698.

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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