MIRA INFORM REPORT

Report Date :

19.08.2008

IDENTIFICATION DETAILS

Name :	COMERCIO E INDUSTRIA FARMOS LTDA.
Registered Office :	Rua Souto Carvalho,52 P. O. Box 3212 - Engenho Novo
Country :	Brazil
Financials (as on) :	31.12.2006
Date of Incorporation :	11.04.1946
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of Chemical and Pharmaceutical 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 :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

name of the company

COMERCIO E INDUSTRIA FARMOS LTDA.

ADDRESSES

MAIN ADDRESS:	RUA SOUTO CARVALHO,52 P. O. BOX 3212 - ENGENHO NOVO
ZIP CODE/CITY:	20950-310 - RIO DE JANEIRO/RJ
PHONE:	21 2501-8852
FAX:	21 2501-8852
E-MAIL:	farmos@infolink.com.br
WEB SITE:	www.farmosquimicafina.com.br

BRANCHES:
ADDRESS:	RUA JOSE DE NEVES,639
ZIP CODE/CITY:	SÃO PAULO/SP
ADDRESS:	RUA BRUNO SEABRA,261
ZIP CODE/CITY:	RIO DE JANEIRO/RJ
ADDRESS:	RUA BRUNO SEABRA,233
ZIP CODE/CITY:	RIO DE JANEIRO/RJ

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF CHEMICAL AND PHARMACEUTICAL PRODUCTS.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	11/04/1946
REGISTER DATE:	11/04/1946
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	33.152.646/0001-43
STATE REGISTER:	81.735.263
SHARE CAPITAL:	R$ 1.870.000,00

BOARD OF DIRECTORS:
JOSÉ DE SOUZA CANTALICE	MANAGER

AUTHORIZED USE OF SIGNATURE

THE MANAGER IS AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
JOSÉ DE SOUZA CANTALICE	R$ 1.533.400,00
DULCINEIDE MUNIZ DE MELO	R$ 336.600,00

AFFILIATES / SUBSIDIARIES:
HERCULES INDÚSTRIA E COMÉRCIO LTDA	100,00%

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON APRIL 11, 1946 AS HOSPITALAR FARMOS LTDA. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON FEBRUARY 19, 1976 IT ADOPTED THE ABOVE MENTIONED NAME.

FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN.

REMARKS:

--------

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MR. CLAUDIO, FINANCIAL DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED.

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR DATABASE AND OFFICIAL RECORDS. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES USUALLY INVESTIGATED.

PUBLIC RECORDS INFORMATION:

LAWSUITS:
	DATE:	COURT OF LAW:

4

FEDERAL LAWSUITS

16/04/04

2ª. VARA DE RJ-RIO DE JANEIRO

FINANCIAL INFORMATION

GENERAL BALANCE SHEETS AS OF 31/12/2006, 31/12/2005 AND 31/12/2004.

( FIGURES ARE IN REAIS ).

ASSETS
CURRENT:	31/12/2006	31/12/2005	31/12/2004
CASH	3.291,17	1.029,13	7.029,55
BANKS	38.478,56	7.466,74
INVESTMENTS	32.723,45	40.380,11
CLIENTS	1.112.509,20	609.370,37	579.010,36
DISCOUNTED NOTES	-707.539,74	-401.508,98	-481.615,79
INVENTORY	2.187.991,60	1.695.986,96	1.475.417,38
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	2.667.454,24	1.952.724,33	1.579.841,50

FIXED ASSETS:
INVESTMENTS	1.224.712,69	964.649,87	964.649,87
FIXED ASSETS	1.542.347,90	1.529.867,90	1.508.850,90
	----------------	----------------	----------------
TOTAL FIXED ASSETS	2.767.060,59	2.494.517,77	2.473.500,77
	================	================	================
TOTAL ASSETS	5.434.514,83	4.447.242,10	4.053.342,27

LIABILITIES:
CURRENT:	31/12/2006	31/12/2005	31/12/2004
SUPPLIERS	345.058,43	181.735,71	184.483,96
IMPORTS PAYABLE	295.089,85	277.637,75	186.665,00
MUTUAL CONTRACT	648.919,18	520.013,13	454.013,13
LOANS AND FINANCING	135.012,31	17.024,84	99.931,16
CURRENT ACCOUNT	58.900,00	33.700,00	5.720,00
ACCOUNTS PAYABLE	10.999,32	5.012,24	3.079,20
TAX LIABILITIES	294.722,41	206.574,84	213.902,19
SALARIES PAYABLE	17.313,47	23.794,68	20.862,16
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1.806.014,97	1.265.493,19	1.168.656,80

NET EQUITY:
SHARE CAPITAL	1.870.000,00	1.870.000,00	1.870.000,00
CAPITAL RESERVES	750.248,85	450.248,85	450.248,85
ACCRUED PROFIT (LOSS)	561.500,06	564.436,62	474.471,70
PROFIT (LOSS) OF PERIOD	446.750,95	297.063,44	89.964,92
	----------------	----------------	----------------
TOTAL NET EQUITY	3.628.499,86	3.181.748,91	2.884.685,47
	================	================	================
TOTAL LIABILITIES	5.434.514,83	4.447.242,10	4.053.342,27

PROFIT AND LOSS ACCOUNTS AS OF 31/12/2006, 31/12/2005 AND 31/12/2004.

( FIGURES ARE IN REAIS ).

	31/12/2006	31/12/2005	31/12/2004
GROSS SALES	13.379.982,79	7.344.016,93	6.617.382,13
(-) TAXES ON SALES	3.145.941,69	1.436.247,36	1.242.576,28
	----------------	----------------	----------------
NET SALES	10.234.041,10	5.907.769,57	5.374.805,85
(-) COST OF SOLD GOODS	4.458.429,30	2.440.024,65	2.141.997,94
	----------------	----------------	----------------
GROSS PROFIT	5.775.611,80	3.467.744,92	3.232.807,91
OPERATING REVENUE (EXPENSE)	-4.036.351,91	-2.197.720,12	-2.139.770,80
FINANCIAL REVENUE(EXPENSE)	-1.292.508,94	-972.961,36	-1.003.072,19
	----------------	----------------	----------------
OPERATIONAL PROFIT (LOSS)	446.750,95	297.063,44	89.964,92
	----------------	----------------	----------------
NET PROFIT (LOSS)	446.750,95	297.063,44	89.964,92

MONTHLY SALES
	2006
	---------------------
JANUARY	R$ 774.229,78
FEBRUARY	R$ 690.219,77
MARCH	R$ 770.328,54
APRIL	R$ 807.039,24
MAY	R$ 839.704,27
JUNE	R$ 791.017,24
JULY	R$ 757.998,71
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
TOTAL	R$ 5.430.537,55

RATIOS:

31/12/2006

31/12/2005

31/12/2004

QUICK RATIO	,27		,20		,09
CURRENT RATIO	1,48		1,54		1,35
ACCOUNTS RECEIVABLE TURNOVER	9,20	TIMES	9,69	TIMES	9,28	TIMES
DAYS' SALES IN RECEIVABLES	39,13	DAYS	37,13	DAYS	38,78	DAYS
INVENTORY TURNOVER	2,04	TIMES	1,44	TIMES	1,45	TIMES
ACCOUNTS PAYABLE PERIOD	27,86	DAYS	26,81	DAYS	31,01	DAYS
RETURN ON ASSETS	1,88	TIMES	1,33	TIMES	1,33	TIMES
SALES TURNOVER ON NET EQUITY	2,82	TIMES	1,86	TIMES	1,86	TIMES
NET WORTH TIE-UP	,43		,48		,52
INDEBTEDNESS	,50		,40		,41
EQUITY RATIO	66,77	%	71,54	%	71,17	%
WORKING CAPITAL RATIO	47,70	%	54,31	%	35,18	%
GENERAL SOLVENCY	3,01		3,51		3,47
RETURN ON NET EQUITY	12,31	%	9,34	%	3,12	%
RETURN ON SALES (PROFIT MARGIN)	4,37	%	5,03	%	1,67	%
GROSS PROFIT MARGIN	56,44	%	58,70	%	60,15	%
OPERATIONAL RESULT	4,37	%	5,03	%	1,67	%
SALES TURNOVER ON LIABILITIES	5,67	TIMES	4,67	TIMES	4,60	TIMES
FOREIGN CURRENCY ON ASSETS
FOREIGN CURRENCY ON LIABILITIES

EXCHANGE RATE:
US$ 1,00 = R$ 1,77	- OFFICIAL RATE ON 31/12/2007
US$ 1,00 = R$ 2,13	- OFFICIAL RATE ON 31/12/2006
US$ 1,00 = R$ 2,34	- OFFICIAL RATE ON 31/12/2005
US$ 1,00 = R$ 2,65	- OFFICIAL RATE ON 31/12/2004
US$ 1,00 = R$ 1,63	- OFFICIAL RATE ON 15/08/2008

COMMENTS ON THE FINANCIAL INFORMATION:

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

THE FIGURES AVAILABLE SHOW GOOD FINANCIAL STANDING. IT IS NOTED GOOD CURRENT RATIO AND POSITIVE WORKING CAPITAL AMOUNT, LOW LEVEL OF INDEBTEDNESS AS WELL AS GROWING SALES AND PROFITABILITY.

REMARKS:

--------

A REQUEST FOR UPDATED DATA HAS BEEN SENT TO THE COMPANY. PROVIDED THE DATA REQUESTED ARE RECEIVED FROM THE SUBJECT A COMPLEMENTARY REPORT WILL BE SEND TO YOUR ATTENTION.

REAL ESTATE:

OWNED PREMISES ARE VALUED AT R$ 589.250,40

VEHICLES:

OWNED VEHICLES ARE VALUED AT R$ 201.063,06

MACHINES:

OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 617.494,18

INSURANCE

NOT AVAILABLE.

BANKING REFERENCES

	BRANCH/PHONE:	CITY:
BANCO BRADESCO S/A	MEYER / 21 289-9932	RIO DE JANEIRO/RJ
BANCO DO BRASIL S/A	CINELÂNDIA / 21 272-6401	RIO DE JANEIRO/RJ
BICBANCO S/A	ASSEMBLÉIA / 21 292-7744	RIO DE JANEIRO/RJ

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK"). DATE RESEARCHED AUGUST 15, 2008.

ACTIVITIES COMMENTS

THE SUBJECT IS ENGAGED IN THE MANUFACTURE OF CHEMICAL AND PHARMACEUTICAL PRODUCTS.

IMPORT AND EXPORT:

IMPORTS FROM:

GERMANY, SWITZERLAND AND CHINA.

EXPORTS TO:

NOT DISCLOSED.

MAIN CLIENTS:
DOMESTIC CLIENTS:	PHONE:
BAYER S/A	11 524-5166
LABORATÓRIOS GROSS S/A	21 597-3112
M. CASSAB COMERCIO E INDÚSTRIA LTDA	11 522-7788
PRODUTOS FARMACÊUTICOS MILLET ROUX
PRODUTOS ROCHE QUÍMICOS E FARMACEUTICOS S/A	21 348-2110
SANOFI WINTHROP FARMACÊUTICA LTDA	21 369-1500
SERVIER DO BRASIL LTDA	21 597-2832
SMITHKLINE BEECHAM

STAFF:

THE COMPANY HAS: 33 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY IN BUSINESS SINCE 1946. SO FAR IT IS NOTED A CLEAR TRADE HISTORY AND NORMAL PAYMENT BEHAVIOUR.

THE COMPANY HAS TRADE RELATIONS WITH SOME LOCAL SUPPLIERS BUT UP TO DATE ONLY SMALL PAYMENTS WERE REPORTED AND THE SUBJECT IS NOT SAID TO BE USER OF TRADE CREDIT FACILITIES.

THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUITS DO NOT AFFECT THE COMPANY'S TRADE REPUTATION.

MAIN SUPPLIERS:
DOMESTIC SUPPLIERS:	PHONE:
BUSCHLE & LEPPER S/A	47 3334-1088
CIBRAPEL S/A IND. DE PAPEL E EMBALAGENS
ISP DO BRASIL LTDA	11 3649-0455
M. CASSAB COMÉRCIO E INDÚSTRIA LTDA	11 2162-7788
MANCHESTER CHEMICAL PRODUTOS QUÍMICOS LTDA
MERCK S/A INDÚSTRIA QUÍMICAS	21 2444-2000
QUÍMICA INDUSTRIAL BARRA DO PIRAÍ S/A	21 205-3835
REFINARIA NACIONAL DE SAL S/A	24 645-4646

PAYMENT HISTORY:

11 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 71.755,00

AMOUNT OF INVOICES PAID: 39

TOTAL OF PROMPT PAYMENTS: 97,9%

TOTAL OF DELAYED PAYMENTS: 2,1%

HIGHEST INVOICE: R$ 7.948,00

HIGHEST CREDIT: R$ 9.147,00

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

---------------------------	SUPPLIERS:	INVOICES:	TOTAL AMOUNT:
DUE WITHIN 30 DAYS	3	9	R$ 19.819,00

FINAL OPINION

THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL YEARS. UP TO DATE IT IS SHOWS A CLEAR TRADE HISTORY AND A NORMAL PAYMENT BEHAVIOUR.

BASED ON THE GENERAL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S FINANCIAL STRENGTH.

A CREDIT LIMIT OF US$ 250.000,00 MAY BE CONSIDERED. HIGHER AMOUNTS CAN BE GRANTED DEPENDING ON THE IMPORTANCE OF THE OPERATIONS TO BE ESTABLISHED WITH THE SUBJECT.

COMERCIO E INDUSTRIA FARMOS LTDA.
BALANCE SHEET ANALYSIS	FIGURES ARE IN REAIS
	31-12-06
ASSETS		%
Current Assets	$ 2,667,454	49.08
Fixed Assets	$ 2,767,061	50.92
TOTAL ASSETS	$ 5,434,515	100.00
LIABILITIES
Current Liabilities	$ 1,806,015	33.23
Long-Term Liabilities	$ -	0.00
TOTAL LIABILITIES	$ 1,806,015	33.23
Deferred Income	$ -	0.00
Net Equity	$ 3,628,500	66.77
TOTAL LIABILITIES + NET EQUITY	$ 5,434,515	100.00
PROFIT AND LOSS ACCOUNTS
Net Sales	$ 10,234,041	100.00
Costs	$ 4,458,429	43.56
Gross Profit	$ 5,775,612	56.44
Operating expenses	$ (4,036,352)	-39.44
operational Result	$ 446,751	4.37
Net Profit (loss)	$ 446,751	4.37
COMPLEMENTARY DATA
Inventory	$ 2,187,992
Accounts receivable	$ 1,112,509
Accounts Payable	$ 345,058
Property, plant and equipment	$ 1,542,348
Purchases	$ 2,767,061
Financial Expenses	$ (1,292,509)
Foreign Currency Assets
Foreign Currency Liabilities
Working Capital	$ 861,439
RATIOS:
QUICK RATIO	0.27
CURRENT RATIO	1.48
ACCOUNTS RECEIVABLE TURNOVER	9.20	times
DAYS' SALES IN RECEIVABLES	39.13	days
INVENTORY TURNOVER	2.04	times
ACCOUNTS PAYABLE PERIOD	27.86	days
RETURN ON ASSETS	1.88	times
SALES TURNOVER ON NET EQUIY	2.82	times
NET WORTH TIE-UP	0.43
ENDEBTEDNESS	0.50
EQUITY RATIO	66.77	%
WORKING CAPITAL RATIO	47.70	%
GENERAL SOLVENCY	3.01
RETURN ON NET EQUITY	12.31	%
RETURN ON SALES (PROFIT MARGIN)	4.37	%
GROSS PROFIT MARGIN	56.44	%
OPERATIONAL RESULT	4.37	%
SALES TURNOVER ON LIABILITIES	5.67	times
FOREIGN CURRENCY ON ASSETS	-	%
FOREIGN CURRENCY ON LIABILITIES	-	%

COMERCIO E INDUSTRIA FARMOS LTDA.
BALANCE SHEET ANALYSIS
	31-12-05
ASSETS		%
Current Assets	$ 1,952,724	43.91
Fixed Assets	$ 2,494,518	56.09
TOTAL ASSETS	$ 4,447,242	100.00
LIABILITIES
Current Liabilities	$ 1,265,493	28.46
Long-Term Liabilities	$ -	0.00
TOTAL LIABILITIES	$ 1,265,493	28.46
Deferred Income	$ -	0.00
Net Equity	$ 3,181,749	71.54
TOTAL LIABILITIES + NET EQUITY	$ 4,447,242	100.00
PROFIT AND LOSS ACCOUNTS
Net Sales	$ 5,907,770	100.00
Costs	$ 2,440,025	41.30
Gross Profit	$ 3,467,745	58.70
Operating expenses	$ (2,197,720)	-37.20
operational Result	$ 297,063	5.03
Net Profit (loss)	$ 297,063	5.03
COMPLEMENTARY DATA
Inventory	$ 1,695,987
Accounts receivable	$ 609,370
Accounts Payable	$ 181,736
Property, plant and equipment	$ 1,529,868
Purchases	$ 2,494,518
Financial Expenses	$ (972,961)
Foreign Currency Assets
Foreign Currency Liabilities
Working Capital	$ 687,231
RATIOS:
QUICK RATIO	0.20
CURRENT RATIO	1.54
ACCOUNTS RECEIVABLE TURNOVER	9.69	times
DAYS' SALES IN RECEIVABLES	37.13	days
INVENTORY TURNOVER	1.44	times
ACCOUNTS PAYABLE PERIOD	26.81	days
RETURN ON ASSETS	1.33	times
SALES TURNOVER ON NET EQUIY	1.86	times
NET WORTH TIE-UP	0.48
ENDEBTEDNESS	0.40
EQUITY RATIO	71.54	%
WORKING CAPITAL RATIO	54.31	%
GENERAL SOLVENCY	3.51
RETURN ON NET EQUITY	9.34	%
RETURN ON SALES (PROFIT MARGIN)	5.03	%
GROSS PROFIT MARGIN	58.70	%
OPERATIONAL RESULT	5.03	%
SALES TURNOVER ON LIABILITIES	4.67	times
FOREIGN CURRENCY ON ASSETS	-	%
FOREIGN CURRENCY ON LIABILITIES	-	%

COMERCIO E INDUSTRIA FARMOS LTDA.
BALANCE SHEET ANALYSIS
	31-12-04
ASSETS		%
Current Assets	$ 1,579,842	38.98
Fixed Assets	$ 2,473,501	61.02
TOTAL ASSETS	$ 4,053,342	100.00
LIABILITIES
Current Liabilities	$ 1,168,657	28.83
Long-Term Liabilities	$ -	0.00
TOTAL LIABILITIES	$ 1,168,657	28.83
Deferred Income	$ -	0.00
Net Equity	$ 2,884,685	71.17
TOTAL LIABILITIES + NET EQUITY	$ 4,053,342	100.00
PROFIT AND LOSS ACCOUNTS
Net Sales	$ 5,374,806	100.00
Costs	$ 2,141,998	39.85
Gross Profit	$ 3,232,808	60.15
Operating expenses	$ (2,139,771)	-39.81
operational Result	$ 89,965	1.67
Net Profit (loss)	$ 89,965	1.67
COMPLEMENTARY DATA
Inventory	$ 1,475,417
Accounts receivable	$ 579,010
Accounts Payable	$ 184,484
Property, plant and equipment	$ 1,508,851
Purchases	$ 2,473,501
Financial Expenses	$ (1,003,072)
Foreign Currency Assets
Foreign Currency Liabilities
Working Capital	$ 411,185
RATIOS:
QUICK RATIO	0.09
CURRENT RATIO	1.35
ACCOUNTS RECEIVABLE TURNOVER	9.28	times
DAYS' SALES IN RECEIVABLES	38.78	days
INVENTORY TURNOVER	1.45	times
ACCOUNTS PAYABLE PERIOD	31.01	days
RETURN ON ASSETS	1.33	times
SALES TURNOVER ON NET EQUIY	1.86	times
NET WORTH TIE-UP	0.52
ENDEBTEDNESS	0.41
EQUITY RATIO	71.17	%
WORKING CAPITAL RATIO	35.18	%
GENERAL SOLVENCY	3.47
RETURN ON NET EQUITY	3.12	%
RETURN ON SALES (PROFIT MARGIN)	1.67	%
GROSS PROFIT MARGIN	60.15	%
OPERATIONAL RESULT	1.67	%
SALES TURNOVER ON LIABILITIES	4.60	times
FOREIGN CURRENCY ON ASSETS	-	%
FOREIGN CURRENCY ON LIABILITIES	-	%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.43.23
UK Pound	1	Rs.80.89
Euro	1	Rs.63.80

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.	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

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