MIRA INFORM REPORT

Report Date :

14.11.2008

IDENTIFICATION DETAILS

Name :	ORICA BRASIL LTDA
Registered Office :	AV. Mantiqueira,317 Quadra B 12611-030 - Lorena/SP
Country :	Brazil
Financials (as on) :	31.10.2005
Date of Incorporation :	09/02/1942
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of Explosives and Pyrotechnic Products, including Percussion Caps, Detonators, Signaling Flares etc

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 :	US$ 100.000,00
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

name of the company

ORICA BRASIL LTDA

ADDRESSES

MAIN ADDRESS:	AV. MANTIQUEIRA,317 QUADRA B
ZIP CODE/CITY:	12611-030 - LORENA/SP
PHONE:	12 3153-3111
FAX:	12 3153-3015
E-MAIL:	erick.dos.santos@orica.com
WEB SITE:	www.orica.com.br

BRANCHES:
ADDRESS:	CORREGO DAS PEDRAS S/N,0 LOTE 1 - ITAOCA
ZIP CODE/CITY:	29325-000 CACHOEIRO DE ITAPEMIRIM/ES

FURTHER TO THE ABOVE THE COMPANY ALSO HAS OTHER BRANCHES LOCATED IN: BELO HORIZONTE, BRUMADINHO, BRUMADO, CAIEIRAS, CAMPO GRANDE, CRICIUMA, FEIRA DE SANTANA, LORENA, NOVA IGUAÇU, SANTA BARBARA, SÃO PAULO AND TAPIRA.

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF EXPLOSIVES AND PYROTECHNIC PRODUCTS, INCLUDING PERCUSSION CAPS, DETONATORS, SIGNALING FLARES ETC.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	09/02/1942
REGISTER DATE:	09/02/1942
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	31.056.708/0001-98
STATE REGISTER:	111.769.064 119
SHARE CAPITAL:	R$ 31.325.110,00
LAST REGISTER OF CAPITAL:	18/01/1996

BOARD OF DIRECTORS:
FABIO JOSÉ PRATI	MANAGER
AROLDO JOSÉ ANTERO DOS SANTOS	MANAGER

AUTHORIZED USE OF SIGNATURE:

THE MANAGERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
ORICA INVESTMENT PTY LTD (AUSTRALIA)	R$ 1,00
BRASEX PARTICIPAÇÕES LTDA (BRAZIL)	R$ 31.325.109,00

AFFILIATES / SUBSIDIARIES:

ORICA EXPLOSIVES HOLDING GROUP

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON FEBRUARY 09, 1942 AS EXPLO BRASIL S/A., TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON DECEMBER 20, 1995 IT ALTERED TO EXPLO BRASIL LTDA. ON JULY 22, 1998 IT ADOPTED THE ABOVE-MENTIONED NAME AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

THE COMPANY OPERATES WITH THE TRADE NAME ORICA

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

REMARKS:

--------

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MR. ERIK FINANCIAL DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS EVEN KNOWING IT CONCERNS SASOL NITRO.

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE CORRECT CONTACT PERSON AT THE COMPANY, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

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

PUBLIC RECORDS INFORMATION:

PROTESTS:

13 PROTESTS,TOTAL AMOUNT R$ 22.421,33

DATE OF FIRST PROTEST: 05/2008 R$ 170,00

DATE OF HIGHEST PROTEST: 07/2008 R$ 5.599,59

DETAILS OF LATEST PROTESTS:

NOTARY OFFICE:	DATE:	VALUE:
1º CARTÓRIO DE LORENA/SP	11/2008	R$ 3.717,00
CARTÓRIO DE VOTORANTIM/SP	10/2008	R$ 1.217,90
1º CARTÓRIO DE LORENA/SP	10/2008	R$ 1.294,69
CARTÓRIO DE LORENA/SP	10/2008	R$ 3.104,00
2º CARTÓRIO DE NEROPOLIS/GO	09/2008	R$ 1.732,58

LAWSUITS:
	DATE:	COURT OF LAW:

2

STATE LAWSUITS

31/12/04

VARA DE NOVA IGUAÇÚ/RJ

(RESEARCH DATE: 12/11/2008)

FINANCIAL INFORMATION

GENERAL BALANCE SHEETS AS OF 31/10/2005, 31/12/2004 AND 31/12/2003.

( FIGURES ARE IN THOUSANDS OF REAIS ).

ASSETS
CURRENT:	31/10/2005	31/12/2004	31/12/2003
CASH AND BANKS	374	1.929	4.675
CLIENTS	11.052	6.139	5.830
INVENTORY	16.507	13.578	8.896
ADVANCES	849	3.085	1.410
PRE PAID EXPENSES	596	1.063	2.214
OTHER CREDITS	30.259	5.828	4.224
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	59.637	31.622	27.249

LONG-TERM RECEIVABLES:
INTERCOMPANY CREDITS		11.362	11.352
CREDITS	12.246
OTHER CREDITS	205	196	125
	----------------	----------------	----------------
TOTAL LONG-TERM RECEIVABLES	12.451	11.558	11.477

FIXED ASSETS:
FIXED ASSETS	35.391	42.768	38.472
DEFERRED	3.006	2.198	1.073
	----------------	----------------	----------------
TOTAL FIXED ASSETS	38.397	44.966	39.545
	================	================	================
TOTAL ASSETS	110.485	88.146	78.271

LIABILITIES:
CURRENT:	31/10/2005	31/12/2004	31/12/2003
SUPPLIERS	11.981	17.037	14.741
LOANS AND FINANCING	6.696	4.508
INCOME TAX	-9.047	-3.739	-1.801
SOCIAL OBLIGATIONS	-646	-782	-500
PROVISIONS	10.763
INTERCOMPANY DEBTS	29.949	1.897	4.043
OTHER DEBTS	1.262	8.579	8.247
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	50.958	27.500	24.730

NET EQUITY:
SHARE CAPITAL	31.325	31.325	31.325
CAPITAL RESERVES	7.036	7.036	7.036
REVALUATION RESERVES	5.668	5.668	5.667
PROFIT RESERVES	172	172	172
RESERVES	22	22	22
OTHER	-16.930	-16.930	-16.930
ACCRUED PROFIT (LOSS)	33.197	26.249	14.137
PROFIT (LOSS) OF PERIOD	-962	7.103	12.112
	----------------	----------------	----------------
TOTAL NET EQUITY	59.528	60.645	53.541
	================	================	================
TOTAL LIABILITIES	110.486	88.145	78.271

PROFIT AND LOSS ACCOUNTS AS OF 31/10/2005, 31/12/2004 AND 31/12/2003.

( FIGURES ARE IN THOUSANDS OF REAIS ).

	31/10/2005	31/12/2004	31/12/2003
GROSS SALES	119.281	136.183	131.633
(-) TAXES ON SALES	21.912	23.302	20.598
	----------------	----------------	----------------
NET SALES	97.369	112.881	111.035
(-) COST OF SOLD GOODS	64.465	70.042	64.655
	----------------	----------------	----------------
GROSS PROFIT	32.904	42.839	46.380
OPERATING REVENUE (EXPENSE)	-29.181	-28.602	-19.653
FINANCIAL REVENUE(EXPENSE)	-4.877	-4.259	-5.732
	----------------	----------------	----------------
OPERATIONAL PROFIT (LOSS)	-1.154	9.978	20.995
CONTRIBUTION/INCOME TAX	191	-2.875	-8.883
	----------------	----------------	----------------
NET PROFIT (LOSS)	-963	7.103	12.112

RATIOS:

31/10/2005

31/12/2004

31/12/2003

QUICK RATIO	,85		,66		,74
CURRENT RATIO	1,17		1,15		1,10
ACCOUNTS RECEIVABLE TURNOVER	8,81	TIMES	18,39	TIMES	19,05	TIMES
DAYS' SALES IN RECEIVABLES	34,05	DAYS	19,58	DAYS	18,90	DAYS
INVENTORY TURNOVER	3,91	TIMES	5,16	TIMES	7,27	TIMES
ACCOUNTS PAYABLE PERIOD	55,76	DAYS	87,57	DAYS	82,08	DAYS
RETURN ON ASSETS	,88	TIMES	1,28	TIMES	1,42	TIMES
SALES TURNOVER ON NET EQUITY	1,64	TIMES	1,86	TIMES	2,07	TIMES
NET WORTH TIE-UP	,59		,71		,72
INDEBTEDNESS	,86		,45		,46
EQUITY RATIO	53,88	%	68,80	%	68,40	%
WORKING CAPITAL RATIO	17,03	%	14,99	%	10,19	%
GENERAL SOLVENCY	2,17		3,21		3,17
RETURN ON NET EQUITY	-1,62	%	11,71	%	22,62	%
RETURN ON SALES (PROFIT MARGIN)	-,99	%	6,29	%	10,91	%
GROSS PROFIT MARGIN	33,79	%	37,95	%	41,77	%
OPERATIONAL RESULT	-1,19	%	8,84	%	18,91	%
SALES TURNOVER ON LIABILITIES	1,91	TIMES	4,10	TIMES	4,49	TIMES
FOREIGN CURRENCY ON ASSETS
FOREIGN CURRENCY ON LIABILITIES

EXCHANGE RATE:
US$ 1,00 = R$ 2,88	- OFFICIAL RATE ON 31/12/2003
US$ 1,00 = R$ 2,65	- OFFICIAL RATE ON 31/12/2004
US$ 1,00 = R$ 2,34	- OFFICIAL RATE ON 31/12/2005
US$ 1,00 = R$ 2,26	- OFFICIAL RATE ON 12/11/2008

COMMENTS ON THE FINANCIAL INFORMATION:

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

THE FIGURES AVAILABLE SHOW THAT IN 2004 SUBJECT A 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

IN OCTOBER 2005 THE COMPANY SHOWS LOSS BUT THE COMPANY STILL SHOWS GOOD CURRENT RATIO, LOW LEVEL OF INDEBTEDNESS AND GROWING SALES TREND. APPARENTLY NO SIGNS OF FINANCIAL OR OPERATIONAL PROBLEMS ARE NOTED.

REMARKS:

THE COMPANY DECLINED TO DISCLOSE UPDATED FINANCIAL INFORMATION.

REAL ESTATE:

NOT AVAILABLE

VEHICLES:

NOT AVAILABLE

MACHINES:

NOT AVAILABLE

INSURANCE

NOT AVAILABLE.

BANKING REFERENCES

	BRANCH/PHONE:
BANCO DO BRASIL S/A	3400
BANCO BRADESCO S/A	0516
BANCO ITAU S/A	0912
BANCO ABN AMRO REAL S/A	0619
BANCO CITIBANK S/A	0001

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 NOVEMBER 12, 2008.

ACTIVITIES COMMENTS

THE SUBJECT IS ENGAGED IN THE MANUFACTURE OF EXPLOSIVES AND PYROTECHNIC PRODUCTS, INCLUDING PERCUSSION CAPS, DETONATORS, SIGNALING FLARES ETC.

IMPORT AND EXPORT:

IMPORTS FROM:

IMPORTS FROM: CANADA, CHILE, ARGENTINA, SWITZERLAND, UNITED STATE, GERMANY, AUSTRALIA AND MEXICO.

EXPORTS TO:

EXPORTS TO: UNITED STATES, ARGENTINA, CHILE, PARAGUAY, URUGUAY, MEXICO, PERU, SPAIN, UNITED KINGDOM, COSTA RICA AND CANADA.

MAIN CLIENTS:
DOMESTIC CLIENTS:	PHONE:
ANGLO GOLD	31 3589-2212
BUNGE FERTILIZANTES S/A	13-6854-9000
CAMARGO CORRÊA CONSTRUÇÕES	54 584-0100
CIA VALE DO RIO DOCE	31 3279-4513
CONCREBRÁS S/A	11 7298-3255
EMBU S/A ENGENHARIA E COMERCIO	11 7961-1900
HOLCIM S/A	11 3255-9255
MINERAÇÃO SERRA DA FORTALEZA	35 3537-9174
SÃO BENTO MINERAÇÃO	31 3837-7129

STAFF:

THE COMPANY HAS: 367 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT IS AN OLD-ESTABLISHED COMPANY, OPERATING SINCE 1942. SO FAR IT HAS A CLEAR TRADE HISTORY AND NORMAL PAYMENT BEHAVIOR.

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

MOST OF THE SUPPLIERS, WHICH PROVIDED INFORMATION, REPORTED PROMPT PAYMENTS, THUS THE SUBJECT HAS NORMAL TRADE REPUTATION.

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.

OUR INVESTIGATION THROUGH THE PUBLIC RECORDS SHOWED SOME DETRIMENTAL FILES REGISTERED AGAINST THE SUBJECT BUT DUE TO THE SUBJECT'S HIGH FINANCIAL STRENGTH AND HIGH SCALE OF OPERATIONS THE DETRIMENTAL FILES ARE CONSIDERED NORMAL AND DO NOT AFFECT ITS TRADE REPUTATION OR ITS CREDITWORTHINESS.

MAIN SUPPLIERS:
DOMESTIC SUPPLIERS:	PHONE:
DOW AGROSCIENCES INDUSTRIAL LTDA	11 5188-9361
LUBRIZOL DO BRASIL ADITIVOS LTDA	21 2662-2224
ULTRAFÉRTIL S/A IND E COM DE FERTILIZANTES	13 3362-0316

PAYMENT HISTORY:

15 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 155.501,00

AMOUNT OF INVOICES PAID: 75

TOTAL OF PROMPT PAYMENTS: 86,7%

TOTAL OF DELAYED PAYMENTS: 13,3%

HIGHEST INVOICE: R$ 7.542,00

HIGHEST CREDIT: R$ 7.542,00

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

---------------------------	SUPPLIERS:	INVOICES:	TOTAL AMOUNT:
DUE WITHIN 30 DAYS	1	2	R$ 4.455,00

FINAL OPINION

THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL YEARS. UP TO DATE IT HAS A FAIR FINANCIAL STANDING, A CLEAR TRADE HISTORY AND 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.

AMOUNT REQUESTED US$ 100.000,00 OVER 30 DAYS

DESPITE THE ABSENCE OF UPDATED FINANCIAL DATA THE COMPANY HAS PAYMENT CAPACITY AND IS CONSIDERED CREDITWORTHY FOR THE ABOVE AMOUNT.

ORICA BRASIL LTDA
BALANCE SHEET ANALYSIS	FIGURES ARE IN THOUSANDS OF REAIS
	31-10-05
ASSETS		%
Current Assets	$ 59,637	53.98
Fixed Assets	$ 38,397	34.75
TOTAL ASSETS	$ 110,485	100.00
LIABILITIES
Current Liabilities	$ 50,958	46.12
Long-Term Liabilities	$ -	0.00
TOTAL LIABILITIES	$ 50,958	46.12
Deferred Income	$ -	0.00
Net Equity	$ 59,528	53.88
TOTAL LIABILITIES + NET EQUITY	$ 110,486	100.00
PROFIT AND LOSS ACCOUNTS
Net Sales	$ 97,369	100.00
Costs	$ 64,465	66.21
Gross Profit	$ 32,904	33.79
Operating expenses	$ (29,181)	-29.97
operational Result	$ (1,154)	-1.19
Net Profit (loss)	$ (963)	-0.99
COMPLEMENTARY DATA
Inventory	$ 16,507
Accounts receivable	$ 11,052
Accounts Payable	$ 11,981
Property, plant and equipment	$ 35,391
Purchases	$ 38,397
Financial Expenses	$ (4,877)
Foreign Currency Assets
Foreign Currency Liabilities
Working Capital	$ 8,679
RATIOS:
QUICK RATIO	0.85
CURRENT RATIO	1.17
ACCOUNTS RECEIVABLE TURNOVER	8.81	times
DAYS' SALES IN RECEIVABLES	34.05	days
INVENTORY TURNOVER	3.91	times
ACCOUNTS PAYABLE PERIOD	55.76	days
RETURN ON ASSETS	0.88	times
SALES TURNOVER ON NET EQUIY	1.64	times
NET WORTH TIE-UP	0.59
ENDEBTEDNESS	0.86
EQUITY RATIO	53.88	%
WORKING CAPITAL RATIO	17.03	%
GENERAL SOLVENCY	2.17
RETURN ON NET EQUITY	(1.62)	%
RETURN ON SALES (PROFIT MARGIN)	(0.99)	%
GROSS PROFIT MARGIN	33.79	%
OPERATIONAL RESULT	(1.19)	%
SALES TURNOVER ON LIABILITIES	1.91	times
FOREIGN CURRENCY ON ASSETS	-	%
FOREIGN CURRENCY ON LIABILITIES	-	%

ORICA BRASIL LTDA
BALANCE SHEET ANALYSIS
	31-12-04		31-12-03
ASSETS		%		%
Current Assets	$ 31,622	35.87	$ 27,249	34.81
Fixed Assets	$ 44,966	51.01	$ 39,545	50.52
TOTAL ASSETS	$ 88,146	100.00	$ 78,271	100.00
LIABILITIES
Current Liabilities	$ 27,500	31.20	$ 24,730	31.60
Long-Term Liabilities	$ -	0.00	$ -	0.00
TOTAL LIABILITIES	$ 27,500	31.20	$ 24,730	31.60
Deferred Income	$ -	0.00	$ -	0.00
Net Equity	$ 60,645	68.80	$ 53,541	68.40
TOTAL LIABILITIES + NET EQUITY	$ 88,145	100.00	$ 78,271	100.00
PROFIT AND LOSS ACCOUNTS
Net Sales	$ 112,881	100.00	$ 111,035	100.00
Costs	$ 70,042	62.05	$ 64,655	58.23
Gross Profit	$ 42,839	37.95	$ 46,380	41.77
Operating expenses	$ (28,602)	-25.34	$ (19,653)	-17.70
operational Result	$ 9,978	8.84	$ 20,995	18.91
Net Profit (loss)	$ 7,103	6.29	$ 12,112	10.91
COMPLEMENTARY DATA
Inventory	$ 13,578		$ 8,896
Accounts receivable	$ 6,139		$ 5,830
Accounts Payable	$ 17,037		$ 14,741
Property, plant and equipment	$ 42,768		$ 38,472
Purchases	$ 44,966		$ 39,545
Financial Expenses	$ (4,259)		$ (5,732)
Foreign Currency Assets
Foreign Currency Liabilities
Working Capital	$ 4,122		$ 2,519
RATIOS:
QUICK RATIO	0.66		0.74
CURRENT RATIO	1.15		1.10
ACCOUNTS RECEIVABLE TURNOVER	18.39	times	19.05	times
DAYS' SALES IN RECEIVABLES	19.58	days	18.90	days
INVENTORY TURNOVER	5.16	times	7.27	times
ACCOUNTS PAYABLE PERIOD	87.57	days	82.08	days
RETURN ON ASSETS	1.28	times	1.42	times
SALES TURNOVER ON NET EQUIY	1.86	times	2.07	times
NET WORTH TIE-UP	0.71		0.72
ENDEBTEDNESS	0.45		0.46
EQUITY RATIO	68.80	%	68.40	%
WORKING CAPITAL RATIO	14.99	%	10.19	%
GENERAL SOLVENCY	3.21		3.17
RETURN ON NET EQUITY	11.71	%	22.62	%
RETURN ON SALES (PROFIT MARGIN)	6.29	%	10.91	%
GROSS PROFIT MARGIN	37.95	%	41.77	%
OPERATIONAL RESULT	8.84	%	18.91	%
SALES TURNOVER ON LIABILITIES	4.10	times	4.49	times
FOREIGN CURRENCY ON ASSETS	-	%	-	%
FOREIGN CURRENCY ON LIABILITIES	-	%	-	%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.46
UK Pound	1	Rs.73.17
Euro	1	Rs.62.96

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