MIRA INFORM REPORT

Report Date :

08.10.2008

IDENTIFICATION DETAILS

Name :	NUFARM INDÚSTRIA QUIMICA E FARMACEUTICA S/A
Registered Office :	AV Parque Sul,2138 - I Dist. Indl. Pajuçara 61939-000 - Maracanaú/CE
Country :	Brazil
Financials (as on) :	31.12.2007
Date of Incorporation :	22.11.1961
Legal Form :	Privately Held Corporation
Line of Business :	Manufacture and Sale of Agrochemicals and Cleaning 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

Maximum Credit Limit :	US$ 850.000,00
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

name of the company

NUFARM INDÚSTRIA QUIMICA E FARMACEUTICA S/A

ADDRESSES

MAIN ADDRESS:	AV PARQUE SUL,2138 - I DIST. INDL. PAJUÇARA
ZIP CODE/CITY:	61939-000 - MARACANAÚ/CE
PHONE:	85 3215-1035
FAX:	85 3215-1035
E-MAIL:	wander.facanha@agripec.com.br
WEB SITE:	www.agripec.com.br

BRANCHES:
ADDRESS:	RUA SAMOEL MORSE,74 CONJUNTO 151 / 152 / 153
ZIP CODE/CITY:	04576-060 SÃO PAULO/SP
ADDRESS:	RODOVIA CARLOS JOÃO STRASS,780
ZIP CODE/CITY:	86087-350 LONDRINA/PR
ADDRESS:	RODOVIA BR 364, S/Nº,0
ZIP CODE/CITY:	78098-280 CUIABÁ/MT
ADDRESS:	AV LADSLAU KARDOSO,250 PARTE 1 SALA1
ZIP CODE/CITY:	07250-125 GUARULHOS/SP
ADDRESS:	AV FREDERICO AUGUSTO RITTER,4901
ZIP CODE/CITY:	94930-000 CACHOEIRINHA/RS

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE AND SALE OF AGROCHEMICALS AND CLEANING PRODUCTS.

LEGAL FORM:	PRIVATELY HELD CORPORATION
INCORPORATION DATE:	22/11/1961
REGISTER DATE:	22/11/1961
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	07.467.822/0001-26
STATE REGISTER:	06.109.046-8
SHARE CAPITAL:	R$ 181.687.965,85
LAST REGISTER OF CAPITAL:	03/06/2008

BOARD OF DIRECTORS:
MARCOS SOUZA LOBO	PRESIDENT DIRECTOR

AUTHORIZED USE OF SIGNATURE:

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

SHAREHOLDERS / PARTNERS:
NUFARM AUSTRALIA LIMITED	7.896.306
NUFARM NEW ZEALAND LIMITED	629.623
NUFARM DO BRASIL LTDA	1.686
KEVIN P. MARTIN	1
DOUGLAS JOHN RATHBONE	1
MARCOS SOUZA LOBO	1
ROBERTO RUDZIT NETO	1

AFFILIATES / SUBSIDIARIES:

NOT AVAILABLE.

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON NOVEMBER 1961 TO BE ENGAGED IN THE SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

ON SEPTEMBER 30, 1997 THE SUBJECT CHANGED ITS STYLE FROM LIMITED LIABILITY COMPANY TO THE CURRENT ONE.

ON MARCH 15, 2005 THE SUBJECT TOOK OVER ITS CONTROLLING SHAREHOLDER BRAMANS HOLDING S/A. SUCH TAKEOVER GENERATED A PREMIUM OF 66.364.000,00. THIS VALUE UNDERWENT AN ACCUMULATED DEPRECIATION OF R$ 11.061.000,00 AND FROM THE RESIDUAL VALUE OF R$ 44.303.000,000, AN AMOUNT OF R$ 13.273.000,00 WAS REGISTERED IN THE CURRENT LIABILITIES AND THE REMAINING R$ 42.030.000,00 AND WILL BE AMORTIZED WITHIN THE UPCOMING YEARS.

ALSO IN 2005 THE SUBJECT WAS ACQUIRED BY THE AUSTRALIAN GROUP NUFARM LIMITED.

ON SEPTEMBER 30, 2007 SUBJECT TOOK OVER THE COMPANY CSRPAR PARTICIPAÇÕES LTDA.

IN JULY 1, 2007 THE AIRPLANE CESSNA, MODEL 560 WAS TRANSFERRED TO DELPHIA PARTICIPAÇÕES S/A.

ON JULY 03, 2007 SUBJECT ALTERED ITS CORPORATE NAME FROM AGRIPEC QUÍMICA E FARMACÊUTICA S/A TO THE PRESENT ONE.

THE COMPANY OPERATES WITH THE TRADE NAME NUFARM

FURTHER DETAILS ABOUT SUCH CHANGES ARE SO FAR NOT KNOWN.

PUBLIC INFORMATION:

LAWSUITS:
	DATE:	COURT OF LAW:

1

FEDERAL LAWSUIT

06/06/05

3ª VARA DE GUARULHOS/SP

(RESEARCH DATE: 06/10/2008)

FINANCIAL INFORMATION

GENERAL BALANCE SHEETS AS OF 31/12/2007, 31/12/2006 AND 31/12/2005.

( FIGURES ARE IN THOUSANDS OF REAIS ).

ASSETS
CURRENT:	31/12/2007	31/12/2006	31/12/2005
CASH AND BANKS	6.354	2.584	10.200
INVESTMENTS	26.191	55.739	33.860
CLIENTS	366.256	340.528	399.597
INVENTORY	43.902	60.696	74.233
RECOVERABLE TAXES		6.874	18.840
ADVANCES	961	1.360	1.394
DEFERRED TAXES	62.767	11.511
AGIO TO AMORTIZE	25.722	13.273	13.273
OTHER CREDITS	5.924	3.838	410
PRE PAID EXPENSES		140	608
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	538.077	496.543	552.415

LONG-TERM RECEIVABLES:
CREDIT WITH CLIENTS	8.986	3.680
RECOVERABLE TAXES	15.435	16.223
JUDICIAL DEPOSITS	1.531	1.462	1.124
PREMIUM TO BE AMORTIZABLE	62.172	28.758	42.030
OTHER CREDITS	1.961	935	882
INTERCOMPANY CREDITS	7.789
	----------------	----------------	----------------
TOTAL LONG-TERM RECEIVABLES	97.874	51.058	44.036

FIXED ASSETS:
FIXED ASSETS	38.560	43.390	64.258
INTANGIBLE	23.685	23.685
DEFERRED	4.675	3.196	3.269
	----------------	----------------	----------------
TOTAL FIXED ASSETS	66.920	70.271	67.527
	================	================	================
TOTAL ASSETS	702.871	617.872	663.978

LIABILITIES:
CURRENT:	31/12/2007	31/12/2006	31/12/2005
SUPPLIERS	94.261	126.380	130.768
LOANS AND FINANCING	161.436	27.764	83.474
TRIBUTARY OBLIGATIONS	3.721	1.616	1.498
PROVISIONS/INCOME TAX			7.019
SOCIAL CONTRIBUTION			1.852
ADVANCE FROM CLIENTS	7.240	11.999
DIVIDENDS	7.652	15.335	15.335
OTHER DEBTS	29.692	2.402	1.518
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	304.002	185.496	241.464

LONG TERM LIABILITIES:
ACCOUNTS PAYABLE	7.500
LOANS AND FINANCING	364.374	439	41.158
DEBT WITH RELATED COMPANIES		39.462
SUPPLIERS	14.657	18.792	19.755
PROVISION FOR CONTINGENCIES	3.409
OTHER	260
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	390.200	58.693	60.913

NET EQUITY:
SHARE CAPITAL	71.688	85.916	85.916
CAPITAL RESERVES	3.431	219.199	218.977
PROFIT RESERVES		22.566	10.706
ACCRUED PROFIT (LOSS)	-66.450	46.002	46.002
	----------------	----------------	----------------
TOTAL NET EQUITY	8.669	373.683	361.601
	================	================	================
TOTAL LIABILITIES	702.871	617.872	663.978

PROFIT AND LOSS ACCOUNTS AS OF 31/12/2007, 31/12/2006 AND 31/12/2005.

( FIGURES ARE IN THOUSANDS OF REAIS ).

	31/12/2007	31/12/2006	31/12/2005
GROSS SALES	501.100	393.578	558.354
(-) TAXES ON SALES	47.708	39.726	134.318
	----------------	----------------	----------------
NET SALES	453.392	353.852	424.036
(-) COST OF SOLD GOODS	316.720	243.618	273.545
	----------------	----------------	----------------
GROSS PROFIT	136.672	110.234	150.491
OPERATING REVENUE (EXPENSE)	-99.307	-75.229	-72.623
FINANCIAL REVENUE(EXPENSE)	-109.662	-34.882	5.838
	----------------	----------------	----------------
OPERATIONAL PROFIT (LOSS)	-72.297	123	83.706
NON-OPERATING RESULT	-127	226	-168
CONTRIBUTION/INCOME TAX	24.515	11.511	-15.122
	----------------	----------------	----------------
NET PROFIT (LOSS)	-47.909	11.860	68.416

RATIOS:

31/12/2007

31/12/2006

31/12/2005

QUICK RATIO	1,63		2,35		1,98
CURRENT RATIO	1,77		2,68		2,29
ACCOUNTS RECEIVABLE TURNOVER	1,24	TIMES	1,04	TIMES	1,06	TIMES
DAYS' SALES IN RECEIVABLES	290,81	DAYS	346,44	DAYS	339,25	DAYS
INVENTORY TURNOVER	7,21	TIMES	4,01	TIMES	3,69	TIMES
ACCOUNTS PAYABLE PERIOD	107,14	DAYS	186,75	DAYS	172,10	DAYS
RETURN ON ASSETS	,65	TIMES	,57	TIMES	,64	TIMES
SALES TURNOVER ON NET EQUITY	52,30	TIMES	,95	TIMES	1,17	TIMES
NET WORTH TIE-UP	4,45		,12		,18
INDEBTEDNESS	80,08		,65		,84
EQUITY RATIO	1,23	%	60,48	%	54,46	%
WORKING CAPITAL RATIO	77,00	%	167,68	%	128,78	%
GENERAL SOLVENCY	1,01		2,53		2,20
RETURN ON NET EQUITY	-552,65	%	3,17	%	18,92	%
RETURN ON SALES (PROFIT MARGIN)	-10,57	%	3,35	%	16,13	%
GROSS PROFIT MARGIN	30,14	%	31,15	%	35,49	%
OPERATIONAL RESULT	-15,95	%	,03	%	19,74	%
SALES TURNOVER ON LIABILITIES	1,49	TIMES	1,91	TIMES	1,76	TIMES
FOREIGN CURRENCY ON ASSETS
FOREIGN CURRENCY ON LIABILITIES

EXCHANGE RATE:
US$ 1,00 = R$ 2,17	- OFFICIAL RATE ON 06/10/2008
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

COMMENTS ON THE FINANCIAL INFORMATION:

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

THE FIGURES AVAILABLE SHOW A FAIR FINANCIAL STANDING. THE SUBJECT OPERATES WITH GOOD LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL AMOUNT, HOWEVER IT SHOW SHARP INCREASE OF THE INDEBTEDNESS LEVEL. IN ADDITION IT IS NOTED GOOD SALES RECOVERY BUT ITS HIGH FINANCIAL EXPENSES DROVE THE COMPANY TO MAKE LOSS.

REMARK: THE DEVALUATION OF OUR DOLLAR IN RELATION TO THE LOCAL CURRENCY IMPACTED ITS FINANCIAL EXPENSES.

REAL ESTATE:

OWNED PREMISES ARE VALUED AT R$ 17.243.000,00

VEHICLES:

OWNED VEHICLES ARE VALUED AT R$ 1.258.000,00

MACHINES:

OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 5.559.000,00

INSURANCE

INSURANCE COMPANY:	LIBERTY PAULISTA
COVERAGE:	FIRE / THEFT
VALUE:	R$ 14.346.000,00
INSURANCE COMPANY:	DIVS
COVERAGE:	CRASH / THEFT
VALUE:	R$ 472.100,00

BANKING REFERENCES

BANCO SAFRA S/A
BANCO FIBRA S/A	FORTALEZA/CE
BANCO DO NORDESTE DO BRASIL S/A	MARACANAÚ/CE
BANCO DO BRASIL S/A	MARACANAÚ/CE
BRADESCO S/A
BANCO ITAU S/A

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: OCTOBER 06, 2008.

ACTIVITIES COMMENTS

THE SUBJECT IS ENGAGED IN THE MANUFACTURE AND SALE OF AGROCHEMICAL AND CLEANING PRODUCTS, WITH ITS CORE PRODUCTS BEING HERBICIDES, INSECTICIDES, ETC.

IMPORT AND EXPORT:

IMPORTS FROM:

CHINA, INDIA, BELGIUM AND UNITED STATES.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:
DOMESTIC CLIENTS:	PHONE:
COOPERATIVA A. PLANTIO DIRETO LTDA	54 3313-5233
COOPERATIVA TRITICOLA PANAMBI LTDA	55 3375-3523
MARTINS COMERCIO LTDA	34 3218-1123
TAMBASA T. A. M. B. S/A	31 3394-0000

STAFF:

THE COMPANY HAS: 286 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT IS AN OLD-ESTABLISHED COMPANY, OPERATING SINCE 1961. SO FAR IT HAS A CLEAR TRADE HISTORY AND NO PAYMENT PROBLEMS ARE NOTED.

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.

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

THE LAWSUIT REPORTED IS NOT RELATED WITH TRADE DEBT. IT IS RELATED TO TAX DEBT THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUIT DOES NOT AFFECT THE COMPANY'S TRADE REPUTATION.

MAIN SUPPLIERS:
DOMESTIC SUPPLIERS:	PHONE:
AIR PRODUCTS BRASIL LTDA	11 3856-1727
CIA METALURGICA PRADA	11 524-4222
CIMPLAST - EMBALAGENS	11 7201-2004
IPIRANGA COMERCIAL QUIMICA S/A	71 3634-5465
NONSANTO DO BRASIL LTDA	11 5503-2639
NUFARM
OXITENO NORDESTE S/A	31 3177-6597
PETROLEO BRASILEIRO S/A	71 3642-4253
RAIZES IND. COM. EMBALAGENS LTDA	21 756-3946
RIGESA DO NORDESTE S/A	85 3348-8800
SIPCAM AGRO S/A
UNIPAC INDUSTRIA E COMERCIO LTDA

PAYMENT HISTORY:

21 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 5.392.661,00

AMOUNT OF INVOICES PAID: 498

TOTAL OF PROMPT PAYMENTS: 97,8%

TOTAL OF DELAYED PAYMENTS: 2,2%

HIGHEST INVOICE: R$ 51.400,00

HIGHEST CREDIT: R$ 98.373,00

OUTSTANDING INVOICES DUE WITHIN THE NEXT 60 DAYS:

---------------------------	SUPPLIERS:	INVOICES:	TOTAL AMOUNT:
ALL	6	48	R$ 876.280,00
DUE WITHIN 30 DAYS	5	27	R$ 600.384,00
DUE WITHIN 60 DAYS	2	21	R$ 275.896,00

FINAL OPINION

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

DESPITE SOME NEGATIVE SITUATIONS THAT THE COMPANY HAS BEEN FACING 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$ 850.000,00 MAY BE CONSIDERED. FOR HIGHER AMOUNTS OF CREDIT IT WOULD BE RECOMMENDED REQUIRING A COLLATERAL OF THE PARENT COMPANY.

NUFARM INDUSTRIA QUIMICA E FARMACEUTICA S/A
BALANCE SHEET ANALYSIS	FIGURES ARE IN THOUSANDS OF REAIS
	31-12-07
ASSETS		%
Current Assets	$ 538,077	76.55
Fixed Assets	$ 66,920	9.52
TOTAL ASSETS	$ 702,871	100.00
LIABILITIES
Current Liabilities	$ 304,002	43.25
Long-Term Liabilities	$ 390,200	55.52
TOTAL LIABILITIES	$ 694,202	98.77
Deferred Income	$ -	0.00
Net Equity	$ 8,669	1.23
TOTAL LIABILITIES + NET EQUITY	$ 702,871	100.00
PROFIT AND LOSS ACCOUNTS
Net Sales	$ 453,392	100.00
Costs	$ 316,720	69.86
Gross Profit	$ 136,672	30.14
Operating expenses	$ (99,307)	-21.90
operational Result	$ (72,297)	-15.95
Net Profit (loss)	$ (47,909)	-10.57
COMPLEMENTARY DATA
Inventory	$ 43,902
Accounts receivable	$ 366,256
Accounts Payable	$ 94,261
Property, plant and equipment	$ 38,560
Purchases	$ 66,920
Financial Expenses	$ (109,662)
Foreign Currency Assets
Foreign Currency Liabilities
Working Capital	$ 234,075
RATIOS:
QUICK RATIO	1.63
CURRENT RATIO	1.77
ACCOUNTS RECEIVABLE TURNOVER	1.24	times
DAYS' SALES IN RECEIVABLES	290.81	days
INVENTORY TURNOVER	7.21	times
ACCOUNTS PAYABLE PERIOD	107.14	days
RETURN ON ASSETS	0.65	times
SALES TURNOVER ON NET EQUIY	52.30	times
NET WORTH TIE-UP	4.45
ENDEBTEDNESS	80.08
EQUITY RATIO	1.23	%
WORKING CAPITAL RATIO	77.00	%
GENERAL SOLVENCY	1.01
RETURN ON NET EQUITY	(552.65)	%
RETURN ON SALES (PROFIT MARGIN)	(10.57)	%
GROSS PROFIT MARGIN	30.14	%
OPERATIONAL RESULT	(15.95)	%
SALES TURNOVER ON LIABILITIES	1.49	times
FOREIGN CURRENCY ON ASSETS	-	%
FOREIGN CURRENCY ON LIABILITIES	-	%

NUFARM INDUSTRIA QUIMICA E FARMACEUTICA S/A
BALANCE SHEET ANALYSIS
	31-12-06		31-12-05
ASSETS		%		%
Current Assets	$ 496,543	80.36	$ 552,415	83.20
Fixed Assets	$ 70,271	11.37	$ 67,527	10.17
TOTAL ASSETS	$ 617,872	100.00	$ 663,978	100.00
LIABILITIES
Current Liabilities	$ 185,496	30.02	$ 241,464	36.37
Long-Term Liabilities	$ 58,693	9.50	$ 60,913	9.17
TOTAL LIABILITIES	$ 244,189	39.52	$ 302,377	45.54
Deferred Income	$ -	0.00	$ -	0.00
Net Equity	$ 373,683	60.48	$ 361,601	54.46
TOTAL LIABILITIES + NET EQUITY	$ 617,872	100.00	$ 663,978	100.00
PROFIT AND LOSS ACCOUNTS
Net Sales	$ 353,852	100.00	$ 424,036	100.00
Costs	$ 243,618	68.85	$ 273,545	64.51
Gross Profit	$ 110,234	31.15	$ 150,491	35.49
Operating expenses	$ (75,229)	-21.26	$ (72,623)	-17.13
operational Result	$ 123	0.03	$ 83,706	19.74
Net Profit (loss)	$ 11,860	3.35	$ 68,416	16.13
COMPLEMENTARY DATA
Inventory	$ 60,696		$ 74,233
Accounts receivable	$ 340,528		$ 399,597
Accounts Payable	$ 126,380		$ 130,768
Property, plant and equipment	$ 43,390		$ 64,258
Purchases	$ 70,271		$ 67,527
Financial Expenses	$ (34,882)		$ 5,838
Foreign Currency Assets
Foreign Currency Liabilities
Working Capital	$ 311,047		$ 310,951
RATIOS:
QUICK RATIO	2.35		1.98
CURRENT RATIO	2.68		2.29
ACCOUNTS RECEIVABLE TURNOVER	1.04	times	1.06	times
DAYS' SALES IN RECEIVABLES	346.44	days	339.25	days
INVENTORY TURNOVER	4.01	times	3.68	times
ACCOUNTS PAYABLE PERIOD	186.75	days	172.10	days
RETURN ON ASSETS	0.57	times	0.64	times
SALES TURNOVER ON NET EQUIY	0.95	times	1.17	times
NET WORTH TIE-UP	0.12		0.18
ENDEBTEDNESS	0.65		0.84
EQUITY RATIO	60.48	%	54.46	%
WORKING CAPITAL RATIO	167.68	%	128.78	%
GENERAL SOLVENCY	2.53		2.20
RETURN ON NET EQUITY	3.17	%	18.92	%
RETURN ON SALES (PROFIT MARGIN)	3.35	%	16.13	%
GROSS PROFIT MARGIN	31.15	%	35.49	%
OPERATIONAL RESULT	0.03	%	19.74	%
SALES TURNOVER ON LIABILITIES	1.91	times	1.76	times
FOREIGN CURRENCY ON ASSETS	-	%	-	%
FOREIGN CURRENCY ON LIABILITIES	-	%	-	%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.72
UK Pound	1	Rs.82.17
Euro	1	Rs.65.90

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