MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	GLAXOSMITHKLINE AUSTRALIA PTY LTD
Formerly Known As :	GSK OPERATIONS PTY LTD
Registered Office :	1061 Mountain Highway, Boronia, Victoria 3155
Country :	Australia
Financials (as on) :	31.12.2013
Date of Incorporation :	09.04.2002
Com. Reg. No.:	100162481
Legal Form :	Australian Proprietary Company, Limited by Shares
Line of Business :	Subject engages in research, development, production, export and distribution of pharmaceutical and healthcare products
No. of Employees :	1,700

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 :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Australia	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

AUSTRALIA - ECONOMIC OVERVIEW

The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam

Source : CIA

CORPORATE DETAILS

Verified Address

Subject name GLAXOSMITHKLINE AUSTRALIA PTY LTD Business address 1061 Mountain Highway Town Boronia Province Victoria Zip / Postal code 3155 Country Australia Telephone +61 3 97216000 Fax +61 3 97295319 Website www.gsk.com.au

Registered address 1061 Mountain Highway Town Boronia Province Victoria Zip / Postal code 3155 Country Australia Postal address P.O. Box 168 Town Boronia Province Victoria Zip / Postal code 3155 Country Australia

SUMMARY DETAILS

Report Summary

Date registered 09/04/2002 Legal form Australian Proprietary Company, Limited by Shares Key personnel Geoffrey Michael McDonald Line of business The Subject’s business consist of research, development, production, export and distribution of pharmaceutical and healthcare products. Staff employed 1,700 employees (Subject); 99,817 employees (GlaxoSmithKline Group)

Paid-up capital AUD 1,066,300,001.00 Sales turnover / Revenue / Income AUD 1,414,000,000.00 (Non-Consolidated 12 months, 31/12/2013) Profit Before Tax AUD 42,000,000.00 (Non-Consolidated 12 months, 31/12/2013)

CREDIT RISK OUTLOOK

Credit Risk Interpretation

Credit risk theory Sound financial and operational base. Small to medium credits may be considered with confidence that the commitment will be sustained in almost all cases. This is based on criterions such as years of establishment, number of employees, sales turnover, profit after tax, total assets, reserve, and others. Normal credit control policy applies. Paid-up capital AUD 1,066,300,001.00 Sales turnover / Revenue / Income AUD 1,414,000,000.00 (Non-Consolidated 12 months, 31/12/2013) Profit Before Tax AUD 42,000,000.00 (Non-Consolidated 12 months, 31/12/2013)

Subject’s Credit Risk Analysis

Country risk Country risk is minimal Operation trend Operational trend is progressing Management experience Management is adequately experienced Financial performance Financial performance is good Remarks Larger credit can still be considered. The Subject is well positioned in the market and the financial stability of the group is positive.

Organisation structure Organisational structure is consistent Detrimental No detrimental found Payment history No payment delays noted

STATUTORY DETAILS

Registry Information

Date registered 09/04/2002 Legal form Australian Proprietary Company, Limited by Shares Registration number Australian Company Number: 100162481 Registered authority Australian Securities and Investments Commission Tax / VAT number Australian Business Number: 47100162481

Statutory status Active Previous name GSK OPERATIONS PTY LTD (initial) Change of legal form None reported. Other registration The Subject owns the following business names: - DIVERSIFIED HEALTH SYSTEMS - SMITHKLINE - BEECHAM - REAL RL - STIEFEL, A GSK COMPANY - GLAXO - ALLEN & HANBURYS - BEECHAM RESEARCH LABORATORIES - SMITHKLINE BEECHAM PHARMACEUTICALS - ALLEN AND HANBURYS - BEECHAM RESEARCH LABORATORIES - SMITH KLINE & FRENCH LABORATORIES - MENLEY & JAMES - SMITHKLINE BEECHAM INTERNATIONAL - DIVERSIFIED HEALTH SYSTEMS - CHILDRENS PANADOL - PANADOL - GLAXOSMITHKLINE - MENLEY & JAMES - BONNINGTON & CO - VITA VALU LABORATORIES - GLAXOSMITHKLINE CONSUMER HEALTHCARE

BOARD OF MANAGEMENT

Key Personnel

Name Geoffrey Michael McDonald Designation General Manager - Pharmaceutical Name Ankush Nandra Designation Chief Financial Officer Name Vincent Henri Andre Cotard Designation General Manager - Consumer Healthcare

BOARD OF DIRECTORS

Appointments

Name Troy Dryden Webb Title Director Appointment date 20/05/10 Address 9 Swaran Court Rowville, VIC 3178 Australia Biography Born on 12-04-1970 in Subiaco, Western Australia, Australia. Name Ankush Nandra Title Director Appointment date 06/04/12 Address C/o GLAXOSMITHKLINE AUSTRALIA PTY LTD 1061 Mountain Highway Boronia, VIC 3155 Australia Biography Born on 06-12-1971 in Stafford, United Kingdom. Name Vincent Henri Andre Cotard Title Director Appointment date 25/08/11 Address C/o GLAXOSMITHKLINE AUSTRALIA PTY LTD 1061 Mountain Highway Boronia, VIC 3155 Australia Biography Born on 25-04-1963 in Déville-lès-Rouen, France. Name Geoffrey Michael McDonald Title Director Appointment date 01/05/12 Address C/o GLAXOSMITHKLINE AUSTRALIA PTY LTD 1061 Mountain Highway Boronia, VIC 3155 Australia Biography Born on 20-07-1961 in Rotorua, New Zealand. Name Julia Helen Banks Title Company Secretary Appointment date 19/01/12 Address 83 Stanhope Street Malvern, VIC 3144 Australia Biography Born on 18-09-1962 in Melbourne, Victoria, Australia. Name Laura Marie Ljubanovic Title Company Secretary Appointment date 29/08/12 Address Unit 2, 17 Byron Street Elwood, VIC 3184 Australia Biography Born on 15-02-1980 in Melbourne, Victoria, Australia.

Staff employed 1,700 employees (Subject); 99,817 employees (GlaxoSmithKline Group)

Other Appointments

Auditor PRICEWATERHOUSECOOPERS Freshwater Place 2 Southbank Boulevard Southbank, VIC 3006 Australia

SHARE CAPITAL

Composition

Authorized capital AUD 1,066,300,001.00 Number / Type of shares 1,066,300,001 Ordinary Shares Share par value AUD 1 Issued capital AUD 1,066,300,001.00

Paid-up capital AUD 1,066,300,001.00

OWNERSHIP / SHAREHOLDERS

Composition

Shareholder name GLAXOSMITHKLINE INVESTMENTS PTY LTD Address 1061 Mountain Highway Boronia, VIC 3155 Australia Number / Type of shares 1,066,300,001 Ordinary Shares Percentage (%) of shares 100%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name GLAXOSMITHKLINE PLC Affiliation type Ultimate Holding Company Country of business United Kingdom Comments GlaxoSmithKline plc was incorporated as an English public limited company on December 6, 1999. It's formed with the merger between Glaxo Wellcome plc and SmithKline Beecham plc. GlaxoSmithKline plc (GSK) is global healthcare group, which is engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, including vaccines, over-the-counter (OTC) medicines and health-related consumer products. GSK’s principal pharmaceutical products include medicines in therapeutic areas: respiratory, anti-virals, central nervous system, cardiovascular and urogenital, metabolic, antibacterials, oncology and emesis, dermatology, rare diseases, immuno-inflammation, vaccines and human immunodeficiency virus (HIV). The Company operates in three primary areas of business: Pharmaceuticals, Vaccines and Consumer Healthcare. GlaxoSmithKline plc's shares are listed on the London Stock Exchange and the New York Stock Exchange. Company name GLAXOSMITHKLINE INVESTMENTS PTY LTD Affiliation type Parent Company Country of business Australia Company name GLAXOSMITHKLINE PTE LTD Affiliation type Sister Company Country of business Singapore Company name GLAXOSMITHKLINE NZ LIMITED Affiliation type Sister Company Country of business New Zealand Company name GLAXOSMITHKLINE PHARMACEUTICALS LIMITED Affiliation type Sister Company Country of business India Company name GLAXOSMITHKLINE CONSUMER HEALTHCARE LIMITED Affiliation type Sister Company Country of business India Company name GLAXOSMITHKLINE (CHINA) INVESTMENT CO. LTD Affiliation type Sister Company Country of business China Company name GLAXO WELLCOME MANUFACTURING PTE LTD Affiliation type Sister Company Country of business Singapore Company name GLAXOSMITHKLINE (THAILAND) LIMITED Affiliation type Sister Company Country of business Thailand Company name GLAXOSMITHKLINE KOREA LIMITED Affiliation type Sister Company Country of business South Korea

Remarks on corporate affiliations and related companies Other companies of the Glaxosmithkline Group should be considered affiliates of the Subject.

BANK AND MORTGAGES

Bank Details

Name of bank Citibank Address Australia

Comments It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

Mortgages

None reported.

Legal Filings

Bankruptcy filings None reported. Court judgements None reported.

Tax liens None reported. Others None reported.

FINANCIAL STATISTICS

Description

Financial statement source External Sources Financial statement date 31/12/13 Style of financial statement Key figures

Currency of financial statement Australia Dollar (AUD) Exchange rate 1 USD = AUD 1.07 as of 22-08-2014

Concise Financial Data	Consolidation style	Non Consolidated	Group Consolidated	Group Consolidated
	Currency	Australia Dollar (AUD)	United Kingdom, Pound (GBP)	United Kingdom, Pound (GBP)
	Date of financial year end	31/12/13	31/12/13	31/12/12
	Length of financial accounts	12 months	12 months	12 months
	Sales turnover / Revenue / Income	1,414,000,000.00	26,505,000,000.00	26,431,000,000.00
	Gross profit		17,920,000,000.00	18,506,000,000.00
	Operating profit / Profit from operations		7,028,000,000.00	7,300,000,000.00
	Profit / Loss before tax	42,000,000.00	6,647,000,000.00	6,600,000,000.00
	Net income / loss		5,628,000,000.00	4,678,000,000.00
	Non-current assets		26,859,000,000.00	27,789,000,000.00
	Property, plant and equipment		8,872,000,000.00	8,776,000,000.00
	Current assets		15,227,000,000.00	13,692,000,000.00
	Inventories		3,900,000,000.00	3,969,000,000.00
	Cash and cash equivalents		5,534,000,000.00	4,184,000,000.00
	Accounts receivable		5,442,000,000.00	5,242,000,000.00
	Total assets		42,086,000,000.00	41,481,000,000.00
	Current liabilities		13,677,000,000.00	13,815,000,000.00
	Non-current liabilities		20,597,000,000.00	20,929,000,000.00
	Accounts payable		8,317,000,000.00	8,054,000,000.00
	Total liabilities		34,274,000,000.00	34,744,000,000.00
	Share equity		7,812,000,000.00	6,737,000,000.00
	Retained earnings		913,000,000.00	642,000,000.00

Remarks

The non-consolidated financial figures above relates to the Subject only. The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Glaxosmithkline PLC and all its subsidiaries which includes the Subject.

BUSINESS DETAILS

Operational Details

Main activities The Subject engages in research, development, production, export and distribution of pharmaceutical and healthcare products. GSK has four manufacturing facilities in Australia: 1) Boronia, Victoria Established in 1970 after being relocated from North Melbourne, the Boronia head office houses employees working in marketing and sales, research and development, regulatory affairs, government and corporate affairs, finance, IT and human resources. The manufacturing plant is the largest GSK sterile facility globally. The site houses world leading blow-fill-seal technology, featuring eight filling machines and six packaging lines, as well as 10 tableting lines. The most recent edition is a second Relenza line completed in 2006. The site has the capacity to produce 1.4 billion tablets per annum, including products for migraine, herpes, peptic ulcers, treatment of epilepsy, smoking cessation and anti-virals. Additional capsule products are manufactured for relief of asthma and pain management. A microbiology laboratory is also located at the Boronia site that tests 4,000 samples each year and a chemistry laboratory that test 11,000 samples each year. 2) Ermington, New South Wales GlaxoSmithKline’s site at Ermington, in Sydney’s north, manufactures and markets our consumer products that are sold in pharmacies and supermarkets. Many of GSKs most well known products are manufactured at the facility, including Panadol and Macleans. Each year the plant produces more than 50 million packs of Panadol, 10 million bottles of paediatric liquids and 22 million tubes of toothpaste. Products are exported to 15 different countries. In 2006 GSK celebrates 50 years of Panadol in Australia, and the popular pain relieving drug has been manufactured at Ermington since 1959. 3) Latrobe, Tasmania The Tasmanian poppy industry was pioneered by Glaxo Australia in the early 1960s. Through significant developments and the application of innovative research and development, GSK continues to contract with and assist Tasmanian farmers to grow poppy crop, directly contributing to the word’s medicinal opiate needs. Making this possible is a world-leading crop handling facility at Latrobe, Tasmania, that allows the crop to be harvested and processed with maximum efficiency. 4) Port Fairy, Victoria Medicinal alkaloids are extracted from the poppies at the GSK factory in Port Fairy, Victoria. Molecules such as thebaine, codeine and morphine are vital ingredients in many pain relieving medicines and are used in a range of pharmacy and prescription medicines worldwide. More than 95 per cent of the refined product is exported. The Subject is ultimately owned by GlaxoSmithKline PLC. GlaxoSmithKline plc, together with its subsidiaries, discovers, develops, manufactures, and markets pharmaceutical products, over-the-counter medicines, and health-related consumer products worldwide. It offers pharmaceutical products in various therapeutic areas comprising respiratory, anti-virals, central nervous system, cardiovascular and urogenital, metabolic, antibacterials, oncology and emesis, dermatology, rare diseases, immuno-inflammation, vaccines, and HIV. The company provides prescription medicines to treat a range of conditions, including infections, depression, skin conditions, asthma, heart and circulatory disease, and cancer. It also produces paediatric and adult vaccines to prevent a range of infectious diseases, including hepatitis A and B; diphtheria, tetanus, and whooping cough; measles, mumps, and rubella; polio; typhoid; influenza; and bacterial meningitis. In addition, it provides consumer health products in oral care, nutritional, total wellness, and skin health areas. The company's total wellness products include Panadol for the treatment of paracetamol-based treatment of headache and joint pain, fever, and cold symptoms; NicoDerm, NiQuitin CQ, and Nicabate for the treatment of nicotine withdrawal as an aid to quitting smoking; ENO Tums, a rapid relief antacid; and oral care products comprise Sensodyne for the prevention of dental sensitivity; Polident, Poligrip, and Corega to improve comfort of fitted dentures and to clean dentures; Aquafresh for the prevention of caries, gum disease, and bad breath; and Parodontax to help stop bleeding gums and gum health. Its nutrition products include Lucozade for energy and hydration; and Horlicks and Maxinutrition for nutrition; and skin health products comprise Physiogel, a face and body care product for dry, sensitive, and irritated skin, and Oilatum, a soothing treatment for eczema and dry skin conditions. The company was founded in 1935 and is headquartered in Brentford, the United Kingdom. Products and services - Prescription Medicines - Vaccines - Customer healthcare products: Dental Care products, Pain & Fever Relief products, Heartburn & Indigestion relief products, Nutritionals Brands GLAXOSMITHKLINE

Purchases

The Subject sources its product(s) locally.

International The Subject sources its product(s) from countries worldwide.

Sales

Local The Subject sells its product(s) locally.

International The Subject exports its product(s) to countries worldwide.

Key events
3 June, 2014
GSK Australia Reports 2013 results to ASIC

GSK Australia reported to the Australian Securities and Investment Commission (ASIC) for 2013, sales of $1,414m and a total profit before tax of $42m.

Overall Australian group sales decreased compared to last year, however profit before tax increased marginally.

Exports decreased slightly (down 1% to $515m) as did investment in Research and Development (down 5% to $51m) but these both remained reasonably steady as a percentage of overall revenue from previous years.

“Business performance has been solid despite continuing challenges facing the pharmaceutical industry. A decline in sales for the commercial pharmaceutical business has occurred as the full year impact of the divestment of our classic brands to Aspen Global Incorporated (Aspen) in late 2012 was realised,” said Geoff McDonald, General Manager Pharmaceuticals Australia.

Pharmaceutical manufacturing experienced an increase in sales of about 17% as the investments in previous years began to deliver.

“GSK will continue to evolve to meet the challenges of a tough operating environment by looking for efficiencies in our business model and ways of working. Innovation remains strong and we continue to be committed to bringing all our new medicines and vaccines to people in Australia,” Geoff said.

The Consumer Healthcare division experienced a decline in sales in both commercial (down 4%) and manufacturing (down 20%).

“Consumer Healthcare experienced some significant supply challenges in 2013 that impacted sales. However, our major brands are continuing to build a strong leadership position and with our renewed focus on scientific discovery, new product developments are being expedited through the pipeline said Vincent Cotard, General Manager Consumer Healthcare Australia.

The Opiates Division continued to perform strongly, seeing growth year on year for the last three years.

“The demand for medicinal poppies continues to grow globally and the opiates business will continue to look at ways of increasing capacity to supply, such as the possibility of supplementing the current Tasmanian poppy production by growing crops in Victoria,” Steve Morris, General Manager Opiates Division said.

On 22 April 2014, GSK announced a global major 3 part inter-conditional transaction with Novartis AG involving its Consumer Healthcare, Vaccines and Oncology businesses. The transaction is still subject to regulatory approval and the impact on the Australian business is still to be assessed.

Enquiries

Lisa Maguire, Communications Director Australasia
Phone: 0449 950 745 or (03) 9721 6637

Additional Notes

GlaxoSmithKline - is a global research-based pharmaceutical and healthcare company. Since 1886 we have delivered the highest quality medicines, vaccines and over-the-counter healthcare products to Australians while investing in local research and providing skilled jobs. For further information please visit www.gsk.com.au

GSK has four manufacturing facilities in Australia. Pharmaceutical products are manufactured in Boronia on the outskirts of Melbourne. It is one of GSK’s largest sterile facilities globally, and includes two Relenza lines and innovative blow-fill-seal technology.

The GSK site at Ermington, in north-western Sydney, manufactures consumer products. The remaining facilities in Latrobe, Tasmania and Port Fairy, Victoria, support production of morphine and other opiates for the pain relief market.

Source: www.gsk.com.au

Business Facilities and Assets

Premises The Subject operates from premises at the verified heading address consisting of a administrative office, production facility, laboratory and warehouse.

Branches In addition, the Subject operates from office branches located at: Level 4, 436 Johnston Street Abbotsford, VIC 3067 Australia 82 Hughes Avenue Ermington, NSW 2115 Australia Tel: +61 2 96840888 Princes Highway Port Fairy, VIC 3284 Australia Tel: +61 3 55680222 14 Henry Street Latrobe, TAS 7307 Australia Tel: +61 3 64265700

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) and Economic Overview

Central bank Reserve Bank of Australia Reserve of foreign exchange and gold US$ 46.714 billion Gross domestic product (GDP) US$ 1.586 trillion Purchasing power parity (GPP) 954.296 billion of International dollars GDP per capita (current prices) US$ 68,916 GDP composition by sector agriculture: 4% industry: 25.6% services: 70.4% Inflation 2010: 2.8% 2011: 3.4% 2012: 2.7% Unemployment rate 2010: 5.2% 2011: 5.1% 2012: 5.2%

Public debt (general Government gross debt as percentage (%) of GDP) 2010: 20.4% 2011: 22.9% 2012: 24% Government bond ratings Standard & Poor's: AAA Moody's rating: Aaa Moody's outlook: STA Market value of publicly traded shares US$1.198 trillion

Trade and Competitiveness Overview

Total exports US$263.9 billion Export commodities Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment Total imports US$239.7 billion Import commodities Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products Best countries for doing business 10 out of 185 countries Global competitiveness ranking 20 (ranking by country on a basis of 144, the first is the best)

Major export partners China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8% Major import partners China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7% FDI inflows 2009: US$26,554 million 2010: US$35,556 million 2011: US$41,317 million FDI outflows 2009: US$16,693 million 2010: US$12,791 million 2011: US$19,999 million

Country and Population Overview

Total population 22.68 million Total area 7,692,024 km2 Capital Canberra

Currency Australian dollars (AUD) Internet users as percentage (%) of total population 79%

PAYMENT OUTLOOK

Purchases Term

Local Bank transfer, D/P, D/A, Credit 30-120 days

International L/C, Telegraphic transfer, D/P, D/A, Credit 30-120 days

Sales Term

Local Bank transfer, D/P, D/A, Credit 30-120 days

International L/C, Telegraphic transfer, D/P, D/A, Credit 30-120 days

Trade Reference / Payment Behaviour

Comments As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources Interviews and material provided by the Subject Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.43
UK Pound	1	Rs.100.23
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	PDT

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	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
--	NB	New Business	--

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%)

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