INTERHIDES PUBLIC COMPANY LIMITED

Risk Assessment

The Dun & Bradstreet Rating of 4A2 indicates:

A Financial Strength of Thailand Baht 252,800,000 - 1,263,999,999 (Based on net worth) and a Risk Indicator which is Good (Low Risk Expected).

D&B Paydex: 72

When weighted by value, payments to suppliers average 12 days beyond terms based on payments collected over the last 24 months.

Explanation of PAYDEX

A score of 80 denotes that payments reported to D&B have generally been made within terms. Scores over 80 indicate that payments reported to D&B have been made earlier than terms. The chart below outlines the specific 0-100 score and what it means.

D&B PAYDEX®

Payment Habit

100

Anticipate

90

Discount

80

Prompt

70

15 days beyond terms

60

22 days beyond terms

50

30 days beyond terms

40

60 days beyond terms

30

90 days beyond terms

20

120 days beyond terms

0-19

Over 120 days beyond terms

UN

Unavailable

Trade Payment Summary

Value Bands (THB)	No. of Exp	Total Value	Within Terms	1-30 Days	31-60 Days	61-90 Days	91+ Days
>10,000,000	0	0	0%	0%	0%	0%	0%
1,000,001 - 10,000,000	0	0	0%	0%	0%	0%	0%
100,001 - 1,000,000	41	20,677,500	16%	24%	26%	19%	15%
10,001 - 100,000	11	365,000	21%	38%	14%	14%	13%
1,001 - 10,000	7	42,000	13%	87%	0%	0%	0%
<1,000	0	0	0%	0%	0%	0%	0%
TOTAL	59	21,084,500	0%	0%	0%	0%	0%

Note: Above Trade Payment Experiences Summary is derived by analysis of trade payment experiences details within 24 month

Trade Payment Experiences

Any amounts hereafter are in local currency unless otherwise stated. Amounts may be rounded to nearest figure in prescribed ranges.

Date	Paying Record	High Credit	Now Owes	Past Due	Term	Last Sale
2015-04-02	SLOW 60-90	272,500	132,500	97,500	30	2015-04-01
2015-04-02	PROMPT	20,000	65,000	0	30	2015-04-01
2014-12-04	SLOW 30-30	9,500	5,000	5,000	0	2014-11-03
2014-12-02	SLOW 60-90	345,000	180,000	175,000	30	2014-12-01
2014-11-06	SLOW 60-90	345,000	272,500	270,000	30	2014-11-05
2014-10-06	SLOW 30-30	250,000	25,000	25,000	30	2014-09-05
2014-09-12	PROMPT	-	7,500	0	0	2014-09-11
2014-09-09	PROMPT	250,000	25,000	0	30	2014-09-08
2014-09-03	PROMPT	80,000	20,000	0	30	2014-09-02
2014-09-01	SLOW 30-90	405,000	250,000	200,000	30	2014-08-31
2014-08-29	PROMPT	1,000,000	500,000	0	90	2014-08-28
2014-08-01	SLOW 60-60	405,000	205,000	160,000	30	2014-07-31
2014-07-23	PROMPT	80,000	50,000	0	30	2014-07-22
2014-07-23	PROMPT	1,000,000	700,000	0	90	2014-07-22
2014-07-07	SLOW 30-30	20,000	9,500	9,500	0	2014-06-06
2014-06-04	PROMPT	500,000	1,000,000	0	90	2014-06-03
2014-06-02	SLOW 30-60	405,000	215,000	140,000	30	2014-06-01
2014-05-22	PROMPT	600,000	400,000	0	90	2014-05-21
2014-04-25	SLOW 30-60	405,000	220,000	165,000	30	2014-04-24
2014-04-11	SLOW 30-30	15,000	10,000	10,000	30	2014-03-11
2014-04-04	SLOW 30-30	20,000	5,000	5,000	0	2014-03-04
2014-04-03	PROMPT	600,000	200,000	0	90	2014-04-02
2014-04-02	PROMPT	500,000	30,000	0	30	2014-04-01
2014-03-17	PROMPT/SLOW 30	5,000	15,000	5,000	30	2014-03-16
2014-03-06	SLOW 60-60	405,000	345,000	300,000	30	2014-03-05
2014-03-05	PROMPT	500,000	80,000	0	30	2014-03-04
2014-02-25	PROMPT	600,000	35,000	0	90	2014-02-24
2014-02-20	PROMPT	-	5,000	0	30	2014-02-19
2014-02-10	PROMPT	500,000	10,000	0	30	2014-02-09
2014-02-04	SLOW 30-30	20,000	5,000	5,000	0	2014-01-04
2014-01-27	SLOW 30-30	10,000	20,000	20,000	0	2013-12-27
2014-01-20	PROMPT	600,000	200,000	0	90	2014-01-19
2013-12-26	SLOW 30-30	700,000	250,000	250,000	30	2013-11-25
2013-12-26	PROMPT	500,000	7,500	0	30	2013-12-25
2013-12-20	PROMPT	600,000	200,000	0	90	2013-12-19
2013-12-16	SLOW 30-30	2,500	2,500	2,500	30	2013-11-15
2013-12-06	SLOW 30-60	405,000	285,000	185,000	30	2013-12-05
2013-11-22	SLOW 30-60	370,000	405,000	400,000	30	2013-11-21
2013-11-19	PROMPT	700,000	200,000	0	90	2013-11-18
2013-11-19	PROMPT	700,000	250,000	0	30	2013-11-18
2013-11-13	PROMPT	500,000	5,000	0	30	2013-11-12
2013-11-06	SLOW 60-60	160,000	75,000	75,000	30	2013-09-06
2013-10-18	PROMPT	700,000	20,000	0	90	2013-10-17
2013-10-17	SLOW 30-60	370,000	305,000	295,000	30	2013-10-16
2013-10-04	SLOW 30-30	30,000	20,000	20,000	30	2013-09-03
2013-10-02	SLOW 30-30	160,000	75,000	75,000	30	2013-09-01
2013-09-25	SLOW 60-60	370,000	365,000	365,000	30	2013-08-25
2013-09-20	PROMPT	1,000,000	20,000	0	90	2013-09-19
2013-09-19	PROMPT/SLOW 30	25,000	30,000	10,000	30	2013-09-18
2013-09-12	SLOW 30-30	-	1,000	1,000	0	2013-08-12
2013-09-05	SLOW 30-30	10,000	10,000	10,000	0	2013-08-05
2013-09-05	SLOW 60-60	115,000	160,000	85,000	30	2013-09-04
2013-09-05	SLOW 30-30	2,500	2,500	2,500	15	2013-08-05
2013-09-05	SLOW 30-30	2,500	2,500	2,500	15	2013-08-05
2013-09-03	PROMPT	500,000	60,000	0	30	2013-09-02
2013-08-26	PROMPT	700,000	700,000	0	30	2013-08-25
2013-08-26	SLOW 30-60	370,000	300,000	300,000	30	2013-07-26
2013-08-16	SLOW 30-30	2,500	2,500	2,500	15	2013-07-16
2013-08-16	SLOW 30-30	2,500	2,500	2,500	15	2013-07-16
2013-08-15	PROMPT	1,000,000	500,000	0	90	2013-08-14
2013-08-07	PROMPT	500,000	50,000	0	30	2013-08-06
2013-08-06	PROMPT	25,000	10,000	0	30	2013-08-05
2013-08-02	PROMPT/SLOW 30	30,000	115,000	30,000	30	2013-08-01
2013-07-25	SLOW 30-60	370,000	200,000	200,000	30	2013-06-24
2013-07-19	PROMPT	1,000,000	600,000	0	90	2013-07-18
2013-07-17	PROMPT/SLOW 30	260,000	500,000	100,000	30	2013-07-16
2013-07-04	SLOW 30-30	25,000	25,000	25,000	30	2013-06-03
2013-07-03	PROMPT	750	2,500	0	16	2013-07-02
2013-07-03	PROMPT	750	2,500	0	16	2013-07-02
2013-07-02	PROMPT	30,000	30,000	0	30	2013-07-01
2013-06-25	PROMPT	260,000	215,000	15,000	30	2013-06-24
2013-06-25	SLOW 30-30	200,000	116,000	61,000	30	2013-06-24

Payment experiences reflect how bills are met in relation to the terms granted. In some instances, payment beyond terms can be the result of disputes over merchandise, lost invoices, etc.

Litigation

There is no legal suit filed against the company or any of its directors.

Bank Name:

BANK OF AYUDHYA PUBLIC COMPANY LIMITED

Address:

Thailand

---

Bank Name:

KASIKORNBANK PUBLIC COMPANY LIMITED

Address:

Thailand

---

Bank Name:

BANGKOK BANK PUBLIC COMPANY LIMITED

Address:

Thailand

---

Information in this report may not represent the full extent of subject's bank relationships.

Investigation Information

On Jun 22, 2015, Mrs Suangporn Thonglor, Supervisor Human Resources, confirmed all information in this report.

INTERHIDES PUBLIC COMPANY LIMITED started its operations in 1992 and was incorporated on Aug 24, 2005 as a Public limited co.

It was registered with the Ministry of Commerce (MOC) under the registration number of 0107548000595, Bangkok, Thailand.

A public listed company registered on the Stock Exchange of Thailand, Thailand on Dec 22, 2005. It is listed on the secondary board.

It is also trading under the ACRONYM(S) of IHL.

It manufactures seat covers, automobile. An establishment of about 23 year(s), it has been in this line of business since the commencement of its business operations. Mr Ongart Thumrongsakunvong, Managing Director, currently heads the company.

Reason for Changes in Legal Structure

Date:

Aug 24, 2005

Change:

Conversion from a private to a public limited company

Former Legal Structure:

Private limited co

Former Company Name:

INTER-HIDES & LEATHER COMPANY LIMITED

Date first started:

Sep 25, 1992

Previous Registration #:

BAJ.SPK.3582

Registration # changed to:

0107574800595

---

Date:

Jan 01, 2006

Change:

Reconstitution under local laws

Previous Registration #:

0107574800595

Registration # changed to:

PRESENT NO.

---

Capital

Authorized Capital:

THB419,999,076.00

Issued Capital:

THB419,998,782.00

Paid-up Capital:

THB419,998,782.00

Ordinary Shares:

THB419,999,076.00 at par value 1.00

Changes in Capital

The following changes were confirmed by the local registry office.

Date of Change:

Dec 27, 2004

Capital Type:

Authorized Capital

Nature of Change:

increased

From:

THB120,000,000.00

To:

THB160,000,000.00

---

Date of Change:

Apr 28, 2005

Capital Type:

Authorized Capital

Nature of Change:

increased

From:

THB160,000,000.00

To:

THB190,000,000.00

---

Date of Change:

Jul 25, 2005

Capital Type:

Authorized Capital

Nature of Change:

increased

From:

THB190,000,000.00

To:

THB225,000,000.00

---

Date of Change:

Aug 24, 2005

Capital Type:

Authorized Capital

Nature of Change:

increased

From:

THB225,000,000.00

To:

THB300,000,000.00

---

Date of Change:

May 08, 2012

Capital Type:

Authorized Capital

Nature of Change:

increased

From:

THB300,000,000.00

To:

THB350,000,000.00

---

Date of Change:

May 09, 2013

Capital Type:

Authorized Capital

Nature of Change:

decreased

From:

THB350,000,000.00

To:

THB349,999,230.00

---

Date of Change:

May 10, 2013

Capital Type:

Authorized Capital

Nature of Change:

increased

From:

THB349,999,230.00

To:

THB419,999,076.00

---

Stock Exchange

Stock Exchange:

Stock Exchange of Thailand

Listed on the secondary board

Country:

Thailand

Date Listed:

Dec 22, 2005

---

Authorised Signatories

Miss Chutima Busayapoka and may sign on behalf of subject with seal affixed.

Subsidiaries

Total number of Subsidiaries:1.

Name:

INTER SEAT COVER COMPANY LIMITED

DUNS:

671799385

Location:

Thailand

% of Shares Owned:

Subject holds 100% of shares in Subsidiary

Branches

Subject maintains 6 branch(es) locally.

The principal branch location(s) are as follows:

D-U-N-S:

671569015

Address:

1111 Moo 2 Soi K.M. 34, Sukhumvit Road, Bangpoo Mai, Muang,
Samut Prakarn 10280 Thailand

Location Type:

Plant/Factory

---

D-U-N-S:

671569023

Address:

999 Soi T.J.C. Sukhumvit Road, Bangpoo Mai, Muang,
Samut Prakarn 10280 Thailand

Location Type:

Plant/Factory

---

D-U-N-S:

671569049

Address:

55/5 Soi T.C.J. Sukhumvit Road, Bangpoo Mai, Muang,
Samut Prakarn 10280 Thailand

Location Type:

Plant/Factory

---

Address:

775 Soi 4, Bangpu Industrial Estate,
Samut Prakarn Thailand

Location Type:

Plant/Factory

---

Address:

192 Moo 2 Soi Fongnang KM.34,, Sukhunvit Road, Bangpoo Mai, Muang,
Samutprakarn Thailand

Location Type:

Plant/Factory

Other Details:

Tel : (66) (2) (7095130)

---

Address:

678 Soi T.J.C., Sukhumvit Road, Bangpoo Mai, Muang,
Samutprakarn 10280 Thailand

Location Type:

Plant/Factory

Corporate Directors

Name:

Mr Ongart Thumrongsakunvong

Nationality:

Thailand

---

Name:

Mr Thira Wipuchanin

Nationality:

Thailand

---

Name:

Mr Chor.Nun Petpaisit

Nationality:

Thailand

---

Name:

Mr Somyot Akapaiboon

Nationality:

Thailand

---

Name:

Mr Thaksa Busayapoka

Nationality:

Thailand

---

Name:

Mr Ouychai Matitanaviroon

Nationality:

Thailand

---

Name:

Miss Chutima Busayapoka

Nationality:

Thailand

---

Name:

Mr Niti Nerngchamnong

Nationality:

Thailand

---

Name:

Mr Somchart Limpanuphap

Nationality:

Thailand

Executives

Name:

Mr Ongart Thumrongsakunvong

Year of Birth:

1958

Current Title:

Managing Director

Other Current Title:

of the Board Deputy Chairman

Appointed to Present Position:

1992

Started with Subject:

1992

Related Experience Since:

1988

Founder of Subject:

Yes

Active in daily operations:

Yes

---

Name:

Mr Thira Wipuchanin

Current Title:

Chairman of the Board

Other Current Title:

Director

---

Name:

Mr Chor.Nun Petpaisit

Current Title:

Director Administration

Related Experience Since:

1991

Active in daily operations:

Yes

---

Name:

Mr Somyot Akapaiboon

Current Title:

Director

---

Name:

Mr Thaksa Busayapoka

Current Title:

Director

---

Name:

Mr Ouychai Matitanaviroon

Current Title:

Director

---

Name:

Miss Chutima Busayapoka

Year of Birth:

1961

Current Title:

Deputy Managing Director Operations

Related Experience Since:

1991

Active in daily operations:

Yes

---

Name:

Mr Niti Nerngchamnong

Current Title:

Director

---

Name:

Mr Somchart Limpanuphap

Current Title:

Director

---

Line of Business

• Manufactures seat covers, automobile (2399-9910)

• Manufactures leather goods (3199-0000)

• Engaged in leather tanning and finishing (3111-0000)

Purchases

Purchasing Territory

Local:

70%

International:

30%

Imports from

United States

Purchasing Terms

Local purchase terms:

Contract

Import Terms:

Letter of Credit

Sales

Sales Territory

Local:

80%

International:

20%

Export to

United States
Indonesia
Philippines
Australia

Selling Terms

Local Sales Terms:

Open Account 30 days
bank transfer

Export Terms:

Letter of Credit
bank transfer

Customers

Major Customers

• Manufacturer(s)
  

• Wholesaler(s)
  

Employees

Employee(s) - Current

Total Employees:

1,300 Estimated

Total includes managers and active directors

Employee(s) - Previous

Year:

2012

Total Employees:

1,200 Estimated

Total includes managers and active directors

---

Year:

2011

Total Employees:

1,000 Estimated

Total includes managers and active directors

---

Year:

2008

Total Employees:

1,000 Estimated

Total includes managers and active directors

---

Year:

2007

Total Employees:

800 Estimated

Total includes managers and active directors

---

ISO Certificate / Tax Incentives

ISO Certification

Subject was awarded:

ISO /TS 16949:2009

Current Location

Type of Occupation:

Owned

Location:

Residential/industrial area

Premises used as:

Operations office
Plant/Factory

Comparatives

Particulars	Fiscal Consolidated Dec 31, 2012 Thousands THB	Fiscal Consolidated Dec 31, 2013 Thousands THB	Fiscal Consolidated Dec 31, 2014 Thousands THB
Current Assets	1,043,091	945,089	994,915
Current Liabilities	1,047,724	745,417	736,102
Working Capital	-4,633	199,672	258,813
Other Tangible Assets	1,235,930	1,231,225	1,144,907
Non-Current Liabilities	305,849	380,137	307,878
Tangible Net-Worth	925,448	1,050,760	1,095,842
Sales / Income	1,891,527	1,788,113	1,851,645
Profit (Loss) After Tax	248,917	197,133	193,702
Inventory	725,042	603,775	620,132
Cash & Bank	31,469	69,858	7,507
Accounts Receivable	281,666	253,202	338,708
Fixed Assets	1,203,561	1,198,086	1,116,784
Accounts Payable	185,807	129,333	169,888
Intangibles	1,545	2,255	2,552

Balance Sheet

Assets	Fiscal Consolidated Dec 31, 2014 Thousands THB
Cash & Bank	7,507
Inventory	620,132
Accounts Receivable	338,708
Prepayments	3,200
Other Current Assets	6,368
Total Current Assets	994,915
Property, Plant & Equipment	1,116,784
Total Fixed Assets	1,116,784
Total Investments	0
Deferred Expenditure	25,505
Other Assets	2,618
Total Other Assets	28,123
Intangibles	2,552
Total Intangibles	2,552
TOTAL ASSETS	2,142,374

Liabilities	Fiscal Consolidated Dec 31, 2014 Thousands THB
Accounts Payable	169,888
Notes Payable	233,671
Bank Loans	185,394
Current Portion of Long Term Debt	116,256
Lease Liabilities	18,463
Deferred Taxation	4,205
Other Current Liabilities	8,225
Total Current Liabilities	736,102
Creditors & Borrowings	169,745
Provisions	105,000
Provident & Pensions	14,831
Lease Liabilities	18,302
Total Non-Current Liabilities	307,878
TOTAL LIABILITIES	1,043,980
Capital	419,999
Legal Reserves	44,000
Share Premium	211,584
Retained Earnings (Loss)	422,811
TOTAL EQUITY	1,098,394
TOTAL LIABILITIES & EQUITY	2,142,374

Profit & Loss

Particulars	Fiscal Consolidated Dec 31, 2012 12 Month(s) Thousands THB	Fiscal Consolidated Dec 31, 2013 12 Month(s) Thousands THB	Fiscal Consolidated Dec 31, 2014 12 Month(s) Thousands THB
Sales / Income	1,891,527	1,788,113	1,851,645
Less: Cost of Sales	-1,464,638	-1,414,458	-1,502,386
Gross Profit (Loss)	426,889	373,655	349,259
Total General Expenditure	-109,367	-117,347	-119,624
Net Operating Profit (Loss) Before Taxation	317,522	256,308	229,635
Other Non-Operating Income	24,736	9,380	10,979
Depreciation & Interest	0	0	0
Total Financial Expenses	-47,816	-40,642	-34,678
Plus (Minus) Extraordinary Items	0	0	0
Net Profit (Loss) Before Taxation	294,442	225,046	205,936
Income Tax	-45,525	-27,913	-12,234
Net Profit(Loss) after Tax	248,917	197,133	193,702
Plus (Minus) Extraordinary Items	0	0	0
Net Profit (Loss) After Taxation & Extraordinary Items	248,917	197,133	193,702
Earning per share (THB)	0.59	0.47	0.46

Accounts are audited by Waraporn Praphasirikul, CPA.4579.

Ratios

Particulars	Dec 31, 2012	Dec 31, 2013	Dec 31, 2014
PROFITABILITY RATIOS
Profit Margin (%)	13.16	11.03	10.46
Return on Assets (%)	10.92	9.05	9.04
Return on Net Worth (%)	26.90	18.76	17.68
LIQUIDITY RATIOS
Current Ratio	1.00	1.27	1.35
Quick Ratio	0.30	0.43	0.47
EFFICIENCY RATIOS
Collection Period (days)	54	51	66
Asset to Sales (%)	120.57	121.84	115.70
Sales to Inventory (times)	3	3	3
Fixed Assets to Net Worth (%)	130.05	114.02	101.91
INDEBTEDNESS RATIOS
Short Term Debt to Net Worth (%)	113.21	70.94	67.17
Short Term Debt to Inventory (%)	144.51	123.46	118.70
Total Debt to Net Worth (%)	146.26	107.12	95.27

Pridiyathorn holds hope for export U-turn

Thailand's economic growth still has a chance to reach 4% this year if shipments to Japan and China turn positive by year-end, says Deputy Prime Minister MR Pridiyathorn Devakula. On his one-year round-up of government performance, MR Pridiyathorn said yesterday despite lingering criticism by several parties that the Thai economy is spluttering, he believed it was well on the way to healthy growth. He cited myriad economic stimulus measures for both the short and long term to stimulate household consumption and government expenditures.

In the first quarter, statistics showed improved private and public investment, tourism and private consumption, he said. The government expects these factors will continue to grow in the second quarter,' said MR Pridiyathorn. 'If exports to China and Japan turn positive, economic growth this year is likely to reach 4%.' In the first quarter, Thai exports to China and Japan fell 10% and 5% year-on-year, respectively.

The National Economic and Social Development Board (NESDB) reported on Monday that Thailand's economy grew 3% year-on-year in the first quarter, an improvement from 2.1% in last year's fourth quarter. However, the NESDB cut its full-year growth forecast to 3-4% from 3.5-4.5% and lowered its export growth view to 0.2% from 3.5%. Exports fell for a third straight month in March while consumer confidence dropped to a 10-month low in April. If exports decline in 2015 it will mark a record third straight year.

Thailand's economic growth between 2008-13 averaged only 2.9% despite a spate of populist policies such as a rice pledging program and first-time car buyers scheme. He said baht depreciation would support the export sector over the next three months. The Prime Minister's Office Minister Suwaphan Tanyuvardhana said as of May 20 the amount of fiscal budget disbursement was 1.503 trillion baht, or 58.73% of the total of 2.575 trillion in fiscal 2015.

The government expects disbursement will reach the targets of 96% of the regular budget and 87% of the investment budget by the end of this fiscal year on Sept 30.

Source: Krungthepturakij Newspaper, May 21, 2015

Customer Service

Should you require any further information or have any questions, please contact D&B Thailand Customer Service Centre at +662 6573999 ext 3100.

Inquiries should always contain the below minimum details:

• Full Company Name
• Full Headquarters Address
• Telephone Number
• Business Identification Number
• Contact Name
• Reference
• Order Date

D&B Rating Glossary

The following ratings are available for businesses in Thailand:

D&B Rating - The D&B® Rating in Thailand consists of 2 parts, the Financial Strength Indicator and the Risk Indicator. The Financial Strength Indicator is based on either Net Worth of a current balance sheet or Issued Capital. Risk Indicator is used in conjunction with the Financial Strength Indicator. The Risk Indicator reflects D&B's opinion of the risk associated with trading with a specific business. The table below contains the values for the D&B Rating in Thailand.

Financial Strength Indicator

Net Worth	Capital	From	To
5A	5AA	THB 1,264,000,000	And above
4A	4AA	THB 252,800,000	THB 1,263,999,999
3A	3AA	THB 37,920,000	THB 252,799,999
2A	2AA	THB 18,960,000	THB 37,919,999
1A	1AA	THB 9,480,000	THB 18,959,999
A	AA	THB 4,753,000	THB 9,479,999
B	BB	THB 2,376,000	THB 4,752,999
C	CC	THB 1,188,000	THB 2,375,999
D	DD	THB 607,000	THB 1,187,999
E	EE	THB 303,000	THB 606,999
F	FF	THB 152,000	THB 302,999
G	GG	THB 77,000	THB 151,999
H	HH	0	THB 76,999

Alternate Ratings Used
NQ				Out of Business: Business has ceased to trade
NB				New Business: Less than 24 months
O				Financial Strength is undisclosed; or Assigned to companies that do not request credit in their normal activities (Bank, Brokerages, Insurance Co., Associations, Government, etc..)
N				Negative Net Worth
FB				Foreign Branch
BR				Domestic Branch
DS				Assigned to records that require investigation before a rating can be assigned.

Risk Indicator	Condition	Credit Risk	Interpretation
1	Strong	Minimal risk	Proceed with transaction - offer extended terms if required
2	Good	Low Risk	Proceed with transaction
3	Fair	Slightly greater than average risk	Proceed with transaction but monitor closely
4	Limited	Significant level of risk	Review each case before extending credit and obtain more information. Take suitable assurances before extending credit, guarantees may be needed
-	Undetermined	Undetermined Risk	Insufficient information to assign a Rating

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