MIRA INFORM REPORT

Report Date :

11.11.2008

IDENTIFICATION DETAILS

Name :	AN GIANG PLANT PROTECTION JOINT-STOCK COMPANY
Registered Office :	No.23, Ha Hoang Ho Str, My Xuyen Ward, Long Xuyen City, An Giang Province
Country :	Vietnam
Financials (as on) :	30.06.2008
Year of Establishment :	1993
Com. Reg. No.:	5203000027
Legal Form :	Joint Stock Company
Line of Business :	Manufacture of Fertilizers, Plant Protection Medicine, Package Paper, Safety Foods, Tourist Service. Researching and Producing Seed.

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

SUBJECT IDENTIFICATION AND LEGAL FORM

English name	AN GIANG PLANT PROTECTION JOINT-STOCK COMPANY
Vietnamese name	CONG TY CO PHAN BAO VE THUC VAT AN GIANG
Trade name	AG-PPS
Founded	1993
Type of business	Joint Stock Company
Business Registration	No. 5203000027
Date of Issuance	September 27^th 2004
Date of last issuance	March 4^th 2008
Place of Issuance	An Giang province Department of Planning & Investment
Current Registered Capital	VND 180,000,000,000
Former Registered Capital	VND 150,000,000,000
Tax code	1600192619
Total Employees	About 1,000
Formerly, the subject was a State Owned Enterprise. It was equitized to be a joint-stock company in 2004. Following is its former information:
English Name	AN GIANG PLANT PROTECTION SERVICE COMPANY
Vietnamese name	CONG TY BAO VE THUC VAT AN GIANG
Type of Business	State Owned Enterprise
Founded	1993
Establishment Decision	No. 556/QĐ-UB
Date of Issuance	November 30^th 1993
Place of Issuance	An Giang People’s Committee
Business Registration	No. 100005
Date of Issuance	January 24^th, 1994
Place of Issuance	An Giang province Department of Planning & Investment
Registered Capital	VND 18,070,000,000

ADDRESSES

Head Office
Address	No.23, Ha Hoang Ho Str, My Xuyen Ward, Long Xuyen City, An Giang Province
Country	Vietnam
Telephone	(84-76) 3841299/ 3843445/ 3944069
Fax	(84-76) 3841327
Email	agppshcm@hcm.vnn.vn
Website	http://www.agpps.com.vn
BRANCHES AND REPRESENTATIVE OFFICES
Currently, the Subject sets up many branches in many strategic provinces and cities in Vietnam, such as Ho Chi Minh City, Binh Dinh, Phu Yen, Nghe An, Dac Lak, Binh Phuoc, Tay Ninh, Vinh Long, An Giang Provinces, Da Nang, Can Tho and Hanoi cities.
Representative Office in Cambodia
Address	217 Road, No. 108B, Tum Nup Tuc Ward, Chamkamon Dist., Phnom Penh Capital
Country	Cambodia
Tel	(00855) 023996448
Fax	(00855) 023996448
Founded	June 27^th, 2005
Email	leminhtue@yahoo.com
Note: This is the first Representative Office of the subject in a foreign country.
Representative office of Hochiminh City
Address	No. 174 Tran Hung Dao Str., Nguyen Cu Trinh Ward, Dist 1., Hochiminh City
Country	Vietnam
Tel	(84-8) 39200783/ 38379445
Fax	(84-8) 38370548
Package Manufacturing Factory
Address	No.23, National Road No. 91, My Thoi Dist, Long Xuyen City, An Giang Province
Founded	1996
Tel	(84-76) 3833626
Fax	(84-76) 3835042
Email	nmbaobi@agpps.com.vn
Capacity	1,800,000 square meters per year.
Trang Viet Tourist Service Center
Address	174 Tran Hung Dao Str, Nguyen Cu Trinh Ward, Dist.1, Hochiminh City
Founded	2004
Tel	(84-8) 38379440
Fax	(84-8) 38379440
Email	tttrangviet@agpps.com.vn
Tax Code	1600192619-020
Sao Viet Centre (Manufacturing & Trading in Fresh Vegetable)
Address	No.14 Cong Quynh Str, Dist 1, Nguyen Cu Trinh Ward, Hochiminh City
Founded	2002
Tel	(84-8) 3920 0842
Fax	(84-8) 38370548
Email	ttsaoviet@agpps.com.vn
Tax Code	1600192619-016
Centre for Research and Production of Seed
Address	No. 234B/12, National Road 91, Binh Duc Ward, Long Xuyen City, An Giang Province
Tel	(84-76) 3836246
Fax	(84-76) 3651243
Email	ttg@agpps.com.vn
Chau Thanh Plant Protection Pesticide Factory
Address	National Road 91, An Chau Town, Chau Thanh Dist, An Giang Province
Founded	1996
Tel	(84-76) 3836581
Fax	(84-76) 3836520
Email	nmchauthanh@agpps.com.vn
Ho Chi Minh Branch
Address	1202 National Road 1, Tan Tao Ward, Tan Binh Dist, Hochiminh City
Founded	1994
Tel	(84-8) 3756 0253
Fax	(84-8) 3877 0655
Email	cnhcm@agpps.com.vn
Tax Code	1600192619-001
Da Nang Branch
Address	47 Le Loi Str, Thach Thang Ward, Hai Chau Dist, Da Nang City
Founded	2002
Tel	(84-511) 3887 030
Fax	(84-511) 3887 031
Email	cndanang@agpps.com.vn
Tax Code	1600192619-014
Ha Noi Branch
Address	No.241 (former No. C1-3) Giai Phong Str, Phuong Liet Ward, Thanh Xuan Dist, Hanoi
Founded	2000
Telephone	(84-4) 3868 5750
Fax	(84-4) 3868 7305
Email	cnhanoi@agpps.com.vn
Tax Code	1600192619-012

DIRECTORS

1. NAME	Mr. HUYNH VAN THON
Position	General Director
Date of birth	September 09^th 1958
ID No	350875986
Issued on	July 21^st, 2000
Issued by	An Giang Police Station
Qualification	Bachelor of Science and Management, about 20 years of experiences
Registered Resident	No. 893 Ha Hoang Ho Str, My Xuyen Ward, Long Xuyen City, An Giang Province
Current Resident	No.14 Cong Quynh Str, Nguyen Cu Trinh Ward, Dist 1, Hochiminh City
Tel	(84-8) 39200842
Fax	(84-8) 38370352
Nationality	Vietnamese
2. NAME	Mr. NGUYEN DINH LE
Position	Deputy General Director
Year of birth	1955
Qualification	Bachelor of Science from Can Tho University
Qualification	Management
Resident	No.33 Cu Xa Le Hong Phong, My Binh Ward, Long Xuyen City, An Giang Province
Nationality	Vietnamese
3. NAME	Mr. HO THANH SON
Position	Deputy General Director
Year of birth	1955
Qualification	Management
Resident	6A2 K.Binh Thoi, Binh Khanh Ward, Long Xuyen City, An Giang Province
Nationality	Vietnamese
4. NAME	Mr. NGUYEN DUY LONG
Position	Director of financial and Chief accountant
Year of birth	1970
Resident	Long Xuyen City, An Giang Province
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject specializes in manufacture and trading in the following fields:

- Manufacture of fertilizers, plant protection medicine, package paper, safety foods,

- Tourist service.

- Researching and producing seed.

IMPORT & EXPORT ACTIVITES

Import: The subject imports from China, Japan, India, Thailand, Germany and Israel.

Export: The subject has no official export activities. However, the subject has first Representative office in Cambodia with the aim to market, research market of seed and plant protection pesticides.

BANKERS

1. VIETCOMBANK – AN GIANG BRANCH
Address	No.1 Hung Vuong Str, My Long Ward, Long Xuyen City, An Giang Province
Tel	(84-76) 3843589
Fax	(84-76) 3841591
Swift	BFTV VNVX

2. VIETINBANK – AN GIANG BRANCH
Address	No.270 Ly Thai To Str, My Long Ward, Long Xuyen City, An Giang Province
Tel	(84-76) 3841392
Fax	(84-76) 3843238
3. BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM – AN GIANG BRANCH
Address	No.49/51/53 Nguyen Hue Str, My Long Ward, Long Xuyen City, An Giang Province
Tel	(84-76) 3843948
Fax	(84-76) 3841146
4. AGRICULTURAL & RURAL DEVELOPMENT BANK OF VIETNAM – AN GIANG BRANCH
Address	No.51B Ton Duc Thang Str, My Binh Ward, Long Xuyen City, An Giang Province
Tel	(84-76) 3856560
Fax	(84-76) 3856748

SHAREHOLDERS

The subject is a joint stock company. Following are capital structure of the subject in September 20^th 2008.
NAME	State	Individuals	Organizations
Ratio	30.04%	15.77%	24.52%
Following are main shareholders:
1. VIETNAM HOLDING LTD
2. QUY DAU TU CHUNG KHOAN VIETNAM
3. CTY CHUNG KHOAN NGAN HANG SAI GON THUONG TIN
4. CTY CP CHUNG KHOAN RONG VIET
5. QUY DAU TU TANG TRUONG VIET NAM (VF2)
6. QUY DAU TU TANG TRUONG VIET LONG
7. CTY LIEN DOANH QUAN LY QUY DAU TU CHUNG KHOAN VIETNAM (VFM)
8. ASIA VANTAGE GLOBAL LIMITED
9. CTY CO PHAN QUAN LY QUY DAU TU CHUNG KHOAN VIET LONG

Following are foundation shareholders of the subject on the legal, (as of March 4^th 2008):
I. STATE SHARE
NAME	STATE CAPITAL INVESTMENT CORPORATION
Address	No. 6 Phan Huy Chu, Hoan Kiem Dist, Hanoi City
Representative person	Mr. HUYNH VAN THON
Position	Chairman & General Director
Date of birth	September 09^th, 1958
ID No	350875986
Issued on	July 21^st, 2000
Qualification	Management
Registered Resident	893 Ha Hoang Ho Str, Long Xuyen City, An Giang Province
Current Resident	No.14 Cong Quynh, Nguyen Cu Trinh Ward, Dist 1, Hochiminh City
Nationality	Vietnamese
Number of Share	4,506,000 units
Value	45,060,000,000 VND
Ratio	25.03%
II. PRIVATE SHARES
1. NAME	Mr. HUYNH VAN THON
Position	Chairman & General Director
Date of birth	September 09^th, 1958
ID No	350875986
Issued on	July 21^st, 2000
Qualification	Management
Registered Resident	893 Ha Hoang Ho Str, Long Xuyen City, An Giang Province
Current Resident	No.14 Cong Quynh, Nguyen Cu Trinh Ward, Dist 1, Hochiminh City
Nationality	Vietnamese
Number of Share	253,160 shares
Value	2,531,600,000 VND
Ratio	1.41%
2. NAME	Mr. HO THANH SON
Position	Deputy General Director
ID No.	350007373
Issued on	January 12^th 1998
Resident	6A2 K.Binh Thoi, Binh Khanh Ward, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Number of Share	180,560 shares
Value	1,805,600,000 VND
Ratio	1.00%
3. NAME	Mr. HUYNH QUOC HUNG
Position	Shareholder
ID No.	350007399
Issued on	September 23^rd 1999
Resident	22/12C Tran Hung Dao Str, Phuoc My Ward, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Number of Share	148,990 shares
Value	1,489,900,000 VND
Ratio	0.83%
4. NAME	Mr. TRAN VAN THEN
Position	Shareholder
ID No.	350007740
Issued on	November 20^th 2003
Resident	No.1/12 Nguyen Xi Str, My Binh Ward, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Number of Share	151,750 shares
Value	1,517,500,000 VND
Ratio	0.85%
5. NAME	Mr. NGUYEN TRONG TAI
Position	Shareholder
ID No.	351660514
Issued on	April 13^th 2001
Resident	1T6 Phan Van Tri Str, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Number of Share	164,910 shares
Value	1,649,100,000 VND
Ratio	0.92%

6. NAME	Mr. NGUYEN MY
Position	Shareholder
ID No.	350040236
Issued on	September 12^th 2003
Resident	No. 19/8 Nguyen Du Str, My Binh Ward, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Number of Share	155,960 shares
Value	1,559,600,000 VND
Ratio	0.87%
7. NAME	Mr. NGUYEN THAI CHAU
Position	Shareholder
ID No.	320207330
Issued on	September 12^th 2003
Resident	13 Le Hong Phong Str, My Binh Ward, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Number of Share	100,110 shares
Value	1,001,100,000 VND
Ratio	0.56%
8. NAME	Mr. NGUYEN DUY LONG
Position	Shareholder
ID No.	022850349
Issued on	March 16^th 2001
Resident	No.209 Le Van Sy Str, Ward 14, Phu Nhuan Dist, Hochiminh City
Nationality	Vietnamese
Number of Share	108,180 shares
Value	1,081,800,000 VND
Ratio	0.60%
9. NAME	Mr. TIEU MINH TAM
Position	Shareholder
ID No.	350743963
Issued	October 08^th 1999
Resident	1A Nguyen Thai Hoc Str, My Binh Ward, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Number of Share	106,320 shares
Value	1,063,200,000 VND
Ratio	0.59%
10. NAME	Mr. NGUYEN DINH LE
Position	Deputy general director (in charge of business)
Qualification	Bachelor of Science from Can Tho University
ID No.	350585715
Issued on	July 25^th 1997
Resident	No. 23 Ha Hoang Ho, My Xuyen Ward, My Xuyen Dist, An Giang Province
Nationality	Vietnamese
Number of Share	181,350 shares
Value	1,813,500,000 VND
Ratio	1.01%
11. NAME	Mr. LE PHUOC DUC
Position	Shareholders
Qualification	Bachelor of Science from Can Tho University
ID No.	351859309
Issued on	February 27^th 2004
Resident	No. 7/3 Le Hong Phong Str, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Number of Share	172,630 shares
Value	1,726,300,000 VND
Ratio	0.96%
12. NAME	OTHER SHAREHOLDERS
Number of Share	330,258 shares
Value	33,025,800,000 VND
Ratio	18.35%

FINANCIAL DATA

BALANCE SHEET
Balance sheet date	30/6/2008	31/12/2007	31/12/2006	31/12/2005
Number of weeks	26	52	52	52
Unit	01 VND	Million VND	Million VND	Million VND
ASSETS
A – CURRENT ASSETS	943,605,819,941	833,609	555,063	448,858
I. Cash and cash equivalents	169,291,925,486	17,196	19,356	16,236
1.Cash	169,291,925,486	17,196	19,356	16,236
2.Cash equivalents	0	0	0	0
II. Short-term investments	0	0	250	0
1. Short-term investments	0	0
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	519,821,717,040	541,564	364,407	257,158
1. Receivable from customers		520,097	347,089	251,335
2. Prepayments to suppliers		5,063	2,032	4,711
3. Inter-company receivable		0	0	0
4. Receivable according to the progress of construction		0	0	0
5. Other receivable		16,404	15,286	1,112
6. Provisions for bad debts		0	0	0
IV. Inventories	247,305,801,098	270,638	167,319	172,935
1. Inventories		270,638	167,319	172,935
2. Provisions for devaluation of inventories		0	0	0
V. Other Current Assets	7,186,376,317	4,211	3,731	2,529
1. Short-term prepaid expenses		54	69	223
2. VAT to be deducted		2,157	1,856	972
3. Taxes and other accounts receivable from the State		0	0	0
4. Other current assets		2,000	1,806	1,334
B. LONG-TERM ASSETS	166,192,247,019	120,153	76,609	48,044
I. Long term account receivable	0	0	0	0
1. Long term account receivable from customers	0	0	0	0
2. Working capital in affiliates	0	0	0	0
3. Long-term inter-company receivable	0	0	0	0
4. Other long-term receivable	0	0	0	0
5. Provisions for bad debts from customers	0	0	0	0
II. Fixed assets	103,350,548,389	93,712	64,449	43,136
1. Tangible assets	46,313,552,415	39,936	34,919	6,539
Historical costs		57,973	46,075	34,447
Accumulated depreciation		-18,037	-11,156	-27,908
2. Financial leasehold assets		0	0	0
Historical costs		0	0	0
Accumulated depreciation		0	0	0
3. Intangible assets	52,534,540,475	50,472	29,120	36,048
Initial costs		50,472	29,120	36,104
Accumulated amortization		0	0	-56
4. Construction-in-progress	4,502,455,499	3,304	410	549
III. Investment property		0	0	0
Historical costs		0	0	0
Accumulated depreciation		0	0	0
IV. Long-term investments	47,893,000,000	11,393	500	2,597
1. Investments in affiliates		0	0	0
2. Investments in business concerns and joint ventures		0	0	0
3. Other long-term investments		11,393	500	2,597
4. Provisions for devaluation of long-term investments		0	0	0
VI. Other long-term assets	14,948,698,630	15,048	11,660	2,311
1. Long-term prepaid expenses		10,558	0	0
2. Deferred income tax assets		4,490	0	0
3. Other long-term assets		0	11,660	2,311
TOTAL ASSETS	1,109,798,066,960	953,762	631,672	496,902
LIABILITIES
A- LIABILITIES	682,335,323,131	589,827	325,983	286,633
I. Current liabilities	680,545,323,131	587,797	323,745	281,930
1. Short-term debts and loans		128,236	10,793	29,471
2. Payable to suppliers		331,408	243,463	193,118
3. Advances from customers		9	10	16
4. Taxes and other obligations to the State Budget		28,121	24,257	28,803
5. Payable to employees		24,998	801	0
6. Accrued expenses		44,905	0	0
7. Inter-company payable		0	0	0
8. Payable according to the progress of construction contracts		0	0	0
9. Other payable		30,120	44,421	30,522
10. Provisions for short-term accounts payable		0	0	0
II. Long-Term Liabilities	1,790,000,000	2,030	2,238	4,703
1. Long-term accounts payable to suppliers		0	0	0
2. Long-term inter-company payable		0	0	0
3. Other long-term payable		2,030	2,238	4,332
4. Long-term debts and loans		0	0	0
5. Deferred income tax payable		0	0	0
6. Provisions for unemployment allowances		0	0	371
7. Provisions for long-term accounts payable		0	0	0
B- OWNER'S EQUITY	427,462,743,829	363,935	305,689	210,269
I. Owner's equity	422,967,765,286	351,897	293,227	169,181
1. Capital	180,000,000,000	180,000	150,000	71,908
2. Share premiums		0	0	0
3. Other sources of capital		0	0	0
4. Treasury stocks		0	0	0
5. Differences on asset revaluation		0	0	0
6. Foreign exchange differences		0	0	0
7. Business promotion fund	125,895,719,333	136,696	123,776	90,250
8. Financial reserved fund	32,234,984,268	32,235	18,456	0
9. Other funds	2,243,054,736	2,966	0	0
10.Retained earnings	82,594,006,949	0	0	7,023
11. Construction investment fund		0	995	0
II. Other sources and funds	4,494,978,543	12,038	12,462	41,088
1. Bonus and welfare funds	4,494,978,543	12,038	12,462	41,088
2. Sources of expenditure		0	0	0
3. Fund to form fixed assets		0	0	0
TOTAL LIABILITIES AND OWNER'S EQUITY	1,109,798,066,960	953,762	631,672	496,902

PROFIT & LOSS STATEMENT
Description	30/6/2008	FY 2007	FY 2006	FY 2005
Unit	01 VND	Million VND	Million VND	Million VND
Revenue	1,443,069,313,660	1,818,494	1,518,686	1,211,334
Deductions Items	46,593,648,407	19,592	48,947	22,495
Net Revenue	1,396,475,665,253	1,798,902	1,469,739	1,188,839
Costs of goods sold	1,062,547,949,903	1,348,963	1,136,352	930,030
Gross profit	333,927,715,350	449,939	333,387	258,809
Financial income	2,207,750,322	6,006	4,949	6,166
Financial expenses	30,308,783,823	15,273	10,806	6,489
In which: Loan interest expenses	-	3,756
Selling expenses	142,786,469,153	197,753	124,808	81,718
Administrative overheads	62,384,353,670	113,014	84,559	70,960
Net operating profit	100,655,859,026	129,905	118,163	105,808
Other income	7,818,071,672	15,155	2,533	2,864
Other expenses	13,972,067,805	12,568	1,165	1
Other profit /(loss)	-6,153,996,133	2,587	1,368	2,863
Total accounting profit before tax	94,501,862,893	132,492	119,531	108,671
Current corporate income tax	11,907,855,944	22,156	0	21,734
Deferred corporate income tax	-	4,490	0	0
Profit after tax	82,594,006,949	114,826	119,531	86,937

FINANCIAL FACTORS

Description	2007	2006	2005
Current liquidity ratio	1.42	1.71	1.59
Quick Liquidity ratio	0.96	1.20	0.98
Inventory circle	6.16	6.68	5.38
Average receive period	109.88	90.50	78.95
Utilizing Asset Performance	1.89	2.33	2.39
Liability/ Total Asset (%)	61.84	51.61	57.68
Liability/ Owner's equity (%)	162.07	106.64	136.32
Ebit / Total asset (%) ROA	14.29	18.92	21.87
Ebit / Owner's equity (%) ROE	37.44	39.10	51.68
Ebit / Total revenue (%) NPM	7.49	7.87	8.97
Gross Profit / Total revenue (%) GPM	24.74	21.95	21.37

PAYMENT HISTORY AND EXPERIENCES

Trade Morality	Fair
Liquidity	Relative
Payment Status	Fair
Financial Situation	Good
Legal Action	No recorded
Bankruptcy	No recorded
Sales methods	Sales to its agents and direct to clients
Mode of Payment	T/T, D/A

INTERPRETATION ON THE SCORES

AN GIANG PLANT PROTECTION was established in 1993 as a State owned company. In 2004, it was equitized to be a joint stock company.

The subject now operates in four fields of business including manufacture of plant protection products, manufacture of packaging, supply of seeds and tourism service, trading immovables. It now has many branches and office from the North to the South of Vietnam.

Its trademark is very well-known in Vietnam. It holds about 24 – 25 percent market shares in Vietnam. It will strive to get 30 percent in the market. It plans to become a leader in Vietnam.

Initially, the subject specializes in trading in pesticides. Along with development, management board expanded its business lines to manufacture of pesticides, fertilizers, packing paper, safety foods, seed and supply of tourism service. The import markets of the subject are China, Japan, India, Thailand, Germany, Swiss, USA and Israel. At the moment, it has no export activities. A new representative office in Cambodia aims to research, market the subject’s products; provide plant protection pesticide, diversify plants, and so on and.

After equitization, the subject has operated more effectively. Its financial status is good. Total revenue increased year after year. In 2005, turnover of the subject was 1,211 billion VND and 2006 was 1,518 billion VND while it is 1,811 billion VND in 2007. In the first half of 2008, total revenue of the subject is 1,443 billion VND and total after tax profit is 82.6 billion VND. According to plan, estimated in 2008, total revenue will be 2,027 billion VND and the after tax profit is 115 billion VND.

Now, the subject’s position and prestige are high. Beside the achievements in business, the subject also participates in charity activities. Every year, the subject gives bags for poor pupil, canoe for flood victims, etc.

The subject has been granted many certificates. It was received ISO 9001:2000 certificates in 2000. It also was awarded the title “LABOR HERO” by Vietnam Government in 2000.

In general, the subject is a large scale company. It is operating effectively. The financial status of the subject is good for both shareholders and creditors. It has capacity to meet financial commitments. No caution needed for small and medium business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.59
UK Pound	1	Rs.74.55
Euro	1	Rs.60.57

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