MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	VN PHARMA JOINT STOCK COMPANY
Registered Office :	No. 666/10/3, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2011
Date of Incorporation :	25.10.2011
Com. Reg. No.:	0311269758
Legal Form :	Joint stock company
Line of Business :	Subject is engaged in pharmaceutical product distribution.
No. of Employees :	90

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Vietnam	B1	B1

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

vietnam - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
English Name			VN PHARMA JOINT STOCK COMPANY
Vietnamese Name			CONG TY CO PHAN VN PHARMA
Short name			VN PHARMA
Type of Business			Joint stock company
Year Established			2011
Business Registration No.			0311269758
Date of Registration			25 Oct 2011 (09^th adjustment was on 04 Jan 2013)
Place of Registration			Business Registration Office - Planning and Investment Department of Hochiminh City
Chartered capital			VND 25,000,000,000
Status			Unlisted
Tax code			0311269758
Total Employees			90
Company ADDRESSES
Registration Head Office
Address			No. 666/10/3, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
Transaction/ Representative office in Ho Chi Minh
Address			No. 5, Thanh Thai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
Telephone			(84-8) 62647607
Fax			(84-8) 62647662
Email			vnpharma@vnpharma.com.vn
Website			www.vnpharma.com.vn
Branch in Ha Noi
Address			No. 01, Block 2, Van Phu Residential Area, Phu La ward, Ha Dong District, Ha Noi City, Vietnam
Telephone			(84-4) 6325 1011
Fax			(84-4) 6325 1004
Warehouse
Address			No. 1027, Pham the Hien street, ward 5, 8^th District, Ho Chi Minh City, Vietnam
Distribution Center
Address			No. 7A/5/23, Thanh Thai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
Representative office in Binh Dinh
Address			No. 14, Ham Nghi street, Qui Nhon City, Binh Dinh Province, Vietnam
RELATED COMPANIES
1. DUOC NAM ANH
Vietnamese Name			CONG TY TNHH MOT THANH VIEN DUOC NAM ANH
Type of Business			One member liability limited company
Year Established			2010
Business Registration No.			0310352844
Date of Registration			15 Oct 2010
Place of Registration			Business Registration Office- Planning and Investment Department of Ho Chi Minh city
Chartered capital			VND 5,000,000,000
Tax code			0310352844
Address			No. 666/10/5, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
Telephone			(84-8) 62646319
Fax			(84-8) 38647070
Email			vnpharma@vnpharma.com.vn
Website			www.namanhpharma.com
Shareholders:	Name					Percentage
	VN PHARMA JOINT STOCK COMPANY					100%
2. VN PHARMA AN GIANG CO., LTD
Business Registration			1601657828
Date of Registration			27 Feb 2012
Place of Registration			Business Registration Office- Planning and Investment Department of An giang province
Tax code			1601657828
Address			No. 1026C/52, Nguyen Thien Thuat street, Binh Khanh ward, Long Xuyen City, An Giang Province, Vietnam
3. VN PHARMA CA MAU COMPANY LIMITED
Business Registration			2001079937
Date of Registration			18 Jun 2012
Place of Registration			Business Registration Office- Planning and Investment Department of Ca Mau province
Tax code			2001079937
Address			No.28A, Bui Thi Truong street, Quarter VI, ward V, Ca Mau City, Ca Mau Province, Vietnam
4. VN MEDICARE COMPANY LIMITED
Business Registration			0312050736
Date of Registration			14 Nov 2012
Place of Registration			Business Registration Office- Planning and Investment Department of Ho Chi Minh city
Tax code			0312050736
Address			No. 666/10/3, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
5. NAM HUNG PHARMACEUTICAL JOINT STOCK COMPANY
Business Registration			0311786516
Date of Registration			15 May 2012
Place of Registration			Business Registration Office- Planning and Investment Department of Ho Chi Minh city
Tax code			0311786516
Address			No.666/10/1, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
6. VIET XUAN PHARMA JOINT STOCK COMPANY
Business Registration			0311173735
Date of Registration			21 Sep 2011
Place of Registration			Business Registration Office- Planning and Investment Department of Ho Chi Minh city
Tax code			0311173735
Address			No. 45, Vo Thi Sau street, Da Kao ward, 1^st District, Ho Chi Minh City, Vietnam
7. VN CLINIC COMPANY LIMITED
Vietnamese Name			CONG TY TNHH VN CLINIC
Short name			VN CLINIC
Type of Business			Limited liability company
Year Established			2004
Business Registration No.			0304324415
Date of Registration			28 Nov 2012
Place of Registration			Business Registration Office- Planning and Investment Department of Ho Chi Minh city
Chartered capital			VND 160,000,000
Tax code			0304324415
Address			No. 666/10/3, Ba Thang Hai street, ward 14, 10 District, Ho Chi Minh City, Vietnam
Legal Representer			Mr. NGUYEN VAN THIEN (ID Number/Passport: 022879897)
Shareholders:
a. NAME			VN PHARMA JOINT STOCK COMPANY
Business Registration			0311269758
Date of Registration			25 Oct 2011
Place of Registration			Business Registration Office - Planning and Investment Department of Hochiminh City
Registered Capital			VND 25,000,000,000
Tax code			0311269758
Address			No. 666/10/3, Ba Thang Hai street, ward 14, 10 District, Ho Chi Minh City, Vietnam
Value of shares			VND 80,000,000
Percentage			50%
b. NAME			Mr. NGUYEN MINH TINH
ID Number/Passport			023897814
Resident			No. 788/1B, Nguyen Kiem street, ward 3, Go Vap District, Ho Chi Minh City, Vietnam
Nationality			Vietnamese
Value of shares			VND 80,000,000
Percentage			50%
8. LOGISTICS VIET NAM JOINT STOCK COMPANY
Vietnamese Name			CONG TY CO PHAN LOGISTICS VIET NAM
Short name			LOGISTICS VN JSC
Type of Business			Joint stock company
Year Established			2013
Business Registration No.			0312183020
Date of Registration			12 Mar 2013
Place of Registration			Business Registration Office- Planning and Investment Department of Ho Chi Minh city
Chartered capital			VND 1,500,000,000
Tax code			0312183020
Address			No. 666/10/1, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
Legal representative person			Mr. NGUYEN MINH HUNG (ID Number/Passport: 025083376
Shareholders:
a. NAME			VN PHARMA JOINT STOCK COMPANY
Business Registration			0311269758
Date of Registration			25 Oct 2011
Place of Registration			Business Registration Office - Planning and Investment Department of Hochiminh City
Registered Capital			VND 25,000,000,000
Tax code			0311269758
Address			No. 666/10/3, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
Number of shares			60,000
Value of shares			VND 600,000,000
Percentage			40%
b. NAME			Mr. LE MANH CUONG
ID Number/Passport			022970994
Resident			No. 319C5, No Trang Long street, ward 13, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality			Vietnamese
Number of Shares			45,000
Value of shares			VND 450,000,000
Percentage			30%
c. NAME			Ms. NGUYEN THI MAI PHUONG
ID Number/Passport			023594128
Resident			No. 132/M1, To Hien Thanh street, ward 15, 10^th District, Ho Chi Minh City, Vietnam
Nationality			Vietnamese
Number of Shares			45,000
Value of shares			VND 450,000,000
Percentage			30%
DIRECTORS
1. NAME		Mr. NGUYEN MINH HUNG
Position		Chairman
Date of Birth		25 May 1978
ID Number/Passport		025083376
ID Issue Date		14 May 2010
ID Issue Place		Police Station of Hochiminh City
Current resident		7A/5/23 Thanh Thai Street, Ward 14, 10^th District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
2. NAME		Mr. PHAM ANH KIET
Position		Member of BOD
3. NAME		Mr. LE MINH TRI
Position		Member of BOD
4. NAME		Mr. NGO ANH QUOC
Position		Member of BOD
5. NAME		Mr. NGUYEN MINH HUNG
Position		General Director
7. NAME		Mr. NGO ANH QUOC
Position		Vice General Director
Date of Birth		11 May 1984
ID Number/Passport		197116366
ID Issue Date		21 Jun 1999
ID Issue Place		Police Station of Quang Tri province
Resident		Quarter 5, Ward 2, Quang Tri Town , Quang Tri District, Quang Tri Province, Vietnam
Current resident		No. 666/10/3, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
8. NAME		Mr. PHAN XUAN THIEN
Position		Vice General Director
Date of Birth		15 Sep 1977
ID Number/Passport		025518587
ID Issue Date		30 Aug 2011
ID Issue Place		Police Station of Ho Chi Minh city
Resident		No. 21/15 Nguyen Ngoc Loc Street, Ward 14 , 10^th District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
BUSINESS NATURE AND ACTIVITIES
The company focuses on pharmaceutical product distribution. Registration activities: Growing of spices, aromatic, drug and pharmaceutical crops Manufacture of medical and dental instruments and supplies, shape- adjusted and ability recovery apparatus Manufacture of soap and detergents, cleaning and polishing preparations Manufacture of dairy products Retail sale of pharmaceutical and medical goods, cosmetic and toilet articles in specialized stores Other retail sale of new goods in specialized stores Wholesale of agricultural raw materials (except wood, bamboo) and live animals Wholesale of waste and scrap and other products n.e.c Research and experimental development on natural sciences and engineering Other professional, scientific and technical activities n.e.c Wholesale of food Wholesale of rice Advertising Wholesale on a fee or contract basis Organization of conventions and trade shows Other transportation support activities Freight transport by road Residential care activities for the honoured, elderly and disabled Activities of amusement parks and theme parks Manufacture of other food products n.e.c. Technical testing and analysis Packaging activities Manufacture of other chemical products n.e.c
IMPORT & EXPORT ACTIVITIES
IMPORT: N/A
EXPORT: N/A
BANKERS
1. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK – CONG QUYNH TRANSACTION OFFICE
Address			No. 260 Cong Quynh street, 1^st District, Ho Chi Minh City, Vietnam
2. MILITARY COMMERCIAL JOINT STOCK BANK HO CHI MINH BRANCH
Address			No.18B Cong Hoa Street, Ward 4 , Tan Binh District, Ho Chi Minh City, Vietnam
Telephone			(84-8) 3811 8090 / 3811 0140
Fax			(84-8) 3811 8082
3. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK QUANG TRUNG BRANCH
Address			No. 170C Quang Trung Street- Ward 10, Go Vap District, Ho Chi Minh City, Vietnam
Telephone			(84-8) 5446 3304; 5446 3306; 5446 3307
Fax			(84-8) 5446 3305
SHAREHOLDERS
Registration shareholder information
1. NAME			Mr. NGUYEN MINH HUNG
Position			Chairman
Date of Birth			25 May 1978
ID Number/Passport			025083376
Issued on			14 May 2010
Issued Place			Police Station of Ho Chi Minh city
Current Resident			No. 7A/5/23, Thanh Thai Street, Ward 14, 10^th District, Ho Chi Minh City, Vietnam
Nationality			Vietnamese
Number of Shares			1,000,000
Value of shares			VND 10,000,000,000
Percentage			40%
2. NAME			Mr. NGO ANH QUOC
Position			Vice General Director
Date of Birth			11 May 1984
ID Number/Passport			197116366
Issued on			21 Jun 1999
Issued Place			Police Station of Quang Tri province
Resident			Quarter 5, Ward 2, Quang Tri Town , Quang Tri District, Quang Tri Province, Vietnam
Current Resident			No. 666/10/3, Ba Thang Hai street, ward 14, 10^th District, Ho Chi Minh City, Vietnam
Nationality			Vietnamese
Number of Shares			750,000
Value of shares			VND 7,500,000,000
Percentage			30%
3. NAME			Mr. PHAN XUAN THIEN
Position			Vice General Director
Date of Birth			15 Sep 1977
ID Number/Passport			025518587
Issued on			30 Aug 2011
Issued Place			Police Station of Ho Chi Minh city
Resident			No. 21/15 Nguyen Ngoc Loc Street, Ward 14 , 10^th District, Ho Chi Minh City, Vietnam
Nationality			Vietnamese
Number of Shares			750,000
Value of shares			VND 7,500,000,000
Percentage			30%
FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date								31/12/2011
Number of weeks								N/A
Audit status								Unknown
ASSETS
A – CURRENT ASSETS								9,567,000,000
I. Cash and cash equivalents								906,000,000
1. Cash								906,000,000
2. Cash equivalents								0
II. Short-term investments								0
1. Short-term investments								0
2. Provisions for devaluation of short-term investments								0
III. Accounts receivable								3,127,000,000
1. Receivable from customers								3,127,000,000
2. Prepayments to suppliers								0
3. Inter-company receivable								0
4. Receivable according to the progress of construction								0
5. Other receivable								0
6. Provisions for bad debts								0
IV. Inventories								5,314,000,000
1. Inventories								5,314,000,000
2. Provisions for devaluation of inventories								0
V. Other Current Assets								220,000,000
1. Short-term prepaid expenses								0
2. VAT to be deducted								220,000,000
3. Taxes and other accounts receivable from the State								0
4. Other current assets								0
B. LONG-TERM ASSETS								160,000,000
I. Long term accounts receivable								0
1. Long term account receivable from customers								0
2. Working capital in affiliates								0
3. Long-term inter-company receivable								0
4. Other long-term receivable								0
5. Provisions for bad debts from customers								0
II. Fixed assets								160,000,000
1. Tangible assets								160,000,000
- Historical costs								211,000,000
- Accumulated depreciation								-51,000,000
2. Financial leasehold assets								0
- Historical costs								0
- Accumulated depreciation								0
3. Intangible assets								0
- Initial costs								0
- Accumulated amortization								0
4. Construction-in-progress								0
III. Investment property								0
Historical costs								0
Accumulated depreciation								0
IV. Long-term investments								0
1. Investments in affiliates								0
2. Investments in business concerns and joint ventures								0
3. Other long-term investments								0
4. Provisions for devaluation of long-term investments								0
V. Other long-term assets								0
1. Long-term prepaid expenses								0
2. Deferred income tax assets								0
3. Other long-term assets								0
VI. Goodwill
1. Goodwill
TOTAL ASSETS								9,727,000,000
LIABILITIES
A- LIABILITIES								7,536,000,000
I. Current liabilities								7,536,000,000
1. Short-term debts and loans								600,000,000
2. Payable to suppliers								6,896,000,000
3. Advances from customers								0
4. Taxes and other obligations to the State Budget								40,000,000
5. Payable to employees								0
6. Accrued expenses								0
7. Inter-company payable								0
8. Payable according to the progress of construction contracts								0
9. Other payable								0
10. Provisions for short-term accounts payable								0
11. Bonus and welfare funds								0
II. Long-Term Liabilities								0
1. Long-term accounts payable to suppliers								0
2. Long-term inter-company payable								0
3. Other long-term payable								0
4. Long-term debts and loans								0
5. Deferred income tax payable								0
6. Provisions for unemployment allowances								0
7. Provisions for long-term accounts payable
8. Unearned Sale
9. Science and technology development fund
B- OWNER’S EQUITY								2,191,000,000
I. OWNER’S EQUITY								2,191,000,000
1. Capital								2,000,000,000
2. Share premiums								0
3. Other sources of capital								0
4. Treasury stocks								0
5. Differences on asset revaluation								0
6. Foreign exchange differences								0
7. Business promotion fund								0
8. Financial reserved fund								0
9. Other funds								0
10. Retained earnings								191,000,000
11. Construction investment fund								0
12. Business arrangement supporting fund								0
II. Other sources and funds								0
1. Bonus and welfare funds (Elder form)								0
2. Sources of expenditure								0
3. Fund to form fixed assets								0
MINORITY’S INTEREST
TOTAL LIABILITIES AND OWNER’S EQUITY								9,727,000,000
PROFIT & LOSS STATEMENT
Description								FY2011
1. Total Sales								7,408,000,000
2. Deduction item								0
3. Net sale								7,408,000,000
4. Costs of goods sold								5,624,000,000
5. Gross profit								1,784,000,000
6. Financial income								0
7. Financial expenses								0
- In which: Loan interest expenses								0
8. Selling expenses								0
9. Administrative overheads								1,553,000,000
10. Net operating profit								231,000,000
11. Other income								0
12. Other expenses								0
13. Other profit /(loss)								0
14. Total accounting profit before tax								231,000,000
15. Current corporate income tax								40,000,000
16. Deferred corporate income tax								0
17. Interest from subsidiaries/related companies
18. Profit after tax								191,000,000
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description					FY2011		Average Industry
Current liquidity ratio					1.27		1.74
Quick liquidity ratio					0.56		0.95
Inventory circle					1.06		5.39
Average receive period					154.07		100.84
Utilizing asset performance					0.76		1.64
Liability by total assets					77.48		60.51
Liability by owner's equity					343.95		309.92
Ebit / Total assets (ROA)					2.37		9.59
Ebit / Owner's equity (ROE)					10.54		28.73
Ebit / Total sale (NPM)					3.12		7.66
Gross profit / Total sale (GPM)					24.08		22.62
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality				Normal
Liquidity				Low/ Medium
Payment status				Normal
Financial Situation				Above Average
Development trend				Uptrend
Litigation data				No Record
Bankruptcy				No Record
Payment Methods				Through by banks
Sale Methods				Wholesaler
Public opinion				Normal
INTERPRETATION ON THE SCORES
The company, VN PHARMA JOINT STOCK COMPANY has just been established in 2011. It is operating under Business Registration No. 0311269758 and a chartered capital VND 25 billion. It focuses on distributing pharmaceutical products. The company is being run by young managers; however, members of BOD are experts in pharmaceutical field. They worked for large pharmaceutical distributors such as Saigon Pharma, Savi pharma, Vimedimex, Phytopharma… As above mention, the company’s establishment and activity basing on business relations of strong players in this field, business activities of the company has gone well and busily. The company and its owners have established a group of companies which focuses on pharmaceutical product distribution, logistics and warehouse, clinic, sanitary…. In summary, the company has guarantees for small – average size debt repayment. It is expected that the company’s income and profit margin would be optimistic in the next couple of years; therefore the rating outlook for the company is above average level.

APPENDIX

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2012	2011
Agriculture, Forestry and Fishing	2.72	4.00	8,887		24,362.9	95,227
Industry and Construction	4.52	5.53	95,217		10,718.9	3,641,376
Trade and Services	6.42	6.69	187,195		15,270.2	6,957,082
ECONOMIC INDICATORS
			2012	2011		2010
Population (Million person)			88.78	87.84		86.93
Gross Domestic Products (USD billion)			136	119		102.2
GDP Growth (%)			5.03	5.89		6.78
GDP Per Capita (USD/person/year)			1,540	1,300		1,160
Inflation (% Change in Composite CPI)			9.21	18.58		11.75
State Budget Deficit compared with GDP (%)			4.8	4.9		5.8
SERVICE TRADE PERFORMANCE
Billion USD			2012	2011		2010
Exports			114.6	96.3		72.2
Imports			114.3	105.8		84.8
Trade Balance			0.3	-9.5		-12.6

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.53
UK Pound	1	Rs.83.59
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.